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Interview ｜ Before The Legend of the Condor Heroes hit, he also came to shoot a martial arts film!

Special feature of 1905 film network How long has it been since I saw a real martial arts movie on the big screen of the cinema?After 2017 and 2018, there are few martial arts movies released in domestic cinemas.


The martial arts film that went online on March 8 was originally a movie customized for Cloud Cinema, but it landed in the cinema early on March 2. Li Wei, the director, told 1905 Film Network that after a small-scale film viewing survey, he got a lot of positive feedback from the audience, so he decided to meet the cinema audience first, so that more people could see the film on the screen.


It’s a pity that the total box office of "Stranger Knife" was less than 500,000 yuan after it was released for a week. This movie, which is performed by,,,,,, and so on, should not only have this box office figure.


At present, the lack of popularity of martial arts films in the cinema market is also the main reason. Martial arts films launched at the beginning of the yearArrogant 2Originally planned to go to the cinema, I finally gave up and returned to the online platform. After the broadcast, I still gained wide acclaim from netizens, but unfortunately I didn’t get on the big screen.


The director used to explore the types of domestic martial arts films, but he said that he should not worry too much about the current predicament. "Martial arts films are a major type of China and have cultural characteristics. Thirty years in Hedong and thirty years in Hexi, it doesn’t matter, we are of this type, and we will also shoot martial arts films that are popular all over the world. "


Like Zhang Yimou’s point of view, director Li Wei still believes that martial arts films from glory to decline will be brilliant again in the future, because the audience who like martial arts films has always been there, and the key depends on whether the filmmakers can make good works.


Li Wei, director of "Stranger Knife"


Li Wei, a professional director, had just had the opportunity to write "Eight Minutes in Beijing" at the closing ceremony of the 2018 PyeongChang Winter Olympics with director Zhang Yimou. Later, he was asked by Zhang Yimou to help Zhang Yimou shoot three films with the first assistant director.


"I learned a lot from him. From the’ Taoist magic device’, the level of Tao is to learn his awe and love for movies. The following level is how to shoot a movie better."


Li Wei benefited a lot from the Zhang Yimou crew, and at the same time got to know Zhang Yimou’s behind-the-scenes cast over the years, such as modeling director, editing director Yong-yi Li, photographer Zhongshuo, artist Cui Yaochen, etc. When he wanted to be an independent director to shoot "A Stranger’s Sword", they all came to help and jointly created this brand-new martial arts film.


PART

01


"From the early days of floating around in the bamboo forest, using the sword to plunge into the water to borrow strength, to the realistic style of seeing meat with a knife, with the change of the times and the different aesthetics of everyone, martial arts movies will also change."


In Li Wei’s view, a good martial arts film should meet the needs of the audience and also have its own unique expression. Although there are many difficulties in martial arts films nowadays, this genre still exists. Many production companies and directors are trying to create and break through, looking for the appearance of martial arts films that the audience likes now.


"In the future, and the director, the director seems to also want to shoot a martial arts film called" Knife ". So in fact, martial arts movies have always been there, and everyone is watching what kind of martial arts movie to shoot. "


Li Wei likes to watch martial arts films since he was a child. From Hero to Embroidered Spring Knife, he has always been deeply influenced by martial arts films. "When the road is rough, draw a sword to help each other, and when it’s time to make a shot, I will make a shot. I grew up with such a martial arts spirit and culture."


When he became a director, and it was the first time to make a martial arts film, he wanted to show the martial arts spirit of loyalty to the liver, righteousness and bravery in A Stranger’s Sword. "It is a poetic martial arts with more loyalty. The children in the film are less affectionate, and more brotherly and paternal. We express loyalty in this emotion."


PART

02


One of the main reasons for the decline of martial arts films is that there are too many stereotyped stories. How to tell a more fresh and refreshing martial arts story is a question that Li Wei has been thinking about.


He believes that "The Stranger Knife" has found a difference from other martial arts films at home and abroad — — "The role of selling charcoal Weng has basically not appeared in China’s films. I use a charcoal to tell a story. Tian Anye is like a charcoal. The strange knife in the movie should also have never appeared in the movie before. The knife is like a man, and the strange knife is Tian Anyi, and Tian Anyi is a strange knife, like a shadow. "


Li Wei was delighted to tell a martial arts story with a charcoal this time. "How to restore the environment in which charcoal was produced and manufactured in those years, from the birth of charcoal, through the perspective of charcoal, from outside the city into the city, into the palace, and have a relationship with people in the palace, this process is very interesting."


In the film, Tian Anye, the former head coach of the Mo Dao Army, became a charcoal seller. He is also a symbol of charcoal. "Although he is usually ruthless and really wants to burn, he will ignite himself to warm others."


The film also extended many interesting ideas through charcoal. For example, Qiansun Zhao, a fortune-teller who lived alone with Tian An’s powers, was like a fuse. "With Qiansun Zhao’s fuse, Tian An’s powers were ignited, and Tian An’s powers picked up a strange knife again, which restored justice and helped heaven," Li Wei said.



PART

03


An excellent martial arts film must be "both civil and military", the literary drama should be brilliant, and the action scene is the most important.


The action feature of The Strange Knife lies in the strange knife. At first, the length of the stranger’s knife was 2 meters 1, and the master felt that it was not murderous enough. Finally, the length of 2 meters 6 was set, weighing 40 pounds. Max Zhang, a martial arts athlete, has mastered many weapons, but this is the first time he has played such a big knife, and he has spent a lot of time training for it.


Through this creation, Li Wei realized the difference between martial arts films and martial arts films. Martial arts films like "A Stranger’s Sword" need weapons, so it is very difficult to design.


"What kind of professional attributes, character, and what kind of weapons to take, all action designs are logical." Li Wei revealed that the characters, weapons and fights in the whole movie were all set by a set of logical thinking.



For example, Tian Anye’s strange knife is fierce; Qin Gu’s basic knife is unsheathed, very neat and clean; At the head of Zhang Xuqing, there was pressure from the king of Qi, while at the bottom, there were eyeing deputy heads, who were excluded from each other, so he was relatively flexible, so he designed the long and short knives as his weapons.


Based on this complete set of action logic, before each scene is filmed, the specific how to fight has been designed. The final showdown between Tian Anye, played by Max Zhang, and Zhang Xuqing, played by Geng Le, is the climax of the whole film. Li Wei said that in this scene, "it is necessary to study how to fight broadsword and long and short knives. In fact, it is a spatial distance, and it is a close combat. According to this distance, a set of specific styles of play is extended."


In the last big battle, there was an action competition on one side, and Nie Linger, the widow of Prince Xia Meng, was dancing. "One is dancing, and the other is martial arts. What kind of sparks will collide between dancing and martial arts?" The director hopes to add a little romance and poetry to the film, and cross-edit the two scenes together to present different visual enjoyment to the audience.



A friend of Li Wei called to tell him that his two sons came home after watching the movie and took toy knives as strangers, learning the incantations in the movie and fighting each other.


"Let the next generation of young people see such martial arts movies, and they will be satisfied if they like them." If there is an opportunity, Li Wei wants to continue to make martial arts movies. "Like I was influenced by previous martial arts movies, I will continue to convey the martial arts spirit flowing in our blood and influence the next generation."


After Mou Qizhong was released from prison, he made his first public appearance and recalled the old department to prepare for the resumption of business in South Germany

(Original title: Mou Qizhong made his first public appearance after he was released from prison. He recalled the old department and established the Nande Rehabilitation Group)

Mou Qizhong when he was just released from prison.

This is Mou Qizhong’s first public activity since he was released from prison on September 27th last year.

On the afternoon of June 16th, the "Gonghe Fund 2016 Award Ceremony of Gonghe People" hosted by the Gonghe Fund of China Social Work Development Foundation was held in Beijing.

Mou Qizhong and Xia Zongwei were jointly nominated for the 2016 public and annual figures.

"If you write a folk version of China’s contemporary history, there must be a story of Mou Qizhong." This is the first sentence of Mou Qizhong’s nomination reason for winning the prize.

At the awards ceremony, the arrival of these two people caused a stir, and many admirers came to greet and take photos.

Mou Qizhong said that he needs to tell the outside world what he has done since he was released from prison for nine months. The most important thing is to "resume his career" and revive Yugoslavia.

Earlier, on March 27th, Mou Qizhong chose the day when she was released from prison for half a year, as the beginning of her resumption of work. On this day, a seminar on intelligent and civilized production mode in Nande was held in a hotel in Mentougou District, Beijing.

It’s only a 10-minute walk from Nande Dormitory in Mou Qizhong. On January 7, 1999, Mou Qizhong was arrested from this dormitory building on the way to the office of Nande.

Among the more than 80 people who attended the seminar that day, there were several old employees of Nande. Now they have a new identity as "members of the preparatory group for the resumption of business in Nande", and the leader is naturally Mou Qizhong.

"Starting from scratch again and succeeding again will prove that my theory is correct." Mou Qizhong said, glories and legends are in the past.

1. Debut

"His story lies in his wonderful thinking."

Before that, many forums and conferences had expressed their wish to invite Mou Qizhong to attend, but they were all turned away by him.

Regarding the nomination of the person of the year, Mou Qizhong told Xia Zongwei frankly that what he valued was not the nomination, but because the organizers of this conference had old friends whom he had trusted for many years. He wanted to thank a trust that he had never given up for decades, and he valued the public welfare of the foundation.

"Public welfare, which is consistent with his temperament." Xia Zongwei said.

In the award speech, the deeds of this "business godfather" were summarized: If you write a folk version of China’s contemporary history, there must be a story of Mou Qizhong. His story is not only a legend that survived several times, or a groundbreaking handwriting, but also his extraordinary thinking ability, which has been trying to break through the prison of thought; His whimsical ideas always break through the limits of the flesh. Today and in the future, China society will always need to burst Himalayan imagination and will.

Of course, people have not forgotten Xia Zongwei. The reason for Xia Zongwei’s election is: "No matter whether he is prominent or in trouble, Xia Zongwei is his most loyal supporter. Although thousands of people have gone, this courage is comparable to the spirit of Mou Lao."

At the awarding ceremony, everyone saw the arrival of Mou Qizhong and Xia Zongwei, and many people came forward to greet them.

Since he was released from prison, Xia Zongwei has been trying to make Mou Qizhong keep a low profile. When he goes out to meet people, he will try to arrange them in a place where he can keep private, and he will wear a hat when he appears in public places.

2. Resume business

"We are willing to return to Nande again."

The headquarters building of Nande in those days.

The current situation of the headquarters building in Nande in those days. The tenants upstairs have already changed several times. Most people don’t know the story of Mou Qizhong being here.

Xia Zongwei said that the resumption of business activities of Nande Group began after Mou Qizhong settled in Beijing.

From November 17th to 19th last year, Mou Qizhong held a forum for representatives of old employees from all over China.

After this symposium, Mou Qizhong formally established the "Preparatory Group for the Resumption of Business in South Germany". On New Year’s Day this year, Mou Qizhong also issued a New Year’s Day message on behalf of the group.

At that time, many of these employees were in their twenties and thirties when they entered Nande. They were full of energy and were entrusted with heavy responsibilities by Mou Qizhong. Many of them stuck to the last moment of Nande.

Li Fugeng, president of the former research institute of Nande Group, said: "It is not easy to meet again after nearly 20 years. We respect Mr. Mou Qizhong very much."

After the return of many old Nande employees, the words "members of the preparatory group for the resumption of business in Nande" were uniformly printed on their business cards.

Xia Zongwei said that when he was still in prison, Mou Qizhong often chanted the poem of Marshal Chen Yi: Go to Quantai to recruit the old troops, and fight Yamaraja with a hundred thousand banners.

Wang Deguo, who was the general manager of Nande Satellite Company, said: "Because of our trust in General Mou, we are willing to return to Nande again. In fact, many of us have our own careers after leaving Nande. "

In addition to the old employees, Mou Qizhong also found some new people to join.

A Shanghai investor, in order to go to Mou Qizhong, changed the legal person of three mature companies and diluted their shares, just to be able to follow Mou Qizhong freely.

Before Mou Qizhong was released from prison, Xia Zongwei once imagined that it would be nice if he could spend his old age like an ordinary old man, so that she could "retire" herself after she settled him down.

Mou Qizhong is not destined to be a quiet person.

After he was released from prison, Mou Qizhong told Xia Zongwei many times that he even missed the time in prison, which was a "study-style" time for him. In prison, he systematically reflected and summarized the past, but now he is too busy to have time every day.

Mou Qizhong also took Chen Duxiu’s article "Research Room and Prison" as an example, saying that there are only two places in the world that produce civilization and ideas, science research room and prison. "From this perspective, prison is a good place for me." Mou Qizhong said.

3. Start.

"The only thing I can do is to fight for my life."

Now, in the living room of Mou Qizhong’s Beijing apartment, someone reports his work progress every day. After a short thought, he will still give an unquestionable answer like that.

The real starting point for the resumption of business is March 27th.

This day is a special day for Mou Qizhong, when he was released from prison for half a year.

Since the first day of his release from prison on September 27th last year, Mou Qizhong’s only thought was how to resume her career.

On March 27th, a seminar on intelligent and civilized modes of production in Nande was held in Mentougou District, Beijing. More than 80 participants came from entrepreneurs all over the country. During the four-day session, Mou Qizhong spoke for half a day continuously every day.

After half a year’s thinking and preparation, on March 27th, a seminar on intelligent and civilized production mode of Nande was held in Mentougou District of Beijing. More than 80 participants came from entrepreneurs all over the country, including returnees and businessmen from Hong Kong and Macao.

During the four-day session, Mou Qizhong spoke for half a day continuously every day.

"What I want to talk about is where she came from, where she is going, and what her goal is." On the first day, Mou Qizhong was enlightened.

Although he is nearly 77 years old, Mou Qizhong has a quick mind and amazing memory, and his viewpoints of Marx, Fukuyama, Clark and other economic and historical scholars are readily available, which makes many entrepreneurs in the audience amazed.

As the sole agent of Mou Qizhong in the past 16 years, Xia Zongwei commented on Mou Qizhong: "He is running in front of his mouth. Although many of his ideas are unconstrained by the outside world, he has his own logic and proof."

Nande Group bought 264 houses in Mentougou as staff quarters. After Mou Qizhong was arrested, these houses were auctioned by several different courts.

The seminar was held only 10 minutes’ walk from the dormitory of employees in Mou Qizhong and South Germany. On January 7, 1999, Mou Qizhong was arrested on the way from this dormitory to the office of Nande.

"After 18 years in prison, I never stopped thinking," Mou Qizhong said. "I kept exercising and studying in prison in order to keep up with the pace of progress. In the past six months, I have been thinking about how to revive Nande every day, and whether it can create a more brilliant career. "

Mou Qizhong said that the first thing he thought about when he left prison was how to push the cause of South Germany to a higher peak and a larger scale.

In 2004, Mou Qizhong once said to a visiting friend, "My only regret is that I was forced to terminate the experiment and research on the mode of production in the era of intelligent civilization. I’m over sixty, and time is precious, but I can only waste my time in prison. My greatest wish is to continue my experiment after I go out. I believe I can come back. "

When Mou Qizhong was released from prison, Xia Zongwei also said in an interview with a cover journalist: "For him, there is no more time cost. Steady progress is the most important thing. "

The three prison terms add up to 23 years and 3 months, so it can be said that Mou Qizhong spent his best years in prison.

"The only thing I can do is to fight for my life. Why else should I exercise? " Mou Qizhong said.

Today, Mou Qizhong still keeps his schedule and exercise style in prison.

4. Find your way

In the name of people is a must for every episode.

In Mou Qizhong’s own view, it is difficult to adapt to society after he is released from prison, but it is even more difficult to judge the situation.

Some time ago, Mou Qizhong watched almost every episode of the in the name of people fire. "This is an artistic embodiment of the current anti-corruption situation," Mou Qizhong said.

After he was released from prison, Mou Qizhong went to Shanghai and stood in the Shanghai World Financial Center overlooking Shanghai.

After being released from prison on September 27th, 2016, Mou Qizhong returned to his hometown in Wanzhou from Wuhan, then went to Chongqing, Chengdu, Shanghai and other places, and finally settled in Beijing. This route is also the route that Mou Qizhong left Wanzhou to open Nande Group more than 30 years ago.

After 18 years in prison, Mou Qizhong followed this road to observe the active areas of China’s economy.

Now, Mentougou is chosen as the starting place for the third venture. On the one hand, it may be for "where to fall and where to get up". On the other hand, for Mou Qizhong who likes "Beijing style", Mentougou is in a position of "upper hand and upper water" in Beijing.

While observing along the Mou Qizhong, one thing Mou Qizhong did at the same time was to meet people and collect information from outside. "I meet different people almost every day, including entrepreneurs, scholars and fans who come here." Xia Zongwei said.

Mou Qizhong said that he would test his judgment of the present by talking with different people.

Mou Qizhong was desperate for information, and he attributed his success to his grasp of all kinds of information. Today, he still regards the acquisition of information as a main job.

As early as 1995, Mou Qizhong came into contact with the Internet for the first time when he took Nande satellite to Wall Street in the United States to look for listing opportunities. At that time, Mou Qizhong asked people around him: "Can we get everything on the Internet, even bread?"

After returning to Beijing, Mou Qizhong immediately bought the Reuters terminal. At that time, 2,000 pieces of Reuters news were constantly updated on the electronic big screen in the lobby of Nande Building every day. At the same time, Nande laid a special optical cable for Internet access, which was the second unit in China to lay such optical cable after Institute of High Energy of Chinese Academy of Sciences at that time.

In prison, Mou Qizhong kept a lot of reading habits. After half a year’s contact with the outside world, although Beijing is no longer his impression of Beijing, from the perspective of information circulation, Mou Qizhong doesn’t think he is out of touch with society. On the contrary, he thinks that people outside have less information than he has.

For the constant meeting, Mou Qizhong also has a selfishness, that is, he hopes to find young people who can start a business with him again.

5. Mission

"We live in a golden age"

When he first got out of prison, Mou Qizhong said that he knew all about smart phones and WeChat, but he just couldn’t use them. He said that to learn to use a mobile phone, you have to apply for a micro-signal.

Keeping the habit of collecting scientific and technological information, Mou Qizhong has a strong interest in artificial intelligence, Internet of Things and other emerging technologies after he was released from prison.

In April this year, Li Yanhong published the book "Intelligent Revolution". After reading the whole book, Mou Qizhong was very interested in the preface "Dawn of AI Era" written by Liu Cixin.

In the preface, Liu Cixin wrote: "This is the real liberation of mankind and a big step towards the ancient utopian ideal. 2016 is the 500th anniversary of the publication of Utopia, but Thomas and Moore never thought that his ideal would be realized by intelligent machines. I am very interested to think, if Karl Marx knew about artificial intelligence, what would his theory about capitalism and communism look like? "

For this question of science fiction writers, Mou Qizhong solemnly said: "The Nande Experiment has been trying to answer such an epoch-making question."

Mou Qizhong’s discourse system is full of exposition of the background of the times. He constantly stressed that his experience followed China’s reform process, and everything he did would be meaningless if he abandoned the background of the times.

As the "richest man" in those days, Mou Qizhong lived in the same house as ordinary employees, only two suites were opened. In addition to piles of books, there was only an old treadmill given by others in the room.

In his personal life, Mou Qizhong is a minimalist, and he likes to eat noodles and hot pot. In his view, "these two kinds of food are convenient to cook and can be eaten when cooked."

It is hard for Mou Qizhong to understand that some people spend tens of thousands of dollars on a meal, and even think that they are pitiful.

"People have to have a mission when they are alive. If I can’t move after I get older, I won’t drag everyone down." When talking about feelings with visitors, Mou Qizhong said so.

In nine months, many people hope to get Mou Qizhong’s advice and help, or even just hope to meet him to solve their doubts.

Some agricultural entrepreneurs from Henan hope to use the name and brand of Mou Qizhong to create a second project similar to Chu Shijian’s "Chu Orange"; There is also an entrepreneurial loser from Chengdu, who was at the lowest point of his life when he met Mou Qizhong because of his third entrepreneurial failure. But after listening to Mou Qizhong’s words, I regained my confidence again.

A 90-year-old from Shenzhen came to Beijing just to see Mou Qizhong. "I didn’t know him before, but after seeing the news that he was released from prison, I searched all his experiences. I think this is a legend." The post-90 s Shenzhen said.

Many people asked Mou Qizhong why he insisted on going to prison again and again. In this sense, Mou Qizhong said that he thought his three times in prison had special significance: the first time he went to prison was to fight for the birth right of private enterprises, the second time he fought for the survival right of private enterprises, and the third time he fought for the development right.

Because of this "sense of mission", when Mou Qizhong was in prison, he disdained to associate with several bosses of private enterprises who were held together in the same prison. In his view, some people were selfish and lacked justice.

When evaluating himself, Mou Qizhong is willing to quote Guo Moruo’s words: "There is such a person in this era; There is such a person who lives in such an era. "

In the face of confused visitors, Mou Qizhong said the most: "It is difficult for a person to meet such an era. We live in a golden age. Don’t be confused and don’t be discouraged."

Obviously, Mou Qizhong wants to recreate an era that belongs to him.

For visitors, Mou Qizhong’s sentence "Life can last for over a hundred years, so why not be crazy and then be a teenager" is more like an inspirational life motto.

6. Thinking

"I thought about it in prison for 18 years."

"At 4 pm on February 18th, 1992, a brand-new Figure 154 plane landed smoothly at Chengdu Shuangliu Airport, which was the third trunk plane obtained by Sichuan Airlines. At this time, the fourth plane is being assembled in kuibyshev Aircraft Factory, 5000 kilometers away, and thousands of tons of China goods are being shipped to Moscow.

Incredibly, it was a private entrepreneur, Mou Qizhong, who planned the biggest one-way barter trade between China and Russia. "

This is the first sentence of the article "Let 99-degree water boil as soon as possible" published by Economic Daily on April 8, 1992.

After this airplane trade, Mou Qizhong put forward his "99-degree plus 1-degree theory", that is, social stock assets are like water that is burned to 99 degrees, and it can be boiled by adding 1 degree. This degree is the wisdom economy of him and South Germany.

Mou Qizhong said to Xia Zongwei, "No matter how good the theory is, it still needs to be tested by practice. Unlike those economists and theorists, I have discovered a set of theories myself, and I can prove it myself. "

Liu Zhongzhi, who met Mou Qizhong in the 1970s, said that Mou Qizhong’s one-degree theory is actually similar to that of internet plus today. The stock of traditional economy is already very large, and it only needs a little push to generate huge energy. For example, the current bicycle and the Internet of Things will become bike-sharing.

Regarding the "intelligent and civilized mode of production", Mou Qizhong insisted that he had discovered a "new law". Mou Qizhong said that after he was released from prison, he would continue his experiment in Nande and practice the wisdom-centered mode of production on a larger scale.

As early as 1996, Mou Qizhong published the "Declaration of South Germany on Smart Economy", which recognized that human beings were bidding farewell to the era of industrial civilization and entering the era of smart civilization. He believes that the center of industrial civilized mode of production is monetary capital, and the center of intelligent civilized mode of production is wisdom, which is a unique ability of human beings to create new methods, new experiences, new knowledge and new knowledge to solve difficulties.

Mou Qizhong believes that the essence of smart economy is actually the innovation advocated today.

Regarding this theory, Mou Qizhong said: "I thought about it in prison for 18 years."

Mou Qizhong said that the next goal of the Nande experiment is to design and operate the enterprise model in the intelligent and civilized mode of production, and demonstrate it to the whole society.

"It is to let this mode of production openly accept the practice test of the whole society." Mou Qizhong said.

Mou Qizhong said that the third venture of Nande started here, and the glory and legend are all in the past.

7. Case

If the criminal complaint is closed normally, the assets of Nande may be recovered.

Xia Zongwei said that after the criminal case of Nande is concluded, Nande Group will officially enter the office.

The cover journalist found in official website, Hubei Higher People’s Court that the criminal complaints filed by Nande Group and Mou Qizhong were filed on October 21, 2015, with the case number (2015) E-Criminal Shenzi No.00185, and the status was still "under trial".

On July 27th, 2016, Xia Zongwei was informed by the court that the retrial appeal of the case had changed the presiding judge. "The president said,’ The case has been filed, please wait patiently’." Xia Zongwei said.

Later, on October 18th, 2016, after Mou Qizhong was released from prison, Xia Zongwei accompanied Mou Qizhong to Gaofa, Hubei Province, and formally accepted the inquiry of the retrial judge.

Then on April 7th this year, Xia Zongwei went to Wuhan again to inquire about the progress of the case, and the judge in charge of the case replied that the case was still waiting for the opinions of the judicial committee.

Previously, on May 30, 2016, Xia Zongwei received the final civil effective judgment of Nande case from Hubei Higher People’s Court.

The cover journalist noticed that the final judgment ruled that Nande Group was not a party to the letter of credit case of Hubei Bank of China and had no direct legal relationship with the letter of credit. The letter of credit advance of Hubei Bank of China was repaid by Hubei Light Industry, and Guizhou Bank of Communications was jointly and severally liable for repayment. The final judgment found that the judgments of the first and second instance in 2001 and 2002 were correct. In the final ruling, the main facts ascertained in the retrial are consistent with those ascertained in the first and second trials.

Regarding the criminal part of the Nande case, in 2000, the Wuhan Intermediate People’s Court ruled that Nande Group and Mou Qizhong were guilty of letter of credit fraud, and sentenced Mou Qizhong to life imprisonment and deprived of political rights for life.

Xia Zongwei said that after the civil retrial has finally ruled that the Nande Group is not the subject of the legal relationship of letters of credit, it is believed that the criminal complaints about the L/C fraud cases of the Nande Group and Mou Qizhong based on the same legal fact will soon be legally and fairly ruled.

If the criminal complaint can be closed normally, it also means that Mou Qizhong may be able to recover many assets of Nande, such as the 264 houses that Nande Group bought in Mentougou District in that year, which were auctioned by several different courts after being arrested in Mou Qizhong. The 10-square-kilometer plot that was approved when Nande Group developed Manzhouli, and so on.

For the future, Mou Qizhong still firmly believes that Nande has had two experiences of starting a business empty-handed, and a new round of experiments in Nande will begin, and Nande can still set sail as scheduled.

Five Taboos for Eating Crabs： Remember that ＂Crabs＂ are delicious and don’t forget your health.

　　Bi Yanxia

　　As the saying goes: when the autumn wind starts, the crab’s feet itch; When the chrysanthemums bloom, smell the crabs. Every autumn, hairy crabs covered with yellow fat are bound to occupy a place on the list of seasonal foods that people like. The National Day holiday is coming, and I believe many people can’t live without it. Hairy crabs are delicious. How can we "eat well"? Before enjoying delicious food, it’s best to know clearly the common sense of eating crabs, so as to satisfy both appetite and health.

　　one

　　Crabs have high beneficial fat content.

　　Speaking of crab species in China, there are probably hundreds. According to the origin, it can be divided into four types: river crab, river crab, lake crab and sea crab. What is a hairy crab? Hairy crabs, commonly known as river crabs, hairy crabs and clear water crabs, generally mature from September to October. But not all river crabs are called hairy crabs, and the species should be Eriocheir sinensis, and the weight should be more than three or two. It is said that the name "hairy crab" is well-known. At that time, crab catchers in Suzhou and Kunshan set up gates between harbors. The gates were made of bamboo pieces and hung with lights at night. When crabs saw the light, they climbed onto the bamboo gates and were caught one by one, so they were called hairy crabs.

　　People compare hairy crabs to the best taste. Zhang Dai, a writer in the Ming Dynasty, once said that eating hairy crabs has five flavors without vinegar and salt. So, what is the nutritional value of hairy crabs?

　　The edible parts of hairy crabs include crab meat, crab roe or crab paste. Although they are the same crab, their nutritional values are different. For example, every 100 grams of crab meat contains 17.5 grams of protein, 1.2 grams of fat and 65 milligrams of cholesterol; Every 100g of sea crab meat contains 13.8g of protein, 2.3g of fat and 125mg of cholesterol. Compared with crab meat, crab meat contains less fat and cholesterol. In addition, 100 grams of crab meat contains 6.09 mg of vitamin E, 126 mg of calcium, 2.9 mg of iron, 3.68 mg of zinc and 56.72 mg of selenium, and almost no vitamin A; 100 grams of sea crab meat contains 30 micrograms of vitamin A, 2.99 milligrams of vitamin E, 208 milligrams of calcium, 1.6 milligrams of iron, 3.32 milligrams of zinc and 82.65 micrograms of selenium.

　　Generally speaking, both river crabs and sea crabs are rich in vitamins and minerals, which can be regarded as high-protein foods.

　　Crab yolk and crab paste, the favorite parts of everyone, have similar nutritional components, mainly containing fat and cholesterol, and the fat content is high, which can reach 15% or more. This is one of the reasons why crab paste and crab roe taste delicious. In addition, the cholesterol content in every 100 grams of crab roe may be as high as 400 mg, and the situation of crab paste is similar. However, there is no need to worry too much. First, the time to eat hairy crabs in a year is limited, but it is good to eat them in moderation. Second, many of these fats are essential fatty acids beneficial to human health, such as linoleic acid, linolenic acid and arachidonic acid.

　　2

　　"Six types of people" eat less.

　　Some people love to eat hairy crabs, but when they think that crabs are "cold" food, they beat drums in their hearts. Cold, hot, warm and cool, don’t they refer to the human body’s feeling of external temperature? Why do foods have these differences? This is actually a statement of traditional Chinese medicine. The classification of cold, hot, warm, cool and equal attributes of food is based on the color, taste, growth environment, growth season and geographical environment of food, and also refers to the physical reaction of people after eating. Simply put, after eating food, the body feels warm and hot, and the food is warm and hot; If you feel cool after eating, the food is cold and cool. If the food is flat, it means that the food is flat and can be eaten every day.

　　Therefore, Chinese medicine believes that eating crabs should be based on one’s physical condition. In real life, is there anyone who is not suitable for eating crabs? The following six groups of people should be cautious when eating crabs, and it is better to eat less or avoid eating.

　　1. People with weak constitution, poor spleen and stomach function and insufficient gastric acid secretion should not eat crabs, which carry some pathogenic bacteria. Because everyone has different digestive ability and immune strength, their resistance to pathogenic bacteria and viruses is different. People with weak constitution, poor spleen and stomach function and insufficient gastric acid secretion are easy to be attacked by pathogenic bacteria and have discomfort symptoms. In addition, some people feel gastrointestinal discomfort after eating crabs because it is difficult to digest protein.

　　2. People who are allergic and prone to eczema should not eat crabs. For Chinese residents, aquatic products such as shrimps and crabs are the most likely food types to cause allergies, and there have been many studies on the related allergic diseases in protein. Therefore, people who are allergic to seafood such as shrimps and crabs should not eat crabs, otherwise it will easily lead to gastrointestinal smooth muscle spasm and vascular edema, followed by nausea, vomiting, abdominal pain, diarrhea and other symptoms. In severe cases, urticaria or asthma may occur, and even anaphylactic shock may occur. In addition, people suffering from skin diseases such as dermatitis, eczema and tinea should also eat crabs carefully to avoid inducing diseases or aggravating the condition.

　　3. People with colds and fever should not eat crabs because their gastrointestinal function is relatively weak at this time, and they can’t digest and absorb the high protein in crabs, which is prone to gastrointestinal discomfort.

　　4. People with hyperlipidemia, hypercholesterolemia and biliary tract diseases should not eat crabs, especially the formation of crab roe, crab paste cholecystitis and gallstones has a certain relationship with excessive cholesterol in the body and metabolic disorders. Crabs contain high cholesterol, with 460 mg of cholesterol per 100 grams of crab roe. Eating crabs is easy to make the disease relapse or get heavier.

　　5. Gout patients and patients with hyperuricemia should not eat crabs. Every 100 grams of crab meat contains 82 mg of purine. Gout patients should not eat crabs during acute attack, especially the soup made of crab meat or crab roe. Patients with chronic gout and patients with simple hyperuricemia should eat less.

　　6. Older people and infants should not eat crabs. Because the digestive organs of the elderly are declining, the digestive organs of children are not well developed, and their digestive absorption ability is no better than that of young adults. Therefore, eating crabs should be based on tasting. It should be noted that babies before ten months should not eat crabs, because high protein will increase the burden on liver and kidney.

　　three

　　Remember the five taboos of eating crabs.

　　After talking about people who are not suitable for eating crabs, I have to talk about five taboos for eating crabs. Otherwise, people who are suitable for eating crabs may also eat something wrong.

　　Avoid eating raw crabs. The body surface, gills and gastrointestinal tract of drunken crabs are covered with all kinds of bacteria and parasites. When eating crabs, they must be steamed or cooked thoroughly. Generally, after the water is boiled, it will take another 15 minutes to play a bactericidal role. The traditional method of eating crabs is steaming with ginger vinegar juice. This method is scientific, which not only ensures that bacteria and parasites in crabs are killed, but also ensures that the original flavor of crabs is not destroyed.

　　Some people like to eat raw crabs and drunken crabs, which are more delicious, but various viruses, bacteria and parasites attached to crabs will also enter the human body, which may cause food poisoning, diarrhea, abdominal pain and vomiting. Although the drunken crab is soaked in yellow wine and white wine, the crab itself is still raw, and alcohol cannot be completely sterilized. If the metacercariae of Paragonimus contained in drunken crabs enter the human body and develop into adults to lay eggs, it can seriously parasitize other organs such as human brain, skin and liver. Therefore, these two ways of eating should be abandoned.

　　Second, avoid eating dead crabs. After the crab dies, the bacteria in its body will rapidly multiply and spread into the crab meat, decompose the amino acids in the crab meat, and produce a lot of harmful substances. Therefore, eating dead crabs may induce vomiting, abdominal pain and diarrhea. Besides, it’s best not to buy a dying crab. In addition, crab meat is rich in histidine. When the crab dies, some bacteria containing histidine decarboxylase can decarboxylate histidine in crab meat to form a large amount of histamine under appropriate conditions. Histamine is a sensitizing substance, which can dilate venules and capillaries, promote the secretion of mucosa and glands, lead to allergic symptoms, and may even cause circulatory failure in severe cases.

　　Three don’t eat cooked crabs stored for a long time. Cooked crabs stored are easily contaminated by bacteria, so crabs should be steamed and eaten now. In case you can’t finish eating, the rest of the crabs must be kept in the refrigerator and eaten at the next meal. When eating, you must return to the pot to boil or steam thoroughly. It is recommended not to eat crabs overnight. Although heating in the pot can kill pathogenic microorganisms, it can not destroy toxins, and it is still dangerous.

　　Four don’t eat crab gills, crab stomachs, crab intestines, crab cheeks, crab stomachs, crab intestines and crab hearts. When the crab shell is opened, the gray-white strips and soft parts on both sides are the gill strips of the crab, which are the respiratory organs of the crab and are in direct contact with the outside world, and it is easy to accumulate dirt and heavy metals. Located in the front half of the crab shell and under the eyes, the triangular part is the crab stomach, and a black strip is the crab intestine. These two parts are the digestive organs of the crab, which contain food and metabolites, and may also accumulate dirt. Crab heart, commonly known as "hexagonal plate", is located in the middle of crab yellow or crab paste and is hexagonal, which is considered as the "coldest" part of crab. Here is an important part of the circulatory system, there is a lot of blood left, and its blood composition is quite different from that of the human body, which is easy to cause immune reaction.

　　Five avoid eating too much. As mentioned above, protein contained in crabs and cholesterol contained in crab roe are relatively high, and excessive consumption at one time is not conducive to human digestion and absorption. According to the recommendation in "China Residents’ Dietary Pagoda" of China Nutrition Society, the suitable intake of aquatic products is 40-75g (edible part) at a time, which is equivalent to 100-188g of crabs with shells, and it is best not to exceed 3 times in a week. A crab with a shell of 188 grams is roughly equivalent to a large crab weighing four times.

　　Hot spot dispelling doubts

　　Can crabs be eaten with fruits?

　　Many people have a question, can crabs and fruits be eaten together? Because there is a saying that pentavalent arsenic contained in seafood may react with vitamin C and produce toxicity.

　　In China, seafood sold in formal channels needs to be tested by relevant departments, and the arsenic content should not exceed 0.5 mg per kilogram stipulated by national standards. According to this calculation, a person needs to eat 150 kilograms of seafood and more than 10 kilograms of fruit at a time to have a toxic reaction, which is simply impossible. Moreover, some researchers have conducted research in simulated gastric juice and found that vitamin C alone cannot reduce pentavalent arsenic to trivalent arsenic (arsenic). Therefore, it is not true that you can’t eat fruits and vitamin C tablets when eating seafood such as crabs and shrimps.

　　Can pregnant women eat crabs?

　　I believe that many women will be reminded that they can’t eat crabs when they are pregnant or pregnant. The reason is usually that crabs are cold and have the effect of promoting blood circulation and removing blood stasis. After eating, they will make the blood flow downward, which will easily lead to miscarriage and miscarriage. There are not a few people who hold this view, so is this true? The answer is no, there is no statistical data showing that abortion is related to eating crabs. Abortion of pregnant women after eating crabs is often due to eating crabs by mistake, for example, pregnant women are allergic to seafood, crabs themselves are not fresh or have bacterial parasites. These pregnant women developed symptoms such as allergic reaction or acute gastroenteritis after eating crabs, and finally did not save the fetus.

　　Normal pregnant women can eat crabs, but if eating crabs when they are not pregnant is prone to gastrointestinal symptoms, it is recommended not to eat them when they are pregnant. In addition, pregnant women with weak constitution and weak digestive function should eat as little or no crabs as possible.

　　Extended reading

　　How to choose crabs

　　Selecting fresh and fat hairy crabs is a technical job. As the saying goes, "September round navel and October tip" means that the female crab should be eaten in September of the lunar calendar, and its navel is round, at this time, the female crab yellow is full of meat; The male crab should be eaten in October of the lunar calendar, and its navel is pointed. At this time, the male crab paste is full of meat.

　　After choosing male and female crabs, you can follow the following points when choosing healthy crabs.

　　First of all, pinch: pinch the crab’s back with your thumb and forefinger and gently shake it. The crab’s claws droop and shake with it. The crab’s claws are firm and swing by itself.

　　The second is teasing: you can tease the crab’s eyes with your hands. If it responds immediately, it means full of vitality; Or turn the crab over with its abdomen facing the sky. If it can turn its body quickly, it means that the crab has strong vitality, and vice versa.

　　The third is to look: the back of the shell is dark green and shiny, which is thick and strong; Look at the tail end, the navel protrudes, and the red color (commonly known as "red seal") will be revealed on both sides of the crab navel, which is generally full of cream and fat; Look at the hairy crab feet, the crab feet are old and healthy, and the crab feet are soft and weak without fluff.

　　The fourth is to try: if conditions permit, put the crab into a basin of water, and the live crab will foam.

　　(Author: Beijing Friendship Hospital Nutrition Physician)

Don’t miss your introduction of five popular models at Guangzhou Auto Show.

　　　　The 2009 Guangzhou International Auto Show opened in Pazhou Pavilion of Guangzhou China Import and Export Fair. As the largest auto show in South China every year, Guangzhou Auto Show has gradually become the third largest auto show in China after Beijing and Shanghai Auto Show. At the same time, with the increasing number of new cars launched year by year, Guangzhou Auto Show has become a grand event for model preview in the coming year. The exhibition area of Guangzhou Auto Show in 2009 reached 150,000 square meters, an increase of 20% over the previous one, with more than 80 vehicle brands participating. Speaking of auto show, no matter how gorgeous the booth is and how attractive the performance is, after all, the car is the protagonist of the auto show. Today is the first day of Guangzhou Auto Show Professional Public Day. What cars have attracted the unanimous attention of the audience and consumers should not miss them? Look at the popularity of the booth and you will naturally see.

　　　　Shanghai GM Yinglang

Don't miss your introduction of five popular models at Guangzhou Auto Show.

Don’t miss your introduction of five popular models at Guangzhou Auto Show.

　　　　Due to the pre-heating of GM’s new generation HRV and the increasing attention of Cruz, which has a good sales volume recently, Buick Hideo has become one of the popular models at this auto show. Buick Hideo is a new generation of Excelle HRV five-door hatchback previously named Buick XT, but this time GM adopts a new generation of Astra from Opel as the prototype. According to the manufacturer, Buick Hideo is a brand-new Buick model based on "global platform and European and American technology" after the new Regal, the new LaCrosse and Angkor. It is a five-door coupe positioned in the mid-size car market, and its products are positioned between the new Excelle and the new Regal.

　　　　It is worth noting that Xinyate, which has been replaced abroad, has also adopted a brand-new engine of 1.6T This engine has also been applied to the new Regal in China, and it is expected that Yinglang will also be equipped with this brand-new engine.

　　　　SAIC Roewe N1

Don't miss your introduction of five popular models at Guangzhou Auto Show.

Don’t miss your introduction of five popular models at Guangzhou Auto Show.

　　　　The 3G concept car N1, which was launched at the Shanghai Auto Show, won the world at the auto show in April this year, causing a lot of crowds. This model continued to make a high-profile appearance at Guangzhou Auto Show. In terms of design, Roewe N1 maintained the design elements of Roewe family, the 550-type middle net shape, the long and narrow headlights, the oblique LED fog lights and the very sporty front skirt air dam design also set the tone for the positioning of this car, which is more fashionable and younger. The design concept of this car comes from the 3G technology that has been popularized in China, and it has the functions of GPS navigation and real-time service for car owners through the Internet. In addition, there are all kinds of functions such as downloading online music and browsing the web. This car has attracted many consumers to stop and appreciate at the Shanghai Auto Show, and this Guangzhou Auto Show will definitely become the highlight of the booth.

　　　　The Roewe N1, known as the "3G car", has entered the preparations for mass production and is expected to be launched in the market next year. It is one of its strong competitiveness to carry powershift developed in cooperation with Borg Warner.

　　　　Toyota new crown

Don't miss your introduction of five popular models at Guangzhou Auto Show.

Don’t miss your introduction of five popular models at Guangzhou Auto Show.

　　　　Crown used to be famous in China. This Toyota premium car, which has always been produced only in Japan, did not perform badly after it was introduced to China, but it did not achieve the expected great success, at least the goal of shaking Audi A6L’s position as king was not achieved. After experiencing the market experience of Crown, the launch of the new Crown by FAW Toyota is obviously well prepared, and its natural popularity should not be underestimated. The front face of the new generation Toyota Crown has been redesigned, and the new "inverted trapezoidal" air intake grille and square embossed trademark panel have replaced the front face of the previous generation Crown. The body line is also the focus of the improvement of the new generation Toyota Crown, which is completely opposite to the dignified shape of the old Crown. The new crown raises the rear of the car and boldly adopts the side lines with greater inclination, making the side lines of the whole car look more avant-garde and dynamic.

　　　　With the same size, the wheelbase of the Majesta Crown has reached 2925mm, and it has the capital to compete with the Audi A6L in terms of appearance luxury and internal space. The key is the price. The new crown is good, but it is also necessary to be cheaper than the Audi A6L. I believe Toyota has this strength.

　　　　Mazda CX7

Don't miss your introduction of five popular models at Guangzhou Auto Show.

Don’t miss your introduction of five popular models at Guangzhou Auto Show.

　　　　With the increasing sales of Mazda 3 and the launch of new mazda 6 and Mazda 3 hatchbacks, the first Mazda SUV model in China — — Mazda CX7 has attracted consumers’ attention. Mazda CX7 has a large number of sports car design concepts. Its shape is not as angular as that of an ordinary SUV, but it pays more attention to aerodynamic design. Its head is sharp and its lines are very smooth, which is more like a sports car with a raised chassis.

　　　　The 2.3L direct injection turbocharged engine has been able to provide enough power, and at the same time, it takes into account the economy of urban use, and is more suitable for some entry-level SUV enthusiasts. As the second car of the family, Mazda CX7 also has enough space to take the whole family on a trip. Different from the existing traditional SUV models, CX7 is developed by Mazda’s unique R&D platform, which fully embodies the essence of Mazda brand sports car.

　　　　Shanghai Volkswagen TIGUAN Tiguan

Don't miss your introduction of five popular models at Guangzhou Auto Show.

Don’t miss your introduction of five popular models at Guangzhou Auto Show.

　　　　Volkswagen booth has always been one of the most concerned booths for consumers in previous auto shows. The TIGUAN Tiguan, the first SUV model of Shanghai Volkswagen, will be launched at Guangzhou Auto Show, and the pre-sale will be started at the end of the year, which has aroused enthusiastic response from consumers and become one of the most popular models. The appearance modeling of domestic Tiguan is obviously different from that of imported version. Among the three foreign versions, the "Sport&Style" scheme is chosen, which emphasizes highway performance, and the appearance configuration level of wheels is also lower than that of imported version. The most important difference is that Tiguan has been lengthened by 80mm at the back door, which is shorter than the previously reported extension of 100mm, but it can still be seen that the body is longer than the imported version, and the rear seat space has been improved, but there is still no seven-seat model with the third row of seats.

　　　　In terms of power configuration, it will focus on two engines, 1.8TSI and 2.0TSI, which are matched with the traditional 6-speed Tiptronic automatic transmission. The 4Motion four-wheel drive system is standard for the whole system, but the off-road off-road mode is no longer available in the imported version.

The appearance design is fashionable and avant-garde, which Mercedes-Benz GLE is the most cost-effective？

It is a medium and large SUV. I don’t know how much you know about it. Let’s introduce it well.

First of all, from the appearance, the front face design of the Mercedes-Benz GLE is very simple, and the grille adopts a big mouth shape, which is unforgettable. Coupled with the round and lovely headlights, the momentum is quite sufficient. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, automatic steering, delayed closing, etc. To the side of the body, the body size of the car is 4927MM*2018MM*1782MM, the car uses dynamic lines, the side circumference looks very simple, with large-sized thick-walled tires, it looks sporty. Looking back, the overall shape of the Mercedes-Benz GLE rear echoes the front of the car, the style of the taillights is more atmospheric, and the exhaust pipe with unique shape is relatively simple in general.

In terms of interior, the Mercedes-Benz GLE interior is softer and has a good visual effect. The steering wheel of the car is very sharp and made of genuine leather, giving people an urge to drive it. Take a look at the central control, the car is equipped with a touch-sensitive LCD central control screen, which makes the interior style impressive. The overall design of the central control is remarkable. Finally, take a look at the dashboard and seats. The dashboard design is remarkable, and it looks more fashionable and dynamic. The car uses imitation leather seats, and the seats are wrapped in place, making it very comfortable to ride.

In addition, the car is equipped with vehicle to everything, driving mode selection, remote key, rear wipers, interior ambient lights and other configurations.

To sum up, this car performs well in terms of space and configuration. As for the exterior design, everyone has their own aesthetic.

Cailian News Agency Auto Morning Post [June 29]

　　Sichuan: By the end of 2025, Sichuan will build charging infrastructure 860,000 units with a rated power of 13 million kW

　　On June 28, Sichuan issued the "Sichuan Province Charging Infrastructure Development Plan (2024-2030) ". The plan proposes that by the end of 2025, Sichuan will build 860,000 charging infrastructure with a rated power of 13 million kilowatts, and 2.93 million charging infrastructure will be built by the end of 2030. The rated power will reach 29.56 million kilowatts, and a high-quality charging infrastructure system with extensive coverage, moderate scale, reasonable structure and perfect functions will be basically built, effectively meeting the people’s green travel charging needs. The province has now been completed and put into operation320,000 units and rated power 5.33 million kilowatts, which increased by 8.2 times and 3.7 times respectively compared with the end of the 13th Five-Year Plan.

　　Sichuan is a major automobile province, and the improvement of charging infrastructure will further promoteThe popularity of cars.

　　Revenue in the first quarter increased by 56% year-on-year, and net profit increased by 119%.

　　On June 28, it was announced that the sales volume in the first quarter of 2024 increased by 49% compared with the same period last year, outperforming the trend. Thanks to the significant increase in sales volume and the continuous optimization of product structure, the group’s revenue grew rapidly compared with the same period last year, an increase of 56%, and gross profit increased from RMB 4.75 billion yuan to RMB 7.15 billion yuan in the same period last year, an increase of 51% year-on-year. Profit attributable to the company’s equity holders increased by 119% to 1.56 billion yuan in the same period last year.

　　In a highly competitive market environment, both revenue and profits have reached new highs.

　　The major asset restructuring is being advanced

　　On June 28, the group’s joint stock company disclosed the progress of major asset restructuring, and the company plans to purchase Chongqing industrial investment fund of funds partnership (limited partnership), Chongqing Liangjiang New District Development Investment Group Co., Ltd., Chongqing Liangjiang New District Industrial Development Group Co., Ltd. holds 100% equity of Chongqing Liangjiang New District Longsheng Technology Co., Ltd.

　　Cailian Automobile: Longsheng mainly provides production leasing services for new energy vehicle factories, and its super factories are mainly used to produce new energy vehicle products such as AITO’s M9 series.

　　GAC Toyota and Momenta jointly launch an end-to-end all-scenario smart driving solution

　　On June 28, GAC Toyota announced the launch of end-to-end full-scene intelligent driving in conjunction with Momenta at the Science and Technology Open Day, which will be launched on GAC Toyota’s new pure electric model bZ 3X (Bozhi 3X).

　　In order to cater to the Chinese market, Toyota is also actively expanding into the field of smart driving.

　　Volkswagen’s first smart electric coupe SUV will be launched in mid-July

　　On June 28th, the first batch of 38 retail outlets of Volkswagen (Anhui) opened, and Volkswagen’s first smart electric coupe SUV ID. and public (ID. UNYX) were unveiled simultaneously. As the first new model to hang the golden Volkswagen brand logo, ID. and public will be officially launched in mid-July.

　　The arrival of ID. is a manifestation of the Volkswagen brand’s accelerated transition to smart and electric vehicles.

　　Reached a cooperation plan with Algerian dealers to export 30,000 vehicles annually

　　On June 28th, the Sole Agency Agreement was signed with SARL AI Auto in Algeria, and in-depth discussions were held on the cooperation and follow-up matters in the Algerian market. According to the agreement, SARL AI Auto is the exclusive agent dealer in the Algerian automobile market. During the agreement period, the two parties agreed that the annual sales volume of SARL AI Auto will be 30,000 vehicles, and plans to continue to increase at an annual rate of 20%.

　　Financial Union Auto: Zotye Auto took a different approach and chose to enter the African market to regroup.

　　Lifan plans to acquire Gahe? Gahe responded: without any evaluation or explanation

　　On June 28, in response to rumors in the industry that "Lifan plans to acquire Gahe", Gahe Automobile responded that "at this stage, we cannot make any evaluation or explanation for any transactions and negotiations that have not reached a written agreement." It is reported that Gahe Automobile will usher in the takeover man –Perhaps the latter will become the next.

　　Finance Union Auto: In any case, Gahe urgently needs the "rescue" of external funds.

　　BEYONCA will enter Hong Kong Science and Technology Parks Corporation’s Tseung Kwan O Innovation Park

　　June 28,BEYONCA, a smart electric vehicle brand, announced that it will enter the Tseung Kwan O Innovation Park under the Hong Kong Science and Technology Parks Corporation, and establish an international headquarters, a vehicle assembly plant, and four major centers here, namely the vehicle research and development andCenter, marketing center, customer experience and smart health service center, andCenter.

　　Financial Union Auto: BEYONCA takes a significant step forward.

　　Karl Power announced the completion of 600 million yuan A round of financing to accelerate the unmanned and commercialization of formation autonomous driving

　　On June 28th, Karl Power announced the completion of 600 million yuan A round of financing. The financing funds will be used to accelerate the large-scale application and commercialization of L4 autonomous driving formation technology. In the past year, Karl Power has accumulated financing of over 1 billion yuan. Investors includeMunicipal State Investment Group, Group,Cooperation with Shenzhen Investment Capital, Horizon and other strategic investors.

　　The commercialization of autonomous driving in the field of commercial vehicles is constantly being realized.

　　2024 Dcar summer test starts 30 models to participate

　　On June 28, the 2024 Dcar summer test was officially opened at the Wuhan Intelligent Networked Vehicle Test Ground. 30 popular models such as Zhijie S7, Wenjie M7, Xiaomi SU7, etcType, will participate in more than 10 tests in five dimensions, including battery life charging, summer car scenarios, and AEB active safety, in the next two weeks. This summer test will be broadcast live on Dcar and Douyin App to ensure that the test process is open and transparent.

　　China’s auto market urgently needs independent third-party, fair and professional car evaluation.

　　Starting from 155,800 yuan, Zero Run C16 is listed

　　On June 28th, the flagship model of Zero Run Leap3.0 Zero Run C16 was officially launched, divided into pure electric and range extension two power forms, a total of 6 versions, the price range 155,800 – 185,800 yuan. The new car is set to be a medium and large six-seat SUV, using 2 + 2 + 2 three-row layout, equipped with8295 cockpit chip, OrinX smart driving chip, standard global 800V high voltage platform, will be delivered in July.

　　Financial Union Auto: 150,000 level six-seat player entry.

　　Saudi Aramco plans to acquire a 10% stake in HORSE Powertrain, a new joint venture between Renault and Geely

　　On June 28, Saudi Aramco intends to sign a definitive agreement to acquire a 10% stake in "HORSE Powertrain Limited", a global powertrain technology company. HORSE Powertrain Limited was established by Renault Group and Geely on May 31, 2024, and is registered and headquartered in London, UK. Saudi Aramco will acquire a 5% stake in HORSE Powertrain Limited from Renault Group and Geely respectively, and the two companies will each retain a 45% stake. The price paid by Saudi Aramco at closing, subject to regular closing conditions including regulatory approvals, will be based on a corporate valuation of 7.40 billion euros.

　　Saudi Arabia, a major oil producer, is also facing the need for a green transition.

A new generation of CR

　　Recently, China Central Radio and Television’s annual blockbuster event "China Automobile Festival" came to an end, and some powerful models that have attracted much attention from users have also lived up to expectations to win awards again. Among them, the new generation CR-V from Dongfeng Honda won the "Best SUV of the Year" award – it is worth mentioning that this is the second time after the Dongfeng HondaCR-V won the "Best SUV of the Year" in CCTV’s "2020 China Automobile Festival" in January 2021.

　　As we all know, the SUV segment has played the role of the core incremental market in the past more than 10 years, and it has won the best of the year twice, indicating that the CR-V, a global strategic model, has been widely recognized by Chinese users and has become a benchmark model for urban SUVs. But for the new generation of CR-V, this award also has special significance – the current car covers the diversified layout of fuel, hybrid and plug-in hybrid power systems in terms of power, which makes it the vanguard of Dongfeng Honda’s electrification transformation.

A new generation of CR-V three power upgrade, become the vanguard of Dongfeng Honda transformation _fororder_image001

　　Diversified power, ushering in a new era

　　Winning the award from China Central Radio and Television is closely related to the product strength of the new generation CR-V that keeps pace with the times.

　　The new generation CR-V SPORT TURBO uses a 1.5T direct injection VTEC turbocharged engine, matched with a G-Design Shift stepless gearbox, with a maximum power of 142kW and a maximum torque of 243N · m. This power system has been widely verified by users around the world, is mature and reliable, and also applies many technologies such as oblique current turbines, resulting in better acceleration response, further improvement of quietness, and a better user experience.

　　In order to adapt to the user requests of the electrification era, as early as two years ago, Dongfeng Honda introduced the leading electrification models for the new generation CR-V. In March this year, with the release of Dongfeng Honda’s strong electric intelligent hybrid technology brand, the new generation CR-V family also launched the CR-V e: PHEV model, which greatly increased the strength of the CR-V family again. Among them, the fourth-generation i-MMD dual-motor hybrid system equipped with the new generation CR-V e: PHEV is considered to be the core of Honda’s electrification strategy, which can provide users with a driving experience closer to EV models, achieve "high energy and low consumption", and at the same time have no so-called "battery life anxiety". In addition, the e: PHEV model adopts an adaptive shock absorption system, which electronically controls the attenuation force that matches the driving scene with vehicle information such as wheel speed, and is in line with the SPORT switch brought about by the highest level of mode switching of the car series to achieve "high stability" and "ride comfort".

　　The motor output gears of the new E-CVT have been changed from one set of gear meshing to two sets of high-speed and low-speed gear meshing, thus setting a better transmission ratio when directly connected at high-speed and low-speed. When cruising at high speed, the engine can enter the direct connection mode at a lower speed, and the power reserve is effectively improved. The maximum speed reaches 193 km/h, and the maximum speed for continuous driving is increased by 30% compared with the previous generation, and the high-speed performance is greatly improved.

　　The new generation of CR-V’s new low-speed engine direct connection mode realizes the direct engine connection drive during slow acceleration, which meets the power performance and improves the fuel economy. The special thing about this multi-power matrix is that the new generation of CR-V can cover the needs of different sub-segments of users – this is especially critical in the era of "scene travel". Users will only pay for their own travel scenarios, and this car just happens to be able to connect with different users in this regard. But this is not all about the new generation of CR-V – intelligence also plays a key role.

A new generation of CR-V three power upgrade, become the vanguard of Dongfeng Honda transformation _fororder_image002

　　Intelligent deduction of safety first

　　The new generation of CR-V’s fuel version of the top model is equipped with the Honda SENSING 360 safety sensor system for the first time in the world. With the Honda CONNECT 3.0 intelligent guide interconnection, the intelligent level of this car has been greatly improved.

　　It should be pointed out that people do not have much doubts about car safety in the era of fuel vehicles – after all, engineers have been solving safety problems by inventing various vehicle-grade devices for the past hundred years. But in the age of intelligence, a common misconception is that people take the safety of a smart car for granted, even though the actual situation is not the case – intelligence is often applied to some fancy functions that are not practical and do not really serve the safety of the vehicle. Honda is trying to change this, and the masterpiece is the Honda SENSING 360 safety super-sensing system, which is highly intelligent to maximize the safety of the occupant and provide a superior driving experience.

　　This system applies Honda’s extensive knowledge and experience accumulated in the research and development of L3 autonomous driving technology, and effectively integrates with China’s advanced intelligent technology and resources to create an intelligent "safety" and "peace of mind" new experience for Chinese users. The system was first carried on the new generation CR-V (Zunyao version) model. The "Honda SENSING 360 Safety Ultra Sensing" system, through the forward-looking sensor camera and 1 millimeter wave radar + 4 angle radars, realizes 360-degree surrounding sensing, and the monitoring range and recognition accuracy are greatly improved. In particular, it strengthens the accident avoidance ability for intersections, reducing the risk of accidents while reducing the driving load. The system integrates various technologies such as CMBS anti-collision smart protection, FCTW travel prophet and LCCM lane change guard that are not available in competing products at the same level, as well as ALCA lane change smart driving and ACC Cornering speed Assist corner smart driving (also not available in competing products at the same level), making users’ driving easier. In addition, the new generation CR-V is also equipped with Honda CONNECT 3.0 intelligent guide interconnection system, which can realize innovative performance such as "AI intelligent main force" "daily life interconnection" "remote control" and "OTA online upgrade", creating a new smart travel experience for users.

A new generation of CR-V three power upgrade, become the vanguard of Dongfeng Honda transformation _fororder_image003

　　Entering China for 19 years, harvesting 2.70 million users

　　Based on its comprehensive product capabilities, the new generation CR-V successfully won the "Best SUV of the Year" award of China Central Radio and Television for the second time, which is also in line with its global strategic model positioning. In fact, since entering the Chinese market, CR-V has always been the leader in the urban SUV market segment.

　　In October 1995, Honda released the first-generation CR-V model, and three years later became the sales champion among the same class of cars in the United States, with total annual sales exceeding 100,000. The second-generation CR-V offers two models: supercharged diesel engine and gasoline engine with i-VTEC technology. Especially the two-wheel drive version, which has carried out "urbanization" to the end, and won the title of the best SUV of the year in the authoritative magazine "Car and Driver" for two consecutive years. In 2004, Dongfeng Honda officially introduced the second-generation CR-V to China, opening up the Chinese urban SUV market in one fell swoop, creating a precedent for urban SUVs, and opening its glorious history. From 2007 to 2011, CR-V became the sales champion of the market segment for five consecutive years; in 2008, CR-V became the only "super five-star" model evaluated by C-NCAP with a total score of 50.6 points, escorting consumers’ lives with absolute safety.

　　In July 2017, the fifth-generation CR-V was prospectively equipped with a 240TURBO turbocharged engine for the first time, and matched with a CVT continuously variable transmission, which achieved low emissions and low fuel consumption at the same time. In addition, the SPORT HYBRID Rui · Hybrid was also launched, equipped with an advanced i-MMD dual-motor hybrid system, which was also the first in the world. At the same time, it is also equipped with Honda SENSING safety super sense, which further enhances safety and intelligence, ushering in the era of dual power with a new look.

　　On September 28, 2022, the "SUV new life definer" – Dongfeng Honda’s new generation CR-V was officially launched. The new generation CR-V SPORT TURBO was the first to launch. On March 10, 2023, the new generation CR-V e: PHEV was launched. The new car is equipped with e: PHEV strong electric intelligent hybrid technology – the fourth generation i-MMD dual-motor hybrid system. This year, Dongfeng Honda will also launch a new generation of CR-V e: HEV models. At this point, the diversified layout of the fuel, hybrid and plug-in hybrid power systems owned by the CR-V family has been upgraded again.

　　In the 19 years since entering China, CR-V has gained more than 2.70 million Chinese users with its outstanding product strength such as large space, strong power and comfort. "It has always been imitated and never surpassed". Now, the new generation CR-V has used multiple power to become the vanguard of Dongfeng Honda’s electrification transformation, laying the foundation for Dongfeng Honda’s next 20 years of development – winning the "Best SUV of the Year" of China Central Radio and Television is just the beginning, and there is a bigger vision waiting for the new generation CR-V to realize. (Dongfeng Honda, for pictures)

160,000 yuan! Mazda EZ-6 pre-sale： joint venture new energy vehicle ceiling？

On September 28, the Changan Mazda EZ-6 product value description and pre-sale conference was officially held, and Tramway was invited to participate online.

The car provides two power versions of pure electric and extended range, of which the pure electric version is divided into three versions: pure electric 480 Zhiyue version, pure electric 600 Zhiya version, and pure electric 600 Zhizun version; the extended range version is divided into extended range 130, extended range 200, extended range 200 Zhiya version, extended range 200 Zhizun version Four versions, the pre-sale price is 160,000 – 200,000 yuan, and participating in the pre-sale can also get many preferential rights and interests.Considering that car companies may have the idea of surprising consumers, the real starting price of this car is likely to be less than 160,000 yuan.

(Source: Changan Mazda)

The front of the Mazda EZ-6 adopts a family-style "Soul" design front face. Although it is a new energy vehicle, it maintains the design style of a fuel vehicle. With a 3D electroplated luminous logo, it creates a strong sense of high-end. The side lines of the body are smooth and full of movement. The black B-pillar is perfectly integrated with the side windows. With the design of hidden door handles, bezel-less doors, hatchback taildoors, and adaptive suspended electric tail wings, the overall coordination is textured, and it highlights the sense of movement. It also supports the sound wave function of the oil car.

The car is 4921/1890/1485mm in length, width and height, with a wheelbase of 2895mm. It has 963mm head space, 103mm knee space, 89mm foot space, and a 497L oversized trunk. The pure electric version also has a 99L front trunk.

In terms of interior, Mazda EZ-6 is mainly based on a sense of technology and luxury. The whole series is equipped with NAPPA leather material, two-spoke steering wheel, 14.6-inch high definition central control screen, electronic pocket block, 10.1-inch digital instrument panel, main and auxiliary dual zero gravity/heating/ventilation/massage seats, 50W wireless air-cooled overcharging, 14 Sony high-quality speakers and other configuration combinations, which are full of luxury. It is worth mentioning that Mazda EZ-6 retains a large number of physical switches, which can be easily operated by users blindly.

(Source: Changan Mazda)

In terms of intelligence in the field of non-traditional car companies, Mazda also handed over a high score. The car is equipped with the E-ZONE intelligent cockpit platform, which supports four-tone voice interaction, full scene visibility, 11 cockpit modes, facial recognition login, and "silence" gesture to the camera, the vehicle can turn off all sounds.

In terms of smart driving that is indispensable to current mid-to-high-end models, Mazda EZ-6 claims to be equipped with the only smart driving system that can rival domestic cars in the field of joint ventures. The system hardware includes 5 cameras, 5 millimeter-wave radars, 12 ultrasonic radars, and supports five functions: intelligent speed limit CSL, intelligent lane centering LCC, traffic congestion intelligent following TJA, intelligent offset avoidance LDC, and driver-triggered lane change UDLC.

In addition, the Mazda EZ-6 also supports five parking auxiliary features, capable of identifying 150 + parking spaces, which can not only help the driver park in the car, but also realize remote parking through remote control parking and tracking reversing functions.

Mazda EZ-6 is based on the same EPA pure electric platform of the dark blue SL03, and the system electric drive efficiency, low temperature performance and charging time are significantly improved. The pure electric version provides 56.1kWh and 68.8kWh battery specifications, with battery life of 480km and 600km respectively. It supports 3C fast charging technology, and can charge the power from 30% to 80% in 15 minutes. The maximum power of the pure electric version motor is 190kW and the maximum output torque is 320N · m.

The extended range version is equipped with a 1.5L range extender, and the battery capacity is divided into two specifications: 18.9kWh and 28.4kWh, corresponding to 130km and 200km pure electric cruising range respectively. It can charge the power from 30% to 80% in 20 minutes, and the comprehensive cruising range can reach 1301km. The measured fuel consumption is only 3.6L/100km. The maximum power of the motor of the extended range version is 160kW, and the maximum output torque is also 320N · m.

In July and August this year, the penetration rate of domestic new energy vehicles exceeded 50%, marking that the industry has entered a new stage and the competition will be more intense.Compared with self-owned brand car companies, overseas car companies are generally slower to transition to new energy, which has also affected the launch pace and product sales of joint venture new energy vehicles.

At the press conference, Changan Mazda repeatedly mentioned that Mazda EZ-6 multiple configurations and functions are the only joint venture car with the same domestic car, revealing the anxiety and tension of the joint venture brand. On this occasion, Mazda also needs more competitive products to achieve Changan Mazda’s domestic annual sales target of 300,000 cars.

The Mazda EZ-6 is a product of deep cooperation between Changan and Mazda. From the perspective of product configuration and pre-sale price, the car is equipped with zero-gravity seats, smart driving and other functions, which meet the current needs of domestic consumers. The pricing is also relatively affordable. The cooperation between the two car companies has achieved the effect of "1 + 1 > 2".

Mazda EZ-6 points the way for other joint venture car companies to deepen cooperation with Chinese car companies and design new energy models that better meet the needs of domestic consumers through the new energy technology and marketing experience accumulated by Chinese car companies.

Want to crack China’s Beidou navigation？ Chinese Academy of Sciences scientist： There is only one way

　　CCTV News:Nowadays, positioning and navigation is a must-have for home travel for many people. But when it comes to positioning and navigation, everyone still thinks of GPS first. GPS in the United States has almost a monopoly position due to its seniority and fame, and has even become synonymous with navigation and positioning. But now, this "big net" that has monopolized for decades is finally about to be broken by China! That is the Beidou navigation system independently developed by our country.

　　At the 8th China Satellite Navigation Academic Conference that just ended last week, our country’s Beidou navigation system once again became the focus of attention. It was revealed that 15 Beidou satellites are currently in stable operation in orbit and have completed service coverage in the Asia-Pacific region. Five new-generation Beidou satellites have completed in-orbit commissioning and are about to be connected to the network. This means that starting from the second half of this year, our country’s Beidou satellites will officially start global networking, pulling off the curtain of the Beidou system for global services. It is expected that by 2020, global service capabilities will eventually be formed.

　　 So, can China’s "Beidou" smoothly enter the market of European and American countries in the future? Where will "Beidou" rank in the global satellite navigation system? Xu Ying, born in 1983, a navigation system scientist, has been engaged in Beidou-related research for more than ten years, and is the youngest researcher and doctoral supervisor since the establishment of the Institute of Optoelectronics of the Chinese Academy of Sciences. Under Xu Ying’s telling, the story of the Beidou system becomes easy to understand, and you will refresh your understanding of this "important weapon of the country"??

　　What is "Big Dipper"?

　　The satellite navigation system is a group of stars 20,000 kilometers away from us, providing us with location-based services. The satellite navigation system is referred to as the GNSS system, and there are a total of 4 VIP members in the GNSS club. In addition to the well-known US GPS system, including Russia’s GLONASS system, the European Union’s Galileo system, and our country’s independently built Beidou satellite navigation and positioning system.

　　The Beidou satellite navigation and positioning system is a satellite navigation and positioning system independently built by our country. It is currently in the stage of construction and application promotion. It consists of five geostationary orbit satellites and 30 non-geostationary orbit satellites. The Beidou satellite navigation system is expected to provide a global service around 2020.

　　In the GNSS club, the members are most concerned about the issue of frequency resources. All frequency resources must be applied to the ITU, which will be divided by the ITU. In the initial stage of the construction of the satellite navigation system, the frequency resources were relatively abundant, and the relatively early GPS system and GLONASS system did not have the problem of frequency resource conflict. When the Beidou system and the Galileo system were established, the frequency competition was very obvious. At that time, the Galileo system actually applied for this frequency resource in advance, but due to the economic crisis in Europe, the Galileo system funding chain was broken. Although they launched satellites and occupied orbital positions at that time, they did not transmit this frequency signal. According to the "first come, first served" regulations of the ITU, whichever country can launch this satellite first, and the satellite transmits the signal of this frequency down, the frequency resource will be yours in the future.

　　Because April 17, 2007 is the deadline for the frequency resources declared by Beidou, it is required that the Beidou test satellite must be launched in advance, which is very rare in our country’s aerospace history. Because advance will bring a series of problems. But after the cooperation of various departments, in order to compete for this frequency, our country successfully launched the Beidou test satellite on April 14, and the satellite changed its orbit on April 15. On April 16, the satellite began to send down signals. Within 24 hours before the frequency resources applied for by Beidou expired on April 17, China officially launched the frequency resources declared by Beidou, which also opened the curtain on the construction of the Beidou global system.

　　There is a famous saying in the industry: "The application of satellite navigation and positioning systems is only limited by imagination." It is no exaggeration to say that, as a typical national heavy weapon, it is like our water, electricity, and highways, and is the guarantee of our social construction foundation.

　　The Beidou system not only provides basic functions such as location, navigation and timing, but also provides communication functions. For example, one day a person drifts to an isolated island. If he chooses GPS, he can only know his location and cannot notify others to come to the rescue, so he can only survive on the deserted island. If he uses the Beidou system, the situation is completely different. He can not only know his location, but also send his location to people tens of kilometers away, hundreds of kilometers away, or even thousands of miles away, so that you can soon say goodbye to your GPS-wielding buddy on the rescue boat~

　　The Beidou system is very easy to use, why do people seem to rarely use Beidou in life now, it seems that there is a little more GPS. The GPS satellite navigation and positioning system was built about 20 years earlier than the Beidou system, and the 20-year historical gap cannot be filled overnight by our technology. The application and promotion of the GPS system has been very mature. For example, the cheapest GPS chip may be about two dollars, while the chip price of the Beidou system may still be generally around 100 yuan due to mass production and other reasons. "Unaffordable" restricts the development of Beidou, but unaffordable is not the main factor restricting the development of Beidou.

　　Around 2011, there was a piece of news that spread all over the Internet. At that time, the headlines used by the media were "Tsinghua girls cracked Beidou and sent it to the United States", or "Beidou’s tens of billions of investments were wasted" and so on, which was more sensational. So is Beidou really so vulnerable? Of course not. In fact, the real unreliable is the GPS system. Because the GPS system is only open to us, and the GPS signal is easy to change during the war. The United States once turned off the GPS signal to the European Union during the Gulf War. The European Union was also very dissatisfied, so in order to protect autonomy, the European Union began to build the Galileo system. For us, too, in order to ensure reliability, our country began to build its own Beidou system.

　　Back to the news of Tsinghua girl cracking Beidou, in fact, she just deciphered the pseudo-code sequence of Beidou’s civil code signal. First of all, during the construction of Beidou, for the sake of compatibility and interoperability, Beidou’s civil code design is in the same vein as GPS and Galileo, and there is no special design. Our country hopes that people all over the world can use Beidou, not only China’s Beidou, but also the world’s Beidou. She wants to crack this unencrypted civil code signal, which is actually not technically difficult. From the perspective of scientific research, it is a problem of signal detection and estimation. In fact, in 2012, our country has announced the ICD file of Beidou, telling everyone our civil code format, hoping that receiver manufacturers around the world can use this ICD file to produce corresponding Beidou receivers.

　　In addition to the civilian code, Beidou also has a military code. The military code has been specially designed such as encryption, which is stable and reliable. If you want to crack the military code system, we may suggest some simpler ways. That is to build a time-travel machine and eavesdrop on the side when you go back to the Beidou military code design. This technical difficulty is easier than technically cracking the Beidou military code. Therefore, everyone must believe that our Beidou system is very easy to use and very stable.

　　At the end of the speech, Xu Ying called on everyone to support the Beidou system more, and she and all the researchers dedicated to Beidou satellite navigation will also make unremitting efforts to let the Beidou giant ship continue to ride the wind and waves to the world.

　　Source: CCTV News, China Broadcasting Network, China Popular Science Expo

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.