月度归档 2024年5月18日

Nantong Xingtu Eta Ursae Majoris is on sale, with the latest offer of 137,800 yuan! Today’s juhui

Hello, riders in Nantong area! Car home Nantong preferential promotion channel brings good news to everyone! Now, there is a preferential promotion, and the maximum preferential amount is as high as 15,000! The minimum starting price is only 137,800. This model is unique in appearance design, luxurious and comfortable in interior, rich in configuration and excellent in dynamic performance. If you are interested in this model, don’t miss this excellent car purchase opportunity. Please click "Check the car price" in the quotation form, strive for higher discount, seize the opportunity to buy a car and welcome a wonderful driving experience!

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Starway Eta Ursae Majoris is a modern SUV, and its design is very attractive. The car adopts a streamlined body shape with a large area of chrome decoration, which makes the whole car look very atmospheric. The front face is designed with a hexagonal air intake grille, which is connected with the headlights, demonstrating its sense of luxury. The side lines of the car body are smooth, and with large wheels, the whole car looks more sporty. The design of the rear of the car is also excellent, and the taillights adopt a penetrating design, which echoes the front face and highlights the fashion sense of the whole car. Generally speaking, the design of Starway Eta Ursae Majoris is very exquisite, which left a deep impression on people.

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Starway Eta Ursae Majoris is a medium-sized SUV with a body size of 4781*1920*1671mm and a wheelbase of 2815mm. The body lines are smooth, showing a dynamic SUV shape. Tyre size is the front 235/55 R19 and the rear 235/55 R19. The rim is designed with five spokes, and the overall style is fashionable and atmospheric. The side of the car body adopts double waistline design, which shows the sense of output and movement. The front and rear wheel tracks are 1641mm and 1642mm respectively, which provides better stability and handling for the vehicle. Generally speaking, the side design of Starway Eta Ursae Majoris is both fashionable and sporty, showing the unique charm of medium-sized SUV.

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The interior design of Starway Eta Ursae Majoris is full of modernity. The central control screen size is 12.3 inches, and it is equipped with voice recognition control system, which can control multimedia, navigation, telephone, air conditioning, skylight and window. The steering wheel is made of leather, which supports manual adjustment up and down and back and forth, so that drivers can find the most comfortable driving posture. In addition, the front and rear rows are equipped with USB and Type-C interfaces, which is convenient for passengers to charge. The front row is also equipped with a mobile phone wireless charging function. The seat is made of imitation leather. The main driver’s seat supports front and rear adjustment, backrest adjustment and height adjustment (2-way), the co-pilot seat supports front and rear adjustment and backrest adjustment, and the second row of seats supports backrest adjustment. The rear seats can be tilted in proportion, providing more space flexibility.

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Starway Eta Ursae Majoris is equipped with a 2.0T 261 horsepower L4 engine with a maximum power of 192 kW and a maximum torque of 400 N m.. This engine not only has excellent power performance, but also perfectly matches the 7-speed wet dual-clutch gearbox to provide a smooth shifting experience. At the same time, the engine also has advanced fuel injection technology, which can achieve efficient combustion, reduce fuel consumption and provide a more environmentally friendly driving experience.

In the word-of-mouth channel in car home, we saw a car owner’s evaluation of Starway Eta Ursae Majoris. He said that although Eta Ursae Majoris’s front shape is not his favorite, on the whole, Eta Ursae Majoris’s design is very attractive. Especially from the side, Eta Ursae Majoris’s lines are smooth and dynamic, giving people a very fashionable feeling. As the owner said: "At first glance, the front of the car still prefers the shape of Lingyun. Eta Ursae Majoris’s side view is still very emotional. " It can be seen that although the front design of Eta Ursae Majoris may not be the favorite of all car owners, the overall appearance has been recognized and loved by car owners.

Linyi Xingtu Eta Ursae Majoris’s price reduction is coming, with a special price of 137,800! Today’s juhui

[car home Linyi Promotion Channel] Good news! In the hot promotion, you can enjoy a discount of up to 15 thousand now! As a luxury SUV, the starting price of Eta Ursae Majoris has dropped to 137,800 yuan, which makes your car purchase budget more generous. If you want to know more about the discount details, click "Check the car price" in the quotation form and strive for a higher discount!

https://car2.autoimg.cn/cardfs/product/g25/M04/EF/98/autohomecar__ChtliGOqTiOAI0eSABuCfT4wkTo420.jpg

Starway Eta Ursae Majoris is a modern SUV with a unique front design. The car uses a large air intake grille and is decorated with black chrome trim, which makes the whole front face more sporty. The body lines are smooth, and the overall style is fashionable and dynamic, which highlights the sense of luxury and technology of the car. In addition, Starway Eta Ursae Majoris is also equipped with LED daytime running lights and LED taillights, which improves the safety of driving at night. The chrome trim and wheel hub design on the side of the car body further enhance the visual effect of the car, making it more outstanding in appearance. Generally speaking, the exterior design of Starway Eta Ursae Majoris is very attractive, and it is an excellent SUV model.

https://car3.autoimg.cn/cardfs/product/g25/M06/EF/98/autohomecar__ChtliGOqTiKAKx5BABwZZkL6rCg861.jpg

Starway Eta Ursae Majoris is a medium-sized SUV with a body size of 4781*1920*1671 mm and a wheelbase of 2815 mm, providing passengers with spacious seating space. The body lines are smooth, showing a dynamic design, especially the smooth side lines, which shows the beauty of the whole car. In addition, the car uses tires with 235/55 R19 front and rear wheels, and the rim style is fashionable and atmospheric, which adds to the overall temperament of the car.

https://car2.autoimg.cn/cardfs/product/g25/M00/7B/22/autohomecar__ChxkqWOqTgCAHVlyABSn-G8JJSg040.jpg

The interior design of Starway Eta Ursae Majoris pays attention to comfort and luxury, and the steering wheel is made of leather, which can be manually adjusted up and down and back and forth. The central control screen has a size of 12.3 inches, supports voice recognition control system, and can control functions such as multimedia, navigation, telephone, air conditioning, skylight and window. There are USB and Type-C interfaces in the front and rear rows, and the front row is also equipped with wireless charging function of mobile phone. The seats are made of imitation leather, and the front and back, backrest and height of the main and co-pilot seats can be adjusted. The backrest of the second row of seats can be adjusted, and the rear seats can be laid down in proportion. The overall interior design is simple and generous, creating a high-quality driving experience.

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Starway Eta Ursae Majoris is equipped with a 2.0T 261 horsepower L4 engine with a maximum power of 192 kW and a maximum torque of 400 N m.. This engine not only has excellent power performance, but also is equipped with an advanced 7-speed wet dual-clutch gearbox, so that drivers can enjoy a smoother shift experience. Whether driving daily or at high speed, Eta Ursae Majoris can provide sufficient power reserve to make your driving easier. In addition, the engine also adopts advanced fuel injection technology, which improves fuel economy and makes your driving more energy-saving and environmentally friendly.

In the reputation of the owner of car home, we found that he spoke highly of the appearance of Starway Eta Ursae Majoris. He mentioned that the appearance is very fashionable, especially the streamlined coupe shape from the side, which makes the movement look good. Seen from the front, the vehicle looks very wide and ostentatious, which is impressive. It can be seen that the design of Xingtu Eta Ursae Majoris not only conforms to consumers’ pursuit of fashion, but also shows its sense of movement and luxury in details. Therefore, whether viewed from the side or from the front, Starway Eta Ursae Majoris can leave a deep impression on people.

Hot list of new cars in May: New models are listed together.

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"Car Public Opinion" Issue 23

Author Miao Jian Research Institute

May is an important period for the automobile market. Many new cars exhibited at the Shanghai Auto Show began to appear on the market one after another. Joint-venture brands and independent brands are competing to launch brand-new, mid-term and annual models, bringing more choices to consumers. This also makes the domestic auto market more exciting and interesting.

According to the statistics of Miaojian Information Public Opinion Monitoring Platform, in the TOP10 public opinion hot list of new cars listed in May, domestic brands dominated, and among the new cars listed, fuel/plug-in models accounted for over 60%.

40% of the new models were launched in this month’s list, mainly medium and large SUVs. Among them, the price is divided into multiple grades, the highest is 389,800 yuan (Chuanqi E9) and the lowest is 79,800 yuan (Baojun Yueye).

In the list, the old best-selling models Accord and LaCrosse are all replacement models. Small and medium-term models are all plug-in models except Seal, which is pure electric.

01

List of new cars on the market: the new Haval Xiaolong won the No.1 new car communication in May, and BYD dominated the list of three models.

Haval Xiaolong (brand new) is the model with the highest heat index this month. On May 15th, the launch conference of Haval brand new energy night and Haval Xiaolong series was successfully held in Beijing, officially releasing the brand new energy strategy of Haval brand and launching a brand new energy product-Haval Xiaolong series, with the starting price of new cars ranging from 139,800 to 179,800 yuan.

Nearly 6.5% of Haval Xiaolong’s sound volume is generated at the client. Know the car emperor, today’s headlines and Sina Weibo are the main communication channels, among which Weibo has 91,000 interactive voices, which is the second highest interactive car in this month’s list. "Intelligent four-wheel drive" and "travel audio-visual room" are the main communication points of Haval Xiaolong.

There were many hot spots in the launch of Haval Xiaolong. In addition to the introduction of new cars, Feng Mu, president of Great Wall Motor, launched the "Five Questions of the Soul" on the spot. In addition to expounding the current situation of China’s automobile market and the development prospect of Haval brand, Feng Mu also pointed out the bad practices of disrupting the market, such as friends raising the water army and worrying product quality, saying that some car companies regard "controlling public opinion as the primary productivity" and even commented that some car companies "won sales and lost the bottom line"

Guangqi Honda Accord (replacement) is another popular model this month, which was officially launched on May 20th. As an old-fashioned best-selling model, the new car was widely discussed and paid attention to during the listing period, and "brand-new" and "intelligence" were the main communication points.

Guangzhou Automobile Chuanqi brand continues to maintain the new strength and communication potential of "new cars every month".

During the listing of Chuanqi E9, Guangzhou Automobile Chuanqi 4S stores all over the country, with today’s headlines, knowing the car emperor and car home as the main positions, made a lot of momentum. The marketing text is short, matched with key words of product characteristics, emphasizing electricity and oil, four-fold luxury gifts and so on. Reflect saving and highlight preferential treatment.

02

Pre-sale release list: two brand-new models were officially unveiled, and Musa’s publicity momentum was strong.

In addition to the listed models, the models pre-sold and unveiled in May are mainly medium/large SUVs. Fuel vehicles account for 60%. There are two brand-new models, namely Beijing Hyundai Mussa and JAC Yttrium 3. Most of the other models were changed in the medium term.

On May 17th, MUFASA, a brand-new compact SUV product of Beijing Hyundai, officially announced its Chinese name-Musa, and started the pre-sale. Musa spread strongly, and "smart two rooms and one living room on board" was its main propaganda point.

On May 20th, the global pre-sale conference of Yttrium 3, an intelligent pure electric car of Jiangqi Group, was held in Hangzhou. Yttrium 3 (brand new) is Jianghuai Yttrium’s first intelligent pure electric vehicle. The new car is positioned as a pure electric small car with a pre-sale price of 97,900 yuan, focusing on "space, battery life and safety".

03

Observation on the launch of new cars this month

Enter the hall! Stars help out

Chuanqi E9 conference site: held in the Great Hall of the People, Zhang Yue, general manager of Guangzhou Automobile Passenger Car, explained the whole process, and sports star Su Bingtian helped out …

Combined with selling points, multi-scene layout

Bao Junyue also released the conference site: multiple scenes fit different product points of Bao Junyue, such as outdoor cross-country, modified life, intelligent driving, etc., so that the audience can understand the products more intuitively …

Senior executives go into battle together and explain in sections.

Haval Xiaolong conference site: Feng Mu, president of Great Wall Motor, and Qiao Xinyu, executive deputy general manager of Haval brand, respectively took the stage to explain …

Accord conference site: Li Jin, director of Guangqi Honda Automobile Co., Ltd., and Xiao Zhihui, general manager of the four-wheel development center of Honda Technical Research Industry Co., Ltd., took the stage to explain respectively.

Song ProD M-i conference site: Lu Tian, general manager of BYD Dynasty Network Sales Division, and Yu Yang, product manager of BYD Dynasty Network Sales Division, respectively took the stage to explain.

 

100,000-class SUV king explodes! Is the wheelbase of this Geely 2.0T new car comparable to Highlander?

Recently, according to the latest declaration information given by the Ministry of Industry and Information Technology, Geely Haoyue L completed the declaration. The new car has made great changes in appearance, and the brand-new air intake grille is more domineering; In terms of power, a brand-new 2.0T engine has been installed. Compared with the 1.8T engine of the current Haoyue model, the maximum output power has been improved.

It is worth mentioning that, according to the information of the declaration map, it is possible that the new car will be named-Haoyue L, and 7-seat layout is available.

Learn about new cars in one minute:

1. The straight waterfall air intake grille is domineering.

2. The wheelbase and body size are further increased.

3. The maximum power of refitting 2.0T engine is 160kW.

Geely Haoyue L hasn’t changed much in appearance, but it has become more masculine and tough with the new style grille and the blessing of the back surround.

The front face of the new car adopts a brand-new straight waterfall air intake grille, and the internal details are decorated with several thick chrome trim strips; The upper part of the front middle net is connected with the slender headlights on both sides with a thick decorative strip, which makes the whole front face of the new car simpler, and highlights its domineering side with the blessing of the thick chrome decorative strip.

Coming to the side of the car body, the car body part follows the simple design style of the current model Geely Haoyue, and the depression treatment camp at the wheel eyebrow creates a certain sense of strength for it.

The tail is designed with a penetrating taillight. Compared with the Geely Haoyue model, which uses a horizontal chrome trim to create a visual illusion of false penetration, this time Haoyue L brings a real penetrating design, which is connected by light strips and is more recognizable. At the same time, it also changed into a brand-new rear enclosure style, adopted the exhaust layout of both sides, and the thick exhaust decorative strip further strengthened its tough image.

It is worth mentioning that the tail logo of the new car is "Haoyue L", and it is expected that the new car will be named Geely Haoyue L.

Since the logo of "L" is added, the body size of the new car will inevitably change. According to the application information given by the Ministry of Industry and Information Technology, the long height of the new car is 4860*1910*1770(1840)mm and the wheelbase is 2825mm. Compared with Geely Haoyue, the body size and wheelbase have been significantly improved, and it is expected to be reflected in space.

In terms of power, Geely Haoyue L is equipped with a 2.0T engine, and the most intuitive change is reflected in the power. Compared with Geely Haoyue’s 1.8T engine, the maximum power is increased by 25kW (160kW).

According to the engine model JLH-4G20TDJ, it can be known that this engine is consistent with the 2.0T engine on Geely Xingyue L, which means that Geely Haoyue L will probably use the same power system, and it is expected that the traditional system will be equipped with a 7DCT wet dual-clutch gearbox.

Geely Haoyue L Positioning is a medium-sized SUV. According to Geely Haoyue’s guide price range of 10.36-14.26 million yuan, the competing products it faces will be Chery Tiggo 8 PLUS, Ford Lingrui and other models.

Chery Automobile-Tiggo 8 PLUS

Guide price: 124,900-169,900 yuan.

Jiangling Ford-Lingrui

Guide price: 139,800-169,800 yuan.

Emgrand L, Bo Yue L, Xing Yue L … No matter which model, in recent years, Geely Automobile has been continuously optimizing and perfecting its own product system to enhance its comprehensive competitiveness through the "plus L" treatment. Geely Haoyue L is no exception, through a more refined appearance and equipped with a more mature and advanced powertrain, to enhance its competitive advantage. It is simple, but useful, to use all available resources to enhance one’s own advantages!

Behind the "Yin" Huawei’s HSBC is unreliable. There is a precedent for leaking customer information.

  On June 24th, Ren Zhengfei, the founder of Huawei, said in an exclusive interview with the Financial Times that HSBC knew about SKYCOM and its business in Iran from the beginning, and also knew about SKYCOM’s relationship with Huawei. It is impossible for a bank to legally say that it has been cheated and doesn’t know about this matter. The evidence is all there, and this is inescapable. "HSBC has stopped all our trading cooperation, not us." Ren Zhengfei said.

  The evidence against Meng Wanzhou in the United States is a PPT. What does Ren Zhengfei think of how the United States got this PPT? On June 27th, Ren Zhengfei said in an interview with Canada’s Globe and Mail that because Skycom had been in contact with Huawei from beginning to end during the trade with Iran, the bank knew about Skycom’s business in Iran and its relationship with Huawei. After several years of operation, they invited Meng Wanzhou to a coffee shop. When having coffee, Meng Wanzhou gave some PPT, which was not misleading. "Why did the bank take these PPT? We don’t know, I hope that after the trial of the Eastern District Court of new york is completed, we can be more clear. " Ren Zhengfei said.

  According to the Global Times, in February this year, Reuters reported that HSBC had obtained a material for the US Department of Justice to sue Huawei through an "internal investigation", which helped the US Department of Justice Luo Zhi with the "crime" of attacking Huawei, and eventually led to the arrest of Huawei executives in Canada.

  Shen Yi, an associate professor in the Department of International Politics of Fudan University, said that if the foreign media reports are true, the role played by HSBC in this matter is indeed very problematic. Such banks and financial institutions are unreliable and unreliable in a sense.

  An expert who wishes to remain anonymous said that the essence of this case is that HSBC cooperated with the "long-arm jurisdiction" of the U.S. government, and transferred the personnel and data located in China overseas without the permission of the China government for the cross-border investigation and evidence collection of Huawei by the U.S. Department of Justice.

  It is reported that HSBC is one of the largest banking and financial services institutions in the world. Founded in Hong Kong and Shanghai in 1865, HSBC is a founding member of HSBC Group and its flagship in the Asia-Pacific region. In 1991, HSBC established a new holding company — — HSBC Holdings Limited, and in 1992, it completely acquired Midland Bank. Subsequently, HSBC will be headquartered in London.

  HSBC will pay a fine of $1.9 billion to the United States on money laundering charges. On December 11, 2012, HSBC announced that it had reached a settlement agreement with the US government, and would pay a sky-high fine of $1.921 billion for the bank’s ineffective prevention of money laundering.

  HSBC’s image has been damaged in recent years. In November 2014, HSBC was fined $618 million by the UK Financial Conduct Authority and the US Commodity Futures Trading Commission for manipulating the global foreign exchange market. In February 2015, HSBC was once again caught in a scandal because it helped customers evade taxes. According to a survey by the American Association of International Investigative Journalists, from 2005 to 2007, HSBC Switzerland Branch helped 100,000 heavyweight customers to avoid taxes and hide assets as high as hundreds of billions of dollars.

  It is worth noting that HSBC has exposed four major incidents of leaking customer information. On April 26th, 2008, the server of Kwun Tong Branch of Hongkong and Shanghai Banking Corporation was stolen during the renovation, and nearly 160,000 customer data were lost. In July, 2008, HSBC said that it lost an encoded digital audio tape, which recorded the telephone conversation between the bank and its customers, and was a backup tape containing 25,000 telephone conversations. On April 13, 2010, the French prosecutor said that 127,000 accounts of 79,000 customers of HSBC were leaked and exposed. Jelf farsi Yani, a former IT consultant of HSBC Private Bank, a Swiss subsidiary of HSBC, was accused of stealing the data of tens of thousands of bank customers from the end of 2006 to the beginning of 2007. In 2018, HSBC was exposed that its customer accounts were attacked from October 4 to October 14, and the personal information of about 1% American customers was leaked.

  HSBC Bank (China) Co., Ltd. (hereinafter referred to as "HSBC China") officially opened on April 2, 2007. Headquartered in Shanghai, it is a locally registered foreign-funded corporate bank wholly owned by HSBC.

  In March this year, HSBC China Wuhan Branch violated the law and regulations by not using the specified subjects in the paper payment form. According to Article 41 of the Administrative Measures for Commercial Banks and Credit Cooperatives’ Acting Treasury Business, the Business Management Department of Wuhan Branch of the People’s Bank of China imposed a fine of RMB 1000 yuan.

  In May this year, the post-event management of independent payment of HSBC China loan seriously violated prudent business rules, and part of credit card funds were used for non-consumption areas, which resulted in a fine of 1 million yuan.

  Foreign media said that HSBC helped the US government "engage" Huawei in order to get rid of the crime.

  According to the Global Times, recently, the Financial Times revealed that HSBC, which was targeted by the US Department of Justice for a series of problems such as money laundering and violation of the sanctions bill, agreed to "cooperate" with the investigation of the US Department of Justice in other cases in order to escape punishment. Huawei in China became the victim of this "cooperation", which eventually led to the arrest of Huawei executives. The Financial Times report also revealed that HSBC had explained to China earlier this year that it was "forced".

  Regarding the role of HSBC in the case involving Huawei, Reuters, UK, had a detailed round of reports in February this year. According to Reuters’s report at that time, HSBC began to "cooperate" with the "investigation" initiated by the U.S. Department of Justice against Huawei from the end of 2016 to 2017, in exchange for the U.S. Department of Justice’s forgiveness for HSBC, because HSBC itself was involved in other cases that violated the U.S. sanctions ban.

  Reuters said that through "internal investigation", HSBC helped the U.S. Department of Justice to obtain a material that could be used to sue Huawei, which helped the U.S. Department of Justice Luo Zhi to "accuse" Huawei, and eventually led to the arrest of Huawei executives in Canada.

  The executive of Huawei, who is now detained by the Canadian government, communicated face to face with an executive of HSBC, saying that Huawei did not have any non-compliance and provided the HSBC executive with a PPT document to explain the situation. But what Huawei didn’t expect was that in 2017, when HSBC faced a lawsuit from the U.S. Department of Justice for its alleged illegal behavior, in exchange for forgiveness from the U.S. Department of Justice, HSBC handed over the PPT to the U.S. Department of Justice, which had been trying to bring down Huawei in the past few years, and ended its cooperative relationship with Huawei.

  Judging from Reuters’s report and the indictment of the US government against Huawei, such a small PPT file was quickly used by the US Department of Justice as the "core" basis for suing Huawei and arresting the Huawei executive last year. HSBC has also been described by the U.S. Department of Justice as a "victim" of fraud by the Huawei executive and her PPT. Reuters also revealed that HSBC has never been sued by the US government for other cases involved.

  The Financial Times also revealed some information that Reuters didn’t mention. For example, HSBC was targeted by the US Department of Justice as early as 2012 for laundering money for Mexican drug lords. At that time, in addition to paying a huge fine of $1.9 billion, the US Department of Justice also sent a group of "monitors" to HSBC to review its business. Insiders of HSBC said that their explanation at that time was that because the US government sent monitors to HSBC and a team of 200-400 people could get all the information of the bank at any time, it was impossible for HSBC to resist the request and investigation of the US Department of Justice.

  Ren Zhengfei: HSBC knows about Skycom’s relationship with Huawei.

  Recently, Huawei Heartfelt Community announced the minutes of Ren Zhengfei’s interview with the Financial Times and the Canadian Globe and Mail.

  James Kynge, a reporter from the Financial Times, asked: Recently, hearing about the cooperation between HSBC and the US government will bring great difficulties to Huawei. What do you think of the future cooperation between Huawei and HSBC?

  Ren Zhengfei: First of all, HSBC has long stopped its cooperation with Huawei.

  Second, Meng Wanzhou has no criminal facts. This bank knew about SKYCOM and its business in Iran from the very beginning, and also knew about SKYCOM’s relationship with Huawei. The mail can prove that there are shipping marks in the mail, and it is impossible for the bank to legally say that it was cheated and didn’t know about this matter. The evidence is all there, which cannot be relied on. Meng Wanzhou said a word while drinking coffee in the coffee shop, which can’t be the evidence of Meng Wanzhou’s crime. It’s just that during the long-term transaction with Iran from beginning to end for many years, she intervened to have a coffee in the coffee shop and said a word, there is no crime. American courts can investigate prosecutors, who report crimes in Meng Wanzhou. Where are the facts?

  Under the current circumstances, we should first clarify the process of Meng Wanzhou’s incident and show all the evidence. Moreover, Meng Wanzhou has not committed a crime in Canada, and Canada has violated the law in law enforcement procedures. Canada is a country ruled by law, so it should give up its violation of constitutional rights and not fall on the side of the United States. If people don’t believe that Canada is a country ruled by law, it will have a greater impact on its image.

  We have always trusted western countries ruled by law, focusing on facts and evidence. First of all, there must be facts and evidence to judge whether this person is wrong. Of course, this will not affect our cooperation with other banks in the future. After this link is solved, everyone will still cooperate. World finance is an integrated system.

  "Financial Times" reporter Huang Shulin asked: HSBC does not cooperate with Huawei. Did they give you an explanation?

  Ren Zhengfei: HSBC has stopped all our trading cooperation, not us. They didn’t explain, that is, they wouldn’t provide us with services, so we would cooperate with other banks.

  Huang Shulin: Do you think this treatment is fair? If these problems are solved, will you continue to cooperate with HSBC in the future?

  Ren Zhengfei: There is no word "fairness" in this world. It is all about strength. We have the strength to solve the problem and don’t care how the other party treats us. Now is not the time to discuss cooperation. The most important thing is to finish the lawsuit first.

  A reporter from Canada’s Globe and Mail asked: What do you think of how the United States got this PPT? Is it through legal channels? Do you think this PPT can be presented to the court as evidence?

  Ren Zhengfei: Because during the trade between Skycom and Iran, this bank has been in contact with Huawei from beginning to end. It knows Skycom’s business in Iran and its relationship with Huawei. After several years of operation, they invited Meng Wanzhou to a coffee shop. When having coffee, Meng Wanzhou gave some PPT, which was not misleading. Why did the bank take these PPT away? We don’t know. I hope we can know more after the trial in new york Eastern District Court.

  HSBC paid a fine of $1.9 billion to the United States for money laundering charges.

  According to Xinhua News Agency, on December 11, 2012, HSBC Holdings, the largest bank in Europe, issued a statement saying that it had reached an agreement with relevant US institutions to pay a total fine of 1.921 billion US dollars, of which a record 1.256 billion was a fine for delaying prosecution agreement and 665 million was a civil fine.

  Ou Zhihua, president of HSBC, said in a statement that HSBC "admitted responsibility for past mistakes" and once again "deeply apologized".

  According to the deferred prosecution agreement, the prosecution allows the sued party to avoid prosecution under certain conditions, including paying a fine or being punished, and promising to make specific reforms under the supervision and guidance.

  HSBC said it had spent $290 million to improve its money laundering prevention mechanism and recovered some bonuses previously won by senior executives. The statement also said that HSBC expects to sign a letter of commitment with the UK Financial Services Authority on money laundering soon.

  In July, 2013, china securities journal reported that Reuters reported on the 3rd that John Grayson, a judge of Brooklyn District Court in new york, USA, approved the settlement agreement reached between HSBC and the US government on the investigation of not fully complying with the anti-money laundering and sanctions laws. According to this agreement, HSBC will pay 1.92 billion US dollars in fines and compensation. The fine of $1.92 billion is by far the largest fine issued by the US regulatory authorities to banks.

  According to the report, in addition to paying fines, there are other conditions to be met. As part of the agreement, HSBC also needs to restrain the bonuses of bank executives in order to comply with relevant regulations. In addition, HSBC will face up to five years of court supervision.

  Previously, in July 2012, the US Senate issued an investigation report saying that HSBC had become the "preferred financial institution" for drug dealers, money launderers and other criminals in Mexico and Colombia, and it ignored the US sanctions against Iran, Myanmar, Cuba, Libya and Sudan and illegally transferred funds for customers in these countries.

  HSBC’s image has been damaged in recent years: helping customers evade taxes and getting caught in a scandal.

  According to China News Service, the image of HSBC has been damaged in recent years. In November 2014, HSBC was fined $618 million by the UK Financial Conduct Authority and the US Commodity Futures Trading Commission for manipulating the global foreign exchange market.

  In February 2015, HSBC was once again caught in a scandal because it helped customers evade taxes. According to a survey by the American Association of International Investigative Journalists, from 2005 to 2007, HSBC Switzerland Branch helped 100,000 heavyweight customers to avoid taxes and hide assets as high as hundreds of billions of dollars.

  According to the People’s Daily, the BBC reported on February 9, 2015 that HSBC, the largest bank in the UK, has done everything possible to help wealthy depositors hide their real assets from the British government in the past few years, with tax evasion amounting to hundreds of millions of pounds. Analysts pointed out that if acts such as helping depositors evade taxes are proved to be true, then HSBC will become a terrible "tax haven" and its reputation and prestige will be dealt a heavy blow.

  Some analysts believe that the lack of financial supervision, the decline of professional ethics and the numbness of social responsibility are several key factors that cannot be ignored.

  HSBC’s alleged behavior of helping depositors evade taxes has been strongly criticized by the media and public opinion. Brooks, the author of "Tax Robbery", pointed out, "I think HSBC is a tax avoidance and tax evasion company, and I think they are providing such services".

  Since then, Guangming Daily reported on February 26, 2015 that two top executives of HSBC recently apologized here for the "improper" practice of their Swiss private banks to help customers avoid taxes. Stuart Gulliver, CEO of HSBC Group, and Douglas Flint, Chairman of HSBC Group, said when questioned by the Parliamentary Finance Committee in the British Parliament that this move damaged people’s "trust and confidence" in HSBC Group, and he was ashamed of it and would "take corresponding responsibility". However, he also accused those in the management of HSBC Swiss Bank who stole and leaked customer information of "great sin".

  HSBC has exposed four major incidents of leaking customer information. Engineers turned into "data thieves"

  According to Southern Metropolis Daily, on April 26th, 2008, the server of Kwun Tong Branch of Hongkong and Shanghai Banking Corporation was stolen, and nearly 160,000 customer data were lost. Under the pressure of public opinion, the Hong Kong Monetary Authority requires banks to take remedial measures and submit detailed reports. Zheng Haiquan, chairman of HSBC Asia Pacific, apologized for the loss of customer information, but he said that it was a theft and HSBC itself was a victim, but the bank would still be responsible. Zheng Haiquan said that he would review the bank’s security measures.

  According to Economic Observer, on July 4, 2008, HSBC issued a notice and found that it had lost an encoded digital audio tape, which recorded the telephone conversation between the bank and its customers. According to reports, the incident originated from the service center of HSBC Guangzhou Group. On June 17, the courier company was entrusted to transport a total of 55 tapes to Hong Kong, but only 54 tapes were delivered to the Hong Kong office of the bank. The unrecovered audio tape is a backup tape containing 25,000 telephone conversations, which recorded the telephone conversations between the bank and customers and callers from April 18 to 24, 2008. Most of the contents involved credit card service inquiries, calls related to business online wealth management services for industrial and commercial customers, and calls made by the bank to customers.

  According to Agence France-Presse, on April 13, 2010, the French prosecutor said that 127,000 accounts of 79,000 customers of HSBC were leaked and exposed, which means that more people may be prosecuted by the tax bureau of their own country for alleged tax evasion. Jelf farsi Yani, a former IT consultant of HSBC Private Bank, a Swiss subsidiary of HSBC, was accused of stealing the data of tens of thousands of bank customers from the end of 2006 to the beginning of 2007.

  Jelf Fasiani changed from a security engineer to a "data thief". He was born in Monaco and has a degree in computer programming. In 2000, at the age of 28, he entered the IT department of HSBC and wrote security software for the bank. Six years later, he was transferred to the Geneva headquarters of HSBC Private Bank in Switzerland, responsible for the system security of the database. In 2008, this system security engineer, who has always performed well, unexpectedly "ran away" from the headquarters building of HSBC with 130,000 "top secret" customer information. In 2013, according to Jinling Evening News, at the trial of Spanish National Court in 2013, Jelf Fasiani defended himself, saying that banks were corrupt, and they condoned tax evasion, and sometimes even helped customers to launder money. He admitted that he had tried to expose HSBC’s "misconduct" to the Swiss government.

  Jelf Fasiani told the media, "I grew up in Monaco, where people wanted to work in financial institutions. When I was young, I thought that banks were places to protect the property of the upright. But at HSBC, I found that everything is completely another matter. "

  In November 2018, according to the China Business News, it was revealed that HSBC’s customer accounts were attacked from October 4 to October 14, and the personal information of about 1% American customers was leaked. According to foreign media reports, on November 8, HSBC announced that its customer accounts were attacked from October 4 to October 14, and about 1% of American customers’ names, birth dates, telephone numbers, email addresses and other information were leaked. According to HSBC, the hacking incident was caused by a login voucher attack, that is, hackers invaded HSBC accounts through personal information of customers obtained from other sources. In response, HSBC suspended online access to some accounts. At the same time, additional security protection is added to the authentication process of personal online banking platform to protect its customers from future attacks.

Xiaomi’s performance in the third quarter returned to growth, "the whole ecology of people and cars" painted a new blueprint.

On November 20, Xiaomi handed over the first performance answer sheet after announcing the strategy of "people, cars and homes are all ecological".

In the third quarter of 2023, Xiaomi Group’s revenue was 70.9 billion yuan, achieving the first year-on-year growth in six quarters. The adjusted net profit was 6 billion yuan, up 182.9% year-on-year, setting a new high in the past two years.

The business strategy of "paying equal attention to scale and profit" has continued to land, and the high-end has made steady progress, making Xiaomi the first to pick up in the consumer electronics industry. With the announcement of the new strategy of "people, cars and homes are all ecological", Xiaomi is entering a new stage of development.

After six quarters, it returned to growth and the gross profit margin reached a new high.

The operating performance of Xiaomi in the third quarter continued the momentum of continuous recovery since 2023.

In terms of revenue, Xiaomi’s revenue in the third quarter was 70.9 billion yuan, a slight increase of 0.6% year-on-year and 5.3% quarter-on-quarter, and it resumed growth for the first time in six quarters. In terms of profitability, the adjusted net profit in the third quarter reached 6 billion yuan, up 182.9% year-on-year, and the gross profit margin reached 22.7%, which increased for four consecutive quarters and reached a new high.

The business strategy of "paying equal attention to scale and profit" put forward by Xiaomi at the beginning of the year has been further implemented. In addition to the Group’s record high gross profit margin, the gross profit margin of all business segments has also maintained growth. Among them, the gross profit margin of smartphone business reached 16.6%, up 7.7 percentage points year-on-year, the gross profit margin of IoT and consumer products business reached 17.8%, up 4.3 percentage points year-on-year, and the gross profit margin of Internet business reached 74.4%, up 2.3 percentage points year-on-year.

While improving profitability, Xiaomi’s shipments and user scale have also grown steadily.

On the mobile phone side, with the slowdown in the global smartphone market, Xiaomi took the lead in picking up. According to market research firm Canalys, the shipment of millet in the third quarter of 2023 increased by 2% year-on-year, and its market share was the same as that of the same period last year. In Chinese mainland, Europe, Latin America, Africa, the Middle East and other major markets, the market share of Xiaomi smartphones has increased.

In terms of household appliances and IoT products, the market size of Xiaomi has also steadily increased. According to data from Aowei Cloud, Xiaomi TV ranked first in Chinese mainland in the third quarter, and refrigerator shipments also increased by 95%. Canalys data shows that in the third quarter, the shipment of millet flat products increased by 120% year-on-year, and entered the top five in the world for the first time.

The extensive layout of the global market has enabled the scale of Xiaomi’s Internet business to continue to grow. In the third quarter, the number of monthly active users of MIUI worldwide reached 623 million, up 10.5% year-on-year, and the income from Internet business reached 7.8 billion yuan, a record high, up 9.7% year-on-year. In particular, Xiaomi’s overseas Internet business income reached 2.3 billion yuan, a year-on-year increase of 35.8%, and its share in Internet business income increased to 30%.

The high-end capability has stabilized, and the sales volume of Xiaomi 14 series has reached a record.

The recovery of performance and the improvement of profitability are closely related to the progress made in Xiaomi’s high-end strategy.

One week before the financial report was released, Xiaomi announced in the official Weibo that the omni-channel payment amount of "double 11" Xiaomi reached a new high of 22.4 billion in 2023. Goldman Sachs pointed out in a research report that Xiaomi Double 11GMV increased by 32% year-on-year, thanks to the strong performance of Xiaomi 14 series, comprehensive product portfolio and rising average selling price.

As the latest high-end model of Xiaomi, the performance of Xiaomi 14 series is really surprising. During the period of double 11, Xiaomi 14 ranked first among domestic mobile phone brands in the price range of 4,000-6,000 yuan in JD.COM and Pinduoduo, and also took the lead in domestic mobile phone sales in Tmall and Tik Tok. Information from the supply chain shows that since the first sale, the sales volume of Xiaomi 14 series has reached 1,447,400 units within 10 days, setting a sales record for Xiaomi’s high-end flagship.

Since the launch of Xiaomi 12S series in July 2022, Xiaomi’s performance in the high-end market has become more and more stable.

In terms of word-of-mouth, six series of high-end models, such as Xiaomi 12S Ultra, Xiaomi MIX Fold2, Xiaomi 13 Series, Xiaomi 13Ultra, Xiaomi MIX Fold3 and Xiaomi 14 Series, all achieved a favorable rating of over 99% on the JD.COM platform in the first month of release. In terms of sales volume, third-party data show that in the second quarter of 2023, the proportion of Xiaomi’s shipments in the smart phone market of 3,000 yuan and above in Chinese mainland increased to 20.1%, which increased year-on-year for four consecutive quarters. The market share in the price segment of 4,000-6,000 yuan increased by 6.2 percentage points year-on-year to 12.7%, and the smartphone ASP in Chinese mainland increased by over 24% year-on-year.

While the high-end market continues to break through, Xiaomi’s R&D and innovation capabilities continue to improve. Taking Xiaomi 14 series as an example, the core components such as image sensors and screens are all equipped with products independently developed by Xiaomi and jointly developed with domestic supply chains, and the parameters and experience have reached or even exceeded the iPhone15Pro.

For example, the "Light Hunter 900" image sensor, which debuted for the first time, has a specification of 1/1.3 inch. From the actual performance, the light input of Xiaomi 14 is 20% higher than that of iPhone 15 Pro, and Xiaomi 14 Pro is 52% higher. On the screen side, the C8 material jointly developed by Xiaomi and Huaxing Optoelectronics has achieved the highest peak brightness of 3000nit in the industry. On Xiaomi 14Pro, Xiaomi also adopted the first full-depth micro-curved screen, which realized the continuous same bending radius at four sides and four corners, making the curved screen visually close to the straight screen.

R&D and innovation have created a better user experience for high-end products. With the help of Xiaomi 14 series, the share of Xiaomi in China smart phone market reached 21.9% in 2023W44(10.30-11.5), ranking the highest among domestic mobile phones.

The strong market performance of high-end machines has provided more ammunition for research and development. Such a virtuous circle has continuously consolidated the base of Xiaomi’s high-end strategy. In 2022, Xiaomi invested 16.2 billion yuan in R&D, equivalent to 0.53% of the total investment in R&D in China. According to the data disclosed in the financial report, in the third quarter of 2023, Xiaomi’s R&D expenditure was 5 billion yuan, a year-on-year increase of 22%. By September 30, 2023, Xiaomi had 17,563 R&D personnel, accounting for over 53%.

With the development of ecology, the territory of "people, cars and homes are all ecological" is formed.

While the high-end capability has stabilized, the ecological map of Xiaomi has also been expanding. According to the financial report data, as of September 2023, the number of IoT devices (excluding smartphones, tablets and laptops) connected to Xiaomi AIoT platform reached 699 million, up 25.2% year-on-year, and the number of monthly users of Mijia APP increased by 16% year-on-year, reaching 84 million.

With the release of Xiaomi 澎湃 OS in October, Xiaomi’s group strategy was officially upgraded to "the whole ecology of people and cars". Thanks to the long-term deep cultivation in the field of mobile phones and IoT, Xiaomi 澎湃 OS has integrated more than 200 categories, covered more than 95% of life scenes and connected 820 million devices since its birth, becoming the first operating system covering "the whole ecology of people, cars and homes".

Subsequently, Xiaomi announced the comprehensive opening-up plan of IoT eco-partners, and helped smart eco-partners, whole-house industry practitioners and individual developers to quickly join Xiaomi’s IoT ecosystem through Vela open source and the release of Xiaomi’s surging technology brands. At present, there are more than 9,000 Xiaomi IoT partners.

On October 15th, two products of Xiaomi Automobile appeared in the Announcement of Road Motor Vehicle Manufacturers and Products (the 377th batch) issued by the Ministry of Industry and Information Technology. According to the plan, Xiaomi Automobile will be mass-produced in the first half of 2024. This also means that Xiaomi’s "all-ecological" map is infinitely close to the closed loop.

The upgrade from "mobile phone X AIoT" to "the whole ecology of people, cars and homes" means that Xiaomi’s coverage of users’ life scenes is further improved. In Xiaomi’s ecological map, the mobile phone is still the central device and computing center of the whole scene in series, and Xiaomi 澎湃 OS ensures the cross-end connectivity and experience consistency. As Lei Jun, founder, chairman and CEO of Xiaomi Group, said, it will be "the public base of the Internet of Everything".

The capital market responded positively to the new blueprint described by Xiaomi. Since October, Xiaomi’s share price has rebounded strongly, up about 50% from the beginning of the year.

Copyright and disclaimer: The copyright of the above works (including texts, drawings, audio and video) belongs to the publisher [Information]. This App provides information publishing platform services for publishers, and does not represent the viewpoint of economics and suggestions on investment.

What’s Tik Tok’s intention to launch a PC web version?

Editor’s lead: Recently, Tik Tok launched a web version. This update has caused a lot of heated discussion. Some people cheered for the addition of an artifact to fishing at work, while others complained that the web version of Tik Tok was too crude in design and functional experience, which was inconvenient to use. So, why did Tik Tok do this?

A few days ago, on June 21, Tik Tok officially launched the pc web version, and Aauto Quicker also launched the web version a long time ago, but it was relatively low-key. Wechat also launched its efforts on the pc version recently, whether it was at the entrance of the online circle of friends on the PC version, it was even more powerful. It can be seen that more and more platforms have returned to the original, and more and more attention has been paid to the PC side. It can also be seen that the competition between mobile terminals has become fierce. For the extension of the scene, the PC side has once again ignited a war and become a.

Specifically, in the field of short video, in the past year, both Tik Tok, Aauto Quicker, bilibili, WeChat video number and other platforms launched fierce attacks in the field of short video and live broadcast. Especially in the field of live e-commerce, all short video platforms regard live e-commerce as the focus of commercialization in the future. So what is the purpose of launching PC web version in Tik Tok this time, and where is the short video platform to wait for the way out?

What's Tik Tok's intention to launch a PC web version?

From the screenshot above, do you find that the Tik Tok web version is very similar to bilibili? Of course, this is the most superficial feeling, but from this point, we can also see why Tik Tok entered the pc version.

As can be seen from the screenshot, most of the videos in the pc version are medium-sized videos over 1 minute, and many of them are horizontal videos. It is not difficult to see that the main scene of video recommendation in the web version is to meet the user’s demand for medium and long videos. After all, watching the horizontal version on the computer side is more experience.

Different from Aauto Quicker’s web version, many short videos on Aauto Quicker’s web version are still vertical screens, and the viewing experience is similar to that of the mobile terminal. However, Aauto Quicker does not classify according to the video tag area, but according to the types of short videos, live broadcasts, long videos, small theaters and movies, which is quite different from Tik Tok’s classification.

In my opinion, the layout of long videos, especially the web version, has provided new channels for office workers to fish, and in essence, it is more to seize the user’s time. Judging from the data released by Tik Tok before, the peak usage of Tik Tok app is at 12 noon and 19-21 pm, so it can be found that the long low peak periods are during working hours. For the fishing party, Tik Tok certainly hopes to compete for the usage time of this group of people. On the other hand,

What's Tik Tok's intention to launch a PC web version?

In fact, we can find this reason from the speech of the relevant person in charge of Tik Tok: "With the video-based creative expression becoming a daily life, Tik Tok has accumulated contents in different fields, and many professors and schools have also published knowledge and teaching contents on Tik Tok, which are often mainly horizontal screens and generally last more than 5 minutes, which is more suitable for viewing and consumption on the web version."

No matter any product, its launch is actually based on the three dimensions of users, scenarios and needs. Under the condition of meeting the different needs of users in different scenarios, it is the best solution to meet the company’s strategy and commercialization goals.

Another is that users in the web version can interact more easily. Here, it mainly refers to the form of barrage. The vertical comments on Tik Tok app are all put away, while the web version can make comments into barrage, so that users can interact better with up owners and users, and the atmosphere is better.

On the other hand, the web version also supports creators to publish videos. Many professional editors and mcn organizations use professional computer software to edit, and then send them to mobile phones after editing, and upload them again on Tik Tok app. Now Tik Tok supports publishing videos directly on the computer version, so it is more convenient for creators who use computer editing to publish videos, and the path is shorter and the experience is better.

Here are three commercial conjectures of Tik Tok layout web version:Pan-knowledge, live broadcast square, search,Let’s focus on why there are these three conjectures.

First of all, let’s look at the pan-knowledge field. It can be clearly seen from the speeches made by the relevant person in charge in Tik Tok. Many knowledge bloggers, schools, professors and creators in professional fields have released many knowledge-based videos, and a lot of pan-knowledge content has been accumulated in Tik Tok, which is more suitable for viewing on the web version.

Here you can see a data,In bilibili, as of May this year, more than 78 million users were studying on bilibili, accounting for 35% of the monthly life.From social sciences, humanities and history to science popularization and even health fields, the pan-knowledge videos on bilibili are widely welcomed by users, and among the 985 and 211 college students in China, bilibili’s penetration rate has reached 82%. Tik Tok certainly wants to seize such high-quality users.

Therefore, Tik Tok’s web version must be aimed at pan-knowledge videos, hoping to catch this part of users. In addition to making efforts on medium-and long-term knowledge videos, I think Tik Tok is aiming at the adult education market in the next bigger game, namely online education in the workplace.

Secondly, look at the live broadcast. The live broadcast is mainly aimed at three directions, one is live broadcast on the show, which is the reward mode, the other is live broadcast with goods, aiming at the direction of e-commerce, and the third is live broadcast of games. What I want to seize is platforms such as tiger teeth, fighting fish and penguin e-sports. Why do you want to launch live broadcast on the web version? The main reason is that the live broadcast on the web version has a larger screen and is easier to classify.

At present, several labels in Tik Tok include the classification of live broadcast. If we look closely, we will find that most of the live broadcasts on the current web pages are game-based live broadcasts, which coincides with my guess. The main target is the game market. Besides the live game scenes, we can also look forward to two steps. I think we will definitely aim at the release and distribution of games, and we can wait and see.

The last one is search. The headline has launched a search platform before. Why did I say that Tik Tok is also targeting the search market?

Here, the person in charge of them actually mentioned that there are a lot of high-quality content in Tik Tok, and many users are used to using Tik Tok to search when they have questions, especially some tutorial content, and the video is more intuitive and easy to understand. Although it is said that it wants to improve the user’s search experience, in the case of satisfying users’ search, search is actually a recognized commercial model. Search feed streams are inserted into advertisements, and hot search lists are also a big advertising space. Besides advertisements, the biggest purpose is actually to seize the search market.

Although Tik Tok has launched a web version at present, its function is still relatively rough compared with that of Tik Tok app: it is unable to view the concerned bloggers, the viewing experience is poor, there is no barrage, it is impossible to watch continuously, and the video classification is insufficient.

Generally speaking, Tik Tok has once again taken a step in the layout of medium and long videos. I don’t know if Aauto Quicker, bilibili and Youaiteng will be more worried when they see this news. As users, of course, they hope to have healthy competition among major platforms and bring better experience and content to users.

Harryli, WeChat WeChat official account: Notes of Harry Li, everyone is a product manager columnist. 3 years of product experience, mainly focusing on mutual funds, new retail and other fields, as well as industry hotspots related products and operational content.

This article was originally published by everyone as a product manager, and it is forbidden to reprint without permission.

The title map comes from Pexels and is based on CC0 protocol.

College print shops hoard hundreds of pirated textbooks, and students buy photocopied textbooks to save money.

  Print shops in colleges and universities hoard hundreds of pirated textbooks.

  College textbooks are priced higher, and students can save half the money by buying photocopied textbooks. Copy shops have become the focus of many publishers’ rights protection.

  In February, the National Office for Combating Pornography and Illegal Publications, in conjunction with five departments, issued the Notice on Launching Special Governance Actions for Universities and Their Surrounding Copy Stores in Some Key Cities, requiring 40 key cities across the country to severely crack down on piracy and copy activities in universities and their surrounding copy shops, so as to curb the growing trend of campus piracy. Beijing, where universities gather, has also been included in the list of special governance this year.

  What are the reasons for the widespread popularity of copying teaching materials? Beijing Youth Daily reporter recently visited copying shops around many universities in Beijing, and found that most shops are still openly undertaking the business of "privately customized" copying teaching materials, and even some shops have hundreds of electronic textbooks in their computers, and the "class" group buying business has been raging. Because of the hidden operation of the store, the difficulty in obtaining evidence and the unclear legal boundary, the business activities of the copy shops around the university are still on the verge of supervision.

  visit

  Copy shops hoard "group purchase" electronic textbooks, and the business is booming.

  On the morning of March 10th, the reporter of Beiqing Daily came to the printing shop in a comprehensive service center for college students and said, "Boss, a group of postgraduate students want to copy and print some textbooks." Without asking what the book was, the shopkeeper promised, "Just bring the book. If there is no book, it is ok to have an electronic version, a Word file or a Pdf file. 2 cents per page, 1 cent if there is more — — They are all bound for you. "

  Only one of the photocopiers and printers in this shop is working. "I was very busy when I first started school, but I am already busy now." The owner said. The reporter of Beiqing Daily saw that there were three "teaching materials" printed and bound on A4 paper on the windowsill, namely "Latest English Course for Science and Technology", "Information Systems Essentials" and "Liu Wei IELTS Speaking". The second book is in English, and the inside page shows that it was edited and published by an American university; The third book is actually a handout from an English training institution in China. The owner told the reporter that these three books were printed by students before, "I made an extra copy and put it here for whom."

  The reporter of Beiqing Daily visited the copy shops around many universities in Haidian, which are mostly distributed near the canteens and teaching buildings in the student living quarters. On average, there are at least six or seven print shops in a school. Most of the small shops are only three or four square meters. When it comes to recess and rest, the small shops are packed with students coming and going, and there are many students who come to copy the teaching materials. The reporter looked at it, and some copied textbooks, and some copied Chinese and foreign reference books borrowed from the library. Upon reporter’s inquiry, these stores can undertake the business of copying teaching materials. Most of them are printed on both sides at a price of 10 cents each, bound in 2 yuan, with 4-5 cents for double-sided copying and 10 cents for single-sided copying. If the quantity is large, you can get a discount. If you want to install the cover, you can add 2 yuan. There are also price concessions for large quantities.

  In a copy shop of another university, a big red advertisement of "Printing and Copying Textbooks" is posted at the door, and a bibliography of university public courses such as "15-year history outline, military theory, comprehensive English listening and speaking, advanced B (Part II)" is also posted on the wall. There is Yin Gao, a half-meter-high semi-finished English pronunciation practice manual for freshmen, beside the printer, and there is "Foreign Language Teaching and Research Press" on the copyright page. The staff admitted that this is a "list" for class group purchase. "You should make a list, write down the title of the book to be printed, and then indicate how many copies of each book to print, and then write down your name and contact number, so that we won’t make a mistake — — This is what other classes do. "

  Pointing to a stack of blue-covered photocopied "teaching materials", the store owner said that these are the best-selling teaching materials posted on the wall, and there are more than a dozen books that have not been sold out in batch print this school season. "When business is good, hundreds of people come to the store to queue up to buy textbooks every day, and many of them send class cadres to buy them. In order to save time, the commonly used textbooks and teaching materials are simply scanned into electronic versions for printing and copying. " When the reporter of Beiqing Daily asked if it was possible to copy the History of China News Communication, the store readily turned on the computer to help search for the electronic version of the book. The folder named "Customer Information" contained hundreds of electronic versions of teaching materials, mostly PDF-based. "The reason why our store is popular is also because the public courses and professional books are complete."

  In the survey, most of the staff of various printing shops said that they had not heard of the policy news to be inspected in the near future for the time being. "The business of copying books has been done for many years, and I have never heard of it." A student from a university in Beijing told the reporter of Beiqing Daily that in the past, the print shop in the school would sell some printed textbooks to students at the beginning of the school year, but since last semester, this phenomenon has been "rare". Some shopkeepers also responded that if students bring books or electronic books to the store for copying, they will print them as required and stop selling them in batches because "hoarding goods is easy to lose money".

  survey

  Student: Buying a copy of a textbook can save more than half of the money compared with a new book.

  The students interviewed at random explained the reasons for the popularity of copying textbooks. On the one hand, except for higher vocational colleges and private colleges, many colleges and universities in Beijing do not uniformly subscribe for textbooks when freshmen enter school, and students have the initiative to buy textbooks themselves. On the other hand, books bought from printing shops are cheaper than genuine new books, and the printing quality is good, so copying textbooks is naturally favored by everyone. The pirated books in these print shops will be more popular if there are notes left by previous students.

  "Some original textbooks are too expensive. If you buy a printed version from a print shop, it will generally cost more than 10 yuan; Moreover, some books have the key points drawn by seniors and sisters, and you can help yourself review them before the exam. I feel that buying such books is quite cost-effective. " A student who has purchased printed textbooks many times told the reporter of Beiqing Daily.

  Take the textbook History of Journalism and Communication in China published by Renmin University of China Press, which has 404 pages and is priced at 45 yuan. If you copy at the price of 5 cents a page in the store, a copy of teaching materials can save more than half of the money than buying new books. According to the rough statistics of the reporter of Beiqing Daily, after four years of undergraduate study, if dozens of specialized course textbooks are copied, a student can save nearly 1,000 yuan in textbook purchase fees.

  Print shop: The monthly income from copying textbooks is nearly 10,000.

  According to reports, last spring, the Higher Education Society visited 27 colleges and universities in 7 provincial capital cities and the surrounding copy shops, and found that most of the business of these copy shops thought that students copied books. Not only that, these stores will scan public course books, professional course books and best-selling books according to the curriculum and examination time, archive the electronic files of the copied books, provide students with optional bibliographies for copying, and bind them into books after output as needed, forming an industrial chain of "arranging", printing and loading. This leads to another question: how much profit can the business of copying teaching materials in university print shops bring to businesses? Take "Introduction to Mao Zedong Thought and Socialism with Chinese characteristics’s Theoretical System (Revised Edition 2010)" published by Higher Education Press as an example. The text of this book has 398 pages, 25 prints, and the price is 23 yuan, with an average of 0.92 yuan/print. According to the calculation of 4 page numbers of each copy in the copy shop, the whole volume is copied at 0.05 yuan/face, and the price of the whole book is 10 yuan, which is equivalent to 4.4 fold of the genuine price. Excluding the cost of manpower, consumables and rent, the actual profit of each textbook can be maintained around 3 yuan by copying a single textbook.

  During the visit, many stores in Haidian also revealed to the reporter of Beiqing Daily that in addition to receiving copying orders on campus, they will also solicit batch copying services from other universities and teaching units through QQ online. A staff member of a copy shop explained, "There are also some customers from middle schools, educational institutions and even trans-regions who come to us to print teaching AIDS. The monthly income from copying textbooks alone is almost 10,000. "

  core

  Teaching materials are necessities, and market-oriented pricing is difficult for students.

  It has been suggested that the high price of university textbooks is an important reason for the prosperity of campus copy managers. So, is the pricing of genuine university textbooks reasonable? The reporter of Beiqing Daily browsed the prices of some textbooks in Tsinghua University Textbook Center, and found that few textbooks are below 20 yuan, most of which are priced between 20 yuan and 50 yuan, and some are above 50 yuan. The staff of a famous university publishing house in Haidian responded, "The university textbooks in China are not expensive. The price of a 300-page textbook with ordinary binding is almost 20-30 yuan. Compared with the pricing of hundreds of RMB in foreign university textbooks, this price is really not expensive."

  He also said that the publishing house had received complaints from university professors, saying that many students took copies of textbooks in class, and the textbooks in this class were written by themselves. "If all students use photocopied textbooks, the hard work of the editors will not be respected, let alone protect their legitimate rights and interests."

  However, college students have another feeling about whether textbooks are expensive. Compared with primary and secondary school textbooks priced by the government, university textbooks, which are also necessities, are much more expensive. The reporter of Beiqing Daily searched online for the price of a complete set of textbooks (color version) of compulsory mathematics in senior high school. There are five books in this set, covering three years in senior high school, and the total price is 42.3 yuan. However, the price of college students majoring in mathematics and statistics who only buy the genuine textbooks of advanced mathematics has surpassed that of 80 yuan, nearly twice as high. Compared with senior high schools, there are many specialized courses and public compulsory courses in universities, and there are usually twenty or thirty courses in a four-year academic system. The interviewed engineering junior boys told reporters that the cost of ordering new textbooks in the first school year spent 800 yuan. "When we first went to college, we all bought new textbooks, which was really much more expensive than high school. Later, when we were sophomore and junior, we bought second-hand books from our brothers and sisters." However, because many graduates still want to keep professional books, the second-hand teaching materials they can buy are usually limited to public courses such as politics and English, so copying teaching materials has become the way for the students and classmates to buy.

  Copying teaching materials is still in the marginal zone of supervision

  In order to further clarify the supervision status of print shops in colleges and universities, the reporter of Beiqing Daily recently called the Legal Supervision Office of Beijing Cultural Law Enforcement Corps and asked whether "copying and selling textbooks in large quantities on campus is within its supervision scope". The staff said that the cultural administrative law enforcement department has conditions for filing a case, and we will not intervene before filing a case. "As you have reflected, it is necessary to analyze the specific situation. There is no certain amount and scale of reprinting and conclusive sales evidence. Generally, the copyright owner and the publishing house come forward to negotiate with the copy shop. When talking about the conditions for filing a case, she also said that the first is to confirm the infringement, and the second is to violate the public interest. For example, piracy and reprinting violate the relevant national laws and regulations.

  What attitude does the school take towards the printing shop’s copying of teaching materials? The teacher of the Logistics Department of a science and engineering college in Haidian replied that most of these print shops in the school are self-operated and only rent the school place, and the Logistics Department often reminds the print shop owners to abide by relevant laws and regulations to prevent them from pirating and selling books in batches. "The school will continue to work hard in this regard. On the one hand, it will strengthen the management of print shops on campus, and on the other hand, it will remind students to use formal textbooks and consciously resist piracy." The staff said.

  The reporter of Beiqing Daily also learned from the anti-piracy alliance of Beijing 15th Society that the copy shops around the campus have become the focus of many publishers’ rights protection. However, in their daily work, they found that there are also "blind spots" in the handling of infringement of copy shops. For example, most copy shops only copy the text of books, and when binding, they are accompanied by a cover that only prints the title of the book, omitting the publishing unit, author and trademark of the original book. Even if law enforcement officers find the copied finished products, there is no way to obtain the copyright information of the copies to clarify the infringed objects. Secondly, the owner of the copy shop is very vigilant, and generally does not put a large number of copied finished products on the counter, which makes it very difficult for the right holder to defend his rights and the law enforcement department to investigate and deal with it. This group/reporter Liu Xu Lei Jia Wang Xiaoyun

  Experts say

  Copying officially published books and selling them constitute infringement.

  Does it constitute infringement for students to copy textbooks in batches and other officially published books and buy pirated books in copy shops? What kind of tort liability should a copy shop bear if it infringes? In this regard, the reporter of Beiqing Daily interviewed Zhao Zhanling, a special researcher at the Intellectual Property Center of China University of Political Science and Law.

  Zhao Zhanling said that the Copyright Law stipulates that "translating or copying a few published works for school classroom teaching or scientific research for teaching or scientific research, but not publishing and distributing" belongs to the category of fair use, and copying textbooks and other books by students and teachers for personal study and research purposes does not constitute infringement, nor does a copy shop. However, if a copy shop copies books by itself and sells them to customers for profit, it constitutes infringement.

  How many copies of a book constitute infringement? In Zhao Zhanling’s view, although there is no specific provision in the Copyright Law, as long as a printing shop copies books for profit, it constitutes infringement, which has nothing to do with the amount of copying. Zhao Zhanling also said that whether copying paper books or printing electronic versions of books such as Word and PDF, as long as they are printed, this constitutes infringement.

  Regarding the legal responsibility that the printing shop should bear, Zhao Zhanling said that this constitutes a civil infringement, and the copy shop should stop the infringement and compensate the obligee for the losses if it has the above acts. "The copy shop is a self-employed small shop, and it is difficult to determine how much loss has been caused by the obligee, but it can be compensated according to the income from infringement." Zhao Zhanling believes that because the books copied by the printing shops are scattered, it is difficult for publishers and authors to give evidence when defending their rights, which makes publishers and authors not pursue this in law too much.

  Zhao Zhanling also suggested that the internal managers of colleges and universities can take relevant measures to manage the copy shops on campus, and students should also enhance their legal awareness, and only use the copied books for their own study and not sell them externally. Text/reporter Li Mengting

Robotics research ushered in ImageNet moment, and Huawei fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

Recently, the hot market transactions mainly focus on Huawei’s industrial chain, new industrialization and diet pills. In terms of industrial trends, the sales of domestic new energy vehicle companies rose in September. Google launched RT-X, one of the world’s largest universal models, and Huawei’s all-liquid cooling overcharge station was launched, which can achieve "one second and one kilometer". On the industrial policy side, the Ministry of Industry and Information Technology and other six departments jointly issued the "Action Plan for High-quality Development of Computing Infrastructure", suggesting continuous attention.

Core view

[Hot market transactions] The recent hot market transactions mainly focus on Huawei’s industrial chain, new industrialization and diet pills.Hot spot 1: Huawei industrial chain.AITO asked the world that the new M7 order exceeded 50,000, and the blind order of M9 exceeded 8,000 units. Huawei’s fully liquid-cooled overcharge station is online, which can achieve "one second and one kilometer".Hot spot 2: new industrialization.New industrialization is the interpretation and foothold of new productivity. In line with the previous high-end manufacturing policies, the subsequent interpretation is worthy of attention. It is suggested to pay attention to investment opportunities in the fields of information technology, high-end equipment and intelligent networked automobiles. In terms of breakdown, we should pay attention to robots, data elements and automobile intelligence that have made breakthroughs in recent industrial trends.Hot spot 3: diet pills.JPMorgan Chase raised its sales forecast for diet pills and boosted the concept stocks of diet pills.

[Global Industry Trends] Domestic new energy vehicle companies saw higher sales in September, Google launched the universal model RT-X, and Huawei’s fully liquid-cooled overcharge station was launched.Industry trend one: new energy vehicles.Domestic new energy vehicle companies saw higher sales in September, and AITO asked for new M7 orders exceeding 50,000.Industry Trend 2: Artificial Intelligence & Robot.Google launched RT-X, one of the largest universal models in the world, and opened the training data set Open X-Embodimen.Industry trend 3: liquid cooling overcharge.Huawei’s fully liquid-cooled overcharge station was launched to help build the 318 Sichuan-Tibet overcharge green corridor, which can achieve "one second and one kilometer".

[Important Policy Tracking]In terms of industrial policy, on October 9, the Ministry of Industry and Information Technology and other departments jointly issued the Action Plan for High-quality Development of Computing Infrastructure.From four aspects: computing power, carrying power, storage power and application empowerment, this paper puts forward quantitative indicators for development by 2025. We compared the differences between the current development and objectives of these four areas, and suggested focusing on:1) the construction of intelligent computing power,According to IDC’s forecast, the market size of generative AI computing will increase from 820 million US dollars in 2022 to 10.99 billion US dollars in 2026;2) Construction of advanced storage capacity,According to incomplete statistics, Shanghai, Shandong, Ningxia, Tianjin and other places have successively issued relevant guidance documents on storage capacity, and the policy is warm and frequent; 3) the quality of transportation capacity is improved,The three major operators speed up the layout of computing networks;4) applying the enabling end,Accelerate the construction of marginal computing power, and the "computing power voucher" model is expected to be rolled out.

[Important information]Huawei:On October 4th, WeChat official account, the official WeChat of Huawei, announced that during the National Day holiday, the fully liquid-cooled overcharge station it helped to build was officially launched in many places along the southern Sichuan-Tibet line and Litang-Aden highway (Sichuan section). The total liquid-cooled overcharge station has a maximum output power of 600kW and a maximum current of 600A, which is known as "one second and one kilometer". The success rate of one-time charging is as high as 99%, and the charging range from 200 to 1000V matches all models.Tesla:On October 2nd, Tesla released the third quarter production and delivery report. In the third quarter of 2023, Tesla delivered 435,100, which was lower than market expectations. On October 6th, Tesla official website showed that it would reduce the price of some vehicles.

[Concerns and suggestions on short-term industrial trends]From a short-term perspective, we need to focus on five tracks with marginal improvement in October: integrated circuits (storage, packaging and testing, materials), digital economy (data elements, data confirmation), automotive intelligence (autonomous driving), consumer electronics (panels, Apple Huawei industrial chain), and nonferrous metals (copper and aluminum, coal, precious metals).

[Concerns and suggestions on medium and long-term industrial trends]In the medium and long term, we suggest to pay attention to the industrial trends such as digital economy (data elements), artificial intelligence, self-control, etc. under the AI+ scientific and technological revolution, as well as the new technical route of carbon neutral industrial chain driven by cost reduction and efficiency increase, and the penetration rate of electric smart cars increases under the trend of electrification and intelligence.

[Global Stock Market Table]Now]Last week, the global stock market rose less and fell more. In terms of industry, from September 25th to September 28th, the industrial indexes with higher A-share gains were: CRO, diet pills and selected Chinese medicines. In terms of sectors, the information technology and telecommunications services sectors performed well, while the energy, public utilities and daily consumption sectors performed poorly. Among the companies with a market value of more than $20 billion that rose sharply in the past week, companies in the information technology, health care, optional consumption and financial industries are the majority; Among the companies with a market value of more than $20 billion that led the decline in the past week, companies in the energy, alternative consumption and public utilities industries were the majority.

Risk warning:Macro-economic fluctuation, subjective prediction deviation, industrial development less than expected.

catalogue

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

01

Core concerns and investment suggestions

1. Prospect of this week’s important events

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

2. Hot market transactions

Last week, the important theme indexes of A-shares’ top gains were CRO, diet pills and selected Chinese medicines.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

Note: All the stocks involved in this paper are listed or represent the connection with relevant industrial chains, and do not represent the investment suggestions of individual stocks or the research viewpoints of China Merchants. Please refer to the recommendations of the research groups of China Merchants for specific stocks.

Last week and this week’s market trading hotspots mainly focused on Huawei’s industrial chain, new industrialization and diet pills:

Huawei industrial chain

AITO asked the world that the new M7 order exceeded 50,000, and the blind order of M9 exceeded 8,000 units.Since the release of the new M7, Huawei has frequently announced the number of its large orders. On September 25th, the new M7 was listed less than two weeks ago, with more than 20,000 units scheduled. The total scheduled amount in September is 30,000 units; By October 6, the listing time was more than three weeks, and the total number of scheduled units exceeded 50,000. Among them, 7,000 units were scheduled on October 6, and the number of single-day bookings reached a new high. While creating strong sales potential, the new M7 in the world of inquiry is also affecting the positioning of the "flagship SUV of panoramic wisdom". Since the blind booking was started on September 25th, the M9 in the world of inquiry with a pre-sale price of 500,000-600,000 yuan has won a large number of orders with only a few renderings and a small amount of configuration information. According to Yu Chengdong, as of October 7th, the customer M9 had accumulated 10,450 blind orders and retained 8,040 orders. On that day, 333 units were blindly ordered, 26 units were unsubscribed and 307 units were blindly ordered.

"One second and one kilometer", Huawei’s fully liquid-cooled overcharge station was launched.According to WeChat official account, the official WeChat of Huawei, during the National Day, the overload stations in Tianquan Service Area, Litang Kangnan Tourism Distribution Center and Sangdui Service Area along the southern Sichuan-Tibet line and Litang-Aden Highway (Sichuan section) built with the help of Huawei digital energy were officially launched. The fully liquid-cooled overcharge station launched this time has achieved the following three advantages: 1) faster charging, "one kilometer per second"; 2) The equipment has high reliability and long service life; 3) Match all models, and charge them as soon as they arrive.

new industrialization

New industrialization is the interpretation and foothold of new quality productivity. With the previous high-end manufacturing policies, the subsequent interpretation is worthy of attention.From the overall framework, it covers the previous 45 advanced manufacturing clusters. From the classification of advanced manufacturing clusters, among the 45 national clusters, there are 13 in the field of new generation information technology, 13 in the field of high-end equipment, 7 in the field of new materials, 5 in the field of biomedicine and high-end medical devices, 4 in the field of consumer goods, and 3 in the field of new energy and intelligent networked automobiles.Combined with the current market, it is suggested to pay attention to investment opportunities in the fields of information technology, high-end equipment and intelligent networked automobiles. In terms of breakdown, we should pay attention to robots, data elements and automobile intelligence that have made breakthroughs in recent industrial trends.

obesity drug

Sales are expected to increase, boosting the concept stocks of diet pills.JPMorgan Chase has raised its sales forecast for diet pills. It is predicted that by 2030, under the control of the duopoly of Novo Nordisk and Lilly Pharmaceuticals, the annual sales of GLP-1 receptor agonist-related drugs will exceed $100 billion. At the same time, JPMorgan Chase also predicted that the market size of weight-loss drugs in China is expected to reach $14.9 billion in 2030. According to the article "Prevalence of Obesity and Related Complications in China: A Cross-sectional Real World Study of 15.8 million Adults", according to the BMI classification standard of overweight and obesity in China, 34.8% of the 15.8 million adult subjects are overweight and 14.1% are obese. With the increase in the number of obese people and the enhancement of residents’ awareness of weight management, there is huge room for the development of diet pills market, and related R&D and pharmaceutical companies are expected to usher in a boost in valuation and a release of performance.

3, theme and industry trend changes

(1) New energy vehicles: The sales volume of domestic new energy vehicle enterprises increased in September, and the new M7 orders from AITO exceeded 50,000.

In September, the sales of domestic new energy vehicles rose, and some car companies delivered a new high monthly.

Since October, a number of new energy vehicle companies have disclosed their sales in September.Specifically, BYD Auto delivered 287,454 vehicles in September, up 42.8% year-on-year and 4.76% quarter-on-quarter. Guangzhou Automobile Ai ‘an delivered 51,596 vehicles in September, up 72% year-on-year and 14.59% quarter-on-quarter. Ideally, 36,060 vehicles will be delivered in September, up 212.7% year-on-year and 3.28% quarter-on-quarter. Deep blue delivered 17,370 vehicles in September, an increase of 17.87% from the previous month; Zero run delivered 15,800 vehicles in September, up 43.13% year-on-year and 11.35% quarter-on-quarter; Weilai delivered 15,641 vehicles in September, up 43.8% year-on-year and down 19.08% month-on-month; Tucki delivered 15,310 vehicles in September, up 81% year-on-year and 12% quarter-on-quarter.

From the overall sales volume, BYD showed a leading position with a monthly sales of nearly 290,000 vehicles, and its sales volume exceeded the sum of the sales of the last 15 car companies; Gac ean delivered 51,596 vehicles in a single month.Refresh your highest monthly sales again,Monthly sales exceeded 50,000 vehicles for the first time; Ideal September sales exceeded 36,000 vehicles, up 212.7% year-on-year.Create a new high in monthly delivery.Deep Blue Auto surpassed the old and new car companies such as Zero Run, Weilai, Tucki, etc., which ranked ideal, and delivered 17,370 vehicles in September. In addition, the delivery volume of Nezha cars in September has been obviously weak, although it increased by 9.15% month-on-month, but it decreased by 26.63% year-on-year to 13,211 vehicles. On a month-on-month basis, the sales volume of GAC Ai ‘an in September was nearly 15% month-on-month, maintaining a steady growth trend. It is worth noting that Great Wall Motor’s new energy sales increased by 111.23% year-on-year, but decreased by 87.14% month-on-month. In September, the sales volume of new energy vehicles dropped significantly compared with that in August. In addition, the delivery volume of Weilai in September decreased by 19.08% from the previous month to 15,641 vehicles, and the monthly delivery volume declined for the second consecutive month.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

Aito asked the world that the new M7 order exceeded 50,000, and the blind order of M9 exceeded 8,000 units.

AITO’s new M7 was released and listed on September 12th. This model is a model of Huawei’s intelligent car selection mode, and it has been significantly improved in terms of intelligent driving, body hardware and cost performance, and it is very popular after listing. Since the release of the new M7, Huawei has frequently announced its large order quantity. On September 25th, the new M7 was launched less than two weeks ago, and more than 20,000 sets were scheduled. The total scheduled amount in September is 30,000 units;By October 6, the listing time was more than three weeks, and the total number of scheduled units exceeded 50,000. Among them, 7,000 units were scheduled on October 6, and the number of single-day bookings reached a new high.

The hot sales of the new M7 in the world of inquiry ushered in a turning point after several months of low sales.Previously, as of August 30, 2023, the cumulative sales volume of the Wenjie series this year was only 35,200 units. In terms of product strength, the new M7 in Wenjie focuses on making up the missing items of the old M7, such as high-level intelligent assisted driving ability.The new M7 is equipped with HUAWEI ADS 2.0 advanced intelligent driving system, 27 sensing hardware, HarmonyOS intelligent cockpit, HUAWEI DATSTM 2.0 upgrade, HUAWEI DriveONE extended-range electric drive platform, etc.The rapid increase in the number of new M7 terminals in the world has certainly promoted the number of shops and test drives during the Mid-Autumn National Day holiday, but it still reflects the objective fact that the popularity of new M7 terminals in the world is gradually expanding. The new M7 has boosted Huawei’s BU business in terms of market realization, and its single product pulling effect has been greater than that of the previously released M7, M5 and M5 EV.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

While creating strong sales potential, the new M7 in the world of inquiry also affects the M9 in positioning the "flagship SUV of panoramic wisdom".Since the blind subscription was started on September 25th, the pre-sale price of 500,000-600,000 yuan has won a large number of orders with only a few renderings and a small amount of configuration information. According to Yu Chengdong, as of October 7th, the customer M9 had accumulated 10,450 blind orders and retained 8,040 orders. On that day, 333 units were blindly ordered, 26 units were unsubscribed and 307 units were blindly ordered. "The momentum is still too strong, and the delivery volume next year must be made up, with a positive mass supply as the plan guarantee."

Tesla delivered 435,000 units in the third quarter to a new high, and Tesla Model 3/Y America continued to cut prices.

Tesla delivered digital release in the third quarter, with 435,000 units reaching a new high.On October 3rd, Tesla released the third quarter production and delivery report. In the third quarter of 2023, Tesla produced a total of 430,488 electric vehicles worldwide, an increase of about 18% year-on-year. 435,059 electric vehicles were delivered, a year-on-year increase of about 27%. Among them, the output of Model S and Model X models is 13,688, and the delivery volume is 15,985; The output of Model 3 and Model Y is 416,800 vehicles, and the delivery volume is 419,074 vehicles. In the third quarter, Tesla’s production decreased by 10.3% month-on-month, which is the first quarter of this year when demand exceeds supply. At the same time, Tesla officially said that the delivery target in 2023 will remain unchanged at 1.8 million units. This means that if the delivery volume in the third quarter is less than expected, Tesla will deliver nearly 476,000 vehicles in the fourth quarter to achieve this goal. Under the price reduction, Tesla is expected to continue to hit the year-end delivery target.

Tesla lowered the price of American models.On October 6, Tesla officially announced the price reduction of some models, of which the Model 3 rear-wheel drive version dropped from $40,240 to $38,990; The long-life version dropped from $47,240 to $45,990; The high-performance version was reduced from $53,240 to $50,990. At the same time, the Model Y long-life version dropped from $50,490 to $48,490; The performance version was reduced from $54,490 to $52,490.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

(2) Artificial Intelligence & Robot: Google launched RT-X, one of the largest universal models in the world, and opened the training data set.

Based on the Open X-Embodiment training set, Google DeepMind launched the universal big model RT-X.On October 4th, DeepMind, a well-known AI research institution under Google, released RT-X, one of the largest universal large models in the world, and opened the training data set Open X-Embodiment. In order to build a variety of data sets to train a general model, and then control the training of many different kinds of robots, Google DeepMind cooperated with academic research laboratories of 33 institutions to build an Open X-Embodiment data set. They collected data from 22 different robot types, covering more than 1 million segments, showing more than 500 skills of robots and their performance on 150,000 tasks. This data set is the most comprehensive robot data set of its kind. Based on Open X-Embodiment data set, DeepMind trained more powerful RT-X on the basis of models RT-1 and RT-2, corresponding to RT-1-X and RT-2-X respectively. The experimental results show that the average performance of RT-1-X trained with Open X-Embodiment dataset is 50% better than that of the original model (RT-1). In mastering new skills, the success rate of RT-2-X is three times that of its previous best model RT-2. RT-2-X shows that under the premise of using a sufficiently high-capacity architecture,Combining the data of other robots with RT-2-X training can improve the task execution range of robots.

Data sets and models based on data set training have played a key role in promoting AI progress, and Open X-Embodiment data sets will promote the development of robotics.At present, the Open X-Embodiment data set and the RT-1-X model checkpoint have been opened to a wide range of research communities. DeepMind’s new research shows that it is possible to develop more useful auxiliary robots by using more diverse data and better models for extended learning. It is very important to cooperate with laboratories around the world and share resources to promote robot research in an open and responsible way. The future of robotics depends on the mutual learning between robots, and the most important thing is the mutual learning between researchers.DeepMind’s research proves that the model can be used in different environments, and its performance has been significantly improved both on DeepMind’s robots and on robots from different universities around the world.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

Liquid-cooled overcharge: "one second and one kilometer", Huawei all-liquid-cooled overcharge station goes online.

"One second and one kilometer", Huawei’s liquid-cooled overcharge helps to build the 318 Sichuan-Tibet overcharged green corridor with the highest altitude and faster charging.According to the news of Huawei’s official WeChat WeChat official account on October 4th, during the National Day holiday, the fully liquid-cooled overcharge station built with the help of Huawei’s digital energy was officially launched in Tianquan Service Area, Litang Kangnan Tourism Distribution Center and Sangdui Service Area along the southern Sichuan-Tibet line and Litang-Aden Highway (Sichuan section), which can provide new energy owners with a fast charging experience of "starting with a cup of coffee". This "318 Sichuan-Tibet Supercharge Green Gallery" fully liquid-cooled overcharge station can realize the maximum output power of the fully liquid-cooled overcharge terminal of 600kW and the maximum current of 600A, which is called "one second and one kilometer". At the same time, all-liquid cooling technology ensures the high reliability of equipment, and realizes high temperature resistance, high humidity resistance, dust prevention and corrosion prevention in plateau areas; In addition, the fully liquid-cooled overcharge station can also match all vehicles, with a success rate of 99% at one time, and the charging range of 200-1000V can match all vehicles, including Tesla, Tucki, Ideality and other passenger cars and commercial vehicles such as cargo trucks, and then it is the first to achieve "charging as soon as you come to the vehicle, that is, charging and leaving" on the 318 Sichuan-Tibet line.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

4. Policy: Six departments jointly issued the Action Plan for High-quality Development of Computing Infrastructure.

During the holiday, there were three main highlights on the policy side: 1) In terms of policy signals, Qiushi published an important signed article by the Supreme Leader General Secretary, "Promoting Chinese Modernization Needs to Deal with Several Major Relationships", which profoundly expounded a series of major relationships that need to be handled in promoting Chinese modernization from six aspects; 2) In terms of aggregate policy, the policy of steady growth was further introduced, mainly focusing on service-oriented consumption such as cultural tourism; 3) In terms of industrial policy, Shenzhen issued an implementation plan for peak carbon dioxide emissions.

In terms of industrial policy, on October 9, the Ministry of Industry and Information Technology and other departments jointly issued the Action Plan for High-quality Development of Computing Infrastructure, which proposed quantitative indicators for development by 2025 from four aspects: computing power, carrying capacity, storage capacity and application empowerment. We compared the differences between the current development and objectives of these four fields, and suggested that we should focus on: 1)The construction of intelligent computing power, according to IDC forecast, the market scale of generative AI computing will increase from 820 million dollars in 2022 to 10.99 billion dollars in 2026.; 2)According to incomplete statistics, Shanghai, Shandong, Ningxia, Tianjin and other places have successively issued relevant guidance documents on the construction of advanced storage capacity, and the policy is warm and frequent.; 3) the quality of transportation capacity is improved,Three major operators speed up the layout of computing networks; 4) applying the enabling end,Accelerate the construction of marginal computing power, and the "computing power voucher" model is expected to be rolled out..

(1) What important policies were introduced during the National Day?

During the holiday, there were three main highlights on the policy side: 1) In terms of policy signals, Qiushi published an important signed article by the Supreme Leader General Secretary, "Promoting Chinese Modernization Needs to Deal with Several Major Relationships", which profoundly expounded a series of major relationships that need to be handled in promoting Chinese modernization from six aspects; 2) In terms of aggregate policy, the policy of steady growth was further introduced, mainly focusing on service-oriented consumption such as cultural tourism; 3) In terms of industrial policy, Shenzhen issued an implementation plan for peak carbon dioxide emissions.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

Qiushi published an important signed article by General Secretary of the Supreme Leader, "Some Major Relations Need to be Handled in Promoting Chinese Modernization"

On October 1st, Qiushi magazine published an important signed article by General Secretary of the Supreme Leader, "Some Major Relationships Need to be Handled in Promoting Chinese Modernization". From six aspects: the relationship between top-level design and practical exploration, the relationship between strategy and tactics, the relationship between integrity and innovation, the relationship between efficiency and fairness, the relationship between vitality and order, and the relationship between self-reliance and opening to the outside world, this paper profoundly expounds a series of major relationships that need to be handled in promoting Chinese modernization and puts forward clear requirements.

Aggregate policy: the steady growth policy continues to exert its strength to help the development of service-oriented consumption.

The steady growth policy continues to exert its strength to help the development of service-oriented consumption.On September 29th, the State Council issued "Several Measures on Releasing the Potential of Tourism Consumption to Promote the High-quality Development of Tourism", and put forward 30 working measures to promote the high-quality development of tourism from five aspects: increasing the supply of high-quality tourism products and services, stimulating the demand for tourism consumption, strengthening inbound tourism, enhancing the comprehensive ability of the industry and ensuring measures. In addition, during the holiday period, several provinces and cities issued measures to stabilize growth and issued a number of subsidy policies to further promote economic stabilization and recovery. Specifically, on September 28th, "Several Policy Measures to Consolidate Growth and Promote the Sustained Economic Recovery in Liaoning Province" was issued, and 20 measures to stabilize growth were promulgated to actively provide subsidies for various activities such as promoting consumption and investment. On October 2nd, Sichuan Province issued "Several Policies and Measures on Further Stimulating Market Vitality and Promoting the Current Economic Operation to Continue to Improve", and put forward 19 policy measures from six aspects: strengthening fiscal and taxation policy support, actively expanding effective investment, accelerating consumption recovery and boosting, promoting foreign trade to improve quality and efficiency, helping enterprises reduce costs and burdens, and promoting rapid growth of enterprises.

Cross-border data consultation draft was issued, and Shenzhen released peak carbon dioxide emissions implementation plan.

On September 28th, the National Network Information Office issued the Regulation on Regulating and Promoting Cross-border Flow of Data (Draft for Comment). On the basis of the Standard Contract Measures for Personal Information Exit and the Safety Assessment Measures for Data Exit, the Exposure Draft further regulates the data exit. Specifically, the "Draft for Comment" has made important adjustments in three aspects: important data, personal data and free trade zone. Among them, in view of the data exit from the free trade zone, the "Draft for Comment" specifically proposes that the relevant regulatory bodies in the free trade zone can formulate a "negative list", which will help the development of data trade.

On October 7th, the Implementation Plan of peak carbon dioxide emissions was issued, proposing that by 2025, the energy consumption per unit area’s GDP will decrease by 14.5% compared with 2020; By 2030, the control level of carbon dioxide emissions per unit area GDP will be demonstrated first in the whole country and the whole province, so as to achieve the goal of peak carbon dioxide emissions by 2030. The "Implementation Plan" puts forward the "Ten Actions of peak carbon dioxide emissions" around the key areas and key links of carbon emission. In the future, Shenzhen will continue to promote the promulgation of "n" supporting policy documents, including action plans in key areas such as energy, industry, transportation and urban construction, and it is recommended to continue to pay attention.

(2) The potential impact on computing power, transportation capacity, storage and application of the Action Plan for High-quality Development of Computing Infrastructure jointly issued by six departments.

On October 9, the Ministry of Industry and Information Technology and other departments jointly issued the "Action Plan for High-quality Development of Computing Infrastructure", which proposed quantitative indicators for development by 2025 from four aspects: computing power, carrying capacity, storage capacity and application empowerment. Specifically, in terms of computing power,Computational power scaleOver 300EFLOPS, the proportion of intelligent computing power reaches 35%, and the computing power of the east and the west develops in a balanced and coordinated way.Storage capacityThe total storage capacity exceeds 1800EB, and the advanced storage capacity accounts for more than 30%.Carrying capacity, the national hub node data center clusters basically realize direct network transmission not higher than 1.5 times the theoretical delay, the coverage rate of OTN in key application sites reaches 80%, the backbone network and metropolitan area network fully support IPv6, and the use of new technologies such as SRv6 accounts for 40%.Application empowerment, around the industry, finance, medical care, transportation, energy, education and other key areas, each to create more than 30 application benchmarks.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

Computing power: the scale of computing power exceeds 300 EFLOPS, and the proportion of intelligent computing power reaches 35%.

In terms of computing power, the Action Plan proposes that by 2025, the scale of computing power will exceed 300EFLOPS, and the proportion of intelligent computing power will reach 35%, so that the computing power of the east and the west will develop in a balanced and coordinated manner. Judging from the current development situation, by the end of 2022, the total scale of computing power in China has reached 180Eflops, of which the scale of intelligent computing power accounts for about 22.8%.With the rapid development of AI model, the demand for intelligent computing power is explosive, and the current intelligent computing power has become the main driving force for the growth of computing power in China. According to IDC’s forecast, the global AI computing market will grow from $19.5 billion in 2022 to $34.66 billion in 2026, of which the generated AI computing market will grow from $820 million in 2022 to $10.99 billion in 2026. The proportion of generative AI computing in the overall AI computing market will increase from 4.2% to 31.7%. According to the China Artificial Intelligence Computing Power Development Assessment Report, by 2026, the market size of artificial intelligence servers in China will reach 12.34 billion US dollars.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

Storage capacity: the scale of storage capacity continues to expand, and the construction of advanced storage capacity is steadily accelerated.

In terms of storage capacity, the Action Plan proposes that the total storage capacity exceeds 1800EB, and the advanced storage capacity accounts for more than 30%.Judging from the current development, by the end of 2022, the number of servers in the data center in use in China exceeded 20 million, and the storage capacity exceeded 1000EB, increasing by 25%. At present, various provinces have successively introduced the goal of building storage capacity. According to incomplete statistics, Shanghai, Shandong, Ningxia, Tianjin and other places have successively issued relevant guidance documents on storage capacity.Specifically, Tianjin issued "Guiding Opinions on Doing a Good Job in the Construction and Development of Computing Network", Shandong issued "Action Plan for the Construction of Integrated Computing Network in Shandong Province (2022-2025)" and Ningxia issued "Guide for the Construction of Data Center in Ningxia Hui Autonomous Region".

Carrying capacity: the quality of transport capacity has improved, and the three major operators have accelerated the layout of computing networks.

In terms of carrying capacity, the Action Plan proposes that the data center clusters of national hub nodes basically realize direct network transmission with a theoretical delay of not more than 1.5 times, the coverage rate of OTN in key application sites reaches 80%, the backbone network and metropolitan area network fully support IPv6, and the use of new technologies such as SRv6 accounts for 40%. According to the data of the Ministry of Industry and Information Technology, by the end of 2022, 2.312 million 5G base stations had been built and opened in China, and 110 cities in China had reached the standard of gigabit city construction, with the total length of optical cable lines in China reaching 59.58 million kilometers. With the continuous advancement of the East-to-West Computing Project, the operators’ investment in computing network has been continuously increased.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

Application empowerment: accelerate the construction of marginal computing power, and the "computing power voucher" model is expected to be rolled out.

The application of computing power reflects the demand of computing power development. At present, the application of computing power in China is to accelerate the expansion from traditional fields such as Internet and e-government to services, telecommunications, finance, manufacturing, education and other industries. In the field of general computing power, the internet industry is still the industry with the greatest demand for computing power, accounting for 39% of the total computing power; The telecommunications industry has strengthened its investment in computing infrastructure, and its share of computing power has surpassed that of the government industry for the first time, ranking second. In the field of intelligent computing power, the demand for data processing and model training in the internet industry is increasing, and it is the industry with the greatest demand for intelligent computing power, accounting for 53% of the share of intelligent computing power; The service industry has rapidly developed from the traditional model to the new smart model, and the share of computing power ranks second.

With the explosive growth of the number of terminals and data in the Internet of Things, network communication is under great pressure. In order to meet the real-time, security and business needs of large-scale connection, edge computing has become an important supplement to cloud computing. Edge computing deploys computing resources closer to the terminal equipment, so that data can be processed locally, thus reducing the delay of data transmission to the cloud for processing and the pressure of network bandwidth.The Action Plan proposes to speed up the construction of marginal computing power, strengthen the layout of industry computing power construction, and meet the application needs of industrial Internet, education, transportation, medical care, finance, energy and other industries.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

In addition, the Action Plan proposes that in order to deepen the application of computing power to the industry, the cost and threshold of computing power will be reduced, the demand for computing power will be guaranteed, and the application of computing power in more production and life scenarios will be promoted. From the perspective of possible policy paths, the calculation voucher model is expected to be pushed forward in the future. Specifically, since the beginning of this year, many provinces and cities have reduced the cost and threshold of computing power by issuing vouchers:On January 12 this year, Chengdu issued the "Policies and Measures for Accelerating the Development of Computing Industry in Chengdu around Supercomputing Intelligence", proposing that Chengdu will issue "Computing Vouchers" with a total amount of no more than 10 million yuan each year; On July 31, Hangzhou issued the "Implementation Opinions of the General Office of Hangzhou Municipal People’s Government on Accelerating the Innovation and Development of Artificial Intelligence Industry", proposing that the city should set up a "calculation voucher" with a total amount of no more than 50 million yuan each year, focusing on supporting small and medium-sized enterprises to purchase calculation services; On July 11th, Beijing indicated that it would launch the first phase of subsidy of not less than 40 million yuan for calculating power vouchers to support model enterprises to reduce training costs.

5. Investment suggestions

October needs to focus on five tracks with marginal improvement:Integrated circuits (storage, packaging and testing, materials), digital economy (data elements, data confirmation), automobile intelligence (automatic driving), consumer electronics (panel, Apple Huawei industrial chain), nonferrous metals (copper and aluminum, coal, precious metals).

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

In the medium and long term, we suggest to pay attention to the industrial trends such as digital economy (data elements), artificial intelligence, self-control, etc. under the AI+ scientific and technological revolution, as well as the new technical route of carbon neutral industrial chain driven by cost reduction and efficiency increase, and the penetration rate of electric smart cars increases under the trend of electrification and intelligence.

02

Global Watch: Global Market Tracking

1. Performance of global stock market industry

Last week, global stock markets rose less and fell more, among which the information technology and telecommunications services sectors performed better, while the energy, public utilities and daily consumption sectors performed poorly.

Specifically,Us stocks rose less and fell more.Telecom services and information technology sectors led the gains, while energy and daily consumption led the declines. In terms of energy, the data released by the us energy information administration (EIA) on October 4th showed that gasoline inventories in the United States increased by 6.481 million barrels last week, the highest growth rate since January 2022, far higher than the expected 300,000 barrels. The four-week average of EIA gasoline demand hit a seasonal low since 1998, which aggravated the market’s concern about demand, and then caused the decline of related commodities.In terms of European stocks,Only the information technology sector rose, while the energy and public utilities sectors led the decline. In the British stock market, only the information technology sector rose, while the public utilities and materials sectors performed poorly.In the Japanese stock market,Only the daily consumption sector rose, while the energy and industrial sectors led the decline, with the energy sector plummeting by 13.5%.Hong Kong stocks generally fell,The energy and materials sectors led the decline. Last week (October 2-October 6),A shares are closed.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

2. Brief analysis of global powerful stocks and exotic stocks.

Among the companies with a market value of more than $20 billion that rose sharply in the past week, companies in the information technology, health care, optional consumption and financial industries are the majority; Among the companies with a market value of more than $20 billion that led the decline in the past week, companies in the energy, alternative consumption and public utilities industries were the majority.

Brief analysis of abnormal shares

Lilly CompanyOn October 3rd, Lilly bought Point Biopharma, a cancer biotechnology company, for $12.50 per share in cash, with a total transaction amount of about $1.4 billion. The transaction is expected to be completed before the end of 2023. On October 4th, local time, Lilly announced the change of senior management team in official website. Michael Mei Sen, Executive Vice President and President of Diabetes and Obesity Department of Lilly, will retire at the end of 2023. Patrik Jonsson will be the executive vice president and president of Lilly’s Diabetes and Obesity Department from January 1st, 2024, and also the executive vice president and president of Lilly USA. In this position, Jonson will lead Lilly’s marketed products and phase III product portfolio of diabetes and obesity drugs, including tirzepatide.

[ExxonMobil]According to a report by Cailian on October 6th, EXXON MOBIL, the American super giant, the largest energy exploration and exploitation company in the United States and the former company with the largest market value in the world, is close to reaching an agreement to acquire shale giant Pioneer Natural Resources. At present, the shale oil giant Pioneer Natural Resources Company is valued at about 60 billion US dollars. After the acquisition, ExxonMobil will integrate the two largest oil fields in the Permian basin in Texas and New Mexico, and become the largest oil producer in the basin, with a daily output of about 1.2 million barrels, surpassing most OPEC members. Exxon Mobil will also become the leader of oil production in the region. If the transaction is successfully completed, this "gamble" will become the biggest merger of the US oil and gas industry this year, and it will also become the largest transaction since Exxon merged with Mobil in 1999.

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

03

Important information express

1. Domestic industrial policies and news

(1) Computing Infrastructure: Six departments recently jointly issued the Action Plan for High-quality Development of Computing Infrastructure (☆☆☆).

On October 9, the Ministry of Industry and Information Technology, the Central Network Information Office, the Ministry of Education, the National Health and Wellness Commission, the People’s Bank of China and the State-owned Assets Supervision and Administration Commission of the State Council jointly issued the Action Plan for High-quality Development of Computing Infrastructure. It mentioned:

?Improve the transmission efficiency of the hub network. Promote the direct connection between the national hub nodes of the computing network and the backbone nodes of the network, and gradually build a one-hop direct link between clusters. The time delay between important computing infrastructures in the national hub nodes is not higher than 5 ms. Promote the deployment of ultra-low loss optical fiber and optimize optical fiber routing. Accelerate the R&D and deployment of 400G/800G high-speed optical transmission network and the application of all-optical crossover, SRv6, network slicing, flexible Ethernet, optical service unit and other technologies to realize intelligent, efficient, flexible and on-demand network transmission;

?By 2025, in terms of computing power, the scale of computing power will exceed 300 EFLOPS, and the proportion of intelligent computing power will reach 35%, and the computing power of the east and the west will develop in a balanced and coordinated manner. In terms of carrying capacity, the national hub node data center clusters basically realize the direct network transmission with the theoretical delay not higher than 1.5 times, the coverage rate of OTN in key application sites reaches 80%, the backbone network and metropolitan area network fully support IPv6, and the use of innovative technologies such as SRv6 accounts for 40%. In terms of storage capacity, the total storage capacity exceeds 1800EB, the advanced storage capacity accounts for more than 30%, and the coverage rate of core data and important data in key industries reaches 100%;

?Accelerate the development and application of storage technology. Focusing on all-flash memory, Blu-ray storage, high hardware density, data reduction, coding algorithm, chip unloading, multi-protocol data interoperability and other technologies, we will promote the innovative development of advanced storage.

?Accelerate the innovative application of computing power in the financial field, build a multi-node parallel distributed computing power resource architecture, and provide the ability to efficiently manage cross-regional resources and deploy core businesses in multiple places. Develop and deploy intelligent edge computing nodes around low-latency business scenarios such as high-frequency transactions in financial markets, realize the screening, integration and processing of edge data of financial services, and provide more accurate and efficient computing support for the development of financial services.

(2) Promote consumption: State-run: release the potential of tourism consumption and promote the high-quality development of tourism (☆☆☆)

On September 29th, the General Office of the State Council issued Several Measures on Releasing the Potential of Tourism Consumption to Promote the High-quality Development of Tourism, and put forward 30 measures to promote the high-quality development of tourism from five aspects. First, increase the supply of high-quality tourism products and services, promote the in-depth integration of culture and tourism, implement the good life holiday and leisure project, implement the demonstration project of sports tourism quality, carry out the action of improving the quality and efficiency of rural tourism, develop eco-tourism products, expand marine tourism products, optimize the investment in tourism infrastructure and revitalize idle tourism projects. The second is to stimulate tourism consumption demand, improve the tourism consumption environment, improve the policy of benefiting the people by consumption, adjust and optimize the management of scenic spots, improve tourism transportation services, develop the night economy in an orderly manner, and promote regional cooperation and linkage. Third, strengthen inbound tourism, implement inbound tourism promotion plan, optimize visa and customs clearance policies, resume and increase international flights, improve inbound tourism services, optimize departure tax refund services, and play the role of tourism trade carrier. The fourth is to enhance the comprehensive ability of the industry, support the development of tourism enterprises, strengthen the construction of tour guides, improve the quality of tourism services, and standardize the order of the tourism market. Fifth, in terms of safeguard measures, it is necessary to improve the coordination mechanism of tourism work, strengthen policy guarantee, broaden financing channels, strengthen the protection of land and talents, do a good job in tourism safety supervision, and improve the tourism statistics system.

(3) Electric vehicle: Huawei fully liquid-cooled overcharge helps to build a high-quality 318 Sichuan-Tibet overcharged green corridor with the highest altitude and faster charging (☆☆☆).

On October 3, Huawei Digital Energy announced in the official WeChat official account that during the National Day holiday, the fully liquid-cooled overcharge station it helped to build was officially launched in many places along the southern Sichuan-Tibet line and the Litang-Aden highway (Sichuan section). This 318 Sichuan-Tibet Supercharged Green Gallery uses the all-liquid cooling overcharging technology, with the highest altitude and faster charging, the maximum output power of 600kW and the maximum current of 600A, which is known as "one kilometer per second". The success rate of one-time charging is as high as 99%, and the charging range of 200-1000V matches all models, including Tesla, Tucki, Ideality and other passenger cars and commercial vehicles such as Cargo Lala.

(4) peak carbon dioxide emissions: The Shenzhen Municipal People’s Government issued a notice on printing and distributing the implementation plan of Shenzhen peak carbon dioxide emissions (☆☆☆).

On October 7th, the Shenzhen Municipal People’s Government issued a notice on printing and distributing the implementation plan of Shenzhen peak carbon dioxide emissions. It is mentioned in the Implementation Plan of Shenzhen peak carbon dioxide emissions that by 2025, the energy consumption per unit area GDP will decrease by 14.5% compared with that in 2020, and the carbon dioxide emission per unit area GDP will ensure the completion of the national and provincial targets, laying a solid foundation for the city’s peak carbon dioxide emissions. By 2030, the control level of carbon dioxide emissions per unit area GDP will be demonstrated first in the whole country and the whole province, so as to achieve the goal of peak carbon dioxide emissions by 2030.

?Vigorously lay out and develop new energy sources. Actively promote distributed photovoltaic power generation, expand the scope of diversified utilization of "photovoltaic+",and promote integrated planning and construction with related infrastructure. During the "Fourteenth Five-Year Plan" period, the cumulative installed capacity of photovoltaic power generation was 1.5 million kilowatts; By 2030, the installed capacity of photovoltaic power generation will reach 2.4 million kilowatts.

?Promote the low-carbon transformation of transportation equipment. We will improve the incremental control policy for urban cars, encourage private people to buy and use new energy vehicles, and guide fuel vehicles to be replaced by new energy vehicles. We will further promote the popularization and application of inland LNG-powered ships, support the development of coastal and ocean-going LNG-powered ships, encourage Hong Kong-built ships, cruise ships and official ships to use electric energy or LNG kinetic energy, and take the lead in developing hydrogen fuel cell ship application demonstrations in the field of official ships. By 2025, the proportion of new energy and clean energy vehicles will reach about 60%, the number of new energy vehicles in the city will reach about 1.3 million, the number of LNG vehicles will reach more than 20,000, and the number of hydrogen fuel cell vehicles will reach about 2,000. By 2030, the proportion of new energy and clean energy vehicles will reach about 70%, and the number of new energy vehicles in the city will reach about 2 million.

?Construct a green development pattern in the industrial field. By 2025, the added value of strategic emerging industries will exceed 1.5 trillion yuan, and the proportion of added value of high-tech manufacturing industry in the added value of industrial enterprises above designated size will remain at the leading level in the province. The energy consumption per unit added value and carbon dioxide emissions per unit added value of industrial enterprises above designated size will ensure the completion of national and provincial targets.

?Promote the development of green and low-carbon industrial clusters. Actively develop green and low-carbon industrial clusters such as new energy, safety, energy conservation and environmental protection, and intelligent networked vehicles. Enlarge and strengthen smart grid, new energy storage, photovoltaic and other advantageous industries, and continue to cultivate and develop hydrogen energy economy. By 2025, the added value of new energy industry will reach 100 billion yuan, the added value of safety, energy conservation and environmental protection industry will exceed 60 billion yuan, and the operating income of intelligent networked automobile industry will reach 200 billion yuan.

(5) Communications: Ministry of Industry and Information Technology: It is planned to promote the opening of telecommunications services to private capital in an overall way, and promote the reform of satellite Internet service access system step by step (☆☆☆).

On October 7, the Ministry of Industry and Information Technology publicly solicited opinions on "Opinions on Innovating Information and Communication Industry Management and Optimizing Business Environment (Draft for Comment)". The opinion draft pointed out that expanding the opening of telecommunications services. We will expand the opening up of telecommunications services in an orderly manner, explore pilot projects in free trade ports and other areas, and expand the opening up of value-added telecommunications services on a pilot basis. Make overall plans to promote the opening of telecommunications business to private capital, increase support for private enterprises to participate in mobile communication resale and other business and service innovations, promote the reform of satellite Internet business access system step by step, and continuously broaden the channels and scope for private enterprises to participate in telecommunications business.

(6) Urban development: The National Standards Committee and other six departments jointly issued the Action Plan for Urban Standardization (☆☆☆).

On October 7, the National Standardization Administration Committee, the Ministry of Industry and Information Technology, the Ministry of Civil Affairs, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development and the Ministry of Emergency Management jointly issued the Urban Standardization Action Plan. The Action Plan proposes that by 2027, the standard system for urban high-quality development will be basically completed, and more than 150 national standards and industry standards will be revised in the fields of urban sustainable development, new urbanization, smart cities, public services, urban governance, emergency management, green and low carbon, ecological environment, cultural services and infrastructure.

(7)Web3.0: Shanghai: By 2025, a new generation of open license chain technology system and standard specifications will be formed to support the development of innovative applications of Web3.0 (☆☆☆).

On September 26th, Shanghai Science and Technology Commission issued the Special Action Plan for Key Technologies of Blockchain in Shanghai (2023-2025). The document pointed out that by 2025, in the basic theories such as blockchain system security and cryptographic algorithms, as well as in the technical fields such as blockchain dedicated processors, smart contracts, cross-chain, new storage, privacy computing, supervision, etc., innovation breakthroughs will be accelerated, and a new generation of open licensing chain technology systems and standards that can support the development of innovative applications of Web3.0 will be formed, which will be manageable, controllable, open and open, laying the foundation for building a reliable security technology base for the digital economy and cultivating a new generation of blockchain innovation ecology with global influence.

(8) Real estate: the central bank: implement the dynamic adjustment mechanism of the new first home loan interest rate policy and lower the down payment ratio and the lower limit of the second home loan interest rate (☆☆☆).

The Monetary Policy Committee of the People’s Bank of China held its 102nd regular meeting in the third quarter of 2023 in Beijing on September 25th. The meeting pointed out that due to the city’s policy to accurately implement differentiated housing credit policies, support rigid and improved housing demand, implement the dynamic adjustment mechanism of the new first home loan interest rate policy, lower the down payment ratio and the lower limit of the second home loan interest rate, and promote the reduction of the stock first home loan interest rate. It will be effective, increase financial support for "flat and emergency dual-use" public infrastructure construction, urban village renovation, and affordable housing construction, promote the establishment of a new development model of the real estate industry, and promote the stable and healthy development of the real estate market.

(9) Electricity: The National Development and Reform Commission and the National Energy Administration issued the Measures for Power Load Management (2023 Edition) (☆)

On September 27th, the National Development and Reform Commission and the National Energy Administration issued the Measures for Power Load Management (2023 Edition), in which it was mentioned that the power operation authorities at all levels should guide power grid enterprises to promote the construction of a new power load management system in the region as a whole, set the annual target of load resource access, and gradually realize the full coverage of high-voltage users of 10 kV (6 kV) and above. Load aggregators and virtual power plants should be connected to the new power load management system to ensure the unified management, regulation and service of load resources, and power grid enterprises should provide data support and technical services for third-party operators.

(10) Share reduction: The Shanghai and Shenzhen Stock Exchanges further standardize the reduction of controlling shareholders and actual controllers (☆)

According to the Xinhua News Agency reported on September 27th, in order to implement the regulatory requirements of China Securities Regulatory Commission to further standardize the share reduction, on the evening of September 26th, Shanghai Stock Exchange and Shenzhen Stock Exchange respectively issued and implemented the Notice on Further Regulating the Share Reduction, and Beijing Stock Exchange issued the revised guidelines on the implementation of the share reduction and shareholding management to further standardize the share reduction.

The notice issued by the Shanghai and Shenzhen Stock Exchanges pointed out that the controlling shareholders and actual controllers are not allowed to reduce their shares in the company through the secondary market if the listed company has broken the net profit, or has not paid cash dividends in the last three years, and the accumulated cash dividends are less than 30% of the average annual net profit in the last three years. The notice made it clear that the reduction of shares in the secondary market refers to the reduction of shares through centralized bidding transactions or block transactions in this exchange. At the same time, the notice clarifies the specific standards for breaking and breaking the net. Breaking means that the closing price of the stock is lower than the issue price of the stock at the time of initial public offering on any day in the 20 trading days before the announcement of the reduction plan. Breaking the net means that the closing price of the stock on any day in the 20 trading days before the announcement of the reduction plan is lower than the net assets per share at the end of the latest fiscal year or the latest financial accounting report.

(11) Real estate: xiong’an new area, Hebei Province canceled the "equal rights for renting and selling" in public service fields such as pre-sale of commercial housing, education, medical care and employment (☆).

On September 28th, the General Office of Tianjin Municipal People’s Government issued a notice on printing and distributing the implementation plan for accelerating the development of new energy and intelligent networked automobile industry in Tianjin (2023-2027). By 2025, the output of new energy vehicles will account for 30% of the city’s total automobile output, and the industry will form a certain scale; Intelligent networked vehicles realize commercial application in limited areas and specific scenes, and form a relatively complete industrial chain supply system with distinctive characteristics. By 2027, the output of new energy vehicles will account for 45% of the city’s total automobile output, and Tianjin will be built into an important new energy vehicle production base in the north and an important intelligent networked vehicle demonstration application and achievement transformation city in China.

(12) Green electricity: The National Development and Reform Commission (NDRC) encourages key regions and key enterprises to increase the proportion of green electricity consumption (☆☆)

On September 27th, the responsible comrades of the National Development and Reform Commission answered a reporter’s question about the Measures for Power Demand Side Management (2023 Edition), and said that they should give priority to saving and promote the energy efficiency of power users. Further promote the connection between green electricity consumption and green electricity trading and green certificate trading, and encourage key regions and key enterprises to increase the proportion of green electricity consumption. Focus on key areas, scientifically promote electric energy substitution, improve support measures for electric energy substitution projects, and steadily promote the level of terminal electrification.

(13) Tourism: Ministry of Culture and Tourism: In 2023, the domestic tourism revenue of Mid-Autumn Festival and National Day holidays was 753.43 billion yuan, an increase of 1.5% compared with 2019 (☆☆).

According to the news of the Ministry of Culture and Tourism on October 6, during the Mid-Autumn Festival and National Day holidays in 2023, the cultural and tourism industries recovered strongly, and the national holiday market was stable and orderly. According to the data center of the Ministry of Culture and Tourism, during the eight-day Mid-Autumn Festival and National Day holiday, the number of domestic tourists was 826 million, an increase of 71.3% year-on-year according to comparable caliber, and an increase of 4.1% compared with 2019 according to comparable caliber; Domestic tourism revenue reached 753.43 billion yuan, up 129.5% year-on-year according to comparable caliber, and up 1.5% compared with 2019 according to comparable caliber.

2. Foreign industrial policies and news

(1)AI Pharmaceuticals: The value of the artificial intelligence drug agreement reached between Novo Nordisk and the technology company Valo Health can reach 2.7 billion US dollars (☆☆☆).

On September 25th, Novo Nordisk announced that it had reached a cooperation agreement with Valo Health, an American technology company, seeking to discover and develop new therapies for cardiac metabolic diseases (CMD) by using human data and artificial intelligence. According to the terms of the agreement, Valo will receive an advance payment and potential near-term milestone payments totaling $60 million, and is eligible for milestone payments of up to 11 projects totaling $2.7 billion, plus R&D expenses and potential royalties.

(2) Artificial intelligence: ChatGPT meets a heavy upgrade: it can be "networked" through Bing and is no longer limited to old data (☆☆☆).

On September 27th, local time, OpenAI announced on X (formerly known as Twitter) that its ChatGPT product can conduct web search through Microsoft’s bing search engine, which will not be limited to data before September 2021. OpenAI said: "Now ChatGPT Plus and Enterprise users can use the browsing function, which will soon be extended to all users. To enable it, please select ‘( Browse with Bing’ in the selector under GPT-4. "

(3) Electric vehicles: Germany officially launched the subsidy program for solar charging stations for electric vehicles (☆☆☆).

According to German media reports, from September 26th, anyone who wants to use solar energy to charge electric vehicles at home in the future can apply for a new state subsidy provided by the German Bank for Reconstruction and Credit (KfW). According to the report, private charging stations that generate electricity directly from the roof can provide green charging methods for electric vehicles. The combination of charging station, photovoltaic power generation system and solar energy storage system makes it possible. KfW now provides subsidies of up to 10,200 euros for the purchase and installation of these equipment, with a total subsidy of no more than 500 million euros. If the maximum subsidy is paid, about 50,000 electric vehicle owners will benefit.

(4) Electric vehicles: Tesla’s delivery in the third quarter was lower than expected, and the annual delivery target of 1.8 million vehicles was still maintained, and the US price of some models was lowered (☆☆).

On October 2nd, Tesla released the third quarter production and delivery report. In the third quarter of 2023, Tesla delivered 435,100, and the market estimated 456,700. Tesla delivered 419,100 MODEL 3/Y units in the third quarter, which was lower than the market estimate of 439,400 units. Tesla produced 430,500 cars in the third quarter, which was lower than the market estimate of 462,000. Tesla said that the decline in sales volume was caused by the shutdown of the factory upgrade plan, and the delivery target of about 1.8 million vehicles in 2023 remained unchanged. Tesla will announce its financial results for the third quarter of 2023 after the closing on October 18, 2023.

On October 6, according to Tesla’s official website, the company reduced the price of some vehicles in the United States, reducing the price of Model 3 in the United States from $40,240 to $38,990, and reducing the price of Model Y long-life version in the United States from $50,490 to $48,490; Reduce the price of Model Y Performance to $52,490.

(5) Import tariff: EU started to implement the world’s first "carbon tariff" (☆☆).

According to Russian reports on October 2nd, the EU carbon border adjustment mechanism (CBAM) regulation, the world’s first "carbon tariff", came into effect on October 1st. The transition period is from now to 2025, and it will be fully implemented gradually from 2026 to 2034. According to the new regulations, the EU will impose additional taxes on steel, aluminum, cement and fertilizer imported from abroad. EU importers must now report the greenhouse gas emissions during the production of related commodities. From January 1, 2026, importers must buy emission certificates, and the price is set based on the carbon price they need to pay when producing these goods in the EU.

(6) Real estate: The mortgage interest rate in the United States remains high, setting a record for nearly 23 years (☆☆).

According to a report by Cailian on October 6th, the interest rate of American mortgage rose for the fourth consecutive week, reaching the highest level since December 2000. Freddie Mac said in a statement on Thursday that the average interest rate of 30-year fixed-rate loans rose to 7.49% from 7.31% last week.

(7) Consumer electronics: Apple CEO Cook sold shares and cashed in $41 million, the largest amount since 2021 (☆).

According to a report by Cailian on October 4th, as Apple’s share price dropped from a record high, CEO Cook sold Apple’s stock worth about $41 million after tax, the largest in more than two years. According to the documents submitted to the US Securities and Exchange Commission (SEC) on October 3, Cook sold 511,000 shares. The data shows that after working at Apple for more than 20 years, he still holds about 3.28 million shares of Apple. Before Cook’s share sale, Cook rarely reduced his salary by about 40% to $49 million in 2023. Moreover, the proportion of stock incentives linked to Apple’s performance will increase from the previous 50% to 75% this year.

(8) Medicine: Lilly acquired the senior management team of cancer biotechnology company with about $1.4 billion in cash (☆).

On October 3rd, Lilly bought Point Biopharma, a cancer biotechnology company, for $12.50 per share in cash, with a total transaction amount of about $1.4 billion. The transaction is expected to be completed before the end of 2023. Point Biopharma rose more than 80% before the market. On October 4th, local time, Lilly announced the change of senior management team in official website. Michael Mei Sen, Executive Vice President and President of Diabetes and Obesity Department of Lilly, will retire at the end of 2023. Patrik Jonsson will be the executive vice president and president of Lilly’s Diabetes and Obesity Department from January 1st, 2024, and also the executive vice president and president of Lilly USA. In this position, Jonson will lead Lilly’s marketed products and phase III product portfolio of diabetes and obesity drugs, including tirzepatide.

3. Tracking of global key technology companies

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

[Investment Promotion Strategy] Robotics research ushered in ImageNet moment, and Huawei's fully liquid-cooled overcharge station was launched —— Global Industry Trend Tracking Weekly (1009)

Take the low-end comfort test Volvo S40 2.0 dual clutch version.

  Having finished the "weakness" of 2.0, let’s take a look at its "strength". If you just drive casually, it’s actually quite comfortable! The steering is not very heavy, and the correction force is also small, which saves a lot of unnecessary fatigue during driving, and female users should like it very much! At the same time, the steering wheel is comfortable to hold, so it would be better if you could add a wooden steering wheel like XC60 or S80L!

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  Speaking of long events, Powershift is absolutely the most important thing! Fast gear shifting and good ride comfort; Different from the 7-speed, the Powershift of S40 is wet, and the G 7 speed is dry (the 6-speed is wet), and the two have their own advantages!

  The transmission of the wet clutch needs oil as the medium. When shifting gears, the clutch plate will generate friction and heat up. The biggest advantage of the wet clutch is that it helps to control the temperature of the gearbox. For this reason, the wet gearbox will bear more torque. However, because there is oil as the medium in the middle, the power transmission is not as direct as dry.

  The advantage of dry clutch is stronger friction! Torque transmission is direct! The efficiency is also relatively high, but in the face of fierce driving, the heat generated by dry clutch is larger than that of wet clutch, which is not conducive to "squeezing" the vehicle performance for a long time.

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  So, S40 is a little far from the so-called aggressive driving style, and it has also changed back to a more stable and stable output mode. Indeed, during daily driving, the Powershift dual-clutch gearbox shifts gears very quickly! To put it mildly, drivers sometimes have to rely on hearing to perceive gear shifting.

  Since it is a comfortable positioning, S40 will not have any outstanding performance in driving, which is often "loud voice, little rain". For example, when accelerating sharply, the vehicle will not show any sensitive response. The downshift of the gearbox is very clean, but it is 2.0L that drags the hind legs.

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  Because the S mode is not designed for the gear, you have to switch to the manual mode if you want to make the S40 dynamic, but if you try, you will know that it must be self-defeating, the gear shift is slow, and the throttle response is weak. Unless the speed is raised, you are worried that the noise will affect the comfort, so just give up …

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  The performance of the 2.0L engine can only be regarded as sufficient, and the low torque is still true. The power of about 1800rpm can meet the driving in the city, which is also the driving speed given by the Powershift 6-speed gearbox in general. Step on the accelerator a little deeply and increase the speed to about 2300rpm. The feedback of power is a little more sensitive. Within the affordable range of economy, I think this speed range can meet my demand for S40 2.0.

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  There is a problem that I really don’t understand. When driving at high speed, the driving speed of S40 2.0 Powershift is on the high side (it is very high compared with the general 6-speed gearbox)! Especially at 120km/h, the speed reached 3200rpm! It is not conducive to economy and the interior environment! Since it is 6-speed, why not design the 6th gear as "high-speed advantage"? Frankly speaking, the 1-6 gear ratio of Powershift is designed to be relatively close to ensure the comfort and economy in the city to the greatest extent, but is this too one-sided? I still have reservations …

  Noise:S40 has excellent noise performance. Among them, the rotating speeds of 60km/h and 80km/h are around 2000rpm, which is within the standard range. As we said just now, the rotating speed of S40 2.0 Powershift at 120km/h is somewhat exaggerated. It really takes some skill to control the noise well under the premise of 3200rpm, which is entirely due to the sound insulation and sealing effect of S40, otherwise the rotating speed will definitely exceed the standard!

  Some people buy cars for brands, some people buy cars to save face, some people like comfort, and some people are obsessed with sports. In short, the starting point of choosing and buying is different. Take 320i and S40 2.0 for example, no matter how good the motivation is, as long as they are famous there, they can provide better sports or comfort.

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  Maybe some people will say that it is better to buy S40 2.0! It’s cheaper and the same platform, and there’s nothing special about power. I don’t think I would be so extravagant, but the person who thinks like this doesn’t fit the description at the beginning of the last paragraph, and it doesn’t belong to the potential users of S40, because you and I are still too practical. (Text/Photo/Photography Meng Qingjia Zuo Xu)