Group photo of the production team

1905 movie network news A few days ago, Japanese film master Takashi Miike officially announced that he will direct a mainland action comedy for the first time. The film is produced by Sambo Hung. This is the first collaboration between two veteran filmmakers. It can be described as a collision, two heroes and infinite possibilities.

"When I was in elementary school, I was already exposed to many of his excellent film and television works. At first, I was just a spectator, but after I became a creator, I felt it was a great honor to have such a cooperation opportunity."

The former producer Sheng Yubin promoted the cooperation between Hong Jinbao and Miike Takashi, and revealed that the cast of the film will be mainly Chinese, and Japanese actors Kotori Shun and Kimura Takuya are also under consideration. The project is currently in the script polishing stage and is expected to start production in April and May next year.

Takashi Miike

Samike Takashi: Samike Hung gave me the urge to be a newcomer

Miike Takashi is a Japanese geek director, with masterpieces such as "Killer Aichi", series, etc. His works are diverse in style, with a unique violent aesthetic in action scenes, and a black humor that is as imaginative as Kitano Takeshi. He is a Japanese film master as famous as Kitano Takeshi.

Samike, who has always regarded Hong Jinbao as his film enlightenment teacher, said that this collaboration has given him an urge to be a newcomer and a new stimulus. As for whether his violent style will affect the creation in China, Samike admits that this is not a problem: "I usually don’t do meaningless violence, or this kind of shooting method of violence only for violence. I still want to show the character in the work, how can he escape and resist from the environment, to show the rationality of the story while showing the beauty of violence." As for the cultural nuance of China and Japan, Samike believes that as long as you spend some time to understand it slowly, this difference will give birth to some very interesting works.

Tomoshi Miike, Sambo Hung

Samuel Hung: Visually not too violent

Brother Hong Jinbao is the film supervisor this time. The eldest brother revealed that after seeing the first draft of the script, he and producer Sheng Yubin started looking for a good director who could control the film. It was only after repeated communication, two visits to Japan and many visits that the filmmakers finally confirmed the cooperation. It is reported that a large part of the reason for being able to invite Miike Takashi is because of the eldest brother’s producer status and the brilliance of the first draft of the script.

When it comes to this cooperation, Big Brother said that everyone is still in the further running-in and development stage of the script. On the one hand, he hopes to be as close to Chinese culture as possible, so that domestic audiences can accept it and gain resonance. On the other hand, he wants good directors to play their own style and characteristics.

Regarding the overall style of the film, Big Brother believes that it can give the audience a feeling of violence, but it cannot visually make people feel too violent, which is a hindrance to comedy. How to be creative in action scenes is also crucial. Making a movie is based on audience acceptance and approval.

Samike Chongshi, Sheng Yubin, Hong Jinbao

Sheng Yubin: The cast is mainly Chinese

Sheng Yubin, the producer behind Mr. Samike’s move to China, previously produced Twin Cities and Kuaishou Shooters, two works of wit and black humor in Chinese-language action films. "One is an international director and the other represents traditional Chinese martial arts," Mr. Sheng said of the joint creation between Mr. Samike and Mr. Hung. "Put these two together and there will definitely be some sparks. And the director of Samike has a great appreciation for Chinese kung fu, saying he likes China very muchThree people: Bruce Lee, Jackie Chan, and Hong Jinbao, have always wanted to cooperate with representatives of Chinese Kung Fu, and this opportunity makes him very excited. "

Seung Yubin finally revealed that the film is still in the in-depth polishing stage of the script, and it is expected to start in April and May next year. The cast is mainly Chinese, and Japanese big-name actors such as Shun Kotori, who has worked with Mitsuke Takashi on "Hot Blood High School", and Takuya Kimura on "Infinite Residence" are also under consideration. However, whether it is small fresh meat or old drama bones, the actors will be selected based on the needs of the script. "The director has very strict requirements for filming, and the actors must be given sufficient time and cooperation. If you can’t understand the lines and script, it is unacceptable to memorize the lines on the spot."

　　Recently, many smart speaker users have reported that they have been "cut leeks". Users accidentally discovered that smart speakers at home must open exclusive members to play music and other content that could be heard for free before. In fact, a similar "nesting doll-style charging" situation has appeared on the TV side. Relevant people believe that with the increasing awareness of copyright protection, consumers have accepted to pay to watch film and television content, but the practice of suddenly charging or restricting playback channels is suspected of infringing on consumers’ right to know and arm’s length transaction rights. Content platforms should use more and better content and better consumer experience to increase user revenue.

　　Who accounts for the majority of speaker expenses?

　　One year membership fee is equivalent to one speaker.

　　"The smart speaker Xiaodu bought before has not been used very much. Recently, my child went to school and wanted to use the Xiaodu speaker to listen to songs. It prompted me that I need to bind a member. I bound the green diamond membership of QQ Music, but it said that the paid songs must be bound to Xiaodu’s own members, 108 yuan a year." Xiaoshan, a consumer from Beijing, was angry, believing that this sudden charging behavior was "cutting leeks" by the smart speaker.

　　In addition to Xiaodu, there are many different brands of smart speakers that have also been complained. "In the past, Tmall Genie could play designated music, but later playing designated music asked me to bind a member. Now popular songs are also bound to a member. What other smart speakers are free of charge?" "When the JD.com Jing Fish Seat speaker was purchased, it only said how many resources it had, but did not mention the payment.

　　Beijing Youth Daily reporters found in an interview that smart speakers that could play music and tell stories for free with their mouths have also begun to charge, causing consumers to express dissatisfaction.

　　From the specific price point of view, the membership fee is generally between 109 yuan and 159 yuan per year, including QQ music/Kugou music/Kuwo music and other music speakers music library, some story books and other content.

　　A reporter from Beiqing Daily searched for "smart speakers" on the e-commerce website and saw that the price of various hardware devices is not high at present. You can buy a smart speaker for 89 yuan, 119 yuan or 134 yuan. If you want to buy one with a screen, the price is slightly more expensive, around five or six hundred yuan. However, buying hardware is just the beginning, and the subsequent membership fee is the bulk of consumer spending. The one-year membership fee is equivalent to the price of an ordinary speaker.

　　There are also consumers who say that even if they recharge their members, they can’t all be free. Take music as an example, members can only choose one of three music libraries in music speakers such as QQ Music/Kugou Music/Kuwo Music. Due to the copyright of these music libraries, each music library has incomplete songs. "If you want to listen to all of them, you may have to buy three copies."

　　What if you don’t want to open a membership?

　　Customer service: You can connect to the Bluetooth of the mobile phone to play songs.

　　In this regard, the customer service of the platform with smart speakers responded: "We have checked internally, because the free resources provided by the music copyright party to the speaker side will be dynamically configured in terms of ownership, hotspots, and regions. It has been optimized for your feedback. According to the requirements of the copyright partner, the songs you are currently on demand need to be bound to the music member account before you can continue to play. It is recommended that you follow the prompts to bind."

　　Another speaker platform customer service said: "Music members from other channels, such as QQ Music’s Green Diamond members, NetEase Cloud Music members, etc., currently do not support logging in to use on speakers. We have cooperative relationships with QQ Music, Kugou, Kuwo, etc. They provide music resources. If you listen to member music on speakers and other devices, you need to open a speaker member with music rights."

　　The customer service also said that there is currently only one way to listen to audio without purchasing members: connect through Bluetooth, and then play the three-party music app member resources logged in on the mobile phone.

　　Therefore, binding membership is not a unilateral requirement of the hardware platform, but a common requirement of the music content copyright providers behind it, including QQ Music, Kuwo Music, Kugou Music, etc.

　　The Beijing Youth Daily reporter saw that the current QQ music green diamond charges 168 yuan/year, and there are more advanced super members and audio-visual members, with prices of 348 yuan/year and 288 yuan/year respectively, while speaker members need to buy separately.

　　In fact, there is a similar situation on the TV side. Not long ago, the topic of "charging multiple members of a smart TV costs nearly 1,000 yuan a year" became a hot search. That is to say, the members of the mobile and TV terminals of major video software are not interoperable, and users who buy the video VIP on the mobile terminal do not mean that they can watch VIP exclusive content on the TV terminal. If they want the family to sit together and watch, they have to buy a more expensive VIP. These apps say that the definition of the TV terminal is higher, so the price is also different. For example, the membership of the Tencent video app is 168 yuan/year, and the TV terminal is 278 yuan/year. Some apps also disable functions such as screen projection and mirroring.

　　In this regard, the Shanghai Consumer Protection Commission issued a document saying that screen projection is a normal usage scenario for mobile end users. Consumers pay, and it is the consumer’s right to watch or cast the screen on the mobile phone. The platform’s practice of restricting consumers’ screen projection in the app is unreasonable, and it is even more unkind to want to use this method to increase charges. Video platforms have no right to improperly obtain mobile phone permissions and interfere with consumers’ use of third-party apps or connections to cast screens.

　　Does "nesting dolls" infringe?

　　Alleged infringement of consumers’ right to know

　　During the interview, the reporter of Beiqing Daily found that some consumers accidentally realized that some content needed to be paid during the use of the speaker, rather than receiving a notification from the platform. This made them feel very bad, thinking that the speaker and the platform were "quietly raising prices behind the back of consumers".

　　In this regard, a lawyer told the Beijing Youth Daily reporter that this kind of "nesting doll-style" behavior, which has suddenly changed from free to charging, is actually suspected of infringing on consumers’ right to know. "First of all, the propaganda information of these speakers is not clear at the time of sale, which is suspected of infringing on consumers’ right to know. The right to know refers to the authenticity, accuracy and appropriateness of consumer information when consumers buy goods and services, which is the guarantee for consumers to make rational choices." Secondly, the lawyer said that platforms such as QQ Music, Kuwo and Kugou, which actually hold content resources, should also open their services to more consumers. " The audio platform should simplify the membership system and clearly inform consumers of the main rights and obligations in the form of text prompts in the pop-up window, so that the majority of consumers can understand and understand the purchase authority. In addition, the video platform unilaterally and suddenly changed the terms that are unfavorable to consumers, suspected of infringing on consumers’ arm’s length transaction rights. "

　　Lawyers also said that the agreement of the video platform is often changed, and consumers should be informed of the change of the agreement by means of pop-ups, etc., and the rights and interests of the original users should be protected. Changing the content of the agreement on a fair and reasonable basis is not a unilateral restriction on the rights and interests of users. For example, there are platforms that suddenly change the content of the agreement and restrict the listening channels of members’ audio. Such unilateral changes and make unfavorable terms to consumers are suspected of infringing on consumers’ arm’s transaction length rights.

　　point of view

　　Both the device side and the content side require multiple considerations

　　With the strengthening of copyright protection awareness, users have been willing to pay to watch film and television content, but merchants ignore consumers’ perceptual experience and opinions in addition to charging. The reason is that on the one hand, because the output content of audio and video content copyright owners is becoming more and more powerful, consumers can only choose from the resources they provide, and have no bargaining power; on the other hand, there are no clear laws and regulations or national standards or industry standards to regulate member business. But it should also be noted that the National Development and Reform Commission and the State Administration of Radio, Film and Television have clearly put forward the principle of combining service costs with social affordability.

　　No matter when, respecting users and cherishing consumers’ favor should be the "golden rule" pursued by merchants and even the industry. Obviously, charging users in disguise with the "nesting doll-style charging membership" and the incompatible overlord clause of multiple end points will not only look ugly, but also consume the good user experience and trust in merchants accumulated in the early stage, shake the foundation of the content payment model, and even destroy the payment cake.

　　In this regard, both end point equipment manufacturers and content providers need to consider many aspects, abandon the narrow interests of thinking mode, combined with multi-end point compatible market needs, explore the development of a membership system to meet the needs of users, and bring more and more rich video resources to the people, so as to go a long way.

　　This group article/reporter of this newspaper, Wen Jing

　　Coordinator/Yu Meiying

　　IMAX Corporation and IMAX China Holding Inc. and Wanda Film’s joint stock company today announced the signing of the largest IMAX-ever agreement to build 150 new IMAX cinemas in 002739.SZ. Under the agreement, the cinemas will be built and distributed across China over a six-year period starting next year, with 110 to be installed by the end of 2020.

　　The deal builds on a long-standing partnership dating back to 2007, when Wanda Cinemas, the cinema arm of Dalian Wanda Group, opened its first IMAX cinema in Dongguan. As Asia’s largest cinema chain, Wanda Cinemas currently operates more than 160 IMAX theaters.

　　Today’s agreement is expected to increase the number of Wanda’s IMAX cinemas by more than 70 per cent to 360, with the majority set to open over the next three years and all signed cinemas scheduled to open by 2022. The agreement will increase the number of cinemas under contract in IMAX China by nearly 60 per cent. The agreement is on top of a contract signed by the two companies in 2013, under which Wanda will build 120 new IMAX cinemas by 2020. Wanda now expects the projects under the previous agreement to be installed by the end of 2016, four years earlier than originally expected. Nearly half of the new IMAX cinemas in Wanda’s cinema chain will be equipped with IMAX’s latest laser projection technology from the end of 2018. The main provisions of the new agreement are highly similar to those of the 2013 agreement.

　　Richard Gelfond, chief executive of IMAX, said: "This is a landmark development in the history of IMAX and a key point in our business growth strategy. In particular, based on our long-term observation, contracted theaters translate directly into theater installations, resulting in higher box office and ultimately increased company revenue. This agreement not only strengthens our leadership position in China, the world’s fastest growing film market, but also reinforces IMAX’s partnership with one of its most important business partners, Wanda Cinemas, and speaks volumes about the value Wanda brings to the IMAX business. Wanda’s significant commitment in the agreement fully demonstrates that our decade-long partnership has far exceeded the original single-theater sales agreement. Wanda and IMAX are now operating under a more sustainable revenue sharing model, providing new opportunities for the release and box office distribution of key Chinese-language films.

　　Since 2013, IMAX and Wanda have collaborated on a number of high-profile Chinese-language films, including "Tai Chi Man," "Get Out! Mr. Tumor" and "Finding the Dragon," which set a box office record for an IMAX Chinese-language film released last year.

　　"The strategic importance of our partnership with IMAX cannot be overemphasized," said Zeng Maojun, president of Wanda Cinemas. "This partnership has been critical to the rapid growth of Wanda’s cinema business and our record of being the leader in the Chinese box office market for seven consecutive years. And our business model will create differentiated film experiences. Combining Wanda’s first-class cinema environment with IMAX’s advanced film technology, we are able to provide the most immersive and powerful film entertainment experience anywhere in China. We look forward to working with IMAX in this successful model to accelerate the rapid expansion of China’s film industry in the coming years, bringing more blockbusters to Chinese audiences.

　　Mr. Zeng singled out the partnership between IMAX and Wanda for playing an important role in the June release of Hollywood blockbuster Warcraft, which was produced and distributed by Wanda Group’s legendary film studio and quickly broke box office records as well as sparking a cultural boom. Warcraft broke IMAX China’s first-day box office record with 35 million yuan ($5.30 million) after its release, and also set IMAX’s zero-point show and pre-sale records in China.

　　With today’s deal, IMAX has signed 284 theaters so far this year, including 229 in China, surpassing IMAX’s previous global record of 277 theaters in a year. The Chinese market accounts for about one-third of IMAX’s global box office revenue.

　　As of June 30, 2016, IMAX had 335 theaters in China, up from 250 in the same period in 2015. Despite the significant growth of the theater network and its presence in more than 100 different cities in China, IMAX’s single-screen average box office has remained steadily between $120 and $1.30 million over the past four years.

　　Earlier this year, IMAX announced four Chinese-language blockbuster summer collaborations, including Wanda Cinemas’ "Kuaishou Gunslinger," Anle Pictures’ "Chow Yun-fa’s" Chills 2, "kung fu superstar Jackie Chan’s fourth IMAX film," Jedi Escape, "and the 3D adventure blockbuster" Tomb Robbing Notes, "directed by Li Rengang and directed by LeTV Pictures and Shanghai Film Group. IMAX also plans to collaborate with" The Great Wall, "starring Matt Damon and directed by Zhang Yimou. In addition, the company is also exploring other potential collaborations, including" Journey to the West 2. "

　　"China is a rapidly growing market and Chinese moviegoers are increasingly demanding film technology and cinematic experience," said Zhang Yimou. "As a filmmaker, I want to do my best to provide the best experience for my fans and look forward to presenting my new work’The Great Wall ‘in IMAX format on IMAX’s growing cinema network."

　　IMAX plans to increase the number of Chinese-language film collaborations in China, with 8-10 Chinese-language films expected to be screened in 2016, including "Three Dozens of White Bones" and "Kung Fu Panda 3" released earlier this year. IMAX’s list of Hollywood blockbusters in China this year also includes "Bourne 5", "Star Trek 3: Beyond the Stars", "Fantastic Beasts and Where to Find Them" and "Doctor Strange". In addition, IMAX China and the Chinese Cultural Industry Fund announced the establishment of a film production fund to jointly invest in 15 Chinese-language films over the next three years.

　　In addition to Wanda Cinemas, Wanda Group also owns the AMC Cinema Line, which is IMAX’s first commercial cinema partner in North America and the largest IMAX cinema chain in the world. AMC is also currently the largest IMAX cinema chain in North America, with 185 existing and committed IMAX theaters.

　　Zhang Jun, Sina Technology

　　"When I left Meizu for a while, I saw some products, especially when I saw other people holding these products, and I was deeply hesitant. I vowed to change," Huang Zhang, who returned to Meizu, told Yang Zhe, Meizu’s senior vice president. "If a product does not have Buddha nature, I will never allow it to appear."

　　"Change" is the key word for Huang Zhang’s return in 2014 and 2017. The difference is that Meizu in 2014 faced a change from small and beautiful to popular, while Meizu now encounters a change from too popular to return to its original intention.

　　After Meizu announced the strategy of introducing capital and expanding its product line in 2014, it quickly increased the sales volume from 4.40 million units to 20 million units in 2015, but the crazy expansion also brought the side effect of huge losses of over 1 billion yuan. In 2016, Meizu launched 14 consecutive products, but the annual sales increased by only 2 million units year-on-year.

　　In February 2017, Huang Zhang, who was regarded as the soul of Meizu, came out again, and his prescription was to create a dream machine: Meizu 15/15 Plus.

　　The "only one" brand concept put forward by Meizu recently is similar to the original beauty of wabi-****, and it is still the usual Buddha-like yellow seal style. However, the yellow chapter who came out of the mountain for the second time is no longer the pure paranoid product maniac. The dual-brand strategy of Meizu and Meizu not only gives itself the opportunity to try high-end and return to its original intention, but also leaves a basic sales trump card as a way back.

　　Meizu ushered in the 15th anniversary of its establishment this year, and Huang Zhang’s dream machine will also be officially unveiled in the spring. Can Meizu usher in a new life under the leadership of Huang Zhang in 2018?

　　Crisis resurfaces

　　Similar to 2014, when Huang Zhang announced his return in 2017, Meizu was facing an existential crisis.

　　In 2014, Xiaomi, which was established only 4 years ago, topped the Chinese smartphone market with 61.12 million sales in the Internet mobile phone model. Also in this year, Xiaomi completed a new round of financing of 1.10 billion US dollars, with a valuation of 45 billion US dollars.

　　At that time, Meizu, which had been established for more than 10 years, was still a family-owned enterprise, and the sales of smartphones remained at the level of millions for many years. At the same time, under the fierce external competition, Meizu also experienced crises such as the exodus of executives and the turnover of employees.

　　In February 2014, after Bai Yongxiang, Li Nan, Yang Yan and other executives showdown the crisis facing Meizu, Huang Zhang, who had always believed that he could solve everything by doing a good job in products, finally "realized it". In his internal speech on the day of return, he declared that he would lead Meizu to create an era of more rapid development. "We will make appropriate financing, the main purpose is to implement the employee stock option system, followed by allowing the marketing department to have more resources to increase marketing activities, and to introduce more talents."

　　However, shortly after his return, Huang Zhang once again faded out of day-to-day management, and the change plan he set out empowered executives to implement it.

　　In the following July 2014, February 2015 and October 2016, Meizu conducted multiple rounds of financing, including Alibaba, Tianyin Holdings, etc. In terms of product rhythm, Meizu also changed the style of a mobile phone in the previous year. In 2014, it released 7 products and established a new Meizu sub-brand. The overall sales volume reached 4.40 million units that year; in 2015, it released 6 products and launched a PRO series targeting high-end people. Sales jumped to more than 20 million units that year, an increase of 350% year-on-year.

　　However, in 2014 and 2015 consecutive aggressive expansion strategy also brought the sequelae, 2015 Meizu net loss of more than 1 billion yuan, the company’s total debt of nearly 8.90 billion yuan, total net assets – 1.60 billion yuan; 2016 Meizu released 14 consecutive products, but the annual sales only increased 2 million to 22 million units, did not complete the target of 25 million units, while the first half of the net loss of 300 million yuan, the company’s total debt nearly 2.70 billion.

　　In early 2016, Huang Zhang made a rare appearance at Meizu’s annual meeting and put forward the goal of "stabilizing growth, generating profits, and advancing to the IPO". Meizu then launched a 5% layoff plan. These measures also began to bear fruit, and Meizu achieved a turnaround in 2016.

　　In February 2017, in the context of the Meizu crisis still not fully reversed and the 15th anniversary of its establishment in 2018, Huang Zhang announced on Weibo that he would re-emerge from the mountain to create the dream machine in his heart – Meizu 15/15 Plus.

　　Reinventing Meizu

　　Unlike the return in 2014, Huang Zhang no longer became a hands-off shopkeeper after setting a grand strategy, but personally reformed Meizu in terms of organizational structure, products, and channels.

　　One month after the handover, Meizu increased the number of layoffs from 5% to 10%.

　　Three months after the return, Meizu underwent a major organizational restructuring. Huang Zhang served as the chairperson and CEO of Meizu and established three new business divisions – Meizu Business Division, Meizu Business Division, and Flyme Business Division. The intention of this adjustment is obvious. Huang Zhang personally manages the Meizu business division, and soon poached Yang Zhe, who has successfully built Huawei’s high-end brand perception, as senior vice president and general staff, responsible for the marketing of the Meizu brand, intending to make the Meizu brand in the high-end product line. The Meizu brand is in charge of Li Nan. Li Nan quoted Huang Zhang in an interview with the media as saying that Meizu is his own dream, but Meizu also has to bear a quantity requirement.

　　In December 2017, Huang Zhang adjusted Meizu’s structure again, establishing a new overseas business department, an e-commerce business department, and an accessories business department. He promoted CFO Qi Weimin to senior vice president of the company, on an equal footing with President Bai Yongxiang, with the intention of increasing revenue and reducing expenditure to ensure profits. At the same time, he further expanded overseas markets and expanded sales.

　　In terms of channels, Bai Yongxiang previously revealed in an interview with Sina Technology that one of Huang Zhang’s big decisions after returning to the company’s daily work in 2017 was that Meizu would gradually establish a national provincial model. "For the Meizu brand, in order to better display our products, better serve users, and better provide various environments, we will create a relatively closed offline sales system under the framework of provincial generation."

　　Li Nan also told Sina Technology that although the two brands Meizu and Meizu need to be cut in the long run, they still need to cooperate with each other in products and channels in the short term. He revealed that in terms of products, Huang Zhang will personally control the product definition and design of Meizu and Meizu, and the products of the two brands will have a certain distinction. In terms of channels, Meizu will upgrade the existing channels of more than 2,000 specialty stores together with Meizu and accessories departments.

　　At the same time, not only is the Meizu brand going high-end, but the Meizu brand will also increase its price.

　　At the Meizu brand communication meeting on January 15, Huang Zhang’s personal belief rose to corporate belief. Yang Zhe officially announced the Meizu brand concept after Huang Zhang’s decision: the only one is to return to the original intention and let Meizu return to Meizu. Yang Zhe said that the Meizu brand is more focused on the high-end market, facing business, government and enterprise, high-end and elite people, to create a different brand perception. He also revealed that Huang Zhang’s dream machine will be officially released this spring.

　　As for the Meilan brand, Li Nan told Sina Technology that under Huang Zhang’s personal control, Meilan’s products will be more aggressive next year. Meilan’s highest matching hopes to hit 2,499 yuan in the future, "but how high it should be has not yet been determined, and it is currently being discussed with Huang Zhang."

　　Can it be reborn?

　　Nearly a year after Huang Zhang’s return, the adjustment to Meizu has begun to bear fruit. However, Meizu’s 2017 under Huang Zhang’s leadership was not entirely smooth, such as the annual flagship Pro7 suffered a sales storm and the trend that Meizu Meizu missed the full screen.

　　The Meizu PRO7 was released five months after Huang Zhang’s return. Its main feature was the use of a dual-screen design. In terms of processors, although Meizu had reached a settlement with Qualcomm as early as the end of 2016, the product was equipped with MediaTek’s Xili P25 and Xili X30 processors, priced at 2880 yuan and 3580 yuan at the same time.

　　In the craze of full-screen popularity in 2017, Meizu was one of the few mainstream manufacturers that did not follow up. Although the design of the picture screen is also very innovative, the market space of PRO7 is extremely limited in the context of Apple, Samsung, Xiaomi, OPPO, vivo, Huawei and other mainstream manufacturers launching full-screen flagships. At the same time, MediaTek processors have also attracted doubts, and Li Nan has to admit that in flagship products or high-priced products, MediaTek’s reputation has indeed encountered huge challenges. As of now, the official price of the Meizu PRO7 standard version has dropped to 1999 yuan, a decrease of nearly 1,000 yuan.

　　For Huang Zhang’s dream machine Meizu 15/15 Plus this year, Yang Zhe revealed at the recent Meizu brand communication meeting that every detail of this product is controlled by Huang Zhang from start to finish, and 90% of the parts are customized. For example, in order to look comfortable, the screen size is customized. "In today’s situation where the screen is in short supply, customization is required, and there is no semicolon. In the age of industrialization, customizing a product, if it sells well, it will sell well. If it doesn’t sell well, it will be smashed in the hand."

　　Although Yang Zhe and Li Nan both expressed confidence in Huang Zhang’s personal products, in the current environment of such rapid changes and intense competition in the smartphone industry, it is undoubtedly risky to place all your hopes on a certain person or product.

　　In addition, Meizu in 2018 will also usher in a key node for its IPO.

　　In August 2014, Bai Yongxiang revealed in an interview with Sina Technology that Meizu has developed a plan to list within 5 years. In August 2017, Meizu entered the list of listed reserve enterprises in Zhuhai High-tech Zone, and planned to be listed on the growth enterprises market.

　　The growth enterprises market sets two quantitative performance indicators for the issuer to choose: the first indicator requires the issuer to make continuous profits in the last two years, and the net profit accumulated in the last two years is not less than 10 million yuan, and continues to grow; the second indicator requires the last year of profit, and the net profit is not less than 5 million yuan, the last year of operating income is not less than 50 million yuan, and the growth rate of operating income in the last two years is not less than 30%.

　　Meizu achieved a turnaround in 2016, but did not announce the specific profit scale; in 2017, sales exceeded 20 billion, an increase from last year, and the official said it maintained a stable profit, but did not announce specific profits.

　　Meizu also said that it will achieve double-digit growth rate in 2018, which is still under certain pressure in the context of the overall decline of China’s smartphone market and more intense competition. The effect of the two structural adjustments led by Huang Zhang in 2017 in terms of increasing revenue and cutting costs, entering the high-end and expanding overseas markets remains to be seen.

　　Sina Technology official account

　　"Palm" grip technology fresh news (WeChat search techsina or scan the QR code on the left to follow)

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The traditional business model of brokerage research institutes is "research for commission", that is, as a seller, providing research services to public funds and receiving their allocated trading commissions.

In 2023, with the reform of public fund rates and the implementation of commission reduction and fee reduction measures, this seller research model has also come to the node of comprehensive research transformation. High-quality research, diversified income generation, all-round collaboration, and digital empowerment have become the new keywords for industry growth.

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Source: New Fortune Magazine (ID: xcfplus)

Author: Tang Huijun

Legend has it that at the age of 40, an eagle will fly up a cliff alone, hit a rock with its long and curved beak, causing it to fall off, grow a new beak, and then pluck out the blunt nails and excess feathers one by one, waiting for a new life. After 5 months, the eagle will be reborn and live for another 30 years.

Although the rebirth of the eagle is just a myth, in reality, this phenomenon has been interpreted in many fields. Now, the securities analysts of Eagle Vision have also ushered in this moment.

Under the reform of public fund rates challenging the traditional seller research model, how to improve quality and efficiency, maintain market share, and at the same time expand financial resources and expand comprehensive income; in the historical process of building a financial power, how to cultivate first-class investment banks and investment institutions, and better play the function of capital markets hub, has become a new proposition for the entire securities research and even the securities industry. In the new era, high-quality research, diversified income generation, all-round coordination, and digital empowerment have become the keywords of this industry’s renewed value.

01. Sub-warehouse commissions are shrinking, and revenue is facing challenges

The absolute main force of the securities research industry is the research institutes under the brokerage. Its main income model is "research for commission".

In simple terms, the brokerage research institute will provide research services for institutional investors such as public funds, but the public offering does not pay for this service alone, but is packaged in the stock trading commission paid to the brokerage.

Since the stock trading of public funds is carried out by renting different brokerage seats, the commission received by each brokerage is often allocated by the public offering according to the trading volume in each seat and the quality of the brokerage research services. According to the calculation of CICC, the contribution of investment research services, affiliated funds (brokerages participate in holding funds), channel dropshipping rebates, and third-party service soft commissions to the brokerage sub-warehouse commission income are 40%, 35%, 15%, and 10% respectively, with research services accounting for the highest proportion.

In this model of selling research results in exchange for commissions, brokerage research institutes are also called sellers, while institutions such as public funds are called buyers.

In 2023, the sell-side research model that has been in place for nearly 20 years is being challenged.

The landmark event is that the Securities Supervision Commission announced the "Work Plan for the Reform of Public Fund Industry Rates" in July 2023, and plans to take 15 measures to reasonably reduce fund rates. In December, the Securities Supervision Commission issued the "Regulations on Strengthening the Administration of Securities Trading of Public Offering Securities Investment Funds (exposure draft) " to standardize fund trading commissions and distribution management, and protect the legitimate rights and interests of the Christian people. The reform plan of trading commissions, which is most closely related to the Institute of Brokerages, was clarified, and the reduction of commissions became a foregone conclusion.

According to the new regulations, passive funds such as index funds are not allowed to pay for research services through trading commissions, and their commission rates will be linked to the market average; the commission rates for other funds to pay for research services shall not exceed twice the market average in principle. At the same time, when a fund manager trades through a brokerage, the commission allocated to the brokerage shall not exceed 15% of the total commission of the fund for the year. For small equity funds with a management scale of less than 1 billion yuan, the distribution limit of 30% can still be maintained.

So, what is the impact of this public offering cut on brokerages?

Its core comes from the impact of the reduction in the commission rate of the sub-warehouse. If the ratio of the sub-warehouse commission to the total turnover of public fund stocks is used to roughly estimate the sub-warehouse commission rate, it can be found that from 2018 to 2022, the sub-warehouse commission rate decreased from 0.084% to 0.076%. According to the calculation of Huachuang Securities Research Institute, the average commission rate of the class A share market decreased from 0.035% to 0.025% in the same period (Table 1).

Brokers’ commission rates for sub-positions are much higher than the market average, which should be related to their value-added services such as seller research. According to the new regulations, if the commission rate for sub-positions drops to twice the market average, it will be 0.04% to 0.05%.

According to CITIC Securities Research Report, considering only the adjustment of commission rates, it is expected that the size of the class A share market seat rental commission may drop from 18.87 billion yuan in 2022 to 12.64 billion yuan, a decrease of 33%.

Looking at it for a long time, although public funds have ushered in a period of rapid development in recent years, the size of their assets under management has increased from 2.80 trillion yuan in 2012 to 25.75 trillion yuan in 2022, an increase of more than 8 times, while the sub-warehouse commissions obtained by the securities research industry during the same period have only increased from 4.067 billion yuan to 18.874 billion yuan, an increase of 3.6 times (Table 2). The lagging growth rate of sub-warehouse commissions means that even if the scale of public offerings continues to expand in the future, the sub-warehouse commissions may not increase simultaneously.

In addition, the level of sub-warehouse commissions is easily affected by market conditions: with the arrival of a bull market, the scale of public fund management has surged, and transactions are active, commissions often jump; if the market lingers and transactions are light, commissions will also be affected, and the amount in 2022 will decline significantly compared with 2021.

While income growth is not high or stable, the securities research industry has continued to expand in recent years.

Choice data shows that as of the end of November 2023, the number of analysts registered with the Securities Industry Association has reached 4,586 (Figure 1), and the number of brokerage institutes with more than 100 people has also increased from 6 in 2019 to 13 in 2023.

The increase in the number of employees has intensified the competition in the securities research industry. Data from the past five years show that the share of sub-warehouse commissions of the top ten securities firms has continued to decline, from 45% in 2019 to 42% in the first half of 2023, and the industry concentration has declined (Figure 2).

Looking to the future, the asset management scale of public funds is still growing. A milestone event is that by the end of June 2023, the total net asset value of public funds in the country reached 27.69 trillion yuan, exceeding the scale of bank wealth management products of 25.34 trillion yuan for the first time. Public funds also replaced bank wealth management and became the "asset management brother".

Data from the China Securities Investment Fund Industry Association shows that as of the end of the third quarter of 2023, the total scale of asset management business of public fund management companies and their subsidiaries, securities companies, futures companies, and Private Offering Fund management institutions is about 67.60 trillion yuan, of which 11,221 public fund products The total scale reached 27.48 trillion yuan; and at the end of 2022, the total scale of public fund management was 25.75 trillion yuan.

In recent years, the scale of bank wealth management products has been shrinking, among which the proportion of fixed income products has increased, and the scale and share of public fixed income funds have also shown a double increase trend, reflecting the increasing urgency of residents’ willingness to preserve and increase the value of assets. With the advancement of rate reform, the enhancement of innovation such as floating rate products, and the expansion and expansion of public offering REITs, public funds are expected to maintain a top position in the competition in the wealth management market.

But under the high proportion of fee reduction, it is still unknown whether the commission cake will expand, and the competition in the securities research industry will undoubtedly become more intense in the future. How to break the high dependence on public offering sub-warehouse commissions and seek diversified income paths has become an urgent new challenge for securities research institutes.

02. Diversified income generation, a great era of value expansion

In fact, from seller research to comprehensive research, serving a wider range of customers, and achieving diversified income generation, the securities research industry has been solving problems for a long time, and many research institutes have made useful explorations. This reduction in public fund rates is just another node to accelerate the transformation.

In accepting the new wealth survey, many directors of securities research institutes pointed out that with the continuous development of capital markets, the research business is ushering in a great era of value expansion, and its customers have not only expanded to insurance companies, social security funds, private equity and other institutional investors. In recent years, demand from bank wealth management subsidiaries, industrial capital, listed companies, local governments, etc., has also brought broad value realization soil and development space for securities research.

Asset management business brings added value

The development of China’s economy and the establishment of a well-off society have led to the rapid growth of the wealth management market. In the wealth management market, public funds, which are the main service targets of analysts, account for only about 20% of the assets under management (Figure 3). Other institutions are also generating new demand for research, including bank wealth management subsidiaries similar in size to public offerings, and qualified foreign institutional investors (QFII) who are heating up.

New Fortune’s 2023 survey shows that in the face of market changes, more than 40% of analysts believe that demand from Private Offering Funds (securities investment), bank wealth management units, QFII, etc. will become the largest growth point for brokerage research in the future (Figure 4).

Although the scale of private securities investment funds is relatively limited compared to public funds, in recent years, the proportion of private securities investment funds has been increasing (Table 3). At the same time, the number of private equity managers with a scale of over 10 billion is also on the rise. According to the data of private placement network, as of December 19, 2023, the number of private securities managers with 10 billion private securities reached 104, while in 2020 there were only 52. With the growth of leading private equity managers and the obvious differentiation of fund performance, private equity managers with mature investment concepts, excellent long-term performance and strong risk control capabilities will be more favored by the market in the future, which also means that their demand for professional research will be stronger.

Not only that, the continuous expansion of primary market investment scale such as Private Equity funds and venture capital funds has also driven the rapid development of the Private Offering Fund industry. According to the data of the Securities Investment Fund Association of China, in mid-2022, the asset management scale of China’s Private Offering Fund industry officially crossed the 20 trillion mark. Among them, Private Equity funds and venture capital funds accounted for 53.87% and 13.21% respectively. Private equity funds usually invest in unlisted or long-maturity enterprises with a longer holding period. Its characteristics determine that private equity investment requires a highly specialized investment team and research capabilities. In this process, research support is indispensable.

In addition to Private Offering Funds, bank wealth management subsidiaries are also expected.

In 2022, the new asset management regulations will be fully implemented, and the transformation of the net worth of wealth management products will continue to deepen. In the context of rigid redemption being broken, how to launch stable high-yield products, especially stock-based equity products, has become a pain point for bank wealth management subsidiaries.

For example, the first equity product launched by Everbright Wealth Management, the Sunshine Red Hygiene and Safety Theme Selection, saw its net value fall by more than 20% in 2023. Extending the timeline, this product established on May 26, 2020, saw its net value fall below 1 yuan on August 17, 2021, and has now fallen below 0.5 yuan, with the yield worsening.

And this is not an isolated case. The reason is not difficult to understand. Banks that are good at credit and bond business have always had a weak investment and research system for equity assets represented by stocks. Therefore, the wealth management subsidiaries that were born out of banks are not good at the operation of equity products.

In the past, the asset management departments of most banks did not form a complete equity investment research system due to low risk appetite, inability to directly invest in stocks, and low degree of marketization. After the opening of the wealth management subsidiary, the restrictions on its investment in stocks were liberalized, and it became the general trend to increase the allocation of equity assets in the future. Some institutions predict that in 2030, the scale of stock investment brought by China’s wealth management products is expected to reach 5.50 trillion yuan.

The banking financial registration and custody center released the "China banking financial market semi-annual report (2023) " shows that as of the first half of 2023, the approved opening of bank financial subsidiaries has reached 30, financial products asset allocation to fixed income-based, the proportion of equity-based assets is only 3.25%, equity-based assets balance of 900 billion yuan, equity-based products only 80 billion yuan, there is still a very broad space for growth.

On the other hand, State Street Global, a leading bank asset management company, invested 61.5% of its equity assets at the end of 2018, and State Street is also the largest bank asset management company in the world by asset management scale (AUM).

With the gradual entry of huge wealth management funds into the market, bank wealth management may become an important incremental market for securities research. The equity research system of securities research institutions is mature and the industry coverage is complete, which can better adapt to the needs of wealth management subsidiaries.

Everbright Securities Financial Industry Chief Analyst Wang Yifeng once said that after years of development, securities firms have accumulated strong investment research strength and investment experience, and strengthen inter-industry cooperation with bank wealth management subsidiaries, which can enhance the active level of equity investment in the latter, so that it can quickly make up for the shortcomings.

A person in charge of a securities firm said that the seller research institution can provide special project investment and research support for the credit bond investment, pan-market value management and asset allocation of the bank’s wealth management subsidiaries, and can strive for relevant asset management and brokerage business opportunities. At the same time, securities firms can strengthen cooperation with wealth management subsidiaries in product design to help them achieve stable returns.

In fact, there are already many brokerage research institutes actively seeking cooperation with bank wealth management subsidiaries. More than 10 brokerage research institutes in the new wealth survey found that although there is no stable value exchange model between the research institutes and bank wealth management subsidiaries, they have been regarded as important potential customers, and some research institutes have established professional teams to serve them.

Ding Wentao, the current executive committee member, assistant president and chief strategy officer of Soochow Securities, said in a new wealth survey in 2023 that the service bank is a very important end of the Soochow Securities Research Institute. "We should have established a bank sales team earlier in the industry. At present, the service bank team is nearly 10 people."

In the Class A share market, QFII is also a force to be reckoned with.

In July 2003, UBS completed the first foreign purchase of class A shares through QFII. In 2023, QFII ushered in the 20th year of investing in class A shares. According to the data released by the Securities Supervision Commission, as of November 2023, there were 802 qualified foreign investors in the whole market, including QFII and RMB Qualified Foreign Investors (RQFII) institutions. Among them, there were 10 QFII institutions with a quota of more than 2 billion US dollars, including the Abu Dhabi Investment Authority, the Macao Monetary Authority, the Bank of Korea, Socie ? te ? Ge ? ne ? rale, Barclays, and the Norwegian Central Bank.

According to Wind data statistics, as of November 1, 2023, 48 QFII companies have appeared in the list of the top ten circulating shareholders of 804 class A share companies, and the total market value of QFII positions has reached 141.831 billion yuan. Heavy warehousing industries include pharmaceutical biology, electronics, non-ferrous metals, building materials, power equipment, etc., and the market value of positions exceeds 5 billion yuan.

In response to foreign investment, many research institutes have already formed teams to provide services, and there is still room for deepening services in this market in the future.

Listed company strategy consulting

Not only the asset management industry, with the opening of the Science and Technology Innovation Board and the Beijing Stock Exchange, the multi-level capital markets continue to mature, the rapid expansion of listed companies has also begun to generate new demand for research.

Search for outstanding listed and proposed listed companies, provide them with strategic advice, help them grow and develop, and serve as a bridge between enterprises and investors, becoming one of the sources of incremental value for the securities research business in the new era.

The core job of an analyst is to mine and interpret various types of information related to listed companies, providing reference for institutional investors in the secondary market. As the research continues to deepen, their understanding of the industrial chain covered will also become increasingly profound. In the current era of rapid iteration of business models and industrial logic, analysts with deep knowledge in industrial chain research can provide companies with forward-looking opinions, help them clarify the competitive situation, understand industry trends, and combine their own endowments to extend the value chain. Analysts can also use rich resources such as industry experts to build a communication and docking platform for listed companies.

At present, corporate clients have become a key service group for many comprehensive brokerage research institutes. Zhou Haichen, general manager of Shenwan Hongyuan Group Research Institute, told New Fortune that providing enterprises with industrial chain research, such as industrial services, expert services, and industry research, is a very important end of their business.

"It’s a bit like McKinsey. For example, if some companies want to invest in new energy, they may need us to help them sort out the entire new energy industry chain, do some value evaluation reports, strategic planning, etc. Because there are many listed companies now, the market potential of this area is relatively huge."

At present, there are more than 5,000 listed companies of class A share, and most of them have entered the field of vision of different research institutions, that is, analysts have some understanding of them. According to Choice data, from January to November 2023, 87 securities companies released nearly 170,000 research reports, covering more than 60% of listed companies of class A share.

Generally speaking, the research institute has always tended to cover listed companies with high market capitalization and investment value. Taking CICC as an example, Choice data shows that from January to November 2023, the total number of companies covered by its research report exceeded 1,000, accounting for about 1/5 of the number of listed companies in class A shares, and the market value accounted for nearly 60%. However, although few analysts are interested in companies with low market capitalization, they will also have consulting needs. Analysts who have been deeply involved in the industry for a long time may be able to help them grow.

It is worth mentioning that the increasingly hot ESG research has also become an important means for securities research institutions to promote the high-quality development of listed companies. By actively communicating with listed companies, securities research institutions can assist them in improving ESG ratings, uncovering the sustainable development value of enterprises, and making them reflected in market value, thus forming a virtuous circle.

Join hands with the government to act as a "think tank" to help regional economic development

The value increment of another part of securities research comes from local governments.

As China’s economy enters a period of transformation and industries enter a period of upgrading, the demand for policy advice from policymakers at all levels is growing day by day. For local governments, it is their important mission to identify industries that represent the future direction, attract leading enterprises in the process of attracting investment, and promote the growth of local strategic emerging industries to achieve high-quality economic development.

Analysts can provide advice to local governments based on their in-depth understanding and research of industrial development trends and the competitive advantages of different companies, helping them adapt to the general trend of the industry, guiding promising enterprises to land, guiding funds to focus on local high-quality companies, and achieving a positive interaction between capital and industry.

Especially for securities firms with local state-owned assets background, based on regional economic development, we provide think tank support for policy formulation and industrial development for government departments, industry associations and other organizations, and build a communication platform to enhance the exchange between capital and local government and industry. This has become another direction for securities research institutes to export research value and achieve differentiated transformation.

At present, more and more brokerage research departments work closely with local governments, and have carried out organizational restructuring to empower local governments based on the national strategy of financial services and the real economy.

Wang Bin, assistant to the president of Industrial Securities and dean of the research institute, told New Wealth that the Industrial Securities Research Institute has set up a think tank research center and established a think tank research team. By integrating research resources, it serves external local governments and regulatory departments, and provides internal strategic research services to help the development of the company’s various businesses. At present, Xingzheng Think Tank is the first batch of 15 key think tank construction pilot units in Fujian Province, and has been selected as the first batch of eight Shanghai CPPCC consultation think tank units.

Some regional brokerage research institutes give full play to their location advantages, highlighting their characteristics and regionalization. Ding Wentao said that Soochow Securities is headquartered in Suzhou, and the important goal of the research institute is to establish a foothold in Suzhou, serve regional development and local listed companies, and form effective synergies with the local economy.

Suzhou is one of the most active regions in the domestic economy, with considerable real economic resources. At the beginning of 2023, the number of class A share listed companies in Suzhou has exceeded 200, ranking fifth in the country. These companies focus on the four major industries of electronic information, equipment manufacturing, biomedicine, and advanced materials. In order to echo the local real industry, Soochow Research has also focused on attacking and strengthened the allocation of relevant research teams.

Ding Wentao said that in terms of research layout, Soochow Securities Research Institute does not blindly pursue industry-wide coverage, but prioritizes effective resources to the core areas and firmly grasps the advantageous industries. For these four advantageous industrial clusters, Soochow Securities Research Institute organizes at least four special conferences every year, and widely invites local listed company representatives, industry experts, local government representatives and institutional investors to participate, so that the market can fully understand Suzhou enterprises and help local industries "go global".

The Zheshang Securities Research Institute, which is also a regional brokerage, has the slogan of "deeply cultivating Zhejiang, embracing banks, and deepening the industry". Qiu Guanhua, chief strategy officer of Zheshang Securities and director of the research institute, said that "Zhejiang is fertile ground for high-quality listed companies. Zheshang should be the research institute that has the broadest and deepest research on listed companies in Zhejiang Province, the best tracking, and the most complete and best service. Let investors in the market think of listed companies in Zhejiang, and they will naturally find the Zheshang Securities Research Institute."

Deeply involved in the Guangdong-Hong Kong-Macao Greater Bay Area, Yuekai Securities, a subsidiary of Yuekai Research Institute, is committed to "building a first-class think tank that is the pearl of the Greater Bay Area", with government departments, institutional customers, and Bay Area enterprises as the main service objects. In 2023, the report "Guangdong-Hong Kong-Macao Greater Bay Area: New Pattern and Grand Strategy" will be launched, providing suggestions for the high-quality development of the Greater Bay Area from four key areas such as industry, technology, finance, and public services.

03. All-round collaboration to explore internal support paths

While exploring ways to realize diversified value, the Institute also began to seek to provide more intellectual support in the internal changes of securities firms.

In the construction of modern capital markets with Chinese characteristics, the reform of the securities industry is also deepening. Building a "three-investment linkage" mechanism for investment research, investment and investment banks, and improving the professional service ability of "customer-centered" have become the core of the competitiveness of securities firms.

Especially under the full implementation of the registration system, investment banking business began to be deeply bound to research. Under the registration system, the issuance of new shares adopts market-oriented pricing and underwriting mechanisms, and the number of new shares is no longer scarce, and listing breaks have become a common phenomenon. How to price reasonably tests the skills of investment banks. In addition, in the new round of technological change, there are more and more listed companies in new models and new industries. In their IPOs, mergers and acquisitions, and fixed increase businesses, the understanding of enterprises cannot only stay at the financial level, but also based on the professional perspective of the industry, to issue persuasive opinions. Analysts, with their understanding of the industry, have a say in evaluating the long-term investment value of companies and enhancing the rationality of pricing. Their research results can become an important reference for investment banks to develop their industries.

At the same time, as brokerages have established alternative investment subsidiaries and private investment subsidiaries to extend their business to IPO follow-up investment and Private Equity, the coordination of research departments has become more important when they explore high-quality targets.

Many professional investment banks and investment teams have been deeply involved in sub-sectors for many years, and their research understanding of industries and enterprises is also in place, which can form a benign interaction with the research institute and promote the overall improvement of the general capabilities of securities firms.

Lu Ying, then director of Haitong Securities Research Institute, told New Wealth: "Many technology startups are willing to communicate with professional researchers. The investment banking department has also complied with the requirements of the real economy and Enterprise Services, dividing industry groups, such as special technology teams, medical teams, etc. These teams are naturally more cohesive with research in terms of professionalism."

"Our cooperation with investment banks is not only in IPOs or fixed growth, but also in industrial research on the enterprise side to expand the comprehensive service capabilities of Guojin Securities," Su Chen, director of the Institute of Securities Research, said in an interview with New Wealth.

Another person in charge of the investment banking department of a brokerage said: "From the perspective of cooperation, investment banks, research institutes and alternative subsidiaries determine whether a company meets the positioning and audit requirements of the Science and Technology Innovation Board after professional research; from the perspective of division of labor, investment banks, research institutes and alternative subsidiaries independently judge whether a company meets the relevant conditions from their own perspectives. Under the conditions of this cooperation and division of labor, the enterprises selected by the sponsor institutions are truly in line with the national strategy, market requirements and positioning of the Science and Technology Innovation Board." This also confirms that the coordination between the research institute and other institutions within the brokerage firm has become increasingly important.

New Fortune’s 2023 survey of analysts shows that support for investment banking, proprietary, asset management, and brokerage services has become an important source of incremental demand in their internal services (Figure 5). Currently, 43.37% of research institutes have set up independent departments or teams to provide research support for other businesses within their brokerages (Figure 6).

In the internal support work, research support for investment banks is the mainstream, followed by support for brokerage/wealth management lines.

In the past, brokerage was the basic business of securities companies and was at the front end of marketing. Its core was the ability to acquire customers under the license, and its income mainly came from the commissions paid by customers for securities transactions. Today, the channel-type brokerage business is in the process of transforming into a wealth management business. The core of the wealth management business is "customer-centric". Brokers must create value for customers and realize the preservation and appreciation of their assets in order to obtain profits. Under this model, the research and allocation of large types of assets is increasingly important. How to develop more popular products in the market becomes the core, and this also requires the empowerment of the research department.

At the same time, the expansion of wealth management business requires a professional team of investment consultants to help clients allocate assets according to their own needs. Brokerage research institutes can also endow their own research capabilities to investors to deepen their understanding of the intrinsic value of products, macro directions, and investment strategies, so as to better serve customers.

In 2021, at the suggestion of Huang Yanming, director of Guotai Junan Securities Research Institute, Guotai Junan Securities launched the "Investment Advisory Jincai" plan, a joint research institute of the Wealth Management Commission, to classify investment advisors and submerge research resources into branches to help investment advisors improve their investment concepts, enhance their professional capabilities, and create more opportunities for their career development.

In Huang Yanming’s opinion, the service system of brokers to institutional investors has become more perfect. In contrast, although the financial products of brokers to serve small and medium investors are constantly abundant, there are many shortcomings in the professional ability of the investment advisory team as a whole, which is not enough to support the growing wealth management needs of residents. "At present, the majority of residents are more in need of professional investment consulting services to solve problems such as’funds make money, Christian people lose money ‘and’chasing up and selling down’." As the department with the most resources and the strongest research ability of brokers, the research institute has a lot of room to do in this regard.

China Merchants Securities Research Institute has also practiced the operation mode of internal services earlier. It has a research department and a research department. One is dedicated to external services, mainly for customers such as public funds and insurance institutions. The second is dedicated to internal services, mainly for brokerage and other businesses. A clear trend is that whether or not a full-time external or internal service department is established, the comprehensive nature of research business is becoming prominent.

And those large securities companies, with the accumulation of comprehensive service experience, the effect of empowering each other between platform and research is becoming increasingly prominent. On the one hand, strong research strength and good reputation can help them form a strong customer acquisition ability and enhance their comprehensive strength; on the other hand, the enhancement of comprehensive strength will further feed back the research business and form a joint force to help securities firms gain an advantage in the fierce market competition.

In this process, the positioning of the research business often follows the company’s Strategy and Development Goals. Platform development requires research to form a strong cooperation with various business departments within the brokerage, further empowering investment banking, asset management, self-management, brokerage and other businesses, and enhancing the comprehensive service capabilities of the brokerage.

For example, the National Securities Research Institute launched the research 3.0 reform in 2020, establishing a strategic goal of "investment banking as the traction and research as the driving", while the research institute was redefined as a non-profit department. "The 3.0 reform of the research institute aims to generate revenue, reputation and market influence. This change will actually drive the branding impression of the company as a whole and the development of other business sectors, which is also an original intention of our transformation," Su Chen told New Fortune.

In fact, this process (research business integration transformation) is quite similar to the evolution of the overseas securities research industry.

In 1975, the United States abolished the 185-year-old fixed commission system. After that, the commission rate fell from 0.5% in 1975 to 0.06% in 2001. At the same time, the introduction of the storage shelf issuance system (one approval, multiple issuance refinancing system) in 1983 increased the flexibility of financing. These reforms intensified the competition of investment banks in traditional fields, and the big investment banks began to seek transformation and evolve into all-round investment banks.

In this context, Goldman Sachs restructured its business model and quickly became a world-class investment bank. In terms of business model, Goldman Sachs is positioned as an all-round investment bank. Investment banking, mergers and acquisitions, market making, derivatives and other business lines are built around the needs of institutional clients. It provides comprehensive and professional services. Its ultra-high risk pricing capabilities have become the core support for investment banking to develop its business. And pricing capabilities are the core value of research business.

Goldman Sachs’ institutional business segments mainly include equity and FICC (Fixed Income, Currencies and Commodities, Fixed Income, Foreign Exchange and Commodities), among which, equity business includes brokerage, margin financing, stock and derivatives market making, PB, etc.; FICC business includes interest rate, exchange rate, credit, commodity market making and trading.

In the continuous evolution of the market, the needs of institutional clients have also become more diverse. After entering the 1980s, asset management became one of the core business of investment banks, because as the proportion of assets managed by overseas institutional investors continued to increase, their needs for investment banks also became more diverse. In addition to brokerage, underwriting and other businesses, there are more needs for comprehensive wealth management, mergers and acquisitions integration. The diverse needs in turn have also promoted the continuous development of research business, and the comprehensive transformation of research business has become the general trend.

Nowadays, the "institutionalization" of China’s capital markets is also constantly evolving. Especially in the context of the comprehensive registration system, the listing conditions are more diverse and the listing efficiency is significantly improved, which will provide more high-quality assets for long-term funds and further enhance the attractiveness of the market to institutional investors. From an investment perspective, institutional investors often look for pricing deviations in the market based on fundamentals, discover undervalued stocks, and obtain excess returns. Therefore, the research business with asset pricing power as the core is increasingly valued by institutions.

Change is happening. Judging from the more than 10 research institutes in the New Wealth Survey, the vast majority of them emphasize comprehensive positioning.

Wang Bin said that the Industrial Securities Research Institute has added an industrial research center and a think tank research center, among which the industrial research center is committed to fully empowering the company’s investment banking business and forming a product R & D linkage business model; the think tank research center is designed to serve external government and regulatory departments as well as internal strategic research.

Xu Xingjun, general manager of GF Securities Development Research Center and chief analyst of the electronics industry, also said that the research institute will continue to integrate into the company’s institutional customer comprehensive service chain on the "one GF" stage, coordinate various business lines, and provide customers with a package of services including research, trading, market making, derivatives, etc.

In the past, due to problems such as the difficulty of quantifying internal services, analysts lacked enthusiasm for internal services. Now, the internal service mechanism has begun to mature, and many research institutes have gradually formed a relatively stable value exchange mechanism.

Shao Linlin, director of the SDIC Securities Research Institute (formerly known as Anxin Securities), told New Wealth: "At present, the research institute adheres to the principle of one SDIC, which is based on meeting customer needs in an all-round way. Business coordination is achieved through the internal research service platform. When departments have demand for research, they can submit the process on this platform. During the process, the service form and settlement method will be clarified."

Shenwan Hongyuan Group Securities Research Institute has also formed a relatively stable internal value exchange mechanism. Zhou Haichen introduced that in the process of serving investment banks, the institute adopts a flexible fee model of "fixed + floating". By setting scoring weights, the fixed fee part is determined, which can not only pay for the researcher’s "hard work", but also encourage the researcher’s willingness to serve; and finally, according to the researcher’s workload and performance, additional points are given to the researcher, which constitutes the researcher’s flexible income.

Although currently serving institutional clients primarily funded by public funds remains the main source of income for brokerage research institutes, the proportion of internal synergies is gradually increasing.

04. Go deep into the industry and do high-quality research

Whether it is strengthening internal coordination or expanding external customer types, the essence of research has never changed behind the changing business model. Its origin remains "research creates value".

Valuable research must be high-quality research. Quality is still the key to impressing buy-side institutions. New Wealth found in the survey that buy-side institutions have a very strong demand for in-depth reports and are willing to pay a higher premium for in-depth and high-quality research in the long run. Analysts’ research logic and research methods, close tracking of listed companies and in-depth research capabilities have become the most valued professional qualities of buy-side institutions today (Figure 7).

On the road to high-quality research, analysts have also adopted different coping strategies (Figure 8).

Behind the call for the return of research business to its roots is the market’s expectation for in-depth research. Many brokerages have begun to adjust in this direction. Take CICC’s stock research as an example. In the past three years, the number and proportion of in-depth research reports in its corporate research have increased significantly (Figure 9).

In Su Chen’s opinion, the so-called in-depth research can be judged from several aspects: "The first criterion is whether the research is forward-looking, for example, whether the research can bring effective inspiration to investors; the second is whether the research has withstood the test of the market, which can even be said to be the only criterion for judging whether the research is deep, forward-looking, and whether it is recognized by the buyer; the third is the series of research. In-depth research cannot be like’bear breaking rice ‘. Studying this today and studying another hot spot tomorrow is also an important criterion for the sustainability of industry research."

Under the in-depth research, industrial research has become the mainstream demand of institutional investors (Figure 10). More than 60% of the surveyed securities research institutes have set up independent "industrial research" teams to provide intellectual support to listed companies, local governments and other customers (Figure 11). This requires not only analysts to have a long-term perspective, but also a deep industrial chain perspective.

In fact, in order to meet the needs of investors, the scope of securities research has also covered macroeconomics, medium-sized industries to micro-listed companies, and the research objects have also expanded from stocks, bonds, derivatives to commodities, fund portfolios, etc. The research span extends from industrial trends and market trading strategies to medium and long-term trends and judgments.

As a bridge linking industry and capital, rooting in industry and building in-depth research capabilities are also an inevitable choice for analysts under the guidance of seller research and competition. The Brokerage Research Institute emphasizes industrial research, and the deep logic behind it is not difficult to understand.

First of all, for analysts, long-term roots in the industry can accumulate rich knowledge and have enough knowledge reserves to judge innovation trends, so as to put forward views that can stand the test of time and gain a long-term good reputation from investors. At the same time, analysts can help investors better grasp the industrial context and explore investment opportunities by continuously and closely tracking key listed companies and their related industrial chains.

The director of a research institute has said that the two core parts of capital markets are industry and capital, and the core role of seller research is to connect the two. "The essential element of all capital markets intermediary business is to have a deep understanding of the industry and listed companies and build trust with them. The research institute conducts focused, long-term and in-depth research on the industry, cuts into the industry and the company, and builds trust, which is also needed for other businesses."

Secondly, the overall market opportunities are gradually sinking. In the past few years, many investors have high hopes for core assets, and a group of well-known and highly competitive blue-chip stocks represented by large companies such as Kweichow Moutai, Gree Electric Appliances, and Ping An of China are in demand. In recent years, as public and private quantitative investment has gradually become a market hotspot, small and medium-sized companies have begun to gain popularity in the market. In recent years, the returns of small-cap indices are significantly higher than those of large-cap indices, and they are more flexible. Due to the low attention paid to small-cap stocks, there may be more pricing biases, thus creating more opportunities for quantitative institutions. And when the market’s attention moves down, sell-side analysts should also look down. Analysts with an industrial chain mindset can adapt to this situation faster and conduct in-depth research and exploration of valuable small and medium-sized companies.

Thirdly, with the penetration of new technologies such as AI and the Internet of Things into all walks of life, many high-quality enterprises have become cross-industry converters, and research on them also requires diverse knowledge. For example, the semiconductor industry chain is divided into design, manufacturing, packaging and testing, equipment and materials links, and product forms include computing, storage, sensing, power, simulation and radio frequency. Applications cover consumer, home appliance, industrial, automotive, medical and special industries. In the past, single industry research has no longer adapted to the development trend of the industry.

In order to adapt to this situation, the organizational structure of many research institutes has also been adjusted accordingly. An obvious trend is that more and more research institutes are beginning to open up the industry, extending the original scattered research groups in the form of industrial chains to form industry groups. In the 3.0 reform, the National Securities Research Institute is committed to opening up the internal industrial chain and encouraging joint coverage of industries.

"Taking the robot industry chain as an example, the entire robot industry may involve machinery, electronics, new materials and other aspects, and if you simply let the mechanical team study robots, there will inevitably be a relatively one-sided research perspective. After opening up the industry, analysts will have a stronger ability to observe the whole industry chain, which is empowering for the team."

Lu Ying said that with the increasing trend of industrial integration, Haitong Research has added meso research on the basis of past macro-micro research. On the one hand, it aggregates the industry from the perspective of industry and focuses on seven industrial chains. Among them, consumption, medicine, high-end manufacturing, new energy, and technology have become the focus of industrial research. On the other hand, it has increased regional joint research in meso to meet the requirements and trends of serving the development of the real economy.

At the same time, at the micro level, the strengthening trend of industrial integration has also led to further refinement of industry research, with some emerging interdisciplinary fields beginning to emerge, and the sub-industries under the original more than 30 industry levels further extended.

CITIC Jiantou Securities Research Institute has added artificial intelligence industry research to cope with the hot trend of AI development. In terms of industry, "we have specially set up an industry such as new energy vehicles and lithium batteries, which is derived from the intersection of the original electric and automotive research sectors." Wu Chao, director of CITIC Jiantou Securities Research Institute and head of the international business department, managing director, and chief analyst of the TMT industry, said, "For the expansion and contraction of the industry, in fact, you still need to smooth this cyclical cycle by enriching your customer types. In simple terms, it is to expand demand, not to adjust production capacity. In terms of research, it cannot be static. For some emerging industries, we choose to subdivide in the original 30 industries, because there will be many interdisciplinary disciplines."

In fact, the new trend of industrial development is driving changes in the demand, content, and methods of research, which prompts analysts to change the single company research perspective when doing research, and conduct cross-upstream, cross-disciplinary, and multi-angle comparative research to achieve research integrity.

Zhao Xiaoguang, vice-president of Tianfeng Securities and director of the research institute, told New Wealth that in-depth research is a system that needs to be built from the structure and invested systematically. Zhao Xiaoguang believes that the past research is a kind of non-systematic research. In the future, it should stand in the perspective of the entire industrial chain, analyze the trend evolution of the industry from a global perspective, and then analyze the impact of this change on the industry and related companies. "This kind of systematic research should be based on the integration ability of the industry itself, top expert think tanks and in-depth research capabilities."

At present, the Tianfeng Securities Research Institute is building the Brokerage Research Institute 2.0 system with the four-in-one research methodology of "policy + expert circle + research questionnaire + data technology", creating a new in-depth research paradigm.

Zhao Xiaoguang introduced that the goal of the "four in one" is to systematize and logically track policies, analyze the variables that affect policy factors, and then integrate policy research into macro, meso, industrial and corporate values to judge; the second is to upgrade the expert system, from the perspective of industry, conduct systematic interviews and surveys of high-end expert databases, form a judgment on the industrial logic of industrial trends, and turn expert services into data and products; the third is to change reverse research into positive research, tracking the upstream and downstream of an industry chain without dead ends, and generating positive research results from point to point.

In his opinion, the value of Tianfeng’s construction of an in-depth research system has been gradually confirmed. In the second half of 2022, the overall shock of class A shares, but the performance of the Xinchuang (information technology application innovation) industry chain is relatively good, and the Xinchuang sector is recommended by Tianfeng Securities from the industry to the strategy earlier at the relative bottom. This is the successful practice of the "four-in-one" research system. "At present, the in-depth research system around key industries has been basically completed. Next, it is very important to build models, replicate in-depth research to more industries, and establish a tracking system from the total amount to the industry to the enterprise to help customers better establish an investment system."

In the process of industrial research, the talent structure of the brokerage research institute has also gradually changed. From the new wealth survey, under the premise of maintaining the same high academic background, many leaders of the brokerage research institute have shown a preference for talents with industrial background, while in campus recruitment, talents with "science and engineering + finance" composite background are more favored.

Talent remains the key to determining the securities research competition landscape, "Dong Guangyang, a member of Huachuang Securities’ executive committee, vice-president and director of the research institute, told New Wealth." This is an asset-light industry with people as the core factor of production. Cultivating excellent talents, allowing them to maintain their enthusiasm for research, and then creating more value is the most critical. "

It is worth mentioning that by deepening the industry and building an in-depth research system, the overall ecology of the securities research industry may be changed to some extent.

For a long time, due to the high-intensity work, sell-side research has been considered by many to be a "youth food" industry, and analysts have been under pressure to "become famous as soon as possible". Today, deep cultivation of the industry requires analysts to track the development of the industry for a long time. Only with long-term persistence can it be possible to make research with a deeper understanding of the industry, which will also help analysts get rid of the age limit and prolong the career development cycle.

Nonetheless, in the short term, the competition for seller research will still be more intense. At present, the demand for recruitment in the industry has changed. Many directors of research institutes told New Fortune that the number of personnel is now close to the ideal state. Compared with increasing manpower, adjusting the talent structure will become its next focus. For institutes that are not very strong in seller research business, the need for downsizing is relatively stronger.

"According to the principle of factor sparsity, when the overall competition in the industry is more intense, there will be an era of capacity reduction. But in this process, the quality and value of the overall seller research will also improve, because in the competition, good analysts will be screened out, and in this process, the overall quality of the seller research will be improved."

05, Digital construction empowers in-depth research

In the competition, strengthening digital construction and building a platform to empower analysts are becoming a breakthrough point for large brokerages to research and break through.

Through digital technology investment, we can improve analysts’ information acquisition and processing efficiency, achieve data diversification and refinement, and help analysts make more accurate and in-depth judgments. By generating differentiated in-depth research reports, we have become one of the development directions of the platform strategy of large brokerages.

In fact, with the onset of the fintech wave, new technologies, including AI, have shown considerable speed of implementation, providing assistance to analysts in terms of broadening data collection, enriching information sources, and improving research efficiency. Among them, smart tools such as big data, intelligent search, intelligent chart generation, and crawlers have been frequently used by analysts in research work (Figure 12).

From the practice of international investment banks, digital construction is indispensable. The Boston Consulting Group (BCG) believes that digital breakthroughs will become a powerful weapon for brokerages to widen the gap and form their own brand characteristics.

Innovative technologies can also help research institutions to solidify their research data, research logic, and research models, thus precipitating the seller’s research capabilities and assisting research institutions in digitization and platformization. Some leading securities research institutes in China have data, analytical frameworks, theories, and research logic that have been accumulated for many years, and intelligent processing of data through financial technology can bring a certain platform effect to the research institute.

For example, the Tianfeng Securities Research Institute has built a data tracking research platform – Tianfeng Data Research Institute – by combining points, lines and surfaces. It precipitates industrial data and expert data, provides research and consulting services for the industrial and capital sides, and explores investment opportunities. Zhao Xiaoguang said: "The research system of the’four-in-one ‘is mainly based on two points. The first is based on experts, and the second is based on data. Around these two points, rooted in in-depth research, and at the same time, with lines as the core, that is, forming a closed loop of the upstream and downstream of the industrial chain."

At the same time, the use of digital technology to precipitate research data, models and methodologies, and the personal experience of senior analysts into platform capabilities and values, can enable the Institute to better realize the replication and inheritance of knowledge, allowing newcomers to grow faster, improve efficiency, and save training costs.

Taking Changjiang Securities Research Institute as an example, relying on its long-term accumulation, its research map system built by financial technology means can automatically capture, sort out and organize the data used by analysts, track and anticipate the industry’s prosperity, demand and supply in real time, and make auxiliary decisions for investment. Moreover, on the basis of the research map, it uses artificial intelligence technology to realize the construction of an investment system with fundamentals as the core, empowering researchers to better serve buyers and promote the transformation of sellers’ capabilities and the exploration of new business models.

Liu Yuanrui, president of Changjiang Securities, said in an interview with New Fortune that it is necessary to create a systematic platform that allows analysts to release more energy and create greater value.

On the individual level, in the face of the question of "whether artificial intelligence will replace analysts", more than 60% of analysts believe that this day has not yet come, and artificial intelligence has a mostly positive impact on their work, which can reduce work pressure and improve work efficiency.

06. Differentiated breakout of the research institute of small and medium-sized securities firms

Compared with large brokerages, the road to transformation for small and medium-sized brokerage research institutes is obviously longer.

First of all, it needs to gain a firm foothold in the competition with large brokerages for the sub-warehouse commission cake; secondly, on this basis, it needs to expand the service radius, expand the brand influence, and drive the development of other business of brokerages; in addition, in the internal coordination, it also needs to further explore and find a stable value realization model.

And this also determines the logic and play differences of the transformation path of small and medium-sized securities firms.

"The reduction of fees and commissions for public offerings has caused certain pressure on the seller’s business of brokers. Large brokers usually have more resources and advantages, and can provide more value-added services to make up for the reduction in profits caused by the reduction of fees and commissions for public offerings. Small brokers face more severe challenges due to their limited resources, resulting in relatively weak competitiveness." Zhu Keli, executive director of the China Information Association and founding director of the National Research Institute for New Economics, stressed that the seller’s business has reached a window period when it has to be reformed.

However, although large brokerages have certain advantages in terms of pricing and sales capabilities, it is difficult to achieve all aspects. For small and medium-sized brokerages, building a differentiated route and forming local advantages in some fields is still the key to competing with large brokerages. This requires small and medium-sized brokerages to make arrangements in advance, focus on specific fields and specific regions, and invest resources and manpower to form dislocation competition. For example, the Soochow Securities Research Institute focuses on local economic development, giving play to the advantages of rooting in and serving local areas.

In terms of undertaking industrial research clients, business consulting business, etc., some securities firms with special shareholder backgrounds have obvious innate advantages. For example, Cinda Securities Research Institute has formed a good synergistic relationship with shareholder China Cinda in project delivery.

China Cinda is one of the four major state-owned AMCs (Asset Management Companies) in China. Its main businesses include non-performing asset management and financial services. Among them, non-performing asset management is the core business, and its revenue accounts for 78.9% and 70.5% of its total revenue in 2021 and 2022, respectively. In 2022, the total assets of its non-performing asset management segment were 991.888 billion yuan, and the total revenue was 57.089 billion yuan. Whether it is non-performing asset disposal or foreign investment, many of them need to rely on research institute support.

Cheng Yuan, director of Cinda Securities Research Institute, told New Wealth that the collaborative group business is an important positioning of Cinda Securities Research Institute. "China Cinda is a financial central enterprise mainly engaged in non-performing asset processing and alternative investment, with total assets exceeding 1.60 trillion yuan and annual investment of nearly 300 billion yuan. Many projects require the joint participation of the research institute, including but not limited to providing research opinions on project investment for industry research and enterprise research. Therefore, the group has long attached great importance to the research institute. For the research institute, the group is our important strategic customer."

On the other hand, the development experience of overseas boutique investment banks has also become one of their magic weapons by leveraging their unique businesses to break through.

In the 1970s, the Nasdaq national trading system began to operate, and the demand for investment banking business from small and medium-sized enterprises showed a explosive growth. At the same time, the merger and acquisition policy was loose, and the wave of mergers and acquisitions of small and medium-sized enterprises by large enterprises in the United States was on the rise. Goldman Sachs established the first merger and acquisition department on Wall Street, providing consulting services for small and medium-sized enterprises to resist hostile takeovers, avoiding direct competition with other investment banks in large corporate clients, and gradually became one of the top investment banks.

Some investment banks choose to deeply cultivate a certain customer group or region. Boutique investment banks represented by Evercore, Moelis and Lazard make subtractions in their business and choose to focus on individual businesses, such as investment and financing, listing, restructuring, mergers and acquisitions, corporate governance, and financial management. One or several core consulting services, so as to achieve a breakthrough.

Under the pressure of public fundraising and fee reduction, some research institutes need to make trade-offs on large and comprehensive research operations and move towards high-quality research that combines their own resource endowments.

Although in the short term, seller research may have a more intense competitive ecosystem, in the long run, valuable research will still stand out despite the survival of the fittest.

When it comes to career prospects, while 60% of analysts believe that increased competition requires more effort to maintain their current industry position, more than 70% still believe that sticking to sell-side research is the most ideal career development direction (Figure 13).

Adhering to the original intention, promoting research to return to the source, and better serving the capital markets and the real economy will continue to be the key to the high-quality development of the securities research industry in the new situation.

　　On April 18, the First Chongqing Second Symposium on the Integration of Ideological and Political Education in the Shuangcheng Economic Circle of Chengdu and Chongqing was held in Dadukou District, Chongqing.

　　"Why choose Dadukou?" On May 23, 2023, during the fourth "National Mainstream Network Media Chongqing Education Tour" event, more than 40 mainstream network media reporters from across the country walked into Dadukou and asked questions.

　　It is understood that in recent years, Dadukou District has closely focused on the fundamental task of building morality and cultivating people, focusing on key issues such as "building an ideological and political curriculum system that keeps pace with the times" and "strengthening the ideological and political teaching team". From the perspective of the region as a whole, it has explored the overall promotion and implementation strategy of building ideological and political courses in large, medium and primary schools, established an education system of "Party building leads the course of ideological and political" in the region, and further promoted the integration of ideological and political education in large, medium and primary schools in the region, creating a "Dadukou model" for regional ideological and political education.

　　

Chongqing large, medium and small ideological and political courses integration construction teaching seminar exchange display

　　Same Direction: Raising Awareness and Deeply Understanding the Importance of Ideological and Political Education

　　Dadukou District has thoroughly implemented the discussion of "Ideological and political courses are the key courses for implementing the fundamental task of building morality and cultivating people", and invited experts from the Municipal Academy of Education Sciences and relevant universities to carry out theoretical training on "Party building leadership, ideological and political courses" and follow-up guidance in the whole process, so as to effectively improve the theoretical understanding and practical ability of teachers in the district.

　　After the release of the "Several Opinions on Deepening the Reform and Innovation of Ideological and Political Theory Courses in Schools in the New Era" by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council, Dadukou District, under the guidance of experts from the Municipal Academy of Educational Sciences and relevant universities and colleges of Marxism, took "coordinating the integrated construction of ideological and political courses in large, medium and primary schools" as one of the basic principles for the reform and innovation of regional ideological and political courses, and enhanced the "new efficiency" of bacon soul casting for

　　Same frequency: active practice, in-depth planning of ideological and political education curriculum system

　　Dadukou District actively explores the establishment of a party building education mechanism, adheres to the principle of "party building leads, curriculum ideology and politics" in all disciplines, and forms a number of party building and united front characteristic courses to ensure that the party branch leads the ideological and political construction of the course.

　　In terms of actively building special party building projects, Dadu District closely integrates party building with curriculum ideological and political teaching and research activities, and around the theme of "curriculum ideological and political", it has carried out in-depth classroom teaching training, high-quality class competitions, thesis and case evaluation, homework design evaluation, project research and other actions. It has created a series of special party building projects of "1 (District Teacher Training College) + N (Primary and Secondary Schools) Party Building + Teaching and Research", which projects to drive teachers’ awareness and ability of curriculum ideological and political.

　　For cultivating the typical ideological and political model of the tree selection course, we will give full play to the exemplary and leading role of the ideological and political education model school, excellent teaching team, and excellent course examples, and cultivate a group of "party building leadership, curriculum ideological and political" backbone teachers in the form of "dual training" in the form of demonstration, assistance, and bonding. This will drive the integration of ideological and political education in primary and secondary schools in the region.

　　At the same time, enrich and enrich the content of ideological and political education, and integrate into the "1 + 2 + X" series of ideological and political courses, patriotic love for the party and revolutionary traditional education, Chinese excellent traditional cultural education, national sovereignty education, rule awareness and democratic rule of law education, daily life civilization education, ecological ethics education, international perspective education, labor education, mental health education and other elements to form a broad vision of ideological and political courses and strengthen the advantages of curriculum education.

　　

Cross-regional Primary School Ideological and Political Course Construction Seminar

　　Peers: keep integrity and innovation, deeply empower the professional growth of ideological and political teachers

　　Dadukou District hired experts and scholars to teach teachers of ideological and political courses to improve the effectiveness of training. The "Curriculum Ideology and Politics" workshop for primary and secondary political disciplines carried out a series of activities such as special lectures, discussion exchanges, teaching design, paper selection, and high-quality course competitions, forming a regional "Great Ideology and Politics" atmosphere, which promoted the great improvement of ideological and political teachers in terms of professional ability, theoretical literacy, and teacher ethics and ability. Pay equal attention to training, and press the "fast-forward button" for the growth of ideological and political teachers.

　　At the same time, establish and improve the system of access, exit, rotation training, and lesson preparation for teachers of ideological and political courses in primary and secondary schools, explore the formation of the "554" mixed teacher training model and the "double-layer three-ring five-mechanism" strategy, and adopt the "123N" immersive training method. A relatively complete teacher training system has been formed, ensuring that the "big ideological and political" training of "ideological and political courses everywhere in the classroom" has strengthened the kinetic energy and focused on development, realized the development of training and training, and paved the "fast lane" for the growth of ideological and political teachers.

　　Not only that, Dadukou District also attaches great importance to training practical task design, strengthening theme research to improve teaching and research capabilities, optimizing the training staff’s echelon training, doing a good job in regular teaching and research in the form of case study, "mentoring" to do practical grinding lessons and prepare lessons, etc., effectively transforming training efficiency into teachers’ classroom teaching ability, promoting teachers’ professional development with high quality, ensuring that the "salt" of ideological and political education is subtly integrated into the "water" of classroom teaching, and achieving the "big ideological and political" goal of "curriculum doors talk about ideology and politics". Practice is parallel, opening a "new track" for the growth of ideological and political teachers.

　　Regional Ideological and Political Quality Course Competition

　　Synchronization: Collaborative development, in-depth implementation of the overall promotion strategy of ideological and political education

　　Dadukou District has improved the integrated teaching and research within and between sections, and within and between schools, forming a new type of ideological and political course practice education model that is organically unified with "in-class + out-of-class", "in-school + out-of-school", "perceptual + rational" and "online + offline". It has formed a three-dimensional mixed training model for ideological and political courses in elementary and high schools in the region.

　　The classic cases of regional teachers’ ideological and political education teaching were selected as the typical experience of the Ministry of Education for 6 times, and the first lesson of excellent teaching resources "Tree of Yidu" was pushed by the Xuexi Qiangguo platform, and the click through rate reached more than 60,000 times; the Municipal Academy of Education’s ideological and political research activities showed 12 excellent cases of ideological and political courses, and 10 ideological and political micro-lessons were selected.

　　Hosted and co-organized a series of activities such as "Yunnan, Guizhou, Sichuan and Chongqing Cross-regional Primary and Secondary School Ideological and Political Course Teaching Seminar", the first "Chongqing University, Middle and Primary School Ideological and Political Course Integration Construction Teaching Seminar", "Ecological Civilization Construction Theme Education Exchange Exhibition Activity", "Chongqing Primary School Science Curriculum Ideological and Political Exhibition and Exchange Activity", etc., with high social reputation.

　　The 2021 Chongqing Teaching Achievement Award "Development and Implementation of Regional Rule of Law Course <" Sister Sha "Entering Campus >" and the first prize "Research on Regional Overall Promotion Practice of Ideological and Political Courses in Primary and Secondary Schools" have been selected for the 2022 National Teaching Achievement Award. Among them, "Development and Implementation of Regional Rule of Law Course <" Sister Sha "Entering Campus >" has been investigated and instructed more than 20 times by leaders such as the National People’s Congress, the National Committee of the Chinese People’s Political Consultative Conference, and the Supreme People’s Procuratorate, and has been written into the reports of the Supreme People’s Procuratorate for many times.

　　Together with Chongqing Normal University, the Municipal Academy of Education and Sciences and other units, it has become a key construction community for the integration of ideological and political courses in large, medium and primary schools in Chongqing, and will further explore the way and path of building a "large, medium and primary school ideological and political education integration" teaching system and practical teaching of ideological and political education in the new era, promote the high-quality and sustainable development of ideological and political education, and explore the Dadukou model of regional integration and collaborative innovation of ideological and political courses in large, medium and primary schools.

　　At present, "multi-dimensional integration, education Dadu" is becoming a beautiful business card for the people’s satisfactory education in Dadukou District. Dadukou District will take the opportunity of the integration of large, medium and small ideological and political construction, closely combine the construction goal of "Park Dadukou, Colorful Art Bay", adhere to the integration of the whole region, participate in the whole process, and promote the coordinated development, integrated development and integrated development of large, medium and primary schools’ ideological and political education in an all-round way. It will further broaden the new driving force of development, improve the new atmosphere of development, and innovate the new development mechanism, so as to provide assistance for the high-quality development of the ideological and political integration of large, medium and primary schools in the

Click to watch more video highlights of Star Jump > >

Killer took off handstand.

Xing Aowei takes off.

Gao Hu’s Flying Swallow Action

　　Zhejiang Satellite TV’s large-scale charity star diving reality show "China Star Jump", since last week’s transfer to the semi-finals of the master’s tricks, the overall difficulty of the players’ jumping has improved, and the difficulty of the movements has erupted collectively. Especially in Gao Hu and Killer, two "high-platform kings" jumped out of the amazing professional-level movements. Killer took out the difficult movement of 611A handstand and somersaulted forward for half a week in the first jump, and then challenged the highest difficulty 202A of the 10-meter platform since the launch of the diving program, while Gao Hu 302C’s perfect jump of reflexively somersaulted and hugged her knees for one week, which was praised by Olympic champion Li Na, a substitute judge, as "the height that professional athletes can only reach after practicing for one year". This week’s second semi-final is still full of experts, especially Xing Aowei, the Olympic gymnastics champion of cross-border diving, who created a dazzling 720-degree somersault and a 180-degree twist against the sky in the preliminary round. The semi-final will continue to carry forward the spirit of innovation and threatened to "jump the diving action of the next Olympic Games" if he advanced to the final.

　　Killer, Xing Aowei and Gao Hu, who are also non-professional divers, have turned from inexperienced diving novices to almost professional ones. Their respective advantages of "being in harmony with the right time and the right people" are prominent, which is an important weight for their successful breakthrough and the secret behind their successful counterattack.

　　Location: Gao Hu grew up facing the sea, and his childhood "plunge" warmed up and dived.

　　Gao Hu is the "king of the platform" among the contestants. He not only won the 10m platform at the fastest speed in training, but also was the first person in the competition. In addition to the courage and boldness of "being too high to be happy", Gao Hu showed an amazing and perfect swallow in the preliminary round, and the difficulty of the action was also upgraded all the way. Especially in the last semi-final, Gao Hu 302C made a perfect jump by doing a reverse somersault and holding her knees for a week. Even Olympic champion judge Li Na praised this as "the height that professional players can only reach after practicing for one year". He also relied on this difficult and perfect jump to sit firmly on the spot and advance directly to the final without any suspense.

　　The reason why Gao Hu achieved such amazing diving attainments in a short time can be said to be due to the "geographical advantage" occupied since childhood. He is a native of Qingdao, and the urban environment surrounded by the sea on three sides gives Gao Hu a unique advantage before diving. According to Gao Hu himself, "I grew up facing the sea, and I have a deep plot about water. My whole family likes swimming very much, so I have been moving freely in the water since I was three or four years old". According to Gao Hu’s recollection, there are many hills and rocks in his hometown near Qingdao. When he was a child, he was bold. He often avoided his parents’ attention with his friends and jumped from the rocks to the water for excitement. Although the equipment was rudimentary and there was no technical content, his childhood experience was similar to that of today’s diving, especially because he learned Gao Hu’s boldness. It is no wonder that he was able to walk calmly on the 10-meter platform on the first day of training. He once said that "I am not afraid of heights at all and like to challenge the limits." Gao Hu, who has excellent water quality, also revealed that he had passed the diving certificate when he traveled to Palau.

　　In addition, Gao Hu is also a sportsman. He likes to play volleyball since he was a child. He is the leader of the school volleyball team. He has participated in many municipal competitions with the team, and volleyball has also trained Gao Hu’s good arm strength.

　　Timing: Killer was born with good gene dance skills and was born with boldness.

　　Killer has been called "Zhang Dadan" since she entered the competition. In the preliminary competition, she was the first woman on the 10m platform, which was as famous as Gao Hu. In the semi-finals, she was even more powerful, with two consecutive jumps. The first jump of 611A turned upside down for half a week, becoming the first woman to use platform handstand, while the second jump of 202A turned backwards for a week, which was the highest difficulty since the diving program was launched.

　　The reason why Killer dives so well can be said that she won at the starting line because of her favorable weather and natural genes. Killer’s mother is a dance teacher, and her innate motor genes, coupled with the super-high physical flexibility of practicing dance since childhood, give her obvious advantages in diving. In addition, Killer, who is bold by nature, also said that he was particularly love the water and liked swimming since childhood. This boldness surprised everyone when Killer walked into the diving hall for the first time, and immediately won the 10m platform, giving the competitors a modest "duel". In a daily training, the diving hall was suddenly cut off due to an accident, and it was suddenly plunged into darkness. At that time, the staff and players present, especially the girls, screamed with fear and scrambled to climb ashore from the water. At that time, Killer, who was on the shore, jumped into the water and swam in the dark diving hall, exclaiming that "such an opportunity is too rare, swimming in the dark is very exciting", which attracted Gao Hu present to be outdone and jumped into the water.

　　People and Peace: Coach Xing Aowei and the judges all found that small gymnastics and diving are connected.

　　As the Olympic champion of gymnastics, Xing Aowei still can’t hide the champion’s potential in cross-border diving. In addition to his amazing jump in the preliminary round, he let the audience see the high platform handstand for the first time, and even created a dazzling "anti-heaven" action in the second jump: 720-degree somersault and 180-degree turn, which caused a full house of applause. This action is even more created by Xing Aowei. In the semi-finals, he said that he would continue to carry forward the spirit of innovation, and he confidently threatened to "jump the diving action of the next Olympic Games" if he could advance to the final.

　　Xing Aowei has the highest starting line among all the players. As a gymnast of the national gymnastics team and an Olympic gold medal champion, he stood out among all the players from the first day of training. The national diving team and the gymnastics team are veritable neighbors. They used to practice in the same training hall. Therefore, many national diving team members and Xing Aowei have been good friends since childhood, including Li Na, the world diving champion who is the coach in this competition. Therefore, Xing Aowei has no pressure and a sense of formality in the training process. Although gymnastics and diving are two completely different sports, they have a lot in common, especially turning and tumbling, which is why Li Xiaopeng of Prince of gymnastics was specially invited to the jury, and Li Xiaopeng’s position was to comment on diving from a semi-professional perspective. Xing Aowei and Li Xiaopeng are both Olympic champions. Since Li Xiaopeng can be a judge, it can be seen that Xing Aowei’s starting line is high, and their teammates, especially good brothers, let him score in the judges’ scoring.

　　Pay more attention to "China Star Jump" official website: http://www.zjstv.com/splash

　

　　Western Network News (reporter, Liu Wang) Do you dare to take a ride on an online car without the approval of the competent authorities? Recently, a navigation software removed a number of unapproved online car-hailing platforms in Xi’an overnight. Why were these online car-hailing platforms removed? Western Network reporters conducted an investigation.

　　Several ride-hailing platforms were removed from the Autonavi aggregation page

　　Is it difficult to take a taxi during peak hours? Use the Autonavi map to take a taxi. You can call multiple online car-hailing platforms with one click, but in the past two days, many friends who are used to taking a taxi through navigation software have found that the original taxi aggregation page, "Sunshine Travel", "Proper E Line", "Timely Car Use", "An’an Car Use", "Ctrip Car Use", "AA Travel" and other online car-hailing platforms have disappeared. What remains are the four online car-hailing platforms that have obtained the online car-hailing license in Xi’an.

　　Several drivers who had registered on these online ride-hailing platforms told reporters that the online ride-hailing driver port they used issued a notice to them. The notice said that in order to cooperate with the work of Xi’an city regulators, the Xi’an navigation software taxi business was offline from the evening of October 11. Later, the reporter called the Autonavi map taxi line, and the operator told the reporter that the reason why these online ride-hailing cars could not be found was because "there are no cars nearby."

　　Some travel platforms such as "Sunshine Travel" confirmed to the Western Network reporter that on the Autonavi map, the entire Xi’an city does not have its own brand of online car-hailing. The competent authority confirmed to the Western Network reporter that Xi’an has indeed requested the removal of online car-hailing platforms that have not obtained service licenses.

　　Drivers are not happy, passengers complain service can not keep up

　　The way navigation software aggregates illegal online car-hailing platforms has long caused dissatisfaction among some legal online car-hailing drivers in Xi’an. A driver, Master Chen, complained to the Western Network reporter that he spent time participating in the training of online car-hailing drivers and paid a high price to buy vehicles that meet safety standards before obtaining the qualification for quasi-transportation. Drivers of these illegal platforms do not need it. In essence, this is an infringement of illegal operations on legitimate operations.

　　In addition to drivers in the same industry, the "taxi-hailing" aggregation taxi platform has also been dissatisfied by passengers. According to local media reports, Ms. Chu, a resident of Xi’an, had such an experience. "After calling a car, the car experience is not very good. The in-car environment and driver service can’t keep up." Ms. Chu said that she used the Autonavi map ride-hailing function to call a BYD car through an unnamed online ride-hailing platform. The environment and hygiene in the car are not good, and the driver service is not very professional.

　　Map navigation software aggregation network car-hailing platform, who should supervise it?

　　In fact, there are already signs that the navigation software has been removed from the shelves of many online car-hailing entrances in Xi’an. On June 20 this year, Autonavi Map was "discussed" by the management department because the freight of the cruise car was much higher than the freight of the online car-hailing car, and the unauthorized online car-hailing platform was listed on the shelves. The management department asked Autonavi Group to immediately correct the wrong freight information of the cruise car and immediately remove the unauthorized online car-hailing platform. The relevant person in charge of Autonavi Group also promised to remove the unauthorized online car-hailing platform.

　　And people familiar with the matter also revealed that the reason why they "discussed" with Autonavi maps instead of "interviewing" is precisely because the behavior of Autonavi map aggregation network car-hailing is difficult to characterize. In our country, the main responsibility for safe production is borne by enterprises, and the online car-hailing platform is responsible for passengers. Autonavi maps provide the entrance to illegal online car-hailing platforms. In the event of an unsafe accident, does Autonavi map also need to be held responsible? If it needs to be held responsible, is it administrative law enforcement by the surveying and mapping department or the transportation department? On these two issues, there are still legal gaps in local supervision.

　　Reporters found that although the aggregation page of Autonavi maps removed these unapproved online car-hailing platforms, Baidu maps and Ctrip trips can still be searched for online car-hailing platforms such as "Sunshine Travel" and "Ctrip Travel" that have not been approved by the competent authorities.

Industrial trends

　　01 360 released Zhinao 4.0, which has the ability of cross-modal generation.

　　On June 13th, 360 Company held the application conference of 360 Zhinao Big Model, the cognitive general big model "360 Zhinao 4.0" was unveiled, and the 360AI digital man was officially released.

　　In addition, Zhou Hongyi said that the key to overtaking China’s self-developed large model curve in the GPT era is to develop multi-modes. 360 Zhinao has the ability of cross-modal generation, and has the ability of text, image, voice and video processing, which can be applied to scenes such as Wensheng map, Wensheng map and Wensheng video. At the same time, 360AI Digital People Square was released, providing more than 200 roles, including digital celebrities, digital employees and other categories.

　　At the meeting, the multi-modal function of 360 Zhinao "Wensheng Video" was first launched in China, and any text script can generate video, which is not limited by professional skills and materials, showing the ability of "making something out of nothing".

　　Zhou Hongyi said that the core innovation of 360 in the big model lies in AI digital people, and digital people are the future.The most important application entrance of large model. 360 will redefine "digital people" based on the ability of 360 wisdom brain model. Different from traditional digital people who can only output content according to established scripts, 360AI digital people are characterized by having memories, people’s designs and personalities, and being able to reproduce their way of thinking and life experiences.

　　02 can generate video with one click, and Gen2 is open for free trial.

　　Recently, Runway, which is known as the video version of Midjourney and provides technical support for Stable Diffusion and Instant Universe, has developed an AI video editing tool Gen, which has been upgraded from the first generation in February to the second generation, and has been officially released from internal testing.

　　In February of this year, Runway released a model named Gen-1, which can transform an existing video into a new video by applying any style specified by text prompts or reference images.

　　Just over a month later, Runway officially released the more powerful Gen-2 on March 20th, completing the transformation from "editing existing videos" to "Wensheng videos", and providing multiple functions such as text+reference images to generate videos, still pictures to videos, and video style migration. Now, after the internal test in March, Gen2 finally opened a free trial-although the video it generated is only 4 seconds at present, and it has a total usage quota of 105 seconds.

　　In terms of pricing, the standard edition member of Gen2 is 15 dollars/month, the Pro edition member is 35 dollars/month, and the annual membership can get 20% discount.

　　According to reports, Twitter user Steve Mills has experienced its potential ability to generate MV in the Gen-2 beta. This user generated a total of about 500 seconds of video, and finally edited it into a 140-second MV.

　　The author estimates that the whole production will cost at least $30 at the price of the public version. Coupled with the previous study and exploration stage, this price will be higher.

　　Cristóbal Valenzuela, CEO and co-founder of Runway, once said when Gen-1 was released: "We have witnessed the explosion of image generation model, and I firmly believe that 2023 will be a year of video generation model."

　　Chatgpt update, which can generate visual animation with one click.

　　On June 13th, local time, OpenAI announced a major update to its large-scale language model API (including GPT-4 and GPT-3.5-turbo), including adding function calling function and reducing the use cost. After updating, the cost of embedded model is reduced by 75%, and the tokens input length of GPT-3.5-turbo is extended to 16,000.

　　Since the end of March, ChatGPT update announced the launch of plug-in function, the number of third-party plug-ins has increased from 10 to more than 70. With the support of these plug-ins, ChatGPT can not only generate web pages and help users find jobs, but also visualize data directly according to their needs. ……

　　At present, the new version of the model has gradually begun to iterate. The latest versions of gpt-4-0613, gpt-3.5-turbo-0613 and gpt-4-32k-0613 with extended context length all support function calls. Gpt-3.5-turbo-16k does not support function calls, and provides four times the context length, which means that one request can support about 20 pages of text.

　　In addition, the old model began to be gradually abandoned. Applications using the initial version of gpt-3.5-turbo and gpt-4 will be automatically upgraded to the new version on June 27th. Developers who need more time to transition can also manually specify to continue using the old version, but all requests for the old version will be completely abandoned after September 13th.

　　04 Nature refuses to post the generated pictures and videos.

　　On June 13th, local time, Nature magazine announced in an editorial that in order to ensure the integrity, transparency and morality of the research, no pictures, videos or illustrations created by using generative AI tools will be published, unless they are articles related to artificial intelligence.

　　However, Nature does not completely exclude artificial intelligence. The magazine still allows the use of text generated by generative artificial intelligence in articles, as long as it is clearly stated in the method or acknowledgment section. In addition, all sources of data, even data generated with the assistance of artificial intelligence, must be provided by the author. However, Nature firmly refuses to accept any generative artificial intelligence tool as the author of the paper.

···

Frontiers of science and technology

　　01 Meta Releases the First Humanoid Model

　　Meta announced on June 13th local time that it will open some components of a new "humanoid" artificial intelligence model to researchers, which can analyze and complete unfinished images more accurately than existing models.

　　This model is called I-JEPA, which uses the background knowledge of the world to fill in the missing parts of the image, instead of inferring only from nearby pixels like other generative artificial intelligence models. This method adopts the humanoid reasoning method advocated by Yann LeCun, the chief artificial intelligence scientist of Meta Company, which helps to avoid the common mistakes in the image generated by artificial intelligence, such as the problem of having an extra finger.

　　Zuckerberg, CEO of Meta, said that sharing the model developed by Meta with other researchers can help the company promote innovation, find security vulnerabilities and reduce costs. He told investors in April this year: "For us, if the industry standardizes the basic tools we are using, then we can benefit from the improvement of others."

　　02 DeepMind releases new AI system to discover faster algorithms.

　　Researchers at Google DeepMind, an AI research laboratory owned by Alphabet (GOOG), released a new AI system on Wednesday, which can improve the efficiency and sustainability of computing.

　　DeepMind said that this latest breakthrough, published in the scientific journal Nature, focuses on finding faster computer algorithms. The computer algorithm isThe foundation is used by enterprises for trillions of times every day.

　　This AI lab in London is famous for pioneering AI models, such as AlphaFold and mastering complex Go.AlphaGo, which named its new AI system AlphaDev. Based on AlphaZero (iteration of AlphaGo), the system uses reinforcement learning to find faster algorithms for computer science functions such as sorting and hashing. Reinforcement learning is a form of machine learning, in which computers learn and make their own strategies.

　　Colin Murdoch, chief business officer of DeepMind, said, "This means that we can use fewer resources to do the same amount of calculations."

···

Traffic driving

　　01 Huawei won the trademark "Wen Jie" and intended to build a car alone?

　　Trademark electronicsThe system shows that a total of 21 applications for trademark transfer of "Wenjie" have been approved. The transferor is Beijing Yongan Shida Trade Co., Ltd. and Beijing Kechuang Huida Trade Co., Ltd., and the transferee is Huawei Technologies Co., Ltd. The receipt time of the transfer application is March 7 and 8 this year.

　　The specific categories of trademarks involve categories 12, 9, 7, 39, 37, 42, 2, 35, 3, 4, 16, 38, 11, 1, 5, 21, 27 and 41, of which categories 12 and 9 respectively represent automobiles and vehicles, electronic products and scientific instruments.

　　According to the first financial report, Huawei responded that "Huawei does not build cars alone, but builds good cars with car companies" has not changed.

　　In addition, according to the science and technology innovation board Daily, the successful transfer of the trademark "Wen Jie" by Huawei means that Huawei will have the dominant position in the trademark, and it will become the unified brand name of Huawei’s intelligent car selection model in the future.

　　02 The price of the whole department was reduced by 30,000 yuan, and the price of ES8 fell below 500,000 yuan.

　　On June 12th, Auto (hereinafter referred to as "") announced that it would adjust the price of all new cars, and the starting price of all models of the company was reduced by 30,000 yuan.

　　After adjustment, the starting price of ET5 fell below 300,000 yuan to 298,000 yuan; The brand-new ES6 just listed in May this year also dropped to 338,000 yuan, and the price of the brand-new ES8 launched at the end of last year also fell below 500,000 yuan.

　　This adjustment is not limited to the price, and the car rights of Weilai users have also been lowered.

　　Specifically, the rights and interests of the first owner of a new car purchase user are adjusted to a 6-year or 150,000-kilometer warranty for the whole vehicle, of which the three-power system can enjoy a 10-year unlimited mileage warranty; Free power exchange will no longer be used as the basic car rights, users can choose to pay a single fee for power exchange, and then a flexible power supply package will be launched.

　　For the users who have already picked up the car, Weilai promises that the rights and interests of the first car owner will remain unchanged. At the same time, when buying a new car from Weilai, the old users can choose to transfer the car rights of the original car to the new car, or choose to give up their car rights to deduct the car purchase price of 30,000-50,000 yuan. Li Bin, CEO of the company, explained that the old users can choose to give up their rights when buying a new car, which means that they can get 60,000-80,000 yuan cheaper.

foreword

Malignant multiple myeloma(multiple myeloma ； MM) is a kind ofwithMalignant disease characterized by massive proliferation of monoclonal plasma cells in bone marrow. B cell maturation antigen (BCMA) is highly expressed on the surface of MM cells. In the past few years, great progress has been made in various BCMA targeted immunotherapy for recurrent/refractory MM patients, including anti-BCMA monoclonal antibodies, antibody-drug conjugates (ADC), bispecific T cell binders (BITE) and chimeric antigen receptor adoptive T cell therapy (CAR-T). The 63rd annual meeting of American Hematology Society updated some information about the application of BCMA in MM, and based on this annual meeting, the related contents of this paper were sorted out [1].

Immunotherapy targeting BCMA: (1)ADC; 　 (2)CAR-T; 　 (3)BiTE;　

copywriter |　NING

BCell maturation antigen (BCMA)

Also known as TNFRSF17, it is a member of TNF-receptor family, and is called tumor necrosis factor receptor superfamily 17. This receptor is expressed on the surface of B lymphocytes and plasma cells, and is a marker protein of B lymphocyte maturation. Under physiological conditions, BCMA is mainly expressed in plasma mother cells and terminally differentiated plasma cells (PC). Under pathological conditions,BCMA Almost in all MM Tumor cell line (80%–100%) are expressed.The number of BCMA on the surface of malignant PC is much higher than that of conventional PC, which explains why BCMA target has become a battleground for major biological enterprises.

Monoclonal antibody targeting BCMA

SEA-BCMAIt is a new humanized non-fucosylation. IgG1 mAb. The working mechanism of SEA-BCMA may include blocking BCMA activation and its downstream proliferation signal pathway, regulating antibody-dependent cell phagocytosis and enhancing antibody-dependent cytotoxicity.

Its clinical phase I trial (SGNBCMA-001; The preliminary results of NCT03582033) show that it has good safety and combination potential: SEA-BCMA also shows encouraging treatment duration and initial anti-tumor activity in the advanced R/R MM population who have received a lot of treatment before.

Source: blood (2021) 138 (Supplement1): 2740.doi: 10.1182/blood-2021-146047.

Bispecific T Cell cement (BITE)

BiTEs can simultaneously target BCMA on MM tumor cells and CD3ε domain of TCR on T cells. After T cells are combined with myeloma cells, cytotoxic T cells can be activated and secrete cytotoxic factors, thus producing cell killing effect.This part is still in Ⅰ at present./Phase ii.

The following table summarizes the clinical data of bispecific antibodies against BCMA, among which the BiTE bispecific type of BCMA×CD3 is the most common.

Novel trispecific antibody drugs

Researchers are no longer satisfied with treating patients with R/R MM through dual-target therapy.HPN217, an extended half-life (median serum half-life:74 Hours) three specificity. T Cell activation construct (TriTAC)It simultaneously targets BCMA and CD3ε (redirected T cells), and adds serum albumin to prolong the half-life, which can exert cytotoxic effect on myeloma cells.Currently working onR/R MM of 1 /2 Phase I clinical trial for evaluation (NCT04184050). Here are some preclinical data.

Legend: HPN217 mediates the killing effect of autologous T cells of NCG mice on BCMA-dependent/primary MM cells.

Source: blood (2021) 138 (Supplement1): 1185.doi: 10.1182/blood-2021-151880.

CDR101(CDR-lifeCompany’s products)Is simultaneous targeting.CD3、BCMAandPD-L1The trispecific antibody,T cells can be induced into tumor cells expressing BCMA, and the immunosuppressive effect caused by the interaction between PD-L1 and PD-1 can be blocked at the immune synaptic site. Compared with BCMA × CD3 bispecific drugs, CDR101 leads to at least a tenfold increase in T cell-mediated tumor cell lysis, and performs better than the combination of PD-L1 inhibitor and BCMA × CD3 bispecific drugs.CDR101 It may become a new ready-made treatment, providing a more lasting response and a higher cure rate. CDR101 Has excellent drug-like characteristics, high stability and high stability.CHOHigh yield of expression.Based on these findings, new trispecific immunotherapy drugs have high clinical potential and promising clinical application [2].

Antibody drug conjugate (ADC)

After recognizing BCMA on the cell surface, ADC internalizes it into myeloma cells. Through the degradation of lysosomes or endosomes, the payload is released, causing cytotoxicity.

Belantamab mafodotin (GSK2857916)Is targeted by humanization.BCMA IgG1 andMMAF(tubulin polymerization inhibitor). Belantamab mafodotin was approved by the US Food and Drug Administration (FDA) in 2020 to treat patients with R/R MM.This is the first target approved for listing.BCMAimmunotherapy,A multicenter phase II clinical study (NCT03525678) confirmed that the recommended regimen for patients was 2.5 mg/kg, once every three weeks, but the toxicity of the drug was mainly manifested in thrombocytopenia and pericorneal lesions, such as microcystic epithelial changes or superficial punctate keratopathy. In addition to belantamab mafodotin, several other ADCs targeting BCMA, such as AMG 224, MEDI2228 and HDP-101, have also conducted many preclinical or clinical studies at different stages.

Legend: Incidence rate of adverse events caused by Belantamab mafodotin at 2.5 mg/kg and Q3W.

Antibody drug conjugate (ADC) joint test.

In the joint experiment, there are two schemes: belantamab+DEX (dexamethasone) and belantamab+DEX+POM.

belantamab(2.5 mg/kg Q3W) and DEX(20-40 mg Q1W,threeCycle) jointAfter use, the objective remission rate (ORR) was 46%, the complete remission rate (CR) was 14%, the median progression-free survival (PFS) was 4.9 months, and the median overall survival (OS) was 7.4 months. The incidence of AEs from high to low is anemia (83%), keratopathy (82%; Gr3/4: 56%), thrombocytopenia (70%) and so on.

belantamab+DEX+POMUnion ofIn the experimental scheme, the ORR was 88.9%(48/54), and the CR and PR rates were 24.1%(13/54) and 20.4%( 11/54) respectively. However, keratopathy (96.9%) was also the most common AE, and 56.7% of such patients had reached Gr 3/4. These two studies show that POM and DEX may have a positive effect on the curative effect of belantamab. howeverKeratosis is still a challenge in the treatment process.

Legend: Detailed rules and results of belantamab+DEX (Dexamethasone) joint trial scheme.

Source: Blood 2021; 138 (Supplement 1): 1642. doi: https://doi.org/10.1182/blood-2021-149791

CAR-Ttherapy

nowTwo CAR-T therapies based on BCMA have been approved for marketing.And is used for treating patients with multiple myeloma.

Source: "CAR-T therapy targeting BCMA"

7.1

Cilta-cel (Carvykti) for Orense injection.

Sidaki Orense injection(Cilta-cel,Carvykti) yes2022year2moon28Listed in China (NMPAApproved for listing/FDAFormal approval) targeting.BCMAofCAR-TCell products, jointly developed by Janssen and Legendary Bio, Legendary Bio owns 70% interests in Carvykti Greater China and 50% interests overseas.

In CARTITUDE-1 trial, the overall remission rate was 97%, the 18-month progression-free survival rate was 66%, and the 2-year progression-free survival rate was 61%. The 18-month overall survival rate is 81%, and the 2-year overall survival rate is 74%. Compared with similar products, this data is very gratifying. According to the latest news from Kingsley, the sales of the legendary BCMA CAR-T new drug Carvykti in the first half of the year was 24 million US dollars.

7.2

Abecma（Ide-cel）

2021yearthreemoon26Day,FDAapproveBaishimei SquibbAbecma(Ide-cel)be listedAbecma is also a BCMA-oriented CAR-T cell therapy, which is customized from patients’ autologous T cells. Clinical data show that the overall remission rate of all patients is 72%, of which the complete remission rate is 28%; Even for patients who have received various regimens, the remission rate of Abecma still reaches 72%, and this remission is very lasting, and 65% of patients are over 12 months.

Legend: preparation principle of Abecma

7.3

Iqalunsei injection

In addition, June 2, 2022Reindeer biology/Xinda biologyAnnounce BCMA CAR-T therapyIqalunsei injectionThe listing application was obtained.NMPAAccepted, it is expected to become the first domestic independent research and development of the whole process.CAR-Ttherapy. The clinical research data reported at the 63rd ASH annual meeting in 2021 showed that the overall remission rate (ORR) was 94.9%, and the complete remission rate/strict complete remission rate (CR/sCR) was 58.2%, showing the excellent safety and effectiveness of Iqalunsei injection.

Source: NMPA official website

7.4

The clinical trial of CAR-T therapy targeting BCMA is as follows

summary

Judging from the listing situation,Belantamab mafodotin (GSK2857916) is composed of humanized targeting BCMA IgG1 and MMAF (tubulin polymerization inhibitor), which is the first targeted BCMA immunotherapy approved for marketing. At present, there are two CAR-T therapies that have been put on the market, developed by Bristol-Myers Squibb respectively.Abecma(Ide-cel), developed in cooperation with Janssen)/ Legendary Biology.Sidaki Orense injectionFrom the data point of view, the latter effect is better, the ORR is increased from 72% to 97%, and other indicators are relatively better. On June 2nd, 2022, Reindeer Bio/Cinda Bio announced BCMA CAR-T therapy.Application for marketing of Iqalunsei injectionIt has also been accepted by NMPA, and it is expected to become the first CAR-T therapy independently developed in the whole process in China. Let us wait and see! From the therapeutic point of view, CAR-T therapy is at the forefront in terms of clinical data and market situation, but we can’t simply judge the advantages and disadvantages of these products. For example, better anti-BCMA CAR-T cell therapy requires more complicated preparation conditions and more expensive treatment costs, which are unbearable for ordinary families. Therefore, while continuing the existing research, it is necessary to study the potential mechanism affecting the curative effect in order to optimize BCMA targeted immunotherapy.

　 　

Legend: Comparison of clinical efficacy between different immunotherapy products targeting BCMA (see [1] for specific clinical data).

reference data

[1]Targeting BCMA to Treat Multiple Myeloma: Updates From the 2021 ASH Annual Meeting. Front Immunol. 2022 Mar 7; 13:839097. doi: 10.3389/fimmu.2022.839097. PMID: 35320942; PMCID: PMC8936073.

[2] Blood 2021; 138 (Supplement 1): 1583. doi: https://doi.org/10.1182/blood-2021-152160

[3] Blood 2021; 138 (Supplement 1): 1642. doi: https://doi.org/10.1182/blood-2021-149791

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