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Attention! The National Disease Control Bureau issued a notice to take precautions in advance.

The National Bureau of Disease Control and Prevention issued a notice on April 27th, asking all localities to do a good job in the prevention and control of key infectious diseases such as Covid-19 infection in spring and summer.

The notice pointed out that May coincided with the turn of spring and summer, and some mosquito-borne infectious diseases and intestinal infectious diseases entered the high season. The increase in personnel mobility and gathering activities during the May Day holiday may increase the risk of spreading infectious diseases such as COVID-19. At present, the epidemic situation of infectious diseases in China is generally stable. The global epidemic caused by JN.1 mutant in Covid-19 has peaked and dropped to a low level. The COVID-19 epidemic in China has maintained a low-level wave epidemic trend, but Covid-19 is still mutating, and the epidemic still has some repetitiveness. The prevention and control of some infectious diseases in China is facing new situations and new features. In some areas, the influenza epidemic has not fallen back to the same period of last year, and the pertussis epidemic has shown a rapid growth trend. The number of reported cases of hand, foot and mouth disease has increased significantly, and the common epidemic of multiple diseases has become the norm. Dengue fever and measles have rebounded in many countries and regions around the world, and the risk of importing overseas epidemics into China has increased.

The Notice highlights seven major measures.

The first is to strengthen the prevention and control of epidemic situation at ports. Pay close attention to the epidemic situation of COVID-19, dengue fever, measles, malaria and other key infectious diseases around the world, implement measures such as temperature monitoring, medical inspection, epidemiological investigation and medical investigation for entry-exit personnel, do a good job in Covid-19 nucleic acid sampling for entry-exit personnel, and strengthen health education for entry-exit personnel.

The second is to strengthen monitoring, early warning, investigation and disposal. We will continue to implement multi-channel monitoring and multi-pathogen monitoring of respiratory infectious diseases in COVID-19, strengthen monitoring and early warning in combination with the epidemic characteristics of infectious diseases in spring and summer and local conditions, and carry out comprehensive analysis and judgment on the epidemic situation. Timely investigation and disposal after the outbreak.

The third is to strengthen the medical treatment of infectious diseases. Prepare for medical treatment, strengthen the training of medical personnel, strengthen the management of medical services, strengthen the implementation of the first consultation responsibility system, and send experienced medical personnel on duty to ensure the smooth and orderly medical services.

The fourth is to strengthen vaccination. Focusing on the core goal of the national immunization program that the vaccination rate is not less than 90%, we will strengthen the monitoring and evaluation of the vaccination rate and seriously organize the work of leak detection and replanting. Promote timely and full vaccination of school-age children with the national immunization program vaccine, and continue to promote vaccination of key populations with Covid-19 vaccine containing XBB mutant antigen.

The fifth is to strengthen epidemic prevention and control in key institutions. Guide kindergartens and schools to implement measures such as morning and afternoon check-up, health education, environmental disinfection, and tracking and registration of absenteeism due to illness. Guide the old-age care institutions and social welfare institutions to strengthen the management of foreign visitors, the elderly and children going home and returning to hospital, and reduce the risk of introduction and spread of the epidemic.

Sixth, strengthen the epidemic prevention and control of travel and tourism activities. According to the change of passenger flow, the passenger station will increase or open the entrance and exit stations and security channels in time, and guide passengers to enter and leave the station in an orderly manner and wait for the bus (ship, plane). Tourist attractions timely and dynamically divert passenger flow to avoid large-scale gathering of people in indoor venues. Accommodation and catering service units strengthen food hygiene and safety management.

Seventh, strengthen publicity and education. Carry out targeted publicity and health education on prevention and control knowledge, guide travelers to know the epidemic situation of infectious diseases in the destination in advance, and advocate people with respiratory symptoms such as fever and cough to avoid participating in group activities or going to crowded places.

Original title: "Attention! The National Disease Control Bureau issued a notice to take precautions in advance. "

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Announcement of the State Council Customs Tariff Commission on Imposing Tariffs on Some Imported Goods Originated in the United States (Second Batch)

The State Council Customs Tariff Commission’s Decision on Some Imported Goods Originated in the United StatesAnnouncement of tariff increase (second batch)
Announcement No.6 [2018] of the Tax Commission

On July 11, 2018, the US government issued a measure to impose tariffs on about $200 billion of goods imported from China, and solicited public opinions on this measure. On August 2, the United States announced that it planned to increase the tariff rate on the above-mentioned $200 billion goods from 10% to 25%. The measures taken by the United States deviate from the consensus reached by the two sides in many consultations, which leads to the escalation of trade friction between China and the United States, which seriously violates the relevant rules of the World Trade Organization and harms China’s national interests and people’s interests.

According to People’s Republic of China (PRC)’s Foreign Trade Law, People’s Republic of China (PRC)’s Import and Export Tariff Regulations and other laws and regulations and the basic principles of international law, the State Council Customs Tariff Commission decided to impose tariffs on 5,207 imported goods originating in the United States. This measure involves about 60 billion US dollars in import trade from the United States. The relevant matters are as follows:

1. Impose a tariff of 25% on 2493 items listed in Annex 1, 20% on 1078 items listed in Annex 2, 10% on 974 items listed in Annex 3, and 5% on 662 items listed in Annex 4. See Annexes 1 to 4 for the specific commodity ranges.

2. For the imported goods listed in the annex originating in the United States, corresponding tariffs will be levied on the basis of the current taxation method and applicable tariff rate, and the current policies of bonded and tax reduction and exemption will remain unchanged, and the tariffs imposed this time will not be reduced or exempted.

Iii. Collection of relevant import taxes:

Additional tariff = customs value × additional tariff rate

Tariff = payable tariff calculated according to the current applicable tax rate+additional tariff.

Import value-added tax and consumption tax shall be levied according to relevant laws and regulations.

Fourth, the implementation date will be announced separately.

Attachment:

1. List of goods subject to 25% tariff on the United States and Canada

2. List of goods subject to 20% tariff on the United States and Canada

3. List of goods subject to 10% tariff on the United States and Canada

4. List of goods subject to 5% tariff on the United States and Canada

The State Council Customs Tariff Commission
August 3, 2018

Is the "dual clutch gearbox" stronger than the "AT gearbox"? After comparing the old drivers, who is strong and who is weak will have the answer.

Dual-clutch gearbox and AT gearbox have always been two controversial transmission systems in the automobile industry. Some car owners think that the dual clutch gearbox has higher performance and better driving experience than the AT gearbox, while others think that the AT gearbox is more reliable and comfortable. So, which gearbox is more suitable for vehicle driving? This paper will compare the dual clutch gearbox and AT gearbox from many aspects to help you make a wise choice.

I. Transmission principle and structure

Although both DCT and AT gearboxes are automatic gearboxes, their transmission principles and structures are quite different. Based on the structure of manual gearbox, dual clutch gearbox adopts two sets of clutches to control odd and even gears respectively, thus realizing automatic gear shifting. AT gearbox uses hydraulic torque converter and planetary gear set to realize speed change and power transmission.

Second, the shift speed and ride comfort

Because of its special transmission structure and mechanical characteristics, dual clutch gearbox has great advantages in shifting speed and smoothness. Its shift speed is fast, and it can hardly feel a sense of frustration, especially when accelerating overtaking. In contrast, although the AT gearbox can also achieve a faster shift speed, it still has a certain sense of frustration when driving at a low speed or in congested road conditions.

Third, fuel economy

Because of its high transmission efficiency and smooth shifting process, the dual-clutch gearbox makes the vehicle more fuel-efficient during driving. In the actual test, the fuel consumption of vehicles equipped with dual-clutch gearbox is generally 1-2L lower than that of vehicles equipped with AT gearbox. This is a big advantage for car owners who pay attention to fuel economy.

Fourth, reliability and maintenance costs

Because of its complex structure and precise control logic, AT gearbox is slightly less reliable than dual clutch gearbox. Under normal use, the failure rate of the dual-clutch gearbox is lower and the maintenance cost is lower. However, in the actual use process, because the hydraulic torque converter of AT gearbox has a certain buffering and protection function, the durability and reliability of AT gearbox may be slightly better under some extreme driving conditions, such as track driving.

V. Noise and vibration

In terms of noise and vibrATion, at gearbox is smoother and less noisy when driving at low speed because of the hydraulic torque converter. However, when the dual-clutch gearbox is driving at low speed, due to the high frequency of engagement and disengagement of two sets of clutches, it will produce certain noise and vibration. However, when driving at high speed, the noise and vibration of the dual-clutch gearbox will be significantly reduced.

To sum up, the dual-clutch gearbox and AT gearbox have their own advantages and disadvantages, and the specific choice of gearbox needs to be decided according to the purpose of the vehicle, driving habits and personal preferences. In general daily driving, the advantages of dual-clutch gearbox are fast shifting speed, good ride comfort, fuel saving and low maintenance cost. In extreme driving conditions, such as track driving or off-road driving, the reliability and adaptability of AT gearbox are more obvious.

For car owners who pursue driving experience, dual-clutch gearbox is undoubtedly a better choice; For car owners who pay attention to comfort and reliability, AT gearbox may be more suitable for your needs. In a word, no matter which gearbox you choose, as long as you can give full play to its advantages and use it correctly, they can bring you excellent driving experience.

Biden hopes to meet with Putin in June. Where will US-Russia relations go?

  Beijing, May 5 (Xinhua) According to foreign media reports, on the 4th local time, US President Biden said that he hoped to meet with Russian President Vladimir Putin during his visit to Europe in June.

  According to reports, on the same day, after Biden delivered a speech on the COVID-19 epidemic at the White House, when the media asked whether he planned to meet with Putin during his European visit in June, he said, "This is my hope and expectation, and we are working hard."

  Biden will attend the G-7 summit in Britain from June 11th to 13th, and then go to Brussels, Belgium, to attend the NATO summit. This will be his first visit since he took office in January.

  According to the report, Biden and Putin had a telephone conversation on April 13th, and the White House subsequently announced that they would hold a summit in a third country in the coming months. On April 28th, Russian Presidential Press Secretary peskov said that Putin and Biden may meet in the summer, but the time and place have not yet been determined.

  US Secretary of State Blinken said recently that the possible face-to-face talks between Biden and Putin will be beneficial to both countries. He added that the United States does not want relations with Russia to deteriorate, but it will also respond to those unfriendly measures.

  In recent years, US-Russian relations have been constantly tense. Since Biden took office, the two sides have achieved limited cooperation in the field of arms control, but there are obvious differences on Ukraine, cyber security, human rights, election intervention and other issues, and the confrontation has intensified.

  On April 15, the US government imposed large-scale sanctions on Russia and expelled 10 Russian diplomats on the grounds of "malicious activities" such as cyber attacks and interference in US elections. On the 21st, the Russian Foreign Ministry announced the expulsion of 10 American diplomats in Russia in response.

  On April 26th, Russian Foreign Ministry spokesman Zacharova announced that the United States was included in the list of "unfriendly countries", and the countries on the list were not allowed to hire Russian citizens to work in their diplomatic institutions.

Chen He’s 38th Birthday Party: Five Haas Gather Together, Deng Chao is younger and more handsome than Luhan!

Recently, our country’s popular actor Chen He ushered in his 38th birthday. This time, he chose to celebrate this special day with five friends from the entertainment industry on his birthday. The five friends are Deng Chao, Lu Han and other five people. They came together to make this birthday party a five-ha gathering.

This time, the birthday party was held in an upscale restaurant, with a luxurious scene and a warm atmosphere. Chen He wore a suit that night, looking handsome and refreshed. Deng Chao, on the other hand, highlighted his decadent coolness and showed his unique personality style. Some even praised Deng Chao as younger and more handsome than Lu Han, which shocked the female fans at the scene.

Chen He received many blessings and gifts from his friends on his birthday, and he felt his luck and the warmth of being loved. He posted photos of the party on Weibo and thanked all those who sent blessings. This move made people feel more happy and satisfied in his heart.

It is worth mentioning that Lu Han has also brought surprises to people. His recent hard work in the gym has made him more robust. Although there is still a gap between Chen He and Deng Chao, his refreshed state and healthy physique have been praised by people. Their interaction and tacit understanding are also envied.

This birthday party was not just a celebration of Chen He, but also a reunion and reunion between the five friends. Chen He, Deng Chao, Lu Han and others all have high popularity and popularity in the entertainment industry, and their friendship is even more enviable. This party not only allowed everyone to witness their friendship, but also showed their respective growth and progress.

Chen He’s 38th birthday party is certainly a moment to celebrate. His success in his career and happiness in his personal life are enviable. He has proved with practical actions that age is not an obstacle to one’s pursuit of dreams and success. With passion and enthusiasm, every day can be a new beginning.

Chen He’s birthday party made people feel the warmth and happiness of friendship, and also gave them more expectations and courage as they grew older. I believe that in the days to come, Chen He and his friends will continue to move forward hand in hand and pursue more dreams and successes together. Let us wish Chen He a happy 38th birthday, and wish him a better career and a happier life in the days to come!

Responsible editor:

Seres Automotive and China

Recently, I have been paying attention to Smart Selection, and then I have learned about the Jinkang Sailis brand.

I have always felt that Huawei, Kirin and other brands are all from myths such as "," and I feel that this Siris must have some allusions. It’s just that there is no relevant introduction in various channels. It’s a bit mysterious.

I spent a day today getting to know the brand name, and I think I’ve found the answer.

That is: SERES isTo the Eastern Han DynastyThe names of countries and ethnic groups related to silk by geographers and historians are generally believed to refer to China or the surrounding areas of China at that time.

In the past three years, watching the release of SF5 and Sailis, Huawei’s cooperation with Sailis has become smoother and smoother. It is hoped that with the strong injection of the Huawei brand and the lofty vision of the Sailis brand, coupled with excellent products and marketing, Huawei Auto will achieve the stated goal, which is to kill XXX. It’s not impossible, lift up!

The starting price is about 120,000, and BYD Qin L officially appeared.

At the Beijing Auto Show, BYD’s brand-new model, Qin L, was officially unveiled. The car was positioned between Han and Han, and adopted a brand-new interior and exterior design language. It is reported that it will be equipped with a fifth-generation DM hybrid system.

Sports design

Yan value modeling is a highlight of Qin L. The interior of the large-size air intake grille is decorated with lattice chrome trim, which has a strong sense of movement. The black trim above connects the long and narrow headlight groups on both sides, which is similar to the model. There are ventilation slots on both sides of the grille, which adds a sense of layering.

However, the new car does not adopt the popular hidden door handle, but the traditional shape. The slip-back body is more dynamic, and the internal shape of the penetrating structure is somewhat similar to BYD Han’s "Chinese knot". In addition, the design of the airflow diffuser of the lower bumper has a good sense of movement.

In terms of body size, the length, width and height of the new car are 4830/1900/1495mm and the wheelbase is 2790 mm. A lap bigger than Qin PLUS, positioning a B-class sedan.

The interior design is more concise.

Entering the car, the biggest feeling of the new car is that it is more concise. The floating central control panel is adopted. According to different configurations, the high-equipped model is a 15.6-inch central control panel, and the low-equipped model is a 12.8-inch central control panel, and equipped with DiLink intelligent network connection system.

In addition, Qin L adopts a newly designed three-spoke D-shaped steering wheel and an 8.8-inch embedded instrument panel, and the auxiliary instrument panel is equipped with a 15W mobile phone for wireless charging. The design of shift lever area is consistent with that of Song L and other models.

Brand-new insertion and mixing system

In terms of power, it is reported that Qin L will be equipped with the fifth-generation DM hybrid system. The power system consists of a 1.5-liter engine and a motor. According to the information declared by the Ministry of Industry and Information Technology, the maximum power of the engine is 74kW, and the driving motor is available in two options: 120kW and 160kW.

Summary:

If BYD uses Qin PLUS to seize the A-class car market, then Qin L, as a B-class car, will seize the mid-class car market with BYD Han. After all, the mid-class car market is still dominated by joint venture models such as Camry, Accord and Teana.

In addition, combined with the price of Qin PLUS and Han, the starting price of Qin L is expected to be around 120,000, and the price of the main model will be between 120,000 and 150,000, which is likely to become an explosive model.

Discount and big price! The 2023 Chenzhou Spring Auto Show opened today.

On April 14th, "Huidong Beihu Enjoy Life" 2023 Chenzhou Spring Auto Show (the 9th Car Buying Festival of China People’s Insurance Company and the 12th Southern Hunan Automobile Culture Festival) was grandly opened in Wuling Square.

The auto show will last for four days. Joint venture brands such as Guangqi Honda, FAW-Volkswagen, Buick, Changan Ford and FAW Toyota will all bring the latest models to the show. Independent brands such as Hongqi, BYD, Changan Automobile and Harvard will make a collective appearance. Dozens of mainstream auto brands and more than a thousand models can meet the needs of various people. Exhibitors have also introduced preferential measures such as straight drop, discount, full reduction and reduction, which have attracted many citizens to come to watch the exhibition and buy cars.

In front of Guangqi Honda booth, the slogan "0 yuan to open a new car" is particularly eye-catching. Citizens have zero pressure to buy a car. The down payment is as low as 20,000 yuan, and they can enjoy 12 installments of 0 interest at the highest. Stylish and cool models such as Stylish, Haoying, Binzhi and Zhizhai have attracted many citizens to take a test drive. "This car has a stylish appearance and a high quality interior. I like it very much." Mr. Liu, a citizen, took a fancy to a compact SUV of Honda Haoying at a glance.

There are many benefits and gifts at this auto show! Guangzhou Automobile Toyota snapped up the meeting in a limited time, and the purchase tax was up to 10,000 yuan; Zhongtian Ford benefited in a limited time, bought a car at the auto show and sent a 3,000-yuan boutique gift package, ordered a car to enjoy three maintenance times in three years, and participated in the golden egg winning prize. Guanghui Chenzhou Aofeng Audi Auto Show enjoys exclusive 10 surprise policy models, with a maximum subsidy of 8,000 yuan for car replacement and a red envelope gift of 888 yuan for car purchase. BYD Song car purchase to 88 yuan to pay 6888 yuan for car purchase, enjoy 1980 yuan car booking package, and deliver 3000 yuan car delivery package this month; Chevrolet courtesy of the whole city, limited time discount of 20,000 to 70,000 yuan …

In addition, the replacement of new energy vehicles can be applied for a subsidy of 5,000 yuan through the local area of China UnionPay "China Unionpay Quick Pass" App (according to the Implementation Rules for the Application of Replacement Subsidies for New Energy Vehicles with Purchase of Hunan Cars in 2023). The government has also issued a car purchase subsidy with a total amount of 176,500 yuan. If citizens book cars during the auto show and complete the payment before April 30, they can withdraw a maximum of 5,000 yuan in coupons.

In addition to the ultra-low preferential policies and exquisite gifts, there is also a beautiful online celebrity anchor at this auto show. These online celebrity anchors broadcast live auto shows on platforms such as Tik Tok and Aauto Quicker, and made "cloud recommendation" for auto shows from the perspectives of exhibition area tour, vehicle selection, live event and test drive experience.

The exhibition is still going on. People who want to buy a car or like a car in the near future can visit the site for a test drive, with rich benefits and limited time. Go and buy a favorite car!

Editor: Xie Lina

[US stocks in 2022 investment strategy]: Can the bull market of US stocks continue?

  Looking ahead at the end of 2021, the S&P 500 index has nearly doubled in the past three years, with an annualized rate of return of 27%. However, Deutsche Bank’s survey of more than 750 investors around the world shows that about 20% expect the S&P 500 index to have negative returns next year, with an average increase of only 4.2%.

  Can the bull market of US stocks continue, and what risks will it face? What kind of opportunities are there?

  US stocks as a whole: three elements or building a structural market

  1. Corporate profit growth slowed down.

  According to the Morgan Stanley report, in the first three quarters of this year, the earnings per share of S&P 500 companies increased by over 67%, far higher than the average of 6% from 2001 to 2020. UBS predicts that the profit growth rate of S&P 500 companies may significantly slow down to 10% in 2022.

  2. Tightening liquidity

  () It is believed that the most relaxed point of global liquidity has passed. With the beginning of Taper by the Federal Reserve and the marginal tightening by the central banks of other major overseas economies, global liquidity began to enter a tightening cycle.

  3. Valuation regression

  According to the analysis of CITIC Securities, after the completion of taper by the Federal Reserve, the dynamic PE of US stocks will gradually return from the current high of 21.4 times to the historical average of 18 times since 2015. It is expected that the US stock market will present a structural market next year.

  In the face of many challenges, we sorted out the views of investment banks and listed the US stock sector and its key words worthy of attention in 2022.

  New energy: the inflection point of new energy vehicles in the United States+the installed capacity of scenery has increased greatly

  On November 19th, the US House of Representatives passed the Biden administration’s $1.75 trillion stimulus bill, of which about $550 billion will be used in the new energy industry, and the tax credits in new energy vehicles, photovoltaic wind power and energy storage industries will be fully increased.

  CICC believes that the US new energy vehicle market has been in a "depression" in the global market for a long time due to the previous weak policies, few high-quality vehicles and weak industrial chain. The penetration rate of new energy vehicles in the United States from 1 to 1-3Q21 was only 3.7%, which was significantly lower than that in China and Europe (13.5% and 17.3%). However, with the continuous promotion and strengthening of the Biden administration’s new energy vehicle policy and the acceleration of the electrification transformation of local car companies, the development of new energy vehicles in the United States will usher in an inflection point.

  In terms of photovoltaic wind power, with the increasing momentum of energy transformation, the newly installed capacity of American scenery is expected to set a new record in 2022.

  According to the survey report of Standard & Poor’s Global Market Intelligence Company, it is estimated that 44GW of utility-scale photovoltaic projects will be put into operation in the United States in 2022, nearly twice the estimated new installed capacity of 23GW in 2021. At the same time, it is estimated that the newly installed capacity of wind power in the United States will reach 27GW in 2022, significantly exceeding the highest annual record of 16GW set in 2020.

  BlackRock pointed out that the world is currently transforming into a more sustainable aspect, ahead of schedule. The investment in sustainability has undergone a structural change, and related assets will highlight the advantages of return on investment in the next few years.

  Energy, real estate and finance: safe-haven sectors under the strongest inflation in 40 years

  The CPI of the United States in November increased by 6.8% year-on-year, the highest since June 1982. Excluding food and energy prices, the so-called core CPI rose by 0.5% from the previous month and 4.9% from the same period of last year, the biggest increase since mid-1991.

  Bank of America strategists believe that under the influence of high inflation, the current real profit rate of the S&P 500 index is negative, which indicates the downside risk of the market. Taking history as a mirror, there have been bear markets in the first four times in history when the real profit rate of the S&P 500 is negative. Investors are advised to seek safety in anti-inflation sectors such as energy, finance and real estate.

  According to the analysis of CITIC Securities, under the background that the U.S. economic recovery continues in the first half of next year and inflation remains high, energy, raw materials and other sectors will benefit from the expansion of the scissors gap between PPI and CPI, and EPS (net profit per share) and gross profit margin of individual stocks are also expected to show an upward trend. In addition, after the Federal Reserve lifted the restrictions on bank stock repurchase and dividend distribution on June 30 this year, the repurchase amount of American financial companies has returned to the level of $16 billion per month before the epidemic, which will support the valuation and ROE (return on net assets) of the industry.

  Internet technology: liquidity tightening risk vs structural opportunities for technological innovation

  In December, the Federal Reserve will double the rate of bond purchase, and the bitmap shows that it will raise interest rates three times next year. Many analysts believe that tight monetary policy will pose a threat to the high valuation sector. The current P/E ratio of Nasdaq 100, a cluster of technology stocks, is about 30, which is 21.4 times higher than that of the broader S&P 500.

  The Deutsche Bank report pointed out that inflation may be the main reason for most interest rate hike cycles in the United States. There is a "strong and consistent" negative correlation between the P/E ratio of US stocks and inflation ―― that is, under the high inflation environment, the valuation (PE) of US stocks tends to decline.

  In view of the fact that the United States is under the worst inflationary pressure in 40 years, it may be comparable to the 1980s when the Federal Reserve was forced to raise interest rates due to the same inflationary pressure. During the two interest rate hike cycles in the 1980s, the P/E ratio of US stocks both fell ―― but it does not mean that the stock market fell across the board. In fact, the strong profit growth of US stock companies in these two periods made the S&P 500 index record a range increase of 8% and 23% respectively.

  It can be seen that even if the Fed raises interest rates under the pressure of high inflation, it does not mean "the end of the world" for US stocks. The key is whether individual companies can offset the negative impact of interest rate hike on valuation with strong performance growth. During this period, it is difficult to cash in the growth rate of performance, but companies with high valuations may face challenges.

  According to Bloomberg’s unanimous forecast, the overall expenditure scale of information technology companies in the S&P 500 stocks is expected to be 110.8 billion US dollars in 2022, with a year-on-year growth rate of 24.3%, which is the largest since the statistics in 2015. Whether it is soft technology or hard technology, capital expenditure is obviously positive.

  Industrial Securities pointed out that FAANGs and other technology leaders focused on the direction of capital expenditure, including new energy vehicles, Metauniverse, digital currency, self-driving cars, AR/VR, cloud services, digital media and so on. Next year, the slowdown of US economic growth will weaken the kinetic energy of the overall profit improvement of US stocks and restrict the performance of the index. However, the structural highlights of the American economy in 2022, especially scientific and technological innovation, deserve attention.

  Semiconductor: high valuation+supply and demand reversal risk accumulation

  The Philadelphia Semiconductor Index (SOX Index), which includes chip manufacturers such as NVIDIA and AMD, has increased by 36% this year, with an increase of more than 50% in the previous two years and a cumulative return of 250% in three years. The current dynamic PE of SOX index is 6.3 times, but its 10-year average is only 3.6 times.

  This year, the global wave of Internet of Things and car electrification, and the instability of the supply chain caused by repeated epidemics have caused an unprecedented shortage of chips in almost all industries. Although the shortage of automobile chips remains to be solved, the demand for semiconductors in other fields may have tended to weaken. According to industry data, the growth of global chip sales slowed down for the third consecutive month in October and has fallen back to the level of May this year.

  Hocktan, CEO of Broadcom, a chip maker, also said in the conference call in the fourth quarter that some areas of the semiconductor market were "a bit too hot".

  According to the assessment of CITIC Securities, as a typical cyclical industry, the global PC sales volume is expected to basically peak in 2021, and the data center hardware uplink cycle will peak in 2022Q2. Considering the marginal weakening of downstream demand (PC, server, smart phone, etc.) next year and the continuous release of new semiconductor production capacity, it is judged that the risk of supply and demand reversal in the industry is accumulating.

  Aviation: North American aviation industry is expected to turn losses+epidemic concerns ease

  According to the latest forecast given by the International Air Transport Association (IATA) in October, it is estimated that the expected loss of the whole industry in 2021 is 51.8 billion US dollars, which is 63% lower than the net loss of 137.7 billion US dollars in 2020. It is estimated that the loss will drop to 11.6 billion US dollars in 2022, and it is expected to turn losses into profits in 2023.

  In terms of regions, IATA expects airlines in North America to take the lead in restoring profitability in 2022. It is estimated that airlines in this region will achieve a profit of 9.9 billion US dollars in 2022, which is the only region in the world to turn losses into profits next year.

  Guoyuan International believes that the most difficult period of the global aviation industry has passed, and the passenger volume and profitability are on the track of recovery. The resilience of domestic aviation market demand is still strong, and the gradual relaxation of international routes in the future is a high probability event. It is suggested to reverse the layout of airlines, airports and aviation information targets.

  Strategists in JPMorgan Chase said that although COVID-19 variants (such as Delta and Omicron) have repeatedly caused epidemics in various countries, if people’s natural immunity, vaccine-acquired immunity, significantly reduced mortality and specific drugs are gradually emerging, the epidemic will not be the primary risk next year.