On December 23rd, Chongqing Jin Kang Sailis announced that it had jointly launched a high-end smart car brand AITO (Chinese name: Aotu), which is a new high-end new energy brand that Huawei has chosen new products and cooperated with car companies. slogan is "A journey of thousands of miles begins with AITO"!

At today’s new product launch conference of Huawei in winter, AITO’s first model, AITO Wenjie M5, was officially launched, with a mid-to-high-end positioning, belonging to an intelligent luxury electric drive SUV (medium-sized), which was built by major teams such as Huawei’s consumer business, including system software, industrial design, engineering technology, ecology, etc., with high autonomy.

In addition, HUAWEI has specially provided Huawei’s household charging piles for new cars, which are genuine Huawei car accessories to help solve the anxiety of users.

The IT House learned that "Huawei only makes parts and does not build cars, but helps enterprises build good cars".

Yu Chengdong said that this model is far superior to other brands in terms of performance, handling and intelligent experience.

Huawei also brought its simple and ultimate industrial design concept to this car. The exterior is luxurious and compact, and the interior is spacious and comfortable, which not only allows everyone to enjoy the convenience of parking and turning around easily in the city, but also allows the main driver and passengers to have a comfortable experience even during the long journey.

With the help of the industrial concept of Huawei team, this car has achieved a simple and extreme design. First, it is equipped with an intelligent cockpit. The AITO M5 can seamlessly flow with other intelligent terminals, completely breaking through the barriers between "people, cars and homes".

In terms of software, the M5 interface of AITO Interface provides advanced sense and intelligent functions, which "surpasses all models and car enterprises", such as L2+intelligent driving assistance, HarmonyOS intelligent split screen, one-button flow, NFC Bluetooth sensorless car key of Huawei watch, 3D face recognition, automatic login to Huawei account, automatic switching of driving information, schedule, real-time updating of car navigation map, intelligent sound source perception in multi-tone area, offline voice assistant, real-time detection of fatigue state by computational vision, etc.

Huawei said that with powerful computing power and operating system, through continuous AI learning optimization and OTA upgrade, HarmonyOS Auto can meet consumers’ demand for intelligent, scene-based and personalized experience upgrade.

IT House understands that AITO Wenjie M5 has six paint colors: ceramic white, pine frost green, ice crystal gray, gold-plated black, mi navy blue and azure blue, and three interior colors: ivory white, extreme night black and agate brown, which can be freely matched.

According to Yu Chengdong, Huawei designed it according to the quality and interior requirements of millions of luxury cars, which exceeded the driving sense of 500-100 million yuan. The interior space was comparable to that of a large SUV, and the cockpit was surrounded in one piece, which perfectly interpreted the experience of "advanced feeling", "simplicity" and "immersion".

In terms of power, AITO Wujie M5 adopts front double wishbone independent suspension (anti-roll), rear multi-link independent suspension (stable), all-aluminum chassis (weight -30%), and is equipped with Huawei’s own DriveOne pure electric drive range-extending platform, which has fast acceleration, long battery life and can be powered by electricity and oil.

It is equipped with 1.5T four-cylinder range extender 3.0, asynchronous AC motor and permanent magnet synchronous motor. The peak power of intelligent four-wheel drive flagship version is 365kW(675N?m), and the performance version of four-wheel drive is 315kW. Its performance is superior, and its endurance exceeds that of Porsche, BMW X3, Mercedes-Benz GLC, Audi Q5L, Tesla Model Y and many other luxury cars, with the highest compression ratio of 15:1, ultra-high thermal efficiency of 41% and 3.

According to Yu Chengdong, this model also has extreme cornering performance, which is stronger than McLaren. In terms of acceleration, it can also achieve acceleration of 4.4 seconds at zero speed and 1.9 seconds at 0-50km/h, and its performance can crush many fuel vehicles and surpass many pure trams.

Advanced precision oil cooling technology is also adopted in AITO Interface M5, which reduces the average peak temperature of winding by 30℃ and the peak temperature of magnetic steel by 15℃.

This model can store 40 kWh of electricity, and has a matching "Huawei Household Charging Pile", which supports fast charging (45 minutes can make the power from 20% to 80%, and 5 hours of slow charging can make the power from 20% to 80%), and of course it can also generate electricity from gasoline (56L fuel tank), and it can also output 3500W(220V) AC power to the outside world. Super fast charging charging charging charging treasure, four-wheel drive flagship version 110.

It is reported that the interior car of AITO’s M5 is a 15.9-inch 2K HDR screen, with 90% screen ratio, 128-color RGB atmosphere lights and seamless panoramic canopy.

In addition, this model also has built-in Huawei Sound’s top luxury audio system and a car audio with a peak of 1200 watts. It is worth mentioning that Huawei also has a high-quality cockpit music experience, providing a 10-million-level music library and a high-quality music area for Huawei music, and supporting the playback of lossless music with 5.1 channels and 7.1 channels.

In other aspects, AITO Wujie M5 comes with its own fragrance system, which claims to have the fastest charging in the car, 66W wired fast charging and 40W wireless fast charging, with five charging interfaces of 1A4C, as well as the advanced crystal diamond handle, the co-pilot’s "Queen’s fill lens", center speaker, 19-unit vocal design, ventilated heating massage seat, Napa leather, HUD head-up display function and so on.

Finally, AITO M5 also provides Huawei Card Owner’s Courtesy Edition, covering the whole life cycle from car purchase to car use, providing preferential installment service and rich owner’s rights and interests. With the owner card of Huawei Card, you can enjoy the owner’s rights and services. In Huawei wallet App, car owners can quickly apply for cards, handle car staging, enjoy cash back and driver accident insurance on the whole line, and create a variety of smart car scenes.

On April 15th, the preview of Qin L, a brand-new car of BYD Wang Chaowang, was released. The appearance of the new car continues the "loong" design language, and it will form a two-car pattern with Qin PLUS, with an estimated starting price of more than 120,000 yuan.

In terms of appearance, Qin L’s front face inherits Wang Chaowang’s Longyan aesthetics, and the sharp headlight group is connected by thick chrome trim strips. The word "Qin" is engraved in the center of chrome trim strips, and the interior of the large-size mesh is decorated with breakpoints. The shape surrounded by the front is also very sharp. The waistline of the new car adopts two-stage design, and the roof line is full and smooth. The tail of the new car has a heavy shape, and the classic "Chinese knot" element is added to the taillights. The luminous BYD LOGO is full of science and technology.

In terms of power, the new car will be equipped with a plug-in hybrid system consisting of a 1.5L engine and a motor, in which the maximum power of the engine is 74 kW and the maximum power of the motor is 160 kW. It is equipped with a lithium iron phosphate battery pack, providing 90km and 60km pure electric cruising range.

Answer Comments: According to the application information, the length, width and height of Qin L’s body are 4830/1900/1495mm and the wheelbase is 2790 mm. Except the height of the body is the same as that of Qin PLUS, it is larger than Qin PLUS in other aspects, which is close to the body size of a medium-sized car. The starting price of Qin PLUS on sale is 79,800 yuan, and the price of Qin L will be between Qin PLUS and Han, and 120,000 yuan will be a more suitable point. Judging from the positioning of Qin L, its interior will be more luxurious than Qin PLUS. The specific performance of the new car will not be known until it is officially unveiled.

　　Huawei usually releases new P-series machines in the spring, and it’s the P70 series this year. According to mobile phone China, Huawei P70 series has a lot of news on the Internet, but not much about the price. Some digital bloggers recently broke the news that the price of Huawei P70 series may be similar to that of Mate60 series.

　　Huawei P70 series imaginary map

　　Recently, a blogger wrote that what is the price of Huawei P70 series? Refer to the Mate60 series, which is not bad. In the comment area, some netizens suspected of pollen said that the P70 series would be cheaper than the Mate60 series, while bloggers replied that it was "not much cheaper", which seemed to confirm the speculation that the P70 series was relatively cheaper. In addition, some netizens asked whether Huawei P70 series will continue the color scheme of Rococo White, while bloggers said that P70 series has white, but it is not necessarily Rococo White.

　　Let’s review the price of Huawei Mate60 series:

　　Huawei Mate 60-12 GB+256 GB 5499 yuan; 12gb+512gb5,999 yuan; 12GB+1TB 6999 yuan

　　Huawei Mate 60 Pro-12 GB+256 GB 6499 yuan; 12GB+512GB 6999 yuan; 12GB+1TB 7999 yuan

　　Huawei Mate 60 Pro+-16GB+512GB 8999 yuan; 16GB+1TB 9999 yuan

　　Huawei Mate 60 RS extraordinary master-16GB+512GB 11999 yuan; 16GB+1TB 12999 yuan

　　According to the blogger’s news, the starting price of Huawei P70 series should be less than 5499 yuan. In addition, the starting price of Huawei P60 series is 4488 yuan, so the starting price of P70 series can be expected.

　　CCTV News:The Ministry of Communications and the Ministry of Housing and Urban-Rural Development have issued new regulations to encourage the use of new energy vehicles to carry out time-sharing and encourage time-sharing operators to adopt credit model instead of deposit management.

　　The Guiding Opinions on Promoting the Healthy Development of Minibus Rental formulated by the Ministry of Transport and the Ministry of Housing and Urban-Rural Development was officially promulgated today. The Guiding Opinions includes 5 parts and 13 articles, including general requirements, laying a solid foundation for safety management, improving service capacity, encouraging time-sharing development and creating a good development environment.

　　It is understood that from June 1 to 14, the Ministry of Communications publicly solicited opinions on the Guiding Opinions on Promoting the Healthy Development of the Car Rental Industry. According to the suggestions, the Guiding Opinions were revised and improved: the scope of application was limited to the lease of minibuses; Enriched the relevant requirements of anti-terrorism prevention and added the contents of "maintaining public safety"; At the same time, the new format of time-sharing lease is standardized and managed.

　　What is a minibus??

　　Minibus refers to a minibus with seven seats or less. The "Guiding Opinions" clearlySmall minibus leaseIt refers to the operation mode that the minibus leasing operator delivers the minibus to the lessee for use within the agreed time, collects the leasing fee and does not provide driving services.

　　According to the Ministry of Communications, there are currently more than 6,300 car rental operators in China.The total number of leased vehicles is about 200,000.The market scale is growing at an annual rate of about 20%. but92.7% of car rental enterprises in China own less than 50 vehicles.It is difficult to implement network operation and form economies of scale.

　　In addition to insufficient service capacity,At present, there are no new laws and regulations for the car rental industry at the national level.. At the local level, only four provinces (cities) such as Beijing, Shanghai, Chongqing and Shanxi have issued special local regulations on car rental, while another 21 provinces only involve one or two principled provisions in the Road Transport Regulations and other relevant local regulations, while six provinces such as Tianjin, Hebei, Inner Mongolia, Guangxi, Hainan and Qinghai have not yet issued laws and regulations on car rental.

　　For the sake of vehicle insurance, scrapping and second-hand salvage value,At present, about 95% vehicles in the car rental market are registered as non-operating vehicles.As a result, it is difficult to guarantee the safety of vehicles, and users cannot get insurance compensation in case of traffic accidents.

　　In order to ensure the safety performance of leased vehicles and the legitimate rights and interests of users, the Guiding Opinions put forward requirements such as standardizing the management of leased vehicles and implementing the inspection system in real-name registration system. Rental vehicles shall be in accordance with relevant laws, regulations and technical standards.Go to the public security organ for registration., and in accordance with relevant regulations, carry out safety technical inspection, environmental inspection and scrapping of vehicles. Insure compulsory insurance and third party liability insurance according to the insurance rate corresponding to the registered nature of use.

　　To implement the identification system, minibus rental operators should have the facilities and equipment needed for identification and check the valid documents provided by the lessee.

　　Highlights of the new regulations ②: Encourage time-sharing of new energy vehicles.

　　In order to encourage the development of the new format of time-sharing lease, the Guiding Opinions proposes to consider the characteristics of time-sharing lease in non-intensive travel, reasonably determine the positioning of time-sharing lease in the urban comprehensive transportation system, and study and establish a vehicle delivery mechanism that is suitable for public travel needs, urban road resources and parking resources.

　　Time-sharing operators should improve their online and offline service capabilities, strengthen the intelligent organization and deployment of vehicles, and ensure the good safety of vehicles through daily inspections and self-inspection of vehicles by operators. Operators should adopt safe and compliant payment and settlement services to ensure the safety of users’ deposits and funds, and encourage the use of credit mode instead of deposit management.

　　This paper puts forward some support policies, such as encouraging public parking lots in crowded areas to provide convenience for parking time-sharing vehicles and exploring on-street parking concessions in cities. Encourage the use of new energy vehicles to carry out time-sharing leasing.

　　Highlights of new regulations ③: Promote the construction of parking spots in densely populated areas.

　　In order to improve the service ability of the industry, the Guiding Opinions put forward specific requirements from the aspects of infrastructure planning and construction and daily operation and management of operators. According to the local economic and social development and residents’ travel needs, it is required to formulate a development plan for minibus rental, and incorporate it into the comprehensive transportation system planning and urban comprehensive transportation system planning, strengthen the transfer connection between minibus rental and different modes of transportation, and promote the construction of transportation hub business outlets such as airports, railway stations, bus stations and ports, as well as parking stations in densely populated areas.

　　Encourage operators to use new technologies and new means to strengthen daily management and improve the convenience of car rental. Operators should improve network security protection measures and collect, store, use and protect personal information in compliance with laws and regulations. Strengthen the linkage between upstream and downstream industries and related industries, and promote the scale, networking and brand development of the industry.

　　List of other highlights

　　In addition, in order to further create a good development environment for the industry, the Guiding Opinions also put forward the requirements of accelerating the construction of system standards and promoting the resolution of outstanding problems such as illegal road traffic disposal of leased vehicles and fraud of leased vehicles. Accelerate the construction of credit system, establish a credit evaluation system for lease operators and lessees, and build a cross-departmental and cross-regional joint incentive and punishment mechanism.

　　The Guiding Opinions require that local transportation departments should formulate supporting policies, measures and implementation plans.

　　On August 2, the Ministry of Transport and other 10 departments jointly issued the draft of "Guiding Opinions on Encouraging and Regulating the Development of Internet Rental Bicycles", which clearly pointed out that the development of Internet rental electric bicycles is not encouraged.

　　Li Jiangping, inspector of the Traffic Management Bureau of the Ministry of Public Security, said that such regulations mainly consider that vehicles generally exceed the standard and do not meet the standard requirements of the General Technical Conditions for Electric Bicycles; Prone to traffic accidents; Fire safety hazards are prominent; High risk of vehicle operation safety; In addition, the battery pollution problem is serious.

Wen | Buer Research Institute Yi Xin Zi Qing

Following the price reduction of Tesla at the beginning of the year, in August this year, new energy vehicles once again set off a new wave of price reduction. Brand officials, such as Zero Run and Weilai, announced the price reduction, and the ideal was to "reduce the price in disguise" by releasing new cars.

On August 8th, LI (02015.HK) announced the second quarterly report of 2023. Although the net profit of the second quarter increased, its share price showed the opposite trend.

On the day of the financial report, its US stock price closed down by 8.62%; The next day (August 9), Hong Kong stocks closed down 5.52%.

As of August 14th, LI closed at HK$ 160.90 per share, corresponding to a market value of HK$ 335.4 billion (about RMB 311.1 billion).

According to the latest data released by Ideal, its delivery volume in the second quarter reached 86,533 vehicles, up 201.6% year-on-year and 65% quarter-on-quarter. In July, the delivery volume was 34,134 vehicles, up 227.5% year-on-year and only 4.7% quarter-on-quarter.

According to the announcement of LI, it is estimated that the delivery volume in the third quarter is only 100,000-103,000, equivalent to 33,000-34,500 vehicles per month. Based on this data, it is speculated that the growth of ideal monthly delivery volume may stagnate.

According to its second quarterly report, "Buer Research" found that in the second quarter of this year, LI’s revenue was 28.65 billion yuan, a year-on-year increase of 228.1%; The net profit was 2.31 billion yuan, turning losses into profits year-on-year, up 147.4% from the previous month.

In the second quarterly report, the ideal revenue doubled, but the strategy of re-marketing may continue. The R&D expenditure in the ideal second quarter was 2.43 billion yuan, up 58.4% year-on-year and 31% quarter-on-quarter. Sales, general and management expenses were 2.32 billion yuan, up 74.3% year-on-year and 40.4% quarter-on-quarter.

Source: official website, LI

At present, LI’s production capacity is limited to 8,000 vehicles per week, and the production capacity of parts suppliers has fallen into a bottleneck, which is also a challenge it faces in the second half of the year.

According to the financial report meeting in the second quarter, due to the development of economic situation and the upgrading of enterprise organization matrix at the beginning of the year, it is ideal to lower the planned annual sales target of 360,000 vehicles to 300,000 vehicles.

Today, the new energy vehicle has entered the second half, and the industry volume has been intensified; Although LI turned losses into profits year-on-year, how long can the story of its profitability be sustained and increased?

In March of this year, the new forces of building cars suffered a double crit.

The first crit comes from the continuous price reduction war of peer TSLA, and the second crit is the government-enterprise subsidy jointly initiated by Hubei Dongfeng. The fuel vehicle market is "chaotic", which makes new energy vehicles suffer crit.

As one of the Three Musketeers, a new force in car-making, LI has previously published the 2022 annual report and the first quarterly report in 2023. Although the revenue in 2022 has achieved substantial growth, it is still at a loss.

According to its financial report, "Buer Research" found that in 2022, LI’s revenue was 45.29 billion yuan, a year-on-year increase of 67.7%; In the same period, its net loss was 2.03 billion yuan, up 531.42% year-on-year, making it the most serious year since the listing of US stocks in 2020.

Among them, the ideal automobile sales revenue in 2022 is 44.106 billion yuan, accounting for 97.39% of the total revenue. According to "Buer Research", due to the increase in R&D investment and rising operating costs in 2022, the automobile sales revenue failed to catch up, which led to the further expansion of LI’s net loss.

Under the new energy automobile track, it still takes time to accumulate and reserve funds to transform R&D investment into automobile production capacity.

Although the capital reserve has been expanded after the dual listing, more and more car-making competitors and intensified competition in sub-sectors seem to be shortening the ideal "new" time window.

01 landing in Normandy

In 2015, after leaving office in car home, Li wanted to start a business again, aiming at the field of new energy vehicles. At that time, Tesla was in the limelight, and many Tesla "fans" emerged in China.

Source: LI founder-Li Xiang-LI Guan Wei

Since then, Li Xiang’s brand ideal of new energy vehicles has stood out, and he, together with Weilai Automobile and Xpeng Motors, has been called "Three Musketeers".

In 2019, when the ideal first car, Li ONE, was officially launched, Li Xiang said frankly, "I have been in business for 20 years, and today is my most nervous day, and it is also the Normandy landing day of the company".

In July 2020, above the new energy outlet, it was ideal to land on Nasdaq in the United States, and the IPO was priced at $11.5 per share, with the highest increase of more than 50% on the first day of opening.

On August 12, 2021, LI landed on the Hong Kong Stock Exchange, becoming the second new car-making force to achieve dual listing in Hong Kong stocks after Xpeng Motors.

Although the new energy outlet is still there, the competition of the Three Musketeers, a new force to build cars, is intensifying. Compared with the increasingly full product matrix of Weilai and Tucki, the outside world is quite worried about the ideal car-making pace: the 2020 Li ONE that landed in Normandy has been sold for nearly three years, and the ideal finally got the new 2021 Li ONE.

Source: official website, LI

According to the ideal quarterly report in 2023, its total revenue in the first quarter was 18.79 billion yuan, up 96.5% year-on-year and 6.4% quarter-on-quarter. In the same period, the net profit was 934 million yuan, turning losses into profits. In addition, the ideal annual gross profit margin in the first quarter of 2023 is still declining.

According to "Buer Research", the ideal main revenue source is vehicle sales, and its vehicle sales revenue in the first quarter of 2023 was 18.33 billion yuan, accounting for 97.55% of the total revenue.

The increase in sales revenue in LI is mainly due to the increase in delivery volume in the first quarter and the increase in the average selling price of ideal L series models. In addition, the revenue and delivery have been greatly improved, which has also enabled LI to turn losses into profits.

Entrepreneurship means choosing the path of extended-range technology and relying on an extended-range electric vehicle to conquer the world. The ideal can be described as a different kind among the three musketeers, a new force in building cars. However, the increasingly strict policy supervision is like the sword of Damocles hanging overhead, and it is ideal to make up for the autopilot technology.

Li Xiang once said frankly, "In terms of autonomous driving, compared with Tesla and Tucki, we have to make up lessons." According to the plan, this year’s ideal research and development is continuously invested; In the first quarter, its R&D expenditure was 1.85 billion yuan, up 34.8% year-on-year; In the second quarter, its R&D expenditure was 2.43 billion yuan, a year-on-year increase of 58.4%.

When the market structure of the new force of car-making is initially determined, the competition of new energy vehicles has entered the second half: the sales and mass production targets of 280,000-300,000 vehicles, and the fierce competition of autonomous driving technology.

As a supporter of the "10,000-hour Law", Li Xiang once wrote in Weibo, "I have trained more than 60,000 hours in the automobile industry since 2004, and I am more confident in my major".

It seems that the capital market that votes with its feet is not satisfied with Li Xiang’s "10,000-hour law".

By comparing the PE value (P/E ratio) and the PB value (P/B ratio) of the Three Musketeers, a new car-making force, it was found that by the close of the US stock market on August 12th, EDT, except LI, the PE values of the new car-making force were all negative, with the PB values of Tucki 2.81, Ideal 6.23 and Weilai 7.63 in turn, while the PB value of Tesla was 15.06.

Among the three musketeers, the ideal PB value ranks second, which is about 1/10 of Tesla PB value. The higher the PB value, the higher the valuation of enterprises in the capital market.

As of August 12th, EST, the US stock market closed, with an ideal market value of $42.18 billion, while Tesla’s market value has passed the $700 billion mark.

02 on the new speed.

On May 25th, 2021, Ideality released the 2021 Li ONE in Beijing, which was different from the enthusiastic conference site. The capital market reacted coldly and fell immediately after the opening of the day. Only one day later, it is ideal to announce the financial report for the first quarter of 2021, from profit to loss.

"Li Xiang, you owe an explanation to the owner who picked up the car in April and May." After the release of the 2021 Li ONE, Li Xiang’s Weibo was overwhelmed by the owner’s doubts.

According to the ideal plan, after the production and sales of the 2021 Li ONE model begin, the production of the 2020 model will stop. The car owner who just bought the old model of Li ONE soon felt that he had been "cleared of inventory" by routine. Although it is ideal to provide four paid upgrade schemes for old car owners, it still cannot satisfy the skeptics.

In August of the same year, a similar scene was once again staged in the ideal riders group: the prospectus revealed that the ideal will launch a new full-size SUV in 2022, and compared with the existing products, the size, hardware and intelligent configuration have been improved in many aspects.

Source: LI Guanwei

To some extent, the rapid iteration of new energy vehicles is accelerating the depreciation of the value of the previous generation models. Anxiety, confrontation and other emotions spread between riders waiting for a full-size new car and owners who have already picked up the car.

According to "Buer Research", the innovative technology of new energy vehicles is both a spear and a shield. Compared with traditional cars, the product cycle of new energy vehicles is shorter; How to balance customer perception and product iteration has also become an ideal test.

However, the other side of the coin is the risk brought by the thin product line, and any fluctuation in Li ONE may trigger a chain reaction.

In order to change this situation, it is ideal to replace Li ONE with L8 and L9 from the second half of 2022.

In the fourth quarter of 2022, the ideal delivery volume was 46,319 vehicles, a year-on-year increase of 31.5%; In the same period, Weilai and Tucki delivered 40,052 vehicles and 22,204 vehicles respectively, both of which increased year-on-year.

By the end of 2022, it is ideal to deliver 133,246 vehicles throughout the year, up 47.2% year-on-year; Although it did not reach the expected goal of LI, it was slightly ahead of Weilai Automobile’s 122,486 vehicles and Xpeng Motors’s 120,757 vehicles in terms of the number of deliveries in 2022.

By the end of January this year, LI’s monthly sales even exceeded the combined monthly sales of Weilai Automobile and Xpeng Motors.

In the first quarter of this year, the ideal delivery volume was 52,584 vehicles, a year-on-year increase of 65.8%; The deliveries of Weilai and Tucki in the same period were 31,041 and 18,230 respectively.

The outbreak of black swan is only a small probability event. If compared with the same industry, to some extent, the large data fluctuation of ideal sales revenue is related to its single product structure.

In the view of "Buer Research", in the early stage of starting a business, the 2020 Li ONE solo combat can unite all the superior resources; However, due to the lack of product matrix, ideal is losing its position in the price range, and it is easy to fall into the situation of weak subsequent growth.

Expanding the product matrix is imminent. On August 3 this year, it officially launched the ideal L9 Pro. According to the ideal plan, it is expected to launch the first pure electric vehicle MEGA； by the end of 2023. And in 2024, four new cars will be released, including an extended-range SUV and three pure electric models.

Source: official website, LI

It is not easy to "upgrade" new energy vehicles, and R&D investment is similar to "arms race"; Only from the number of patents and invention patents in 2020, the ideal is relatively backward.

Intelligent driving is the focus of LI’s current layout. This year, the ideal plan is to land the "NOA" function in 100 cities.

At present, LI has successfully opened the urban NOA internal test in Shanghai and Beijing, and completed the first test drive of urban NOA and commuter NOA in Beijing. It is expected that in the third quarter, Ideal will also open the commuting NOA function to "early bird users".

In the view of "Buer Research", when the potential of new energy vehicle track is highlighted, attracting many car-making forces to enter the market, the competition in market segments will become more intense.

Regardless of the technical path, ideally, the time window of the new product matrix is limited, and it is urgent to find a balance between iterative novelty and customer perception.

03 Flag of Li Xiang

In February 2021, Li Xiang said in an internal letter that by 2025, it is ideal to win 20% of the market share and become the first intelligent electric vehicle enterprise in China; In 2030, it will go further and become the first intelligent electric vehicle enterprise in the world.

In the second quarter of this year, Li Xiang set a new Flag: the ideal total sales this year will exceed the target at the beginning of the year by 10%-20%. The ideal target at the beginning of the year is annual sales of 306,000 vehicles, and the adjusted sales volume is expected to be 336,000-366,000 vehicles.

According to the latest data released by Ideal, its delivery volume in the second quarter reached 86,533 vehicles, up 201.6% year-on-year and 65% quarter-on-quarter. And delivered 34,134 vehicles in July.

In terms of production capacity closely related to the delivery volume, the "Buer Research" found that the annual production capacity of the ideal Changzhou factory in 2020 will be about 100,000 vehicles, and the annual production capacity of the factory will increase to 200,000 vehicles after upgrading.

After the release of Q3 financial report in 2022, Shen Yanan, the ideal co-founder and president, announced his resignation. He helped LI choose to build his own factory in Changzhou. This adjustment is regarded as a large-scale change since the establishment of Ideal.

At the ideal second-quarter financial report meeting on August 8, Li Xiang said that at present, due to the influence of supplier supply, the production capacity is in a bottleneck.

Earlier, there were media reports that Ideality was contacting Beijing Hyundai and hoped to receive its first factory that had stopped production. At present, the Beijing base is expected to be officially put into production at the end of this year. In addition, it is reported that the production plan of the ideal third factory, Chongqing production base, has stopped.

According to "Buer Research", if we want to achieve production and sales of 1.6 million vehicles in 2025, we need a strong production capacity reserve. The only Changzhou factory and Beijing factory may not have enough production capacity to carry their delivery demand, so the construction of new factories is imminent.

Previously, compared with the other two new car-making forces, the ideal offline layout was not dominant and is currently accelerating.

By June 30, 2023, LI had operated 331 retail stores covering 127 cities. In addition, LI operates 323 after-sales maintenance centers and authorized car body and painting centers in 223 cities.

When Internet companies such as Baidu and Xiaomi went off to build cars one after another, the war of new energy vehicles intensified. Regarding the cross-border showstopper, Li wants to speak frankly about the car, saying that the car sales can’t be faked, and the final development depends on the final product.

Although LI is speeding up its running, will Li Xiang’s Flag fall down under many skinny realities?

"Ideal" meets the cold reality

Although the ideal delivery volume since 2023 has been leading the new domestic car-making forces, LI still considers 2023 as "Alexander". In particular, the head car companies headed by Tesla started a price war, which caught the industry off guard.

However, as a "hardware for traffic portal, software for charging service", Tesla model seems to bring new imagination space for new energy vehicles.

When the income of Tucki XPILOT software and Weilai NIOPILOT software increased, Li Xiang declared: "The new Li ONE autopilot is standard, and the future ideal will not charge for autopilot".

"With the development of smart cars, there will be more and more usage scenarios for users and more and more business models." Li wants to put his hopes on another possibility of business model innovation, but it needs to be built on the basis of ownership.

Che Gewana once said, let’s be loyal to our ideals and face reality. On the increasingly crowded track, Li wants to be loyal to his ideals, but he also needs to face reality: the day after tomorrow of new energy vehicles is beautiful, and today is very difficult. The key is whether he can survive tomorrow.

Some references in this article:

1. LI, Sorry for the Old Car Owner, Sina Technology.

2. Li Xiang with Ideal, Taber.com.

3. "The listing price of LI and Hong Kong is HK$ 118, which is 21.3% lower than the suggested subscription price", Caixin.com.

5. "LI’s second-quarter earnings revenue increased significantly, and the decline in US stocks reflected investors’ concerns", interface news.

6. Ideal sells crazy, but it can’t relax its vigilance. Connect sight.

　　BEIJING, Oct. 14 (Xinhua) Recently, the popular anchor Ti mo Feng sent Weibo, saying: "The contract with DouYu has expired, and future cooperation is still under negotiation … … 。” Weibo, who is less than 100 words, caused a hot discussion among netizens, and once pushed Ti mo Feng to a hot search in Weibo.

　　Netizens are guessing, where is Ti mo Feng’s next stop? Where to? This may be a difficult choice for online celebrity anchors represented by Ti mo Feng in their career development.

　　From Ti mo Feng’s announcement of her freedom to her negotiation with Tik Tok Platform, all the signs show that Ti mo Feng wants to make a leap from online celebrity to a star. Her subsequent development will also become a typical sample for the outside world to observe the development of online celebrity anchor.

　　Ti mo Feng won a large number of fans on the live broadcast platform with her beautiful voice. Not long ago, she also held a solo concert in her hometown of Chongqing and attended variety shows such as talk shows. After moving to Tik Tok, Ti mo Feng has reached more than 30 million fans, trying to compete with first-line traffic stars such as Show Lo, Joker Xue and Yang Mi for fans and attention.

　　Although he occasionally ranks in the TOP10 of Tik Tok’s celebrity love dou list, Ti mo Feng may still have a long way to go to achieve the leap from online celebrity to celebrity.

Screenshot from the network Weibo

　　What is the work and commercial value?

　　For example, Show Lo, who ranks in the forefront of Tik Tok, has made numerous films and TV songs for more than 20 years, and his hosting programs are deeply rooted in the hearts of the people. Joker Xue won numerous music awards and was very popular. These stars also have commercial value, such as the release of Jay Chou’s new song, which earned 15 million music revenues overnight, which fully reflects the strong commercial appeal of the stars.

　　On the other hand, Ti mo Feng has gained some fans with several music works since her debut, but it is also confined to the live broadcast circle, far from reaching the popularity of first-line stars. More importantly, she didn’t come up with bright works to establish her star status.

　　In terms of revenue, in September 2019, Ti mo Feng’s data of small gourd ranked 38th on the fighting platform, with 895,000 monthly active fans in the live broadcast room and an average monthly reward of 209,000. Its income index ranks 30th in Betta platform, popularity index ranks 75th in Betta platform, and powder increasing index ranks 57th. The three indices in August ranked 43rd, 52nd and 28th respectively. Thus, Ti mo Feng’s commercial value is far from matching her status as a "fighting fish elder sister".

　　Does online celebrity anchor have strong entertainment system support?

　　A online celebrity wants to become a star, which requires not only his own professional ability, but also a perfect entertainment system. This entertainment system is rooted in the entertainment market, and it continuously supports a star’s popularity and market recognition through a series of means such as artist training, brand packaging, resource promotion, exposure and publicity. However, online celebrity anchor is rooted in the live broadcast soil and lacks the support of this entertainment system. It is very difficult to achieve the leap from anchor to star.

　　Then there is the short life cycle of online celebrity anchor. There is even a saying in the industry that online celebrity’s life cycle is only two years. For the predictable aesthetic fatigue of users, most anchors may not escape this fate. Fans like anchors that provide novel perspectives and unique experiences. When people get used to this method, they will get bored and finally start to pursue the next online celebrity. Therefore, under such circumstances, online celebrity anchor should extend his life cycle in the fields he is familiar with and good at. However, online celebrity anchor’s pursuit of stardom still faces great challenges.

　　What is the geometry of the anchor winner of job-hopping

　　If Ti mo Feng moves to Tik Tok, will it bring her a leap forward? On the contrary, many anchors have switched to other platforms, but few have developed better than before. For example, Brother Snake, the anchor of the fighting fish Jedi survival plate, quickly became popular because of his sharp play, handsome face and fighting fish flow blessing. However, in the end, Brother Snake broke his contract and left Betta, and went to Huya for live broadcast. His popularity declined and gradually became a second-line anchor. In addition, there are anchors such as Hyun Shen, Du Ji, Bai Yinfei, Bao Zi, etc. After they left the original platform, their status and popularity were not as high as before.

　　Industry analysts believe that this is related to the anchor not adapting to the new environment. On the original platform, the anchors are familiar with the ecological environment of the platform, and it is easy for the anchors to achieve the best live broadcast state. Once you switch to other platforms, the unfamiliar environment will affect the performance of the anchors. Secondly, this is related to the platform operation strategy. The anchor switched to other platforms, and these platforms hope that the anchor can bring fans to the new platform. But now the high-quality content of the platform leads to very high stickiness of fans. Only a few will migrate to other platforms with the anchor. Once the platform finds that these anchors can’t bring the expected traffic and revenue, it will reduce resource support and anchor revenue, and some anchors even return to the original platform.

　　Where should Ti mo Feng go? No matter how Ti mo Feng chooses, it shows the career development dilemma of online celebrity anchor. Faced with such a dilemma, Ti mo Feng may be the best choice to stay in Betta. After all, Ti mo Feng has been fighting fish for five years, Ti mo Feng and her fans are familiar with the ecology of fighting fish, and fighting fish has also made Ti mo Feng. The cooperation between the two sides may give Ti mo Feng more room for imagination in the future.

　　China news agency, Beijing, September 6 (Chen Ying) As the world’s largest computer manufacturing base, China’s computer industry has now ranked first in the world.

　　According to the data released by the "2019 World Computer Conference" held in July this year, in 2018, China’s computer industry achieved a main business income of 1.95 trillion yuan, an increase of 8.7% year-on-year; The output of microcomputers is 310 million, and the annual output of servers reaches 2.952 million.

　　It is hard for people today to imagine that China’s first electronic computer — — 103 computers, covering an area of 40 square meters, with an operation speed of only 30 times per second.

　　In January 1953, Hua Luogeng was ordered to set up the first computer research group in China in the newly established Institute of Mathematics of China Academy of Sciences, with Professor Min Dake of Tsinghua University Electrical Engineering Department as the team leader. The goal of this group was to develop China’s own computer.

　　In April 1956, when Premier Zhou Enlai personally led the formulation of a 12-year long-term outline of scientific and technological development, Hua Luogeng was appointed as the head of the computing technology planning group, responsible for drafting the blueprint for the development of computer industry in China. As a result of the implementation of the plan, the Institute of Computing Technology of Chinese Academy of Sciences was born.

　　In 1956, the Preparatory Committee of Institute of Computing Technology of Chinese Academy of Sciences was established in China, and the design of the first small computer 103 in China was completed. It took 8 months for the State-owned 738 Factory to manufacture this computer.

　　In the field of computers, everything is "big" at the beginning. The first computer in New China covers an area of 40 square meters with only a few large cabinets in the mainframe, and there are nearly 4,000 semiconductor germanium diodes and 800 electron tubes in the body.

　　On August 1st, 1958, Computer 103 completed the operation of four instructions, which marked the official birth of the first universal digital electronic computer made by China people.

　　The 103 computer adopts magnetic core and drum memory, the memory is only 1KB, and the operation speed is 30 times per second. Only one year later, the 104 computer came out successfully, and the computing speed increased to 10 thousand times per second. From 30 times to 10 thousand times, it only took more than a year.

　　Since the founding of New China 70 years ago, China’s computer R&D and manufacturing have not only developed from scratch, but also reached the forefront of the world.

　　Supercomputer is a kind of computer with the strongest function, the fastest operation speed and the largest storage capacity. It is mostly used in national high-tech fields and cutting-edge technology research, and is one of the important indicators to measure the level of national scientific and technological development and comprehensive national strength.

　　The first billionth supercomputer in China was "Yinhe -I" developed by the Computer Research Institute of National University of Defense Technology. Its operation speed is more than 100 million times per second.

　　“银河-I”研制始于1978年5月，在1983年12月通过国家鉴定。在1984年，“银河-I”模型还在天安门前参加了新中国成立35周年国庆检阅。

　　资料图：超级计算机“天河二号”。　刘曼 摄

　　“银河”之后还有“天河”。2013年6月，“天河二号”摘夺世界超算500强桂冠，中国超级计算机研制达到了世界领先水平。

　　2016年6月，世界首台峰值运算能力超过每秒10亿亿次、拥有千万核的超级计算机“神威·太湖之光”诞生，此后连续四次雄踞“全球超级计算机500强”榜首。

　　今年6月17日，第53届“全球超算TOP500名单”在德国法兰克福举办的国际超算大会上发布。“神威·太湖之光”和“天河二号”位列第三、四名。

　　而从上榜超级计算机的总数来看，中国以219台上榜系统数位列第一，美国以116台排第二。中国“超算三强”联想、浪潮、曙光分别贡献了173台、71台和63台超算。

　　“天河二号”副总设计师的肖立权曾说，“走别人没有走过的路，太难！但我喜欢挑战！”中国计算机不断挑战新速度，将给中国经济社会腾飞，不断配上更好的引擎。(完)

□ Ma Yuan (Chongqing University)

Recently, "tourism partners are accused of being involved in pornography" has attracted attention.It is reported that some netizens found on a social platform that "all-inclusive travel expenses" is becoming a code word. Under the eye-catching title of such posts, it is usually indicated that "girls only, each takes what he needs". In response to this matter, on the 30 th, the relevant staff of the social platform said that at present, a full-scale review has been carried out for the notes related to the "travel partner" in the station, and the problems reflected by the users mentioned in the article have not yet been located. Once the illegal content is verified, the illegal users will be seriously dealt with according to the law.(August 31st.　China News Network)

With the fiery travel, young people are eager to complete a beautiful trip with the partners who resonate with the same frequency, and the "travel partner" comes into being. Behind the "tourism partner", it reflects the new needs of the younger generation in social and tourism consumption. They find travel companions through social media platforms or specific applications and reach a consensus on travel. This way encourages people to get out of the comfort zone, establish contact with strangers and create a unique and unforgettable travel experience together. However, the beautiful vision of sharing travel experiences has changed in social media platforms.

The emergence of new things is bound to be accompanied by some new problems, and the disadvantages of social interaction are gradually emerging. Some lawless elementsBorrowThe name of the child, the fact of illegal transactions, makes the original pure travel contract a tool for illegal crimes. Social networking with partners is plagued by abuse and misleading on social media platforms: for example, words such as "all-inclusive expenses, optional location" or "girls only, each with his own needs" appear from time to time in the copywriting, and some users even mentioned that they were asked if they were looking for a "green partner". The dissemination of this information not onlyGedaSub-socialization itself casts a shadow, which raises people’s concerns about their privacy and security. The existence of this kind of behavior has undoubtedly pushed the social interaction of partners to the forefront of morality and law, and the future development of social interaction of partners has become vague and uncertain.

The response of the platform involved has taken a positive step.DandaThe abuse of sub-socialization exists not only in one platform, but also in other social platforms. Therefore, all major social platforms should strengthen the audit mechanism, strengthen the monitoring and control of platform content, and contribute to optimizing the network ecological environment. Government departments also need to continue to exert their efforts in supervision, formulate relevant laws and regulations, and severely punish the abuse of social partners for illegal transactions. In addition, the public’s own risk awareness and moral values are equally important. Virtual identities on the Internet are often difficult to distinguish, and it is not uncommon to transmit illegal information through obvious words and expressions. In social networks, users should be rational, keep their eyes open while holding a group to keep warm, and not be blinded by superficial information to prevent the infringement of criminals.

In today’s society full of alienation and social pressure, partner socialization provides a unique and beneficial way for some people to interact. We can’t let the behavior of a few abusers,And denyThe positive value of social interaction. Therefore, all sectors of society need to work together to protect the purity and legitimacy of partner socialization, and strive to ensure that partner socialization is not distorted as a tool for illegal transactions while meeting people’s social needs, so that partner culture can continue to radiate warmth and friendliness and bring positive energy to society.

Recently, the 3D animation "Double Pride", adapted from Gu Long’s classic martial arts IP, presents the story of the twin chivalrous brothers "Little Fish and Hua Wuque" to the audience again with exquisite production and beautiful painting style, which awakens everyone’s memory and longing for the children in the Jianghu who are dressed in fresh clothes and brave in chivalry. On October 3rd, the animation of "Double Pride" rushed into the top ten of Tencent Animation Channel, which triggered a heated discussion among the audience. Many viewers praised it for its "authentic martial arts flavor of Gu Long" and "modeling intentions and aesthetic online". The popularity of "Double Pride" shows that animation, a popular expression for young audiences, is an effective way to spread martial arts culture and inherit chivalrous spirit.

Animated interpretation of Gu Long’s classic IP, innovative transmission of the chivalrous spirit of the East

As a leading writer of martial arts novels, Gu Long has created 57 works with more than 25 million words in his life. These works have created a series of chivalrous figures in the Jianghu, such as Xiaoyu, Hua Wuque, Li Xunhuan and Shen Lang, which convey the core of multiple chivalrous spirits such as "friendship, belief and transcendence". "Two Prides in a Family", which began to be serialized in 1966, is a masterpiece among them, and has been adapted into film and television works for many times, which is very popular among the audience.

The animated version of "Double Pride" mainly tells the story that Xiaoyu and Hua Wuque started their Jianghu trips from the Villain’s Valley and the Flower Palace respectively, and in the process, they never met each other and went to appreciate each other, and then joined forces to fight against the villains. The tortuous and bizarre life experience adds a "sad" background to the fate of the two brothers who were forced to separate since childhood. Because of this, the two people showed their indomitable and unyielding qualities in their respective growth processes, such as "getting out of the mud without being stained", which moved countless audiences.

In the animation, the two brothers joined hands with the heroine Tie Xinlan to fight against the five villains, the twelve astrologers and the villain Jiang Yulang. The wisdom, courage, sense of justice and the trust and mutual support between their peers are very suitable for the current context, full of praise for the truth, goodness and beauty of human nature and whipping the false, evil and ugly, which is of value guiding significance to young audiences.

As the first animated work in Gu Long’s martial arts IP, "Double Pride" also inherits the martial arts culture well — — This unique cultural element and valuable asset of China. For a long time, no matter how the external environment changes, Chinese people have always maintained a high degree of reverence and praise for chivalrous spirits such as gratitude, honesty and trustworthiness, once upon a time in america, etc., and thus many literary and film works have been born, constantly conveying the feelings and righteousness, kindness and warmth in the world. It can be said that "chivalrous spirit" has become one of the unique cultural business cards of the Chinese nation.

The new era needs new works and new expressions. How to make young people understand and love China’s traditional culture has always been a big problem in the process of literary and artistic creation. Especially with the development of the times, young people’s appreciation ability and aesthetic demand for literary and artistic works are increasing day by day. Only by constantly innovating expression forms on the basis of ensuring the content can we better attract the audience. The animation "Double Pride" not only restores all kinds of strange people in the rivers and lakes in Gu Long’s works, but also shows a strong antique charm and romantic atmosphere in scene modeling, painting style, soundtrack and action design. For example, the elegant and refined Flower Transfer Palace, the sinister villain’s valley and the magnificent Murong Mountain Villa are beautifully and freehand restored in the film, showing an all-encompassing river and lake scene; In addition, the title also presents the "Great War Seventeen Years ago" in the form of ink painting to the audience, highlighting the "romance and lofty sentiments" of Gulong Jianghu in all directions.

To sum up, With the help of 3D animation, a literary form popular with young audiences, "Two Prides in a Family" gives a vivid and vivid secondary image to the mysterious wonders of rivers and lakes and strange people with unique skills. At the same time, it also vividly displays many emotions such as friendship, affection, love and chivalry, so that the audience can gain a brand-new aesthetic experience while being subtly influenced by China’s traditional martial arts culture and spirit.

Martial arts culture links non-legacy handicrafts to make national culture glow with new vitality.

On November 21st, the animation of "Two Prides in a Family" joined hands with the national key non-legacy project "Wang’s Shadow Play in Huaxian County" to launch the activity of "The Swordsman’s Shadow Play resurfaces", and at the same time exposed the shadow play handicraft works of Xiaoyuer and Hua Wuque, in which Hua Wuque was armed with a long sword, wore a hairpin, dressed in blue, tied with a jade pendant and a fragrant bag, and the image of a gentle and elegant son came to the fore. The little fish holds a short knife in each hand, dressed in red cloth, tied with a rope and a bag around his waist, with weeds in his mouth and unruly eyes, and his lively and agile image temperament is also vivid; In addition, the overall line design of these two shadow puppetry works is also very fine. The lines and patterns on the clothes of Xiaoyuer and Hua Wuque are very clear, vivid and have ancient charm. Once they were launched, they won praise from the audience.

Shadow play originated in the Western Han Dynasty more than 2,000 years ago and originated in Shaanxi Province, China. In Huazhou District, Weinan City, Shaanxi Province, the hometown of shadow play in China, Wang Haiyan, the non-genetic inheritor of Wang’s shadow play, has been committed to the combination and promotion of national culture and intangible heritage for many years, and has designed many exquisite and heritage-rich handicraft works for various cultural products, including movies, cartoons and games. This time, the dream linkage between "Wang’s Shadow Play" and the animation "Two Prides in a Family" has brought the shadow play, a cultural heritage with a long history and tradition, back to the public in a younger and more dynamic way, bringing the audience beautiful enjoyment and conveying the value and charm of intangible culture to the young audience.

At the same time, martial arts culture, like shadow play, belongs to Chinese treasures, and classics need to be passed down. In this activity, the swordsman spirit carried in the classic IP of "Two Prides in a Family" was presented in a more vivid and diverse way in the combined narrative of "animation+shadow play", and the shadow play handicraft works with multiple artistic values such as aesthetics and collection were produced, which were welcomed by young audiences. This is of great significance for young audiences to feel the charm of Chinese culture and enhance their cultural self-confidence and cultural identity.

To sum up, as a Guo Man’s work adapted from the classic martial arts IP, it has both sentimental and cultural heritage value. In the cross-dimensional cooperation of "animation+martial arts", "Double Pride" shows its unique charm and is well received by young audiences, which provides a good example for how contemporary literary works can make young people better understand and accept traditional culture. (Author: Zhang Jianzhen, deputy director of Radio, Film and Television Research Center, Institute of Journalism and Communication, China Academy of Social Sciences)

China Art Newspaper (2nd edition, November 21st, 2022)

　　On the morning of March 28th, () held the 2023 annual performance conference.

　　At the meeting, Wang Zhiheng, President of China Everbright Bank, said that in 2023, China Everbright Bank thoroughly implemented the spirit of the 20th Party Congress, the Central Financial Work Conference and the Central Economic Work Conference, adhered to the political and people-oriented nature of financial work, adhered to the general tone of striving for progress while maintaining stability, earnestly carried out thematic education, further promoted inspection and rectification, continuously promoted high-quality development, and achieved positive results in all aspects of work.

　　Wang Zhiheng said that in the next step, China Everbright Bank will resolutely implement the decisions and arrangements of the CPC Central Committee on financial work, fulfill the responsibilities and missions of the financial enterprises in charge, and provide more accurate, high-quality and efficient comprehensive financial services for the high-quality development of the real economy with practical actions and pragmatic measures. Do a solid job in the "five major articles" of finance, optimize the debt structure, consolidate the customer base, continue to create wealth management characteristics, adhere to the compliance bottom line, enhance risk management and control capabilities, and accelerate the digital transformation. Adhere to the initial intention, forge ahead, unswervingly follow the road of financial development with China characteristics, and make great contributions to the construction of a financial power with its own high-quality development.

　　Wang Zhiheng answered questions from banking analysts. When talking about the strategic optimization focus of China Everbright Bank, Wang Zhiheng said that China Everbright Bank will strive to build a professional, distinctive, influential and competitive state-owned joint-stock commercial bank according to the development idea of "12345". "1" is to uphold and strengthen the overall leadership of the party; "2" is based on serving the real economy and high-quality development; "3" is the business transformation index of anchoring AUM, FPA and GMV; "4" is to build four key characteristic areas: wealth management, comprehensive services, transaction banking and scene integration; "5" is the implementation of five capacity-building projects: customer group management, risk management, scientific and technological support, product aggregation and team specialty, and provides strong support for comprehensively promoting the construction of a strong country and national rejuvenation with Chinese modernization with first-class financial services.

　　The management of China Everbright Bank also communicated with analysts, media reporters and small and medium investors on issues such as serving the real economy, retail business, financial technology, inclusive finance, risk management and asset quality, scenario finance and wealth management business.

　　(), CITIC Securities, () Securities, Goldman Sachs Group, JPMorgan Chase, HSBC, Bank of America Merrill Lynch and other well-known investment bank analysts at home and abroad, as well as media reporters such as People’s Daily, Xinhua News Agency, Economic Daily, Financial Times, China Bank Insurance News, shanghai securities news and 21st century business herald attended the performance conference through on-site or teleconference. Sina Finance conducted a live video broadcast of the performance release activities.