Cartography: Shen Yiling

　　Core reading

　　Chinese-style modernization provides a new choice for human beings to realize modernization and is a major innovation in the theory of world modernization. Report to the 20th CPC National Congress of the Communist Party of China proposed to build a socialist modern country in an all-round way on the track of the rule of law. The construction of the rule of law is the inherent requirement and important guarantee of Chinese modernization, which also has a profound shaping effect on the construction of the rule of law, vigorously promotes the innovative development of Socialism with Chinese characteristics’s theory and practice of the rule of law, and contributes China’s wisdom and China’s plan to the progress of human civilization ruled by law.

　　The rule of law is an important achievement of human civilization, and the road of rule of law in Socialism with Chinese characteristics was formed and expanded in the process of Chinese modernization. Report to the 20th CPC National Congress profoundly expounded the China characteristics, essential requirements and major principles of Chinese-style modernization, made a special chapter on the rule of law as an important aspect of the work layout of the Party and the state in the new era, and put forward the idea of building a socialist modern country in an all-round way on the track of rule of law, which highlighted the important position of rule of law in Chinese-style modernization and revealed the close relationship between Chinese-style modernization and rule of law. A thorough study of the relationship between Chinese modernization and the rule of law is of great significance for accelerating the construction of the discipline system, academic system and discourse system of law with China characteristics, and promoting the innovative development of Socialism with Chinese characteristics’s rule of law theory and practice.

　　Chinese-style modernization theory is a great innovation to the world modernization theory.

　　Modernization is an important theoretical paradigm in modern philosophy and social sciences. Researchers generally believe that modernization refers to the process of a country’s transition from traditional society to modern society, economic and social transformation and civilization progress after it has developed to a certain stage. At present, the academic research on modernization covers many fields such as economics, politics, sociology and law, and has formed rich research results. Chinese modernization is the socialist modernization led by the Communist Party of China (CPC). To study the relationship between Chinese-style modernization and the rule of law, we need to deeply understand Chinese-style modernization from the historical logic, theoretical logic and practical logic.

　　From the development course of China’s modernization, Chinese-style modernization grew from China’s social soil and was cast in the historical process of China’s revolution, construction and reform. General Secretary of the Supreme Leader pointed out: "No country or nation in the world can achieve its own development and revitalization by following the footsteps of others." China’s modernization exploration began in the late Qing Dynasty. Whether it is the Reform Movement of 1898 or the Revolution of 1911, many people with lofty ideals regard the United States, Britain and other world powers at that time as examples of modernization, trying to save the nation by learning from the West. But this "follow-up" modernization has not changed the backward appearance of China. The establishment of New China has provided a fundamental political premise for the people of China to explore the road of modernization independently. In order to catch up with the advanced world level and the socialist revolution and construction period, our party put forward the goal of realizing the "four modernizations", that is, the modernization of agriculture, industry, national defense and science and technology. Under the historical conditions of underdeveloped social productive forces, our understanding of modernization focuses more on material civilization.

　　After the reform and opening up, based on the basic national conditions that China is in the primary stage of socialism and will be in it for a long time, our party has set the goal of building a well-off society and put forward the idea of "stepping out of a Chinese-style modernization road". Since the 18th CPC National Congress, Socialism with Chinese characteristics has entered a new era. After long-term efforts, we have built a well-off society in an all-round way, and made breakthroughs in comprehensively deepening reforms, comprehensively administering the country according to law, and comprehensively administering the party strictly. Our party’s understanding of building a socialist modern country is deepening, its strategy is improving and its practice is enriching. The Third Plenary Session of the 18th CPC Central Committee took perfecting and developing the Socialism with Chinese characteristics system and promoting the modernization of the national governance system and governance capacity as the overall goal of comprehensively deepening the reform, which showed that Chinese modernization not only paid attention to the development of material civilization, but also had richer connotations. Chinese-style modernization promotes the coordinated development of material civilization, political civilization, spiritual civilization, social civilization and ecological civilization, which is a comprehensive modernization. Chinese-style modernization abandons the old ways of capital-centered modernization, polarized modernization, materialistic expansion modernization and foreign expansion and plunder in the West, and provides a new choice for mankind to realize modernization. This is not to add bricks to the western modernization theory, but to surpass the western modernization theory, to realize the transformation in logic, concept, mode and discourse, and to break the myth of "modernization = westernization", which is of great revolutionary significance in the development of modernization theory paradigm.

　　The construction of rule of law is the inherent requirement and important guarantee of Chinese modernization.

　　General Secretary of the Supreme Leader pointed out: "A modern country must be a country ruled by law". Modernization and the rule of law are intrinsically linked, interdependent and accompanied by development. Looking at the modern history of the world, all countries that have successfully realized modernization have not solved the problem of rule of law well. The modernization process will bring about great changes and interest adjustment. As an important part of modern state governance, the rule of law plays a vital role in regulating and coordinating various complex interest relations involved in the modernization process. If the rule of law is not obvious, the society may be unstable and disorderly due to disputes and conflicts, which will eventually lead to the stagnation or interruption of the modernization process. Although some countries once achieved rapid development, they did not successfully enter the threshold of modernization, but fell into such a "trap" that economic and social development stagnated or even regressed. The emergence of this situation is largely related to the lack of rule of law.

　　Chinese modernization has distinct logic of rule of law, and the construction of rule of law is the inherent requirement of Chinese modernization. From the strategic deployment of Chinese modernization, building a socialist modern country in an all-round way includes promoting the modernization of the national governance system and governance capacity. The rule of law is an important support for the national governance system and governance capacity. This requires advancing the construction of the rule of law in the process of Chinese modernization, ensuring the integration, coordination and efficiency of all institutional systems, realizing the convergence and transformation of institutional systems and governance efficiency, enhancing the systematicness, standardization and coordination of the national governance system, and constantly improving the modernization level of the national governance system and governance capacity. From the value pursuit of Chinese modernization, Chinese modernization insists on taking the people as the center. In the new era, people’s needs for a better life are increasingly extensive, which not only puts forward higher requirements for material and cultural life, but also increases the requirements for the rule of law. In order to realize the people’s yearning for a better life, Chinese modernization must adhere to the rule of law in an all-round way, promote the construction of China ruled by law, and constantly meet the people’s new requirements and expectations for the rule of law. Judging from the development environment faced by Chinese modernization, China’s development has entered a period in which strategic opportunities and risk challenges coexist and uncertain and unpredictable factors increase, and external repression and containment may escalate at any time. We must promote the domestic rule of law and foreign-related rule of law as a whole, use the power of the system to deal with the impact of risk challenges, and ensure that Chinese modernization will not be delayed or interrupted.

　　The construction of rule of law is an important part of Chinese modernization, which has a fundamental, stable expectation and long-term guarantee for promoting Chinese modernization. First of all, promoting Chinese-style modernization is an unprecedented pioneering undertaking. We must rely on efficient national governance capacity to solve various practical problems in modernization and overcome various difficulties and challenges on the way forward. The rule of law has a solid and fundamental guarantee for the national system and the national governance system. The law is mandatory and authoritative, and has been widely recognized and generally followed. The establishment of national system and national governance system in legal form can effectively ensure the stability and long-term nature of national system and national governance system, and promote the transformation of institutional advantages into governance efficiency. Secondly, Chinese-style modernization is a leap-forward and parallel development process, and many diachronic problems need to be solved synchronously, among which the depth of ideological change and the adjustment of interests are rare in the world. The rule of law protects, regulates and adjusts various interest relations through the implementation of open and stable institutional mechanisms and behavioral norms, thus stabilizing the expectations of social members, maintaining social order in the process of modernization, and providing a solid foundation, lasting motivation and broad space for modernization. Third, the realization of Chinese modernization is a long-term historical process. Adhering to the rule of law in an all-round way is a strategic plan focusing on long-term goals and development, which has a long-term guarantee role. Only by enforcing the rule of law can Chinese modernization be stable and far-reaching.

　　Chinese modernization opens up a broad space for the rule of law.

　　Chinese-style modernization is unprecedented in arduousness and complexity, which will have a profound impact on the rule of law. From "promoting the modernization of national governance system and governance capacity on the track of rule of law" to "building a socialist modern country in an all-round way on the track of rule of law", Chinese-style modernization and rule of law are deeply integrated to promote the innovative development of Socialism with Chinese characteristics’s rule of law theory and practice, which not only endows China with new connotations, but also contributes more China wisdom, Chinese programs and Chinese strength to the progress of human rule of law civilization.

　　Promote the theoretical innovation of the rule of law. Since the reform and opening up, adapting to the continuous advancement and expansion of Chinese modernization in theory and practice, the China-ization of Marxist theory of rule of law is also constantly advancing. From "perfecting the socialist legal system" to "perfecting the socialist rule of law", from "ruling the country by law" to "ruling the country by law in an all-round way", from "building a socialist legal system with Chinese characteristics" to "building a socialist country ruled by law" to "adhering to the integration of a country ruled by law, a government ruled by law and a society ruled by law", Socialism with Chinese characteristics’s theory of rule of law keeps pace with the times in socialist modernization, which has effectively guaranteed the smooth progress of China’s modernization, from "laws must be followed, laws must be strictly enforced, and violators must be prosecuted" to "comprehensively promoting scientific legislation, strictly enforcing laws, justly administering justice, and abiding by the laws of the whole people". Especially since the 18th National Congress of the Communist Party of China, the road of Chinese modernization has become wider and wider, and the practical, theoretical and institutional foundations for building a socialist modern country in an all-round way have become more solid. Our party insists on combining the Marxist theory of rule of law with the concrete reality of China and the excellent traditional Chinese legal culture.It has formed the supreme leader’s thought of rule of law, the latest achievement of China-ization of Marxist theory of rule of law. This important thought is not only the fundamental follow-up and action guide for comprehensively governing the country according to law in the new era, but also contributes China’s wisdom to the development of human civilization ruled by law.

　　Enrich the practical form of the rule of law. The rule of law in Socialism with Chinese characteristics serves Chinese modernization, which has a profound shaping effect on the rule of law in Socialism with Chinese characteristics, making the practice of rule of law in China unique. For example, the development of the rule of law in China is not only different from the bottom-up social evolution model of western countries, but also different from the top-down government promotion model of some East Asian countries, but also promotes the rule of law from top to bottom and from bottom to top. We have created the rule of law reform model of "pilot first, then promote" to ensure that the reform in the field of rule of law is steady; We insist on combining the rule of law with the rule of virtue; Adhere to the rule of law in an all-round way and actively promote the rule of law in international relations; Wait a minute. Report to the 20th CPC National Congress of the Communist Party of China profoundly expounded the China characteristics, essential requirements and major principles of Chinese modernization, which expanded the path for the further development of the practice of rule of law in Socialism with Chinese characteristics. For example, building a socialist modern country in an all-round way on the track of the rule of law means that the rule of law runs through all fields, aspects and links of socialist modernization, which will inevitably promote a more comprehensive coverage of the rule of law and more diverse forms of practice. Another example is that ensuring the implementation of the essential requirements of Chinese-style modernization with the power of the rule of law also puts forward new requirements for the construction of the rule of law, which will surely promote the practice and innovation of the rule of law to continuously achieve new results. To embark on a new journey, we should thoroughly study and implement the supreme leader’s thought of rule of law, persist in leading the construction of rule of law with Chinese modernization, guarantee Chinese modernization with good laws and good governance, and make greater achievements in promoting Chinese modernization on the track of rule of law.

　　(The author is Dean of Wuhan University Law School)

Recently, Huang Xiaoming, a famous actor, made her debut after her public love affair, which triggered a heated discussion among netizens. Accompanied by his new girlfriend, their sweet moments together were exposed many times. However, apart from the publicity of love, Huang Xiaoming’s appearance change has also become a hot topic of discussion.

During the activity, Huang Xiaoming’s face changes caused concern, and many netizens noticed that his chin seemed to be a little bent and his facial contour was more bloated. In this regard, some netizens expressed concern that Huang Xiaoming’s status may be related to work pressure and living habits. Some people also ridiculed that "the pressure of stars is too great, and it is finally reflected in the face." This is not only the analysis of Huang Xiaoming’s personal image, but also the general expectation of the public for the appearance and living conditions of the stars.

Background analysis: the aura and pressure of stars

Huang Xiaoming, as a famous actor in mainland China, is loved by many fans for his excellent acting skills and charming appearance. However, the glamorous appearance behind the stars often masks the pressure and challenges they bear. Especially after experiencing major events such as marital changes and career bottlenecks, the psychological and physical status of stars may be affected.

Huang Xiaoming divorced his ex-wife earlier this year. After a period of calmness, he chose to make his love affair with his new girlfriend public. It should have been a celebration moment, but with the exposure of appearance changes, it seems to have brought him a lot of public pressure. On social media, the discussion about his appearance changes has intensified, and many comments even involve life choices and stress management.

The double-edged sword of social media

In this era of information explosion, social media is not only an important platform for interaction between stars and fans, but also the birthplace of public opinion storm. The hot discussion caused by Huang Xiaoming’s appearance is the epitome of star life in the era of social media. Although there are various comments from netizens, Huang Xiaoming’s appearance changes have become the focus of discussion, which shows us that the public is highly concerned about the appearance and image of stars.

Many netizens showed their concern for Huang Xiaoming on social platforms, and their words revealed their worries about his health, precisely because they were full of emotions for this star who once brought countless laughter and tears on the screen. This kind of emotional entanglement is widespread in the film and television circle and even the whole entertainment circle. Every appearance and every movement of the stars is easy to attract widespread attention and interpretation.

The sweetness and pressure of new love

After Huang Xiaoming’s sweet love affair was exposed, although it attracted a lot of attention, it also made him become the focus of public opinion again. The affection between lovers is essentially a kind of support and sharing, but when personal life is put in the spotlight, there may be unknown pressure behind the sweetness.

With the announcement of her love affair, Huang Xiaoming should not only balance the sweetness of love with her private life, but also continue to strive to maintain her image in her career. How to maintain an ideal image in the eyes of the public is a great challenge for every star. As psychologists have said: "The public’s prejudice and expectation of stars will often cause great psychological pressure on them."

Public Expectation and the Standard of Beauty

In this context, the standards of beauty and the appearance of stars inside and outside the film and television circle are getting higher and higher. Nowadays, the media and the public react more quickly to the appearance changes of stars, which also causes many stars to bear a huge psychological burden because of image problems. Some stars choose to maintain their appearance through fitness, medical beauty and other means. However, under the scrutiny of the outside world, this practice sometimes leads to new disputes.

The situation in Huang Xiaoming also reflects the commercialization and standardization of beauty faced by the entire entertainment industry. Whether to meet the market demand or to maintain their own image, stars are forced to meet the public’s expectation of "perfection" to some extent. In such competition, should we be more tolerant and understanding of these public figures and give them more support and respect?

Summary: A Survey of the Life of Stars and Society

Huang Xiaoming’s appearance is not only a publicity of his personal life, but also reveals deeper social problems. As public figures, the aura and responsibility of stars are intertwined, and their lives and choices often become an important topic of social discussion. While appreciating their works and achievements, we should treat their life and changes rationally.

Perhaps, in this perfect society, we can give each star more space and understanding and allow them to show their true selves at different stages of life. Although the change of Huang Xiaoming’s face has caused a topic, we should pay more attention to his real feelings and living conditions as an ordinary person. Let’s look forward to his new stage in love and career, and wish this talented actor more wonderful works and happy times in the future.

Editor in charge:

The price of Harley-Davidson motorcycles varies by model, configuration and region. The following are the approximate price ranges of some common Harley motorcycles (in US dollars):

1. Harley-Davidson Softail Standard-about $13,000-$16,000.

2. Harley-Davidson Fat Boy-about $17,000-$22,000.

3. Harley-Davidson Road King-about $18,000-$24,000.

4. Harley-Davidson Dyna-about $15,000-$20,000

5. Harley-Davidson CVO series-about $20,000 or more.

Please note that these prices are for reference only and the actual prices may vary. It is recommended that you visit the official website of Harley-Davidson or contact your local dealer for accurate price information.

　　On Monday, local time, US stocks continued to rise, and the three major indexes collectively closed up. The Dow was six consecutive years, and the S&P and Nasdaq once again set a 15-month high. Technology stocks performed well, with Apple and NVIDIA hitting record closing highs, while Tesla rose more than 3%.

　　In the news, US Treasury Secretary Yellen said on Monday that the US labor market and inflation data made her optimistic about the prospects. "I don’t expect a recession, and we are on the road to reducing inflation." This has boosted the market’s confidence in the economic prospects of the United States to some extent.

　　In addition, the Goldman Sachs research report pointed out that in view of the good performance of the recently released US economic activity and inflation data, the possibility of the US economy avoiding recession in the next 12 months has increased. Therefore, Goldman Sachs lowered its forecast for the possibility that the United States will begin to fall into recession in the next 12 months, from 25% to 20%. In addition, although the Federal Reserve is expected to raise the benchmark interest rate again next week, it may be the last in a series of interest rate hikes that began last year.

　　It is worth noting that the Q2 earnings season of US stocks officially begins, and the market will face a test in the next few days. Whether the previous rise is a continuation of the strength of US stocks or investors rushing to run, corporate earnings reports will give an answer.

　　In terms of individual stock news, Microsoft welcomed the new progress in the acquisition of Activision Blizzard. The British Anti-monopoly Court of Appeal ruled that the trial of Microsoft’s appeal against the ban on Microsoft’s acquisition by the British regulators was suspended, arguing that the case could be postponed "conditionally", paving the way for Microsoft and Blizzard to find an alternative to the veto by the regulators. This means that the last "roadblock" of British regulators is no longer enough to pose a threat to the transaction.

　　However, a person familiar with the matter said that although the transaction is likely to be reached, the completion time of the transaction may be later than the original deadline this Tuesday.

　　Buffett’s Berkshire Hathaway disclosed on Monday that it significantly reduced its holdings of Activision Blizzard in the second quarter, and its position fell to about 14.7 million shares, a decrease of 70.2% from the 49.4 million shares held at the end of the first quarter. Berkshire’s shareholding ratio has shrunk sharply from 6.3% at the end of the first quarter of this year to 1.9%.

　　In terms of energy, crude oil soared due to the news that Saudi Arabia "extended its voluntary production reduction to the end of December 2024". WTI crude oil once rose to $76/barrel, and Brent crude oil once returned to the $80/barrel mark. Later, it retreated all the gains announced by this false news. WTI crude oil closed down 1.53% to $74.08/barrel, while Brent crude oil closed down 1.47% to $78.

　　[overnight U.S. stocks]

　　Among the large-scale Chinese stocks, Alibaba fell by 1.20%, Baidu rose by 0.30%, Netease rose by 0.84%, Tencent Music fell by 2.83% and Pinduoduo fell by 0.49%.

　　Among the large American technology stocks, Apple rose 1.73%, Amazon fell 0.83%, Google A fell 0.61%, and Nye soared 1.84%.

　　[global index]

　　In the European stock market, the FTSE 100 index in Britain fell slightly by 0.38% to 7406 points. The French CAC40 index fell 1.12% to 7292 points. Germany DAX index fell slightly by 0.23% to 16,069 points.

　　[global goods]

　　The main contract of WTI crude oil closed at $74.11 per barrel, down 1.74%; The main contract of Brent crude oil closed at $78.56 per barrel, down 1.64%; The main contract of crude oil in the previous period closed at 573.10 yuan per barrel overnight, down 0.83%.

　　Overnight, the Shanghai gold main contract closed up 0.22% to 455.70 yuan per gram; The main contract of Shanghai Bank closed down 0.12% to 5809.00 yuan per kilogram.

　　[overnight news]

　　"Saudi Arabia will extend its voluntary production reduction measures until the end of 2024"? Oolong news makes oil prices "jump up and down"

　　On the evening of July 17th, a news that "Saudi Ministry of Energy said it would extend the voluntary production reduction measures to the end of 2024" triggered a huge earthquake in the crude oil market. Both American oil and oil distribution rose by over 2%, and European energy stocks followed suit. However, news came out soon, and the media withdrew this report, calling it the old news on June 4. Brent crude oil and WTI crude oil retreated all their gains within 25 minutes, dropping about $1.5 per barrel. The long-short game of crude oil at the $80 mark is fierce.

　　US Treasury Secretary Yellen: The US economy will not decline and is on a "good track" to reduce inflation.

　　US Treasury Secretary Yellen said on Monday that the growth of the United States has slowed down, but the domestic labor market is still quite strong. She predicted that there would be no recession in the United States. Yellen said that she believes that the United States is on a "good track" to reduce inflation, and the labor market will not be significantly weak. Some commentators believe that Yellen’s statement is also the driving force behind the rise of US stocks on Monday.

　　The black sea food agreement is completely history? Russia says it no longer plans to negotiate.

　　Russia’s deputy representative to the United Nations said that the decision to terminate the agreement on the export of agricultural products at the Black Sea port was final, and no more negotiations were planned. On the same day, the Russian Foreign Ministry issued a statement on the agreement on the export of agricultural products at the Black Sea port, saying that the agreement will be suspended from July 18. The Russian Foreign Ministry pointed out that Russia opposes the extension of the agreement on the export of agricultural products at the Black Sea port, and officially informed Turkey, Ukraine and the United Nations Secretariat of the decision on the 17th.

　　Affected by this news, American wheat futures surged back, jumping over 4% and then turning down.

　　The new york Fed’s manufacturing index fell in July, but inflation cooled further.

　　The manufacturing index released by the Federal Reserve Bank of new york in July dropped to 1.1% from 6.6 in June, indicating that the manufacturing growth in the state has almost stopped, and economists expect it to drop to zero. Among the sub-indices, the price payment index dropped from 22 in June to 16.7, which is a sign that inflationary pressure has further cooled down.

　　[company news]

　　Microsoft’s acquisition of Activision Blizzard went further, but the deal may be postponed. Buffett reduced his shareholding in Blizzard by 70% in the second quarter.

　　Microsoft welcomed the new progress in the acquisition of Activision Blizzard, and the British Anti-monopoly Court of Appeal ruled that the trial of Microsoft’s appeal against the ban on Microsoft’s acquisition by the British regulators was suspended, arguing that the case could be postponed "conditionally", paving the way for Microsoft and Blizzard to find an alternative to the veto by the regulators. This means that the last "roadblock" of British regulators is no longer enough to pose a threat to the transaction.

　　However, a person familiar with the matter said that although the transaction is likely to be reached, the completion time of the transaction may be later than the original deadline this Tuesday.

　　Buffett’s Berkshire Hathaway disclosed on Monday that it significantly reduced its holdings of Activision Blizzard in the second quarter, and its position fell to about 14.7 million shares, a decrease of 70.2% from the 49.4 million shares held at the end of the first quarter. Berkshire’s shareholding ratio has shrunk sharply from 6.3% at the end of the first quarter of this year to 1.9%.

　　Tencent’s largest shareholder: It is estimated that the shareholding ratio will drop to around 24%-25% by the end of the year.

　　Prosus, the largest shareholder of Tencent Holdings and the Dutch subsidiary of South Africa’s Naspers Group, said that the proportion of its Tencent shares will be reduced by 2 to 3 percentage points every year, and it will drop to around 24%-25% by the end of this year. Naspers bought a third of Tencent’s shares for $34 million in 2001. In June last year, Prosus announced that it would slowly sell its Tencent shares to provide funds for stock repurchase.

　　Lilly announces complete report on new drugs for Alzheimer’s disease.

　　Lilly, a pharmaceutical giant, announced in official website on Monday that the latest complete results of phase III clinical trial TRAILBLAZER-ALZ 2 showed that donanemab developed by the company could significantly slow down the cognitive and functional decline of patients with early Alzheimer’s disease (AD).

　　According to the latest complete report, among people with mild cognitive impairment (MCI), iADRS (comprehensive evaluation of patients’ cognitive ability and daily self-care ability) shows that the clinical decline rate has slowed down by 60%, and CDR-SB score shows that the cognitive decline rate of patients has slowed down by 46%. This means that the curative effect of donanemab is much more obvious for this group.

　　Tesla’s board gave up $735 million in stock and cash awards to settle investor lawsuits.

　　Tesla directors, including co-founder Musk, agreed to return more than $735 million in stock and cash bonuses to settle the lawsuit filed by investors. The lawsuit accused board members of providing themselves with huge salaries through improper means. According to the document filed by the Delaware Court of Equity on July 14th, Tesla directors denied the existence of the misconduct alleged by investors, but said that they agreed to solve the case to eliminate the uncertainties, risks, burdens and expenses that may be brought about by further litigation.

　　Ford slashed the sales price of electric pickup trucks.

　　On Monday, local time, Ford Motor Company of the United States drastically lowered the price of F-150 Lightning. Among them, the entry-level model F-150 Lightning PRO, with the biggest drop, started at US$ 59,974 and fell to US$ 49,995, down by about 16%. The price reduction of other models is roughly 6%-14%.

　　[AI dynamic]

　　Server energy consumption has tripled, and the fierce AI competition is becoming more and more important for power competition.

　　According to the latest report released by Digital Information World, the energy consumption generated by data centers for training AI models will be three times that of conventional cloud work. It is estimated that by 2030, the power demand of data centers in the United States will increase at an annual rate of about 10%. Computing power is the foundation of the development of the AI world, and the bottleneck of computing power is electricity in the final analysis. With the increasingly fierce arms race for AI, the competition for electricity has become more and more important.

　　[financial calendar]

As a leader in the domestic automobile market, BYD has been at the forefront of new energy technology through unremitting efforts. Its product lineup is rich and diverse, including Qin, Qin 100, Qin EV300, Tang, Tang 100, Song, Song DM, Song EV300 and Yuan, aiming to meet the needs of different consumers. Next, let’s discuss BYD’s lineup of pure electric vehicles and reveal its highlights in terms of price, performance and cruising range.

BYD Yuan EV-360:
The subsidized market price is between 79,900 and 99,900 yuan. Yuan EV series is a compact SUV built by BYD based on the fuel vehicle platform. The newly launched Yuan EV360 is equipped with a high-efficiency rare-earth permanent magnet synchronous motor independently developed by BYD, with a maximum power of 160kW and a peak torque of 310Nm, and an acceleration of 0-100km/h takes only 8.9 seconds. This model uses ternary lithium battery, the battery energy density reaches 126.91Wh/kg, and the comprehensive cruising range is 305km, while the cruising range can reach 360km at a constant speed of 60 km/h.

BYD Song EV Series:
Song EV series is priced between RMB 189,900 and RMB 219,900, including various driving modes. The latest Song EV500 is equipped with a 160kw motor, with a maximum torque of 310N·m and a 62kWh ternary lithium battery. The comprehensive cruising range can reach 400km, and the 60kW fast charging pile can be charged from 40% to 80% within 30 minutes.

BYD Qin EV Series:
The subsidized price of Qin EV series is 149,900-169,900 yuan, and the release of Qin EV450 has improved performance and endurance. The latest Qin EV450 is equipped with 160kW drive motor and 310N·m torque, and adopts ternary lithium battery, with a cruising range of 400km, which is significantly improved compared with the previous generation.

Qin Pro-ev500:
Qin Pro-ev500 is the follow-up model of Qin EV, and its price is 169,900-189,900 yuan. Based on BYD’s "e-platform", it is equipped with DragonFace design language, 12.5.5-inch 8-core responsive central control panel and 56.4kWh battery pack with high energy density. The maximum cruising range can reach 500km, and the charging speed is fast, and the charging time can be from 30% to 80% within 30 minutes.

BYD e6 Series:
The e6 series is positioned as MPV, and the subsidized price is 243,800-303,800 yuan. The new e6 is equipped with a 90KW motor and a torque of 450Nm. With the 82 kWh lithium iron phosphate battery, the comprehensive cruising range is 400km, while the pure electric cruising range can reach 520km at a constant speed.

BYD e5 Series:
The latest e5450 of BYD E5 series was released in 2021, and the subsidized price was 129,900-139,900 yuan. The battery type was upgraded from lithium iron phosphate battery to ternary lithium battery, which improved the cruising range to meet higher user demand.

With its continuous technological innovation and rich product line, BYD ensures that consumers can find the best choice that meets their own budget and needs when purchasing new energy vehicles. Judging from the performance and price of these models, BYD has successfully established a solid position in the new energy market.

1905 movie network news A few days ago, the main creator of the comedy film "The Great Anti-Faction" appeared in Chengdu Road Show, sincerely communicating with the audience, and sharing creative insights and shooting details.

The film "The Great Anti-Faction" tells the story of the little actor Bi Chao (Bao Beier) who "explodes" the villain because of his amnesia, and thus embarks on an endless journey of oolong. In the film, Bi Chao shows his desire for fame and fortune, and the eldest, the second and the third also decide to "take risks" because of their desire for money. In Bao Beier’s view, Bi Chao and Lao Er, who have said "I don’t want to live like a cockroach", are "two sides of one body" in the role setting. Through their comparison, the film tells the audience that "the desire is big or small, and when the desire is not satisfied, it will be anxious and lost, but happiness is very simple". Bao Beier also sincerely confided: "When the focus of life is shifted to accompanying family, it will become happier."

In addition to striving for perfection in story and character creation, Bao Beier also injected ingenuity into the visual sense of the film. Many viewers noticed that the frame of the film changed during the viewing process. According to Bao Beier’s explanation, the frame ratio of the film is generally 16 to 9, but when Bi Chao thinks that he is Zhao Dongshan, the frame will be adjusted to 2.35 to 1, and it will become 9 to 10 when he flashbacks. I hope that "in this way, everyone can distinguish when this role is Bi Chao."

　As the "real villains" in the film, Dayong Zhou, Ma Xudong and Za have taken on a lot of "running scenes" in the film. In order to shape the role more accurately, everyone has to "practice hard" outside the play. Under the strict requirements of director Bao Beier, the three people even "exhausted their best" when shooting. Dayong Zhou revealed that the chase scene with him was to achieve the real state of "tired" by running all the time; Ma Xudong shared that the three experienced the change from "running faster than the car" to "running still" in repeated running, and gradually got used to such high-intensity shooting and got fun from it; Zaza laughed and said that she had been trying to catch up with the other two, saying that "it will be the limit to run again". The actors go all out to show the character’s "ruthless" strength, and also bring the audience an immersive viewing effect.

The Great Anti-school is directed and starred by Bao Beier, starring Xiao La Li Jiaqi, starring Dayong Zhou, Ma Xudong, Za and Kong Zirou, and featuring,,,,,,,, Wang Chengsi, Zhang Yiming, Wang Tianfang, Lv Yan, Zhang Baiqiao, cool Teng, Zhang Youwei and DEBAI. They are playing in national cinemas.

As a world-renowned automobile brand, Volkswagen has a rich and diverse vehicle lineup to meet the needs of different consumers. The following are some representative works of Volkswagen, which will give you a glimpse of its comprehensive product line:

• Volkswagen poloThis small car is characterized by its portability and practicality, and is very popular among city drivers.
• Volkswagen GolfAs a classic hatchback, golf is famous for its excellent handling and fashionable design.
• TOURANWith its spacious space and practicality, it has become an ideal choice for family travel.
• TiguanCompact SUV, which combines driving pleasure and practicality, is the perfect companion for urban and outdoor exploration.
• TuangLarge SUV provides luxurious space and powerful performance to meet the needs of large families.
• SAGITARMedium-sized car, with its stability and comfort, brings users a smooth driving experience.
• MagotanA model of business car with exquisite interior and excellent power performance.
• CCAn elegant coupe that combines performance and aesthetics.
• SantanaA classic family car, which wins trust with durability and economy.
• TouaregLuxury SUV, specially designed for off-road explorers, has strong off-road performance.
• beetle: Small retro car, bearing the memory and fashion complex of a generation.
• PassatMid-to-high-class cars represent the excellent quality of Volkswagen brands.
• Exploring songs: Young and energetic SUV, suitable for urban youth who pursue individuality.
• SciroccoA compact sports car shows the sportsmanship of the public.

The above is just a part of Volkswagen’s lineup. Each model is carefully built according to market positioning and consumer demand, and is committed to providing excellent driving experience. Whether for family, business or sports enthusiasts, Volkswagen can find a suitable model. Of course, Volkswagen has more models waiting for you to discover, adding more possibilities to your life.

Welcome to car home, let’s explore the latest development of the national sixth Ruifeng M3. I believe many friends have some questions about the news that the price of Guoliu Ruifeng M3 model has been reduced by 30,000 yuan and the listing price of Jianghuai Ruifeng M3 1.5T National Sixth Edition. Don’t worry, next, I will interpret these key information for you in detail to enrich your knowledge base.

First of all, the reason behind the 30,000-yuan price reduction of Guoliu Ruifeng M3 model may be to enhance market competitiveness or respond to policy adjustment. The specific reasons need to be combined with market analysis and manufacturer strategy. For the common fault of Ruifeng M3, the lack of engine oil, we know that it may be caused by poor engine seal or failure to maintain it in time. Car owners must pay attention to regular inspection and maintenance.

Regarding JAC Ruifeng M3 extended version 1.8 national six model, it supports gas change, but it needs careful operation. After all, it can run 300 kilometers after gas change, which may depend on engine modification and service conditions. The launch of the 1.5T National Sixth Edition not only meets the higher emission standards, but also improves the power performance, providing consumers with better choices.

The official guide price of Jianghuai Ruifeng M3 1.5T National Sixth Edition is 838-94800 yuan, which indicates that it has been upgraded to a more environmentally friendly emission standard, and it also means that the price/performance ratio may be improved. If you are interested in vehicle parameters, Ruifeng M3 Sixth Edition has a body size of 4651x1765x1900mm and the powerful power of 1.8L inline 4-cylinder engine, which provides passengers with a comfortable ride experience.

Finally, the official guide price and configuration of the 2019 Ruifeng M3 are different, which meets the needs of different consumers. Whether it is a 5-seat or 7-seat layout, there are corresponding models to choose from. I hope this sharing can help you with the question of reducing the price of Guoliu Ruifeng M3 by 30,000. If you have any other questions, please feel free to consult.

Gree Electric (000651) is gradually reducing its shares in listed companies recently.

In October this year, Wentai Technology (600745) announced the shareholding reduction plan of shareholder Gree Electric; In November, Haili Co., Ltd. (600619) disclosed the change of shareholder Gree Electric’s shareholding in the announcement. During the period from October to November, it has sold more than 40 million shares of Haili, and the cash amount is estimated to be more than 600 million yuan.

With the stable profit and abundant cash flow brought by household appliances, Gree Electric has made continuous foreign investment in the past few years, including not only Yinlong, which has attracted much attention, but also a number of A-share listed companies, and has quietly formed a huge investment map with a total market value of over 10 billion yuan.

But this year, Gree Electric’s "buy buy Buy" has slowed down and turned to reduce its shares in listed companies. What are the reasons behind it?

Reduce the shares of the two companies

At the beginning of November, Haili became a hot A-share stock, and its share price rose by more than 280% in just two months. As the second largest tradable shareholder of Haili, Gree Electric reduced his holdings in batches.

According to the announcement, Gree Electric reduced its holdings of Haili shares by 43,046,600 shares from October 10th to November 8th this year, accounting for 4.01% of the total share capital.

According to the third quarterly report of Haili in 2024, as of the end of the quarter, Gree Electric held 90,223,200 shares of Haili, accounting for 8.41% of the total share capital; Gree Electric’s Hong Kong Gree Electric Sales Co., Ltd. (hereinafter referred to as "Hong Kong Gree") holds 6,490,600 shares, accounting for 0.60% of the total share capital. Gree Electric and his concerted action Hongkong Gree hold a total of 96,713,800 shares, accounting for 9.01% of the total share capital.

After this round of reduction, Gree Electric and his concerted actions still hold 53,667,150 shares of Haili, accounting for 4.999993% of the total share capital, and they are no longer shareholders holding more than 5% of the shares of Haili.

From the operational point of view, the first wave of Gree Electric’s reduction period was from October 10th to November 5th, and the share price of Haili shares fluctuated upward, rising from early 10 yuan to near 14 yuan. During this period, the average price of reduction was about 10.44 yuan, so it is estimated that the amount of Gree Electric’s reduction was about 112 million yuan.

The second wave of Gree Electric’s reduction occurred on November 6th, when the word "T" of Haili shares was at the daily limit for most of the day. On this day, Gree Electric sold 25,551,600 shares, with an average price of 15.38 yuan, and the cash amount was about 393 million yuan.

The third wave of Gree Electric’s reduction was from November 7th to November 8th. On these two days, the share price of Haili shares continued to go up and down, with an average price of 16.59 yuan. The estimated cash amount of 6,763,700 shares sold by Gree Electric was about 112 million yuan. According to this calculation, Gree Electric’s accumulated cash in this round of reduction of Haili shares is more than 600 million yuan.

For this round of reduction, Gree Electric only briefly stated that this change in equity is a transaction according to his own business arrangement, and the company has no clear plan, agreement or arrangement to increase or decrease its equity in listed companies in the next 12 months.

In early October, Gree Electric also announced its plan to reduce its holdings of Wentai Technology. It is planned to reduce its holdings of Wentai Technology by means of centralized bidding, not exceeding 12,428,100 shares, not exceeding 1% of its total share capital. Prior to this reduction, Gree Electric and his concerted action Zhuhai Ronglin held 116 million shares of Wentai Technology, accounting for 9.33% of the company’s total share capital.

At present, Wentai Technology has not announced the progress of Gree Electric’s reduction. Since Gree Electric announced the plan to reduce its holdings, the share price of Wentai Technology has continued to fluctuate upward, with an increase of more than 20%.

Billion A-share investment map

With its leading position in the domestic air-conditioning industry, Gree Electric has achieved good performance growth in the past ten years, and also brought abundant cash flow. In 2017, Gree Electric’s book monetary funds approached 100 billion yuan, and it has been maintained at a scale of more than 100 billion yuan since then. It is from this moment that Gree Electric gradually increased its investment layout in the A-share market.

In September 2017, Gree Electric listed Haili shares in the secondary market for the first time, and listed for the second time in July 2018. By the end of the third quarter of 2018, Gree Electric and his concerted action Hongkong Gree held a total of 96.7138 million shares of Haili, accounting for 9.01% of its total share capital.

At the end of 2018, Gree Electric contributed 3 billion yuan to help Wentai Technology acquire Anshi Group by increasing its capital in Hefei Zhongwen Jintai and Zhuhai Ronglin, thus becoming an important shareholder of Wentai Technology. Gree Electric and his concerted action in Zhuhai Ronglin acquired 116 million shares of Wentai Technology, accounting for 9.33% of its total share capital.

In 2019, Sanan Optoelectronic (600703) launched a fixed increase plan of 7 billion yuan, and Gree Electric suddenly appeared on the subscription list, with a subscription amount of 2 billion yuan. In 2020, the increase of Sanan Optoelectronics was successfully implemented, and Gree Electric obtained 115 million shares of Sanan Optoelectronics.

In 2021, Gree Electric planned to enter the main shield environment. In 2022 and 2023, he acquired 410 million shares of shield environment at a total cost of 3 billion yuan, accounting for 38.78% of the latter’s total share capital. This is also the first time that Gree Electric has controlled a-share listed company.

Judging from the shareholding situation at the end of the third quarter of 2024, Gree Electric (including concerted action) held 96.7138 million shares of Haili, 116 million shares of Wentai Technology, 115 million shares of Sanan Optoelectronics and 410 million shares of Dunan Environment respectively. Based on the stock price at that time, the total market value of Gree Electric’s shareholding in these four listed companies was about 10.9 billion yuan. In fact, the share prices of these four listed companies rose to varying degrees during October and November.

In addition to the investment of A-share companies, the acquisition of Yinlong is also an important investment of Gree Electric. In August, 2021, Gree Electric won 30.47% equity of Yinlong at a total price of 1.828 billion yuan by participating in the public auction of judicial auction. Combined with the entrustment of Dong Mingzhu’s personal voting rights in 17.46% equity of Yinlong, he completed the holding of Yinlong and later renamed it Gree Titanium.

In December 2023, Gree Electric announced that it had acquired 24.54% of the shares held by the existing shareholders of Gree Titanium at a price of about 1.015 billion yuan. After the transfer, Gree Electric directly held 55.01% of the shares of Gree Titanium and controlled 72.47% of the voting rights.

Diversification through investment

From the time line, 2017 is the starting point for Gree Electric to build the A-share investment map. The Securities Times reporter noted that this year was also an important watershed in Gree Electric’s performance growth.

In 2017, Gree Electric’s net profit historically exceeded 20 billion yuan, reaching 22.400 billion yuan. From 2011 to 2017, Gree Electric’s net profit increased from 5.237 billion yuan to 22.400 billion yuan, an increase of 328%.

Since 2017, the growth rate of Gree Electric’s net profit has continued to slow down. By 2023, the company’s net profit has not exceeded 30 billion yuan. From 2017 to 2023, Gree Electric’s net profit increased from 22.400 billion yuan to 29.017 billion yuan, an increase of only 29.54%.

The slowdown in Gree Electric’s performance growth is largely due to the saturation of the core product air conditioning market, which Dong Mingzhu has long recognized. At the second China Manufacturing Summit held in July 2016, Dong Mingzhu publicly shouted the slogan of "diversification". She said: "Gree will continue to take the air-conditioning industry as the pillar, vigorously develop new energy, household appliances, industrial products, precision molds, mobile phones, smart equipment and other emerging industries, and transform Gree from a simple household appliance manufacturing enterprise to a precision manufacturing enterprise to achieve diversified and steady development."

Since then, foreign investment has also been regarded by Gree Electric as an important means of diversification.

Among them, Haili Co., Ltd. is one of the upstream compressor suppliers in Gree Electric. As for the reason why Haili shares were listed twice, Gree Electric responded at that time that it aimed to expand the industrial chain structure and integrate high-quality industrial resources, and build an international enterprise with a more complete industrial chain by taking advantage of talents, information and innovation in Shanghai’s international status.

Dong Mingzhu also said in an interview at that time: "Haili has a long-term cooperative relationship with us, and we are Haili’s biggest customer. We don’t have to hold it, but we can participate. For this reason, we have become shareholders of Haili, and we can communicate better technically. We hope to make Haili bigger and become a world-class compressor factory, not to fight for control. We don’t rely on stock appreciation to make money, but hope to make Haili better. "

Wentai Technology and Sanan Optoelectronics are both related to semiconductors. Gree Electric previously announced that investing in Wentai Technology will help the company to increase cooperation with Wentai Technology in communication terminals, Internet of Things, intelligent hardware and other businesses. With the help of Wentai Technology’s 5G R&D capability, the company will strategically lay out the 5G industrial chain, rely on the company’s leading advantages in the air conditioning field, seize the huge business opportunities of smart home and Internet of Things under the 5G platform, shape the core competitiveness under the new situation, and realize the "diversified" steady and coordinated development in the fields of smart home, smart equipment and communication equipment.

Regarding the strategic shareholding in Sanan Optoelectronics, Gree Electric said that it will help the company’s central air conditioning, intelligent equipment, precision molds, photovoltaic and energy storage sectors to enter the semiconductor manufacturing industry, and at the same time, through cooperative research and development with Sanan Optoelectronics in the semiconductor field, it will help to further enhance the company’s technology accumulation in related fields.

Regarding the holding environment of Dunan, Dong Mingzhu personally responded at the 2021 annual general meeting of shareholders: "Gree rarely made mergers and acquisitions in the past, but as you can see, we recently acquired Dunan (Environment). This company is our long-term partner, providing us with accessories. When they were in the most difficult time, we couldn’t watch it collapse, so we lent a helping hand. We believe that this is to save others and a breakthrough for us, because our control over the industrial chain is more complete. "

Why turn?

Compared with a few years ago, Gree Electric’s investment layout turned to be cautious in 2024, and basically stopped the action of foreign investment in shares, and began to sell its shares of listed companies in the secondary market after entering the fourth quarter. Why did Gree Electric shrink its investment territory at this time?

"Previously, Gree Electric had outstanding business performance and sufficient cash reserves. In order to better manage cash and establish a strategic layout conducive to Gree’s long-term development, it made some equity investments. However, as Gree Electric’s demand for liquidity increases, the effect of some strategic cooperation is not as good as expected, so the action of reducing its holdings is made. " Shen Meng, director of chansons Capital, said in an interview with a reporter from Securities Times E Company.

The reporter noted that the third quarterly report of 2024 recently disclosed by Gree Electric is a good observation window. In the first three quarters of this year, Gree Electric achieved operating income of 146.722 billion yuan, down 5.34% year-on-year; The net profit was 21.961 billion yuan, a year-on-year increase of 9.30%. Among them, the operating income in the third quarter was 46.939 billion yuan, a year-on-year decrease of 15.84%; The net profit was 7.825 billion yuan, a year-on-year increase of 5.47%.

Gree Electric’s abundant cash flow used to be a solid guarantee for large-scale foreign investment, but in the first three quarters of this year, Gree Electric’s net operating cash flow was 12.712 billion yuan, a decrease of 67.89% compared with 39.596 billion yuan in the same period last year. The third quarterly report explained that the decline in the data was mainly due to the decline in cash received from the sale of goods and the provision of services.

Book monetary funds are also an important observation index. At the end of June, 2023, Gree Electric’s book monetary fund reached a new record of 191.654 billion yuan, and at the end of September, 2024, Gree Electric’s book monetary fund dropped to 111.397 billion yuan.

Kuang Yuqing, the founder of lens consulting, said in an interview with the reporter of Securities Times E Company that it is also a common phenomenon for large enterprises to shrink their investment map in the current environment. "These giant enterprises, including Tencent, are shrinking their capital and controlling investment risks, which is also the common influence brought by the overall external environment."

"Another important factor is that Gree Electric introduced Gao Xuan, the largest shareholder, during the mixed reform, and Gao Xuan also took on a large leverage when he became a shareholder. This also means that shareholders may put higher pressure on the performance growth of listed companies. In the case of relatively large pressure on the short-term main business, it is not excluded that the company will support its performance by realizing some investment projects with good returns. " Kuang Yuqing said.

In addition to the reasons for the profit reduction, the Securities Times reporter also noted that the strategic cooperation between Gree Electric and the invested enterprises may also be an influencing factor.

In 2017, 1.074 billion yuan of compressor purchases in Gree Electric came from Haili; In 2018, Gree Electric listed Haili shares for the second time, and the business cooperation between the two parties reached its peak. In that year, Haili shares sold products to Gree Electric for 3.028 billion yuan, accounting for about 26% of its total revenue.

From 2019 to 2023, the sales of Haili shares to Gree Electric were 2.678 billion yuan, 1.810 billion yuan, 2.311 billion yuan, 1.581 billion yuan and 1.093 billion yuan, respectively, and the overall sales continued to decline.

Although Dong Mingzhu has publicly stated that he "hopes to make Haili bigger", Gree Electric’s purchase from Haili shares has been declining since then. In the same period, the operating performance of Haili shares also showed a downward trend. In 2022, the net profit decreased by 89.02% year-on-year, and in 2023, the net profit decreased by 13.94% year-on-year. In the market’s view, the space for strategic cooperation between the two sides has become smaller and smaller, and the strategic goal of Gree Electric’s original shareholding may be difficult to achieve, so it is reasonable to reduce its shareholding.

Editor: Li Dan

Proofreading: Yao Yuan

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● Four-wheel drive structure: basically the same.

　　　 As we all know, both Range Rover Sport Edition and Range Rover are equipped with full-time intelligent four-wheel drive system and powerful second-generation all-terrain feedback system. Users only need to choose the corresponding driving mode and control the throttle and direction, and the next difficulties and obstacles will be fully handed over to the vehicle itself to overcome. It’s like a fool’s camera. Even if you don’t know how to take pictures, you can still take wonderful pictures. However, do you know what kind of complicated four-wheel drive structure is hidden under this seemingly stupid operation knob?

"The Range Rover and Range Rover Sport Edition of this test drive all adopt this four-wheel drive structure."

　　　 First of all, let’s look at the Range Rover Sport Edition. It can be equipped with two full-time four-wheel drive systems. The central differential with strong off-road capability is a multi-plate clutch structure with low gear. By default, the system distributes the torque evenly in the ratio of 50: 50. According to the change of the combination of multiple clutches, the power distribution of the front and rear axles can be 100% respectively, and the electronic traction control system will also play an auxiliary role. Low gear ensures excellent off-road ability, and can provide 2.93:1 driving force at low gear.

"Range Rover Sport Edition can also be equipped with a four-wheel drive system with single-speed transfer case and +Torsen central differential structure."

　　　 The weak four-wheel drive system adopts the structure of Torsen central differential, and there is no low gear. The mass of this system is 18kg lighter than that of the previous system, and the ratio of front and rear torque distribution is 42: 58 by default. The setting slightly biased towards the rear drive aims to improve its driving pleasure. At the same time, in order to ensure off-road performance, according to the different road conditions and grip, Torsen differential can adjust the maximum distribution ratio of front and rear wheels to 62% and 78% respectively. Theoretically, this system is weaker than the first one in four-wheel drive performance.

　　　 The Range Rover adopts the first four-wheel drive system, and the two cars we tested this time also use this four-wheel drive system. It is worth mentioning that the above is only the middle part of the whole four-wheel drive system. In fact, in order to further optimize the traction and stability under extreme road conditions, consumers can also choose models with dynamic active rear axle limited slip differential (including Range Rover and Range Rover Sport Edition). The rear axle differential lock will form a powerful four-wheel drive system together with the first four-wheel drive system mentioned above.