标签： 杭州楼凤

Expanding domestic demand, stabilizing economy and protecting people’s livelihood

　　editorial comment/note

　　At present, the phased results of epidemic prevention and control in China have been further consolidated, important progress has been made in resuming work and production, and the economic and social operation order has been accelerated. At the same time, the international epidemic continued to spread, the downside risks of the world economy intensified, and the unstable and uncertain factors increased significantly. General Secretary of the Supreme Leader pointed out that in the face of the severe and complicated international epidemic and the world economic situation, we should adhere to the bottom line thinking and make ideological preparations and work preparations for coping with external environmental changes for a long time. Politburo meeting of the Chinese Communist Party, held on April 17th, made it clear that the strategy of expanding domestic demand should be firmly implemented to safeguard the overall situation of economic development and social stability. In order to further understand the important role of expanding domestic demand in coordinating epidemic prevention and control and economic and social development, the Economics edition specially invited three experts and scholars today to analyze the current macroeconomic situation and deeply interpret the strategy of expanding domestic demand.

　　Jiabin

　　Liu Shijin, Deputy Director of Chinese People’s Political Consultative Conference Economic Commission

　　Han Baojiang, Director of Economics Department of Central Party School

　　Liu Yuanchun, Vice President of China Renmin University

　　host

　　Guangming Daily reporter Zhang Yan Chen Heng

　　Shijin liu

　　Han Baojiang

　　Wenchun Liu

　　Portrait: Lu Chongguang’s painting

　　1. Fully grasp the total demand situation and accurately understand the significance of expanding domestic demand.

　　Moderator: According to the economic data of the first quarter released by the National Bureau of Statistics, affected by the epidemic, although the economic growth rate of China in the first quarter decreased by 6.8% year-on-year, the decline of major economic indicators in March was obviously narrowed, and the pace of economic recovery was accelerated. Excuse me, how do you view the current macroeconomic situation in China?

　　Liu Shijin:This economic downturn is due to an unexpected super external shock, rather than problems such as serious shortage of demand and excessive leverage in the economy. It is different from the financial or economic crisis. Under the external impact of the epidemic, economic recovery depends on two factors, one is the duration of the epidemic, and the other is the degree of production capacity damage. If the epidemic lasts for a short time and the production capacity is limited, a V-shaped rebound can occur after the epidemic; If the epidemic lasts for a long time, or the production capacity is seriously damaged, it is not so easy to rebound. Therefore, in addition to controlling the epidemic as soon as possible, the short-term policy focuses on minimizing the damage to production capacity and protecting productivity. Judging from the data in March, the signs of economic recovery are obvious.

　　In this case, I think we should adopt the evaluation method of "relative growth rate" to examine China’s economic growth, that is, use the ratio or difference between China’s growth rate and the world average growth rate to evaluate China’s economic growth. The basic background of this method is that China’s economy has been integrated into the global economy to a great extent, and the impact of this epidemic is also global. Compared with the past, if this ratio or difference is stable or rising, it shows that China’s economic performance is good, and vice versa. For example, in 2019, the average growth rate of the world economy was 2.9%, that of China was 6.1%, and the relative growth rate was 3.2%; If the world’s growth rate is -2.5% and China’s is 3% in 2020, our absolute growth rate will decrease, but the relative growth rate will increase to 5.5%, then China’s economic performance will be excellent. In a word, we should treat the current economic development of China comprehensively and dialectically.

　　Liu Yuanchun:The economic downturn caused by the epidemic is completely different from the general economic crisis and financial crisis. In epidemics such as infectious diseases, economic activities are almost completely at a standstill due to personnel isolation, and the complete industrial chain breaks into a single enterprise, and products, elements and funds cannot flow normally. Therefore, in a short period of time, the economic decline caused by the epidemic is often more severe than the economic recession caused by the financial crisis. But for the economy, the epidemic is a typical exogenous systemic shock, and the resulting economic downturn is also exogenous. For example, the decline caused by the epidemic is like an emergency in the economy, while the economic crisis is more like a chronic disease caused by bad living habits. Therefore, as long as the epidemic situation can be quickly controlled and the emergency can be quickly cured, the economy may achieve rapid recovery. On the whole, although China’s economy has been severely hit by the epidemic, the basic conditions and factors supporting the long-term improvement of the economy have not changed, the trend of industrial upgrading and rapid growth of new kinetic energy has not changed, and the economic and social operation order is accelerating recovery and continuing to improve.

　　Moderator: Politburo meeting of the Chinese Communist Party, held on April 17th, made it clear that the strategy of expanding domestic demand should be firmly implemented and the expansion of domestic demand should be placed in a more important position. If we want to make a comprehensive analysis of total supply and total demand, what kind of total demand situation are we facing at present? What is the significance of putting forward the strategy of expanding domestic demand?

　　 Liu Yuanchun:According to the data of the first quarter and March, China suffered a severe total supply shock and total demand shock during the epidemic, but since March, the total demand has rebounded moderately. With the epidemic basically under control, the main macroeconomic contradiction is changing from a big impact on both supply and demand to a lack of total demand. In March, the resumption of work and production progressed smoothly, and the supply side started relatively quickly. Comparatively speaking, the recovery of demand side was relatively slow, and insufficient total demand was the main factor restricting the rapid economic recovery.

　　Specifically, the impact on consumer demand is the most obvious, 1-mdash; In March, the total retail sales of social consumer goods decreased by 19.0% year-on-year, but the decline in March was 1-mdash; It narrowed by 4.7 percentage points in February; In terms of investment demand, the epidemic has led to a rapid decline in fixed assets investment in China, which is gradually recovering. Compared with the same period of last year, although the fixed assets investment in the three major industries has dropped significantly, the growth rate of fixed assets investment in pharmaceutical manufacturing and Internet companies is significantly higher than that of the whole society. During the epidemic, more advanced technologies were widely used and the industrial structure of fixed assets investment was further optimized. In terms of net export demand, the accumulated trade surplus in the first quarter decreased by 80.6% compared with the same period of last year, but the foreign trade import and export in March was 1-mdash; In February, there was a significant improvement from the previous month.

　　The central government’s proposal to firmly implement the strategy of expanding domestic demand is conducive to maintaining the basic stability of total demand. Insufficient aggregate demand is the main problem facing the macro-economy at present, and the basic stability of aggregate demand is conducive to the stable development of macro-economy. At present, on the one hand, it is necessary for the whole industrial chain to resume production, on the other hand, it is necessary to prevent the second shutdown due to no orders and no demand after the resumption of production. In the current situation that foreign trade has not declined in an all-round way, there is a good window to boost domestic demand and prepare for shock prevention in advance, which must not be missed.

　　At present, the epidemic is spreading around the world, and the global value chain is facing a severe risk of breakage. If this situation lasts for a long time and the external demand is insufficient for a long time, it will pose a threat to the integrity of China’s industrial chain. Expanding domestic demand is conducive to maintaining domestic production capacity, maintaining the integrity and smoothness of the domestic industrial chain and creating favorable conditions for rapid economic recovery. In addition, the strategy of expanding domestic demand can not only achieve the goal of macroeconomic stability, but also guarantee the basic livelihood of grassroots people in many ways, which is conducive to maintaining the basic stability of society.

　　Han Baojiang:From the economic development history since China’s reform and opening up, the strategy of expanding domestic demand is an effective way to deal with the impact of the crisis. In 1997, in response to the impact of the Asian financial crisis on exports and utilization of foreign capital, the central government proposed "expanding domestic demand and strengthening infrastructure construction", which played an important role in minimizing the impact of the Asian financial crisis and achieving rapid and healthy economic development in China. After the outbreak of the international financial crisis in 2008, the central government made a strategic decision to deal with the impact of the crisis by expanding domestic demand, and launched a 4 trillion package of economic stimulus policies. China’s economy quickly realized a V-shaped rebound, which not only played an important role in completing the economic development goals at that time, but also made up for the shortcomings of economic and social development to a great extent by investing in infrastructure and ten strategic industries. At present, in response to the impact of the COVID-19 epidemic, the central government has made a strategic decision to expand domestic demand, not only to better hedge the external demand that has fallen sharply due to the spread of the epidemic in the world, but more importantly, to safeguard the safety of the domestic industrial chain and supply chain and to maximize the stable development of China’s real economy. By expanding investment demand, it is also conducive to speeding up the shortcomings of unbalanced and uncoordinated development and laying a solid foundation for future economic and social development.

　　By expanding domestic demand and providing more demand space for the products or services produced by enterprises to achieve a "thrilling leap", more enterprises can survive and employment, finance and people’s livelihood can be guaranteed. Moreover, to expand domestic demand, especially investment demand, there are long-term "strategic" considerations: not simply to let enterprises "survive", but also to focus on meeting the new industrial revolution, cultivating new development momentum, and increasing investment in new technologies, new industries and new business models; Focus on maintaining the relatively complete manufacturing advantages of China’s industrial chain, and increase investment in the shortcomings and weaknesses of the industrial chain in order to win a better future.

　　Liu Shijin:To cope with the impact of the epidemic and achieve steady growth, the current policy focus must be on stabilizing consumption. In the past, when we encountered economic downturn, our first thought was to expand investment demand, especially infrastructure investment, which was related to the economic structure and the growth stage at that time. For example, in 2008, in response to the impact of the international financial crisis, a 4 trillion stimulus plan was implemented. At that time, in the GDP increment calculated by the expenditure method, investment accounted for 62.8%, consumption accounted for 42.5%, and investment accounted for more than consumption, so the demand stimulus was mainly to expand investment demand. By 2019, in the GDP increment calculated by the expenditure method, the proportion of investment has dropped to 17.2%, the proportion of consumption has risen to 66.9%, and the proportion of household consumption has reached 49.5%. The proportion of consumption is far greater than that of investment, which shows that the key to steady growth at this stage should be to stabilize consumption, especially household consumption.

　　2. New opportunities, new features and new requirements for expanding domestic demand strategy.

　　Moderator: Focusing on the strategy of expanding domestic demand, the Politburo meeting of the Chinese Communist Party held on April 17th made arrangements from many aspects, such as stimulating consumption and investment, and promoting people’s livelihood security. What impact will these measures have on enterprises and individual residents?

　　Han Baojiang:The strategy of expanding domestic demand will bring many opportunities to enterprises. Expanding residents’ consumption and increasing public consumption will stimulate the demand for "high-quality necessities", such as health care, culture and entertainment, tourism and leisure, low-carbon ecology and other industries, which will usher in new and greater development space. The state will increase its investment in "new infrastructure", which is not only of great benefit to many enterprises directly related to "new infrastructure", but also can more effectively promote the development of traditional industries such as steel, cement and construction. Therefore, enterprises should closely follow the national policies and find and seize the development opportunities that suit them.

　　The positive impact of the strategy of expanding domestic demand on individual residents mainly comes from the policies closely related to the production and life of ordinary people, such as ensuring employment, ensuring basic livelihood, encouraging residents’ consumption and increasing the transformation of old residential areas. For example, under the impetus of relevant policies, enterprises’ efforts to reduce prices and promote sales will bring cheap goods and "consumer surplus" to consumers, the state encourages automobile consumption and other policies to bring new "demand satisfaction" to consumers with corresponding needs, and the transformation of old communities will directly improve the living and living quality of residents.

　　 Liu Yuanchun:It will have a significant positive impact on the development of enterprises. China is in the stage of rapid development of new industrialization, informationization, urbanization and agricultural modernization, and the investment demand potential is still huge. Judging from the published fiscal policy, effective investment will be actively expanded in the future, including the renovation of old residential areas, strengthening investment in traditional infrastructure and new infrastructure, and expanding investment in strategic emerging industries. These measures have increased the support for private capital to participate in projects in key areas, which is conducive to mobilizing the enthusiasm of private investment. Enterprises, especially the vast number of private and small and medium-sized enterprises, should seize the opportunity and expand their own development space. On April 17th, Politburo meeting of the Chinese Communist Party proposed "supporting enterprises to export to domestic market" and supporting some foreign trade production capacity to domestic market, which is also the breakthrough point for enterprises to adapt to positive macro policies and promote their own development. The benefits of individual residents in the strategy of expanding domestic demand are direct and concrete. Judging from the policies that have been promulgated, it can directly enhance the purchasing power of residents and improve the living standards of special groups.

　　Moderator: What macro-policy measures are usually adopted to expand domestic demand? What are the new features of the current domestic demand expansion strategy compared with the previous domestic demand expansion policy?

　　Han Baojiang:The macro-policy measures to expand domestic demand are mainly proactive fiscal policy and prudent monetary policy. At present, the requirements of the central government are: the proactive fiscal policy should be more active and promising, and some measures and requirements have been put forward, such as improving deficit ratio, issuing special anti-epidemic bonds, increasing special bonds of local governments, and improving the efficiency of fund use, so as to give greater play to the role of proactive fiscal policy in stabilizing the economy; A prudent monetary policy should be more flexible and appropriate, including the use of RRR cuts, interest rate cuts, refinancing and other means to maintain a reasonable and abundant liquidity, guide the interest rate in the loan market to fall, and use funds to support the real economy, especially small and medium-sized enterprises, and so on.

　　Some supply-side structural reform policies, industrial policies and social policies aimed at improving the quality of China’s economic development and improving labor productivity and total factor productivity have also been added to the policy of expanding domestic demand. These policy measures have jointly formed a "policy combination boxing" with China characteristics, which is also a policy system to realize the modernization of China’s economic governance. There are still many specific measures to expand domestic demand, and at present, there are still many tools in our policy toolbox that have not been taken out.

　　A notable feature of the current strategy of expanding domestic demand is that it does not engage in flood irrigation, but starts from promoting the high-quality development of the national economy and meeting the needs of the people’s better life, and exerts its strength from both the supply side and the demand side, aiming at the structural contradictions and shortcomings in the development of the national economy, and provides the right medicine and precise policies. The focus of the policy is to solve the problem of insufficient imbalance in the development of social productive forces, and on this basis, actively cultivate new economic growth points and form more new kinetic energy for economic development.

　　Liu Yuanchun:At present, the macro-economic policies to expand domestic demand focus on people’s livelihood assistance, economic stimulus and the reform to turn crisis into opportunity, which mainly show the following characteristics: fiscal policy expansion is the main body, supplemented by monetary policy; Take the project layout as the guide and follow up with capital investment; The combination of epidemic relief and short-term expansion, short-term stimulus and medium-term development; Based on bottom line management and camera decision-making, it will be gradually promoted in stages; Demand expansion is coordinated with supply management, consumption start-up and investment expansion are parallel, and multi-channels and multi-tools are implemented simultaneously.

　　The policy of expanding domestic demand is being implemented, and the fiscal policy includes three categories, totaling 23 items, with a total expenditure of 1.3 trillion yuan and an implementation amount of more than 500 billion yuan; Monetary policy includes 30 financial supports and a monetary policy promotion plan, with a total of 4.4 trillion yuan of financial support. In terms of consumption promotion policies, 23 departments have issued 19 categories of policies, and many places have also issued policies such as providing consumer vouchers and income subsidies in coordination with epidemic relief; The investment promotion policy focuses on old and new infrastructure, and the investment expansion policy focusing on "new infrastructure" will effectively improve short-term demand and provide a better foundation for high-quality development.

　　Moderator: Under the premise of normalization of epidemic prevention and control, promoting "six stabilities" and grasping "six guarantees" are the main focus of persisting in striving for progress while maintaining stability and grasping all aspects of economic and social development. How to combine expanding domestic demand with promoting "six stabilities" and "six guarantees"?

　　Han Baojiang:The "six guarantees" are the "policy bottom line" for implementing the strategy of expanding domestic demand. In other words, no matter the policy of expanding consumer demand or investment demand, we should make overall arrangements for the "six guarantees", the active fiscal policy should be more active in the "six guarantees", and the prudent monetary policy should be moderately loose in the "six guarantees" field.

　　Among them, I pay special attention to ensuring residents’ employment, basic people’s livelihood and market players. To ensure employment, it is necessary to do a good job in the employment of key industries and key groups, and the employment of college graduates should be the top priority in the near future. To ensure the basic livelihood, we need to do a good job in ensuring people’s livelihood, increase the intensity of poverty alleviation, and ensure that the task of poverty alleviation is fully completed as scheduled; Improve social security and ensure the basic livelihood of the people. To protect the main body of the market, it is necessary to speed up the implementation of various policies, and strive to help small and medium-sized enterprises tide over the difficulties and improve their survival and development capabilities by reducing taxes and fees, financing costs and housing rents. Protecting market players is helpful to maintain the stability and competitiveness of China’s industrial chain supply chain, and promote the coordinated resumption of production and production in the industrial chain.

　　Liu Yuanchun:The combination of expanding domestic demand and the goals of "six stabilities" and "six guarantees" embodies the basic idea of "bottom line management" of economic policy. Expanding domestic demand can not only help macroeconomic stability, but also guarantee the basic livelihood of grassroots people and help maintain social stability. Only an adequate demand management policy can ensure that the economic system can quickly return to normal after the shutdown, so that enterprises can get enough orders to maintain normal operation after the resumption of work and production, and avoid stopping work and stopping production again and dismissing workers. Therefore, demand recovery and moderate demand expansion are the most fundamental methods to ensure residents’ employment and the foundation to protect market players. It ensures the basic employment of residents and the normal operation of market players, which also guarantees the basic livelihood of the people. Wage income and operating income are the core of residents’ income and the basis of fiscal revenue. The normalization of fiscal revenue is not only the basis of various public utilities and transfer payments, but also the basis of the normal operation of local governments. In the above sense, expanding domestic demand is the core and foundation of "six stabilities" and "six guarantees" and the key to ensuring the basic operation of the economy and society.

　　Regardless of "six guarantees" or "six guarantees", the first place is employment. According to estimates, every percentage point increase in China’s GDP will bring about 2 million jobs, but every percentage point increase in GDP will bring about nearly 4 million unemployment. Therefore, we must fully realize the seriousness of completing the employment task and turn the goal of ensuring and stabilizing employment into a policy goal and policy action to expand domestic demand.

　　3. Make a good combination of policies to ensure the synergy of macro policies.

　　Moderator: The central government has proposed to hedge the impact of the epidemic with greater macro-policy, a proactive fiscal policy, and a prudent monetary policy. How can fiscal policy and monetary policy work together to expand domestic demand?

　　Liu Yuanchun:In the policy combination of crisis relief, monetary policy is often the main policy, supplemented by fiscal policy. However, this traditional coping policy faces more constraints and constraints when dealing with the economic downturn caused by the epidemic. First of all, the traditional monetary policy is to create a relaxed environment conducive to enterprise investment and household consumption by lowering interest rates and expanding money supply. However, when economic activities are interrupted and the industrial chain is broken, the cash flow income of families and enterprises is interrupted, and they are uncertain about their future expectations, and often have no willingness to expand consumption and investment. At this time, too much emphasis on monetary policy, increasing liquidity and encouraging debt consumption or investment may make families and enterprises bear a heavier debt burden. Therefore, the response of households and enterprises to monetary policy is often low. Secondly, the traditional fiscal policy helps to reduce the cost of enterprises by reducing taxes and fees, but it has limited help to expand investment demand. In the state of stagnant production activities of enterprises, tax reduction and fee reduction are conducive to reducing the fixed costs of enterprises, so that enterprises can last longer without income cash flow. However, in the absence of downstream demand, enterprises are unwilling to resume work and production, and the stimulating effect of tax reduction and fee reduction policy on expanding enterprise production and investment is limited.

　　Under the limited means of traditional monetary policy and fiscal policy, what is needed to restart the economy is a one-time total demand, especially the final demand. The expansion of final demand can realize bottom-up transmission along the industrial chain and become the exogenous driving force for the economy to break away from the suspended state. Before the uncertainty of epidemic situation and market risk are eliminated, this exogenous driving force mainly depends on government expenditure. Once the economy begins to recover, the normal economic operation mechanism will begin to play a role, and the role of traditional expansionary monetary policy and fiscal policy will gradually emerge.

　　 Han Baojiang:Theoretically, in the macro-control system, there is a division of labor between fiscal policy and monetary policy. Although both of them can play a role in expanding the economic aggregate, fiscal policy is more capable of solving structural problems and making more precise policies. Although monetary policy can also play a structural role through policy tools such as differential interest rates, its advantage is mainly to solve the problem of loose or tight aggregate. Therefore, the two should have a division of labor, give full play to their own strengths, and cooperate to avoid the hedging of policy effects. For example, the purpose of structural tax reduction is to reduce the burden on small and medium-sized enterprises. If the tax burden is reduced and the problems of difficult and expensive loans are not solved, enterprises will also be unable to live or live well. Only when the two fluctuate at the same frequency and work together can enterprises realize the real burden reduction and survive the crisis well.

　　Moderator: To maintain the overall situation of economic development and social stability, we must adhere to the new development concept, adhere to the supply-side structural reform as the main line, and persist in promoting high-quality development with reform and opening up as the driving force. How does the policy of expanding domestic demand organically cooperate with these requirements?

　　Liu Shijin:The importance of demand policy lies in responding to the short-term impact of the epidemic. From the long-term development point of view, economic recovery and development still need to rely on exerting structural potential. For decades, China’s economic growth rate has been much higher than that of developed economies, mainly relying on its structural potential. This structural potential is the late-developing advantage in economics, and in layman’s terms, it is the development potential of a late-developing economy in terms of technological progress, upgrading of industrial structure and consumption structure, and urbanization process. Therefore, the strategy of expanding domestic demand in response to short-term shocks needs to be based on the long-term and coordinated with structural potential. The effective exertion of structural potential requires the supply policy to play a greater role, which means that we must firmly grasp the main line of supply-side structural reform and promote the continuous upgrading of supply structure.

　　Supply policy and demand policy should be matched according to the different problems and main contradictions faced at different stages. For example, in the stage of epidemic control, it is necessary to increase the distribution of relevant emergency materials through supply policies, and in the stage of resuming production, it is necessary to use administrative means to promote the whole industry chain and the whole field, and then carry out corresponding demand-side policy cooperation.

　　Han Baojiang:Policies to promote demand should work together with policies to promote reform. First of all, we must adhere to the party’s centralized and unified leadership over economic work, which is the institutional prerequisite for coordinating efforts. Secondly, the supply policy should be in tune with the demand policy. In other words, it is necessary to improve the adaptability of the supply structure to the demand structure, and increase the efforts to meet the middle and high-end demand on the basis of maintaining the general demand. Facts have proved that China’s demand is not insufficient, or there is no demand, but the demand has changed, but the products supplied have not changed, and the quality and service cannot keep up. The lack of effective supply capacity has brought about a large amount of demand spillover and a serious outflow of consumption power. To solve these structural problems, we must promote supply-side structural reform. Thirdly, the supply policy should strive to be "half a beat or a beat" earlier than the demand policy, and create "new demand" with "new supply". In today’s era, the prominent feature of socialized mass production is that once the supply side realizes successful subversive innovation, the market will respond with magnificent transaction generation. This is the truth.

　　Liu Yuanchun:A few days ago, the CPC Central Committee and the State Council issued the Opinions on Building a More Perfect System and Mechanism for Market-oriented Allocation of Factors, which classified the reform directions and specific measures in the five areas of land, labor, capital, technology and data, and deployed and improved the formation mechanism of factor prices and the market operation mechanism. Global production and consumption have been comprehensively impacted by the epidemic, and China’s economic and social development is facing new difficulties and challenges. Firmly pushing forward major reforms and further improving the business environment will certainly stimulate the vitality and creativity of the whole society, release more new kinetic energy in the market, and provide a solid institutional guarantee for hedging the impact of the epidemic and increasing the stamina of China’s economic development.

　　The impact of the epidemic is accidental and phased. The demand expansion policy is mainly introduced to deal with the short-term impact of the epidemic, and the policy based on stimulation cannot be used for a long time. Therefore, the demand policy should be exerted moderately and should not be overexerted. To achieve the annual economic and social development goals and promote high-quality economic development, we must focus on long-term development and firmly grasp the main line of supply-side structural reform.

The 65th anniversary of Teresa Teng’s birthday： We still miss you as time flies by.

Some people say that where there are Chinese, there are her songs. Many people in the entertainment circle are "miracles", but only Teresa Teng is a "legend".

January 29th, 2018 is the 65th anniversary of Teresa Teng’s birth. Her voice is like Oriole, and she moistens things silently, which makes people feel the beauty of pop music for the first time. The scene of eavesdropping on Teresa Teng’s songs in the film Fanghua is a true portrayal of that era.

"The Moon Represents My Heart", "Sweet Honey" and "I only care about you" … Her songs soothe the soul and become the memories of youth of a generation. Which one is your favorite?

The moon represents my heart—

You ask me how deep I love you

I love you somewhat.

My feelings will not change.

My love remains the same

The moon represents my heart

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Sweet honey—

Honey, you smile sweetly.

Like flowers in the spring breeze.

Open in the spring breeze

Where have I seen you?

Your smile is so familiar

Just like your tenderness—

Up to now, year after year

I can’t stop thinking about it.

Miss you, miss the past

I wish the sea breeze would come back.

Just for the hands of the waves

Just like your tenderness

Small town story—

There are many stories in the town.

Full of joy and joy

If you come to a small town

Gain a lot.

On the water side—

Green grass is pale

White and foggy

There is a beautiful woman

Another Side of the River

Wine and coffee—

Wine and coffee

I just need a drink.

Think of the past

I drank the second cup again.

Cordate telosma—

I love the night.

I also love this nightingale singing.

Love the flower-like dream more

Embracing cordate telosma

When Rijun comes again—

After leaving tonight

Goodbye Again

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Teresa Teng (January 29, 1953-May 8, 1995) was born in Yunlin County, Taiwan, China, and her ancestral home was daming county, Hebei Province. She was a Taiwan, China singer and one of the representative Japanese female singers in the Showa era.

In 1967, he released his first solo album, thus starting his singing career. In 1969, she became famous in Taiwan Province by singing the theme song of the same name of Taiwan Province’s first series Jingjing. In the early 1970s, Hong Kong and Southeast Asia’s record markets were opened with works such as "A Thousand Words" and "Hai Yun". In 1974, he won the Japanese record award "Newcomer Award" with the Japanese song "Airport", which laid the foundation for his acting career in Japan. In 1976, he held his first solo concert at Leigh Stage in Hong Kong. In 1980, she was elected as the first best female singer in Taiwan’s Golden Bell Award. In the early 1980s, he was invited to give concerts in Lincoln Center, Los Angeles Music Center and Caesar Palace in Las Vegas. In 1983, the first concert tour of Chinese singers was held, and then commercial performances were terminated. From 1984 to 1986, he won the Japanese Cable Award for three times with the trilogy つぐなぃ, Love, Time, Time, Life, Body and Body. Since 1987, he has been in semi-seclusion and faded out of the music scene.

On May 8, 1995, Teresa Teng died in Chiang Mai, Thailand due to bronchial asthma. In the same year, Teresa Teng was awarded the "Golden Needle Award" at the Hong Kong Top Ten Chinese Golden Melody Awards Ceremony. All-Japan Cable Broadcasting Award, Japan Cable Award and Japan Record Award were respectively awarded "Special Merit Award" by ratification. In 1996, the Taiwanese Golden Melody Award was posthumously awarded to Teresa Teng as "Special Contribution Award". In 2007, Teresa Teng became the "Hall of Popular Music" in Masao Koga Music Museum.

Chongqing morning post reporter Tang Hao

Affected by typhoon Mina, Zhejiang will face stormy weather during the National Day holiday.

Affected by typhoon Mina, Zhejiang will face stormy weather during the National Day holiday.

There are overcast clouds in front of shanghai dawn. (Infographic) Photo by Zhang Yuhuan

　　Zhongxin. com, Hangzhou, September 29 (Reporter Zhang Yuhuan) On the 29th, the reporter learned from the Zhejiang Meteorological Observatory that according to the latest meteorological data analysis, it is expected that during the National Day holiday this year, Zhejiang Province will be successively affected by typhoon Mina and weak cold air, among which the province will usher in stormy weather from 1 to 2, and the typhoon center may have 14 to 15 winds passing through the sea.

　　The National Day holiday coincides with the growing autumn in Zhejiang. The temperature is generally suitable, but the daily temperature range is large. The average annual temperature in most parts of Zhejiang is 20-22℃, the average precipitation is 15-40 mm, and the average precipitation days are 2-3 days.

Street in downtown Hangzhou. Zhang Yuhuan photo

　　With the approaching of Typhoon Mina, the 18th this year, the National Day holiday in Zhejiang will also usher in a stronger autumn. On the 29th, the typhoon was strengthened from a tropical storm level to a strong tropical storm level. It is expected to pass the northeast of Taiwan Province Island on the evening of the 30th, and then gradually turn to the north and move towards the north-central coast of Zhejiang.

　　Influenced by Typhoon Mina, Zhejiang Meteorological Observatory predicted that the wind power in the southern part of the East China Sea will start to increase from the 29th, and there will be 11-13 winds in the East China Sea from the 30th to October 1st, and 14-15 winds in the nearby waters where the typhoon center passes, and the wind power in the coastal waters of Zhejiang Province will gradually increase to 10-12, and 13-14 in some areas. There are also 7-9 winds in some inland areas of Zhejiang Province, and there are heavy rains and heavy rains in eastern Zhejiang and parts of northern Zhejiang.

West Lake in Hangzhou. Zhang Yuhuan photo

　　From October 3rd to 4th, Zhejiang Province was dominated by cloudy weather, with the highest daily temperature of 32-34℃ in most areas. From October 5th to 7th in the latter part of the holiday, affected by the weak cold air in the north, there was weak precipitation in some areas of Zhejiang Province, and the temperature dropped slowly. The lowest temperature in the morning of October 7th was 16-19℃.

　　The meteorological department reminded that during the National Day holiday, there were heavy rains and heavy rains in eastern Zhejiang and northern Zhejiang, and there were strong winds at sea. Relevant departments should pay attention to preventing the adverse effects of strong winds at sea on island tourism and maritime traffic. From October 3rd to 7th, the weather conditions in Zhejiang Province are generally favorable for leisure travel, but with the influence of cold air moving eastward and southward, we still need to pay attention to the obvious cooling and weak precipitation process. (End)

Progress of National Cultural Heritage Administration’s ＂Archaeological China＂ Major Project： The Latest Achievements of Yin Ruins Archaeology and Oracle Bone Inscriptions Research Released

　　Today (November 10th) morning, National Cultural Heritage Administration held a press conference on the progress of the major project "Archaeological China" in Beijing, and reported the latest achievements and progress in the archaeology of Yin Ruins and the study of Oracle Bone Inscriptions.

　　I. Archaeological Discovery and Research of Yin Ruins

　　Yin Ruins, located in Anyang City, Henan Province, are the ruins of the capital in the late Shang Dynasty. Since 1928, archaeologists in China have begun to carry out scientific archaeological excavations of Yin Ruins, which has opened the curtain of modern archaeology in China. Up to now, more than 90 years have passed, and important relics such as the palace area, residence area, tomb area, handicraft workshop area of Yin Ruins have been discovered one after another, as well as the neighboring Huanbei Mall, the capital of the middle Shang Dynasty, and a large number of precious cultural relics such as Oracle Bone Inscriptions, bronzes, pottery and jade wares have been unearthed. The distribution and structural layout of Yin Ruins were basically cleared up, and the chronological system of Yin Ruins culture was established, which provided a basis for exploring the archaeological culture of the early Shang Dynasty and even the Xia Dynasty. The research on the capital system, tomb system, sacrifice system, handicraft production system, architecture, water conservancy, spiritual belief and other aspects of the Shang Dynasty continued to deepen, demonstrating the history of the Shang Dynasty recorded in the literature and systematically showing the social and cultural features and the development achievements of the Shang Dynasty civilization. In 2006, Yin Ruins was listed in the World Heritage List, and its outstanding universal value was generally recognized by the international community, which provided a strong support for enhancing national self-confidence.

　　The archaeology of Yin Ruins has entered a new era and stage. Under the guidance of the concept of settlement archaeology, it has deepened the multidisciplinary and interdisciplinary cooperative research and made new breakthroughs. A large number of relics of copper casting, bone making, pottery making, living and living, and well-distributed cemeteries were found in the workshop area of Huanbei handicraft industry, which revealed the layout mode of "residence and burial in one" integrating production, life and funeral, and vividly displayed the production picture of handicraft industry in Shang Dynasty. Large ponds, waterways and related architectural relics have been newly discovered in the ancestral temple area of Xiaotun Palace, covering an area of more than 60,000 square meters. The ponds are connected with Huan River through waterways, which has changed the previous understanding of the overall pattern of the ancestral temple area of Yinxu Palace. Based on the exploration and excavation around the tomb area of Yin Ruins, it is confirmed that the eastern part and the western part of the tomb area are surrounded by a trench with a width of more than 10 meters, and the tomb and a large number of sacrificial pits are located in the trench. The discovery of the trench breaks through the understanding of the layout of the tomb area of Yin Ruins and is a major progress in the study of the cemetery system in Shang Dynasty. The road system inside the Yin Ruins has been continuously revealed. Two north-south roads leading directly to the palace area were found about 1km south of the ancestral temple area of the Yin Ruins, and a large road with a width of 15m was excavated on the north bank of Huanhe River. There were clear rutting marks on the roads, and residential areas, tombs, handicraft workshops and so on were densely distributed on both sides of the roads. The framework system revealed by the roads provided important clues for further exploring the urban layout and ethnic distribution of the Yin Ruins. Under the guidance of new ideas and methods, the archaeological research of Yin Ruins will gradually restore a more comprehensive, real and vivid Shang civilization.

　　Second, the new archaeological discoveries of settlements around Yin Ruins

　　Henan Province and Anyang City have implemented the policy of "archaeology first, then transferring" and actively strengthened the archaeological and cultural relics protection work in urban capital construction, and achieved many important achievements in the archaeological work of capital construction around Yin Ruins, greatly expanding the breadth and depth of archaeological research in Yin Ruins.

　　Xindian site, located about 10 kilometers north of Yinxu Palace, is a bronze casting site. Seven bronze casting workshops, more than 10 houses and nearly 100 tombs have been found in the late Shang Dynasty, and about 40,000 pieces of pottery models, pottery molds and a large number of tools for making models and casting copper have been unearthed. The unearthed bronzes bear the inscription "Ge", indicating that the site may be a bronze casting site managed by the "Ge" clan.

　　Taojiaying site is located about 7.2km north of Yinxu Palace. It is a moat settlement in the middle of Shang Dynasty. Pottery production area, residence area and tomb area were found in the site, and rich bronzes, jade articles and pottery were unearthed in 25 tombs, which further enriched the social research content of settlements around Huanbei Mall in the middle of Shang Dynasty.

　　Shaojiapeng site, located about 2.5km south of the palace area of Yin Ruins, is a settlement in the late Shang Dynasty. Three groups of multi-entry courtyards consisting of 18 houses and a graveyard consisting of a Chinese-shaped tomb, 23 small and medium-sized tombs and 4 chariots and horses pits were found in the site. Many bronzes with the inscription "Book" were unearthed in the tombs, indicating that Shaojiapeng site may be the "Book" of historians in the late Shang Dynasty.

　　Third, Oracle Bone Inscriptions’s discovery and research

　　Oracle Bone Inscriptions is the representative of the early mature Chinese character system, and it is also the demonstration of Yin Ruins as the capital of Shang Dynasty. Oracle Bone Inscriptions was unearthed in Xiaotun Village, Anyang, Henan Province in the late Qing Dynasty. Up to now, about 150,000 pieces have been discovered, and more than 35,000 pieces have been scientifically excavated. The number of words has exceeded 4,000, covering all aspects of politics and life in Shang Dynasty, and it is the direct historical data for rebuilding the history of Yin and Shang Dynasties. There are three important discoveries of Oracle bones in Yin Ruins, namely, the largest number of intact pit YH127 in Xiaotun, the Oracle bones in the south of Xiaotun with a clear date, and the Oracle bones in the east of Garden Village in Yin Ruins with unique historical value. Oracle bones in Yin Ruins directly confirmed the existence of Shang Dynasty in ancient historical records, and Xiaotun in Anyang was Wang Ting of Yin Shang Dynasty, which advanced the upper limit of China’s trust history by more than 1000 years, opened the archaeological and historical research course of Yin Ruins for more than 90 years, and promoted the innovation and development of China’s traditional philology.

　　More than 120 years’ research on Oracle Bone Inscriptions has yielded fruitful results in Oracle Bone Inscriptions’s data collation, chronology by stages, textual research, business history research, compilation and publication of reference books, and personnel training. Based on the profound academic accumulation of more than a hundred years, the study of Oracle bones in the new era pays more attention to the combination with archaeological theories and methods and multi-disciplines, and has made important achievements in promoting the study of ideological history, astronomical calendar and historical geography, and solved the problem of digital divination, which is of breakthrough significance and value to the study of China’s traditional philosophy and ideological history. By reading the data of solar and lunar eclipses recorded by Oracle Bone Inscriptions and combining with astronomical deduction, the solar eclipse occurred on October 31, 1161 BC, which proved that Yin people had mastered the eclipse cycle, which was of great significance to the study of Oracle Bone Inscriptions dating and even the movement of the earth and the sun. Combined with Oracle Bone Inscriptions’s Oracle inscriptions and the inscriptions unearthed from the Shi family cemetery in Shangzhou, Tengzhou, Shandong Province, the landscape of Xue Guo in Shang Dynasty was determined, which provided a new fulcrum for the study of historical geography in Shang Dynasty. The study of Oracle Bone Inscriptions has developed into an international academic topic, with scholars participating in the study all over the world and numerous works, which have played an important role in promoting the spread of Chinese culture and promoting the exchange and mutual learning of civilizations.

　　(CCTV reporter Tian Yunhua Ren Meimei Zhang Leilei Guo Min)

Rooney Mara： The Successful Evolution History from the Rich Second Generation to the Little White Rabbit

　 　 Special feature of 1905 film network　Because The Girl with the Dragon Tattoo first met Rooney Mara, and because many fans of Carol fell in love with her.

　 　 Obviously, Rooney Mara didn’t become famous overnight. She just played some bit part. She has never played a leading role in Urban Legend: Bloody Mary, starring her sister kate mara, or in Dream Boys, Law and Order and other works.

　 　 Even unlike kate mara, the debut sister of the child star, Rooney Mara was not interested in performing since he was a child, and even some were afraid of performing. But the charm of art gradually took root and sprouted in the girl’s heart, and her infinite performance potential was slowly stimulated.

　 　 In fact, Rooney Mara doesn’t have to go into acting. Because she can be said to be a veritable rich second generation.

　 　 Her name represents the two giants in American football, and her father represents the Mara family. Rooney Mara’s great grandfather was the founder of the American football team, the New York Giants. When talking about the New York Giants, netizens who like football should not be unfamiliar. It is one of the old NFL teams and has won many NFL championships.


　 　 On the other side is the Rooney family represented by Rooney Mara’s mother, which is also a big-name family in rugby. Her great-grandfather founded another football giant, Pittsburgh pittsburgh steelers.


　 　 To sum up, Rooney Mara’s name represents a strong alliance between the two football giants. This is the real rich second generation.

　 　 Rooney Mara, who thought she would inherit the family business and continue to be a princess, gradually evolved into a "white rabbit" because of The Girl with the Dragon Tattoo.


　 　 Director david fincher has an eye for pearls and decided to make Rooney Mara the heroine of this film. Because of this film, the White Rabbit won the Golden Globe Award and the Oscar nomination for best actress.

　 　 In order to play a good role in the play, she did not hesitate to get holes in her body and face, cut a punk hairstyle, bleach her eyebrows and adapt to life in Stockholm.

　 　 It is also because of her efforts that Lisbeth Salander has become the central blood of the film without controversy. Because of this film, we can see a different Rooney Mara.

　 　 She can be crazy and play a marginal figure, but she can show her inner soft and gentle side to the fullest. It is hard for the audience to imagine why this girl is so different, but she will slowly accept and understand her from the bottom of her heart.

　 　 We often say "Dedicate ourselves to art". Rooney Mara’s subversive modeling in The Girl with the Dragon Tattoo has released herself and made many female fans exclaim that they want to marry.


　 　 If "The Girl with the Dragon Tattoo" has released Rooney Mara’s great performance potential, then "Carol" has further broadened her career and given her unlimited possibilities for interpretation.

　 　 She succeeded in bringing to life a girl who met her beloved and was ignorant of spring. Even for a long time, many fans thought that she and Cate Blanchett were the most beautiful twins.

　 　 When Trish, played by Rooney Mara, saw Carol, played by Cate Blanchett, in the store, and her eyes stared closely, she knew that her life might be inextricably linked with this blonde lady.

　 　 She made up her mind to walk away with Carol, and she completely understood what love was. This time, Rooney Mara doesn’t need much change in appearance, just a look and a detailed description of an action in the movie. You can show everything to perfection.

　 　 She longs for love with Carol, but she also cares about her hands and feet, but when her lover really stands in front of her, she bravely expresses her true nature.

　 　 She is really a little white rabbit. In Carol, when she sees Blanchett, she will panic, and her heart will jump like kicking a white rabbit. But in front of your lover, you can also show your purest feelings naturally.

　 　 Whether it’s the other puffed-up but warm Sahlander in The Girl with the Dragon Tattoo, or a role created later. She can always substitute herself into the role well, so that fans can fall in love with the role and be more infatuated with this beautiful girl without losing her acting skills.

　 　 Yesterday, Una, starring Rooney Mara and Ben Mendelsohn, was finally announced to be released soon.

　 　 This time, the white rabbit is about to take on a new look, reinterpreting a story of lover’s reunion after fifteen years.


　 　 Una (Rooney Mara) shows up uninvited in Ray’s office (Ben Mendelsohn), which makes him have to re-examine their relationship: Ray has started his new life, and Una is still looking for answers. The story revolves around their love and affection.

　 　 At present, the freshness of this film in rotten tomatoes is 88%. Expect the rabbit to bring a different performance.

　 　 Although Rooney Mara has a super high value and has naturally become the darling of the fashion circle, she conquered the vast number of fans by her superb acting skills.

　 　 She is a girl without a tattoo, a shy little white rabbit and an angel of fans.


Never buy Star Age ET! 5 amazing secrets make your heart beat.

Dear riders, are your kidneys ready?

According to the latest data from the National Bureau of Statistics, the sales of new energy vehicles increased by 50% in the first half of 2024. But, wait! There is also a "pit" that people love and hate: endurance anxiety. Yes, it is this problem that keeps new energy owners awake at night, which has become an opportunity for the protagonist I want to introduce today-the extended version of Star Era ET.

Then the question is coming. What is extraordinary about this model, which is called "upstart in the new energy SUV market" by the industry? Follow my words, let’s take a look at the underwear of this "upstart"!

Yan value is justice: the role of "Shen Yan" in both internal and external cultivation

First of all, we have to admit a cruel reality: in this age of looking at faces, being good-looking is an advantage. And the extended-range version of Star Age ET is simply the "drop-dead gorgeous" of the automobile industry!

Its design combines a sense of futurism with a sense of movement, and it looks as if it came from the The Wandering Earth studio. The front face runs through, and driving out at night is simply a moving aurora, which guarantees that you will become the most beautiful boy on the road!

The interior is even more amazing, with an embracing cockpit design and an oversized touch screen on the center console, which makes people’s blood spurt. The material is also bloody, and a lot of soft materials and leather are used. It feels cool, just like licking a cat!

Some netizens commented: "Is the interior of this car too advanced? I don’t even dare to move when I sit in it. I feel that I will lose everything if I touch it casually. "

Technology is magic: a sneak peek at the future driving experience

When it comes to intelligent technology, Star Age ET Extended Edition is simply a mobile "technology treasure house". It is equipped with the industry-leading L2+ autopilot system, which can be called the product of the design of "Liu Cixin in the car industry".

Imagine this scene: you are driving on the highway and suddenly your stomach is growling and you want to eat a takeaway. At this time, all you need to do is say "Little Star, help me order a mala Tang", and the car will automatically take over the steering wheel and the throttle, so that you can study the main points with peace of mind. When you choose, the takeaway brother is already waiting for you in the front service area. This wave of operation is simply the gospel of lazy cancer patients!

Not only that, it also supports remote control and OTA upgrade. Remember that the car was unlocked in the middle of the night? Take out your mobile phone and click it twice. Is there a bug in the system? Lying in bed can upgrade, which is simply a clean stream in the lazy world! Its extended range technology is simply an "energy magician", which makes you bid farewell to "power anxiety".

According to official data, the pure electric cruising range of Star Era ET reaches 200km, and with the extended range system, the total cruising range can easily exceed 1,000 km. What does this mean? From Beijing to Shanghai, you don’t have to stop to charge! Instead of stopping to charge every few hundred kilometers, you can feel the fun of driving all the way, like a "battery slave".

In terms of power system, Star Age ET adopts a single motor rear drive design with a maximum power of 200kW. It’s an exciting car to drive, and it can be called "electric Ferrari" (well, I admit it’s a bit exaggerated, but it’s really fast! ）。

Some car owners said, "Since I bought Star Era ET, I no longer have to worry about running out of electricity halfway. Last weekend, I drove to the scenic spot 300 kilometers away in one breath, thinking all the time,’ If only there were no electricity, I could have a rest’, and as a result, there was more than half of the electricity left at the destination. "

Service is warmth: the whole care from purchase to after-sale

It is not easy to buy a car, and it is ok and cherished. But the era ET makes this process easy and enjoyable. It provides a variety of flexible car purchase schemes and financial services, and friends who want to buy a car but are cash-strapped are saved!

In terms of charging, Star Age ET supports fast charging technology, which can charge 80% in 30 minutes. Moreover, the country has established a huge charging network, so there is no need to worry about finding a charging pile. What does this mean? It means that you no longer have to spend the night on the roadside because you can’t find a charging pile and experience "urban camping"!

After-sales service is even more intimate. There are more than 500 4S stores in China, 24-hour road rescue and professional technical support team. Driving a Star Age ET is like taking a "car housekeeper" with you. If you encounter any problems, someone will help you solve them, so that you can concentrate on enjoying driving.

The future is now: the ambition of Star Age brand

Xingjiyuan brand is not just about making a good car. According to the grapevine, they have worked out an ambitious technology roadmap and product line planning.

In the future, we are likely to see more amazing new models of Xingyuan. Pure electric, hydrogen energy, even flying cars, who knows? Anyway, I’m looking forward to it! At that time, maybe we can really drive to the moon for a holiday!

In terms of market strategy, Star Age seems to be planning to take the route of "popularization of science and technology". It is to make high-tech cars affordable for everyone. This wave of operation, I have to say that it is very socially responsible!

Speaking of which, I don’t know what you think of the "new energy SUV market upstart" of the extended version of Star Era ET. Is it like me, already ready to move?

Some netizens commented: "This car is simply tailor-made for’ Che Xiaobai’. It is smart, worry-free, high-value, and environmentally friendly. It is too suitable for a fake’ exquisite pig girl’ like me! I just don’t know if my kidney is enough … "

Another car owner said: "The extended range technology has really solved my mileage anxiety, but I hope to improve my pure battery life in the future. After all, who doesn’t want to take a trip? "

It must be said that the emergence of the extended-range version of Star Age ET has injected a fresh blood into the new energy SUV market. It not only satisfies consumers’ pursuit of high-quality life, but also wins market recognition with its comprehensive performance and considerate service.

For consumers who pay attention to intelligent technology and environmental performance, but don’t want to compromise on cruising range, Star Age ET Extended Range Edition is undoubtedly a choice worthy of in-depth understanding. Do you choose to start or continue to wait and see for the extended version of Star Age ET? Leave your thoughts in the comments section and let’s talk! Remember, buying a car can’t just look at the face value, but also depends on the performance; However, why not buy a car with good value and performance?

Explain in detail the intelligent driver assistance system of Mercedes-Benz EQE, and how to realize each function.

It is obvious that Mercedes-Benz’s road to electrification is not smooth. In the process of "elephant turning around", although Mercedes-Benz launched a variety of new energy vehicles, it did not stir up any splash in the market, such as EQC, EQV and other models, which not only made the monthly sales volume bleak, but also accompanied by the huge suspicion of "changing oil to electricity".

Although it came late and got off to a bad start, the new energy market is the future direction of automobile development, and Mercedes-Benz certainly can’t let go of the "new energy track", so in order to get rid of the stereotype of "changing oil into electricity", increase the profit of pure electric vehicles and expand market share, Mercedes-Benz launched a new pure electric platform-EVA.

After that, Mercedes-Benz models were launched around the EVA platform, and EQS, EQS AMG, EQS SUV and Maybach EQS SUV were launched one after another.

However, the development of things did not succeed in Mercedes-Benz’s wish. Due to the high premium of new models and ungrounded conditions, EQS only achieved more than 200 vehicles in the domestic market in the first half of this year, accompanied by the dilemma of price diving, while other models were even more terrible.

Mercedes-benz EQS

Under the above background, Mercedes-Benz launched the domestic version of EQE, which is more affordable to the people, in an attempt to break this dilemma. However, competitors at this price are emerging one after another, such as BMW i4 and Audi A6 E-Tron, and new domestic forces have long been eyeing up. Therefore, it is not easy to regain a city in the new energy track if you want to rely on EQE. Among the three major parts of electric vehicles (driver assistance system related to three electric/intelligent/automatic driving), the performance of Mercedes-Benz EQE is very important.

At present, the automobile industry has entered the era of smart cars, and the most important embodiment of the intelligence of smart cars is the intelligent driving assistance system. At present, automatic driving cannot be realized, but they are all working in this direction. Mercedes-Benz EQE also regards its L2-level assisted driving as a big selling point in the module of "Perception of Technology".

(Information taken from official website)

So what is the strength of Mercedes-Benz EQE in today’s intelligent driving assistance among the three major electric vehicles? Is it worth looking forward to? In this paper, the intelligent driver assistance system of Mercedes-Benz EQE is analyzed in detail as far as possible through the exclusive arrangement of the intelligent driver assistance function, the configuration of major sensors, the topological structure of wiring harness and the realization paths of various functions.

First, the car profile and driver assistance functions are sorted out

At the beginning of this chapter, in order to make it easier for everyone to intuitively understand the current classification and progress of intelligent driving, and to understand the L2 intelligent driving assistance system of Mercedes-Benz EQE, the author combed out the following information on the basis of China’s Auto Driving Automation Classification (GB/T 40429-2021) which came into effect on March 1, 2022, combined with the actual car scenes used in the corresponding grades.

At present, autonomous driving technology is divided into six grades: L0-L5. Among them, L0 class can’t continuously perform the lateral or longitudinal motion control of vehicles in dynamic driving tasks, but it has the ability to detect and respond to some targets and events in dynamic driving tasks. In this stage, the automatic driving system can perceive the environment and provide information or temporarily intervene in vehicle control to assist the driver to drive the vehicle safely.

The L1-class driving automation system can continuously perform the lateral or longitudinal motion control of vehicles in dynamic driving tasks under its design and operation conditions, and has the ability to detect and respond to some targets and events that are suitable for the lateral or longitudinal motion control of vehicles. The driver and the automatic driving system can perform the driving tasks of vehicles at the same time. At this time, the driver is more like a security officer and mainly supervises the driving behavior of the automatic driving system.

L2 level has the functions of ACC, LCC and other level 1 autopilot systems, and it also has the ability to control lateral and vertical motions at the same time. In the autopilot function of L0-L2 level, the driver has the highest control authority and can intervene at any time to immediately release the control of the autopilot system, which is also the level that can be achieved at present.

L3 level means that the system continuously performs all dynamic driving tasks under its design operating conditions, L4 level means that the system continuously performs all dynamic driving tasks and automatically executes the minimum risk strategy under its design operating conditions, and L5 level means that the system continuously performs all dynamic driving tasks and automatically executes the minimum risk strategy under any driving conditions.

With the above basic information, it will be more convenient to understand the intelligent driver assistance system of Mercedes-Benz EQE.

At present, the domestic version of Mercedes-Benz EQE has a total of three vehicle configurations. The price of EQE 350 Pioneer Edition is 528,000 yuan, the price of EQE 350 Deluxe Edition is 546,000 yuan, and the price of EQE 350 Pre-model Special Edition is 585,000 yuan. It is positioned as a medium and large pure electric vehicle with a cruising range of 717km-752km. According to official data, it provides L2 intelligent driving assistance system.

Turning back to the driver’s assistance function of Mercedes-Benz EQE, the author translated and sorted out various intelligent driver’s assistance functions of Mercedes-Benz EQE by reading the information of Mercedes-Benz official website.

(Translated according to Mercedes-Benz official website data)

For car companies, all intelligent functions are usually divided into two categories: driving and parking. First, because the speed of vehicles is different when driving and parking, the research objects, the application of sensors and various algorithms including decision-making algorithms are also different at the technical level. Second, the functional configuration of intelligent driving is the research object, and the corresponding results are more convenient to be matched on different models in a menu manner.

Mercedes-Benz also divides the intelligent driving assistance system into the above two categories, one is the auxiliary function during parking and the other is the auxiliary function during driving.

As can be seen from the information of Mercedes-Benz official website, the version of the driver assistance operating system comes standard with the classic version of the driver assistance component, while the middle-high version comes standard with the enhanced version of the driver assistance component. Functionally, the low version of the active safety early warning system does not have DOW door opening warning, but the middle-high version is standard. In addition, the road traffic signs in the low version are identified as optional, and the middle-high version is standard. In addition, the number of sensors in the low version is one less than the other two, and the difference lies in the number of cameras.

(According to the information of Mercedes-Benz official website)

However, there must be beautification packaging in the wording of the manufacturer, which may lead to our misunderstanding. In order to avoid this situation, the author will show you the essence through the phenomenon through several functions of Mercedes-Benz EQE.

(According to the data of Mercedes-Benz official website)

Second, the sensor composition of EQE intelligent driver assistance system

1. Number of sensors

Mercedes-Benz EQE provides 23 sensors related to the intelligent driving assistance system, including 1 long-distance millimeter-wave radar, 4 corner radars, 12 parking ultrasonic radars, 1 front binocular stereo multi-function camera, 4 360 parking cameras and 1 in-car viewing angle camera, etc., and is equipped with the enhanced version (P20) of the driving assistance module. The intelligent driving assistance function based on the intelligent navigation distance limiting function (ACCA) can achieve L2 automatic driving level.

In terms of sensor configuration, Mercedes-Benz EQE is far less than the current domestic models of the same level. The new HI version of Extreme Fox Alpha S is equipped with 34 sensors, the whole car of Tucki P7 is equipped with 31 autopilot sensors, and the whole car of Weilai ET7 is equipped with 33 sensors. The prices of these models are far less than those of Mercedes-Benz EQE. Therefore, in the era of smart cars, the cost performance of domestic models is still high, while the Mercedes-Benz brand still has a high premium.

In addition, Mercedes-Benz S-Class /EQS/EQE are all a scheme. There is a laser radar in the topology diagram of foreign vehicle controllers, but the domestic version of EQE has been replaced by a millimeter-wave radar instead of a laser radar, which is different from the foreign version.

One of the most obvious advantages of Mercedes-Benz EQE without laser radar is that it will save costs, because the imported Mercedes-Benz EQS, which is also based on EVA pure electric platform, is equipped with a laser radar. It is reasonable to say that EQE can support laser radar, whether it is overseas or domestic. On the other hand, the policies and regulations of different countries and even cities are different. For example, in North America, different states have different requirements for vehicle headlights. Therefore, in order to save trouble, the geometric multi-beam headlights provided by Mercedes-Benz in North America are also castrated, and the domestic version is the full version. However, the next plan of Mercedes-Benz EQE is to drive automatically at L3 level. In the future, if domestic policies allow, the domestic EQE laser radar will also be on the meeting.

2. Sensor layout

The specific layout of the sensor is shown in the following figure:

(Translated according to Mercedes-Benz official website data)

From the layout, one long-distance millimeter-wave radar is located in front of the vehicle, four corner radars are located on the left and right sides of the front and rear of the vehicle respectively, the positions of 12 ultrasonic radars are shown in the yellow icon in the figure, the front binocular stereo multifunctional camera is located on the roof, and four 360 parking cameras are located on two rearview mirrors and the rear half of the vehicle respectively.

Although the car has reached L2 level of intelligent driver assistance system, it is not worth showing off. L2 level is not high enough, and many cars with more than 100,000 can achieve L2.5 level.

3. Sensor brand, technical highlights and corresponding functions

The sensors carried by Mercedes-Benz EQE have been clearly analyzed. Let’s take a look at the advantages and disadvantages of various sensors:

The hardware of Mercedes-Benz EQE intelligent driving sensor basically comes from big factory suppliers.

In terms of millimeter-wave radar, there is generally a "1+4" method for the millimeter-wave radar equipped with intelligent driving in the industry. It is obvious that Mercedes-Benz EQE has also adopted this number with one long-range millimeter-wave radar arranged in front and four medium-short-range radars arranged at the side and rear of the car.

According to the network information, the millimeter-wave radar of China Net comes from the mainland, and the part numbers are A0009000536/A0009009638/A0009006444 respectively. The intelligent driving assistance function involved is the Distinctive Plus, which mainly participates in the professional version of the Distinctive Pro, the collision alarm and so on.

However, according to the data of foreign versions, there is another scheme for this millimeter-wave radar. The supplier is Bosch, and the part number is A0009052017/A0009055518/A0009051019. There are two possibilities, one is to mix them, and the other is to form a difference between the two.

The four corner radars come from Veoneer, a simple understanding of Veoneer, an automobile technology provider located in Stockholm, Sweden. Its products include radar, laser radar, vision system, advanced intelligent driving assistance, automatic driving software, night driving assistance system, active safety sensors, monocular and stereoscopic vision cameras, and it is worth mentioning that Mercedes-Benz is the first to realize L3 in the world.

The parts number of two corner radars on the outside of the front bumper is A0009051516/A0009059517, which cooperates with millimeter-wave radar to participate in the enhanced version of the automatic distance and speed adjustment system and advanced remote parking; The parts numbers of the two corner radars on the outside of the rear bumper are A0009003335/A0009003138 and A0009051416/A0009059417, which have two main functions. One is similar to the two corner radars on the outside of the front bumper, and cooperates with millimeter-wave radar to participate in the enhanced version of the intelligent navigation distance-limiting function system and advanced remote parking, and the other is to participate in the active blind spot auxiliary system.

The supplier of 12 ultrasonic radars is unknown for the time being. In terms of functions, 6 ultrasonic radars on the front bumper and 6 ultrasonic radars on the rear bumper are all active.

Looking at the visual level again, a binocular stereo multi-function camera on the roof of the domestic EQE adopts Veoneer fourth-generation stereo vision camera system, and the part number is A2239006128/A2239006830/A2239006830, which is composed of fully integrated hardware and sensing software. The camera has been upgraded from the third generation to the fourth generation, and the visual field has been expanded from 52 to 100, with improved accuracy and pixels. This camera uses convolutional neural network technology (CNN) to obtain the available space and detect small obstacles, and at the same time, it can accurately classify and locate the objects in front of the vehicle in combination with 3D stereo, which can be applied to most weather conditions. At the same time, thanks to the core algorithm of Mercedes-Benz, the binocular camera can detect the information of the target without classification, and the situation that obstacles cannot be identified can be well solved. At the same time, the stereo binocular can weaken the demand for lidar and reduce the cost.

It mainly participates in intelligent driving assistance functions such as active lane keeping assistance system, automatic high beam switching (IHC), automatic high beam switching, enhanced version (IHC+), traffic sign recognition, speed sign recognition, advanced head-up display (HUD), distance and speed automatic adjustment system enhanced version (DISTRONIC PLUS) and distance and speed automatic adjustment system professional version (DISTRONIC PRO).

The camera in the car comes from LG’s monocular camera, which is mainly involved in the attention assistance system and will give an early warning when necessary.

The supplier of the other four panoramic cameras for the middle net and exterior rearview mirror is Magna, which acts as a 360 camera and plays a great role in automatic parking.

Third, the brain of EQE intelligent driving system: chip

From the analysis of the sensors in the previous article, it can be seen that the number of sensors carried by Mercedes-Benz EQE is not large, so the requirements for computing power are far less than those of domestic new forces.

At present, the autopilot chip used by Mercedes-Benz EQE has not been disclosed, but according to industry speculation, the Mobileye EyeQ4 chip is used in a high probability.

EyeQ Ultra, the latest version of SoC of Mobileye.

Mobileye mainly provides intelligent assisted driving algorithm+chip solutions to meet the demand of L2-level autopilot. As of last year, about 70% of the world’s production cars were equipped with autopilot chips from Mobileye.

The Xavier 8 core chip of Mercedes-Benz NVIDIA that we often hear is not an intelligent driver assistance chip, but its main function is to support intelligent cockpit experience such as MBUX intelligent human-computer interaction system. In addition, this chip is really carried on the overseas version of EQE, and the domestic version of the chip is not clear.

At present, the computing power of Mercedes-Benz EQE’s self-driving chip is unknown. If it is really a Mobileye EyeQ4 chip, then the computing power is likely to be similar to that of Weilai ES8′ s Mobileye EyeQ4 chip, which is about 2.5TOPS.

However, it is worth mentioning that EQE will realize L3-level automatic driving next, and overseas AMG models of EQE have already confirmed that they will have L3-level assisted driving, so the following models should not adopt Mobileye again. As early as 2017, NVIDIA signed a cooperation agreement with Mercedes-Benz, which will provide smart cockpit chips and autopilot chips for Mercedes-Benz. Therefore, Mercedes-Benz EQE will adopt NVIDIA with greater computing power in the future.

Iv. Topology layout analysis of wire harness

If you want to know how to realize the intelligent driving assistance function of a car, you must know the wiring harness layout.

(Topology diagram of Mercedes EQE harness)

Automotive wiring harness is the network subject of automobile circuit, and there is no automobile circuit without wiring harness. In modern cars, there are many automotive wiring harness, and the electronic control system is closely related to the wiring harness.

Generally speaking, if the functions of microcomputer, sensor and actuator are compared with human body, it can be said that microcomputer is equivalent to human brain, sensor is equivalent to sensory organ, and actuator is equivalent to motor organ, then wiring harness is equivalent to nerve and blood vessel.

Previously, the four buses of automobiles were CAN, LIN, FlexRay and MOST. Generally speaking, CAN bus is the backbone, LIN is the deputy of CAN, FlexRay is the hope of the future, and MOST is responsible for cultural undertakings. However, with the increasing demand for intelligent driving in automobiles, high-speed data transmission is required for applications such as navigation system and parking distance control, so LVDS wiring harness is gradually emerging.

1. CAN bus layout of EQE

CAN is the abbreviation of ControllerArea Network, CAN), which is a multi-master bus between nodes for distributed control system. There is no master-slave distinction in data communication, and any node can initiate data to any other node (one or more), with the highest communication rate of 1Mbps. Taking CAN network as the main network can realize the intelligent control of the automobile, such as automatically locking the door at high speed and automatically opening the door when the airbag pops up. CAN is a Bus communication mode, which means that all nodes are connected to the same transmission medium, which means that the electrical signals in the transmission medium will affect all nodes.

From the vehicle controller topology of Mercedes-Benz EQE, we CAN see that Mercedes-Benz EQE still uses CAN as a means of controller networking. There are 20 groups of CAN buses in Mercedes-Benz EQE, which control many functions of EQE body, including steering wheel assembly/system, etc. In addition, it also plays a vital role in EQE’s intelligent driver assistance system.

2. LIN layout of EQE

LIN(Local Interconnect Network) bus is a supplement to other automobile multi-channel networks such as CAN. In general, LIN does not exist independently in automobiles, but is usually connected with other networks such as upper CAN network, which is suitable for applications that do not have too high requirements on network bandwidth, performance or fault-tolerant functions. For example, in Mercedes EQE, it is mainly used for window control, automatic back door, electric rearview mirror adjustment, seat heating and ventilation, etc., and the use of CAN bus for these functions will cause performance waste.

In Mercedes-Benz EQE, there are 40 groups of LIN buses connected to Ethernet, 1 group of LIN buses connected to FlexRay and 28 groups of LIN buses connected to CAN, some of which have the following functions, and are less related to the intelligent driver assistance system.

It is worth mentioning that Mercedes-Benz EQE is equipped with a new generation of MBUX intelligent human-computer interaction system, with a memory bandwidth of 46.4GB/s per second, which is at the leading level in the industry, so the smoothness of the car operating system is guaranteed to some extent.

3. FlexRay layout of EQE

FlexRay is the research and development achievement after CAN and LIN, which can effectively manage multiple safety and comfort functions. The maximum performance limit of CAN network is 1Mbps, and the maximum performance limit of LIN is 125Kbps, while the maximum data rate of FlexRay on two channels CAN reach 10Mbps, and the total data rate can reach 20 Mbps. Therefore, the network bandwidth of FlexRay may be as much as 20 times that of CAN when applied to vehicle networks.

FlexRay CAN run not only as a single channel system like CAN and LIN networks, but also as a dual channel system. Dual-channel systems can transmit data through redundant networks, which is also an important performance of highly reliable systems.

There are a set of FlexRay buses in Mercedes-Benz EQE, which play a vital role in the intelligent driving assistance of Mercedes-Benz EQE. The related FlexRay bus controllers are as follows:

4. LVDS of EQE

LVDS wiring harness is a bridge between the display screen and the communication motherboard, which plays the role of power supply and signal transmission, and the motherboard transmits the picture to the display screen, that is, the screen wire harness. Any running machine with a screen will inevitably have LVDS wires to transmit data.

There are many electromagnetic radiation sources in the automobile, so anti-interference ability is the most basic requirement of automobile electronic design. In addition, considering the low radiation advantage of LVDS transmission line itself, it hardly causes additional interference to other facilities of the system. LVDS transmission only needs simple resistance connection, which simplifies the circuit layout and the line connection is very simple (using twisted copper cable). LVDS is compatible with various bus topologies: point-to-point topology (one transmitter and one receiver); Multi-branch topology (one transmitter, multiple receivers); Multipoint topology (multiple transmitters, multiple receivers).

Mainly for the 360-degree panoramic image system of Mercedes-Benz EQE. The data transmission technology of Mercedes-Benz 360 image system has experienced two technical changes. Early models used LVDS low-voltage differential signal, while the latest models used HSVL high-speed video link. For example, for E-class cars, LVDS technology was used before 2021, and HSVL technology was adopted in 2021.

At present, there is no sign of LVDS wiring harness in EQE’s vehicle controller topology, but it is certain that Mercedes-Benz EQE adopts LVDS wiring harness.

5. Ethernet main bus of EQE

At present, the mainstream view in the mainstream industry thinks that vehicle Ethernet will become the development trend of intelligent networked automobile bus in the future, so this is also the mainstream direction of many automobile enterprises in research.

There are terminal nodes in the network, which simply means that there is only one Ethernet port on a node; And it is simply understood that there are multiple Ethernet ports on a node, and its main function is to forward information. Switch communication means that all terminal nodes can be connected together through switches, and all transmitted information needs to be forwarded by switches. In switched communication, only two ends of a network line are connected to two ports, and there is no bifurcation. So generally we don’t talk about Ethernet bus, but about Ethernet Network.

In Mercedes-Benz EQE, the Ethernet main bus is connected with 40 groups of LINs, and there is also a controller related to the intelligent driver assistance system:

Actual scene analysis, how does EQE intelligent driver assistance system work?

A car’s intelligent driving assistance system involves many levels, besides the sensor level, there are controller, electronic and electrical architecture level, algorithm and so on, which are the three main modules we often say: perception, decision-making and control. Generally speaking, it is similar to people’s eyes, brain and limbs.

The following will analyze how Mercedes-Benz EQE intelligent driver assistance system works from the practical application scenarios of various intelligent driver assistance functions.

1. PARKING (automatic parking)

On the aspect of automatic parking, major car companies are speeding up the mass production of automatic parking. From the perspective of China’s market layout, the concentration of car companies equipped with APA is high, and the top ten car companies account for 84.1% of the market share. The sales volume of Beijing Benz equipped with APA models is far ahead of other car companies.

At present, there are four automatic parking systems, semi-automatic parking (S-APA), automatic parking (F-APA, RPA), memory parking (HPP) and autonomous parking service (AVP).

The automatic parking function of Mercedes EQE is as follows:

(Translated according to Mercedes-Benz official website data)

Mercedes-Benz also explained EQE’s automatic parking system in detail.

(Translated according to Mercedes-Benz official website data)

According to the data of Mercedes-Benz official website, it can be found that the "parking package with 360 camera and remote parking functions" of Mercedes-Benz EQE supports active parking assistance, memory parking and remote parking assistance. In addition, there is a high-precision self-learning map, so the automatic parking system should be located at the highest SAE L4 level in the automatic parking class: Autonomous parking service (AVP).

According to the analysis of Mercedes-Benz EQE sensor, the configuration of the sensor conforms to the definition of autonomous parking service (AVP).

The automatic parking system includes sensing system, central control system, execution system and human-computer interaction system, which are connected by wiring harness. The fourth chapter above involves wiring harness.

From the design point of view, Mercedes-Benz’s parking system also adopts the integrated parking scheme of looking around and ultrasonic, and the whole car does not use lidar. If lidar is used, the problem of sensor perception limitation will be solved on a large scale.

From the perspective of the whole industry, at present, there are many L2 and L2+ automatic parking integration schemes with car-end transformation as the main technical scheme, and the L4 AVP is involved in Mercedes EQE, so it will also involve the construction of high-precision maps, and the map data needs to be updated regularly and in real time.

It is worth mentioning that the supplier of Mercedes-Benz’s high-precision map construction in overseas models is HERE, whose main function is to serve L3 autopilot. At present, Mercedes-Benz DRIVE PILOT autopilot has landed, and the high-precision map carried by EQE is also paving the way for L3 autopilot on EQE.

Mercedes-Benz DRIVE PILOTL3 Class Autopilot Landing

At present, the domestic version of EQE is equipped with NavInfo. As one of the earliest map vendors in China, NavInfo once became an "oligarch", and NavInfo has close ties with national car companies such as Tesla, Daimler, Ford, BMW, Guangzhou Automobile, Great Wall and Weilai.

According to NavInfo’s new public information, it won the order for the autopilot data management service platform for mass-produced vehicles from Daimler Greater China Investment Co., Ltd. last year, and will build and integrate Daimler’s domestic autopilot platform, and be responsible for the data management service of the platform from November 2021 to November 2024, and at the same time provide data processing services for the passenger cars mass-produced by Daimler Group in China from November 2021 to November 2024 through the platform, so the domestic version of EQE.

After the sensors mentioned above collect the vehicle position information and body state information, the sensing system converts them into digital signals, which provides the basis for the next path planning and decision-making.

In the process of signal transmission, it will be transmitted to the central control system through various routes in the previous chapter (Chapter 4). The specific transmission paths are as follows:

CAN bus –CAN S1 front radar controller area network, CAN S2 rear radar controller area network-controller 4 corner radars (B29/11: left front short-range radar (left front NBR), B29/12: right front short-range radar (right front NBR), B29/13: left rear short-range radar (left rear NBR), B29/14:

Ethernet main bus-controller N41/7: self-learning high-precision map (SHPK), N41/8: position determination.

Chassis FlexRay Bus-A40/11: Multifunctional Camera (MFK).

The information collected by the sensing system is processed and analyzed, and the current position of the vehicle, the position of the target and the surrounding environment are obtained. The central controller judges whether there are parking conditions according to these parameters, calculates the optimal path planning, generates corresponding control instructions, and sends the information such as steering torque and angle information needed in the parking process to the relevant actuators in the form of electrical signals through the vehicle network.

The implementation of Mercedes-Benz EQE is

The signal passes through the chassis FlexRay bus –N68: Electric Power Steering (ES)N68/4: Rear Axle Steering System (HAL)N80: Steering Column Module (Steering Column Tube Module (MRM)) and is finally reflected on the wheels.

The LVDS line is unclear.

2. DRIVING (driving)

In this respect, the functions owned by Mercedes-Benz EQE have been elaborated in the first chapter, and several representative functions are selected for analysis.

2, 1 Active Brake Assist (active brake assist)

Active braking assistance reacts to the actual situation. When there is a collision risk, Mercedes-Benz EQE gives a visual and audible warning, and when the driver does not respond, the system will assist braking.

The sensors involved in the perception level mainly include 1 millimeter wave radar and 12 ultrasonic radars.

Similar to PARKING, the signal is formed by the sensing system, and the transmission path is Ethernet main bus -A89: long-range radar (FBR). The transmission harness of ultrasonic radar is not clear for the time being, but it is clear that the signal must have been transmitted to the central control system.

Finally, at the actuator level, the vehicle will be braked, and the signal transmission path is:

Signal-Chassis FlexRay Bus –N68: Electric Power Steering (ES)N68/4: Rear Axle Steering System (HAL)N80: Steering Column Module (Steering Column Tube Module (MRM))- Brake

At the same time, the signal passes through CAN T：CPC harness to N12/2: SOGE to give an audible warning to the owner.

2, 2 Active Lane Keeping Assist system (active lane keeping assist)

During driving, when EQE deviates from the lane pressing line, the steering wheel will vibrate, and when there is an obstacle beside it, the system will sound an alarm, and at the same time, unilateral braking will intervene to assist the vehicle to return to the right position.

Perception system involves binocular camera on the roof, 4 cameras on the car body, millimeter wave radar, 4 angle radars and 12 ultrasonic radars.

Similar to PARKING, four corner mines are also required to collect information, and the information is transmitted by two wire harnesses: CAN S1: front radar controller area network and CAN S2: rear radar controller area network. This path also participates in active blind spot auxiliary system and intelligent navigation distance limiting function.

In addition, there is the signal of the binocular camera on the roof, and the chassis FlexRay bus-A40/11: Multifunctional Camera (MFK). This signal transmission path is also used in the intelligent navigation distance limiting function, speed sign recognition and traffic signal recognition function.

The information transmission path of millimeter-wave radar is similar to that of active braking assistance, so I won’t go into details, and it is also used for intelligent navigation distance limiting function.

At the execution level, the signal is also transmitted through the chassis FlexRay bus, and finally the vehicle sends out an alarm sound, and the system assists the vehicle to return to the right position.

There are many similarities in the transmission paths of active parking assist system, active braking system, active lane keeping assist system and intelligent navigation distance limiting function. The sensors, actuators and transmission paths involved in each function can also be clearly seen in the harness distribution in Chapter 4 above, and the general idea is similar to that of active braking assist system, active lane keeping assist system and automatic parking analyzed above.

The remaining auxiliary functions can also be analyzed according to the above ideas.

In addition, the actual experience of Mercedes-Benz EQE’s intelligent driver assistance system has been evaluated by German ADAC test before, as follows:

Mercedes-Benz EQE has excellent driving stability and insufficient steering accuracy, but fortunately, with the help of intelligent assisted driving, the model can easily keep driving in a straight line; In terms of braking, the brake pedal feels stiff and there is no clear pressure point. German ADAC test thinks that this is a point that Mercedes-Benz needs to improve, otherwise it will permanently interfere with EQE’s driving experience. In terms of active safety assistance system, Mercedes-Benz is in the leading position in the industry, which is also reflected in EQE models. Under the functions of emergency braking system, including collision and distance warning, it can ensure safety to a great extent; Pedestrian protection is equipped with an active hood, which will automatically rise in the event of collision, thus increasing the distance from hard engine parts. In addition, a predictive emergency braking assistant is standard, which can respond to pedestrians and cyclists.

On the whole, Mercedes-Benz EQE’s intelligent driving assistance has a good help in the actual driving process, but it should be noted that the models tested by ADAC are overseas versions, which are of reference to our domestic consumers, but not much.

VI. Summary

In the research and development of intelligent driving technology, Mercedes-Benz should be regarded as an early brand. As early as 30 years ago, based on the European "Eureka" research plan, it launched an intelligent transportation project called "Prometheus". From the end of 1990s to 2005, Mercedes-Benz introduced a distance control system named DISTRONIC and an upgraded version-Distronic Plus.

After 2015, Mercedes-Benz began to explore intelligent driving through travel services, and in 2018, it cooperated with doctors to launch the Robotaxi service of L4/L5 unmanned taxi in California.

In the last five years, there have been frequent actions. In July 2017, Mercedes-Benz invested in Momenta, a self-driving startup in China, and acquired Torc Robotics in April 2019, which significantly accelerated the intelligent strategy.

However, there is still a significant gap between this speed increase and the research and development, popularization and cost control of smart cars in China. Judging from the cost performance and quantity of its intelligent driving system hardware, the new force of making cars in China is basically the existence of this intelligent driving assistance system that can kill EQE, so from the comparison of peers, this system can’t support the price as high as 500,000 yuan.

Judging from the sensors carried by Mercedes-Benz EQE, it is imperative for Mercedes-Benz EQE to use L3 intelligent driver assistance system. If it can get on the road, then the new domestic forces will only increase, so the high premium of Mercedes-Benz will continue to exist to some extent.

Zhi Ji LS7 blindly ordered a large number of orders to be transferred. Why didn’t Zhi Ji stop it？

Text: Talking about Qing said AI Author: Zheng Driving

Recently, according to a number of media reports, there are a lot of news about the transfer of orders blindly ordered by Zhiji LS7 on the idle fish platform. Tan Qing said that AI tried to search for "Zhi Ji LS7 blind subscription transfer", and the results showed that the transfer information came from different regions such as Guangdong, Zhejiang, Hunan and Shanghai, and there were "174 treasures" nationwide.

According to the auto industry’s concern, a seller in Guangzhou issued a document saying: Zhiji LS7 was the top 10,000 in the early stage of listing, and received 5,000 cash subsidies to pick up the car, which can change the name of the car buyer, mobile phone number and vehicle configuration …

It is worth noting that the Zhiji LS7, which is positioned as a "smart pure electric medium and large luxury SUV", was officially launched on February 10th. Although it will not be delivered to the first batch of users until March, blind subscription users have been able to test drive in the official experience store offline for nearly half a month since listing.

Previously, due to the fact that the order quantity of Zhiji LS7 was not bad, according to Zhiji’s official disclosure, it was "successfully broken through 10,000" on February 1. However, there are so many order transfers on the second-hand platform now, which can’t help but make some media start to question. The scheduled quantity of Zhiji may have the possibility of "data flooding". For this matter, I haven’t seen the official position of Zhiji yet.

Then the question is, after all, the first batch of blind booking car owners felt dissatisfied after experiencing Zhiji LS7, and wanted to change hands to find the "receiver"? Or is it that the car owner who booked blindly before was not sincere in buying a car at all, just trying to make a difference?

Why didn’t Zhiji officials stop a large number of blind orders from being transferred?

We all know that cars, as a kind of big consumer goods, buyers are more cautious when they start, and it is actually normal for individual owners to transfer orders blindly or return orders. For example, after the release of G9 in Tucki last year, because the price allocation was too complicated, many blind book owners found that many combinations were not practical and decided to unsubscribe.

Nowadays, a large number of orders are transferred from the blind booking of Zhiji LS7. According to normal logic, it may be that the intended owner is dissatisfied with the car or the price.

Speaking of price, I have to mention the price war initiated by Tesla at the beginning of the year. After Tesla took the lead in price reduction, many luxury new power brands began to follow suit. The biggest price reduction in the world reached 30,000 yuan, and several cars owned by Tucki also reduced their prices by 20,000-36,000 yuan.

Look at Zhiji LS7 again. On December 20th last year, this car was put into pre-sale, and the published price range was 350,000-500,000 yuan. When Zhiji LS7 was officially listed on February 10th this year, the official price was adjusted to 309,800 yuan-459,800 yuan, and both the entry version and the top version were 40,200 yuan cheaper than the pre-sale price.

We can’t know how much gross profit the LS7 car has left, butIn terms of price reduction, compared with other high-end brands, Zhiji officials have given considerable sincerity.At the very least, it is much cheaper than the price expected by many blind book owners.

If there is no problem with the price, we should consider a possibility before praising or criticizing the car itself: some owners who buy Zhiji LS7 are scalper buyers.

Is the transfer of Zhiji LS7 made by a "scalper"? In fact, it is not difficult to speculate.

In fact, it is not always possible for "yellow cattle" to make a difference by changing orders, but it needs "time" to help.

Last year, due to factors such as rising raw material prices and tight supply of spare parts, the production capacity of many brands of new energy vehicles was limited, and everyone generally raised prices and the cycle of picking up cars was greatly extended. For example, Tesla’s price increase is 30,000 to 40,000 yuan, and the space for middlemen to earn the difference is attractive enough.

Under this circumstance, a large number of "scalpers" have appeared in the market to satisfy the psychology of some consumers who want to get a car cheap and early.

"During that time, many of our businesses were cut off by the scalper, and some even rushed into the Tesla direct store. Before the sale, the heel intended to talk to the customer. The scalper came forward and said that he had an order, which not only could pick up the car earlier, but also was cheaper than the Model Y after the price increase." Tan Hong (a pseudonym), a new energy automobile dealer in Zhengzhou, told Tan Qing that AI indicated.

However, as the supply chain and other factors limiting production have been alleviated, Tesla has entered a price reduction cycle, and at this time, the days of scalpers are not good. At the beginning of this year, Tesla took the lead in launching a "price war" in order to rush sales, and other high-end new energy automobile brands followed suit. "Now there is no oil and water, and the scalpers who resell orders have converged a lot."

From this logic point of view, under the background of the current high-end car price reduction, the possibility of "scalper" reselling Zhiji LS7 orders cannot be said to be completely absent, but it may not be high. More importantly, the Zhiji LS7 has not been delivered yet, and the quality of this car has not been verified by the market. If it is not a tight commodity, the "scalper" has no certainty of making a steady profit.

However, the exclusive rights and interests of blind book owners given by Zhiji officials are far higher than the blind book price of 888 yuan. Perhaps it is just seeing the "rich rights and interests" of blind subscribers that they will resell Zhiji LS7 with the mentality of taking a chance.

Judging from the price tag given by the transferor of Zhiji LS7 blind subscription, it is true that the price given by a few sellers is lower than the official blind subscription amount of 888 yuan. If these orders come from scalpers, the business is properly lost.

Some people prefer to transfer orders with blind user rights at a loss, which may indicate that these people are slightly disappointed after seeing the real content of Zhiji LS7 car and are worried about hitting it in their hands., simply transfer at a low price and stop loss in time.

However, because this car has not been listed yet, and some transferors ask for more than the official blind order amount of 888 yuan, these people seem to be suspected of scalping.

Whether the blind order transfer is done by "scalpers" or not,For Zhiji officials, this phenomenon may lead to confusion in the brand pricing system, which is a kind of harm to the brand.

For consumers, some people will be greedy for cheap. If automobile manufacturers allow the phenomenon of order transfer to flood, it may cause transaction risks and damage the rights and interests of car owners.

"The transaction of unofficial sales pre-sale channels is not guaranteed, which is prone to disputes. For example, the seller may go back on his word or temporarily ask for a price increase after the buyer takes a photo." Tan Hong told Tan Qing that AI said.

In fact, the attitude of automobile manufacturers towards "scalpers" reflects the brand power and discourse power of an automobile manufacturer, so many high-end automobile brands are trying to rectify the behavior of "reselling" orders.

Tesla, which was closely watched by scalpers, once issued a "no resale commitment letter", requiring users to promise not to transfer the ownership within one year of picking up the car. Offenders should pay a penalty of 20% of the invoiced price, otherwise the binding account change and super charging will be restricted. Weilai launched the "first owner’s rights and interests", which includes a large number of disguised concessions such as free service upgrades, and the sales contract will also stipulate that once the vehicle is resold, the above rights and interests will automatically expire.

Even BYD has begun to cherish the brand feathers. For example, BYD Song plusdmi orders are not allowed to be renamed, and after the forced transfer of orders, some lifetime warranty policies will be limited.

“For a strong brand, whether it is price increase or price reduction, the official will hold the pricing power.Behind Tesla’s crackdown on scalpers is also its obsession with controlling the price system of new cars. "Tan Hong said.

Looking at Zhiji again, many users who transfer LS7 blind orders claim that their rights and interests will not be affected after the transfer. Why is Zhiji not in a hurry to crack down on the transfer of orders? Do you really care that the price system is messed up?

Sales continue to be sluggish, how to build "China Tesla"?

For Zhiji LS7, it is not a big problem to experience the disturbance of order transfer. After all, the real car has not been delivered yet, and the sales volume is unknown. Let the bullets fly for a while.

However, in the view of talking about AI, many media have all kinds of bad speculations about transferring orders, mainly becauseThe sales performance of the first Chezhiji L7 was poor, and the first shot didn’t start.

Judging from the insurance coverage, the cumulative sales volume of Zhiji L7 last year was only 4,682 units, and the average monthly sales volume was not worth mentioning.

Recently, with the release of LS7, Tamia Liu said that the reasons for the low sales of L7 are not only the products and brands, but also the rhythm of channel laying.

"By December 31 last year, Zhiji had opened 113 offline experience and delivery centers, which is relatively small." Tamia Liu said.

Judging from the soaring sales volume in the world last year, the channel is quite critical for the blessing of new brand sales. From this perspective, Zhiji officially allows blind users to transfer orders, perhaps to make up for the lack of channels.

The channel is actually a heavy asset investment. Once it does not match the sales volume, it will also bring a heavy burden to Zhiji. However, from the background of the company, behind Zhiji stood SAIC and Alibaba, which are the rich second generation in the car industry.

According to Tianyancha APP, on August 1 last year, Zhiji completed the A round of equity financing, and the post-investment valuation reached nearly 30 billion yuan; Recently, a syndicated loan of 5 billion yuan was successfully signed. It is not difficult to see that Zhiji Automobile is still favored by capital.

Obviously, Zhiji, who is backed by SAIC and Ali, is not short of money. Why is the channel layout so cautious? Does SAIC still have reservations about its support for Zhiji?

In the high-end market of new energy, in addition to Zhiji, SAIC also has a Feifan car that focuses on high-level intelligence.

Feifan is also a high-end new energy brand. From the price point of view, its positioning is slightly lower than that of Zhiji, and it belongs to an entry-level luxury brand. What is embarrassing now is that with the price reduction of Zhiji, Feifan and Zhiji brands overlap in the price range, and the internal competition is more obvious.

According to the number of new car compulsory insurance purchases, Feifan brand, which has launched four cars, sold only 250 cars in January this year, down 84.55% and 90.04% respectively from the previous month, which is quite bleak. According to the announcement of SAIC, Zhiji, which was built with heavy money, only sold 507 vehicles in January.

In terms of sales volume, Feifan and Zhiji have a weak presence in the new energy market, which is simply a pair of "Wolong Feng Chu". Since Feifan hasn’t flown yet, the pressure on Tamia Liu and Zhiji won’t be alleviated at all.

Recently, with the release of the LS7 model, Tamia Liu took the opportunity to shout out the sales target for 2023: 45,000 vehicles. Objectively speaking, this goal is not too high.

Regrettably, this high-end brand, once regarded as "No.1 Project" of SAIC, seems to be farther away from the goal of becoming "China Tesla".

Growth enterprise market index fell by 1.37%, northbound funds sold by 4.4 billion yuan, and the precious metals sector rose against the trend.

K diagram 000001_0

K figure 399001_0

K figure 399006_0

　　The three major indexes of A shares fell collectively,It fell by nearly 1.4%, and the net sales of northbound funds exceeded 4 billion. On the disk, the mining industry rose sharply, and Tongyuan Petroleum, Baken Energy, Bomaike, Zhongman Petroleum and Renzhi shares rose daily. The precious metals sector strengthened, Sichuan gold rose daily, and Zhongrun resources rose by more than 8%. Diet pills, oil, gas, jewelry, aerospace and other sectors are in the forefront of the increase list. Energy metals, semiconductors, Chiplet concepts, memory chips, PVDF concepts, batteries, fluorine chemicals and passive components performed poorly, leading the market down.

K graph BK1017_0

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　　As of the close of noon,Down 0.40% to 3075.80 points; The Shenzhen Component Index fell 0.99% to 9968.99 points; Growth enterprise market index fell 1.37% to 1969.24 points; The Science and Technology 50 Index fell 1.49% to 878.47 points. The total turnover of the two cities in half a day was 525.2 billion, and the net sales of northbound funds was 4.415 billion.

　　The closing rate of 45 shares is 67.16%.

　　In terms of daily limit stocks, as of noon closing, a total of 45 stocks had daily limit, and another 22 stocks once touched the daily limit, with a closing rate of 67.16%.

　　In terms of individual stocks, the auto sector has multiple daily limit, Shenglong shares have 15 days and 8 boards, and Jintuo shares and Beiqi Blue Valley have daily limit; Oil and gas stocks rose collectively, with daily limit of Tongyuan Oil, Beken Energy, Bomaike and Zhongman Oil. Gold stocks fluctuated and strengthened, and Sichuan gold rose daily; The concept stocks of diet pills continue to be active, and Baihua Medicine and Shuanglu Pharmaceutical have daily limit; The concept stocks of computing power fluctuated and rebounded, and Sichuan Changhong, Tongfang, and Tefa Information had daily limit; Military stocks changed in intraday trading, Morning Air rose more than 10%, and Zhongtian Rocket had a daily limit. In terms of decline, chip stocks collectively adjusted to make a good limit.

　　Northbound capital: net outflow of 4.415 billion yuan.

　　As of midday, there was a net outflow of northbound funds, of whichThe net outflow was 1.994 billion yuan, and the net outflow of Shenzhen Stock Connect was 2.421 billion yuan, totaling 4.415 billion yuan.

　　industryDirection: 370 million inflows of precious metals

　　In terms of industry funds, as of noon closing, precious metals, mining industries, etc.Ranked high, with a net inflow of precious metals of 370 million yuan.

　　In terms of net outflow, the net outflow of optical optoelectronics and semiconductors ranks high, of which the net outflow of optical optoelectronics is 3 billion yuan.

　　Transaction amount of individual stocks TOP10

　　In terms of the turnover of individual stocks, as of the close of noon, Cyrus ranked first in the two cities, with a turnover of 7.433 billion yuan; Shenzhen O-film Tech Co.,lt ranked second with a turnover of 6.678 billion yuan.

　　Today’s news

　　The adjustment and optimization of securities lending related systems is conducive to activating the market and boosting confidence.

　　On October 14th, the CSRC adjusted and optimized the system of securities lending and strategic investors’ lending of allotment shares, and tightened the securities lending and strategic investors’ lending of allotment shares in stages on the premise of keeping the system relatively stable. On the same day, the Shanghai and Shenzhen Stock Exchanges issued "On Optimizing Securities Margin Trading andThe notice on relevant arrangements for securities lending transactions further refines the relevant rules, and the increase in the margin ratio for securities lending will be implemented as of October 30, and other provisions will be implemented as of October 16. Tian Lihui, dean of the Institute of Financial Development of Nankai University, told the Securities Daily that the optimization of the securities lending system has increased the cost of securities lending, constrained the insider’s securities lending behavior, and demonstrated that the regulatory authorities are advancing with the times on the premise of respecting the market. Strengthen the responsibility and actions of "countercyclical adjustment".

　　The central bank continued to exceed 789 billion yuan, and the MLF interest rate remained stable.

　　The central bank launched a 7-day reversal of 106 billion yuanOperation and 789 billion yuan one-year MLF operation, won the bid.Both are flat, 1.8% and 2.5% respectively. Today, there are 240 billion yuan of reverse repurchase and 50 billion yuan of treasury cash deposits due.

　　40 billion! The securities industry today targeted "RRR cuts"!

　　China Securities Depository and Clearing Co., Ltd. will formally implement the arrangement of reducing the minimum settlement reserve for stock business on October 16, 2023. After the implementation, the proportion of reserve payment will be reduced from the original 16% to the expected target of 13% on average, which is nearly 40 billion yuan compared with the funds released in September.

　　Good news! ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Postal Savings Bank and Bank of Communications announced fee reduction and profit reduction.

　　In order to further guide the banking industry to support the development of the real economy and enhance people’s financial consumption experience, on October 12th, under the guidance of the regulatory authorities, China Banking Association issued the Proposal on Adjusting the Price of Some Banking Services to Improve the Quality and Efficiency of Services. Specifically, the fee reduction and profit-making projects involve bill handling fee, cost, personal deposit account statement printing fee, cost of security authentication tool, credit card transaction reminder, overpayment transfer fee, annual fee replenishment mechanism, repayment time and tolerance service mechanism, etc. As of October 13th, Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, Bank of Communications, etc. have announced that they will actively respond to the initiative of China Banking Association, increase the efforts to reduce fees and make profits, and continuously optimize customers’ financial experience, but the specific implementation details and implementation time need to be announced later.

　　Pan Gongsheng, the governor of the central bank, recently voiced that monetary policy should continue to exert efforts and take advantage of the situation

　　Pan Gongsheng said that in the next step, China will pay more attention to the balance between economic growth and sustainability and actively promote high-quality and sustainable development on the basis of maintaining a reasonable growth rate. In terms of monetary policy, Pan Gongsheng said that China’s prudent monetary policy is precise and powerful, and it has intensified countercyclical adjustment, effectively responding to domestic and international risk challenges and consolidating the economic recovery. In the next step, we should continue to exert ourselves and take advantage of the situation, give full play to the dual functions of monetary policy tools, focus on expanding domestic demand, boost confidence, accelerate the virtuous circle of the economy, and provide stronger support for the real economy.

　　After the holiday, non-stop research on pharmaceutical stocks and diet pills has attracted special attention.

　　The attention of institutions to the pharmaceutical sector is increasing. In terms of funds, more than one pharmaceutical stock has boarded in the past week.Many institutions continue to increase their positions. ConggeFrom the point of view, some strategy chiefs once again listed the pharmaceutical sector as one of the key sectors in the fourth quarter. In addition, in just one week after the National Day holiday, many pharmaceutical companies have accepted dozens of well-known companies..

　　Public offering to play new music is tireless in order to enhance income.

　　Since this year, participationPublic offeringThe number of products reached 4,848, and the total amount allocated reached 46.056 billion yuan, of which 74% of equity funds in the whole market participated.. The market continues to fluctuate, and innovation is considered to be one of the important ways for Public Offering of Fund to obtain low-risk absolute returns. The data shows that dozens of small-scale funds this yearFor itContributed at least 2 percentage points of income.

　　The latest shareholding exposure of social security fund! Appeared in a number of A-share companies favor these stocks.

　　With the disclosure of the third quarterly report of listed companies in 2023,The fund’s position trend also shows the tip of the iceberg. The latest three quarterly reports that have been disclosed at present show that social security funds have appeared in the top ten of a-share listed companies in the third quarter of this year.Among them, companies with relatively stable operation and performance are generally favored.

　　Institutional point of view

　　Guosheng Securities: It is expected that the demand for home furnishing in the peak season of "Golden September and Silver 10" will continue.

　　Guosheng Securities Research Report pointed out that household consumption recovered during the 11th period, and the growth of Q4 leader is expected to accelerate. All home stores have started the "home rejuvenation consumption season" nationwide, and all regions have actively cooperated with the government to issue and undertake electronic coupons. We expect that the demand in the "Golden September and Silver 10" peak season will continue, and there is still room for improvement in the demand of first-and second-tier cities under the catalysis of policies, and the growth of home leading performance is expected to accelerate under the low Q4 base.

　　Guotai Junan: The siphon effect in the beauty industry is further enhanced.

　　Guotai Junan Research Report pointed out that the siphon effect of the beauty industry was significant in 2023, and it is expected that the growth rate of the Double Eleven will improve. Under the background of slow recovery of the consumption market, consumers tend to concentrate on buying when the big promotion discount is strong, so the siphon effect of the beauty market in 23 years has been further enhanced. Specifically, the growth rate of brands in Q1 and Q3 has dropped significantly in the off-season, but the head beauty companies in Q2 have made marginal improvements under the catalysis of 618. We expect that the beauty industry is expected to see an improvement in growth rate under the catalysis of the annual big promotion and double eleven.

　　Dongguan Securities: The pharmaceutical sector is at a relatively low valuation in the past decade, and the sentiment of the sector continues to pick up.

　　Dongguan Securities Research Report pointed out that the over-allocation rating of the pharmaceutical and biological industries should be maintained. The diet medicine industry chain has driven the plate sentiment to continue to pick up. In the sub-edition, GSK is the exclusive agent of Zhifei Bio.The heavy products of herpes zoster are good for stimulation, and the vaccine sector is among the top gainers this week. At present, the pharmaceutical sector is at a relatively low valuation in the past decade, and the sentiment of the sector continues to pick up. We can be moderately optimistic about the current position of the sector, and follow-up suggestions are to pay attention to structural opportunities such as diet pills industry chain, innovative drugs and medical services. The concerned sectors include medical equipment: Mindray Medical, UIH Medical and Australian-Chinese Endoscopy. Pharmaceutical business: Yifeng pharmacy, Dashenlin, Yinxintang. Medical beauty: Aimeike, Huadong Medicine, etc. Chinese medicine: China Resources Sanjiu, Tongrentang, Yiling Pharmaceutical; Innovative drugs: Hengrui Pharma, Huadong Medicine, etc.

　　Zheshang Securities: It is expected that monetary policy will continue to be loose.

　　Zheshang Securities Research Report pointed out that the total amount of credit was stable in September, but the resilience of the structure was relatively weak. We believe that China’s economy is still in a weak repair period, and credit data is still driven by "supply". Relevant policies are still needed to continue to pull "demand". As of September, we estimated that the excess savings balance of residents was 7.27 trillion yuan, an increase of about 93.7 billion yuan over the previous month, and continued to accumulate. In September, both the growth rates of M2 and M1 dropped, and the growth rate of M1 dropped to 2.1%, which means that the economic vitality still has room for repair. Generally speaking, we expect monetary policy to continue its loose tone, but the broad currency may converge and the focus will shift to broad credit. For large-scale assets, it is expected that China’s fundamental policies may be gradually strengthened, stocks attach importance to cyclical investment opportunities, and bonds remain volatile.

　　Ping An Securities: Structural warming characteristics are heating up.

　　Ping An Securities Research Report pointed out that A shares continued to consolidate last week, and the performance of electronics and automobile industries was relatively dominant, with obvious structural recovery characteristics. On the whole, although the short-term overseas risk disturbance still exists, the direction of marginal improvement of domestic economy and sustained efforts of policies has not changed, and the cost-effectiveness ratio of A-shares that have been adjusted to the relatively bottom area will gradually emerge in global risk assets. Structurally, it is suggested to continue to pay attention to the pro-cyclical dividend strategy, the pharmaceutical sector with a warmer market sentiment, the automobile sector with a rebound and transformation, and the TMT sector under the wave of technological trends.

　　CITIC Securities: Continue to pay attention to Huawei’s industrial chain and the "Kunpeng+Shengteng" ecology.

　　Citic Securities Research Report pointed out that overall, the global semiconductor boom has gradually bottomed out in Q2 this year. In September, the launch of Huawei+Apple’s new machine is expected to drive a new wave of rotating machines, and Q3 will start to consume electronics or enter the traditional peak season. The bottom of the memory chip cycle is clear, and DRAM/NAND welcomes the price increase; The performance of digital chips is divided, the downstream demand such as mobile phones and PCs is gradually recovering, and the demand related to AI is in an explosive growth stage; Analog chips are still waiting for the recovery of downstream demand, and the industry is under short-term pressure. Breakthroughs in core "stuck neck" links such as chips also boosted market confidence. In the short and medium term, it is suggested to continue to pay attention to Huawei’s industrial chain and the "Kunpeng+Shengteng" ecology. In the long run, the upstream high-end equipment, parts and materials will be the most direct beneficiaries of domestic alternative logic. Follow-up should continue to pay attention to Huawei’s shipments, chip yield, orders and further restrictions in the United States.

　　GF Securities: Social integration was acceptable in September, and it is expected to continue to be repaired this year.

　　GF Securities Research Report said that the current market pricing impact clues are more complicated and diversified; Objectively speaking, the social integration data in September is still relatively positive. Looking back, the total amount of social integration still has the kinetic energy to be further repaired during the year. First, the central bank’s meeting on August 18th explicitly demanded that "major financial institutions should take the initiative and increase the lending, and state-owned banks should continue to play a pillar role", which is obviously different from the "moderate total amount and steady pace" at the beginning of the year. Second, corporate bonds have a low negative feedback base in the bond market in the fourth quarter of last year; The third is the stock mortgage.After the adjustment, the early repayment behavior of residential departments may be reduced; Fourth, a new round of debt securitization may bring about some social integration increments. The social financing structure may also be optimized, and long-term loans in the enterprise sector may be affected by debt conversion, but the actual financing demand should not be too bad in the environment of profit recovery and centralized issuance of special bonds.

　　China CITIC Construction Investment Co., Ltd.: Huawei’s cross-border orders continue to exceed expectations, and related industrial chains are expected to benefit.

　　Citic Jiantou pointed out that the latest data of the Association showed that the wholesale sales volume of passenger cars in September was 2,451,700, +6.8% year-on-year and+9.6% quarter-on-quarter; Retail sales were 2,018,500 vehicles, up +5.0% year-on-year and+5.0% quarter-on-quarter; The wholesale of new energy passenger cars was 829,000, +23.0% year-on-year and +4.2% quarter-on-quarter, corresponding to the electrification penetration rate of 33.81%; On September 25-30, it retailed 128,600 vehicles, which was-5% year-on-year; Wholesale 153,500 vehicles, -6% year-on-year, and the wholesale end weakened slightly year-on-year. Recently, the new M7, Tucki G9, Zhiji LS6 and other models have been put on the market, and the price bands have dropped significantly. Among them, the new M7 car in the world of inquiry has a high degree of attention. On October 6th, the world of inquiry revealed that it had definitely exceeded 50,000 units, because its own products were strong and coincided with the high attention of Huawei’s mobile phone brand, and the M7 car in the world of inquiry spread in circles. The order of the intelligent driving version exceeded 60%, and the user’s cognition and acceptance of high-level intelligent driving was significantly improved. The automobile supply chain in Wenjie is improving its production capacity, and the parts with high value and high share are expected to benefit.

　　CICC: Focus on three main investment lines in combination with the results of the third quarterly report.

　　The research report of CICC believes that three main investment lines should be paid attention to in combination with the performance of the third quarterly report. As the profitability of listed companies is expected to improve marginally, compared with the first half of the year, it is suggested to increase the allocation weight in the fields of performance cashing and fundamental improvement. At present, high-growth areas are still relatively scarce, so it may be an important investment idea to grasp the fundamental inflection point and repair elasticity. In the stage of performance forecast and report disclosure of the third quarterly report, we should focus on: 1) the booming areas where the performance of the third quarterly report may exceed expectations or improve month on month. 2) The sub-sectors of scientific and technological growth that conform to new technologies and trends and have industrial catalysis, such as communications, semiconductors, consumer electronics, etc., which are expected to benefit from industrial autonomy and their own industrial prosperity improvement, and the pharmaceutical organisms that have been adjusted more in the early stage and have marginal mitigation expectations in industrial policies are also worthy of attention. 3) The improvement of demand, the improvement of supply pattern such as inventory and production capacity, and the areas with strong performance flexibility are worthy of attention, such as liquor, auto parts and upstream resource industries.

　　Donghai securities: All-vanadium flow battery meets the development opportunity

　　Donghai securities Research Report pointed out that the safety of energy storage power stations requires the development trend of superimposed long-term energy storage, and all-vanadium redox flow batteries meet the development opportunity. The high installed capacity of wind and solar energy has improved the demand of new power system for consumption, peak regulation and frequency modulation, superimposed with the implementation of relevant domestic storage policies, and the long-term trend of energy storage has become increasingly clear, and the long-term energy storage route such as all-vanadium redox flow battery has a good opportunity for development. At present, the life cycle cost of vanadium battery is better than that of lithium battery and sodium battery. Marginal cost decreases with the length of energy storage, and the cost advantage is prominent in the long-term energy storage market. In addition, the construction period of vanadium battery is short, the floor space is small, the site selection is not limited by natural resources, and it can flexibly adapt to all sides of the source grid load and has stronger adaptability to wind and solar installations. At present, the industrial chain of vanadium batteries has basically formed, and the market demand needs to be released urgently.

　　Hua Fu Securities: The quarter-on-quarter improvement of some tracks in the chemical industry is worth looking forward to

　　Hua Fu Securities Research Report pointed out that the third quarterly report was disclosed in October, and the quarter-on-quarter improvement of some tracks in the chemical industry is worth looking forward to. Looking to the future, it is necessary to actively grasp the profit release and high profit under the background of high prosperity of traditional energy (coal-crude oil)The high dividend effect brought by low valuation, while actively tracking the changes in the sub-track. It is suggested to pay attention to: 1) energy security: China’s special estimate, abundant cash flow & stable dividends; 2) Middle and lower reaches: refining and chemical industry, tires, chemical fiber, fluorine chemical industry, coal chemical industry, agrochemical products (leading compound fertilizer), membrane materials, real estate infrastructure materials (alkali, titanium dioxide, silicone rubber, paint, etc.), modified plastics, dyes, civil explosives and surfactants; (3) New materials: high-end polyolefins and catalysts, aerogels, high-end carbon black, OLED luminescent layer materials, semiconductor and lithium battery materials, aviation and special ship materials, sweeteners and bio-based materials.

　　Orient securities: The medical demand is rigid, and the long-term trend of the industry is improving.

　　Orient securities Research Report pointed out that in the long run, medical insurance fee control and normalized centralized purchasing will continue, and enterprises need to choose new varieties and fully grasp the clinical needs. Therefore, we are optimistic about enterprises with real innovation ability, and suggest focusing on the demand opportunities at the product end. In terms of medical devices, the conventional diagnosis and treatment continues to resume the marginal relaxation of the superposition policy, and the plate is expected to usher in Davis’ double click. It is recommended to pay attention to Mindray Medical, Sanyou Medical and Bairen Medical. In terms of innovative drugs, research and development continue to be promoted under strict review, and attention should be paid to cutting-edge clinical progress. It is suggested to pay attention to Hengrui Pharma, Jingxin Pharmaceutical and Kangchen Pharmaceutical. In terms of CXO, the industry prosperity is expected to improve marginally, which has the bottom investment value. It is suggested to pay attention to Sunshine Nuohe, Wuxi PharmaTech and Kanglong Chenghua.

　　Open source securities: coal prices fluctuated at a high level, and stable performance and high dividends made the valuation cost-effective prominent.

　　The open source securities research report pointed out that we maintain the logical recommendation of high winning rate and high margin of safety for the coal sector, and both offensive and defensive: from the perspective of high winning rate, high dividends have gradually been favored by capital market funds, and high dividends for coal enterprises have become a major trend; At present, the steady growth policy is introduced and exceeds expectations, and coal stocks will also become offensive varieties. As an upstream resource link, it will inevitably be boosted by downstream demand, reflecting the price increase. In terms of safety, we believe that the valuation of coal stocks has been at the bottom of history, PE valuation is 5-6 times of the performance in 2023, and the PB-ROE method is used to analyze that coal stocks have a high ROE, but Pb is greatly discounted, and the value of coal enterprises is underestimated. Beneficial targets with high flexibility, high dividends and growth: mountain coal international, Yankuang Energy and Shanxi Coking Coal; Beneficial targets of steady and high dividends: China Shenhua and Shaanxi Coal Industry.

　　Guohai Securities: Adhere to AIGC Main Line+Cinema Line+Low Valuation Main Line.

　　Guohai Securities Research Report pointed out that there was a temporary adjustment in September due to the poor box office performance caused by the empty window of supply and the expected landing of the interim report. The economic recovery is superimposed on the emotional recovery of watching movies, optimistic about the performance elasticity of the film and television sector; The normal distribution of the game sector and the new product cycle are expected to release profits. At the present stage, we are still optimistic about the application of AIGC in the media industry. Media companies have the advantages of users, scenarios and data. In the future, cooperation with large model manufacturers is expected to improve content production efficiency, enhance experience, accelerate industry innovation, and continue to pay attention to the application development of games, IP, marketing, e-commerce, education, film and television. At present, we adhere to the strategy of AIGC mainline+cinema line+low valuation leading stock selection. We believe that AIGC is expected to bring a new round of content productivity revolution.

　　Shanxi securities: optimistic about the performance of gold and jewelry enterprises in the third quarterly report

　　Shanxi Securities Research Report pointed out that from the report point of view, we continue to be optimistic about the performance of gold and jewelry enterprises in the third quarterly report, driven by the Qixi Festival in August and the franchisees actively stocking in September. From the perspective of follow-up demand, after a short-term rapid decline, gold prices have started to rebound, and both international gold prices and domestic gold prices have rebounded. Continue to be optimistic about the relative prosperity of the gold and jewelry industry in optional consumption. In the medium and long term, we are still optimistic that the progress of gold technology will continue to stimulate young consumers to satisfy their needs. It is suggested to pay active attention to Zhou Dasheng, Lao Fengxiang and Chao Hongji.

　　Central china securities: Pay attention to the film and television, games and advertising sectors with rising prosperity.

　　Central china securities Research Report pointed out that the overall performance of the media sector rebounded in the first half of the year, and the fundamentals showed an improvement trend. Although some sub-sectors once experienced short-term performance pressure, there is a greater possibility of improvement in the future. Q2′ s film, television, advertising and book sales have been well restored. At the same time, since the end of Q2, the market scale of film, television, advertising and games has improved, and the demand for cultural consumption and advertising has rebounded, which is expected to support the performance of Q3′ s media sector and continue into Q4. In the medium and long term, we will continue to pay attention to the new changes brought by AIGC technology to the industry, including the changes of content production mode, the innovation of commercial realization mode, the revaluation of industrial chain value and the changes of competition pattern. It is suggested to pay attention to the film and television, games, advertising and publishing sectors with strong defensive attributes, and pay attention to the performance of key companies in the third quarter recently disclosed.

　　China Post Securities: The short-term A-share environment is intertwined and will continue to fluctuate and grind the bottom.

　　China Post Securities pointed out that short-term A-shares will continue to fluctuate and grind to the bottom in the face of mixed environment. The industry configuration recommends the scientific and technological direction represented by electronics, automobiles and medical biology, and can pay attention to bank insurance in the short term. The fundamentals of the domestic economy are improving, but the trend of strong recovery has not yet been determined. We will continue to recommend the science and technology sectors with improved winning rate due to risk preference, mainly including automobiles and electronics related to Huawei’s smart driving concept, as well as medical organisms driven by the development trend of diet pills industry and key products going out to sea. Bank insurance will have a certain comparative advantage in short-term because of the public increase in Huijin’s secondary market and overseas risks. In the medium and long term, it is suggested to pay attention to three main lines. The first category is the target related to the decline in the potential growth rate of macro-economy and the decline in macro-economic capital expenditure, which mainly corresponds to high dividend assets. The second category is the science and technology sector with independent research and development as the main line, such as Huawei’s industrial chain and semiconductor equipment. The third category is the global distribution enterprises deeply involved in the global industrial division of labor, such as consumer electronics, automobiles, medicine and machinery.

High-value and high-product-force vehicles have emerged. Chongqing’s automobile industry has changed from ＂quantitative change＂ to ＂qualitative change＂

On December 26th, AITO authorized the user center, and many consumers came to consult and learn about AITO’s M9.

This group of pictures was taken by reporter Zhang Jinhui/Visual Chongqing

On December 26th, the flagship SUV AITO, a panoramic wisdom cooperation between Cyrus and Huawei, was officially released. This car is not only the epitome of the most advanced technology and the latest manufacturing technology in the automobile industry, but also enhances the perception of the "Made in Chongqing" car.

A few days ago, the National Bureau of Statistics also released the latest data. From January to November this year, Chongqing’s automobile production reached 2,074,200, up 10% year-on-year, ranking second in the country.

Over the past decade or so, the ranking of Chongqing’s automobile production in the country has fluctuated. Now Chongqing ranks among the top in the country again. The industry is more concerned about the specific path to promote the development of local industries. After all, it is difficult to sustain the current automobile industry structure through the "impulse" of low-end products.

Chongqing’s auto industry has performed brilliantly this year. Is there really a "new power" blessing behind it? From the emergence of AITO M9 and the performance of major auto companies in Chongqing this year, we can see that Chongqing’s auto industry is changing from "quantitative change" to "qualitative change".

The price of high-end cars rushed to five or six hundred thousand yuan.

Since the second half of this year, the AITO series products jointly designed by Cyrus Auto and Huawei have continued to sell well. In November, the sales volume of Sailisi new energy vehicles reached 23,834, up 104.39% year-on-year; Among them, the sales volume of Sailis brand was 20,318 vehicles, up by 145.92% year-on-year, both hitting new highs.

Changan Automobile is still strong. In November, the sales volume of its own brand new energy vehicles exceeded 50,000, a year-on-year increase of 52.73%.

The reporter learned from the Municipal Economic and Information Committee that the output of new energy vehicles in Chongqing in November increased by more than 100% year-on-year, which also far exceeded the year-on-year growth rate of total local automobile production in the same period.

The relevant person in charge of the Municipal Economic and Information Committee said that since 2023, the contribution rate of new energy vehicles in Chongqing to the growth of the city’s automobile industry has reached 85%.

"Behind the recent bright performance of Chongqing Automobile, it is obviously driven by high-end models, especially high-end intelligent networked new energy vehicles." A related person from Chongqing Automobile Business Association said that a large number of "Made in Chongqing" vehicles with high value and high product strength have emerged in this year, with intensity and frequency exceeding any previous period.

The reporter combed the "Made in Chongqing" new energy hot-selling models launched this year, and found that most of them are mid-to-high-end vehicles, such as the dark blue S7 model of Changan, whose price is between 150,000 and 220,000 yuan, while the price of Aouita 11 HarmonyOS Edition and Aouita 12 is between 300,000 and 400,000 yuan. The price of Sailis AITO’s M5 Smart Driving Edition and AITO’s new M7 covers 250,000 to 400,000 yuan. AITO asked M9 to push the price above 500,000 to 600,000 yuan.

The new path makes "Made in Chongqing" cars sought after.

In the eyes of the industry, the above changes in Chongqing’s automobile industry follow a profound value logic.

On December 16th, in the special activity of Chongqing International Talent Exchange Conference, Li Keqiang, an academician of China Academy of Engineering and chief scientist of Chongqing Western Science City Intelligent Networked Automobile Innovation Center, pointed out that the automobile industry will usher in the 4.0 era, and the new generation of automobiles will reflect the characteristics of low-carbon energy, electrification of power, intelligent body and networking of transportation networks, and the original automobile development mode, production mode and ecology will change.

Dong Yang, vice chairman of China Electric Vehicle committee of 100, believes that people’s "quality view" of automobiles has changed, from focusing on quality to focusing on experience. "In the past, when a new car was released and 20 new technologies were listed, it was amazing that users could use one or two items. Each car also brought a thick manual, and no one read it. This is no good. Car companies must directly face users, find out what needs users have, and let users make full use of new technologies. "

"First, we must’ change’ and strive to develop new technologies in the direction of intelligent networking and new energy; The second is to be’ close’, close to the needs of users, shorten the distance with users and reduce communication costs. " The relevant person in charge of Changan Automobile said.

A closer look at the many products newly launched by Chongqing car companies such as Chang ‘an and Sailis this year shows that they all follow the above ideas.

Taking the M9 as an example, by adopting the innovative owl-enhanced steering technology, the turning radius of a 5.2-meter-long "big guy" is smaller than that of a medium-sized car. In addition, the model also has 2.6 million pixels of fine lighting with dual lights. When the high beam illuminates the opposite vehicle, it will automatically leave a dark area, which will not affect the opposite vehicle, but also keep the high beam.

Qu Yunchao, a market observer, believes that some of the above technologies and functions have solved the pain points of users, while others have opened up interesting or comfortable new experiences for users. Since the beginning of this year, the popularity of "Made in Chongqing" cars has proved the success of this path.

It takes "one step at a time" to become a world-class company.

In the new year, how can Chongqing’s automobile industry anchor new development coordinates? "The global automobile industry pattern is undergoing subversive changes." Zhu Huarong, Chairman of Changan Automobile, said that from Europe, America, Japan, Germany and South Korea, where China was divided into six parts, to China, where the brand occupies half of the country today, the advantages of China brand in modeling, new energy and intelligence lead the world, and its scale advantage is further highlighted, and its competitive advantage in changing lanes is even more obvious.

But it also brings a series of new problems-

For example, the future development of China’s automobile industry will no longer be promoted by learning from the outside world. Another example is that the boundary of the division of labor between the whole vehicle and parts is reconstructed, and the battery of new energy vehicles is rapidly transformed from shortage to overcapacity.

To solve these problems well, we can move towards the first-class in the world, and the road is only "one step at a time". Zhu Huarong believes that it is necessary to take five steps to meet the challenges in the critical period of track switching in the industry by accelerating the layout of products and production capacity, strengthening the layout of brand building, strengthening the layout of marketing services, accelerating the improvement of market layout and strengthening the layout of organizational talents.

Zhang Xinghai, the chairman (founder) of Sailis Automobile, said that the local area is currently in the best opportunity to develop new energy intelligent networked vehicles. A strong supply chain can support a strong vehicle enterprise, and the industry should further expand open cooperation and let professionals do professional things to create high-quality products that meet the needs of users.

Relevant persons of the Municipal Economic and Information Committee said that Chongqing will strive to basically form a new ecology of intelligent networked new energy automobile industry by 2025, and build a world-class intelligent networked new energy automobile industry cluster by 2030, with the industrial scale reaching the world-class level.

To this end, Chongqing will continue to expand its industrial scale, accelerate the completion and commissioning of new projects, put new products on the market, and develop new brands, and strive to build a trillion-level intelligent networked new energy automobile industrial cluster; Adhere to the whole zero coordination, implement major projects to attract investment, cultivate and upgrade key enterprises, transform and upgrade traditional enterprises, and promote intelligent networked new energy vehicles to supplement the chain and strengthen the chain extension; Strengthen the integrated layout of charging, storage and parking, vehicle and Lu Yun infrastructure, promote the integration of energy network, transportation network and information network, and strive to form a moderately advanced, rational, intelligent and efficient charging and replacing service system; Accelerate the network transformation of existing roads and create the most distinctive and rich vehicle-road collaborative experience scene in China.

The first "Made in Chongqing" panoramic wisdom flagship SUV

AITO asks M9 to go public.

On December 26th, at the press conference of the M9 and Huawei’s whole winter scene, the first "Made in Chongqing" panoramic wisdom flagship SUV AITO was officially launched, and four models were launched in two power versions, namely extended range and pure electric, with a price of 469,800-569,800 yuan.

AITO Jiejie M9 was jointly launched by Chongqing car companies Cyrus and Huawei, and adopted a brand-new family design "Kunpeng Wings Spreading". The new car applied a number of cutting-edge innovative technologies, such as "Super Xuanwu Body", which was the world’s largest one-piece die-casting, and the lightweight coefficient was significantly higher than that of the same class. The 12 parts of the whole car also adopted 2000 MPa nuclear submarine-class hot car steel.

Huawei Turing Intelligent Chassis, equipped with AITO Wenjie M9, comes standard with intelligent closed air spring and CDC variable damping shock absorber, supports 5-speed body height adjustment, and also has a full-scene smart road preview system with adaptive active suspension, which can smoothly cope with different road conditions.

In terms of power, AITO’s M9 extended range version is equipped with a drive system consisting of a 1.5T engine and front and rear motors, with an acceleration of 4.9 seconds at zero and 4.3 seconds at zero for the pure electric version. The fuel consumption of the extended range version is as low as 6.9 liters per 100 kilometers, the comprehensive battery life is as high as 1402 kilometers, and the pure battery life is as high as 275 kilometers. The pure electric version is equipped with Huawei’s "Whale" 800-volt high-voltage battery platform, which can achieve a battery life of 150 kilometers in 5 minutes and an overall battery life of 630 kilometers.

In terms of automatic driving, M9 adopts Huawei ADS2.0 advanced intelligent driving, equipped with industry-leading 192-line laser radar, and cooperates with high-definition camera and millimeter-wave radar to support intelligent driving of national highways, urban expressways and urban areas.

AITO M9 is expected to be delivered in batches on February 26th next year. The relevant person in charge of Cyrus said that the company has built a world-leading super smart factory in Chongqing, with intelligent manufacturing equipment that integrates advanced technologies such as AR vision and big data. The key processes are 100% automated, and a new car can be rolled off the assembly line every 30 seconds, with the highest production efficiency in the world.