Regulations on the administration of housing provident fund

  (Decree No.262 of the State Council of the People’s Republic of China was promulgated on April 3, 1999 and revised according to the Decision of the State Council on Amending the Regulations on the Administration of Housing Provident Fund on March 24, 2002)   

  Chapter I General Provisions   

  Article 1 These Regulations are formulated in order to strengthen the management of housing provident fund, safeguard the legitimate rights and interests of the owners of housing provident fund, promote urban housing construction and improve the living standard of urban residents.

  Article 2 These Regulations shall apply to the deposit, withdrawal, use, management and supervision of housing provident fund in People’s Republic of China (PRC).

  The term "housing provident fund" as mentioned in these Regulations refers to the long-term housing savings paid by state organs, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises, institutions, private non-enterprise units, social organizations (hereinafter referred to as units) and their employees.

  Article 3 The housing accumulation fund paid by individual employees and the housing accumulation fund paid by the unit where employees work for employees belong to individual employees.

  Article 4 The management of housing provident fund shall follow the principles of decision-making by the housing provident fund management committee, operation of the housing provident fund management center, storage in special bank accounts and financial supervision.

  Article 5 The housing accumulation fund shall be used for the purchase, construction, renovation and overhaul of self-occupied housing by employees, and no unit or individual may use it for other purposes.

  Sixth housing provident fund deposit and loan interest rates proposed by the People’s Bank of China, after soliciting the opinions of the administrative department of construction in the State Council, submitted to the State Council for approval.

  Seventh the State Council construction administrative departments in conjunction with the the State Council municipal finance department, China people’s bank to formulate housing provident fund policy, and supervise the implementation.

  The construction administrative departments of the people’s governments of provinces and autonomous regions shall, jointly with the financial departments at the same level and the branches of the People’s Bank of China, be responsible for the supervision of the implementation of the housing provident fund management regulations and policies within their respective administrative areas.   

  Chapter II Institutions and Their Duties   

  Article 8 Municipalities directly under the central government, cities where the people’s governments of provinces and autonomous regions are located, and other cities with districts (prefectures and leagues) shall set up housing provident fund management committees as decision-making bodies for housing provident fund management. Among the members of the Housing Provident Fund Management Committee, the heads of the people’s government and relevant departments such as construction, finance and the People’s Bank and relevant experts account for 1/3, trade union representatives and employee representatives account for 1/3, and unit representatives account for 1/3.

  The director of the housing provident fund management committee shall be a person with social credibility.

  Ninth housing provident fund management committee shall perform the following duties in the management of housing provident fund:

  (a) according to the relevant laws, regulations and policies, formulate and adjust the specific management measures of housing provident fund, and supervise the implementation;

  (two) according to the provisions of article eighteenth of this Ordinance, formulate the specific deposit ratio of housing provident fund;

  (three) to determine the maximum loan amount of housing provident fund;

  (four) approval of housing provident fund collection and use plan;

  (five) to consider the housing provident fund value-added income distribution plan;

  (six) to examine and approve the report on the implementation of the plan for the collection and use of housing provident fund.

  Article 10 Municipalities directly under the central government, cities where the people’s governments of provinces and autonomous regions are located, and other cities with districts (prefectures and leagues) shall set up a housing provident fund management center to be responsible for the management and operation of housing provident fund according to the principle of simplification and efficiency. County (city) does not set up housing provident fund management center.

  The housing provident fund management center specified in the preceding paragraph may set up branches in counties (cities) where conditions permit. The housing provident fund management center and its branches shall implement unified rules and regulations and conduct unified accounting.

  Housing provident fund management center is an independent institution directly under the people’s government of the city, which is not for profit.

  Eleventh housing provident fund management center shall perform the following duties:

  (a) the preparation and implementation of housing provident fund collection and use plan;

  (two) responsible for recording the deposit, withdrawal and use of employee housing provident fund;

  (three) responsible for the accounting of housing provident fund;

  (four) the approval of the extraction and use of housing provident fund;

  (five) responsible for the preservation and return of housing provident fund;

  (six) the preparation of housing provident fund collection and use plan implementation report;

  (seven) to undertake other matters decided by the housing provident fund management committee.

  Twelfth housing provident fund management committee shall, in accordance with the relevant provisions of the People’s Bank of China, designate commercial banks entrusted with the financial business of housing provident fund (hereinafter referred to as the entrusted banks); The housing provident fund management center shall entrust the entrusted bank to handle the financial services such as housing provident fund loans and settlement, and the procedures for the establishment, deposit and return of housing provident fund accounts.

  The housing provident fund management center shall sign an entrustment contract with the entrusted bank.   

  Chapter III Deposit  

  Thirteenth housing provident fund management center shall set up a housing provident fund account in the entrusted bank.

  The unit shall go to the housing provident fund management center for the registration of housing provident fund deposit, and after being audited by the housing provident fund management center, go to the entrusted bank for the establishment of housing provident fund accounts for its employees. Each employee can only have one housing provident fund account.

  The housing provident fund management center shall establish a detailed account of employee housing provident fund to record the deposit and withdrawal of employee individual housing provident fund.

  Article 14 A newly established unit shall, within 30 days from the date of establishment, register the deposit of housing provident fund at the housing provident fund management center, and, within 20 days from the date of registration, go to the entrusted bank to set up housing provident fund accounts for its employees.

  In case of merger, division, cancellation, dissolution or bankruptcy of a unit, the original unit or liquidation organization shall, within 30 days from the date of the above-mentioned situation, go to the housing provident fund management center for registration of change or cancellation, and hold the audit documents of the housing provident fund management center within 20 days from the date of completing the registration of change or cancellation, and go to the entrusted bank for the transfer or sealing of the housing provident fund account for the employees of the unit.

  Fifteenth units to hire employees, should be within 30 days from the date of employment to the housing provident fund management center for deposit registration, and with the housing provident fund management center audit documents, to the entrusted bank for the establishment or transfer of employee housing provident fund accounts.

  Where the unit terminates the labor relationship with the employee, the unit shall, within 30 days from the date of termination of the labor relationship, go to the housing provident fund management center to register the change, and go to the entrusted bank to handle the transfer or sealing procedures of the employee housing provident fund account with the audit documents of the housing provident fund management center.

  Article 16 The monthly deposit amount of employee housing provident fund is the average monthly salary of the employee in the previous year multiplied by the deposit ratio of employee housing provident fund.

  The monthly deposit amount of the housing provident fund paid by the unit for the employees is the average monthly salary of the employees in the previous year multiplied by the proportion of the housing provident fund paid by the unit.

  Seventeenth new employees began to pay housing provident fund from the second month of their work, and the monthly deposit amount was the employee’s salary multiplied by the employee’s housing provident fund deposit ratio.

  The newly transferred employees of the unit shall pay the housing provident fund from the date when the transferred employees pay their wages, and the monthly deposit amount shall be the employee’s monthly salary multiplied by the employee’s housing provident fund deposit ratio.

  Eighteenth employees and units housing provident fund deposit ratio shall not be less than 5% of the average monthly salary of employees in the previous year; Conditional cities can appropriately increase the deposit ratio. The specific deposit ratio shall be drawn up by the Housing Provident Fund Management Committee, and shall be submitted to the people’s governments of provinces, autonomous regions and municipalities directly under the Central Government for approval after being audited by the people’s governments at the corresponding levels.

  Article 19 The housing accumulation fund paid by individual employees shall be withheld and remitted from their wages by the unit where they work.

  The unit shall remit the housing provident fund paid by the unit and remitted for employees to the housing provident fund account within 5 days from the date of monthly payment of employees’ wages, and the entrusted bank shall include it in the employee housing provident fund account.

  Twentieth units shall pay the housing provident fund on time and in full, and shall not pay it overdue or underpaid.

  Units that have real difficulties in depositing housing provident fund can reduce the deposit ratio or defer payment after being discussed and approved by the workers’ congress or the trade union of the unit, audited by the housing provident fund management center and reported to the housing provident fund management Committee for approval; After the economic benefits of the unit improve, the deposit ratio will be increased or the overdue payment will be postponed.

  Twenty-first housing provident fund from the date of deposit in the employee housing provident fund account, according to the interest rate stipulated by the state.

  Twenty-second housing provident fund management center shall issue valid certificates of housing provident fund deposit for employees who have paid housing provident fund.

  Twenty-third units for workers to pay housing provident fund, charged in accordance with the following provisions:

  (a) the organs charged in the budget;

  (two) institutions shall be charged to the budget or expenses after being approved by the financial department;

  (3) The enterprise shall be charged in the cost.

  Chapter IV Extraction and Use   

  Twenty-fourth employees in any of the following circumstances, you can withdraw the balance of storage in the employee housing provident fund account:

  (a) the purchase, construction, renovation and overhaul of owner-occupied housing;

  (2) Retired;

  (three) completely lose the ability to work, and terminate the labor relationship with the unit;

  (4) Having left the country to settle down;

  (five) to repay the principal and interest of the house loan;

  (six) the rent exceeds the prescribed proportion of family wage income.

  In accordance with the provisions of items (2), (3) and (4) of the preceding paragraph, the employee housing provident fund account shall be cancelled at the same time.

  If an employee dies or is declared dead, the employee’s heirs and legatees may withdraw the storage balance in the employee’s housing provident fund account; If there is no heir or legatee, the storage balance in the employee housing provident fund account will be included in the value-added income of the housing provident fund.

  Twenty-fifth workers to withdraw the balance of storage in the housing provident fund account, the unit should be verified, and issue a certificate of extraction.

  Employees shall apply to the housing provident fund management center for the withdrawal of housing provident fund with the withdrawal certificate. The housing provident fund management center shall, within 3 days from the date of accepting the application, make a decision on whether to approve or not to withdraw, and notify the applicant; If the withdrawal is approved, the entrusted bank shall go through the payment formalities.

  Twenty-sixth workers who have paid housing provident fund can apply for housing provident fund loans to the housing provident fund management center when purchasing, building, renovating or overhauling their own houses.

  The housing provident fund management center shall, within 15 days from the date of accepting the application, make a decision on whether to grant or not to grant loans, and notify the applicant; If the loan is granted, the entrusted bank shall go through the loan formalities.

  The risk of housing provident fund loans shall be borne by the housing provident fund management center.

  Twenty-seventh applicants who apply for housing provident fund loans shall provide guarantees.

  Twenty-eighth housing provident fund management center in the premise of ensuring the housing provident fund withdrawal and loans, with the approval of the housing provident fund management committee, the housing provident fund can be used to buy government bonds.

  The housing provident fund management center shall not provide guarantees to others.

  Article 29 The value-added income of the housing provident fund shall be deposited in the special account of the value-added income of the housing provident fund opened by the housing provident fund management center in the entrusted bank, which shall be used for establishing the risk reserve of the housing provident fund loan, the management expenses of the housing provident fund management center and the supplementary funds for the construction of urban low-rent housing.

  Thirtieth housing provident fund management center management fees, by the housing provident fund management center in accordance with the provisions of the standards for the preparation of the total annual budget expenditure, after the approval of the financial department of the people’s government at the same level, from the value-added income of housing provident fund to the finance at the same level, by the finance at the same level.

  The management fee standard of the housing provident fund management center shall be formulated by the construction administrative departments of the people’s governments of provinces, autonomous regions and municipalities directly under the Central Government in conjunction with the financial departments at the same level in accordance with the fee standard of institutions slightly higher than that stipulated by the state.   

  Chapter V Supervision   

  Article 31 The financial department of the local people’s government concerned shall strengthen supervision over the collection, withdrawal and use of housing provident fund within its administrative area, and notify the housing provident fund management committee of the people’s government at the corresponding level.

  Housing provident fund management center in the preparation of housing provident fund collection, use plan, it should seek the views of the financial sector.

  Housing provident fund management committee in the examination and approval of housing provident fund collection, use plan and plan implementation report, must have the financial sector to participate.

  Thirty-second housing provident fund management center to prepare the annual budget and final accounts of housing provident fund, should be audited by the financial sector, submitted to the housing provident fund management committee for consideration.

  The housing provident fund management center shall regularly submit financial reports to the financial department and the housing provident fund management Committee every year, and announce the financial reports to the public.

  Thirty-third housing provident fund management center shall accept the audit supervision of the audit department according to law.

  Thirty-fourth housing provident fund management center and employees have the right to urge units to perform the following obligations on time:

  (a) the registration of housing provident fund deposit or change or cancellation of registration;

  (two) the establishment, transfer or sealing of the housing provident fund account;

  (3) Paying the housing provident fund in full.

  Thirty-fifth housing provident fund management center shall urge the entrusted bank to handle the business agreed in the entrustment contract in time.

  The entrusted bank shall, in accordance with the entrustment contract, provide relevant business information to the housing provident fund management center on a regular basis.

  Thirty-sixth workers and units have the right to inquire about the deposit and withdrawal of their own housing provident fund, and the housing provident fund management center and the entrusted bank shall not refuse.

  Workers and units have objections to the balance of storage in the housing provident fund account, and may apply to the entrusted bank for review; If there is any objection to the results of the review, you may apply for a re-review of the housing provident fund management center. The entrusted bank and housing provident fund management center shall give a written reply within 5 days from the date of receiving the application.

  Workers have the right to expose, report and accuse the misappropriation of housing provident fund.   

  Chapter VI Penalty   

  Thirty-seventh in violation of the provisions of this Ordinance, the unit does not handle the registration of housing provident fund deposit or the procedures for the establishment of housing provident fund accounts for its employees, and the housing provident fund management center shall order it to be handled within a time limit; If it is not handled within the time limit, it will be fined between 10,000 yuan and 50,000 yuan.

  Thirty-eighth in violation of the provisions of this Ordinance, the unit fails to pay or underpays the housing provident fund, and the housing provident fund management center shall order it to pay within a time limit; If the deposit is not made within the time limit, it may apply to the people’s court for compulsory execution.

  Article 39 If the Housing Provident Fund Management Committee violates the provisions of these Regulations and approves the use plan of the housing provident fund, the construction administrative department of the State Council shall, jointly with the financial department of the State Council or the construction administrative department of the people’s government of a province or autonomous region shall, jointly with the financial department at the same level, order it to make corrections within a time limit according to its management authority.

  Fortieth housing provident fund management center in violation of the provisions of these regulations, one of the following acts, by the construction administrative department of the State Council or the construction administrative department of the people’s government of the province or autonomous region according to the management authority, shall be ordered to make corrections within a time limit; The responsible person in charge and other directly responsible personnel shall be given administrative sanctions according to law:

  (a) failing to set up a housing provident fund account in accordance with the provisions;

  (two) failing to approve the withdrawal and use of housing provident fund by employees in accordance with the regulations;

  (3) Failing to use the value-added income of the housing provident fund in accordance with the provisions;

  (4) Entrusting an institution other than a bank designated by the Housing Provident Fund Management Committee to handle the housing provident fund financial business;

  (five) did not establish a detailed account of employee housing provident fund;

  (6) Failing to issue valid certificates of housing provident fund deposit to employees who have paid housing provident fund;

  (seven) not in accordance with the provisions of the housing provident fund to buy government bonds.

  Forty-first in violation of the provisions of this Ordinance, the misappropriation of housing provident fund, by the construction administrative department of the State Council or the construction administrative department of the people’s government of the province or autonomous region according to the management authority, to recover the misappropriated housing provident fund, confiscate the illegal income; Persons in charge of the people’s government who misappropriate or approve the misappropriation of housing provident fund, persons in charge of the housing provident fund management center and other persons directly responsible shall be investigated for criminal responsibility according to the provisions of the Criminal Law on the crime of misappropriation of public funds or other crimes; If it is not serious enough for criminal punishment, it shall be given administrative sanctions of demotion or dismissal.

  Forty-second housing provident fund management center in violation of financial regulations, the financial sector shall be given administrative punishment according to law.

  Forty-third in violation of the provisions of this Ordinance, the housing provident fund management center to provide guarantees to others, the directly responsible person in charge and other directly responsible personnel shall be given administrative sanctions according to law.

  Forty-fourth state functionaries in the supervision and management of housing provident fund abuse their powers, neglect their duties, engage in malpractices for selfish ends, which constitutes a crime, shall be investigated for criminal responsibility according to law; If it does not constitute a crime, it shall be given administrative sanctions according to law.   

  Chapter VII Supplementary Provisions   

  Forty-fifth measures for financial management and accounting of housing provident fund shall be formulated by the finance department of the State Council in consultation with the construction administrative department of the State Council.

  Article 46 Before the implementation of these Regulations, the units that have not gone through the formalities of deposit registration of housing provident fund and establishment of employee housing provident fund accounts shall go through the formalities of deposit registration at the housing provident fund management center within 60 days from the date of implementation of these Regulations, and go through the formalities of establishment of employee housing provident fund accounts at the entrusted bank.

  Article 47 These Regulations shall come into force as of the date of promulgation.

  On March 24th, 2019, the Decision of the State Council Municipality on Amending Some Administrative Regulations amended this document.

Introduction to the Main Contents of On the Party’s Youth Work by the Supreme Leader

  Xinhua News Agency, Beijing, June 21st-The book On the Party’s Youth Work edited by the the Central Committee of the Communist Party of China Institute of Party History and Literature included 60 important manuscripts on the Party’s youth work from May 2013 to May 2022. The main contents of this monographic collection are introduced as follows.

  Speech at the Conference to Celebrate the Centenary of the Communist Youth League of China was delivered by the Supreme Leader on May 10th, 2022. The speech comprehensively reviewed the youth course of the Communist Youth League unswervingly listening to the Party’s words and following the Party in the past 100 years, fully affirmed the important contribution made by the Communist Youth League under the leadership of the Party to unite and lead generations of young members to realize the Chinese dream of great rejuvenation of the Chinese nation, profoundly expounded the historical experience of the Communist Youth League and youth work, and put forward clear requirements for doing a good job in the work of the Communist Youth League in the new era, which is highly political, ideological, strategic and instructive. It is pointed out that youth breeds infinite hope and youth creates a better tomorrow. Over the past 100 years, the Communist Youth League of China has always been United with and struggled with the Party, uniting and leading the majority of its members to write their loyalty in the cause of the Party and the people, spread their youth on the journey of national rejuvenation, and engrave their glory in the annals of historical progress. In the new journey, how to better unite, organize and mobilize young people, and strive to achieve the goal of the second century and realize the Chinese dream of the great rejuvenation of the Chinese nation is a major issue that must be answered by the youth movement and youth work in China in the new era. The Communist Youth League should firmly grasp the fundamental task of cultivating socialist builders and successors, unite and lead the vast number of young members to grow into good young people with ideals, courage, hardship and willingness to struggle, stir up the surging spring tide of national rejuvenation with the energy and creativity of youth, and strive for a better China with the wisdom and sweat of youth. We must persist in educating people for the Party.It has always been a political school leading the ideological progress of China youth; Consciously take responsibility, and always become the vanguard force to organize the permanent struggle of China youth; Caring for the vast number of young people has always become the strongest bridge between the party and the youth; Be brave in self-revolution, and always become an advanced organization that follows the party and walks in the forefront of the times.

  "Speech at a discussion with outstanding youth representatives from all walks of life" is the speech of the supreme leader comrade on May 4, 2013. It is pointed out that history and reality tell us that if the younger generation has ideals and responsibilities, the country will have a future, the nation will have hope, and there will be a steady stream of powerful forces to achieve our development goals. The Chinese dream is historical, realistic and future; It belongs to the country, the nation and every Chinese. It’s ours, and it belongs to the younger generation. The great rejuvenation of the Chinese nation will eventually become a reality in the relay struggle of the vast number of young people. Looking forward to the future, the younger generation of our country will certainly have a lot to do, and it will also have a lot to do. There is only one youth in a person’s life. Now, youth is used to struggle; In the future, youth will be used for memories. The vast number of young people must strengthen their ideals and beliefs, practice excellent skills, be brave in innovation and creation, be determined to work hard, temper their noble character, and strive to release their youth dreams in the vivid practice of realizing the Chinese dream of the great rejuvenation of the Chinese nation.

  "Children should aspire to and have dreams when they are young" is the main point of the speech made by the Supreme Leader on May 29th, 2013 when he celebrated the "June 1st" International Children’s Day with the representatives of children of all ethnic groups in China. It is pointed out that realizing our dreams depends on our generation and more on the next generation. Children should be determined to have dreams from childhood, love learning, love labor and love the motherland, develop morally, intellectually, physically and aesthetically in an all-round way, and become useful talents for the construction of the motherland when they grow up. It is our greatest wish that children grow up better. The party and the government should always care about children of all ethnic groups and strive to create better conditions for their study and growth. Teachers and parents should assume the responsibility of educating and guiding children to grow up. Young Pioneers organizations should better serve children. The whole society should care about the growth of children and support their work.

  "Unite and lead the broad masses of young people to continue to write new glories in the journey of realizing the great rejuvenation of the Chinese nation" is a speech made by the Supreme Leader Comrade in a collective conversation with the new leadership team of the Central Committee of the Communist Youth League on June 20, 2013. It is pointed out that representing the broad masses of young people, winning the broad masses of young people and relying on the broad masses of young people are important guarantees for our party to move from victory to victory. At present, the whole party and the people of all ethnic groups in China are working hard to achieve the goal put forward by the 18th CPC National Congress, and are marching courageously towards the Chinese dream of realizing the great rejuvenation of the Chinese nation. This is the overall situation of the work of the Party and the country, and it is also the theme of the youth movement in China. The work of the group should be carried out closely around this overall situation and this theme. To grasp the fundamental problem, we must take the training of Socialism with Chinese characteristics’s builders and successors as the fundamental task, the consolidation and expansion of the party’s ruling youth mass base as the political responsibility, and the focus on the center and serving the overall situation as the main line of work. In order to grasp the pulse of the vast number of young people and improve the attraction and cohesion of the group, the key is to hold high the banner of ideals and beliefs; The key to expanding the effective coverage of the work of the Youth League is to extend the work to the places where the majority of young people need it most. It is emphasized that the key to promoting the cause of the Communist Youth League to create a new situation lies in the league cadres. The cadres of the Communist Youth League must strengthen their ideals and beliefs, care for the vast number of young people, improve their working ability and temper their fine style of work.

  "Innovation at the Right Time, Dreams in the Right Situation" is part of the speech made by the Supreme Leader at the centenary celebration meeting of the European and American Alumni Association on October 21, 2013. It is pointed out that the vast number of overseas students should unite patriotism, ambition to strengthen the country and their trip to serve the country, integrate their dreams into the people’s great struggle to realize the Chinese dream, and write their names on the glorious history of the great rejuvenation of the Chinese nation. I hope that the vast number of overseas students will stick to the spirit of patriotism, study hard, strive to innovate and create, and actively promote foreign exchanges. The European and American Alumni Association and the China Overseas Students’ Friendship Association should strive to become a talent pool for studying abroad and serving the country, a think tank for making suggestions and suggestions, a new force for developing folk diplomacy, a bridge between the Party and overseas students, an assistant for the Party and the government to do a good job in overseas students’ work, and a home for overseas students, and closely unite the overseas students around the Party.

  To realize the Chinese dream, we need to rely on young people to achieve youth, which is an excerpt from the manuscripts of the top leaders from December 2013 to February 2022. It is pointed out that the new era is the era of dream catchers, and it is also the era when the majority of teenagers realize their dreams. The younger generation should set up lofty ideals, love the great motherland, shoulder the responsibility of the times, be brave in struggling, practice excellent skills, temper moral cultivation, strive to become useful and virtuous people to society, actively participate in the great cause of building a socialist modern country in an all-round way, realize the value of life in the great struggle of hundreds of millions of people to realize the Chinese dream, and write colorful chapters worthy of the times and history with youth.

  "Contributing Youth, Wisdom and Strength to Building a Community of Human Destiny" is an excerpt from the manuscript of the Supreme Leader from April 2014 to May 2020. It is pointed out that the turn of the country lies in people’s blind date, and the key to people’s blind date lies in the communication between young people. The younger generation should look at the world with equality, respect and love, look at different civilizations in the world with an attitude of appreciation, tolerance and mutual learning, promote mutual understanding and understanding among people of all countries, make the planet we live in a better place with the vitality and struggle of youth, and work together to promote the common aspiration of the people and promote the building of a community of human destiny.

  "Young people should consciously practice socialist core values" is a speech made by the Supreme Leader at the Peking University Teachers’ and Students’ Symposium on May 4th, 2014. It is pointed out that for a nation and a country, the most lasting and deepest strength is the core values recognized by the whole society. Establishing the "greatest common denominator" reflecting the values shared by the people of all ethnic groups in the country, so that all the people can unite and forge ahead, is related to the future and destiny of the country and the happiness and well-being of the people. Youth is in the period of forming and establishing values, so it is very important to cultivate values in this period. Study hard, work hard, and get true knowledge. Want Xiu De, strengthen moral cultivation, pay attention to moral practice. We should distinguish clearly, be good at distinguishing right from wrong, and be good at making decisions and choosing. Be honest, be a down-to-earth officer and be a down-to-earth person.

  "Actively Cultivate and Practice Socialist Core Values from an Early Age" was a speech delivered by the Supreme Leader at a symposium hosted by the National Primary School in Haidian District, Beijing on May 30, 2014. It is pointed out that if any idea is to be established in the whole society and play a long-term role, it must start with children. To cultivate and practice socialist core values, children should adapt to their age and characteristics, mainly by remembering the requirements, setting an example, starting from an early age and receiving help. It is necessary to memorize the basic contents of socialist core values, melt them in the mind, engrave them in the mind, and deepen understanding in combination with practice such as study and life. We should learn from heroes, advanced figures and beautiful things, and develop good ideological and moral pursuits in our study. We should start from ourselves, from the side, from small things, accumulate bit by bit, and develop good thoughts and good morality. We must listen to opinions, stand criticism, and grow up healthily in an atmosphere where we know our mistakes and correct them.

  "Vocational education is an important way for young people to open the door to success" is an instruction given by the Supreme Leader on May 30, 2014 to accelerate the development of vocational education. It is pointed out that vocational education is an important part of the national education system and human resources development, and shoulders the important responsibilities of cultivating diversified talents, inheriting technical skills and promoting employment and entrepreneurship. It is necessary to establish a correct concept of talents and strive to train hundreds of millions of high-quality workers and technical and skilled personnel. We should firmly grasp the direction of running schools to serve development and promote employment, and strive to build a vocational education system with China characteristics. It is necessary to increase support for vocational education in rural areas, ethnic areas and poverty-stricken areas, and strive to give everyone a chance to shine in life.

  "Cultivating a large number of young scientific and technological talents" is an excerpt from the manuscript of the Supreme Leader from June 2014 to May 2022. It is pointed out that having a large number of innovative young talents is the vitality of national innovation and the hope of scientific and technological development. It is necessary to focus the policy of cultivating national strategic talents on young scientific and technological talents and create a large-scale team of young scientific and technological talents. Party committees and governments at all levels should make full use of outstanding young talents with their discerning eye for talents, sincerity in loving talents, courage in using talents, magnanimity in accommodating talents, and good prescription for gathering talents, so as to pave the way for young talents to become thoughtful, affectionate, responsible and responsible socialist builders and successors.

  "Let the Red Gene and Revolution Be Inherited from Generation to Generation" is an excerpt from the manuscript of the Supreme Leader from October 2014 to June 2021. It is pointed out that revolutionary traditional education should start with dolls, not only pay attention to instilling knowledge, but also strengthen emotional cultivation, so that the red gene can seep into the blood and heart, and guide the majority of teenagers to establish a correct world outlook, outlook on life and values. It is necessary to do a good job in the study and education of young people, focus on telling the story of the party, the story of the revolution and the story of the hero, cultivate the feelings of loving the party, patriotism and socialism, let the red gene and revolution be passed down from generation to generation, and ensure that the red mountains and rivers will never change color.

  "Be a good child of the motherland today, and be a builder of the motherland tomorrow" is the main point of the speech made by the Supreme Leader Comrade when he met with the representatives of the Seventh National Congress of the Chinese Young Pioneers on June 1, 2015. It is pointed out that it is a strategic task to train children well, which is related to the long term. Childhood is the most precious period in a person’s life. During this period, we should pay attention to establishing correct life goals and cultivating good thoughts, good conduct and good habits. Children of all ethnic groups in China should "study hard and make progress every day". We should learn to be a man from an early age and strive to be a small model for studying and practicing socialist core values. We should learn from childhood and aspire to be the successors of the cause development of the motherland and the people. We should learn and create from an early age, and strive to be a small model who studies hard, works consciously and dares to create.

  "Maintaining and Strengthening the Party’s Group Work and the Political Advancement and Mass of Group Organizations" is the main point of the speech made by the Supreme Leader Comrade at the Central Party’s Group Work Conference on July 6, 2015. It is pointed out that the party’s group work is the mass work carried out by the party through group organization, and it is an important work for the party organization to mobilize the broad masses of the people to complete the party’s central task. This is a great pioneering work of our party and a great advantage of our party. We must strengthen and improve the party’s group work, give full play to the role of the main force of the working class, the new force of youth, women holding up half the sky and the first resource of talents, and fully mobilize the enthusiasm of more than 1.3 billion people. We must do a good job in the party’s group work from the political height of consolidating the party’s ruling class foundation and mass foundation, and ensure that the party always shares the same breath, destiny and heart with the broad masses of the people. Group organizations must be made more energetic and stronger, and become an important force to promote the modernization of the national governance system and governance capacity.

  "Congratulations to the 12th National Committee of the All-China Youth Federation and the 26th National Federation of Students" is a congratulatory letter from the top leaders on July 24th, 2015. It is pointed out that the cause of Youth Federation and Students’ Union is an important part of the Party’s group undertaking, and the Youth Federation and Students’ Union organizations must constantly maintain and enhance their political, advanced and mass nature, constantly promote their own reforms, conscientiously perform their functions, and better organize and mobilize the broad masses of young people to firmly follow the Party.

  "Let the children of poor families feel the warmth of the party and the government" is part of the speech made by the Supreme Leader at the Central Poverty Alleviation and Development Work Conference on November 27, 2015. It is pointed out that to cure poverty first, to cure stupidity, and to help poverty first, to help wisdom. Education is the fundamental solution to block the intergenerational transmission of poverty. Education in poverty-stricken areas is long-term, and we must make great efforts to do a good job. Poverty alleviation policies should be more humanized and refined from design to implementation, so that children from poor families can feel the warmth of the party and the government.

  "Creating a clean and tidy cyberspace for the vast number of young people" is an excerpt from two speeches by the top leaders on April 19, 2016 and April 20, 2018. It is pointed out that cyberspace is the common spiritual home of hundreds of millions of people. Cyberspace is clear and the ecology is good, which is in line with the interests of the people. The vast majority of netizens are teenagers, who are easily influenced by different ideological trends. In the attitude of being responsible to the society and the people, we should strengthen the governance of cyberspace according to law, strengthen the construction of online content, strengthen positive online publicity, cultivate a positive, healthy and upward-oriented online culture, nourish people’s hearts and society with socialist core values and outstanding achievements of human civilization, and achieve full positive energy and high main melody, so as to create a clean and positive cyberspace for the majority of netizens, especially teenagers.

  "Constantly Writing the Times Chapter of Dedication to Youth" is part of the speech made by the Supreme Leader Comrade at the symposium of intellectuals, model workers and youth representatives on April 26, 2016. It is pointed out that to build a well-off society in an all-round way, the vast number of young people are fresh troops and commandos. To realize the Chinese dream of the great rejuvenation of the Chinese nation requires generations of aspiring young people to continue to struggle. The majority of young people should consciously practice the socialist core values and constantly cultivate noble character; We should consciously strengthen our study and constantly enhance our skills; We should consciously dedicate our youth and make more contributions to building a well-off society in an all-round way; It is necessary to maintain the strength of newborn calves who are not afraid of tigers. If they don’t know how to go to school, they won’t practice. If they don’t have the conditions, they will try to create conditions to make their youth glow in their dedication to the country and the people.

  "Let children grow up healthily, which is related to the future of the motherland and the nation" is an excerpt from the speech of the Supreme Leader Comrade at the National Health and Wellness Conference on August 19, 2016. It is pointed out that there are more than 300 million children in China, and it is the greatest wish and expectation of every family to let children grow up healthily, which is related to the future of the motherland and the nation. We should attach importance to the health of children and strengthen the health and health work in kindergartens, primary and secondary schools in an all-round way. We should start from an early age, focus on primary and secondary schools, establish and improve the health education system, popularize health science knowledge, and strengthen health education in schools at all levels. It is necessary to take effective measures to strengthen the vaccination of young people and build a key barrier for the prevention and control of infectious diseases. It is necessary to increase basic research on mental health issues, do a good job in mental health knowledge and popular science of mental diseases, and standardize the development of mental health services such as psychotherapy and psychological counseling.

  "Basic Education Should Follow the Characteristics and Laws of Teenagers’ Growth" is part of the main points of the speech made by the Supreme Leader on September 9, 2016 when he visited Beijing Bayi School. It is pointed out that basic education is the cause of moral education, and it is necessary to strengthen ideological and political education, moral education, socialist core values education and guide students to be self-confident, self-reliant and self-reliant. Basic education is the foundation project to improve the national quality. We should follow the characteristics and laws of teenagers’ growth, do a good job in basic articles, establish a strong view of talents, vigorously promote quality education, encourage schools to run their own characteristics, and encourage teachers to teach their own styles. Basic education is the cause of the whole society and needs the close cooperation of schools, families and society. Primary and secondary school students are the main body of teenagers and the future and hope of the country. To aspire to success, we must study hard, improve our comprehensive quality, strive to cultivate our morality, aim high, study hard, pursue Excellence, be physically and mentally healthy, temper our will and sharpen our tenacity.

  "Families should help children button up the first button in life" is part of the speech made by Comrade Supreme Leader when meeting with the representatives of the first national civilized family on December 12, 2016. It is pointed out that family is the first class in life and parents are the first teachers of children. The most important thing in family education is moral education, which is how to be a person. The majority of families should attach importance to words and deeds, teach knowledge and moral character, practice and listen to each other, and help children button up the first button in life and take the first step in life.

  "Young people should be inspired to study hard and strengthen their temper" is part of the speech made by the Supreme Leader at the symposium of China University of Political Science and Law on May 3, 2017. It is pointed out that the ideals and beliefs, mental state and comprehensive quality of the younger generation are an important embodiment of a country’s development vitality and an important factor of a country’s core competitiveness. Contemporary young people should establish ideals and beliefs that are in the same direction as the theme of the times and be brave enough to shoulder the historical responsibility entrusted by the times; We should learn knowledge like a sponge, and strive to be both knowledgeable and specialized, and the more knowledgeable and specialized; We should closely combine learning with thinking, observation with thinking, and practice with thinking, learn to analyze problems with correct standpoints and methods, and develop the habit of historical thinking, dialectical thinking, systematic thinking and innovative thinking; It is necessary to strengthen the tempering of will and morality, so that prosperity and adversity will become the wealth of life, strive to cultivate noble conduct and simple emotions, and win the achievements of life and career with good morality.

  "Youth makes the country prosperous, and youth makes the country strong" is a part of the report made by the Supreme Leader in The 19th National Congress of the Communist Party of China on October 18th, 2017. It is pointed out that if the younger generation has ideals, skills and responsibilities, the country will have a future and the nation will have hope. The Chinese dream of the great rejuvenation of the Chinese nation will eventually become a reality in the relay struggle of generations of young people. The whole party should care for and care for young people and set up a stage for them to realize their brilliant life. The majority of young people should strengthen their ideals and beliefs, aim high, be down-to-earth, be brave in being the trendsetter of the times, let go of their youth dreams in the vivid practice of realizing the Chinese dream, and write a chapter of life in the unremitting struggle for the interests of the people.

  "Young people in the new era should be patriotic, inspirational, truth-seeking, and practical" is a part of the speech made by the Supreme Leader on May 2, 2018 at the teacher-student forum in Peking University. It is pointed out that the new era we are facing is not only the best era for the development of the Chinese nation since modern times, but also the most critical era for realizing the great rejuvenation of the Chinese nation. The vast number of young people not only have broad development space, but also bear the great mission of the times. For the vast number of young people, this is the biggest life opportunity and the biggest life test. Young people should be patriotic, loyal to the motherland and loyal to the people; Be inspirational, be ambitious and be a struggler; Demanding truth, seeking truth and learning, and practicing true skills; We should practice, integrate knowledge with practice, and be doers.

  "party flag refers to the direction of the Youth League Flag" is a speech made by the Supreme Leader on July 2, 2018 when talking with the new leadership of the Youth League Central Committee. It is pointed out that after the 18th National Congress of the Communist Party of China, the CPC Central Committee attached great importance to and vigorously promoted youth work from the overall development of the cause of the Party and the country, held the first meeting of the Central Party’s group work in the history of the Party, issued the first youth development plan in the history of new China, deployed the reform of the Communist Youth League, and promoted the historic achievements in youth work. The requirements of the CPC Central Committee on youth work have defined the strategic position of youth work, the theme of the China youth movement, the responsibility and mission of youth work, the correct path for the healthy growth of the younger generation, the path and methods of youth work, the objectives and tasks of the Communist Youth League’s reform and development, and the need to strengthen the party’s leadership over youth work. These important requirements are the fundamental follow-up for the Party’s youth work in the new era, and must be adhered to for a long time. It is necessary to grasp the duty and mission of the Communist Youth League in the new era, strengthen the political guidance for young people, widely mobilize young people to make contributions to the new era, better contact and serve young people, further promote the reform of the Communist Youth League, and earnestly implement the requirements of strictly administering the League.

  "Cultivating new people of the times who are responsible for national rejuvenation" is part of the speech made by the Supreme Leader at the National Conference on Propaganda and Ideological Work on August 21, 2018. It is pointed out that the new people of the times who are responsible for national rejuvenation must conform to the requirements of the new era in terms of ideological level, political consciousness, moral quality, cultural accomplishment and mental state. To cultivate new people of the times, the most important thing is to build a spiritual foundation with firm ideals and beliefs. It is necessary to strengthen the education of ideals and beliefs among all people, especially young people, deepen the publicity and education of socialism and communism, deepen the publicity and education of Socialism with Chinese characteristics and the Chinese dream, carry forward the national spirit with patriotism as the core and the spirit of the times with reform and innovation as the core, so that the beacon of ideals and beliefs will always shine in the hearts of people of all ethnic groups throughout the country. It is necessary to promote the transformation of socialist core values into ideological consciousness and behavioral habits, seize the critical period of the formation and determination of young people’s values, grasp them from an early age and from kindergarten, and guide young people to buckle their first buttons in life.

  "Cultivating socialist builders and successors with all-round development in morality, intelligence, physique, beauty and labor" is part of the speech delivered by the top leader comrade at the national education conference on September 10, 2018. It is pointed out that the primary problem of education is who to train. Our education must take the cultivation of socialist builders and successors as the fundamental task, and cultivate useful talents who support the Communist Party of China (CPC)’s leadership and China’s socialist system from generation to generation and are determined to fight for Socialism with Chinese characteristics for life. We should work hard to strengthen our ideals and beliefs, cultivate patriotic feelings, strengthen moral cultivation, increase our knowledge and knowledge, cultivate the spirit of struggle and enhance our comprehensive quality. Efforts should be made to build an education system that comprehensively cultivates morality, intelligence, physique, beauty and labor, and form a higher-level talent training system. Pay attention to the construction of teaching materials.

  "Ideological and political course is the key course to implement the fundamental task of Lide Shuren" is the main part of the speech made by the Supreme Leader on March 18, 2019 at the symposium of teachers of ideological and political theory courses in schools. It is pointed out that to run the ideological and political course well, the most fundamental thing is to fully implement the party’s educational policy and solve the fundamental problem of who to train, how to train people and for whom. Our party is determined to make great achievements for the Chinese nation, and it is necessary to cultivate useful talents who support the Communist Party of China (CPC)’s leadership and China’s socialist system from generation to generation and are determined to fight for the cause of Socialism with Chinese characteristics for life. The key to running ideological and political theory courses well lies in teachers, and the key lies in giving full play to their enthusiasm, initiative and creativity. Teachers of ideological and political courses should plant the seeds of truth, goodness and beauty in students’ hearts and guide them to button the first button in life. To promote the reform and innovation of ideological and political theory courses, we should constantly enhance the ideological, theoretical, affinity and pertinence of ideological and political courses. It is emphasized that it is necessary to strengthen the party’s leadership over the construction of ideological and political theory courses. Party committees at all levels should put the construction of ideological and political theory courses on an important agenda, grasp the outstanding problems that restrict the construction of ideological and political courses, and take effective measures in terms of work pattern, team building, support and guarantee.

  "Speech at the centenary conference of the May 4th Movement" is the speech of the supreme leader comrade on April 30, 2019. It is pointed out that the May 4th Movement was a turning point from the old democratic revolution to the new democratic revolution in China, and it was a milestone in the historical process of the Chinese nation’s pursuit of national independence and development and progress in modern times. The 100 years since the May 4th Movement have been a century in which young people in China have been struggling and marching forward, and a century in which young people in China have created a youthful China and a youthful nation with their youthful self. The theme of the youth movement in China in the new era, the direction of the youth movement in China in the new era, and the mission of the youth in China in the new era are to adhere to the leadership of the Communist Party of China (CPC) and work with the people to achieve the goal of "two hundred years" and realize the Chinese dream of the great rejuvenation of the Chinese nation. It is emphasized that young people in China in the new era should continue to carry forward the spirit of the May 4th Movement, take the great rejuvenation of the Chinese nation as their own responsibility, and live up to the expectations of the Party, the people and the nation, and live up to our great era. First, we should set up lofty ideals; second, we should love the great motherland; third, we should shoulder the responsibility of the times; fourth, we should be brave in striving; fifth, we should practice excellent skills; sixth, we should temper our moral character.

  "Young People Hand Over Qualified Answers in COVID-19 Epidemic Prevention and Control Struggle" is an excerpt from the manuscript of the Supreme Leader from March to September 2020. It is pointed out that in the struggle for epidemic prevention and control in COVID-19, the younger generation has become the main force in the front line of fighting the epidemic. They are not afraid of hardships, difficulties and sacrifices, shouldering a mountain of responsibilities with their arms, showing their youthful enthusiasm and showing the hope of the Chinese nation. The vast number of young people have proved by their actions that the young people in China in the new era are good and worthy of great responsibilities.

  "The broad masses of young people should constantly enhance their ambition, backbone and confidence to be Chinese" is a part of the main points of the speech made by Comrade Supreme Leader during his inspection tour in Tsinghua University on April 19th, 2021. It is pointed out that the vast number of young people should love their country and the people, and establish a firm ideal of permanent struggle and sincere dedication for the motherland and the people. We should temper our moral character and pursue a higher, higher and more tasteful life. We should be brave in innovation, contribute to the country with wisdom and wisdom, and serve the society with pioneering spirit. We should study hard, pursue Excellence in climbing the peak of knowledge, speak louder than words when shouldering the heavy responsibility of the times, and achieve something in the real work.

  "China youth in the new era should take the great rejuvenation of the Chinese nation as their own responsibility" is part of the speech made by the Supreme Leader on July 1st, 2021 at the celebration of the centenary of the founding of the Communist Party of China (CPC). It is pointed out that the future belongs to the youth and I hope to place it on the youth. One hundred years ago, a group of young people held high the torch of Marxist thought and struggled to find the future of national rejuvenation in stormy China. Over the past 100 years, under the banner of the Communist Party of China (CPC), generations of young people in China have integrated their youth struggle into the cause of the Party and the people, and become the vanguard force to realize the great rejuvenation of the Chinese nation. China youth in the new era should take the great rejuvenation of the Chinese nation as their own responsibility, enhance their ambition, backbone and confidence to be Chinese, and live up to the times, youth and ardent expectations of the Party and the people.

  "Listen to the Party, Follow the Party, and strive to grow into a new person of the times who can shoulder the heavy responsibility of national rejuvenation" is a part of the speech made by the Supreme Leader at the symposium of teachers and students of China Renmin University on April 25th, 2022. It is pointed out that based on the new era and new journey, the goal and direction of China youth can be summed up in one point, that is, they will unswervingly listen to and follow the Party, and strive to grow into new people of the times who can shoulder the heavy responsibility of national rejuvenation. The vast majority of young people should measure the land of the motherland with their feet, discover the spirit of China with their eyes, listen to the people’s voices with their ears, feel the pulse of the times with their hearts, and integrate their feelings about the motherland’s blood being thicker than water and sharing the same fate with the people throughout their studies and career pursuits. We should be firm believers, active communicators and exemplary practitioners of socialist core values. We should always be ready to make unremitting efforts and forge ahead bravely in the torrent of the times to realize the great rejuvenation of the Chinese nation. We should keep in mind the party’s teachings, be determined to revive the nation, live up to our youth, the times and the people, and strive to run hard on the track of youth and strive to run out of the best achievements of contemporary youth.

Statistical Bulletin of National Economic and Social Development in Hunan Province in 2014

  In 2014, in the face of the complicated and changeable domestic and international economic operation environment, the Hunan Provincial Party Committee and the provincial government led the people of the whole province to conscientiously implement the central government’s decisions and arrangements, continued to adhere to the general tone of work of striving for progress while maintaining stability, actively adapted to the new normal, actively acted, vigorously promoted the "three quantities rising together", effectively promoted the "four modernizations and two types", comprehensively deepened reforms, and comprehensively promoted the construction of a well-off society. The economic and social development of the whole province showed a good situation of steady progress and steady improvement of quality.

First, integration 

  According to preliminary accounting, the GDP of the whole province was 2,704.85 billion yuan, up by 9.5% over the previous year. Among them, the added value of the primary industry was 314.88 billion yuan, an increase of 4.5%; The added value of the secondary industry was 1,248.19 billion yuan, an increase of 9.3%; The added value of the tertiary industry was 1,141.78 billion yuan, an increase of 11.1%. According to the resident population, the per capita GDP was 40,287 yuan, an increase of 8.7%.

 

  The tertiary industry structure of the province is 11.6∶46.2∶42.2, and the proportion of tertiary industry is 1.3 percentage points higher than that of the previous year. The industrial added value accounted for 39.7% of the regional GDP, down 0.9 percentage points from the previous year; The added value of high-tech industries accounted for 19.0% of the regional GDP, an increase of 2.7 percentage points over the previous year. The contribution rates of primary, secondary and tertiary industries to economic growth are 5.3%, 47.5% and 47.2% respectively. Among them, the contribution rate of industrial added value to economic growth is 41.3%, and that of producer services is 22.8%. The added value of the non-public sector of the economy was 1,589.63 billion yuan, up by 10.3%, accounting for 58.8% of the regional GDP, up by 0.9 percentage points over the previous year.

  Regionally, the GDP of Changsha, Zhuzhou and Xiangtan was 1,155.59 billion yuan, an increase of 10.5% over the previous year; The GDP of southern Hunan was 556.81 billion yuan, up by 10.2%. The GDP of western Hunan was 452.06 billion yuan, an increase of 8.3%; The GDP of Dongting Lake area was 643.67 billion yuan, up by 10.1%.

Second, the agricultural industry 

  In the primary industry, the added value of agriculture reached 202.03 billion yuan, an increase of 4.2% over the previous year; The added value of forestry was 22.55 billion yuan, an increase of 5.8%; The added value of animal husbandry was 68.24 billion yuan, an increase of 4.7%; The added value of fishery was 22.06 billion yuan, up by 5.6%.

  The province’s grain planting area was 4.975 million hectares, an increase of 0.8% over the previous year; The cotton planting area was 130,000 hectares, a decrease of 18.5%; The planting area of sugar was 13,000 hectares, down by 6.2%; The oil planting area was 1.425 million hectares, an increase of 3.0%; The vegetable planting area was 1.33 million hectares, an increase of 3.6%.

  The province’s total grain output was 30.013 million tons, an increase of 2.6% over the previous year; Oil, tea and vegetables increased by 4.3%, 10.8% and 4.4% respectively; The yield of cotton and flue-cured tobacco decreased by 34.8% and 9.4% respectively; The output of pigs, cattle and mutton increased by 6.2%, eggs by 2.4%, milk by 4.5% and aquatic products by 6.0%.

  The effective irrigated area of newly-increased farmland was 20,000 hectares, an increase of 11.0% over the previous year; The newly added water-saving irrigation area is 14,000 hectares; 62,000 water conservancy projects were started, with an investment of 24.80 billion yuan, and 860 million cubic meters of earth and stone were completed. 8283 kilometers of rural roads were built.

III. Industry and Construction Industry 

  The total industrial added value of the province was 1,074.99 billion yuan, an increase of 9.2% over the previous year. The added value of industrial enterprises above designated size increased by 9.6%. The output value of new industrial products above designated size increased by 13%, accounting for 13.3% of the total industrial output value, an increase of 0.2 percentage points over the previous year. The added value of high-processing industries and high-tech industries above designated size increased by 13.5% and 27.8% respectively; The added value accounted for 36.6% and 10.3% of the industries above designated size, respectively, increasing by 1 and 1.3 percentage points over the previous year. The added value of the six high energy-consuming industries increased by 7.1%, accounting for 31.2% of the industries above designated size, down 0.4 percentage points from the previous year. The added value of non-public industrial enterprises above designated size increased by 11.8%. Regionally, the added value of industrial enterprises above designated size increased by 11.4% in Changsha, Zhuzhou and Xiangtan, 10.6% in southern Hunan, 9.0% in western Hunan and 9.4% in Dongting Lake.

 

  Among the main industrial products of the province’s industrial statistics above designated size, the output increased by 283 kinds over the previous year, accounting for 61.9% of the total number of products. 12.451 million tons of rice, an increase of 7.6%; The processing capacity of crude oil was 8 million tons, down by 15.4%; 119.913 million tons of cement, an increase of 5.7%; 19.893 million tons of steel, an increase of 0.1%; Ten kinds of non-ferrous metals were 2.831 million tons, down 0.9%; 74,000 concrete machinery, an increase of 5.4%; 621,000 cars, an increase of 1.9%; The power generation was 124.19 billion kWh, down 2.4%.

Table 1 Output and growth rate of major industrial products above designated size in 2014 

product name 

unit of measurement 

Yield 

Increase over the previous year (%) 

raw coal 

Ten thousand tons 

5413.7 

-23.2 

crude salt 

Ten thousand tons 

280.9 

9.3 

rice 

Ten thousand tons 

1245.1 

7.6 

fodder 

Ten thousand tons 

1619.1 

3.7 

Refined edible vegetable oil 

Ten thousand tons 

298.8 

8.4 

cigarette 

Yizhi 

1743.8 

2.2 

Machine-made paper and paperboard 

Ten thousand tons 

406.6 

-4.7 

Crude oil processing capacity 

Ten thousand tons 

eight hundred 

-15.4 

Sulfuric acid (100% off) 

Ten thousand tons 

397.6 

7.9 

Caustic soda (100% off) 

Ten thousand tons 

64.6 

-13.9 

synthetic ammonia 

Ten thousand tons 

123.9 

-19.5 

Agricultural chemical fertilizer (pure) 

Ten thousand tons 

105.5 

-21.4 

cement 

Ten thousand tons 

11991.3 

5.7 

sheet glass 

Ten thousand-weight box 

1208.2 

-33.1 

iron casting 

Ten thousand tons 

1780.7 

2.8 

crude steel 

Ten thousand tons 

1917.6 

4.3 

steel products 

Ten thousand tons 

1989.3 

0.1 

Ten kinds of nonferrous metals 

Ten thousand tons 

283.1 

-0.9 

silver 

ton 

8360.1 

21 

crane 

Ten thousand tons 

107.4 

-21.4 

Concrete machinery 

Wantai 

7.4 

5.4 

automobile 

Ten thousand vehicles 

62.1 

1.9 

In which: cars 

Ten thousand vehicles 

40.6 

7.3 

generating equipment 

Ten thousand kilowatts 

136.6 

0.5 

Ac motor 

Ten thousand kilowatts 

1738 

3.3 

transformer 

KVA 

10415.8 

3.4 

electric energy production 

Billion kwh 

1241.9 

-2.4 

In which: thermal power 

Billion kwh 

749.2 

-10.1 

    hydropower 

Billion kwh 

466.1 

10.9 

 

  The profits of industrial enterprises above designated size reached 152.32 billion yuan, down 3.7% from the previous year. In terms of economic types, the profits of state-owned enterprises reached 12.72 billion yuan, down by 1.9%; Collective enterprises realized a profit of 1.31 billion yuan, down 13.8%; Joint-stock cooperative enterprises realized a profit of 330 million yuan, down 5.7%; Joint-stock enterprises realized a profit of 112.49 billion yuan, down 3.3%; Foreign-invested enterprises from Hong Kong, Macao and Taiwan realized a profit of 12.35 billion yuan, down by 1.0%; Other domestic-funded enterprises realized profits of 13.12 billion yuan, down by 10.1%. Among the major industrial sectors above designated size, the top five industries with total profits are nonmetallic mineral products, chemical raw materials and chemical products manufacturing, tobacco products, special equipment manufacturing and agricultural and sideline food processing, with profits of 14.06 billion yuan, 13.28 billion yuan, 11.55 billion yuan, 11.05 billion yuan and 9.94 billion yuan respectively.

  The added value of the province’s construction industry was 174.49 billion yuan, an increase of 9.9% over the previous year. General contracting and professional contracting construction enterprises with qualification grade realized profits of 22.86 billion yuan, an increase of 20.1%. The building construction area was 474.332 million square meters, an increase of 9.0%. The completed building area was 165.83 million square meters, an increase of 4.4%.

  

IV. Investment in fixed assets 

  The province’s investment in fixed assets (excluding farmers) was 2,195.08 billion yuan, an increase of 19.4% over the previous year. In terms of economic types, state-owned investment was 639.31 billion yuan, an increase of 14.7%; Non-state-owned investment was 1,555.77 billion yuan, up by 21.5%; Private investment was 1,440.98 billion yuan, an increase of 21.2%, accounting for 65.6% of the total investment, an increase of 3.2 percentage points over the previous year. In terms of investment direction, people’s livelihood investment was 153 billion yuan, an increase of 40.6%; Ecological investment was 80.99 billion yuan, an increase of 31.0%; Infrastructure investment was 501.20 billion yuan, an increase of 23.6%; Investment in high-tech industries was 80.87 billion yuan, up by 14.7%; The investment in technological transformation was 761.73 billion yuan, an increase of 9.3%; The investment in strategic emerging industries was 494.98 billion yuan, an increase of 17.7%. In terms of regions, the investment in fixed assets in Changsha, Zhuzhou and Xiangtan was 877.62 billion yuan, an increase of 20.0%; The investment in southern Hunan was 488.51 billion yuan, an increase of 22.6%; The investment in western Hunan was 360.79 billion yuan, an increase of 17.2%; The investment in Dongting Lake area was 436.85 billion yuan, up by 20.9%.

 

Table 2 Investment in fixed assets by industry and its growth rate in 2014 

Finger mark 

Investment (100 million yuan) 

Increase over the previous year (%) 

Investment in fixed assets (excluding farmers) 

21950.8 

19.4 

  primary industry 

710 

34.9 

  secondary industry 

9321.2 

15.9 

  In which: mining industry 

679.9 

five 

      manufacturing industry 

7641.1 

14.6 

      Electricity, heat, gas and water production and supply industries 

783.2 

28.2 

      Construction industry 

238.1 

54.4 

  service sector 

11919.6 

21.4 

  Among them: transportation, warehousing and postal services. 

1559.9 

12.9 

      Information transmission, software and information technology services 

121.1 

30.1 

      Wholesale and retail trade 

965.5 

63.1 

      Accommodation and catering industry 

299.2 

21.1 

      financial industry 

75.1 

30 

      realty business 

3732.5 

12.3 

      Leasing and business services 

419.4 

16.6 

      Scientific research and technical service industry 

217.4 

55.7 

      Management of water conservancy, environment and public facilities 

2729.9 

30 

Resident service, repair and other service industries 

99.8 

15.5 

      education 

417.5 

38.1 

      Health and social work 

256 

48.5 

      Culture, sports and entertainment industry 

265.7 

32.5 

      Public management, social security and social organization 

590.5 

-3.4 

 

  There are 40,308 construction projects in the province, and 29,186 projects were put into operation this year. There were 3,154 projects with an investment of over 100 million yuan, with an investment of 554.29 billion yuan, accounting for 25.3% of the total investment.

  The province’s real estate development investment was 288.36 billion yuan, an increase of 9.7% over the previous year. Among them, residential investment was 199.85 billion yuan, an increase of 8.3%. The sales area of commercial housing was 54.395 million square meters, down 8.6%. Among them, the residential sales area was 48.523 million square meters, down 10.3%. The sales of commercial housing was 229.91 billion yuan, down 9.0%. Among them, residential sales reached 185.86 billion yuan, down 12.1%.

V. Domestic trade and prices 

  The total retail sales of social consumer goods in the province was 1,008.19 billion yuan, an increase of 12.8% over the previous year. In terms of business locations, the urban retail sales reached 906.25 billion yuan, an increase of 12.8%; Rural retail sales reached 101.94 billion yuan, an increase of 12.4%. In terms of regions, the retail sales in Changsha, Zhuzhou and Xiangtan reached 435.54 billion yuan, up by 12.8%. 195.55 billion yuan in southern Hunan, an increase of 12.8%; 161.68 billion yuan in western Hunan, an increase of 12.6%; Dongting Lake area was 215.43 billion yuan, an increase of 12.7%.

  The retail sales of wholesale and retail commodities of legal persons above designated size reached 415.59 billion yuan, up by 14.2% over the previous year. Among them, the retail sales of culture, entertainment, sports and health increased by 16.8%, and the retail sales of goods realized through the Internet increased by 65.0%. In terms of commodity categories, the retail sales of grain, oil, food, beverages, tobacco and alcohol increased by 23.1%, clothing, shoes and hats, knitwear increased by 12.9%, daily necessities increased by 18.8%, books, newspapers and magazines increased by 15.9%, household appliances and audio-visual equipment increased by 12.3%, cultural office supplies increased by 22.0%, mechanical and electrical products and equipment increased by 22.7%, and automobiles increased by 22.7%.

Table 3 Retail sales of social consumer goods and its growth rate in 2014 

Finger mark 

Retail sales (100 million yuan) 

Increase over the previous year (%) 

Total retail sales of social consumer goods 

10081.9 

12.8 

By place of business 

  

  

In which: towns 

9062.5 

12.8 

      countryside 

1019.4 

12.4 

By quota category 

  

  

In which: above the quota. 

5084.5 

11.1 

Retail sales of wholesale and retail commodities of legal persons above designated size 

4155.9 

14.2 

Among them: grain and oil, food, beverage, tobacco and alcohol. 

508 

23.1 

      Clothing, shoes and hats, knitted textiles 

311.5 

12.9 

      Cosmetics 

47.5 

16.6 

      Gold, silver and jewelry 

70.4 

8.3 

      Commodity class 

122.8 

18.8 

      Hardware and electrical materials. 

50.7 

27.6 

      Sports and entertainment products 

eight 

10.4 

      Books, newspapers and magazines 

73.5 

15.9 

      Electronic publications and audio-visual products 

3.9 

26.2 

      Household appliances and audio-visual equipment 

279.3 

12.3 

      Chinese and western medicines 

260.7 

15.9 

      Cultural office supplies 

62.1 

22 

      Furniture 

28.9 

15.3 

      Communication equipment category 

44.9 

20.1 

      Coal and products 

60.5 

17.9 

      Petroleum and products 

805.1 

4.7 

      Building and decoration materials 

67.8 

15.9 

      Mechanical and electrical products and equipment 

39.3 

22.7 

      Automobile category 

1184.6 

15 

 

  Consumer prices in the province increased by 1.9% over the previous year. Among them, cities rose by 2.1% and rural areas rose by 1.4%. The retail price of commodities rose by 1.2%. The ex-factory price of industrial producers decreased by 1.6%, and the purchase price of industrial producers decreased by 2.1%. The investment price of fixed assets rose by 1.5%. Producer prices of agricultural products decreased by 1.4%, while prices of agricultural means of production increased by 0.2%.

Table 4 Increase and decrease of consumer prices in 2014 compared with the previous year 

Finger mark 

Up from the previous year (%) 

consumer price index (CPI) 

1.9 

Among them: food 

2.6 

    Alcohol, tobacco and supplies 

-0.5 

    clothing 

1.7 

    Household equipment supplies and maintenance services 

1.3 

    Health care and personal items 

2.1 

    Traffic and communication 

0.2 

    Entertainment, education, cultural goods and services 

three 

    live 

1.4 

 

  VI. Foreign Economy 

  The total import and export volume of the province was 190.69 billion yuan, an increase of 22.2% over the previous year. Among them, the export was 123.04 billion yuan, an increase of 33.9%; Imports reached 67.65 billion yuan, up 5.4%. In terms of trade mode, the general trade export was 86.64 billion yuan, an increase of 38.1%; The export of processing trade was 32.15 billion yuan, up by 15.4%. In terms of key commodities, the export of mechanical and electrical products was 51.62 billion yuan, up 44.3%, accounting for 42.0% of the total export, up 3.1 percentage points over the previous year; The export of high-tech products was 14.75 billion yuan, up by 43.4%, accounting for 12.0% of the total export, up by 0.8 percentage points over the previous year; The export of agricultural products was 6.72 billion yuan, an increase of 22.6%.

Table 5 Total import and export volume and its growth rate in 2014 

Finger mark 

Absolute number (100 million yuan) 

Increase over the previous year (%) 

total export-import volume 

1906.9 

22.2 

value of export 

1230.4 

33.9 

     Divide by trade mode 

  

  

     In which: general trade. 

866.4 

38.1 

        processing trade 

321.5 

15.4 

     Divide by key commodities 

  

  

     Among them: mechanical and electrical products 

516.2 

44.3 

        High-tech products 

147.5 

43.4 

        agricultural product 

67.2 

22.6 

volume of import 

676.5 

5.4 

     Divide by trade mode 

  

  

     In which: general trade. 

408.8 

-5 

        processing trade 

214 

9.5 

     Divide by key commodities 

  

  

     Among them: mechanical and electrical products 

253.4 

32.7 

        High-tech products 

93.4 

32.5 

        agricultural product 

24.3 

-16.6 

 

  The actual utilization of foreign direct investment in the province was 10.27 billion US dollars, an increase of 17.9% over the previous year. Among them, the primary industry was 580 million US dollars, an increase of 9.1%; The secondary industry was $6.58 billion, an increase of 12.2%; The tertiary industry reached $3.10 billion, an increase of 34.7%. 24 foreign-funded projects with more than 30 million US dollars were newly introduced. During the year, 3 Fortune 500 companies were introduced, and by the end of 2014, 134 Fortune 500 companies had invested in Hunan. The actual introduction of domestic and foreign funds was 330.08 billion yuan, an increase of 14.5%. Among them, the primary industry was 10.46 billion yuan, an increase of 5.8%; The secondary industry was 212.80 billion yuan, an increase of 13.4%; The tertiary industry was 106.81 billion yuan, an increase of 17.6%. 803 domestic and foreign projects of over 100 million yuan were introduced, an increase of 18.3%; The actual funds in place were 165.53 billion yuan, an increase of 30.4%.

  The newly signed contracts for foreign contracted projects, labor service cooperation and design consultation in the province amounted to 5.19 billion US dollars, an increase of 14.8% over the previous year; Realized a turnover of $4.08 billion, an increase of 23.3%; There were 69,000 overseas laborers, an increase of 16.1%. 144 overseas investment enterprises were newly approved, with a contractual investment of 2.15 billion US dollars.

VII. Transportation, Posts and Telecommunications and Tourism 

  The conversion turnover of passenger and cargo transportation in the province was 513.76 billion tons kilometers, an increase of 6.9% over the previous year. The cargo turnover was 415.93 billion tons-kilometers, up by 7.7%. Among them, the railway turnover was 85.83 billion tons kilometers, a decrease of 11.5%; The highway turnover was 257.89 billion tons kilometers, up by 10.7%. Passenger turnover was 178.01 billion person-kilometers, an increase of 5.5%. Among them, the railway turnover was 89.12 billion person-kilometers, up by 2.9%; The highway turnover was 77.65 billion person-kilometers, an increase of 7.6%; The turnover of civil aviation was 10.96 billion person-kilometers, up by 12.9%.

Table 6 Passenger and freight volume and its growth rate by various modes of transportation in 2014 

Finger mark 

unit of measurement 

Absolute number 

Increase over the previous year (%) 

Passenger and freight transport conversion turnover 

Tons of kilometers 

5137.6 

6.9 

volume of goods transported 

Ten thousand tons 

203587.4 

10 

In which: railway 

Ten thousand tons 

4477.2 

-8.7 

highway 

Ten thousand tons 

172613.4 

10.5 

transport by water 

Ten thousand tons 

25687 

11.2 

civil aviation 

Ten thousand tons 

6.3 

three 

pipeline 

Ten thousand tons 

803.7 

10.5 

passenger capacity 

ten thousand people 

162458.8 

1.3 

In which: railway 

ten thousand people 

9556.7 

4.8 

highway 

ten thousand people 

150583.3 

1.1 

transport by water 

ten thousand people 

1448.8 

-2.1 

civil aviation 

ten thousand people 

870.1 

15 

 

  At the end of the year, the province’s highway mileage was 236,000 kilometers, an increase of 0.4% over the end of the previous year. Among them, the mileage of expressways is 5,493 kilometers, an increase of 409 kilometers over the end of last year. At the end of the year, the railway operating mileage was 4,551.9 kilometers, an increase of 13.0%. Among them, the high-speed railway is 1110 kilometers, an increase of 506 kilometers over the end of last year. At the end of the year, the number of civilian vehicles in the province was 4.434 million, an increase of 11.5%; The number of private cars was 3.933 million, an increase of 20.2%; The number of cars was 2.341 million, up by 20.1%.

  The total post and telecommunications business in the province was 74.50 billion yuan, an increase of 25.9% over the previous year. Among them, the total postal business was 8.12 billion yuan, an increase of 34.7%; The total telecommunications business was 66.38 billion yuan, an increase of 24.9%. At the end of the year, the total capacity of local exchanges was 6.694 million, a decrease of 23.0%. At the end of the year, there were 8.441 million fixed telephone users, a decrease of 8.5%; There were 47.297 million mobile phone users, an increase of 363,000. At the end of the year, there were 7.544 million Internet broadband users, an increase of 5.0%.

  The province received 410 million domestic tourists, an increase of 14.4% over the previous year; 2.195 million inbound tourists were received, a decrease of 4.8%. The total tourism revenue was 305.07 billion yuan, an increase of 13.8%. Among them, domestic tourism revenue was 300.15 billion yuan, an increase of 14.1%; The foreign exchange income from international tourism was 800 million US dollars, a decrease of 2.8%.

VIII. Finance, Finance and Insurance 

  The province’s general public budget revenue was 362.97 billion yuan, an increase of 9.5% over the previous year. The local revenue was 225.99 billion yuan, an increase of 11.3%. Among them, tax revenue was 143.82 billion yuan, an increase of 10.7%; Non-tax revenue was 82.18 billion yuan, up by 12.3%. The central government’s "two taxes" were 104.73 billion yuan, an increase of 5.0%; The central income tax was 31.71 billion yuan, an increase of 13.1%. The province’s general public budget expenditure was 502.45 billion yuan, an increase of 7.1%. Among them, the expenditures on general public services, education, social security and employment, medical care and family planning, urban and rural communities, agriculture, forestry, water and housing security were 67.44 billion yuan, 82.29 billion yuan, 67.40 billion yuan, 41.42 billion yuan, 45.63 billion yuan, 53.62 billion yuan and 19.26 billion yuan, respectively, up by 15.0%, 1.7% and 19.26 billion yuan.

Table 7 Revenue and Expenditure of Public Finance in 2014 

Finger mark 

Absolute number (100 million yuan) 

Increase over the previous year (%) 

General public budget revenue 

3629.7 

9.5 

In which: local income 

2259.9 

11.3 

In which: tax revenue 

1438.2 

10.7 

Non-tax revenue 

821.8 

12.3 

Draw the central "two taxes" 

1047.3 

five 

Draw up the central income tax 

317.1 

13.1 

General public budget expenditure 

5024.5 

7.1 

In which: general public services 

674.4 

15 

education 

822.9 

1.7 

science and technology 

59.1 

6.5 

Culture, Sports and Media 

80.6 

17 

Social security and employment 

674 

7.7 

Health care and family planning 

414.2 

7.8 

energy saving and environmental protection 

129.2 

0.4 

Urban and rural community affairs 

456.3 

17.5 

Agriculture, forestry and water affairs 

536.2 

3.8 

Housing security 

192.6 

10.3 

 

  At the end of the year, the balance of local and foreign currency deposits of financial institutions in the province was 3,025.56 billion yuan, an increase of 337.65 billion yuan over the beginning of the year. Among them, the balance of unit deposits was 1,235.74 billion yuan, an increase of 137.22 billion yuan over the beginning of the year; The balance of personal deposits was 1,676.71 billion yuan, an increase of 198.26 billion yuan over the beginning of the year. The balance of local and foreign currency loans was 2,078.31 billion yuan, an increase of 252.44 billion yuan over the beginning of the year. Among them, the balance of short-term loans was 605.90 billion yuan, an increase of 38.64 billion yuan over the beginning of the year; The balance of medium and long-term loans was 1,431.27 billion yuan, an increase of 200.78 billion yuan over the beginning of the year. Among them, the balance of loans for real estate development, small and medium-sized enterprises and affordable housing development was 119.69 billion yuan, 734.57 billion yuan and 28.00 billion yuan respectively.

Table 8 Balance of local and foreign currency deposits and loans of financial institutions at the end of 2014 and their newly increased amount 

Finger mark 

Year-end balance (100 million yuan) 

Increased amount compared with the beginning of the year (100 million yuan) 

Balance of various deposits 

30255.6 

3376.5 

In which: unit deposit 

12357.4 

1372.2 

individual deposit 

16767.1 

1982.6 

In which: RMB deposits 

30073.4 

3316.7 

Balance of various loans 

20783.1 

2524.4 

In which: short-term loans 

6059 

386.4 

medium and long term loans 

14312.7 

2007.8 

In which: RMB loan. 

20356.4 

2464 

 

  At the end of the year, there were 93 listed companies in the province. Among them, there are 78 domestic listed companies and 15 overseas listed companies. The total direct financing in the province reached 185.63 billion yuan, an increase of 30.7%. Among them, a total of 40.37 billion yuan was raised through initial public offering, additional issuance, share allotment and corporate bonds, an increase of 181.7%. At the end of the year, there were 255 business departments of securities companies in the province, with a securities transaction volume of 4,166.26 billion yuan. There are 3 futures companies in the jurisdiction, with a turnover of 9,448.57 billion yuan.

  The annual premium income of insurance companies was 58.77 billion yuan, an increase of 15.6% over the previous year. Among them, life insurance premium income was 31.70 billion yuan, an increase of 10.8%; Health insurance premium income was 4.35 billion yuan, an increase of 33.0%; Accidental injury insurance premium income was 1.60 billion yuan, up by 15.5%; Property insurance premium income was 21.13 billion yuan, an increase of 20.2%. All kinds of indemnity and payment expenses were 22.63 billion yuan, up by 17.4%.

  IX. Education, Science and Technology 

  At the end of the year, there were 109 colleges and universities in the province. There are 19,000 graduates of general higher education, 296,000 graduates of junior college, 205,000 graduates of secondary vocational education, 320,000 graduates of ordinary high schools, 652,000 graduates of junior high schools and 741,000 graduates of ordinary primary schools. There were 2.032 million children in the park, an increase of 6.2% over the previous year. The enrollment rate of primary school-age children is 99.96%, and the gross enrollment rate of high school education is 89.0%. There are 11,699 private schools with 2.34 million students. We have secured 6.95 billion yuan for compulsory education in rural areas, 260 million yuan for state grants for ordinary senior high schools and 1.06 billion yuan for state scholarships and grants for colleges and universities. Issued 230 million yuan of state grants for secondary vocational schools and subsidized 307,000 secondary vocational students; We implemented 1.12 billion yuan of tuition-free funds for secondary vocational schools and subsidized 924,000 secondary vocational students.

Table 9 Enrollment, number of students and graduates in schools at all levels and their growth rate in 2014 

Finger mark 

Enrollment 

Number of students in school (school) 

Number of graduates 

Absolute number 

Compared with the previous year 

Absolute number 

Compared with the previous year 

Absolute number 

Compared with the previous year 

(ten thousand people) 

Growth (%) 

(ten thousand people) 

Growth (%) 

(ten thousand people) 

Growth (%) 

postgraduate education 

2.1 

1.9 

6.6 

1.5 

1.9 

10 

regular higher education 

34.5 

5.8 

113.6 

3.2 

29.6 

0.5 

Secondary vocational education 

22.7 

-0.7 

64.5 

-0.9 

20.5 

-13.5 

Ordinary high school 

36.5 

-2.2 

105.7 

1.5 

32 

1.2 

Junior high school 

74.5 

-2.8 

220.6 

three 

65.2 

-2.1 

Ordinary primary school 

81.4 

-4 

473.8 

1.3 

74.1 

-3.8 

special needs education 

0.3 

32.9 

one point six 

55.4 

0.1 

-29.3 

 

  At the end of the year, there were 14 national engineering technology research centers and 168 provincial engineering technology research centers in the province. There are 12 national key laboratories and 125 provincial key laboratories. There are 33 enterprise technology centers recognized by the state. 4879 technical contracts were signed, with a turnover of 9.77 billion yuan. 953 scientific and technological achievements were registered. It has won 20 national scientific and technological progress awards, 3 national technological invention awards and 2 national natural science awards. The average yield per mu of super hybrid rice reached 1026.7 kg, the first 8-inch IGBT professional chip production line in China and the second in the world was put into operation, and Changsha Supercomputing Center was put into use. The number of patent applications was 44,194, an increase of 6.9% over the previous year. Among them, the number of invention patent applications was 14,474, an increase of 21.2%. The number of patents granted was 26,637, an increase of 9.2%. Among them, 4,160 invention patents were granted, an increase of 15.1%. The number of patent applications from enterprises, universities and scientific research institutions was 23,524, 5,806 and 596 respectively, and the number of patents granted was 15,126, 3,040 and 319 respectively. The added value of high-tech industries was 514.75 billion yuan, an increase of 20.7%.

 

  At the end of the year, there were 1716 product testing laboratories in the province, with 63 new ones. Among them, there are 19 national product quality supervision and inspection centers, and one is added. There are 103 legal metrological verification institutions, 104 special equipment inspection institutions, and 10065 batches of quality supervision and spot checks of key industrial products. Participated in the formulation of 25 national standards and organized the formulation of 153 local standards. Surveying and mapping departments published 111 kinds of maps, providing 275,000 geodetic achievements, 31,700 aerial photographs and 59,291 basic geographic information data for economic and social development.

X. Culture, Health and Sports 

  By the end of the year, there were 103 performing arts groups, 142 mass art museums and cultural centers, 136 public libraries and 103 museums and memorial halls in the province. There are 13 radio stations and 15 TV stations. There were 8.78 million cable TV users, an increase of 369,000 over the previous year. The comprehensive population coverage rate of broadcasting was 93.48%, and that of television was 97.51%, up by 0.23 and 0.11 percentage points respectively over the previous year. There are 116 national intangible cultural heritage protection catalogues and 220 provincial intangible cultural heritage protection catalogues. 11,300 books, 247 periodicals and 85 newspapers were published, and the total print runs of books, magazines and newspapers were 370 million, 140 million and 1.36 billion respectively.

  At the end of the year, there were 61,572 health institutions in the province. Among them, there are 1,018 hospitals, 139 maternal and child health centers (institutes and stations), 86 specialized disease prevention hospitals (institutes and stations), 2,298 township health centers, 666 community health service centers (stations), 9,584 clinics, health centers and medical offices, and 44,699 village clinics. There were 341,000 health technicians, an increase of 5.5% over the previous year. Among them, there were 133,000 medical practitioners and assistant medical practitioners, an increase of 4.6%; There were 136,000 registered nurses, an increase of 8.4%. The total number of beds in hospitals is 248,000, an increase of 15.3%. Township hospitals have a total of 84,000 beds, an increase of 8.0%.

  There are 23.691 million people who regularly participate in physical exercise in the province, and 2453 national fitness programs have been carried out. There are 5,000 new administrative villages for farmers’ physical fitness projects. He won 8 world champions, 18 Asian champions and 49 national champions throughout the year. There are 72,926 sports venues. Among them, there are 218 gymnasiums, 5,778 sports fields (including stadiums, small sports fields and track fields), 388 swimming pools (including swimming and diving venues) and 3,444 training rooms (including comprehensive rooms and special training rooms).

XI. Population, People’s Life and Social Security 

  At the end of the year, the resident population of the province was 67.372 million. Among them, the urban population was 33.201 million, and the urbanization rate was 49.28%, an increase of 1.32 percentage points over the end of last year. The annual birth population was 908,000, with a birth rate of 13.52 ‰; The death population was 463,000, with a mortality rate of 6.89 ‰; The natural population growth rate is 6.63‰. The population aged 0-15 (including those under 16) is 13.036 million, accounting for 19.35% of the permanent population; The population aged 16-59 (including those under 60) is 43.071 million, accounting for 63.93% of the permanent population; The population aged 60 and over is 11.265 million, accounting for 16.72% of the permanent population. At the end of the year, there were 40.56 million employees, an increase of 195,000 over the end of the previous year.

Table 10 Number and composition of permanent residents at the end of 2014 

Finger mark 

Year-end (10,000 people) 

Specific gravity (%) 

inhabitant 

6737.2 

100 

In which: towns 

3320.1 

49.28 

countryside 

3417.1 

50.72 

Among them: male 

3471.1 

51.52 

woman 

3266.1 

48.48 

In which: 0-15 years old (including under 16 years old) 

1303.6 

19.35 

16-59 years old (including under 60 years old) 

4307.1 

63.93 

60 years old and above 

1126.5 

16.72 

Among them: 65 years old and above. 

742.4 

11.02 

 

  The per capita disposable income of all residents in the province was 17,622 yuan, an increase of 10.1% over the previous year, with a real increase of 8.0% after deducting the price factor. Among them, the per capita disposable income of urban residents was 26,570 yuan, an increase of 9.1% over the previous year, and a real increase of 6.9% after deducting the price factor; The per capita disposable income of rural residents was 10,060 yuan, an increase of 11.4%, with a real increase of 9.9% after deducting the price factor. In terms of regions, the per capita disposable income of residents in Changsha, Zhuzhou and Xiangtan was 28,287 yuan, an increase of 9.6%; 16541 yuan in southern Hunan, an increase of 10.0%; 11683 yuan in western Hunan, an increase of 10.2%; Dongting Lake area was 16,061 yuan, an increase of 10.1%.

  The per capita consumption expenditure of urban residents in the province was 18,335 yuan, an increase of 8.7% over the previous year; The per capita living expenditure of rural residents was 9,025 yuan, an increase of 15.2%. The proportion of food consumption expenditure of urban residents to total consumption expenditure (Engel coefficient) is 30.5%, and that of rural residents is 34.3%.

 

  There are 827,000 new urban employees in the province. At the end of the year, the number of employees participating in urban basic endowment insurance was 11.183 million, an increase of 266,000 over the end of the previous year. Among them, 7.694 million employees were insured and 3.489 million retirees were insured. The number of people participating in urban basic medical insurance was 22.984 million. Among them, 8.078 million people participated in the basic medical insurance for urban workers and 14.906 million people participated in the basic medical insurance for urban residents. The number of employees participating in unemployment insurance was 5.095 million, an increase of 478,000. The number of employees participating in industrial injury insurance was 7.48 million, an increase of 170,000. The number of employees participating in maternity insurance was 5.376 million, an increase of 18,000. The number of registered participants in the new rural endowment insurance is 32.84 million. The number of people participating in the new rural cooperative medical system is 47.965 million (excluding Changsha), and the participation rate is 99.3%. At the end of the year, the number of employees receiving unemployment insurance benefits was 141,000. The urban minimum living standard is 360 yuan/month, and the monthly assistance level reaches 266 yuan; The rural minimum living standard is 204 yuan/month, and the monthly assistance level reaches 120 yuan. 4.37 billion yuan for urban residents and 4.21 billion yuan for rural residents. At the end of the year, there were 184,000 beds in various adoptive social welfare units, and 137,000 people were adopted. There are 7,714 community service facilities in cities and towns, including 2,585 comprehensive community service centers. The annual sales of social welfare lottery tickets was 7.29 billion yuan,Raise social welfare funds of 2.01 billion yuan; Directly received social donations of 190 million yuan. Solve the problem of unsafe drinking water for 3.686 million people in rural areas, rebuild and expand 169 township nursing homes, and support the renovation of 117,000 rural dilapidated houses.

XII. Resources, Environment and Safety in Production 

  143 kinds of minerals have been discovered and 108 kinds of minerals have been proved in the province. Among them, there are 7 kinds of energy minerals, 38 kinds of metal minerals, 61 kinds of non-metal minerals and 2 kinds of water and gas minerals. 381 geological exploration projects (including continuation projects), 17 deep prospecting projects near old mines, and 5 new large and medium-sized mineral sites were discovered. There are 14 key mining areas and 4 important minerals that have completed resource integration. There are 12 national geoparks and 4 geological relics protection areas. 291 comprehensive land improvement projects at or above the provincial level were implemented, and 168,000 hectares of land were rehabilitated.

  The sewage treatment rate of cities in the province was 89.9%, an increase of 1.5 percentage points over the previous year; The harmless treatment rate of municipal solid waste was 99.7%, an increase of 3.7 percentage points. The air quality in 11 cities reached the second-class standard, with an increase of 2. Among the surface water sections actually monitored, 82.6% meet the Class III standard. The construction of 190 nature reserves with an area of 1.361 million hectares has been approved. Among them, there are 22 national nature reserves and 26 provincial nature reserves. In the whole year, the afforestation area was 392,000 hectares, the afforestation area of the project of returning farmland to forests was 20,000 hectares, and the area of comprehensive soil erosion control was 426.1 square kilometers. At the end of the year, there were 968,000 hectares of closed hills (sand) for afforestation and 480 million cubic meters of standing trees. The forest coverage rate was 59.57%, an increase of 2.05 percentage points over the previous year.

  According to preliminary accounting, the comprehensive energy consumption of large-scale industries in the province is 65.258 million tons of standard coal, down 3.4% from the previous year. Among them, the comprehensive energy consumption of six high energy-consuming industries was 51.5395 million tons of standard coal, down by 3.6%. Ten thousand yuan scale industrial added value energy consumption of 0.65 tons of standard coal/ten thousand yuan. The emissions of chemical oxygen demand, sulfur dioxide, ammonia nitrogen and nitrogen oxides decreased by 1.6%, 2.7%, 2.1% and 6.0% respectively compared with the previous year.

  In the whole year, there were 5,522 accidents in production safety, a decrease of 5.0% over the previous year. There were 995 deaths in operational production safety accidents, down by 6.4%. 0.08 people died in the accident of 100 million yuan GDP, down by 16.5%; The accident death toll of 100,000 industrial, mining and commercial employees was 1.21, down by 3.2%; There were 1.07 deaths per million tons in coal mines, down by 18.9%. There were 8785 road traffic accidents in the whole year, an increase of 0.7%; The road traffic death rate was 2.02 people/10,000 vehicles, down by 7.3%.

  Notes: 

  1. The data in this bulletin are preliminary statistics, and some data are not equal to the total of sub-items due to rounding. 

  2. The absolute figures of regional GDP and added value of various industries are calculated at current prices, and the growth rate is calculated at constant prices. 

  3. According to the Classification of National Economic Industries (GB/T4754-2011), in 2013, the National Bureau of Statistics revised the three industrial divisions, and classified "agriculture, forestry, animal husbandry and fishery services" in "agriculture, forestry, animal husbandry and fishery", "mining auxiliary activities" in "mining" and "manufacturing". 

  4. Changsha-Zhuzhou-Xiangtan region refers to Changsha, Zhuzhou and Xiangtan, southern Hunan refers to Hengyang, Chenzhou and Yongzhou, western Hunan refers to Shaoyang, Zhangjiajie, Huaihua, Loudi and Xiangxi Autonomous Prefecture, and Dongting Lake refers to Yueyang, Yiyang and Changde. Due to the adjustment of regional division, the data of western Hunan and Dongting Lake in 2014 are not comparable to those in 2013. 

  According to relevant regulations, foreign trade is denominated in RMB. 

  6. The enrollment rate of primary school-age children refers to the percentage of school-age children who have entered primary school within the scope of investigation to the total number of school-age children inside and outside the school. 

  7. The gross enrollment rate of high school education mainly reflects the coverage of high school education, which means that the total number of students in high school accounts for the percentage of the school-age population aged 15-17. 

  8. According to the Notice of the State Sports General Administration, the Ministry of Education, the Ministry of Railways and the National Tourism Administration on Carrying out the Sixth National Survey of Sports Sites, Hunan Province carried out the sixth national survey of sports sites of all systems, industries and forms of ownership in the province (except the railway and military systems) with December 31, 2013 as the standard time. According to the census standards, in 2014, the relevant data of sports venues in the province in the previous year were revised. 

  9. The permanent population refers to the population who actually lives in a certain area for a certain period of time. According to the provisions of the census and sampling survey, it mainly includes: people who live in the township street, whose registered permanent residence is in the township street or whose registered permanent residence is to be determined, people who live in the township street and leave the township street where their registered permanent residence is located for more than half a year, people whose registered permanent residence is in the township street, who go out for less than half a year or work and study abroad. 

  10. At the end of 2014, the population aged 0-14 (including those under the age of 15) was 12.363 million, and the population aged 15-59 (including those under the age of 60) was 43.747 million. 

  11. In the fourth quarter of 2012, the National Bureau of Statistics began to implement the household survey reform of urban-rural integration, and unified the income names, classifications and statistical standards of urban and rural residents. In 2014, the Hunan Investigation Corps of the National Bureau of Statistics calculated the per capita disposable income of the province’s residents with a new caliber comparable to urban and rural areas, and changed the per capita net income of rural residents into the per capita disposable income of rural residents. The income of rural residents in 2013 and previous years was still net income. 

  12. In 2014, according to relevant regulations, social service organizations and community service centers providing accommodation in Hunan were classified and cleaned up, and the corresponding data caliber was adjusted. 

  13. Energy consumption data are preliminary audit data of the National Bureau of Statistics. 

  Source:

  The financial data in this bulletin comes from the Provincial Department of Finance; Prices, income and expenditure of urban and rural residents, Engel coefficient and some agricultural data come from Hunan Survey Corps of National Bureau of Statistics. The data of railway passenger and freight volume and turnover come from Shichang Railway Co., Ltd., Guangzhou Railway (Group) Company and Nanchang Railway Bureau. The data of highway passenger and freight volume, turnover volume and waterway passenger and freight volume come from the Provincial Department of Transportation; Data of passenger and cargo traffic and turnover of civil aviation come from Provincial Airport Management Group Co., Ltd.; The data of pipeline freight volume come from Changling Branch of China Petrochemical Group Asset Management Co., Ltd., Baling Petrochemical Branch of China Petrochemical Group Asset Management Co., Ltd., Changling Branch of China Petrochemical Co., Ltd., Hunan Oil Transportation Management Office of China Petrochemical Sales Co., Ltd. and Changsha Xinao Gas Co., Ltd.; Telecom business volume, mobile phone users, fixed phone users and Internet broadband users come from provincial telecom companies, provincial mobile companies, provincial Unicom companies and provincial Tietong companies; The postal business volume comes from the provincial postal administration; Tourism data comes from the Provincial Tourism Bureau; Deposit and loan data come from Changsha Central Branch of China People’s Bank; The data of listed companies come from the financial work office of the provincial people’s government; Securities data comes from Hunan Supervision Bureau of China Securities Regulatory Commission; The insurance industry data comes from China Insurance Regulatory Commission Hunan Supervision Bureau; Education data comes from the Provincial Department of Education; Science and technology data comes from the Provincial Science and Technology Department; Patent data comes from the provincial intellectual property office; Quality inspection and industry standard data come from the Provincial Bureau of Quality and Technical Supervision;Mineral resources, geopark relics, land and mapping data come from the Provincial Department of Land and Resources; The data of art performance groups, museums, public libraries, cultural centers and intangible cultural heritage protection come from the Provincial Department of Culture; The data of radio, television, newspapers, periodicals and books come from the provincial press, publication, radio, film and television bureau; The data of health and new rural cooperative medical system come from the Provincial Health and Family Planning Commission. Sports data comes from the provincial sports bureau; The data of new employment and social insurance in cities and towns come from the Provincial Department of Human Resources and Social Security; Urban and rural subsistence allowances, social welfare, community services, nursing homes, social donation data to the provincial introspection Civil Affairs Department; The data of soil erosion control and rural drinking water safety come from the Provincial Water Resources Department; The data of reconstruction of rural dilapidated buildings, sewage and garbage disposal come from the Provincial Department of Housing and Urban-Rural Development; The data of nature reserves, afforestation, afforestation, standing trees and forest coverage rate come from the Provincial Forestry Department; The data of air and surface water quality and pollutant discharge come from the Provincial Environmental Protection Department; Safety production data comes from the provincial safety production supervision and management bureau; Road traffic accident data comes from the provincial public security department; Other data come from the Provincial Bureau of Statistics.

The Arab Belt Band is expected to release new works after its reorganization.

The Arab Belt Band is expected to release new works after its reorganization.

According to foreign media reports, Arab Strap, a famous Scottish independent band, has been officially announced, and they are about to reorganize their performances.

In 1995, Arabian Belt was founded in Falcock by Aidan Moffat and Malcolm Middleton. Since the debut album "The Week Never Starts Round Here" in 1996, Arab Belt Band has released six studio albums, and the last one was "The Last Romance" in 2005. In September, 2006, Arabian Belt announced its dissolution, and in December of the same year, Arabian Belt held a farewell performance in Japan.

Earlier this week, the news about the reorganization of the Arabian Belt Band came out, and the news was officially confirmed by the Arabian Belt Band in the BBC program Steve Lamacq on Wednesday. In an interview with this program, the Arabian Belt Band said that they decided to reunite after ten years of dissolution, and they were still considering whether to record some new works.

Guitarist Middleton said, "It’s time to celebrate. It’s a chance for us to enjoy our music again." Another member Moffat went on to say, "We want to celebrate when we are relatively young, because standing on the stage like this won’t look awkward."

At the same time, Arabian Belt also released a new version of their first single "The First Big Weekend of 2016", and fans can hear this new version of the single on Spotify website.

In October this year, the Arabian Belt Band will perform in Glasgow, Manchester and London for three consecutive days from 13th to 15th local time. Tickets for the performance will be on sale from 9: 00 am local time on June 17th. (KFCMAN)

Changan Automobile Fortune News: Last year, the net profit was 11.3 billion, but Aouita lost nearly 3.7 billion.

Last year, while the net profit increased by 40%, the loss of Aouita also further expanded. As can be seen from Changan Automobile’s financial report last year, the problem is still obvious.

Last year, it earned 11.3 billion, but Aouita lost nearly 3.7 billion.

On April 17th, Chongqing Changan Automobile Co., Ltd. released its 2023 annual report. In 2023, Changan Automobile achieved an operating income of 151.298 billion yuan, a year-on-year increase of 24.78%; During the reporting period, the company realized a net profit of 11.327 billion yuan, a year-on-year increase of 45.25%; The non-net profit attributable to shareholders of listed companies was 3.782 billion yuan, a year-on-year increase of 16.19%. The gross profit margin of the company’s automobile products was 18.36%, a year-on-year decrease of 2.13 percentage points. According to the announcement, the growth of the company’s performance is mainly due to the increase of the company’s sales volume and the improvement of operating quality.

In terms of sub-brands, the operating income of Deep Blue Automobile in 2023 was 25.883 billion yuan, a year-on-year increase of 65.1%; The net loss was 2.999 billion yuan, slightly less than the loss of 3.19 billion yuan in the previous period. However, Aouita’s revenue in 2023 was 5.643 billion yuan, and its net loss expanded to 3.693 billion yuan, an increase of 83.55% compared with last year. From 2020 to 2022, the brand’s net profit was-150 million yuan,-210 million yuan and-2.015 billion yuan respectively. In 2023, the brand’s cumulative sales volume was only 27,700 vehicles, and the annual target completion rate was less than 30%. In December, 2023, Zhu Huarong, Chairman of Changan Automobile, directly assumed the position of Chairman of Aouita.

The annual R&D expenditure "spent" nearly 6 billion.

Changan Automobile’s R&D expenditure in 2023 was 5.98 billion yuan, an increase of 38.57% compared with 2022, which was mainly due to the merger of Deep Blue Automobile, and its R&D expenditure was increased. The proportion of R&D investment in revenue reached 5.95%, a slight increase of 1.27% over 2022. Changan Automobile’s R&D investment last year included a brand-new electric SUV to expand the pedigree of dark blue vehicles, positioning advanced and comfortable car products, research on the power consumption technology of new vehicles, research and development of high-performance extensible fluid simulation and optimization software for automobile development, and development of intelligent electric digital platform.

The number of R&D personnel of Changan Automobile increased from 7,899 in 2022 to 10,972, up 38.90% year-on-year. The proportion of scientific researchers also increased from 18.42% in 2022 to 22.34%, an increase of 3.92% year-on-year. In 2023, Changan Automobile’s "net cash flow from operating activities" increased by 14.195 billion yuan compared with the previous year, mainly due to the influence of sales growth and the merger of Deep Blue Automobile.

The annual sales volume reached 2.553 million, and the growth of independent brands was obvious.

In 2023, Changan Automobile achieved a sales volume of 2.553 million vehicles, an increase of 8.8% year-on-year. The performance of the company’s new energy and export sales both increased strongly, among which the self-owned brand new energy sold 474,000 vehicles throughout the year, up 74.8% year-on-year; It exported 358,000 vehicles, up 43.9% year-on-year.

Changan Automobile has launched a total of 29 products, including 7 brand-new products, and its product pedigree has been continuously improved. The sales volume of CS75PLUS series exceeded 190,000 units, and the sales volume of Yidong PLUS exceeded 160,000 units, ranking first in the retail market segment; UNI-V sales exceeded 156,000 vehicles, and the average monthly sales volume remained above 12,000 vehicles. In the new energy market, the annual sales volume of deep blue double cars exceeded 128,000; Changan Qiyuan’s sales in the three months after listing totaled 40,000 vehicles; Changan Lumin’s annual sales exceeded 144,000 units. The annual overseas export sales volume reached 358,000 vehicles, a year-on-year increase of 43.9%.

Changan Automobile pointed out in its annual report that the sales volume in overseas areas increased by more than 30% year-on-year, mainly due to the following reasons: First, China automobile enterprises are paying more and more attention to the development of overseas markets and speeding up the layout of "going out to sea"; Second, in recent years, China brand represented by Changan Automobile has gradually established a competitive advantage in the fields of new energy and intelligence, and its comprehensive strength has been significantly enhanced; Third, the large-scale export of new energy vehicles has boosted the overall export.

Looking forward to 2024, Changan Automobile said that the company will launch a number of brand-new and redesigned products, including 8 new energy products, including E07, C798, Deep Blue G318 and Aouita 15. According to the annual report, Changan Automobile’s business goal in 2024 is to strive to achieve production and sales of more than 2.65 million vehicles, an increase of 100,000 vehicles over last year. At the same time, we will further promote the third venture-version 7.0 of the Innovation and Entrepreneurship Plan, accelerate the transformation to intelligent low-carbon travel technology companies, and create new cooperation models and explosive models to continuously improve our business capabilities.

Writing and Photography: Reporter Liang Luozhe from Nandu Bay Finance Society

Editor in charge:

Taking the lead in seizing the next trend in the B-Class market, the new Accord sold 17,257 units in November

  If you ask, what is the next trend in the new energy market? There is no doubt that the PHEV market.

  According to the data of the Passenger Association, in 2022, the year-on-year growth rate of the entire PHEV market was 160.5%, much higher than the 74.2% of BEV pure electric models; by the first half of this year, the cumulative sales growth of PHEV models in the new energy market was still 97.9% year-on-year, still much higher than the 19.8% year-on-year growth rate of BEV models.

  It can be seen that under the accelerated penetration of new energy, the B-class sedan market next year can only go upstream by grasping the trend. The new Accord launched e: PHEV to meet the future market transformation when it was replaced this year, and used hot sales to prove this point. The new Accord sold 17,257 units in November, which is already the new Accord’s sales volume for two consecutive months to break through 17,000 units, ranking first in the B-class sedan market.

  Sprint monthly sales 20,000 vehicles situation, technology accumulation + brand accumulation is recognized

  The new Accord has continued to rise since the third quarter of this year. 15,338 hot-selling vehicles in September, 17,789 hot-selling vehicles in October, 17,257 hot-selling vehicles again in November, and constantly approaching the monthly sales of 20,000 vehicles. After the Guangzhou Auto Show in November, the author saw the new Accord surrounded by water at the GAC Honda booth. In addition, the current end point discount of the new Accord is still very awesome. I believe that the sales volume in the last December can continue to be maintained at the level of nearly 20,000 vehicles.

  The recent hot sales of the new Accord are inseparable from the technical assets and brand equity accumulated by Accord for many years, which gives the new Accord a greater impetus in the process of new energy transformation.

  First of all, in the technical level, Accord has been known as Honda technology master, this time the launch of the plug-in hybrid version of the new Accord e: PHEV, equipped with the fourth generation of i-MMD plug-in hybrid technology, is based on i-MMD hybrid technology comprehensive evolution, to know i-MMD dual motor hybrid, created the "electric drive hybrid" technology trend, the cumulative sales in the global range has exceeded 4.50 million vehicles, from the ninth generation of Accord so far, the cumulative sales of more than 500,000 vehicles, and Accord hybrid in the domestic cumulative sales also exceeded 200,000 vehicles, harvested a very good user reputation. Therefore, when Accord launched the plug-in hybrid version, it inherited the world-renowned technical assets of i-MMD and the word-of-mouth assets of domestic users. The arrival of the new Accord e: PHEV made it easier for users to accept, and it was natural to sell well.

  Looking at the B-class sedan market, there are not many models with such deep technical assets and plug-in hybrid systems, and there are no more than 10 models of joint venture B-class plug-in hybrid sedans on the market. The new Accord e: PHEV can be said to have quickly occupied the dominant position in this segment, and in the new energy competition next year, it can also grasp considerable advantages and initiatives in advance.

  Returning to the Accord brand itself, Accord’s global sales exceed 22 million vehicles, entering the Chinese market for more than 20 years, the cumulative sales have also exceeded 320 vehicles, and it has accumulated a very good reputation from many aspects.

  The "laws" of many industries are started by Accord, such as: four-in-one special sales service, 4S shop as we consumers often say; and the vertical replacement of the whole vehicle and the warranty policy of "three years and 100,000 kilometers of the whole vehicle". Not only that, Accord also has the recognized high quality and high value retention rate. In the past four years, it has won the first four years of J.D. Power IQS China new car quality research, reliable and trustworthy, and it is well-known; Accord also tops the charts of major value retention rates all year round. In this year’s J.D. Power China Auto Value Retention Rate Billboard, Accord won the first place in the B-class car market with a three-year value retention rate of 61.7%, which is called a value preservation artifact.

  And these word-of-mouth and quality, in the new energy transformation of the Accord brand, can bring users a stronger sense of trust, which is also one of the important reasons why the new Accord has been selling well recently.

  The fourth-generation i-MMD PHEV has power and no power, and its technical advantages have contributed to hot sales

  There is no shortage of plug-in hybrid models on the market, but excellent products. The reason why the new Accord is selling well is that it is at the forefront of new energy trends and has developed its own technological advantages.

  Technically, the fourth-generation i-MMD plug-in hybrid system equipped with the new Accord e: PHEV adopts a 2.0L direct injection Atkinson engine with 41% thermal efficiency; the E-CVT gearbox adopts a parallel shaft structure to achieve double improvement in speed and torque; PCU power Control Unit and IPU intelligent power unit have achieved miniaturization and high power. This system is a representative of the current "electric drive hybrid" technology route. It is driven by a motor at low speed, the engine mainly generates electricity, and is directly driven by the engine at high speed. It combines the most efficient working range of motor drive and engine drive, and is equipped with a new temperature control system, which truly achieves "no power, fast and stable", solving the pain point of many plug-in hybrids "losing power and a bug".

  For example, many consumers are worried about the high fuel consumption of plug-in hybrid models. With the combination of high-efficiency engine and motor drive, the new Accord e: PHEV’s fuel consumption is as low as 4.0L/100km, and the comprehensive battery life can exceed 1000 kilometers. If you think that’s just theoretical data, then in fact, professional media have actually measured the fuel consumption of power loss, and the lowest fuel consumption can reach 3.4L/100km. Some media even drove the new Accord e: PHEV to cross the Taklamakan Desert with a total distance of 1012 kilometers, and the measured comprehensive fuel consumption is only 3.8L/100km.

  Secondly, the eternal topic of the new energy industry: winter battery life. In this regard, there is no need to worry at all. The new Accord e: PHEV is equipped with a 17.7kWh battery, which can provide a pure electric battery life of 106km under NEDC conditions, and adopts a new temperature control system, which can ensure the stable performance of the battery in the environment of minus 35 degrees to plus 49 degrees. In Harbin, where the temperature is 8 degrees, the pure electric battery life rate exceeds 80%.

  In terms of driving performance, the new Accord e: PHEV also continues Honda’s unique driving control advantages. The E-CVT gearbox features a parallel axis structure, with a peak torque of 335N · m and a measured 0-100km/h of 7.3 seconds. Even in the case of power loss, it only takes 7.4 seconds. Whether there is power or no power, it is a dragon, and it is also equipped with MMS motion management system and ADS OurHours adaptive shock absorption system. From body control to power output, it can give you the most Honda-style driving pleasure.

  The high-efficiency power system brings consumers ultra-low car costs. If you use pure electricity for daily travel in the city, the 17.7kWh battery will cost only 8 cents per kilometer according to the slow charge price of 0.5 yuan/kWh. Of course, it is completely no problem to use the new Accord e: PHEV as a hybrid car. According to the power loss of 4.0L/100km, the fuel consumption per kilometer is only about 30 cents.

  With excellent product power, the new Accord e: PHEV also shouted the same price of oil and electricity at 225,800 yuan, which is lower than the price of some versions of the gasoline version. At the same time, it can enjoy the national new energy preferential policies, and the purchase tax is exempted nationwide. Green cards and unlimited travel (except Beijing and Shanghai) save a lot of hidden costs for consumers. It is the best choice for rational car purchases at present.

  Therefore, the price of the new Accord e: PHEV is very sincere, and the cost of the car is close to that of a pure electric vehicle. It has the driving pleasure of Honda, and it can also rely on charging piles for fuel and electricity. Such a model is undoubtedly the best solution in the current new energy era.

  Safety is the greatest luxury, and the new Accord shows its sincerity by leapfrogging the benchmark

  In the new energy era, safety is the greatest luxury and sincerity. The new Accord uses a safety benchmark beyond the level to demonstrate the benchmark safety strength of the new energy era.

  In terms of passive safety, this generation of products is based on the new architecture of Honda Architecture. The body is made of a large amount of thermoformed steel with a tensile strength of more than 1500Mpa, accounting for up to 8.8%, which is used in A/B columns/thresholds; high-strength steel accounts for up to 53.5%. At the same time, 10 airbags and pedestrian protection systems are also standard in the whole system. It is important to know that most models in the same class are equipped with 6-8 airbags as standard, and the safety benchmark of the new Accord has far exceeded that of the same class.

  In active safety, the new Accord is equipped with the Honda SENSING 360 safety super-sensing system, which is different from the new power. The new Accord focuses more on using technology to shape safety. This system is equipped with highly sincere hardware: 12 ultrasonic radars, 5 millimeter-wave radars, and 8 external cameras, which can achieve higher-level driving assistance. The newly added FCTW Passing Prophet and LCCM lane change guard eliminate the risk of blind spots at intersections and lane changes. There are also BSI blind spot monitoring system and LWC blind spot display system, which can effectively improve the user’s driving safety. But at the same time, the new Accord can also achieve many high-end driving auxiliary features, such as ALCA lane change intelligent driving, just dial the turn signal lever can complete the automatic lane change, can also be realized in the case of no lane line automatic follow, automatic parking and so on.

  Sometimes consumers also need to look at the trend of the times to find the hottest models in the current trend, in order to enjoy the benefits of new technology iteration, the new Accord accurately grasps the trend of the outbreak of the PHEV market, whether it is the present or the future, is an important driving force for hot sales.

"2023 Hua Chenyu Mars Concert" Official Announcement "April Day on Earth" Meet at Hangzhou Station "Romantic Full Garden"

A few days ago, the "2023 Hua Chenyu Mars Concert" officially announced the specific information of the first performance – the first stop of the tour is locked in Hangzhou, which is known as "paradise on earth". It will officially start in Hangzhou Baima Lake Park on April 8 and 9, and the two performances will start ticket pre-sale on March 11 and March 12 respectively. After countless days and nights of thoughts, the Mars family finally ushered in the long-awaited news. If you have enough thoughts, you will meet each other. The spring flowers are blooming in the new year, and he is here! Hua Chenyu surprised to release the concert concept poster and the main visual poster on Weibo. The main poster uses Mars red as the main color, which fuses the visual impact with the characteristics of Mars. At a glance, Hua Chenyu has countless flowers on his head, creating a romantic and warm atmosphere for the "spring flowers bloom" appointment, and the second half of the surprise presents the unique scenery of Hangzhou. During the official announcement, Huahua continued the previous "extra" tradition. While the sense of ceremony was full, it also realized a tacit two-way rush with the Martians, which can be said to integrate ingenuity and tenderness into every detail.

"2023 Mars Concert" Main Poster First Exposed, Romantic "Dream Maker" Flowers Light Up "City of Mars Civilization"

As the main poster of the "2023 Hua Chenyu Mars Concert", it continues the concept poster’s theme of warm Mars and spring flowers: Hua Chenyu, who stands on his side, closes his eyes and meditates, like a dream maker, waiting for every Martian to come with love; like quietly conceiving many ideas for the concert; and like listening to the hustle and bustle of the bustling world in silence… Every time I stop and stare, I can’t help but give birth to new thoughts. The hat on top of my head is composed of countless flowers, and there are occasional petals scattered among the blooming flowers. The hats made up of flower clusters are like Martians who have come to meet not far away, and the sporadic petals seem to imply that every Martian full of sincerity and love releases their own light like stars, and finally converges in one place, interweaving into a brilliant Martian galaxy. The lower half of the poster presents a unique view of Hangzhou. I believe that the encounter between this charming city known as "heaven on earth" and the Martian family can intersect a different kind of romance and passion.

It is understood that the "2023 Hua Chenyu Mars Concert" will continue the 2021 "Mars Utopia" format, with afternoon and evening performances, once again landing the "Welcome Home" agreement. Fans can enjoy music, food, beautiful scenery and unique Mars culture to the fullest, and immerse themselves in a delicious, fun and beautiful feast of Martian gluttony. At the same time, the main creative team of "Mars Concert" will also formulate different viewing experiences according to the regional characteristics of different cities, and under the leadership of romantic "dream maker" Hua Chenyu, light up one after another "Mars Civilization City".

Mars tacit understanding finally echoes Hua Chenyu’s appointment to go to "spring flowers bloom" in April

"When the flowers fall next year, the flowers of Mars bloom" has long been a tacit understanding between Hua Chenyu and the Martians. Just as fans clocked in every day to look forward to the news of the "2023 Hua Chenyu Mars Concert", Hua Chenyu came with sincerity and surprise, and collided with the Martians who had long been unable to bear it. To make up for the regret that there was no offline concert in 2022, Hua Chenyu Studio had carefully produced the "2021 Mars Concert Full Documentary" film to add another piece to the exclusive memory of the Mars family. Now, choosing to hold the concert on the "April Day on Earth" (April 8/9) is another compensation for the previous regret.

The continuous improvement and innovation of "Mars Concert" has long made it the leading concert record label in China, and it also contains countless Martians’ "dreams that do not want to end". As the initiator of the dream, Hua Chenyu has always been committed to realizing his own ideals and fans’ ideals one by one, infinitely refreshing the exclamations of the outside world for beauty. Every "spring flowers bloom" sets sail and ends, aiming to use music to build a bridge to communicate with fans and the world, aiming to heal people’s hearts at the commanding heights of the dream. Behind many splendors and beauty, there are countless days and nights of dedication.

The performance of the "2023 Hua Chenyu Mars Concert" is approaching, and fans are also opening up a new round of beautiful imagination. What gameplay upgrades will the concert bring in the new year? What surprises will the songs from the new album "Hope Forget" bring to the concert premiere stage? What dreams and new beginnings will Huahua bring in the new year? In addition to full anticipation, many Martians have already switched to the ticket preparation mode… The carnival of Mars is repeated under the gathering of countless loves, carrying constant surprises, touching and joy. Looking forward to this "Mars Concert" without falling fireworks, blooming more beautiful flowers under the romance of the new journey.

Li Ying, CEO of Xiaodu Technology: Xiaodu hopes to become an AI partner that everyone can have

Since the concept of artificial intelligence was proposed, we have deeply felt its impact like a stormy sea. As an established technology giant, the AI strategic layout of OpenAI, Microsoft, Google, and Apple not only profoundly affects the trend of the global technology landscape, but also makes the new era of AI come quietly.

In the era of AI changing the end point of intelligence, educational hardware must also face the "upgrade and reinvention" of AI. Since May, a number of educational technology companies have launched a "competition for hegemony" with the AI big model on the learning machine. So, under the impact of AI intelligent technology, what changes will happen to education?

In the era of AI intelligence, education’s "changes" and "new opportunities"

At the Baidu 2024Create conference in April this year, Xiaodu officially announced the upgrade of the DuerOS X operating system, which is the "new brain" equipped with the Xiaodu learning machine Z30, which is reconstructed based on the Wenxin model and is also the world’s first AI native operating system.

At the meeting, Li Ying, CEO of Xiaodu Technology, proposed a refreshing concept: the "brain-changing revolution", that is, replacing the deep learning that previously drove intelligent software and hardware with the "strongest brain" of the big model. After the "brain-changing revolution", based on the more powerful cognitive, perceptual and generative capabilities of the AI big model, human-machine interaction will be completely changed, and machines will have more powerful capabilities, which will in turn give birth to a large number of application-layer innovations.

As Li Ying mentioned when discussing the significance of big models in education: "Creative children will be more likely to stand out in the AI era, and they will also change the world with AI thinking." AI education, which comprehensively reconstructs educational software and hardware using big model technology, has also changed the traditional education model and become a major event in the current "intelligent" change of education.

Xiaodu’s new brain + native operating system DuerOS X

Xiaodu, even ahead of Apple into the race, was the first to provide a new answer to AI education.

On May 27, Xiaodu released the next-generation product, the Xiaodu learning machine Z30, the biggest highlight of which is the construction of the Baidu ERNIE Bot model, which redefines the "AI teacher" and becomes the first true "AI education hardware".

The AI big model has become a must-win for education hardware giants. So, when education technology companies are entering the big model, why is the small learning machine Z30 the first to redefine AI teachers?

The reason is that the Xiaodu learning machine Z30 has revolutionized the way of learning. On the basis of the assisted learning of traditional learning machines, it provides new values such as good guidance, individualized teaching, scene interaction, natural interaction and caring companionship, leading the education hardware from "intelligence" to the "AI era". Play the role of an excellent teacher in the seven major links of planning, diagnosis, practice, learning, preview, parenting, and Q & A, and realize anthropomorphic interaction and communication to achieve caring and accompanying education in offline classrooms.

Let Xiaodu become a ubiquitous AI partner

Xiaodu has upgraded the new "brain" of DuerOS X, not only giving birth to the Tiantian AI tablet robot, but also connecting to Xiaodu smart speakers and smart screens, Tiantian girlfriend machine, Xiaodu fitness mirror, intelligent learning tablet, Xiaodu whole house intelligence, becoming the user’s AI girlfriend, AI coach, AI tutor, AI housekeeper, and AI partner with more varied roles. In the future, the role of all Xiaodu users will also change, no longer as the operator of the device, but as a participant who truly enjoys life.

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.

"Post-90s" one-legged and one-armed takeaway brother: He looks so handsome on his own!

A little lame, can’t run fast

Climbing the stairs is a bit difficult

The bone residue in the leg is stuck in the prosthesis

My legs will hurt a lot at the end of the day

****

This is the daily life of a delivery guy

Life is not easy

Everyone who earns a living

Do your best

His name is Dong Hongxi

He is a "post-90s" takeaway brother who works in Jinan

One hand and one leg

Deliver more than 30 takeout orders every day

An electric shock accident at the age of 8

Took Dong Hongxi’s left hand and right calf

However

Optimistic, he was not defeated

He studied hard and got into university.

But when looking for a job, I kept hitting a wall

"After all, I am disabled.

Some companies also need to consider image.

Don’t hire people like us.

I have worked in network management and sales.

I also worked on the construction site… "

Later, I saw that the takeaway company was recruiting riders.

He intends to challenge!

"Actually, I don’t see myself as disabled.

I can do what others can do. "

September 2018

Dong Hongxi has officially become a rider

Only Dong Hongxi knows the hardships

"The elevator stopped once.

He climbed 20 flights of stairs.

The leg of the prosthetic set hurts so much. "

Get up at 9:00, take orders at 10:00

More than 900 meters from Jingsi Road to Jingqi Road

Ride an electric bike for 4 minutes

2.6 kilometers from Jingqi Road to Wenhua West Road

Ride an electric bike for 10 minutes

28-Year-old Dong Hongxi from Heze

I shuttle through the streets and alleys of Jinan every day

It has become a walking map!

3Pm to 5pm

It is Dong Hongxi’s few rest hours every day

He can eat lunch in peace at this time

You can rub your knees that are sore from climbing stairs.

"Buy a bottle of safflower oil and rub this knee

The bone here is stuck on the prosthesis. "

Although I am exhausted every day

But when I talk to my parents at night

Dong Hongxi always acts very relaxed

"They always thought I was in telemarketing.

I didn’t dare to tell them I was delivering takeout,

If they knew,

It’s going to hurt. "

Dong Hongxi said

Conditions at home are not good

Parents worry a lot about his tuition and medical expenses

So I don’t want my parents to feel sorry anymore

Travelers abroad are planning to go home for the Chinese New Year, but Dong Hongxi plans to stay in Jinan during the upcoming Spring Festival holiday. During the Spring Festival, Dong Hongxi said, you can get 300 yuan for running 20 orders every day, and after 20 orders, you can get a commission of 15 yuan for each additional order. For him who has not paid off his student loans, this is a lot of income.

In addition, Dong Hongxi has another plan in mind, which is to save more money during the Spring Festival and buy a gift for his parents. "Last year, due to the low salary during the Spring Festival, I gave my parents more than 2,000 yuan for more than half a year, and I didn’t buy any gifts for the elderly." Dong Hongxi said, "My father likes drinking tea, and I want to buy him a better tea set, a few boxes of good tea leaves, and a bracelet for my mother."

With this tenacity and unyielding energy

Dong Hongxi earns five or six thousand yuan a month

Although the process was arduous, he was satisfied

"I think there is a particularly good saying:

Although you look embarrassed to make money desperately,

But the way you work on your own,

It’s really beautiful. "

Support the weight of life with your body

Measure your life with your feet

Hold up a sunny day

It also upholds a professional dignity

Those who strive to live deserve respect

The way he fought on his own

Very handsome!