分类： sangna

Hengda Automobile’s desperate attempt was actually Hengchi 5 satellite-based blind determination

Recently, Hengda car first model Hengchi 5 during the May Day holiday quietly open blind subscription rumors caused heated discussion in Weibo, the focus of the discussion is not Hengda car finally fast mass production, but Hengchi 5 10 hours blind order reached 50,000.

These doubts are not without reason, to know that the tank 300 phenomenon-level model blind order broke 20 days, the heat of the Han DM-i 10 hours blind order number is only 12,000 units. And Hengchi 5 in the brand, positioning, design, product strength and other aspects do not have the potential of explosion, 10 hours order breaking 50,000 results is obviously unreasonable, and Hengda official has not yet responded to this rumor.

This is not the first time that netizens have questioned Hengda’s car manufacturing. In the early days, Hengda entered the car manufacturing industry with the rudeness of spending a lot of money and the arrogance of "the world’s first", and was labeled "barbarian car" by netizens. Now, the objective laws of car manufacturing have taught Hengda a good lesson, and the first model has fallen into a difficult situation. In the opinion of Liu Bing, an internal manager of Hengda, the current dilemma of Hengda Automobile is not only the delay in mass production, but the hidden dangers have emerged from the moment Hengda stepped into car manufacturing.

What’s worse is that after the full implementation of the three national red lines, Hengda Group’s core real estate sector suffered a devastating blow due to its high debt ratio. At present, only the car business running on the new track can save Hengda Group. The bumpy Hengchi 5 has become Evergrande Group’s last resort. Can it shoulder this heavy responsibility?

Savage money

"It is said that Evergrande is a barbarian car, which is very apt to describe. Real estate companies make cars, and they don’t respect this industry at all," Liu Bing said. Compared with the self-made Wei Xiaoli, Evergrande, which builds cars from real estate, can be said to be born with a golden key, and the most worry is money. However, in Liu Bing’s view, Evergrande’s money is spent on the back of the knife.

Evergrande’s interest in car manufacturing can be traced back to June 25, 2018. Evergrande acquired 100% of Hong Kong Shiying Company for HK $6.747 billion, thus obtaining 45% of the shares of Smart King Company and becoming the largest shareholder of FF. But the two sides soon tore their faces, so Evergrande decided to go down in person.

In January 2019, Evergrande Health acquired a 51% stake in NEVS National Automobile through the acquisition of MiniMinor Limited. In the following five months, Evergrande continued to increase its shareholding ratio in National Energy until it was fully owned. However, National Energy only has some uncompetitive technologies in its hands, and the most valuable is only the production qualification. "There are many problems with the National Energy 93, the quality is not good, and the cost is high. In the end, I decided not to sell it."

Perhaps it was these two failures that made Evergrande realize that car building is not so simple, and then Evergrande began to build its own car building system including supply chain, factories, personnel, etc. The New Energy Vehicle Strategic Partner Summit held by Evergrande on November 12, 2019, and the official announcement of 6 pure electric new cars a year later, made Evergrande famous. Xu Jiayin put forward the "three must" of car building at the summit: first, the core technology must be world-leading, second, the product quality must be world-class, and third, the cost must be greatly reduced, which is still spreading in the car circle.

Xu Jiayin set the goal: "Ten production bases, each base plans to have a production capacity of 500,000 vehicles, the first phase is 100,000 vehicles, and the production scale is planned to exceed 1 million vehicles within 2-3 years, and the annual production scale will exceed 5 million vehicles within 10 to 15 years." The cumulative sales volume of China’s new energy vehicles in 2019 is 1.20 million units, which means that Evergrande’s first production capacity will almost cover the entire Chinese new energy vehicle market.

Matching this ambitious goal is another equally incredible "spending plan". At the same summit, Xu Jiayin went on to say that Evergrande’s three-year investment budget in new energy vehicles is 45 billion yuan, of which 20 billion will be invested this year, 15 billion will be invested next year, and 10 billion will be invested the year after. How exaggerated is this figure? NIO, the "big money burner" among the new car-making forces, has only invested more than 10 billion yuan in a car.

In fact, Hengda Automobile spent money faster than originally planned last year. According to Hengda Automobile’s 2020 financial report, Hengda Automobile’s cumulative investment has reached 47.40 billion yuan, of which 24.90 billion yuan is used to purchase core technology and R & D investment, and another 22.50 billion yuan is used for the construction of the plant.

"The first batch of Hengchi cars (Hengchi 1-6/7) were designed by top foreign designers, and the follow-up development was done by overseas suppliers. What we need to do in China is to give them some parameters, length, style, height, wheelbase, and battery life. Hengchi 1 is an overseas design company that directly does design and engineering development." Sun Gaojie, an insider of Evergrande Automobile, revealed to the new technology of the new car.

In addition to outsourcing design to foreign suppliers, Evergrande has completed a series of acquisitions. On May 31, 2019, Evergrande Health acquired Protean, a manufacturer of electric vehicle wheel motors, through National Energy, and on July 26, Evergrande acquired battery supplier Canai for 178 million yuan.

Then there are the recruitment. On September 9, 2019, Evergrande New Energy Vehicles launched a global recruitment program, planning to recruit about 8,000 new energy vehicle industry practitioners in nine countries, including China, Sweden, Germany, the United Kingdom, and Austria. Another Evergrande insider, Zhang Ming, told Xinxin New Technology, "Evergrande Automobile Group had about 5,000 people at its peak, but in fact there were less than 8,000 people, but there were also many people, similar to NIO."

While recruiting employees and acquiring companies, Evergrande is also promoting the construction of its "ten production bases". In August 2020, the Shanghai Songjiang and Guangzhou Nansha bases started equipment installation and commissioning. A year later, in November, the two production bases began full-line trial production. With the Tianjin production base, a total of three bases have been completed.

For startups, for start-up car companies, money is indeed important, but it cannot solve all problems. Evergrande, which expanded rapidly, soon encountered problems.

The Tianjin production base was originally owned by Guoneng factory, which is the only one with production qualifications, but it is not favored by Evergrande. "The Tianjin factory Evergrande does not like it, and feels that the final assembly and welding assembly are not good together," Sun Gaojie said. Compared with Tianjin, Evergrande’s Shanghai and Guangzhou bases have invested much more, using more advanced factory equipment and technology, which is expensive, but so far, the Shanghai and Guangzhou bases have not been qualified for production.

Except for these three bases, none of the other bases that were originally planned were built. The battery base in Yangzhou was not built, and the motor base for in-wheel motors was not built. The remaining car base projects were abandoned because there was no funding.

At the Shanghai Auto Show in April last year, Hengda Automobile showed its car-making achievements to the outside world, showing a total of 9 cars, covering all levels of A-D class, as well as cars, coupes, SUVs, MPVs, crossovers and other full series of all models, which attracted much attention. There are relevant media reports titled "Hengda Power is stunning at the Shanghai Auto Show, Hengda car-making is underestimated".

The 9 cars on display at the auto show were actually selected by Xu Jiayin, and the original design was 14 cars. Why did Hengda, the first car builder, come up with 14 models? Zhang Ming revealed that Hengda’s goal was to sell 1 million cars within three years, and then went to investigate how many models needed to be developed to achieve this goal. Hengda investigated Toyota and learned that Toyota had 14-15 models when it completed the 1 million target, so Hengda also set the number of developed models at 14.

Among the nine cars on display during the Shanghai Auto Show, only the Hengchi 5 was a car that could see the chassis and drive. On the afternoon of the auto show, a number of automotive media tested the Hengchi 5 in front of Hengda’s Shanghai base. Except for the Hengchi 5, the others were all model cars, and the models that had been finalized by Xu Jiayin were different in the later stage of mass production.

"Some cars were found to be impossible to do from concept to engineering. For example, the rear row of the Hengchi 2 was designed to be very small, and the Hengchi MPV was proven to be impossible. Nine cars eventually became five cars." Zhang Ming told the new car technology.

Due to the shortage of funds of Hengda Automobile, these 5 cars have not been fully preserved. At present, the company is fully committed to maintaining Hengchi 5. Among the 9 models, the appearance of Hengchi 5 is relatively average and relatively low-end, but at this time, Hengchi 5 is the car closest to mass production.

In the model car stage, Hengda still had a sum of money to spend on building 36 brand display centers, all located in the core areas of core cities. Later, they closed their stores one after another, retaining only five.

It is worth mentioning that Zhang Ming revealed that because the Hengchi 1 was found to be a model car by the media, it cannot be placed in the exhibition hall, but the exhibition center is already under construction, and model car orders are also being placed. The sales of the Hengchi 1 with millions of units account for half of the annual model car orders in China. The door can be opened, the interior and even the power system are also available, but Hengda’s car can only be driven for about 20 yards and half an hour.

Two years spent 47.40 billion, Hengda has not yet built a real sense of the car.

From the beginning of "buy buy buy" to the later "provinces and provinces", no one can count how much trial and error costs Hengda has along the way. After the mountains and rivers were exhausted, ensuring the listing of Hengchi 5 became Hengda Automobile’s last gamble.

In a car company, it’s the Autobots who don’t count

"I can feel that the corporate strategy, brand strategy and product strategy are not played according to the rules." Wang Qingze, an internal employee who has been with Evergrande for more than a year, talked about his greatest feelings about the company.

At Evergrande, Wang Qingze is not the only employee who has doubts about the company’s strategy. Before coming to Evergrande, they had worked in other positions in the automotive industry and had a deep understanding of the industry. But after coming to this automotive start-up led by real estate company personnel, they often questioned the practices of their superiors.

They gradually discovered that in such a car company, the Autobots did not count.

In the middle and senior personnel structure of Evergrande Automobile, most of the core leaders are from real estate companies, and the middle management is mainly professional automakers. Take Evergrande Research Institute as an example, the dean and middle management are professional R & D personnel, and the leader in charge of Liu Yongzhuo is from real estate companies. Such a leadership structure undoubtedly breaks the balance that has the voice over the car company.

Real estate leaders bring a real estate-style car-making style. "Evergrande feels that it is the world’s top 500, and it feels that it is not short of money. It is not good at throttling, and it is not good at cost control," Sun Gaojie said. Except for Evergrande Automobile, no other auto company spends so much money. Strict cost control is the consensus of auto companies in order to capture more market share and improve corporate efficiency. It is also an important indicator to measure the internal operating efficiency of enterprises. On the fiercely competitive new energy track, other new car-making forces have not yet made profits, and cost control is still their main issue.

Xu Jiayin spoke at an internal meeting: "If you sell a car, if you lose 50,000, 1 million will lose 50 billion yuan, and you will lose a year’s profit at most." Behind the easy speech is the logic of the inherent high turnover model of real estate people.

High turnover is a business term commonly used in the real estate industry, referring to the circular process of funds from capital form to goods form, and then back to capital form. The less time it takes for a cycle, the higher the turnover efficiency. Country Garden’s "456 model: land acquisition opens in 4 months, capital withdrawal in 5 months, and capital turnover in 6 months is the logic behind high turnover. This model brings higher capital efficiency and profits, and can quickly start sales and collect money in a short period of time.

"Evergrande’s real estate executives have deeply enjoyed the" short-term and fast "dividends of the real estate economy. They are used to pursuing short-term results and do not give enough respect to the market, which often leads to a large gap between the development results and expectations." Industry insiders commented.

According to Hengda insiders, in Hengda Automobile to do things very efficiently, normally take 5 months to do things, the company will ask 2 months can be done, but also because the pursuit of speed ignore the process, no time to do due diligence, Hengda in the acquisition stage often make mistakes.

Evergrande’s development direction still depends on the upper-level leaders’ understanding of the car, because most of the leaders come from real estate and have done a lot of "layman" behavior. At the Shanghai Auto Show, Evergrande exposed all the styling effects of Hengchi cars, which is different from other car companies. Usually, new car exteriors are kept secret by sticking zebra patterns and camouflage to ensure that the mysterious structure of the new car body and the body design are not plagiarized, but Evergrande did not carefully consider this.

In the face of a series of anti-industry laws of Evergrande Automobile, the internal professional automakers expressed helplessness. Zhang Ming believes: "It is difficult for professional automakers to do in real estate companies. At first, they will mention it, but later they will not mention it. You can do whatever you say. There is a popular saying in the interior that Evergrande Automobile is running all the way on the wrong road and doing things that violate the basic rules. Only the bosses can’t be high all day long."

Evergrande car has the voice over the car, began to leave.

From June 2020, Hengda Automobile executives have left one after another. The former chairperson of Hengda Faraday Future Intelligent Automobile (China) Group, Peng Jianjun, resigned because of multiple failed acquisitions of parts companies, and was succeeded by Sean, chairperson of Hengda Tourism Group; Jiang Dalong, the founder and chairperson of the former National Electric Vehicle, left after one year in Hengda, and people familiar with the matter said that the reason for leaving was "because there is no decision-making power, leave to do your own thing"; Huang Xiangdong, the former president of GAC Research Institute, left after less than one year as the president of Hengda New Energy Vehicle Research Institute, and the reason for leaving was retirement. The theory is questionable, so Huang Xiangdong also retired from GAC Group in 2016 and joined Hengda Automobile two years later. The second retirement is speculative.

Under such a wave of departures, Dai Lei, founder of Byton, joined Evergrande as executive vice-president before the Shanghai Auto Show last year, but Zhang Ming said: "Dai Lei was very strange to recruit. He did not come to manage marketing, but to manage the product planning center. After he came, he did not play any role."

Perhaps as Evergrande’s internal staff said: "Hengda makes cars, just like a rich man. He wants to play with cars on a whim, but he is afraid of being deceived by others, so he uses real estate. It is also expected that people will stumble on this road."

The three lines did not stumble Evergrande, but they stumped countless employees

Hengda Automobile needs to rely on Hengda Real Estate’s funds to maintain normal operations, but after the full implementation of the country’s three red lines, this capital chain is facing a break. Perhaps Hengda never imagined that these three red lines would have such a big impact on it.

In August 2020, the People’s Bank of China and the Ministry of Housing and Urban-Rural Development planned three red lines for real estate companies, specifically: 1. The asset-liability ratio after excluding advance receipts is greater than 70; 2. The net debt ratio is greater than 100%; 3. The cash-to-short-debt ratio is less than 1 times. These three red lines have been touched, and Evergrande Real Estate is therefore facing financing difficulties and a broken capital chain. It needs to introduce

Strategic investments, asset spin-offs, etc. to reduce debt levels.

Evergrande Group began to take a series of actions to reduce its debt ratio. In September 2020, Evergrande Motor raised about 4 billion Hong Kong dollars and announced that it would be listed on the Shanghai Stock Exchange’s Science and Technology Innovation Board; at the end of 2020, Evergrande Group renamed its Hengfangtong RV Bao, and united 152 intermediaries across the country to restructure and establish RV Bao Group, entering the real estate intermediary market; In September 2021, China Evergrande announced that it had negotiated with strategic investors 130 billion RMB, among which 86.30 billion have realized debt-to-equity swaps, and Evergrande will "erase" hundreds of billions of debts through this operation. At the most difficult time, Hengda Auto has been disposing of overseas companies it has previously acquired in order to increase revenue and cut costs.

The difficulty is not only Hengda Automobile, but also the employees under Hengda are going through troughs with the company. According to public information, Hengda’s core management took the initiative to suspend salary collection, and the employees’ office buildings were moved to the factory, and they started their "side business" in Hengda Automobile.

"Evergrande does full-staff marketing several times a year. Every May Day and National Day, employees are asked to sell their houses," Sun Gaojie told Xinxin New Technology. In the car company, Hengda’s employees are very special.

"Side business" selling houses also has assessment goals. "Generally, the assessment goals are at the top of the department, and those who rank at the bottom will be fined. The employees at the bottom have no assessment pressure, but the leaders will put pressure on each employee, and the relatives around them have recommended it all." Sun Gaojie said.

Zhang Ming, who was also arranged to sell houses as a "sideline", said that after he joined Evergrande Automobile, he caught up with the longest full-staff marketing, which probably sold tens of millions of houses, with hundreds of units. The original R & D personnel had R & D tasks, so they were not arranged to participate in the sale of houses, but during the 11th period, the company also arranged certain tasks for R & D personnel to sell houses.

At that time, how many employees in Hengda Automobile were asked to sell houses? Li Sihang, an employee who worked at Hengda RV Treasure, shared his experience on the Internet that Hengda Group transferred about 30% of its employees from each department to RV Treasure, from the bottom to the top, including property security, engineering supervision, and employees working in the automotive, marketing, cinema, amusement park, property and other departments. The data shows that there are not a few employees who have started a "side business" in Hengda Automobile to sell houses.

However, Sun Gaojie believes that selling houses as a "side business" is accepted by most employees. Selling houses can earn commissions. At the same time, this can also be a means of increasing income and reducing expenses in the early stage of a new company.

Compared with Sun Gaojie’s more optimistic and positive attitude towards his employees’ "side business" of selling houses, another internal employee of Evergrande did not agree. In order to complete a house selling task, he bought a small apartment in a third-tier city in the south. After buying it, the house price was sideways for a long time, and the house was located in a remote location that was not suitable for living.

The financial problems caused by the country’s three redlinings did not stumble Evergrande, but stumped the employees who took up the "side business" of selling houses and cars.

In the second half of last year, the turnover rate of Hengda Automobile employees increased. Zhang Ming described in detail: "In August, the salary of the middle-level employees of Hengda Research Institute was delayed, and the labor income was reduced, delayed, and in arrears. The number of employees leaving Hengda Automobile has increased greatly compared with the previous few months. In my department, 5% -10% of people were lost in three months, and 20% of people were lost in one year. Concentrated in the lower level."

In the period from March to May last year, Hengda Motor was still hiring one after another, but in July and August, Hengda Auto employees were only in and out, and recruitment stopped. How can employees and business teams who have been centrifuged support Hengda Motor to fulfill his automotive dream?

Can Hengchi 5 save Evergrande?

Even in difficult times, Xu Jiayin still said at the trade union that he must unswervingly transition to new energy vehicles, "This transformation direction is very correct, I continue to be optimistic about new energy vehicles, and everyone can use the simplest way to observe the new energy vehicle market. You can conclude that there are more and more green license plate cars on the street, doesn’t that explain everything?"

Hengchi 5, as a key node in Hengda’s transformation to the new energy automobile industry, can successfully complete the listing in the second quarter after passing the one-month publicity period of MIIT’s new car and having the sales qualification.

Zhang Ming believed that if the funds were in place, there would be no problem in building the Hengchi 5. Regarding the funds that needed to be in place, there were rumors on the Internet that Xu Jiayin paid for some of them out of his own pocket to support the production of the Hengchi 5, and the source of the remaining funds was still unclear.

As for Hengda’s future, Zhang Ming said: "I have learned a lot during my two years in office. For such a start-up company from 0 to 1, the integration is not good at first, but the process specification of the enterprise is gradually being established, and it is also slowly moving from an extensive real estate company to a lean car company, and starting to do some compliance things."

Judging from Evergrande’s recent actions, the mass production of Hengchi 5 is accelerating, and Xu Jiayin is still insisting on car manufacturing. On March 22 this year, Xu Jiayin put forward a request at the mass production mobilization meeting of Hengchi 5: "The automobile group must fight day and night, work hard, and work hard for three months. On June 22, we must achieve mass production of Hengchi 5, and lay a solid foundation for the healthy and sustainable development of Hengda Automobile." In many eyes, this is another slogan of Evergrande, but it is still a big challenge for Evergrande.

At the same time, in the future, Hengda Automobile will be continuously scrutinized by everyone and will not only be listed on Hengchi 5. What will be the blind and pre-sale results of Hengchi 5? What kind of selling points can Hengchi 5, which threatens to benchmark BMW X1 and Audi Q3, come up with? Will the car be sold directly or as a franchise in the future? Epidemics, lack of cores, price increases and other black swan events have taken turns to impact the automotive industry. Is Hengda Automobile, which is still in the running-in period, systematically capable of responding to these crises?

How Evergrande will answer these unanswered questions in the future remains to be seen.

Full scene ecological smart furniture： Xiaomi TV S 85 Mini LED ｜ Mijia Air Conditioning Pro is officially on sale

Machine front information: On the evening of April 10, 2024, Xiaomi released a number of new ecological smart furniture, including: Xiaomi TV S 85 Mini LED, which can provide high-level configuration of high brightness, high brush and high division. With the self-developed master image quality engine, it makes up for the shortcomings of the current mid-range TV image quality and experience. Through the adjustment of soft and hard, it provides users with more shocking and real feelings in different usage scenarios such as watching movies and games. There are also Xiaomi’s new super-level energy efficiency Mijia air conditioner Pro series products, which push the energy saving and comfort experience of air conditioners to a new height. Air conditioner energy efficiency is one of the most important parameters for users when choosing air conditioners. As the main electrical equipment for indoor temperature regulation, it is often in operation for a long time. Buying a high-energy-efficient air conditioner can make the use process more worry-free and reduce electricity bills. Mijia Air Conditioning Pro series has raised the energy efficiency level of air conditioners to a new level, with a super high APF of 5.65, allowing you to enjoy a cool summer.

Let’s take a look at the brand new Xiaomi TV S 85 Mini LED first.

Mini LED is popular, leading in contrast and light control

Using Mini LED lamp beads to directly provide backlight, Xiaomi TV S 85 Mini LED has the advantage of smaller and denser lamp beads than traditional LCD TVs, solving problems such as gray and uneven brightness of traditional LCD screens. The 85-inch version provides 640 light control zones to achieve stable dark light control performance, excellent control of object edges and subtitle halos, and the completely closed light control zone makes the dark field picture effect infinitely close to OLED.

The Xiaomi TV S 85 Mini LED achieves a maximum excitation brightness of 1200nits. The screen supports 1.07 billion color primary color display and supports 95% DCI-P3 color gamut. After channel-by-channel adjustment, the color accuracy of the screen is further improved. The use of multi-color temperature color reproduction technology also brings better color accuracy, restoring the creative primary color in different scenes such as movie warm color temperature, film and television standard color temperature, and graphic design cold color temperature.

Master image quality engine, leading mid-range TV image quality experience innovation

In order to better play the excellent display effect of Mini LED screen, Xiaomi TV S 85 Mini LED adopts self-developed image quality algorithm to achieve more realistic and realistic picture display through color, light and dark texture and brightness tuning.

Among them, Xiaomi’s self-developed full-stack color engine provides retrieval of a huge color database, combined with artificial intelligence to detect and identify the content of the picture, to achieve accurate control of the color of the picture, and by broadening the color gamut range, strengthen the color expression, and three different adjustment controls. Compared with the traditional public version, only the algorithm function of opening the light provides more color scene adaptation; Xiaomi replaces the original chip algorithm with a self-developed dynamic contrast algorithm, making full use of the chip performance to make the picture contrast better, among which the face part The color and level of the restoration is the best.

　

Variable height brush, full matching of game scenes

The Xiaomi TV S 85 Mini LED provides a 144Hz high refresh rate and supports VRR 48-144Hz adjustable refresh rate, which can better adapt to different TV and movie source signals. It is equipped with a dual-channel HDMI 2.1 interface, with lower input latency and ultra-low latency of 4ms. Turn on the competitive mode, and you can also achieve a 240Hz fast refresh, AMD FreeSync technology certification, the game performance is silky and smooth at high frame rate, and with MEMC motion compensation, it can effectively reduce the jitter and drag of high-speed motion pictures. Support Dolby Vision and Dolby Atmos, bringing a shocking immersive audio-visual experience. Filmmaker Mode, IMAX Enhanced, HDR10 + screen certification grand slam, further enriching the use scene.

　

Xiaomi Surging OS creates Xiaomi’s unique ecological experience

As a large-screen TV in the family entertainment center, the Xiaomi TV S 85 MiniLED is factory-equipped with support for Xiaomi Surging OS, which ensures fluency and improves speed while also upgrading a number of interconnection functions, such as interconnection with the watch, making it more convenient to exercise at home. You can directly connect the watch and TV to project sports data without the need for mobile phone transfer. Quick screen projection with mobile phones and notebooks also realizes more convenient operation. There are also takeout or taxi notifications received on mobile phones, which can also be displayed synchronously on the TV.

"Xiaomi Qingshan Eye Protection" medical-worker integration concept promotes the comprehensive evolution of eye protection standards

Through cooperation with Sun Yat-sen University Eye Hospital, cross-disciplinary cross-validation has gained support in the field of medical expertise. The Xiaomi TV S 85 Mini LED eye protection standard has also been fully evolved, using a 15.37KHz mixed dimming frequency + 16bits backlight adjustment combination, plus light sensing, automatically adjusting the screen brightness following the ambient light, and the ultra-high dimming frequency can also achieve lower stroboscopic, creating a scientific eye protection solution suitable for all-weather multi-population.

　

Through the combination of soft and hard brought by Xiaomi’s self-developed technology, Xiaomi TV S Mini LED allows mid-to-high-end TVs to have higher configurations and also provides a better image quality experience. The starting price of the 85-inch is 5999 yuan. It was officially launched on Xiaomi Home, Xiaomi Mall, JD.com, Tmall, Pinduoduo, Douyin and other e-commerce platforms at 9 pm on April 10. In addition to the 85-inch version, Xiaomi also provides users with three sizes: 55, 65, and 75, of which the 55-inch first is 2799 yuan, the 65-inch first is 3499 yuan, and the 75-inch first is 4599 yuan.

Next is: The new Mijia Air Conditioning Pro series has released three new products, namely Mijia Air Conditioning, Giant Power Saving Pro, Mijia Air Conditioning, Natural Wind Pro, Mijia Air Conditioning, and Fresh Air Pro. Compared with the previous Mijia Air Conditioning products, the Mijia Air Conditioning Pro series has been comprehensively improved in terms of energy efficiency and AI intelligence, which has comprehensively improved the three important performance dimensions of cooling effect, power consumption level, and temperature comfort. Mijia air conditioner Pro series full series APF 5.65, surpassing the current national standard first-class energy efficiency standard APF 5.0, achieving better cooling and heating effects while saving more electricity. In theory, compared with the national first-class energy efficiency standard, it can save about 192 kWh of electricity throughout the year, equivalent to about RMB 115.

The new Mijia air conditioner Pro series fully adopts Xiaomi’s self-developed internal and external machine technology. The whole series is equipped with double-row condenser, high-power fan motor, and improved large-size fan as standard, which greatly enhances the heat exchange capacity of the external machine. While improving the efficiency of the air conditioner, it also plays a role in improving the efficiency and reducing energy consumption. The external machine has also made many improvements in hardware: the use of double flow curve electronic expansion valve can take into account the refrigerant precision control during refrigeration and heating in conventional weather and the refrigerant large flow demand during refrigeration, heating, and non-reversing defrosting in extreme weather. The external machine electronic control board adopts the industry’s top-level components, which are strictly tested by quality requirements higher than the industry average to ensure reliability under extreme conditions. Mijia air conditioner, fresh air Pro 1.5 hp, is equipped with a double-cylinder compressor, which can effectively suppress external machine noise. The self-developed logic control algorithm can accelerate the start-up speed of the air conditioner, prevent sudden cold and defrost, ensure that the air conditioner can normally cool and heat in extremely harsh environments of minus 35 ° C and plus 65 ° C. Support the full-link OTA upgrade of internal and external machines, and optimize the logic algorithm. The internal unit is equipped with a supply air duct using the principle of Kangda effect. The cross-flow fan uses a non-equidistant misaligned inclined tooth blade design to improve the circulating air volume. The maximum air volume of Mijia fresh air conditioner Pro can reach 780m 3/h; reduce the supply air noise, and the minimum noise of the high wind gear is as low as 36dB (A), allowing users to quietly enjoy a comfortable indoor temperature.

Mijia air conditioner Pro series skillfully combines AI technology with air conditioning, and opens up an intelligent new track for air conditioning with the new Lingyun intelligent control engine. The Lingyun intelligent control engine can perform predictive control based on the air conditioner-environment system model. Combined with the real-time detected ambient temperature, air conditioner operating status and target set temperature, calculate the somatosensory comfort and energy consumption level of various schemes in advance, and adjust the temperature control curve every minute to achieve a more accurate, energy-saving and stable control strategy. For the big data of the user’s city, region, and past air conditioner usage habits, one-click intelligent turn on the appropriate cooling/heating mode of the air conditioner and adaptive adjustment to the appropriate temperature, and continuously fine-tune according to the indoor situation to improve the comfort of air conditioner use. Mijia air conditioner Pro series is also connected to Surging Intelligence, linking air purifiers, humidifiers, thermometers and other intelligent devices to form an intelligence system for air management at home, which is easier and easier to use.

Mijia Air Conditioning, Giant Power Saving Pro was officially launched at 20:00 on April 10, with a starting price of 2399. Mijia Air Conditioning and Fresh Air Pro were officially launched at 20:00 on April 10, with a starting price of 3399. Interested friends can go to major e-commerce platforms and Xiaomi Home to experience and purchase. Before the hot summer comes, choose Mijia Air Conditioning Pro series to bring a cool summer.

Geely’s latest intelligent SUV, Bo Yue L, will be unveiled as an innovator in the ＂Easy Car Super 818 Car Carnival Night＂.

　　On August 18th, the "Super 818 Car Carnival Night" jointly organized by Easy Car and Zhejiang Satellite TV will be held soon. This year, Easy Car and Zhejiang Satellite TV have joined hands for the second time, and the super-big events have continued, rooted in the automobile culture itself, grasping the new trend at the forefront of scientific and technological changes, and exploring the infinite possibilities for the future of automobiles.

Geely's latest intelligent SUV, Bo Yue L, will be unveiled as an innovator in the "Easy Car Super 818 Car Carnival Night".

　　As the highlight of the "Easy Car Super 818 Car Carnival", the "Super 818 Car Carnival Night" show combines scientific and technological innovation with fashion trends and becomes a stage for car companies to show the charm of the automobile industry, the strength of brand products and advanced technology. At this annual "Car Festival", Geely’s latest smart SUV innovator: Bo Yue L will also appear on the stage.

Geely's latest intelligent SUV, Bo Yue L, will be unveiled as an innovator in the "Easy Car Super 818 Car Carnival Night".

　　As a brand-new A-class flagship SUV built by Geely based on CMA architecture, Bo Yue L redefines the new intelligence of A-class SUV with five world-class intelligent technologies and ten hard-core standards, so that users around the world can share the dividend of scientific and technological progress. In the first pre-sale activity of Bo Yue L held on August 10th, 1,000 SVIP seats were sold out in just 52 seconds, which set a new record for Geely’s fastest pre-sale. The reshuffle of the A-class SUV market may be coming soon.

　　Five intelligent technologies and ten hard-core standards, Bo Yue L comprehensively innovated the standard of intelligent SUV.

　　As a flagship strategic product empowered by the scientific and technological achievements of "Smart Geely 2025" and "Building a Car with Comprehensive Architecture", Bo Yue L inherits the five global genes of CMA architecture "safety, health, intelligence, performance and energy saving", and then innovates the five world-class intelligent technologies of intelligent architecture, intelligent hybrid, intelligent driving, intelligent space and intelligent safety.

　　The comprehensive and innovative CMA architecture endows Bo Yue L with the mechanical quality of the luxury brand. The 35.8m racing class braking distance of 100 kilometers, the Sino-European joint professional chassis adjustment and the 78km/h elk test limit speed make Bo Yue L "gifted" at the bottom structure. More importantly, Bo Yue L is empowered by the technology of GEEA 2.0′ s evolvable intelligent electronic and electrical architecture, supported by FLEX Ray bus "super neural network" and high-speed transmission of 5G network, and realizes cross-domain collaboration among vehicle power chassis, body control, intelligent driving safety and infotainment systems. The global FOTA with full scene and full vehicle cycle will enable Bo Yue L to bring users a higher speed, smoother, smarter and more evolvable intelligent driving experience.

　　In the field of intelligent hybrid, Bo Yue L has received technical support from Lei Shenqing Hi·X hybrid platform, which can bring users a high-value experience of no charge, long battery life, fuel consumption, pure electricity and mixing. Among them, the world’s first frequency conversion hybrid electric drive 3DHT PRO has 20 intelligent working modes and 3-speed ratio, which can realize full-speed domain parallel drive and power is on call. According to the test, the fuel consumption of the NEDC of Bo Yue L Lei Shenqing Hi·F oil-electric hybrid is only 4.2L, the comprehensive endurance of NEDC can reach 1300km, and the acceleration time from 0 to 50 km/h is only 3.5s.

　　In terms of intelligent driving, Bo Yue L is equipped with NOA lane-level automatic driving navigation system initiated by Geely, which can realize automatic driving from point A to point B in high-speed elevated scenes, and the driver only needs to do necessary supervision to truly realize the change of driving subject from person to car. With the help of centimeter-level high-precision positioning, man-machine co-driving VR navigation and full-lane dynamic monitoring technology, the system can realize full coverage of more than 100 high-speed driving scenes, such as automatic ramp-up, automatic lane-changing evasion, automatic lane-changing overtaking, automatic avoidance of large trucks, automatic deceleration in corners, automatic speed control of confluence, and tunnel accident avoidance, so as to automatically find paths and drive, and liberate drivers’ hands to the greatest extent.

　　Bo Yue L also creates an intelligent "mobile space" with temperature by means of multi-dimensional human-vehicle interaction. The world’s first surrounding emotional light curtain can express "emotion" by simulating voiceprint beat, breathing frequency, running water changes, etc. In interactive scenes such as voice interaction, music rhythm, nap mode and air conditioning linkage, with the change of rhythmic light and shadow, it creates a cockpit environment with a sense of ceremony and appreciation. Supported by Qualcomm Snapdragon 8155, the flagship in-vehicle chip, Geely Galaxy OS Air, the world’s first version, will bring users a silky and smooth consumer electronics-level interactive experience by launching a 13.2-inch vertical screen, a Free Touch UI, a short-link interactive design, a one-button direct high-frequency function and a V01 offline AI voice chip. In addition, Bo Yue L also uses 25.6-inch AR-HUD augmented reality head-up display, Harman INFINITY headrest audio and the world’s first intelligent AI microclimate housekeeper to innovate the full sensory ecological interaction experience.

　　In the field of intelligent safety, Bo Yue L applies Geely’s original "seven-layer intelligent safety identification circle", which can provide comprehensive safety protection such as information safety, driving safety, assisted driving system, information assistance and safety warning, active disaster avoidance safety, passive collision safety, accident alarm and rescue. Bo Yue L is also equipped with 26 full-scene active safety assistance systems, including ALCA automatic lane change assistance system, EMA emergency steering assistance system and ELKA emergency lane keeping assistance system. In addition, Bo Yue L also adopts the ultimate safety design including 32,000 nm/body torsional stiffness, intelligent unloading body design, 5 times vehicle weight roof compression resistance, and 1.8 A-pillar with worldwide vision to create all-round safety.

　　With the help of five world-class intelligent technologies, Bo Yue L has achieved innovation and popularization in five core areas, and started with Geely Galaxy OS Air version, 13.2-inch central control vertical screen, 10.25-inch digital LCD instrument, L2-level intelligent driving assistance system, 540 transparent chassis of God’s eye, remote control of mobile APP, aerospace-grade 7-series aluminum alloy crash beam, 178LX digital rhythmic LED headlights, racing-class brake system and integrated boron steel thermoformed door knocker.

　　Digital Symphony Science and Technology Aesthetics, Refresh the World Expression of Chinese Aesthetics

　　Corresponding to the innovative intelligent product strength, it is Bo Yue L’s innovative modeling design. As the first production car based on the "Vision Starburst" concept car, Bo Yue L adopted a brand-new design concept of "Digital Symphony Science and Technology Aesthetics", which not only inherited the classic "Ripple" design elements, but also organically integrated the sense of intelligent science and technology, futuristic sense and oriental aesthetics, and perfectly interpreted it with visual symbols such as interlacing, twisting, extending and pulsing, which interpreted the spirit of blending and innovation in China traditional culture and refreshed the world expression of Chinese aesthetics again.

Geely's latest intelligent SUV, Bo Yue L, will be unveiled as an innovator in the "Easy Car Super 818 Car Carnival Night".

　　From the details, Bo Yue L’s "Light Wave Ripple Front Grille" brings a feeling of infinite expansion and extension with a parametric design, bringing a magnificent, dynamic and cool new visual experience. The particle ray lamp group consisting of 182 LED light-emitting units has the functions of welcoming/seeing off/locking the car and putting off the lights, which adds more sense of ceremony. At the same time, the combination of the particle ray lamp group and the brand-new Geely logo, which can light up, seems to open the dimension door leading to the digital world, making the whole front face more and more profound and mysterious.

　　Bo Yue L is designed with two-color body and suspended roof. The tidal waist line extending from the front wheel eyebrow straight up to the rear window, combined with the 20-inch silver-black star disc large-size wheel hub, gives Bo Yue L more movement and passion. The new car is also equipped with an antiviral door handle with a sterilization rate of more than 99%, which can inhibit the growth of bacterial viruses for a long time. The body size of Bo Yue L is 4670×1900×1705mm, and it has a super-long wheelbase of 2777mm leading in the same class. Combined with the short front and rear suspension design, it forms a leading axle length ratio of 59.5% in the same class, which not only brings stable handling, but also brings more ample longitudinal practical space for the car.

Geely's latest intelligent SUV, Bo Yue L, will be unveiled as an innovator in the "Easy Car Super 818 Car Carnival Night".

　　The overall outline of the tail of Bo Yue L is angular. The digital arrow LED runs through the taillight and consists of 290 LED light-emitting units. The ultra-red LED with 633nm wavelength is bright and transparent after lighting, and it is exquisite and profound when closing. The welcoming/farewell scene shows streamer lights, echoing the headlights. Taillight modeling adopts a penetrating design that spreads from the center to both sides. Sharp and slender arrow modeling taillights and high-position brake lights outline the obvious layering of the rear of the car, which is full of tension.

　　As a brand-new strategic model of Geely brand, Bo Yue L is not only a master of Geely’s "Five Smart Technologies", but also a general beneficiary who allows users to enjoy the latest smart technology dividends with "Ten Hard Core Standards", and deduces the return of the A-class smart SUV king with comprehensive innovative product strength. As Gan Jiayu, CEO of Geely Automobile Group, said at the press conference: "Innovation is the gene flowing in Geely’s blood. From Bo Yue to Bo Yue L, Geely has brought users a smart car with a higher generation. Bo Yue L has benefited users from the latest, most popular and best-used intelligent technologies, injecting ever-evolving vitality into smart cars. Geely will also continue to create new market "excitement points" under the full blessing of new intelligent technology, and constantly innovate the technological experience of intelligent interaction in automobiles. "

Disclaimer: This article is reprinted by our website, aiming to provide readers with more news information. The contents involved do not constitute investment and consumption suggestions, and are for readers’ reference only.

Exclusive interview： Miumiu’s new film seduces Ren Xianqi, Wu Chenjun talks about Yanpo


"Sexy little secretary" miumiu Gong Xinliang


Wu Chenjun, a beautiful woman


Sportsman Geng Le

　　Movie Network News(Photo/Shanghai Film Festival Report Team) On June 19, the 13th Shanghai International Film Festival Film Channel Media Awards held a grand award ceremony in Shanghai. After the film network went deep, ** interviewed Geng Le, a stylist man, Wu Chenjun, a beautiful woman, and Miumiu Gong Xinliang, a "sexy little secretary". All the stars expressed their expectations for the Film Channel Media Awards, and were honored to be able to attend the award ceremony this time. In the exclusive interview of the film network, Geng Le, a stylist who has not appeared for a long time, revealed his true personality, while Wu Chenjun, a beautiful woman, revealed that he "talked about love" with Guo Xiaodong, and also expressed his thoughts and greetings on the "cut" incident of director Yanpo. On the same day, Miumiu Gong Xinliang’s gauze skirt was elegant and showed her breasts, and she also exposed herself as a "public relations manager" to seduce Ren Xianqi.

　　Geng Le, a sportsman, has rarely appeared on the big screen recently. Regarding the recent development direction, Geng Le said: "In the past two years, he has been acting in TV dramas, and the movie is now being discussed. It is not convenient to reveal the specific details." From, to "Beijing Le and Fury", Geng Le has always played a more cold character in the movie. What is his personality in real life? Geng Le still replied coolly: "I am me."

　　Wu Chenjun, a beautiful woman, "flirted with love" with Guo Xiaodong in the just-released "Swinging Marriage Contract". Talking about his role, Wu Chenjun said: "In" Swinging Marriage Contract ", I played a girl who has a lot of ideas in work and feels like a strong woman in life. She is very strong inside and has a gentle appearance. In the film, she also has some emotional scenes with Guo Xiaodong." When the movie "Swinging Marriage Contract" was about to be released, the director Yan Po was "cut". Wu Chenjun said: "I hope the director can get better as soon as possible. If the time is ok, I hope to see the director as soon as possible. This is the only thing I have in mind now. I think everything else will have a reasonable result."

　　Gong Xinliang’s gauze skirt, which is known as "sexy little secretary", is elegant and shows small breasts. Compared with the previous "burst breast style", it can be said that it is quite conservative, and I don’t know if it means "chest sealing" transformation. In the movie "Dragon and Phoenix Shop", Gong Xinliang plays with Ren Xianqi and Big S, and talking about the movie miumiu said: "In the movie, Big S is our store manager, and I claim to be the manager of the public relations department. My main task is to seduce the emperor Ren Xianqi in every way. When I went to dub the movie two days ago, I thought the movie was very interesting, and I also felt that I was very crazy, super crazy, and every action of Ren Xianqi was very charming."

　　On that day, all the celebrities had great expectations for the Media Awards organized by the Movie Channel, praising the uniqueness of the Media Awards and the attention paid to small-budget films. They also expressed their hope that they could have the opportunity to stand on the stage of the Media Awards and accept the media’s selection.

Do you know Andy Lau？ The movie ＂Crowd＂ special short film is online


1905 movie network news There is a saying in the entertainment industry: one idol a year, a hundred years. In the 40 years of his debut, Andy Lau has accompanied the growth of several generations. In the music world, he is the four heavenly kings; in the TV wall, he is the five tiger generals; in the film industry, he is the hardware best actor. It is the single loop in the earphones, and there are also hundreds of lives on the screen. Andy Lau’s existence is the idol of countless people when they are young. It can be said that everyone has Andy Lau in their life.

Recently, the film released a special short film "Do You Know Andy Lau". The short film is full of the love for Andy Lau from several generations. In the eyes of the security guard brother, he is a big star, and in the eyes of the uncle and aunt, he is a symbol of struggle. In the face of the public’s love for him, Andy Lau sincerely expressed his gratitude to everyone, and even "met" fans of the same name and age. This full of warmth and touching, like the movie "Crowd", conveys the power of healing to the audience, encouraging everyone to "cow" turn the world around and move forward in the new year.


The movie "Crowd" tells the story of the ruthless "killer" Zhou Quan (Andy Lau, played) and the down-and-out dragon Chen Xiaomeng (played), who swap identities in an accident, leading to a series of humorous stories by mistake. This is the director’s second challenge to the absurd comedy genre after his well-received works. It will be officially released on the first day of the new year in 2021.


Warm people’s hearts! Everyone has a "Andy Lau" in their life.


"Do you know Andy Lau?" Most people’s first reaction to this question is: "I know." "Aha, give me a glass of for***fulness water.", "God loves ****** children!", "I didn’t have a choice before, now I want to be a good person." Whether it is those classic songs that accompanied the public to grow up, or the deeply rooted film and television roles that played, Andy Lau has an indelible mark on the hearts of every audience. Even today, his songs are still at the top of the chart in KTV, and his movies are still accompanying the audience to grow up.

For most people, listening to his songs and watching him act since childhood has been a common idol for generations. In this regard, Andy Lau smiled knowingly and said: "In fact, it is a very happy thing to grow up with so many people." When facing everyone who calls himself "King of Heaven" and "Big Star", Andy Lau said: "Sometimes people think I am a big star, but I feel that I am not so close to everyone."


In some people’s lives, Andy Lau is the backing track of his wife when she dances in the square; in some people’s lives, Andy Lau is the standard for finding a partner; in others, Andy Lau is regarded as an idol and role model in life. In the special short film, an uncle who has the same name and age as Andy Lau and runs small fried vegetables in the market shouts through the air, expressing his greatest wish to see Andy in Hong Kong.

In order to satisfy the uncle’s wish, the two Lau Dehua "met" through the screen, which made people feel full of warmth and touch. Meeting Lau Dehua in the surging crowd, accompanying the public to grow up across several eras, and thanking Lau Dehua for appearing in everyone’s life.


Embrace yourself! See the real Andy Lau in the movie Crowd


In addition to classic works, Andy Lau has always been praised for his dedication to his work. An audience member who is about the same age as Andy Lau and is in his 60s said: "Mr. Liu, I really admire you. When I was a child, I struggled and you struggled. In the end, I couldn’t struggle anymore. You are still struggling." In the new film "The Crowd of People", Andy Lau plays Zhou Quan, who has the same characteristics as himself. No matter how bad the life situation is, no matter what kind of problems he encounters, Zhou Quan always encourages himself to persevere and persevere.

In this regard, the director Rao Xiaozhi also said in an interview: "In the past works of Andy Lau’s participation, everyone will think that Andy Lau is still Andy Lau in everything, not that role. But in this film, Andy Lau can be Andy Lau. There is a wonderful sense of the unity of actors and characters that is worth playing. This wonderful sense is that the audience not only sees the comprehensive characteristics played by Andy Lau, but also sees the characteristics and imprints of Andy Lau through the comprehensive. There is a sense of drama."


Talking about the movie "The Crowd", which will be released on the first day of the new year this year, Andy Lau’s feelings are very different from those of previous works: "I seem to walk through my Andy Lau’s life again, and I become an extra in the play." After being suddenly changed identity, everything that Andy Lau plays in a completely unfamiliar world is like the self who just entered the industry many years ago. Uneasy strangeness, unknown life experiences, in "The Crowd", Andy Lau completely returns to his youth, and he plays the unworldly self.

On the first day of the new year in 2021, we will have the opportunity to meet the original intention of Andy Lau again. In the movie "Crowd", he will face the audience with his most authentic appearance, communicate with the world with his own rules, and hug everyone who has helped him in the crowd. I sincerely thank you for meeting you in the crowd.


Consumers are harassed for giving bad reviews. Why is the bad review mechanism of takeaway platforms useless？

　　investigation motive

　　Ordering food through takeaway platforms has become a dining choice for many people. Due to considerations such as smooth consumer rights protection and internal management, most takeaway platforms have set up an evaluation mechanism for takeaway brothers. However, this evaluation mechanism is somewhat out of shape in practice – consumers are not satisfied with the service and give bad reviews. The takeaway brother was fined for working for a day, which caused conflicts between the two sides, and even caused some disputes. An evaluation mechanism with good intentions, why has it become a "trigger" for conflicts?

　　I ordered takeaway, and it was one hour beyond the delivery time. Call the takeaway brother, and the takeaway brother hangs up; call the merchant, and the merchant says the takeaway brother didn’t come to pick up the meal.

　　After being hungry for more than an hour, Beijing citizen Jiang Xuelian was ready to complain. The merchant kept explaining to her that the delivery brother was not easy, and customer complaints would lead to the delivery brother being deducted.

　　In the end, Jiang Xuelian chose to admit that she was unlucky. Jiang Xuelian did this not because she was persuaded by the merchant, but because she was worried about harassment, retaliation and even more extreme behavior due to complaints or bad reviews.

　　These concerns are not unfounded, but there are already cases. "Although there are user evaluation mechanisms for online shopping, takeout, etc., but look at the threats and injuries caused by bad reviews, who would dare to complain or give bad reviews," Jiang Xuelian said.

　　What happened after giving a bad review?

　　"I may be a little stubborn, but I really can’t bear it." This year, Beijing resident Xue Qi gave bad reviews after ordering takeout twice, which in the eyes of friends is only done by "female men".

　　This was the first time that Xueqi had ordered the takeaway with red oil, but when she received the takeaway, she found that it was clear soup and water. Xueqi negotiated with the merchant and got a reply: "Sorry, the chef is new here, something went wrong in her busy schedule, you can just eat it, it won’t be like this next time."

　　"After saying this, the merchant hung up the phone directly. For merchants with this attitude, of course, they have to give a bad review. However, thinking that the takeaway brother delivered it in advance, I gave the product 1 star and the takeaway quality 5 stars." Xue Qi said that when she checked the merchant’s homepage again, she found that the merchant’s homepage showed that she gave an average score of 3 points for the takeaway order. "I later found out that if I want that order to have only 1 point, it means that I have to give the takeaway brother a bad review, but the takeaway brother will be deducted from his salary for a few hundred yuan. In the end, I still felt sorry for the takeaway brother and gave up the idea of giving a bad review. This experience taught me that even if it is delivered on time, the delivery guy will still be affected by such a scoring system. "

　　The second time I gave a bad review was because a takeaway platform has opened a on-time delivery service, and if it is delayed, it will be compensated. "At that time, I ordered at a relatively remote place. Usually, when I ordered food at that time, the delivery time would be 20 minutes later than expected. I wanted to see if the on-time delivery service of the takeaway platform could really be delivered on time. After ordering, the on-time delivery time passed, but the takeaway staff ordered it and it was delivered when it was still two kilometers away from me." Xue Qi said that she chose to complain.

　　However, what Ling Xueqi didn’t expect was that the next day, the delivery brother called and begged to withdraw the complaint. "The delivery brother said that he was deducted 300 yuan because of this complaint. After receiving the call, I asked the customer service’withdraw the complaint, what should I do ‘. The reason for saying this is to test whether the platform cares about the customer’s reason for withdrawing the complaint. As a result, the customer service quickly replied,’ If you agree, I will withdraw the complaint for you ‘. After confirming that he agreed to withdraw the complaint, the delivery brother never contacted me again."

　　"Through these two complaints, I realized that the various disputes between the delivery brother and the customer reported by some media were the product of this simple management method. It was the delivery company that put the delivery staff and the customer on the opposite side," Xue Qi said.

　　You can check who gave a bad review in the background.

　　In the interview, the reporter learned that in order to attract more consumers, some takeaway platforms have set up a reward and penalty system for their "riders". For example, if the food is not delivered within the specified time, the takeaway "rider" will be deducted 20 yuan; if the customer complains (overtime is one of the main reasons for the complaint), 200 yuan will be deducted. However, the basic salary of the takeaway "rider" is only 3,000 or 4,000 yuan a month, and it must be guaranteed that more than 600 orders will be delivered a month to get the basic salary. More than 600 orders will be rewarded according to each order, and once the money is deducted, it is equivalent to 3 orders being given away for free, and the complaint is equivalent to a day in vain.

　　Gu Feng (a pseudonym) is a delivery staff of a takeaway platform. He told reporters that before taking up his job, the platform will provide relevant training on preventing complaints or bad reviews. For example, if a customer does not answer the phone, he usually waits 5 minutes to send a text message. The content of the text message is similar to "Hello, I am a delivery staff. I will deliver food to you. If you are not here, you have to deliver other food first. Please call back quickly when you see it. I wish you a happy meal." "These are all templates. If the time is very short, you must come back to deliver to this customer first; if it is indeed far away, you must discuss with the customer. In addition, for the situation of missing meals, be sure to explain to the customer. If the customer says it’s okay, then there is no need to pay; if some meals can’t be eaten without soup, most of them have to pay. I have paid a bowl of beef noodles, more than 30 yuan. In the words of our webmaster, bad reviews and complaints depend on your service attitude, overtime cannot decide the complaint, attitude is decisive. In addition, if a customer gives us a bad review, we will not be deducted, only if the service attitude is not good will be deducted. "

　　At the same time, Gu Feng also revealed to reporters that the so-called "anonymous evaluation" of many platforms cannot be anonymous at all. The experience of some consumers confirms this statement.

　　Last month, Liu Rui, a white-collar worker in Beijing, gave a bad review to the delivery guy because of the delivery timeout problem. Then, Liu Rui received a call from the delivery guy and asked why she gave the bad review. Putting down the phone, Liu Rui realized a question. She was obviously anonymous. Why did she still receive this call?　

　　In September, a takeaway ordered by Yang Chunwei, a Beijing resident, was delivered an hour later than expected because the delivery brother took the wrong meal at the restaurant. Half an hour after delivery, the delivery brother started calling Yang Chunwei and asking him why he gave a bad review. "I said I didn’t give a bad review, but he said I asked my friend to check it in the background. Later, the delivery brother texted that the merchant gave a bad review. This means that the delivery brother can find out who gave a bad review through the background within a few minutes. The so-called anonymous review has no use for anonymity."

　　In this regard, Gu Feng did not say much about the specific method of background inquiry, but said, "The takeaway brother can check the consumer’s name, address, and contact information according to the historical order within one day. Generally speaking, the app will automatically block the customer’s information one day after the order is completed. However, as long as the customer comments, the backstage can still check it immediately. Therefore, the customer can comment the next day after the order is completed, so that although the takeaway brother can recall which order gave a bad review, he can’t remember the customer’s information, unless the takeaway brother has the habit of taking screenshots and recording customer information every day."

　　The evaluation and punishment mechanism is criticized

　　The reporter found in the investigation that many takeaway brothers expressed "very helpless" about the bad review mechanism.

　　Hu Haicheng, who also works as a delivery boy in Beijing, said that there are often reports of food delivery rides and casualties. "We are also very helpless. The delivery time card is too tight, and our rules and regulations are particularly strict. A complaint call will result in a fine."

　　Hu Haicheng said that the most serious penalty is the delivery staff who ordered delivery in advance, and was fined 500 yuan. Generally, complaints will be fined 200 yuan, but depending on the situation, sometimes the fine will be 500 yuan, and sometimes it will soar to 2,000 yuan. Gu Feng agreed with this point. "If the customer calls to complain, just say four words: bad attitude. Then the delivery brother’s 2,000 yuan will be gone."

　　During the rainy season in July this year, Hu Haicheng was busy from noon to evening, and there was no time for a sip of water in between. There was a takeaway at that time, which was half an hour late. "I kept apologizing to the customer, but as soon as I went downstairs, they gave me a bad review." For this bad review, Hu Haicheng was fined 200 yuan.

　　As for the reasons for giving bad reviews, Gu Feng said, "Most of them are because the delivery is too slow." However, there are many reasons for the slow delivery. "Sometimes it’s not the delivery guy’s problem, but when the customer is angry, they can’t listen to the explanation. If the delivery is slow and the review is bad, no matter what the reason is, the delivery guy can still figure it out. However, because the merchant doesn’t taste good, the delivery guy gets a bad review together, which makes people especially angry. The company won’t listen to the explanation, but will only ask the delivery guy to get the customer’s understanding." Gu Feng said, "However, not every customer can make sense. So, meeting some customers who can’t listen to the explanation is equivalent to a hard day in vain."

　　"Some takeaway platforms handle bad reviews roughly. A bad review will deduct two or three hundred yuan, which means that the takeaway brother will lose all his salary for a day because of a bad review. In addition, the takeaway brother has very few appeal channels, and most of them can only find ways to get the customer’s forgiveness." Cheng Rui, who has done research on the takeaway market and has been experimenting with the takeaway industry for more than a year, told reporters.

　　"The service evaluation system involves the interests of three parties – consumers, service personnel, and company management. The establishment of a service evaluation system is of course to safeguard the interests of the company’s management. Because the interests of the management are linked to the company’s income, and the company’s income is related to consumer choice. The quality and attitude of service personnel directly affect the choice of consumers and the company’s income. Naturally, the company’s management needs a service evaluation system." Cheng Rui said that after the management adopts the service evaluation system, it is necessary to deal with bad reviews. "Objectively speaking, there are many reasons why consumers give bad reviews, not necessarily the fault of the service personnel. For example, if the food is delivered too late, it may not be due to the inattentive delivery of the courier, but it may be due to bad weather. However, in terms of measures to deal with bad reviews, the management often chooses to be lazy, not to distinguish the reasons why consumers give bad reviews, but to think that as long as the money is deducted, the problem can be solved. "

　　In the eyes of the industry insiders interviewed, consumers’ bad reviews have become the reason for management to deduct wages, which is the root cause of the problem. As service personnel, there is no complaint mechanism for bad reviews, and they can only silently accept the results of bad reviews.

　　"The evaluation system was originally used as an auxiliary means to improve the service level, but the management of the enterprise did not use the evaluation data in this way, nor did it have supporting procedures to improve the service level, which resulted in the service staff or the serviced to bear the relevant contradictions." Of course, the service evaluation system is also important for consumers to protect their rights, Cheng Rui said, and it cannot be said that bad reviews will bring harm to people who are "not easy". If you want to change this situation, you need to further refine the service evaluation system. Bad reviews need to give reasons, and service personnel can appeal and defend. The company can punish service personnel or improve objective conditions according to the specific reasons for bad reviews.

Changjiang Securities Semi-Annual Board Management Review in 2023

() The content of the management review of the board of directors in 2023 is as follows:

　　I. Main business activities of the company during the reporting period

　　(1) Macro environment and industry situation

　　In the first half of 2023, in the face of a complex and severe international environment, our country’s economic operation gradually moved towards a normalized operation channel, and the overall recovery trend was positive, with GDP growing by 5.5% year-on-year. In terms of macro policy, the total amount of monetary policy remained moderately adequate, and the structure was still dominated by precise investment. Fiscal policy maintained a positive attitude, and the balance sheets of micro-enterprises and residents were slowly repaired. The effects of policies to stabilize growth, employment, and prices gradually became apparent. Industrial production was steadily restored, and the investment structure was steadily optimized. In terms of capital markets, the overall operation was stable, liquidity was reasonable and abundant, the credit structure was continuously optimized, the financing cost of the real economy was stable and declining, and financial support for the economy continued to strengthen. The deepening reform of capital markets has entered the deep-water area, and top-level systems such as the comprehensive registration system have been gradually implemented. The relevant business supervision rules have been continuously improved and optimized to guide securities companies to help transform the structure of the real economy. The current securities industry is moving towards a high-quality development path centered on the protection of investors’ interests. Improve risk pricing capabilities and compact the "gatekeeper role" of capital markets. The securities industry is a typical cyclical industry, and the operation of the industry is highly correlated with factors such as the domestic and foreign macro environment, regulatory policies and capital markets trends. In the first half of 2023, the scale of debt financing in the primary market and the popularity of secondary market transactions both rebounded compared with the same period last year. In the primary market, the total scale of equity financing was 506.001 billion yuan, a decrease of 7.14% year-on-year; of which the amount of IPO financing was 218.72 billion yuan (issue date caliber), a year-on-year decrease of 15.90%; the scale of equity refinancing was 287.282 billion yuan, an increase of 0.85% year-on-year; the total scale of bonds underwritten by securities firms was 6.18 trillion yuan, an increase of 9.33% year-on-year. In the secondary market, the transaction volume of equity funds was 249.40 trillion yuan (bilateral) in the first half of 2023, an increase of 0.11% year-on-year; the main market indexes closed up, the Shanghai Composite Index rose 3.65%, and the Shenzhen Composite Index rose 0.10%.

　　(B) the company’s operations

　　Relying on a complete range of business qualifications, the company is committed to providing a full range of comprehensive financial services to its customers. Brokerage and securities finance business refers to the company’s provision of securities and futures brokerage, wealth management services, research business, and capital intermediary services such as margin financing, stock pledge repurchase, refinancing, agreed repurchase securities transactions, and listed company equity incentive call-over financing to customers. Securities self-operated business refers to the company’s securities investment, including but not limited to equity, fixed income, and financial derivatives and other proprietary trading and market-making businesses. Investment banking business refers to the company’s provision of financial services with investment banking characteristics to customers, including underwriting and sponsorship, financial advisors for listed company mergers and acquisitions and restructuring, corporate bond fiduciary management, recommendation of non-listed public companies, and asset securitization. Asset management business refers to the company’s provision of collective asset management, targeted asset management, special project asset management, and public fund management to customers. Alternative investment and Private Equity management business refers to equity investment, project investment and management or entrusted management of equity investments and related consulting services. The company actively expands overseas business through Long Securities International, providing customers with overseas financial services such as brokerage, investment banking, asset management and futures.

　　In the first half of 2023, the company’s profitability rebounded and its important business was strongly supported. Under the guidance of the new development strategy, the company’s various businesses have accelerated their development and strived to the top, with a more solid foundation and continuous optimization of the structure. High-quality development has achieved remarkable results and there are many bright spots. From a business perspective, the brokerage business continues to grow on a large scale, and the rankings of product sales and investment consulting are stable and rising; the market share of public offering commissions continues to remain high, and the proportion of private equity clients’ income increases; investment banking business and Private Equity business strengthen synergies

　　Linkage, the enterprise Client Server is gradually integrated and platform-based, and the deep cultivation of key regions, key industries, and key customers has achieved remarkable results; the investment management system has gradually improved, the income of large investment business has increased significantly year-on-year, and the results of self-operated investment capacity building and team building have gradually become apparent; The asset management business has made significant progress, the management scale and management fee income of Changxin Fund and Changjiang Capital have increased significantly, and the products and channels of Changjiang Asset Management have made breakthroughs. The company continues to optimize the system and mechanism, comprehensively upgrade various management, and through improving the selection and employment, assessment and incentive and business coordination mechanism, optimize the department setting, and improve the officer enthusiasm, cooperation awareness and collaborative efficiency of cadres and employees. During the reporting period, the company’s total operating income was 3.832 billion yuan, an increase of 34.64% year-on-year; net profit attributable to shareholders of listed companies was 1.106 billion yuan, an increase of 38.34% year-on-year. As of the end of the reporting period, the company’s total assets were 171.797 billion yuan, an increase of 8.06% over the beginning of the year; net assets attributable to shareholders of listed companies were 34.168 billion yuan, an increase of 11.18% over the beginning of the year.

　　1. Brokerage and securities finance business

　　(1) Retail brokerage and wealth management business

　　① Market environment

　　In the first half of 2023, from the perspective of market trends, class A shares showed a volatile pattern of rising first and then suppressing. The impact of external risk factors such as the Federal Reserve’s interest rate hike was superimposed on the impact of internal factors such as the need to consolidate the foundation of China’s economic recovery, and the lack of market confidence limited the upward space of the index. Since the second quarter, under the influence of various factors such as the weakening of the RMB exchange rate, the lower-than-expected internal economic recovery, and the superimposed low performance of the game of stock funds, the market has gradually closed. From a regulatory perspective, in the first half of the year, regulatory policies such as the "Measures for the Management of Securities Brokerage Business" and the "Guidelines for the Operation of Private Securities Investment Funds" were introduced one after another, which promoted institutions At the end of June 2023, the Shanghai Composite Index rose by 3.65% compared with the end of the previous year, and the CSI 300 fell by 0.75% compared with the end of the previous year. In the first half of 2023, new development funds were cold. As of the end of June 2023, 340 new stocks + mixed public funds were issued in the market, with a total fundraising scale of 170.802 billion yuan, a decrease of 18.07% from the same period last year.

　　② Business initiatives and performance

　　The company adheres to customer needs as the center, based on customer refinement and stratification, and establishes an asset allocation system from the perspective of buyers and advisors, providing one-stop in-depth services around customer needs to improve customer investment experience. During the reporting period, in terms of channels, the company integrated () channels, broadened the customer reach radius, achieved breakthroughs in new media development, and laid a good foundation for the transformation and development of wealth management business. In terms of products, the company continued to enrich the supply of financial products, selected high-quality products, and created a comprehensive sales service system covering "pre-sale-sale-sale-after-sale". On the basis of the normalization of public offering sales, it focused on building a "buyer’s perspective" preferred quantitative private placement product line to improve the selection ability of private placement products, and focused on improving the growth rate and conversion rate of high net worth customers. In terms of services, the company continues to promote the transformation of seller-based investment advisors to buyer-based investment advisors. By establishing a hierarchical classification system for investment advisors, it realizes the fit between the individual endowments of investment advisors and the diverse needs of customers, and implements "advisory services" to enhance customer acquisition. In terms of serving high net worth customers, it strengthens the company’s large investment and large investment banking business coordination, drives brokerage business with public business, and taps high net worth customer resources through close contact with enterprises, shareholders, entrepreneurs and executives behind enterprises. It uses algorithm bus, financial support, transaction services, and research services as means to establish the company’s efficiency advantages. At the same time, the company responds to the requirements of the digital age, strengthens technological empowerment, and continues to promote the construction of wealth management platforms. It integrates platform system functions, service scenarios, and research capabilities to accompany customers throughout the life cycle.

　　In the first half of 2023, the company’s agent sales revenue market share (excluding seats) was 1.93%, a new high in recent years; the number of company customers reached 8.73 million households, which continued to grow for five consecutive years, and the total value of securities reached 1.04 trillion; the number of registered advisors of the company was 2239, ranking 10th in the industry, and the sales of investment products were 131 million yuan, an increase of 156.23% year-on-year; the dropshipping income of financial products was 132 million yuan, an increase of 19.89% year-on-year, and the average daily retention of equity products was 22.729 billion yuan.

　　③ Work arrangement for the second half of 2023

　　In the second half of 2023, the company will continue to promote the transformation of wealth management and quickly respond to customer and business needs. Promote the transformation from providing a single product to a comprehensive financial solution, continuously improve the general capabilities of serving high net worth customers, and accelerate the improvement of revenue generation capabilities. Strengthen the service capabilities of enterprise customers, deepen the "total score linkage", provide them with professional and comprehensive one-stop services to meet their diverse needs, and deepen the enterprise Client Server value chain: optimize the "long bull institutional pass" institutional wealth management platform, build a private equity cooperation ecosystem, and use algorithm bus, financial support, transaction services, and research services as means to break through the development of institutional brokerage business, and strengthen compliance internal control and standardized management.

　　(2) agency brokerage and research business

　　① Market environment

　　At the end of the first half of 2023, the net value of public funds increased slightly, increasing by 6.29% to 27.37 trillion yuan compared with the beginning of the year, of which the stock type and mixed type net value were 2.45 and 4.44 trillion yuan respectively, + 8.77% and -7.17% respectively compared with the beginning of the year, and the bond type net value was 8.37 trillion yuan, an increase of 9.30% compared with the beginning of the year. In the first half of 2023, the net value of Private Offering Fund increased by 0.70% to 20.17 trillion yuan compared with the beginning of the year, of which the net value of securities was 5.95 trillion yuan, an increase of 6.97% compared with the beginning of the year. Under the new regulatory environments, the seller’s institutional brokerage business will accelerate towards a high-quality development path. On the one hand, the importance of research commissions in traditional sub-warehouse commissions is highlighted. On the other hand, the demand for research pricing power in other business lines will continue

　　② Operating measures and performance during the reporting period

　　The company’s research institute is equipped with industry-wide research strength, covering 5 major research fields and 34 research directions in the total amount, cycle industry, financial manufacturing industry, consumer industry, and technology industry. Adhering to the concept of value investment, the company strengthens the upstream and downstream interaction and in-depth research of the industrial chain. The company grasps the tide of customer institutionalization, continues to consolidate its position as the head of research business, and ranks firmly in the forefront of the industry in terms of research revenue. In the first half of 2023, under the overall policy of high-quality development, the company will continue to enhance its research capabilities and market influence in key areas of national strategy, and increase the service intensity of line-to-line integration and industrial chain coordination. The company conforms to the market development trend of institutional customers, actively responds to the changing needs of institutional customers, and is committed to providing institutional customers with a full range of full stack financial solutions. During the reporting period, the company integrated resources through research on the theme of creating value and generating revenue through sales, actively followed up on market changes, coordinated progress, and promoted in-depth discussions on the monthly situation. The total volume, industry, and sales team worked closely together to improve research comprehensive service capabilities, strengthen the application of innovative service tools such as institutional customer collaboration platform and WeChat Mini Program, strengthen the combination of offline roadshow meetings and online conference activities, and vigorously promote the frequency of comprehensive services for institutional customers. Good customer feedback was achieved, which effectively enhanced the company’s brand and influence. As of the end of the reporting period, the company’s full-scale public offering commission market share maintained a high level, non-public offering business revenue continued to increase year-on-year, and customer account opening assets remained high.

　　③ Work arrangement for the second half of 2023

　　The company will conform to the business development direction of securities institutions in the new era, further consolidate the internal risk control system, and do a good job in high-quality development culture construction and investor education. With the aim of improving the internal transformation efficiency of research value, it attaches great importance to the investment and application of science and technology, integrates the company’s various business resources, steadily improves the company’s public offering business market ranking and business income, maintains the first echelon in the industry, and enhances the company’s research brand influence. At the same time, it focuses on the leading Private Offering Fund customers with research as the core, vigorously promotes the construction of Private Offering Fund and other institutions Client Server system, strengthens platform-based business services, and broadens income sources. Continue to promote the deep integration of industrial research and company research in research products, strengthen the coordination with brokerage, credit, investment banking and investment business, increase the linkage between domestic business and international business, and improve research pricing capabilities to better serve the high-quality development of the real economy and capital markets.

　　(3) Asset custody business

　　① Market environment

　　In the first half of 2023, under the background of supervision guiding the standardized development of the Private Offering Fund industry, promoting the stable and healthy development of the real economy, and preventing systemic financial risks, the filing requirements of private investment funds have become stricter, the number of new filing products has declined, and the number of newly registered Private Offering Fund managers has plummeted. The private equity industry has entered a period of consolidation, the operating environment of asset custody business is facing challenges, and the market competition of asset custody business has intensified, prompting various custodians to accelerate the integration of company resources, increase internal coordination and marketing efforts, and build comprehensive financial service capabilities for institutional customers throughout the life cycle. Although the development of the private equity industry is facing short-term pains, policy guidance has also accelerated the development of the private equity industry towards a healthy and efficient ecosystem. It is expected that the industry will usher in a more

　　② Business initiatives and performance

　　During the reporting period, the company has always practiced the customer-centric service concept, focusing on the comprehensive financial service needs of customers throughout the life cycle, achieving the full life cycle support of private equity, and meeting the comprehensive and personalized needs of private equity managers. The company released the industry’s first private equity comprehensive financial service brand – "Golden Yangtze River – Private Equity Comprehensive Financial Service Solution", vigorously promoted the private equity strategy, and integrated the company’s resources with one brand, two major events, and six major systems to enhance the company’s private equity service brand influence. In the custody business, the company has continuously expanded its service customer base, established a linkage mechanism for private securities, public funds and special accounts, brokerages and futures asset management, trust plans, bank wealth management, private equity and other customer groups, tapped cooperation opportunities, and focused on scale improvement; at the same time, the company has focused on improving operational efficiency and customer experience, developed and launched the "Golden Butler" service platform, and used cutting-edge technologies such as OCR to integrate the original multi-platform to provide managers with a unified platform entrance, realizing online business processing while improving business processing efficiency; in internal control management, the company successfully passed the ISAE3402 international authentication of asset custody and fund service business, and officially obtained the second type of ISAE3402 international authentication report, marking the company’s asset custody and outsourcing service business internal control, security, operational efficiency, Business quality has been effectively affirmed and professionally recognized. During the reporting period, the number of managed products, business scale and market ranking of the company maintained a strong growth trend, and the number of new private placement product filings rose to 12th in the industry.

　　③ Work arrangement for the second half of 2023

　　In terms of private equity strategy, the company will continue to increase its "Golden Yangtze River" private equity brand services, give full play to its brand influence, and further improve its one-stop comprehensive financial service system for large private equity managers to meet customers’ personalized needs and enhance customer experience. In terms of custody business, the company will continue to improve its customer service solutions for private securities, public funds and special accounts, securities firms and futures asset management, trust plans, bank wealth management, private equity, etc., to solve core problems and increase business scale; in terms of system platform, the company will continue to independently develop system platform functions, use digital, artificial intelligence and other technological innovations to optimize operational efficiency, and improve per capita efficiency; in terms of internal control management, the company will carry out operational risk combing and self-examination in all business links, and combine business practices and industry experience to continuously strengthen the standardized management of business operations in terms of processes, systems, etc., to ensure stable operation while maintaining rapid business development.

　　(4) Credit business

　　① Market environment

　　In the first half of 2023, with the comprehensive promotion of the reform of the stock issuance registration system and the launch of margin financing and short selling on the Beijing Stock Exchange, the scale of market margin financing and short selling business has risen steadily. As of the end of the reporting period, the balance of margin financing and short selling in the whole market was 1.59 trillion yuan, an increase of 3.12% over the end of the previous year. In the long run, the space for the development of securities firms’ two financing businesses will be released again. The launch of the margin financing and short selling business of the Beijing Stock Exchange and the direct expansion of the two financing targets of the full registration system have provided effective support for investors to adopt multiple trading strategies and risk management, which can better meet the diverse needs of investors. The business mechanism of the conversion and financing has been further optimized, which has improved the level of business marketization and transaction efficiency, and can effectively promote the development of

　　② Operating measures and performance during the reporting period

　　The company has always practiced the business philosophy of focusing on customer needs, responded quickly to market changes and regulatory requirements, deeply excavated customer needs, actively innovated business operation models, and continuously improved risk management and control construction. In terms of margin financing and securities lending business, on the basis of adhering to counter-cyclical adjustment, the company actively expanded customers and business resources through special project business activities, continuously optimized business and customer structure; effectively integrated internal and external resources, consolidated the foundation of bond sources, expanded the scale of bond pools, and focused on improving comprehensive services to high net worth customers and institutional customers; strengthened technology empowerment, continued to promote the construction of trading systems and margin lending platforms, and improved Client Server experience; improved the construction of the whole process risk management system, and optimized the business management and control effects of credit collection, collateral, and concentration. In terms of stock pledge business, the company adheres to a prudent and stable development strategy, continuously optimizes and improves customer and asset structure, strengthens business due diligence and post-loan management capabilities, and creates a benign business model that matches income and risk.

　　As of the end of the reporting period, the scale of the company’s margin financing and securities lending business was 28.47 billion yuan, an increase of 2.74% over the end of the previous year; the scale of stock pledge business through equity funds was 1.487 billion yuan, a decrease of 31.67% over the end of the previous year.

　　③ Work arrangement for the second half of 2023

　　In the second half of 2023, on the basis of consolidating the original business advantages, the company will continuously strengthen its internal coordination capabilities, strengthen cooperation with external institutions, enhance the ability to obtain margin financing sources, and meet the diverse and differentiated business needs of customers; actively optimize the Client Server system, enhance professional service capabilities, strengthen product strategy innovation, and enhance the depth of service to high net worth customers; through internal refined management, optimize the pricing mechanism and risk control mechanism, and promote the high-quality development of margin financing and short selling business. At the same time, it will prudently and steadily carry out the stock pledge business under the premise of ensuring that risks are measurable, controllable, and bearable.

　　(5) futures brokerage

　　① Market environment

　　In the first half of 2023, domestic economic development was stable, policy determination was strong, superimposed on the macro reality of turbulence in overseas markets, and domestic commodity differentiation was obvious. All futures exchanges actively listed new varieties of futures options, enriched the price risk management toolbox of physical enterprises, and further enhanced the participation of physical enterprises in the future market. The "Exposure Draft Measures for the Supervision and Administration of Futures Companies" was released, laying a solid foundation for the high-quality development of innovative business in the futures industry. In the first half of the year, the futures market transactions performed well. The cumulative volume 3.951 billion lots, and the cumulative turnover was 262.13 trillion yuan, an increase of 29.71% and 1.80% year-on-year respectively. However, many futures operating institutions were in the stage of "increment without increase in income".

　　② Operating measures and performance during the reporting period

　　The company mainly conducts futures business through its holding subsidiary Changjiang Futures. In the first half of the year, Changjiang Futures adhered to the mutual promotion of party building and business integration, steadily advanced the "one body, two wings" strategy, and achieved a net profit of 52.42 million yuan. As of the end of the reporting period, ROE was 5.28%, and customer equity was 6.962 billion yuan at the end of the period, and the average daily customer equity was 7.29 billion yuan, an increase of 16% year-on-year. The IB business was coordinated, and the average daily customer equity was 2.17 billion yuan; the direct sales branches were gradually diversified, and the average daily equity was 5.12 billion yuan. Helping the company’s wealth management transformation, actively and collaboratively expanding its institutional brokerage business, achieving a 29% increase in special French equity, and enhancing the influence of the "Golden Changjiang" private equity competition. The first private FOF product successfully raised more than 70 million yuan, the performance of fixed income products was stable, and the scale of Deeply cultivating the industrial customer group, the quantity and quality of the core Client Server have increased simultaneously, the industrial chain has broken the circle well, and the key "insurance + futures" projects have been carried out in an orderly manner. Create characteristic marketing activities, strengthen innovative business incentives, and guide the diversified development of branches.

　　③ Work arrangement for the second half of 2023

　　In the second half of the year, Changjiang Futures will continue to implement three-dimensional coordination to serve the group’s comprehensive finance; relying on institutional expansion, asset management product sales, industrial services, and branch operation characteristics, it will continue to expand the scale of its customer base and business volume; through actual team training, it will enhance its professional capabilities and comprehensive operational capabilities through project work.

　　2. Securities self-operated business

　　(1) Market environment

　　In the securities market, in the first half of 2023, under the background of continued inflation and contraction overseas and weak recovery of the domestic economy, class A shares showed a market situation of structural rotation and stock game. The major indices showed obvious differentiation, among which the Shanghai Composite Index rose 3.65% in half a year, the growth enterprises market index fell 5.61%, and the Shenzhen Composite Index rose slightly by 0.1%; technological innovation has become the main driving force of the market, and AI + and "China Special Estimation" have become the two main lines of the market. From the perspective of industry performance, only 11 of the 31 first-tier industries outperformed the Shanghai Composite Index. Among them, the media, computer, communications, and electronics sectors in the direction of TMT performed well, while household appliances and automobiles in the direction of "stable growth" and construction decoration and petroleum and petrochemical in the direction of "medium special assessment" also performed well. In the bond market, in the first half of 2023, the domestic economy and society will fully resume normal operation, the policy of stable growth will continue to be introduced, the central bank will cut interest rates in a timely manner, and market demand will gradually recover. However, the endogenous driving force of the economy is not strong, the demand is still insufficient, and the market risk appetite is low. In this context, low-risk appetite funds continue to allocate bond assets, and the bond market will begin to strengthen after the year.

　　(2) Business initiatives and performance

　　The company’s stock self-operated business adheres to the concept of value investment, increases resource investment, strengthens investment and research exchanges, and improves system construction. Under the background of the transformation of new and old kinetic energy in the domestic economy, it focuses on high-end manufacturing, TMT, consumption and other industries, strengthens the company’s research depth, and adopts a more flexible investment operation strategy in the face of market changes.

　　Corporate bond investment business adheres to the coupon strategy. On the basis of maintaining the bottom line thinking of position size, band trading and neutral trading are combined to achieve stable returns. At the same time, risk prevention and control are further strengthened, position structure is adjusted according to market rhythm, and portfolio credit qualification and liquidity are improved. In addition, investment research capabilities continue to be improved, the strategy library is expanded and improved, and the construction of investment research system is steadily advanced.

　　The company’s derivatives business has developed steadily, following the principles of compliance, matching, prudence and transparency, improving risk management capabilities and infrastructure building, and establishing a more efficient standardized business model and business process, laying a solid foundation for achieving scale effect in the future. At the same time, the company has continuously improved its transaction pricing capabilities, and continued to innovate in product structure, product form, application scenarios, etc., to meet the derivatives service needs of different customers with various risk and return characteristics. As of the end of the reporting period, the company’s OTC options business continued to scale 4.927 billion yuan, the income swap business continued to scale 2.415 billion yuan, and the OTC derivatives business totaled 7.342 billion yuan.

　　The company conducts derivatives risk management business through Changjiang Futures subsidiary – Changjiang Industrial Finance. In the first half of 2023, Changjiang Industrial Finance participated in futures market-making business, involving a nominal transaction principal of 2.428 billion yuan for over-the-counter derivatives, a year-on-year decrease of 8.6%. Participated in 13 "insurance + futures" projects, involving a nominal principal of 200 million yuan for over-the-counter options.

　　(3) Work arrangements for the second half of 2023

　　Stock self-operated business, by building a professional investment team + institutional investment research system, relying on the in-depth fundamental value of buyer research and market band trading capabilities, to continuously improve the core capabilities of investment research. Through the research of markets, industries and enterprises, focus on core advantage sectors, and seize the investment opportunities brought by the market in the second half of the year. Bond investment business will continue to strengthen the tracking and research of economic fundamentals, adhere to the coupon strategy while paying more attention to risk prevention and control; continue to improve investment research capabilities, promote the diversification, systematization and intelligence of investment strategies, increase the intensity of neutral strategies and band trading, seize the opportunity of price difference, and promote the development of innovative business. With the goal of serving the real economy and guided by customer risk management needs, the company will continue to actively explore business models and expand customer groups. In terms of derivatives business, the company will improve the derivatives product service system, enhance product creation capabilities, enrich investment strategy reserves, strengthen the mid-platform operation management system, provide customers with more professional and effective comprehensive solutions, and play a synergistic role with the company’s multi-business lines. The futures risk management business will continue to stabilize the development of existing business, try to carry out options market-making business, and enhance core trading capabilities. Expand the scale of OTC derivatives business, enhance the ability to serve large-scale industrial customers, and actively undertake projects such as "insurance + futures" and OTC options.

　　3. Investment banking

　　(1) Market environment

　　In terms of equity financing, in the first half of 2023, a total of 184 new shares were listed in the IPO market, and the number of listed companies increased by 8 compared with the same period in 2022. The number of new shares issued and listed continued to be active. Among them, the top industries in the number of listed companies were computer, communication and other electronic equipment manufacturing, special equipment manufacturing, and electrical machinery and equipment manufacturing. The total amount of IPO fundraising was 218.72 billion yuan (the caliber of the issuance day), a decrease of more than 30% year-on-year. At the same time, due to factors such as the banking crisis in Europe and the United States and the continuous interest rate hikes by the Federal Reserve, the market environment is relatively volatile. In the first half of 2023, all sectors of The refinancing market is still dominated by two varieties of fixed increase and convertible bonds. Benefiting from the recovery of economic growth, the optimization of the refinancing review end under the background of the registration system, and the adjustment and optimization of real estate policies, the overall active level of the fixed increase market in the first half of 2023 has improved, driving the recovery of the refinancing market. Specifically, 148 fixed increase projects and 53 convertible bond projects have been completed. The number of fixed increase projects has increased by more than 20% year-on-year, and the amount of fundraising has doubled compared with the same period in 2022. The number of convertible bond projects has decreased by more than 10% year-on-year, and the amount of fundraising has decreased by nearly 40% year-on-year.

　　In terms of debt financing, in the first half of 2023, due to the weak domestic demand, economic growth was relatively weak, showing a weak recovery trend. Based on the need to stabilize growth, the central bank has successively taken measures to "cut the reserve requirement" and "cut interest rates", superimposed on the institutional "asset shortage" caused by loose funds, which led to a continuous decline in bond market yields, and the scale of credit bond issuance increased slightly compared with the same period last year. Affected by institutional preferences, the main body of credit bond issuance is still urban investment companies and industrial state-owned enterprises, and private enterprises are still facing the dilemma of financing difficulties. Under the policy guidance, the issuance scale of innovative varieties such as green bonds, rural revitalization bonds, scientific and technological innovation bonds, and sustainable linked bonds continues to grow rapidly.

　　(2) Business initiatives and performance

　　The company mainly carried out equity financing projects through its wholly-owned subsidiary Changjiang Sponsor. During the reporting period, Changjiang Sponsor adhered to differentiated competition. On the basis of continuing to deepen the original advantageous industries such as military industry, Taiwan capital, property, and chemical industry, according to the National Strategy and Development Plan, it deeply excavated high-quality, wide-track, and high-prosperity strategic emerging industries, such as "Three New and One High", energy conservation and environmental protection, and biomedical industries. Continuously expand industry advantages and build characteristic industry brands. At present, 25 are in auxiliary projects, and strategic emerging industries account for 80%. At the same time, Changjiang Sponsor adheres to the strategy of deepening the cultivation of key regions, concentrating resources in Hubei, Southwest China and economically developed Guangdong, Jiangsu, Zhejiang and other regions. Hubei base areas have taken various measures such as strengthening channel construction, actively holding relevant publicity activities, and sorting out and visiting enterprises with listing needs in the province to increase business development efforts; Southwest China and economically developed regions have continuously tapped the company’s business development increment through the core Client Server to improve the depth of the exhibition industry and business coverage. Changjiang Sponsor strictly controls project risks, improves the quality of project practice, and strictly grasps the quality of the project in the quality control and core links. At the same time, through system construction and strengthening assessment efforts, it has further increased the deduction for IPO project withdrawal. During the reporting period, Changjiang sponsored 3 IPO projects, an increase of 1, all of which belong to strategic emerging industries; 2 refinancing projects, a decrease of 2; 5 main underwriters of stocks, and the amount of main underwriting of stocks 4.417 billion yuan. At the same time, Changjiang sponsored reserve projects are abundant. As of the end of the reporting period, there were 24 equity projects under review, and the market ranking was tied for 14th place, including IPO21 and 3 convertible bonds.

　　In the first half of 2023, the company actively explored and developed innovative bond varieties, and reserved innovative varieties such as scientific and technological innovation corporate bonds, rural revitalization corporate bonds, and parking lot construction special project bonds. During the reporting period, the company had a total of 40 main underwriting bonds, with a scale of 13.187 billion yuan: 4 corporate bonds, with a scale of 1.812 billion yuan; 30 corporate bonds, with a scale of 9.428 billion yuan, and 6 non-financial corporate debt financing instruments, with a scale of 1.946 billion yuan. Among them, the scale of corporate bonds increased by 38.89% year-on-year, and the comprehensive ranking of corporate bonds and corporate bonds rose by 1 place. During the reporting period, the company distributed only 49 local bonds, and the scale of winning the bidding was 3.05 billion yuan. Among the bonds underwritten by the company, Three Gorges Capital Holdings Co., Ltd. will publicly issue carbon neutrality green technology innovation company bonds (Phase I) (GC Three Capital K1) to professional investors in 2023. The company will lead the underwriting, and the issuance scale 500 million. It is the second phase of green bonds publicly issued by central enterprise capital investment companies, which further promotes the industrial innovation and upgrading of central enterprises and subsidiaries; Suqian City () Group Co., Ltd. will not publicly issue rural revitalization company bonds (Phase I) to professional investors in 2023 (23 Residential Control V1). The company is independently underwritten, and the issuance scale is 395 million. It is the first rural revitalization company bond successfully issued on the exchange in Suqian, Jiangsu. In the first half of the year, 72.5% of the company’s bonds were rated AA + and above (52.6% in the same period last year), and the proportion of high-quality customers continued to increase.

　　In the first half of 2023, the company’s new third board business ranking was basically stable; during the reporting period, 3 listed companies were recommended, and the market ranking was tied for 16th place; 10 targeted issuance of stocks were completed, and the market ranked 9th; the amount raised by the targeted issuance of stocks was 303 million yuan, and the market ranked 9th. As of the end of the reporting period, the company continued to supervise 220 companies and ranked 6th in the market.

　　(3) Work arrangements for the second half of 2023

　　In terms of equity financing, Changjiang Sponsor focuses on the business of the Beijing Stock Exchange, taking this opportunity to gradually improve the ranking of IPO business. First, strengthen research efforts, fully understand and grasp the market dynamics and development trends of the Beijing Stock Exchange, and second, guide business departments to intervene in SMEs with good industries and good prospects earlier, and cultivate the "reserve army" of the Beijing Stock Exchange listing. At the same time, Changjiang Sponsor always focuses on the main business, maintains the strategic determination of regional deep cultivation, is based in Hubei, deepens the layout of key regions such as Southwest, Yangtze River Delta and Pearl River Delta, and strives to improve the business coverage of key regions. Changjiang sponsor will focus on the company’s industrial investment bank development strategy to further improve the company’s key industry client server capabilities: encourage employees to focus on strategic emerging industries and other key industry-related policy information, accumulate industry experience for business development; based on their own resource endowments, further cultivate key industries; deepen collaboration with other business lines such as the strategic customer department, promote the integration and interaction of industry exchanges within the group, and promote the company to make breakthroughs in key industries.

　　In terms of debt financing, the company will continue to adhere to the policy of serving the national strategy, serving the local government, and serving the real economy, continue to strengthen the collaborative services for central enterprises, local state-owned enterprises, industrial enterprises, and other high-quality enterprise customers, and deepen the cultivation of key regions such as Hubei. It will continue to do a good job in the transformation of resources and services of branches, make good use of the interbank market license, and enhance the scale of the association’s products. Promote team building, based in Hubei, radiate to the whole country, and gradually promote team building in East China, Guangdong-Hong Kong-Macao Greater Bay Area and Southwest China; continue to strengthen strong communication and cooperation with regulators, investors, industry channels, ratings, guarantees and other collaborative partners, and establish the company’s business reputation; closely grasp new policies and market window conditions, such as focusing on the issuance of bonds such as science and technology innovation, rural revitalization and industry, adhere to diversified customer coverage, differentiated sales processes, standardized Client Server, and systematic process control, enhance the company’s comprehensive service capabilities, improve customer experience, and enhance customer stickiness.

　　4. Asset management business

　　(1) Market environment

　　In recent years, the product structure of public funds has undergone certain changes. The proportion of actively managed equity funds has declined year by year, the proportion of fixed income + funds has remained relatively stable, and the proportion of money funds has gradually increased. From the performance of the first half of the year, index funds in equity funds have performed the most prominently. Artificial intelligence and "medium special evaluation" theme funds broke out, and the performance of fund products in the whole market was relatively stable. In terms of the structure of newly issued funds, the issuance of equity and hybrid funds has cooled down, the issuance of bond products such as medium and long-term pure bonds and short-term bonds has increased, and the scale of new bond funds has continued to expand, becoming the main force in the issuance market of public funds.

　　(2) Business initiatives and performance

　　The company mainly carries out asset management business through its wholly-owned subsidiary Changjiang Asset Management. During the reporting period, Changjiang Asset Management actively expanded its channels and optimized its product layout. In terms of channels, it built a four-line business team with banks, non-bank institutions, Internet platforms, and Changjiang Securities to rapidly improve the response efficiency and service quality of the same type of customers. It promoted preferential treatment through various channels, and continued marketing of key products. At the same time, it focused on Internet thinking to support product volume. As of the end of the reporting period, the scale of the surviving products of Changjiang Asset Management increased by 11.2% compared with the end of last year, and the scale of public fund business increased by 2.58% compared with the same period last year. In terms of products, it improved product layout, accelerated product issuance, and continuously enriched product shelves to meet the diverse 3 new special project products were issued, an increase of 4.7% over last year. 8 new fixed income private equity products were issued, and the scale of new issuance increased significantly compared with the same period last year. The public offering REITs business made good progress. In the first half of the year, it continued to work in Hubei Province, in-depth research on high-quality enterprise assets, and through high-frequency visits and business discussions, it further consolidated its local service advantages and professional advantages for enterprises in the province.

　　Changxin Fund, a subsidiary of the company, mainly engaged in fund management business. During the reporting period, the overall scale and non-cargo scale of Changxin Fund significantly exceeded the industry, with the total scale exceeding 150 billion yuan for the first time and the non-cargo scale exceeding 90 billion yuan for the first time. The total scale and non-cargo scale rankings have been greatly improved compared with the end of 2022. During the reporting period, Changxin Fund issued and established 1 fund, raising 344 million yuan. As of the end of the reporting period, there were 115 managed products, with a total net asset scale of 164.421 billion yuan, 86 public funds, and a net asset scale of 159.358 billion yuan. There were 29 special account wealth management products, with a net asset scale of 5.063 billion yuan. Through assessment and guidance and mechanism optimization, Changxin Fund has strengthened the conversion rate of investment and research, and enhanced its investment and research capabilities by building a team; deepened the cooperation of core bank channels to achieve breakthroughs in the low-level layout of equity products; carried out special research on "asset shortage" to clarify the specific arrangements and path planning of the three business lines of fixed income, equity and quantification in the short, medium and long term.

　　In the first half of 2023, the net value of Yangtze River Futures asset management products exceeded 1.10 billion yuan, the performance of fixed income products remained stable, and the first private FOF product successfully raised more than 70 million yuan.

　　(3) Work arrangements for the second half of 2023

　　Changjiang Asset Management will further promote the integration of Product R & D sales, adhere to the three-in-one strategic plan of "product planning, channel layout, investment and research improvement", and create a new look of asset management business. Products are designed and planned around equity and fixed income business respectively, and at the same time actively expand new products that meet market demand. Four types of channels (banks, non-banks, Internet platforms, Changjiang Securities) go hand in hand, key channel cooperation breakthroughs, continue to improve the quality of channel services, and gradually transform into scale. Continue to deepen the construction of investment and research, improve various mechanisms, continue to cultivate investment and research teams, and strengthen business innovation. Looking to the future, Changjiang Asset Management will adhere to the concept of putting the interests of the holders as the center, optimize the business structure, and place equal emphasis on equity and fixed income. It will effectively enhance its active management capabilities, ensure the company’s stable development, and truly achieve a win-win situation with investors.

　　In addition to steadily advancing the approval of reserve products, Changxin Fund focuses on the market environment outlook for the second half of the year and the first half of next year, continuously solidifies the foundation, bases itself on the concept of absolute return, optimizes product layout, strengthens the construction of core talent team, and promotes the improvement of company performance. It always puts the interests of investors first, continuously pays attention to the stability and continuity of the performance of each line’s core and key products, and continuously improves the holder’s sense of experience and gain.

　　Changjiang Futures will focus on enhancing the scale of asset management, promoting product roadshows and sales, maintaining its investment and research advantages, and gradually establishing a private FOF brand.

　　5, alternative investment and private equity management business

　　(1) Market environment

　　In the first half of 2023, China’s equity investment market continued to operate at a low level as a whole. The amount of newly raised funds in the market was 734.145 billion yuan, a year-on-year decrease of 4.96%. Investment in the field of hard technology remained the main line. With the rise of a new round of technological revolution and industrial transformation, in the fields of green and low carbon, integrated circuits, and biomedicine, technology enterprises have continued to innovate, providing more opportunities for investment in the primary market. However, during the reporting period, the market value of the secondary market of popular tracks such as new energy has a large correction, resulting in an overall decline in investment enthusiasm in the VC/PE market. From the perspective of industry distribution, under the background of science and technology power, market resources continue to tilt towards the hard technology industry, and the competition for high-quality targets is fierce. Equity investment institutions need At the same time, with the continuation of the market polarization trend, the overall structure of LP has also changed. The LP structure with state-owned assets as the main body promotes the equity investment market to a stage where it is closely matched with local industries.

　　(2) Business initiatives and performance

　　Changjiang Innovation, as an alternative investment subsidiary of the company, takes equity investment as its core business, takes "industry focus, research-driven" as an overall competitive strategy, and explores investment opportunities through in-depth industrial research. During the reporting period, Changjiang Innovation added 3 equity investment projects, and conducted close and continuous tracking and post-investment management of the invested projects, and the projects were in good condition. As of the end of the reporting period, Changjiang Innovation has completed a total of 38 equity investment projects.

　　Changjiang Capital, as a platform for the company to raise and manage Private Equity Funds, gives full play to the role of Financial Institution Group in serving the real economy. Guided by national policies, it focuses on equity investment in the fields of new energy, new materials, artificial intelligence and digital economy, military industry and high-end equipment. During the reporting period, Changjiang Capital raised a record amount of investment. 6 new funds were established, with a total subscription scale of 19 billion yuan, including the Anhui new energy and energy conservation and environmental protection industry theme fund of funds with a scale of 12 billion yuan, and the Yichang green industry fund with a scale of 5 billion yuan. The management scale of private equity funds has been greatly improved, and the scale of funds under management has reached 33.911 billion yuan. 11 new investment projects have been added, and the pace of listing of investment projects has accelerated. At present, 3 projects are in the IPO review stage and 10 projects are in the counseling stage. The level of income and net profit has maintained steady growth, and the income structure has been further optimized.

　　(3) Work arrangements for the second half of 2023

　　Changjiang Innovation will continue to focus on the new energy, information technology, and biomedical industries, explore project investment opportunities in depth, and continue to provide support to enterprises in post-investment management to promote high-quality business growth.

　　Changjiang Capital will firmly establish a market-oriented fundraising path, expand fund cooperation entities, enrich fund management types, focus on hard technology fields in line with national strategies, strengthen forward-looking layout, deeply explore industrial opportunities, comprehensively judge value and risk, and continuously improve investment quality.

　　6. Overseas business

　　(1) Market environment

　　In the first half of 2023, although the global economic trend was better than expected, factors such as the negative lag effect of the Federal Reserve’s sharp interest rate hike in 2022 and the continued conflict between Russia and Ukraine still restricted the recovery of the world economy, and the global economic development still faced great uncertainties.

　　(2) Business initiatives and performance

　　In the first half of 2023, Changzheng International continued to adhere to the implementation of the company’s overseas development strategy, implement the business strategy of "focusing on the main business and laying a solid foundation", clarify the focus of business development, actively seek market opportunities, accelerate the development of research business, promote the transformation and upgrading of wealth management business, steadily carry out bond business and other key businesses, continuously optimize the business structure, and fully promote business development. At the same time, Changzheng International continued to improve internal management, strictly implement vertical management requirements, and improve compliance risk control capabilities. Strengthen the company’s cost management, improve the efficiency of capital utilization, and strive to achieve cost reduction and efficiency. Strengthen the company’s talent echelon construction, establish and improve the talent incentive mechanism, strengthen the company’s culture construction, and continuously improve the company’s operating ability and overall management level.

　　(3) Work arrangements for the second half of 2023

　　Changzheng International will continue to focus on promoting the development of research business, wealth management business, bond business and other businesses, actively respond to market changes, grasp market opportunities, meet the diverse needs of customers, promote the high-quality and sustainable development of various businesses, and improve the company’s overall operating capabilities. At the same time, continue to strengthen Changzheng International’s compliance risk control internal control management, continuously improve the risk management system and internal control mechanism, use information technology and digital means to optimize business processes, improve the support ability of middle and back-end departments for business development, improve management efficiency and quality, improve the overall operation management level, and ensure the company’s stable operation.

Analysis of core competitiveness

　　1. The company’s governance is stable and efficient, and the strategic implementation is making steady progress

　　The corporate governance structure of the company is sound and perfect, the pre-research procedures of the party committee are implemented, and the role of the party committee in corporate governance is highlighted. The shareholders’ meeting, the board of directors, the board of supervisors, and the management are clear in their powers and responsibilities, and the goals are consistent. A governance structure in which the party committee grasps the direction, the board of directors makes strategic decisions, the board of supervisors independently supervises, and the management is responsible for implementation is formed, which guarantees the company’s scientific decision-making and stable operation, and creates a good internal environment for the company’s strategic implementation, operation, management, and business development. The company has a diverse shareholder type and a scientific and reasonable shareholding structure, which brings abundant external resources and market vitality to the company’s development. During the reporting period, the company continued to promote the implementation of the strategy on the basis of further clarifying the development strategy. Guided by the implementation of the national strategy, with the starting point of "serving the development of the real economy and serving the growth of customer wealth", it grasped the new trends and opportunities of the development of "capitalization, institutionalization and platformization" in the industry. On the basis of consolidating and upgrading traditional business, it promoted the management of high net worth wealth with asset allocation as the core. It vigorously developed the industrial investment bank of the "industry + finance" model, systematically promoted the institutional Client Server, and ensured the implementation of the platform strategy. The company continuously strengthened its professional capabilities and management level, making internal management more scientific and standardized, internal and external coordination more smooth and efficient, and officers more motivated to start businesses. It effectively enhanced the company’s ability and vitality to participate in market competition.

　　2. Study the leading industry in business level, and continuously deepen the transformation of wealth management

　　The company attaches great importance to research business, and persistently improves its investment and research capabilities. Relying on complete business qualifications, leading service capabilities and comprehensive empowerment of financial technology, the research business is stable and ranks among the top in the industry, maintaining outstanding research advantages and strong market influence. The market share of public offering commission income has remained the top three in the industry for the past five years. In the first half of 2023, the market share of public offering continued to remain at a high level. Private Offering Fund business deepened its transformation and development. At the same time, it actively deployed the internationalization of research business, and the brand influence of comprehensive research services continued to increase. The wealth management line continues to play the role of ballast stone, customer assets continue to grow, income structure continues to optimize, the number of new customers in the market has reached a new high in the past two years, and the proportion of wealth management income contribution has risen steadily; the hierarchical investment advisory system has achieved remarkable results, investment advisory business income has reached a record high, wealth management transformation effect is obvious, and the strategic layout effect will be further revealed in the future.

　　3. Financial technology deeply empowers the company’s digital transformation

　　The company attaches great importance to empowering technology, continuously increases investment in financial technology research, gives full play to the supporting role of financial technology in business and management fields, and continues to make efforts in operation and maintenance management, independent research and development, data mining, etc., to help the company’s digital transformation and achieve comprehensive high-quality development. During the reporting period, the company adhered to the management policy of "keeping the bottom line, strengthening the middle line, and expanding the upper limit", deepened the integrated management system of "operation and maintenance + security + R & D", strengthened the infrastructure to ensure the safe and stable operation of the company’s various information systems; continued to promote the research and development of technical support platforms, management support platforms, and Xinchuang pilot platforms to provide impetus for the company to achieve digital transformation; forcefully build a platform-based, agile, and productized IT core capability, strengthen the application of financial technology scenarios, and continuously upgrade the core systems of various business departments; connect to the AIGC intelligent platform to build the company’s financial technology brand.

　　4. Implement substantive compliance risk control and strengthen business support

　　The company always adheres to the "stability of the word", adheres to the compliance management concept of "substance over form", strives to build a "three lines of defense" for compliance risk control, establishes a comprehensive risk management system, effectively covers all departments, subsidiaries, branches and business lines of the company, and runs through all aspects of decision-making, implementation, supervision, feedback, etc., to ensure that the company’s main risk control indicators continue to meet regulatory indicators, with strong risk resilience. During the reporting period, the company strengthened the dynamic management of risk control indicators, improved the intensity of risk control in key areas, improved the key business control system, and ensured the orderly development of the company’s various businesses; continued to promote the digital construction of the platform, optimized the threat and risk assessment measurement system, established the authority of risk control indicators, strictly implemented external indicators, and comprehensively sorted out the formation of internal indicators binding force; deepened the long-term construction of compliance, continuously improved the compliance system, strictly supervised self-inspection and self-correction, and properly resolved risk hazards; strengthened compliance culture publicity, compacted the main responsibility of compliance, increased compliance inspection and supervision, and promoted the concept of "everyone is the first responsible person for compliance development" into the mind.

　　5. Based on serving the real economy, strive to assume social responsibility

　　The company is firmly a practitioner, advocate and disseminator of social responsibility. While abiding by the law and creating wealth in compliance, it is grateful to give back to the society and demonstrates the mission and responsibility of "responsible securities firms". The company adheres to the orientation of serving the national strategy, serving the real economy and serving the development of the local economy, and actively plays the pivotal role of capital markets in promoting the high-level circulation of the real economy. On the one hand, the company fully attaches importance to the creation of science and technology innovation finance and green financial service system, comprehensively uses equity financing, bond financing and other financial means, is committed to providing all-round and comprehensive financial services for entity enterprises, and actively participates in the establishment of industrial guidance funds, science and technology innovation funds, government guidance funds, etc., to guide high-quality capital to flow to strategic emerging industries supported by the state, and promote industrial adjustment, regional development and new economic growth. On the other hand, the company has established a "hematopoietic" long-term mechanism for poverty alleviation. In recent years, the amount of financial assistance financing has exceeded 12 billion yuan, and the scale has been at the forefront of the industry. The company’s social responsibility practice cases have been widely recognized by the society, and it has been awarded full marks for the social responsibility special project work of the China Securities Association for many consecutive years. It has been awarded the title of "Outstanding Contribution Unit to Financial Support Hubei Economic Development in 2021" by the Hubei Provincial Government, and has been selected as "2022 Brokerage Value List’Annual Securities ESG Excellent Case ‘Award" and "2022 ESG Best Social responsibility (S) Practice Enterprise".

III. Risks facing the company and countermeasures

　　The company has always believed that effective risk management and internal control are the core elements of the company’s smooth operation. The company implements comprehensive risk management, so as to achieve full coverage of various risks, organizational levels, various types of business and all employees, to ensure that the overall risk is measurable, controllable and bearable. In daily business activities, the main risks the company may face are: market risk, credit risk, liquidity risk, operational risk, compliance risk, reputation risk, etc. At the same time, in response to the above-mentioned risks faced in the process of new business development, the company has established a new business risk management mechanism to strengthen the pre-identification, evaluation and post-inspection of new business risks, which can effectively control various risks.

　　1. Market risk

　　The market risk faced by the company refers to the risk of loss of the company’s assets and proprietary investment portfolio due to fluctuations in market prices (interest rates, exchange rates, stock prices, derivatives prices, commodity prices, etc.), mainly concentrated in the fields of equity price risk and interest rate risk.

　　(1) Equity price risk

　　Equity price risk refers to the risk of losses due to changes in the equity securities market, mainly from self-operated stock investment, New Third Board market making, stock index futures and other derivatives investment, asset management plan investment in equity securities, etc. Stock prices have greater uncertainty, which is the main type of market risk faced by companies. In the first half of 2023, class A shares rose first and then fell, and the overall market was in a narrow range of fluctuations. The indices of various sectors were differentiated. The Shanghai Composite Index rose 3.65%, the CSI 300, and the growth enterprises market index fell 0.75% and 5.61% respectively.

　　(2) Interest rate risk

　　Interest rate risk refers to the risk of losses due to changes in market interest rates, mainly from self-operated fixed income securities investment, financing business, debt financing, etc. In the first half of 2023, the China Bond New Comprehensive Wealth Index rose by 2.63%.

　　During the reporting period, the company generally took a proactive attitude towards market risks and took a number of measures to prevent them: ① based on market changes and business trends, grading authorized investment varieties, investment scale and loss limits, and strictly implemented the risk limit control mechanism; ② implemented diversified investment strategies, flexibly selected investment varieties and proportions, actively carried out strategic research, and appropriately used stock index futures, treasury bond futures and other financial derivatives to hedge market risks; ③ standardized and scientific use of financial valuation tools, internal risk measurement models, dynamic monitoring of relevant risk control indicators and business conditions, comprehensive use of risk net exposure, VaR value (value at risk), Greek letters, duration, basis point value, risk-adjusted income, sensitivity analysis and stress testing and other measurement means, regularly Quantitatively analyze and evaluate market risks to effectively reflect the inherent risk situation.

　　During the reporting period, the company’s self-operated investment and other business quantitative indicators remained stable, and there were no major market risk events.

　　2. Credit risk

　　The credit risk faced by the company mainly refers to the risk of losses caused by the failure of the issuer or counterparty to fulfill the obligations stipulated in the contract, or the change in the market value of the debt due to changes in credit rating or performance ability. Credit risk mainly comes from the following business categories: first, margin financing, stock pledge repurchase, agreed repurchase securities trading, restricted stock financing and other financing business; second, bond investment trading, other credit products and other investment business; third, interest rate swaps, over-the-counter options, forwards and other over-the-counter derivatives business; fourth, other businesses that undertake credit risk management responsibilities. In the first half of 2023, macro monetary policy continued to be loose, liquidity was relatively abundant, credit risk release slowed down, and the number of newly defaulted bonds and defaulted entities in the bond market decreased significantly year-on-year.

　　During the reporting period, the company generally adopted a steady and enterprising attitude towards credit risk, and took a number of measures to manage it: (1) improve the credit risk management system, improve the due diligence, credit rating, access management, asset classification, risk monitoring, risk disposal, risk reporting and other full-process control mechanisms; (2) continue to improve the customer credit rating system, establish a unified rating model to identify and evaluate customer credit risk, and continuously improve the management process and management standards; (3) continue to improve the risk limit authorization system, carry out risk limit grading authorization for each business, and strictly control risk exposure, concentration, credit rating and other risk control indicators; (4) continue to optimize the credit risk measurement system, customer default rate, breach of contract loss rate, Measure risk control indicators such as collateral coverage and expected credit losses, set reasonable credit risk stress scenarios, carry out regular and special project stress testing and respond to test results; (5) Establish an asset quality management system, regularly carry out asset risk investigation and asset classification, and through various risk mitigation measures and various risk disposal means, gradually resolve stock risks and reduce the level of risk asset exposure borne by the company; (6) Continue to strengthen the construction of credit risk information systems, and continuously improve threat and risk assessment, measurement, monitoring, early warning, reporting and other management processes Automation level and management efficiency.

　　During the reporting period, the quality of the company’s financing business assets was stable and improved, and there were no default events in the bonds held by self-operated investment, and the overall credit risk was manageable.

　　3. Liquidity risk

　　Liquidity risk refers to the risk that the company cannot obtain sufficient funds in a timely manner at a reasonable cost to repay maturing liabilities, fulfill other payment obligations, and meet the company’s capital needs for normal business development. In the first half of 2023, the market capital is relatively loose, the company’s financing channels are stable, and various businesses are developing steadily.

　　During the reporting period, the company implemented a robust liquidity risk management strategy and actively prevented it through a number of measures: (1) Adhere to the unified management of funds, strengthen the management of capital positions and cash flows, calculate the capital gap within a certain period in the future on a daily basis, and evaluate the company’s capital payment ability; (2) Establish an appropriate scale of high-quality liquid asset reserves according to risk appetite and monitor them on a daily basis; (3) Based on regulatory requirements and internal liquidity risk management needs, implement limit management on liquidity risk indicators, decompose limit indicators to main business departments, and calculate and monitor relevant limit indicators on a daily basis; (4) carry out liquidity risk stress testing on a regular and irregular basis to evaluate the company’s risk tolerance, and improve the company’s liquidity risk bearing capacity; (5) carry out liquidity risk pressure capacity on a regular basis Emergency drills to continuously improve the liquidity risk management emergency mechanism and improve the liquidity risk emergency response capabilities; (6) Continuously improve the liquidity risk reporting system to timely and accurately report the company’s liquidity risk level and management status.

　　During the reporting period, the company’s liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) continued to meet regulatory requirements, and the overall liquidity risk was manageable.

　　4. Operational risk

　　Operational risk refers to the risk of losses caused by imperfect internal processes, human operation errors, information system failures or external events to the company. Operational risk runs through all departments, subsidiaries and branches of the company in all positions and work processes, and has the characteristics of wide coverage, variety and throughout. With the continuous increase of the company’s business scale, the increasingly complex types of business, and the advancement of group management, if the company fails to identify key operational risk points in various lines and daily operations in a timely manner and take effective mitigation measures, it may lead to the company’s poor management of operational risk and cause significant losses.

　　During the reporting period, the company took an averse attitude towards operational risks and managed them through a number of measures: (1) sorting out business processes in advance, sorting out business risk points, collecting external risk information, continuously improving and optimizing existing business processes, system functions, business management and control measures, etc., to eliminate hidden risks; (2) monitoring business data and early warning information through various information systems, etc., to analyze and troubleshoot latent risks; (3) conducting in-depth analysis of risk events afterwards, formulating rectification plans in a timely manner, supervising and implementing rectification measures, and holding responsible units and individuals accountable for risk events to further strengthen the risk awareness of all employees; (4) conducting comprehensive self-examination of key businesses, new businesses, and businesses involved in risk events to investigate potential risks and improve business Overall control measures to prevent the occurrence of risk events.

　　During the reporting period, the company did not experience any major operational risk events.

　　5. Risk of compliance

　　Compliance risk refers to the risk of securities fund operating institutions being investigated for legal responsibility, regulatory measures, disciplinary action, property damage or business reputation loss due to the violation of laws, regulations and guidelines by securities fund operating institutions or their staff.

　　During the reporting period, with the goal of "stabilizing the compliance bottom line and strictly preventing major risks", the company focused on "improving the system guarantee, strengthening cultural cultivation, and improving the long-term mechanism", and continuously promoted the management and control of compliance risks. (1) Timely improve the system and strengthen the normative guarantee. Take the initiative to adapt to changes in laws and regulations, regulatory rules and self-discipline rules, strengthen the learning and interpretation of new laws, new regulations and new cases, and popularize them. Timely formulate and revise rules and operating procedures and strengthen the implementation of the system. (2) Promote cultural moisturization and deepen the planting of the soul. Organize the training and implementation of the concept of honor and disgrace in the securities industry "follow the rules"; compile typical cases of brokerage, sponsorship, bonds, asset management, etc., and give accurate reminders to related businesses; use OA, Changjiang Culture Online, compliance culture wall and other carriers and channels to promote the concept of "everyone is the first responsible person for compliance" into the brain; actively make a voice appearance to create the image of the company and the industry. (3) Weave a dense prevention and control system to optimize the long-term mechanism. Focusing on investment and development, private placement product promotion, dropshipping product access, co-location entrusted monitoring and verification, etc., we will continue to improve the internal control mechanism; establish and improve the regular meeting and rectification mechanism for sponsor project risks; strengthen the bond redemption risk tracking, mapping, monitoring and prevention and control mechanism.

　　During the reporting period, the company was not subject to any major administrative penalties.

　　6. Reputation risk

　　Reputational risk refers to the risk that investors, issuers, regulators, self-regulatory organizations, the public, the media, etc. form negative evaluations of securities companies due to the company’s business practices or external events, as well as violations of integrity regulations, professional ethics, business norms, and regulations by its staff, thereby damaging its brand value, hindering its normal operation, and even affecting market stability and social stability.

　　The company continues to strengthen reputation risk management, and takes a number of measures to improve reputation risk incident prevention and disposal capabilities: (1) improve the reputation risk management system, clarify the responsibilities of the board of directors, board of supervisors, managers, departments, branches and subsidiaries, and strengthen vertical management and process management; (2) strengthen risk identification across all lines, comprehensively, systematically and continuously collect and identify reputation risk drivers within the scope of responsibilities and report them in a timely manner to improve the ability to prevent reputation risk events; (3) real-time monitoring of the company’s public opinion, timely detection and disposal of risk hazards, and reduce negative impacts; (4) establish a staff reputation constraint assessment mechanism, incorporate employee reputation risk management into the personnel management system and use it as an important basis for work assessment and promotion; (5) continue to Carry out reputation risk management training, improve the reputation risk prevention awareness of all employees, and strengthen the ability of all units to prevent and resolve reputation risk incidents; (6) Continue to standardize the brand promotion behavior of all units of the company, clarify the company’s brand promotion process specifications and publicity requirements, strictly check the authenticity, compliance and rigor of the released content, strengthen the information management of employees’ personal self-media platform, and improve the reputation risk management awareness of all employees.

　　During the reporting period, the company did not experience any significant reputational risk events.

　　7. New business risks

　　The types of new business risks are novel and complex, and the risk points are diverse and uncertain. The company continues to establish and improve the new business risk management system and process, and continuously optimize the corresponding risk measurement models and risk mitigation methods.

　　The company takes a number of measures to manage new business risks: (1) clarify the risk management system and process of the new business, fully identify and evaluate the risks before the new business is launched, and formulate corresponding risk control measures and process mechanisms; (2) After the new business is launched, strengthen monitoring and improve the frequency of special project evaluation; (3) Regularly check the problems in the operation of the business, summarize the risk characteristics of the business, and continuously improve the new business system, process and risk control mechanism.

　　During the reporting period, the company’s new business performed well, and the risks of new business were within the company’s tolerance, without having a significant impact on the company’s operating results and financial position.

Blue Feather talks to Jackie Chan ｜ I can’t imagine myself winning the Golden Rooster Award

1905 movie network feature "When you see the Golden Rooster Trophy, will you remember the situation where you won the prize?"


In this issue of "Blue Feather Parlor", the heavy guest sitting opposite Lan Yu is the eldest brother of the "Chinese movie business card" who has won numerous awards. As mentioned above, Lan Yu was the first to throw the first question to the interviewee.


"Every nominated actor sits in the audience and probably thinks it’s me. So do I. The moment I announced the winners, I looked around and thought, ‘Could it be me?’"



In 2005, Jackie Chan became the first Hong Kong actor to win the Best Actor Award at the 14th China Film Golden Rooster Awards.


Now that he recalled the feeling of winning the award again, he bluntly said that few actors would win awards for action movies, and he didn’t think he would win awards at that time. Until the awards guest read the name, his mind was still blank, "I dare not imagine!"


Jackie Chan believes that the Golden Rooster Award is a very representative award, and he values the Golden Rooster Award very much. Especially around 2005, from to "New Police Story", Jackie Chan actively tried to challenge different types of characters and went through an extremely difficult transition stage.


Standing at the crossroads of his acting career, he hoped that everyone would realize that Jackie Chan was not just an action actor, and the recognition of the Golden Rooster Award was fulfilling his wish, "affirming that Jackie Chan is a real action actor."



The Golden Rooster Award has given Jackie Chan great recognition and become a powerful driving force on his way forward.


As 2021 marks the 40th anniversary of the establishment of the Chinese Film Golden Rooster Awards, China Film Report "Blue Feather Parlor" has specially launched a series of interviews on the 40th anniversary of the Golden Rooster Awards. Looking back on the glorious years and talking about the future of Chinese film, this episode of Blue Feather talks to Jackie Chan and listens to the moments of struggle of this world-class film actor.


01


"The Golden Rooster Award is such an important award, I can get it with an action movie, it’s really incredible!"


In the past, few actors were able to win the best actor honor for an action movie. Even Jackie Chan, after winning the Golden Rooster Award for Best Actor, lamented his luck with "incredible".


"New Cop Story" came during Jackie Chan’s transition. Jackie Chan realized that some actors who could only act would not be able to act after a while. Especially for action movie actors, they were more limited. So he decided to seek change.


Learn screenwriting, learn photography, learn to be a director, and expand as many theatrical paths as possible. In his own words, "I want to have many talents. If I don’t change, it will be too late to change!"



In fact, from the very beginning, Jackie Chan has consciously challenged himself to play roles other than pure action actors. "Look at’Kung Fu Dream ‘, I played an old man; here, I played an older one; all the way to’Police Story’, I played a very cowardly and depressed police officer. I kept changing my role, just to make the audience accept a new Jackie Chan slowly."


From "Police Story" to "New Police Story", in addition to action scenes, Jackie Chan in the play began to experiment with tragic plays, striving to integrate delicate and tender expressions on top of the tough guy style. He performed hard from beginning to end, striving to bring richer portrayals to the characters. While working hard in literary and opera, he was even more unequivocal about his own action scenes.



Looking back at the thrilling scenes Jackie Chan created in the play, Lan Yu couldn’t help but sigh. Compared with the modesty when talking about the play, Jackie Chan, who talked about the action scenes, was obviously excited, "Every action scene is incredible, I am proud of my team and myself!"


Jackie Chan shared with Lan Yu that he once was in the cast and vomited blood while eating breakfast. Afterwards, he went to the doctor and the doctor told him that his blood vessels had burst. He asked the doctor if he would die, and the doctor said no, so after dinner, he went back to the cast to continue work. Work started on the spot when his hand was broken, and work started in the morning and afternoon when his foot was broken. Jackie Chan described that this is his life as an action actor.



Jackie Chan became the first Hong Kong actor to win the Golden Rooster Award for Best Actor for "New Police Story". Lan Yu couldn’t help but sigh that this is an inspiration for all action filmmakers.


After returning to Hong Kong, Jackie Chan also followed the custom of who won the award and invited dinner, hosted banquets, dinners and other friends to celebrate, and shared the joy of the Golden Rooster Award with a group of action filmmakers.



"It used to be said that we action actors should not have awards," Jackie Chan said.


He explained that, unlike a literary film performance, which can go from having no tears to having tears, a romance film can spend a lot of time depicting a relationship, and an action film has no time to say I love you or you love me. "We usually focus on action, and the plot and characters are not important. We just rely on fighting, not acting. The fight may be played for half an hour, and the emotional drama is over in two minutes."


Jackie Chan could feel that it was becoming more and more difficult for both the action actors and the stuntmen behind the scenes. "No matter who it is, every award is almost impossible for us action actors."



So, since 2015, Jackie Chan has created "Jackie Chan International Action Film Week", dedicated to giving a voice to action filmmakers. In Jackie Chan’s view, this is a series of awards for all action filmmakers in front of the stage and behind the scenes, hoping to let people all over the world see the efforts and hardships of action filmmakers. So far, Jackie Chan International Action Film Week has been successfully held for six sessions and has become a well-known brand in the international action film industry.


02


Jackie Chan has made hundreds of movies and won numerous awards, but he still has consistent requirements for himself, "Every play insists on the filming method of the first play, and every play is done with heart."



Jackie Chan has performed difficult moves more than once in the play. In "Hongfan District", you have to jump off the building; in "Plan A", you have to jump off the bell tower; in "Dragon Brother Tiger Brother", Jackie Chan has to jump out of one wall, grab a branch, and leap to the opposite wall.


At that time, the branches were about 15 meters away from the ground, and the ground was covered with large stones. In order to create a sense of authenticity, the crew could not set up solid protection measures on the ground. Jackie Chan jumped three times under such conditions and accidentally fell from the sky.


When filming high-altitude falls, Jackie Chan often looks down, "What will happen if I fall? If one misses, there will be no more." But every time at the end, he still insists on going into battle himself. Injuries are commonplace for Jackie Chan, and he has seen too many of his peers disabled due to action scenes.


Jackie Chan admitted that he sometimes felt afraid, "If I really want to die, I have died many times. I have broken my hands and feet, and now I can walk, eat and sleep healthily, and God really takes care of me."



In Jackie Chan’s heart, he admires those action filmmakers who never give up and stay at their posts, and he always remembers what his father said to him, "Don’t give up anything easily, as long as you work hard, one day the audience will see it." As a veteran, he is also eager to share with young people, "You work hard to do what you do now, and one day, you will be grateful for your efforts today."



Unfortunately, Jackie Chan has noticed in recent years that some young actors are too squeamish. They often arrive late, but leave early. They can’t sweat when they arrive, saying that sweating will lose powder, and they can’t be swaggering, and they can’t do dangerous things. "I won’t say who, are you worthy of so many staff members lighting, waiting and waiting for you on the scene?"


Jackie Chan specifically mentioned that when filming "New Police Story", Nicholas Tse sat next to him whenever he had time, and very humbly asked him how to practice movements and what movements to do. Jackie Chan also did not hesitate to teach him skills, "He is very flexible and has a high absorption rate. He shot" New Police Story "by himself, and he jumped down by himself at such a high place in the exhibition center."


Jackie Chan commented on Nicholas Tse. Although he was not trained in science, he became a monk halfway through and is now a professional kung fu actor. What’s even more rare is that until now, he still practices kung fu when he has time, "I like these little young people."



Nicholas Tse and Jackie Chan used to tell them when they were young, "You don’t need to tell others, the effort of one play is the same as the effort of ten plays. Keep doing every job well, and you will win and get what you want."


Based on the present, he also called on the young actor team to respect the efforts of all the staff on the scene. It cannot be said that the actors have only arrived for a while and have to take them away.



2022 is Jackie Chan’s 60th week in the industry. As a witness to Chinese and even world films, he still believes that the experience is not easy and persistence is valuable.


As the Golden Rooster Award has passed 40 years, Jackie Chan finally sent his sincere wishes: "In the past 40 years, I have witnessed the strength of our China, the prosperity of our films, and the efforts and dedication of all filmmakers. In the future, I hope the Golden Rooster Award will be better and better. See you in the next 40 years!"


Auto market reversal, why have fuel vehicles become a minority？

A landmark event has just taken place in China’s auto market: sales of new energy vehicles have surpassed those of fuel vehicles!

According to the data of the Passenger Federation, from the 1st to the 14th of this month, the retail sales of new energy vehicles 260,000 (the retail sales of passenger cars are 516,000), accounting for 50.39%, officially exceeding 50%.

New energy vehicle penetration rate finally broke 50%

New energy vehicle sales all the way, 1-14 this month compared with the same period last year increased by 32%; this year the cumulative retail 2.032 million vehicles, an increase of 34%.

In contrast, it is the "collapse" of traditional fuel vehicles. Especially the joint venture brand fuel vehicles, after dominating the market for many years, have experienced a historic collapse. In the past March, the sales of Honda Accord, which once topped the chart, fell by 72.6% year-on-year, Toyota Camry fell by 59.2%, and the Volkswagen Bora, Toyota Corolla, and Honda Fit, which are known as supercars, also fell by more than 50%.

Sales of some joint-venture fuel vehicles plunged in March (according to First Electric).

Breaking through 50% means that the car has broken through an important threshold, which is not only an important threshold for the popularization of new technologies, but also a "psychological threshold" for consumers to accept new energy vehicles.

In the classic book "The Diffusion of Innovation", the American scholar Everett Rogers proposed an innovation diffusion model that divides the process of consumer acceptance of new technologies into five stages.

The first stage is that a very small number of "innovators" take the plunge; the second stage is that a small number of "early adopters" go to the early adopters; the third stage is that the "early masses" follow the trend; the fourth stage is that the relatively conservative "late masses" finally take action; the fifth stage is that the "laggards" who lag behind the mass consumer group follow.

The penetration rate of 50% means that the acceptance of new energy vehicles by Chinese consumers is crossing the third stage, which will attract a large number of consumers who have been waiting to enter the market.

Only when new technologies are recognized by large-scale consumer groups will they truly enter the "popularization period".

The consumption of new energy vehicles in our country is entering the "popularization period"

Of course, not all new technologies will be recognized and accepted by consumers, and many will "collapse in the middle". In Rogers’ innovation diffusion model, there is another important threshold called the "chasm", also known as the "valley of death". If it cannot be crossed, the promotion of new technologies can only be abandoned halfway and cannot be popularized.

This "valley of death" lies between the second and third stages of innovation diffusion, corresponding to about 16% of the consumer population.

New technologies may encounter the "valley of death" in the process of promotion

For new energy vehicles, the "Valley of Death" will appear when the penetration rate reaches about 16%. Our country’s new energy vehicles have successfully crossed the "Valley of Death", and the time node is August 2021.

New technologies may encounter the "valley of death" in the process of promotion

It is from 2021 that our country’s automobile plug-in technology has undergone a major upgrade, driving the sales of new energy vehicles into a rapid growth channel. Chinese brand plug-in hybrid models have launched a fatal blow to fuel vehicles.

Compared with fuel vehicles, plug-in hybrid models have stronger performance, lower fuel consumption, and lower cost of use, forming a "technical suppression" of fuel vehicles. As Ouyang Minggao, an academician of the Chinese Academy of Sciences, said, "Plug-in hybrid includes all the functions of fuel, plug-in, range extension, and pure electric, and is a veritable’all-round player ‘."

After Chinese brands slashed the price of plug-in models, the market share of joint venture fuel vehicles was quickly eroded.

The penetration rate of new energy vehicles has exceeded 50%, which means that mainstream consumer groups have accepted plug-in and electric new technologies, and green travel solutions have been widely praised. For new energy vehicles, consumers have turned from curiosity, doubts, wait-and-see to love and actual purchase.

The core reason why fuel vehicles are in trouble is that technological innovation has been stagnant for a long time, and product strength has been eclipsed. In more than a decade, there has been no substantial technological progress in internal combustion engines and gearboxes. The industry generally believes that fuel vehicle technology has entered the end of its life cycle, and the relevant R & D resources of major manufacturers are shrinking sharply.

The technical update of fuel vehicles has stalled

Not only that, fuel vehicles are also unable to cope with the intelligent wave that is sweeping the automotive industry, and electric vehicles have obvious advantages in terms of linear control, response speed, and control accuracy, making them a natural intelligent platform.

Richard Thaler, a Nobel laureate in economics, said: "Humans experience life through change." New energy vehicles continue to show people technological updates, becoming faster, more economical, and smarter. However, fuel vehicles remain unchanged. People’s interest in fuel vehicles is becoming less and less, and the decline of fuel vehicles is inevitable.

Andy Lau plans to bid farewell to the film industry, and his mysterious girlfriend will make her first appearance.






Does Andy Lau have a mysterious girlfriend?


　　　　Recently, the public welfare film "Destiny" directed by Nanjing painter Zhang Juezhi is being prepared in Beijing. Yesterday, news came from the film’s producers that Hong Kong star Andy Lau will play an eminent monk in the film on a zero-pay basis. It is reported that the role is very likely to be Andy’s last appearance on the screen. After playing the eminent monk, Andy will leave the film industry and become a film investment boss behind the scenes.


　　　　Zero pay for receiving performances without special requirements


　　　　The producer and director of "Destiny", Zhang Juezhi, told reporters that the main line of the whole film is the causal relationship between "good and evil will eventually be rewarded". It is understood that the total investment of the film exceeds 30 million yuan. In addition to the painter Zhang Juezhi himself, entrepreneurs who advocate social ethics and are enthusiastic about philanthropy in Jiangsu and Zhejiang also strongly support it. At present, the crew has contacted Jackie Chan, Jet Li, Andy Lau and other parties, and now it is Andy Lau who is initially interested. Because the schedule is very tight, Andy did not agree to perform at first. But later Andy learned that this is a public welfare film to raise funds for charity, so he expressed his willingness to adjust the schedule and cooperate with the film shooting as much as possible. In this film, Andy will star in the film with zero pay. At the same time, Andy also made certain comments on the script, and the screenwriter is currently revising the script according to Andy’s comments. Zhang Juezhi also revealed that Andy not only does not want a salary, but also proposes that the most ordinary food and accommodation can be arranged during the shooting. Like everyone else, he does not make special requirements, "in order to save money and help the society more."


　　　　Girlfriend will make her first cameo appearance


　　　　In recent years, Yingyi Entertainment Company, which is the president of Andy Lau, has invested in a number of films including "World Without Thieves" and "Crazy Stone", especially "Crazy Stone", which earned 20 million yuan, making Andy lose money in one fell swoop.


　　　　Zhang told reporters that during his contact with Andy, Andy had revealed that he wanted to quit the screen and focus on working behind the scenes as a boss. "The first thing Andy did after leaving the film industry is probably to get married and start a family. In fact, Andy mentioned that he wanted to start a family in Shanghai a few days ago, but the media did not report it." Zhang said that Andy Lau gave up the film because of the pressure. "He often called the agent in the middle of the night to discuss his work, and the agent was miserable."


　　　　In addition, Zhang Juezhi revealed that for a long time, Andy’s girlfriend has not appeared, "In fact, he has a girlfriend, and it has been many years. This time in’Destiny ‘, Andy Lau’s girlfriend will make her debut and play a cameo role in the film. The cameo was requested by Andy’s girlfriend herself, because she believes in Buddhism and does charity, and because they are about to get married, it is the best time to appear through a charity film. Not only that, Andy’s girlfriend also wants to invest a little money into this film, and wants to help people in need through this way. However, although he wants to bid farewell to the film industry, Andy said that the road of singing will continue until he is 80 years old."


More related:


Tsinghua female doctor undercover Chengdu restaurant for a year, writing a thesis on migrant workers


Picture: Karen Mok doesn’t buy precious diamond jewelry, waiting for her boyfriend Feng Delun to give it to her


French fashion brand unveils 07 autumn and winter fashion in Shanghai [Photos]


Parents call for 100 days and nights, unconscious daughter miraculously opens her eyes (photo)


Jiangsu 80-year-old old eighth road deep pond rescue two children falling into the water


After being criticized for surfing the Internet, three daughters ran away from home, and the father posted a banner on the street to apologize


Chongqing: Millennium Temple Jinyun Temple has a monk fire brigade


460,000 yuan "Jin Fuwa" lost to the airport, the police found it in 48 hours

Editor in charge: Li Erqing