On Wednesday (January 17), Eastern Time, the market’s expectation of the Federal Reserve’s interest rate cut earlier this year was hit again, and the United States suffered a "double whammy" for the second consecutive day. The three major US stock indexes collectively closed down, and the Dow fell for three consecutive days.

　　At the close, the Dow fell 94.45 points, or 0.25%, to 37,266.67 points. The Nasdaq fell 88.73 points, or 0.59%, to 14,855.62 points. The S&P 500 fell 26.77 points, or 0.56%, to 4,739.21 points.

　　Overnight, the United States released the retail sales data known as "terror data". In December, retail sales in the United States rose by 0.6% month-on-month, the largest increase in three months, exceeding expectations, indicating that consumer spending is still strong, which further doubts whether the Federal Reserve will cut interest rates drastically.

　　After the data was released, the yield of 10-year US bonds continued to rise, rising by nearly 4 basis points to 4.102%, and finally closed at 4.105%, hitting a one-month high. The yield of two-year US bonds, which is more sensitive to the Fed’s policy interest rate, returned above 4.3% to close at 4.360%. This undoubtedly depressed the market’s risk appetite.

　　According to the CME Fed observation tool, the current market expects that the possibility of the Fed starting to cut interest rates in March is about 57%, and it was still above 60% the day before.

　　In terms of important news, Boeing passed the bad news again. On Wednesday, local time, US Secretary of State Anthony Blinken was stranded in Davos due to a major failure of his Boeing plane and could not fly back to the United States as planned. In the US stock market, Boeing’s share price rose more than 1%, and it has fallen 22% so far this year. Earlier, Wells Fargo had downgraded Boeing’s stock rating to wait and see.

　　In addition, Buffett has a "big move", this time taking a fancy to the tourism economy. Buffett’s Berkshire Hathaway announced on Tuesday that it has acquired the remaining 20% equity of Pilot Travel Center, the largest travel service center operator in the United States, from the Haslam family, which has thus become a wholly-owned subsidiary of Berkshire. This further expands Berkshire Hathaway’s business map in the field of tourism services.

　　On the enterprise side, Samsung officially released the Galaxy S24 series, a new generation flagship smartphone, at the Galaxy Unpacked event held in San Jose, California, which started the first shot of mobile artificial intelligence (AI) in 2024.

　　It is reported that Samsung announced that it will cooperate with Google Cloud to empower Galaxy S24 series mobile phones with generative AI, which will bring the generative AI experience to Samsung’s mobile phone users. Samsung is the first Google Cloud partner to deploy mobile phones through Google Cloud using Gemini Pro and Imagen 2.

　　Previously, it was reported that Apple is expected to launch a generative AI tool in June this year, and this year may become the year when AI is integrated into mobile phones. However, Apple has recently suffered from headwinds. The antitrust lawsuit was first opened in March, and the court requested to stop selling watches with blood oxygen detection function.

　　[Hot stocks]

　　Among the large US technology stocks, Apple fell 0.52%, Amazon fell 0.95%, Google A fell 0.72% and Netflix fell 0.19%.

　　NASDAQ China Jinlong Index fell 2.59%, and popular Chinese stocks fell collectively. Alibaba fell by 0.78%, Baidu by 2.20%, Netease by 1.32%, Tencent Music by 3.33% and Pinduoduo by 0.71%.

　　[global index]

　　In the European stock market, the FTSE 100 index in Britain fell 1.48% to 7446 points. The French CAC40 index fell 1.07% to 7319 points. Germany DAX index fell slightly by 0.84% to 16,432 points.

　　In Asian stock markets, the Hang Seng Index dropped 3.71% to 15,277 points.

　　[foreign exchange commodities]

　　[Highlights]

　　US retail sales in December increased by 0.6% month-on-month, the largest increase in three months.

　　Retail sales growth in the United States accelerated again in December, indicating that consumer spending is still resilient and will continue to support the US economy. The swap contract shows that the probability of the Fed’s interest rate cut in March is expected to drop to about 50%.

　　Federal Reserve’s Beige Book: The economy in most areas has not changed, consumption is strong, and inflation has cooled down.

　　Since the last Beige Book was published, there has been little or no change in economic activities in most areas. Consumer spending is strong, but the labor market has turned cold. Many companies say that consumers’ price sensitivity is increasing. In most areas, enterprises are increasingly optimistic about the future.

　　Boeing’s serious failure caused Blinken to be trapped in Davos

　　On Wednesday, local time, US Secretary of State Anthony Blinken was stranded in Davos due to a major failure of his Boeing plane and could not fly back to the United States as planned. This is the latest blow to Boeing’s once brilliant and now seriously damaged reputation. However, the Boeing plane that Blinken was scheduled to take was a modified 737 old model for military use, not a 737 MAX 9 with "major problems" recently.

　　Buffett once again shot big consumption! I took a fancy to the tourism economy this time.

　　Buffett’s Berkshire Hathaway announced on Tuesday that it has acquired the remaining 20% equity of Pilot Travel Center, the largest travel service center operator in the United States, from the Haslam family, which has thus become a wholly-owned subsidiary of Berkshire, further expanding Berkshire Hathaway’s business map in the field of travel services.

　　Samsung fired the first shot of 2024 mobile AI! Google model blessing Galaxy S24

　　The new generation of flagship machine Galaxy S24 is the first smart phone to configure the large model Gemini Pro and the powerful image technology Imagen 2 on the Google cloud platform Vertex AI. S24 The end-side model Gemini Nano can also be used. S24 has Google’s new search function Circle to Search for Android phones. Users only need to do simple gestures such as drawing circles and lines on pictures or videos to search without switching App；. Multiple searches of text and pictures can be conducted to answer a question circled with pictures.

　　Apple’s antitrust lawsuit was first opened in March, and the court asked to stop selling watches with blood oxygen detection function.

　　The US Department of Justice first filed an antitrust lawsuit against Apple in March, accusing it of setting software and hardware restrictions on the iPhone and iPad to hinder the effective competition of competitors. The US Court of Appeals for the Federal Circuit refused to grant Apple a longer suspension of the import ban imposed by the US International Trade Commission (ITC), saying that Apple must stop selling smart watches with blood oxygen detection function.

　　Vision Pro will be launched soon, and the media will experience it in advance, but it can’t be worn for half an hour.

　　According to the evaluation of technology bloggers, Vision Pro is "the best of all similar devices tried in his career", but "it took half an hour to feel dizzy and sweaty" and "it took a long time to assemble".

　　BP plans to set up a technology center in India.

　　On January 17th, bp announced that it plans to establish a BP India Technology Solution Center in Pune, a city in western India. The center is expected to be put into use in the second quarter of 2024, and the first batch of recruitment positions was announced on December 1st, 2023. After the center is fully operational, it is estimated that more than 400 employees will be employed by the end of 2024 and will continue to grow in the following years.

　　[financial calendar]

On November 11, 2024, an anchor in Haitou Town, Ganyu District, Lianyungang City, Jiangsu Province used a mobile phone to sell lobsters live. Vision china diagram

The 16th "double 11" shopping festival came to an end.

Double 11, which can’t be shaken every year, seems increasingly deserted in the atmosphere of public opinion. Perhaps because of the tiredness of the outside world for the shopping festival, e-commerce platforms chose to rush to run collectively. This year is also known as the longest "double 11" in history: since October 8, in less than a week, platforms including Pinduoduo, Tik Tok, Taobao Tmall and JD.COM have successively announced the launch of the "double 11" promotion, with a time span of one month.

Controversy still exists: It is rumored that Ralph Lauren, a clothing brand, has become a "collection artifact" of Taobao double 11, which is specially used to deal with the full or reduced rules of the platform, and the return rate in double 11 is as high as 96%. However, relevant rumors were denied by the platform.

It is worth noting that the implementation of the "trade-in" subsidy policy has led to a significant increase in household appliance consumption. According to the star map data, as of October 30th, the total sales of double 11 in 2024 reached 845 billion yuan. Among them, household appliances ranked first with sales of 132.4 billion yuan, accounting for 15.7% of the market. Mobile phone digital and clothing categories accounted for 14.2% and 14.0% of the market share with sales of 120.1 billion yuan and 118.4 billion yuan respectively.

The extended promotion cycle has certainly brought a more beautiful "report card", but what is the difference between this "report card" and previous years? What are the factors driving growth?

E-commerce Battle Report: Highlighting Brand Turnover

Judging from the battle reports disclosed by various platforms, double 11 still has rapid growth this year.

This year is another year of "stealth" in e-commerce transaction volume. JD.COM and Tmall, two traditional e-commerce platforms, have only published growth data such as order volume, user scale, brand and merchant turnover, and there is no more carnival after zero in previous years. Moreover, both companies have replaced the growth rate of "GMV" with the specific growth rate of "brand turnover".

At 24: 00 on November 11th, Tmall double 11 closed in 2024: the total turnover increased strongly, and the number of buyers reached a new high. In the whole cycle of Tmall double 11, the turnover of 589 brands exceeded 100 million, up 46.5% year-on-year, setting a new record.

The number of shopping users in JD.COM increased by over 20% year-on-year, and the order volume of live broadcast in JD.COM increased by 3.8 times year-on-year. The turnover of over 17,000 brands increased by over 5 times year-on-year, and the turnover of over 30,000 small and medium-sized businesses increased by over 2 times year-on-year.

If we look at the double 11 Battle Report of the two platforms in 2023: In 2023, Taotian Group said that "the order volume and total turnover increased in an all-round way"; In 2023, JD.COM said that "the turnover, the order volume and the number of users reached a new high".

Insiders from Taobao and JD.COM revealed to reporters that the overall transaction volume of the platform side has increased year-on-year, but the growth rate is relatively flat. From the perspective of the incremental source of the platform, the trade-in policy and the recovery of live e-commerce have greatly boosted the transaction volume.

Emerging e-commerce companies such as Tik Tok and Aauto Quicker are sharing the traffic of traditional e-commerce. Like e-commerce platforms, the turnover of "flagship" brands has increased this year.

According to the disclosure of Tik Tok e-commerce, from October 8th to November 11th, the turnover of over 33,000 brands doubled year-on-year, the turnover of nearly 17,000 brands increased by over 500%, the turnover of over 2,000 single products exceeded 10 million yuan, and a total of 275 brands realized the turnover of over 100 million yuan through live broadcast. As of October 20th, the GMV of Tik Tok Mall increased by 91% year-on-year.

According to the analysis of Guohai Securities Research Report, with the overweight of the national "trade-in" and other stimulus policies and the increase of subsidies for various e-commerce platforms, the vitality of the consumer market is expected to recover, and the follow-up performance of traditional e-commerce platforms and live e-commerce platforms will pick up.

"Government coupons also play a very positive role in promoting online consumption." Cui Lili, a chair professor in the Department of Digital Economy of Shanghai University of Finance and Economics, told The Paper that the performance of e-commerce platforms superimposed with local government subsidies is more outstanding, especially the sales of high-value products such as 3C categories and computers are better.

Super anchor returns to double 11.

In September this year, the three sheep companies, where the "Crazy Xiao Yang Ge" with over 100 million fans was located, were punished for the existence of false propaganda in live broadcast, which triggered a shock in the live broadcast industry.

However, judging from the record performance, the head live broadcast room has a good battle situation in double 11 this year.

The data shows that the purchase amount of "double 11" in Li Jiaqi live room increased by more than 20% year-on-year; On the night of the spot sale of Tmall double 11, the turnover of the live broadcast room in Li Jiaqi exceeded 100 million yuan within 5 minutes.

During his stay in double 11, the turnover of Luo Yonghao’s "Make a Friend" exceeded 6.4 billion yuan, up 158% year-on-year, and the cumulative order volume exceeded 7.14 million, a record high.

"Simba" in online celebrity, Aauto Quicker, who once started a public opinion war with Xiao Yang Ge, also achieved good results. According to Xin Xuan’s disclosure, more than 200 live broadcasts were arranged from October 13th to November 11th, with a total sales volume of more than 68 million, and the total GMV increased by 61.9% compared with last year. Among them, there are 16 games with sales exceeding 100 million and 47 games with sales exceeding 10 million.

However, the previous industry chaos made the live broadcast industry enter an adjustment period. "The platform no longer supports the head anchor blindly, but began to pay attention to supporting the waist anchor and the tail anchor, and began to explore new marketing channels, scenarios and methods." Zhai Wei, executive director of the Competition Law Research Center of East China University of Political Science and Law, told the reporter.

"Big anchors should completely abandon illegal means such as creating false people, making gimmicks, and manipulating fans’ emotions." Zhai Wei said, "The live broadcast industry still has demand and prospects, and it also has strong resilience for sustainable development. In the context of peak traffic, the competition in the live broadcast industry will gradually transform into qualitative competition, and the industry will enter a new stage of development from the grassy era. "

The platform moves from competition to cooperation

Another highlight of double 11 this year is that the major e-commerce platforms have changed from "smoke filled" to "shaking hands and making peace".

On September 4th, Taobao announced its full support for WeChat payment. Wechat Payment responded that it has successively cooperated with UnionPay China Unionpay Quick Pass, JD.com Payment, payment platforms of the three major operators, and digital RMB, and will continue to explore in the future to continue to provide convenience for users on the basis of ensuring transaction security.

On October 16th, the old rivals JD.COM and Taobao also announced the news of cooperation: Jingdong Logistics will fully access the Taobao Tmall platform, and the third-party platform in JD.COM will also access the rookie; At the same time, shopping on JD.COM can be paid by Alipay, and connecting Jingdong Payment to Taobao Tmall is also being promoted.

This also means that it is the general trend for the platform to accelerate the demolition of the wall and move towards win-win cooperation.

However, according to the test in The Paper, there are still many things to be improved. At present, some products in Taobao already support WeChat payment. Click "More Payment Methods" to expand and choose. Some products don’t have the "WeChat payment" option. Taobao service replied that WeChat payment is still in trial and has not been fully opened yet. Please refer to the payment page if the order can be used.

The reporter tested a number of commodities in JD.COM, but Alipay payment is still in the gray-scale testing stage.

In October this year, referring to the effect of interconnection, Jia Luo, president of Tmall of Taotian Group, told The Paper that it has been observed that the frequency of use and the scale of users in young user groups and sinking market are growing rapidly. "It is expected that double 11 this year should be the largest number of people who participated in double 11 in history."

In the eyes of the industry, the peak of e-commerce traffic and the entry into stock competition are important reasons for the platform to hold hands. Ali, JD.COM and other traditional e-commerce companies are facing fierce challenges from Pinduoduo and Tik Tok e-commerce. The reporter learned from insiders in Tik Tok that after the establishment of Tik Tok Platform for more than two years, the transaction volume of platform commodities exceeded one trillion yuan.

"It is obvious that each sticks to the city and does not adapt to the consumer market under the current situation. The big manufacturers are already in the competition stage of the stock market, and each has its own needs for new growth and profitability." Zhuang Shuai, an e-commerce analyst and founder of Bailian Consulting, told the The Paper reporter, "Under the background that the overall growth of e-commerce has entered the stock, it is the correct idea for each platform to make use of each other’s advantages and strengths to complement each other. How can everyone give full play to their respective advantages and jointly serve consumers? This is the most important thing. Interconnection objectively improves the convenience of double 11 consumers’ shopping, and also encourages consumers’ enthusiasm for shopping in double 11. "

Industry online disclosure of air conditioning production and sales data in December of 18 years

Production and sales data in December, 18: The total output in that month was 11,570,000 units, up by 3.17% year-on-year, and the total sales volume was 10,693,700 units, up by 11.78% year-on-year, of which 6,633,000 units were sold domestically, up by 5.08% year-on-year, and 4,060,700 units were exported, up by 24.76% year-on-year, and the total At the level of listed companies, Gree fell by 4.95% (domestic sales fell by 11.37% and exports increased by 17.65%); Midea increased by 28.10% (domestic sales increased by 19.19% and exports increased by 50.00%); Haier fell by 15.03% (domestic sales fell by 15.52% and exports fell by 13.51%);It increased by 26.67% (domestic sales decreased by 5.56% and exports increased by 75.00%).

Cumulative production and sales data for the whole year of 18 years: the cumulative total output was 149,850,500 units, up 4.43% year-on-year, and the total sales volume was 150,690,900 units, up 6.34% year-on-year, of which 92,808,500 units were sold domestically, up 4.57% year-on-year, and 57,882,400 units were exported, up 9.32% year-on-year. At the level of listed companies, Gree increased by 7.33% (domestic sales increased by 3.39% and exports increased by 18.79%); The cumulative growth of Midea was 5.69% (domestic sales increased by 2.96% and exports increased by 9.35%); Haier’s cumulative growth was 13.13% (domestic sales increased by 7.47% and exports increased by 31.20%); Hisense’s household appliances increased by 5.65% (domestic sales increased by 0.04% and exports increased by 15.36%).

The growth rate of domestic sales turned positive year-on-year, and the export performance remained excellent.

In the month, the domestic sales of the industry achieved single-digit growth, which was the first positive growth in a single month since the second half of 18 years; Both the third-party retail monitoring data and the installation card data of leading enterprises show that the demand performance of air-conditioning terminals is still relatively dull in December. We judge that the main reason for the rebound in domestic sales in the industry is that on the one hand, the Spring Festival this year is earlier than last year, and the demand for stocking by channel dealers is released in advance. On the other hand, the raw material prices of copper and steel have declined recently. Under this background, it is reasonable for enterprises to increase production scheduling to lock in costs. In addition, it is expected that air-conditioning enterprises will sprint the annual target at the end of the year to drive sales. On the export side, the export growth rate of the industry remained at a high level in the month, mainly because the expected increase in subsequent tariffs led to the early release of some export orders. From the perspective of the whole year, the total domestic sales of the air-conditioning industry in 18 years exceeded 90 million units for the first time, hitting a record high on the basis of the high base in 17 years, and the performance was better than the market expectation at the beginning of 18 years; The export growth rate was slightly faster than domestic sales, driven by the bright performance in the fourth quarter.

The performance of manufacturers is divided, and the trend of share concentration remains the same.

The domestic sales performance of air-conditioning enterprises in the month was different, among which Midea increased by nearly 20% year-on-year, which is expected to mainly benefit from the fact that the company’s channel inventory under the "T+3" mode was significantly lower than the industry average, and the company’s terminal installation card maintained a single-digit growth in the fourth quarter, which also had good support for the delivery end; In addition, the sales volume of Oaks in the month increased by 122.22% year-on-year under the background of low base, and its performance was more eye-catching; However, Gree’s domestic shipments continued to decline in the month, and the relatively high channel inventory may have a certain impact. However, the company’s recently disclosed 18-year performance forecast shows that the company’s revenue still increased by more than 30% in the fourth quarter, and the actual shipment growth rate is expected to be significantly better than that of the third-party data statistics. Generally speaking, although the growth rate of domestic sales of leading air-conditioning enterprises has slowed down in the past 18 years, it still maintains a relatively steady growth, and the domestic sales of CR4 in the industry increased by 1.70pct to 80.01% year-on-year, among which the increase of Oaks share was the most obvious; Considering the historical experience of leading enterprises in the pressure-bearing stage of the industry boom to seize the market share of long-tailed enterprises and the relatively dull market expectation of air-conditioning domestic sales in 19 years, the market share of leading enterprises in the follow-up industry is expected to increase steadily and drive the domestic sales performance to exceed market expectations.

There is no need to worry too much about channel inventory, and domestic sales have been "low before and high after 19 years"

At present, the market is worried about the high level of air-conditioning channels or the suppression of domestic sales in subsequent industries, but we believe that although the overall channel inventory level has improved in 18 years, it is still within a reasonable range; According to the monitoring data of third-party retailers such as Aowei and Zhongyikang, and the statistical data of installation cards of leading manufacturers, the retail volume of omni-channel terminals of air conditioners has achieved a small single-digit growth year-on-year in 18 years, which basically matches the growth rate of domestic shipments in the whole year. Considering that the installation card base in 17 years should be slightly higher than the shipment end, it is estimated that the industry channel inventory will increase in 18 years, but the range is limited. Combined with the financial indicators of leading enterprises and channel research, the current pressure of channel dealers’ capital turnover is also significantly lower than the high point of channel inventory in the last round in 14-15. Considering the steady increase in rural areas and third-and fourth-tier cities, and the continuous release of the demand for the renewal of the first-and second-tier markets, the overall demand of the industry is still expected to maintain steady growth in 19 years, and if the follow-up subsidy policy is introduced as scheduled, the driving effect on the demand of the industry is also worth looking forward to. Driven by this, there is no need to worry too much about the domestic sales performance of air conditioners in 19 years, and the growth rate will be low before and high after being disturbed by the base.

The value of leading configuration is highlighted, maintaining the industry’s "optimistic" rating.

In the same month, driven by factors such as channel dealers stocking up in advance and air-conditioning enterprises sprinting for the whole year, the growth rate of domestic sales in the industry turned positive year-on-year. In 18 years, the total annual sales exceeded 90 million units, reaching a record high and exceeding the market expectations at the beginning of the year. In the past 19 years, based on the steady release of industry demand and the limited improvement of channel inventory, there is no need to worry too much about the domestic sales performance of air conditioners, and the growth rate is likely to be low before and then high. Considering that the industry boom is often a good opportunity for leading enterprises to seize market share, the profitability is expected to continue to improve under the background of superimposed healthy competition pattern and gradual correction of raw material prices, and the deterministic advantage of white electricity leading enterprises’ performance will continue to be highlighted; After the previous stock price correction, the current valuation of white power blue chip is still at a relatively low level. With the recent increase in foreign capital allocation and the expected continuous strengthening of subsidy policy, the restoration of its valuation center is worth looking forward to, and the value of stable allocation continues to be highlighted; To sum up, maintain the industry’s "optimistic" rating, continue to recommend that the performance growth rate is determined, the valuation safety margin is high, and it has a strong comparative advantage on a global scale.、andAt the same time, we are still optimistic about Hisense home appliances, a central air-conditioning concept stock that benefits from the high growth of the industry.

Risk warning: the industry demand is less than expected; The price of raw materials has risen sharply; Exchange rate fluctuations have increased.

Securities research report: Brief comment on air conditioning data in December of 18: the growth rate of domestic sales turned positive year-on-year, hitting a record high again in the whole year.

Release date: January 20, 2019

Research report rating: maintain the "optimistic" rating.

Report issuing agency:research institute

Participant information:

Xu Chun SACNo.: S0490513070006 E-mail: xuchun@cjsc.com.cn

Guan Quansen SACNo.: S0490516070002 Email: guanqs@cjsc.com.cn

Sun Shan SACNo.: S0490517020002 E-mail: sunshan@cjsc.com.cn

He Bendong E-mail: hebd@cjsc.com.cn

Cui Tiantian E-mail: cuitt@cjsc.com.cn

Zhou Zhen E-mail: zhouzhen1@cjsc.com.cn

A brief review report on the links of recent key research reports

⊙ Midea Group | Profitability continued to improve, and its performance met expectations.

⊙ How to interpret the share price of home appliance sector in the last round of subsidy cycle?

How to treat the phenomenon of consumption classification in household appliances industry?

Deep research on the real estate impact of home appliance industry: the cycle is a preface.

⊙ The snow is abundant, and the clouds are bright.

⊙ Understanding Beauty and past lives of Little Swan

Brief comment on air conditioning data in November: domestic demand is steady, and the growth rate of export orders is eye-catching

Re-discussion on "scissors difference" effect under the background of cost improvement

In 2018, what happened to the three leading companies?

⊙ What new categories of home appliances are worth looking forward to?

Enlightenment from SEB

FromOn the growth motivation of small household appliances industry

⊙ Has the kitchen appliance industry seen the bottom?

⊙ An overview of the business performance of home appliance industry in the third quarter

⊙ Gree Electric | Rational Interpretation of Third Quarterly Report Exceeding Expectations

⊙ Midea Group | Pearl is "dusty" and does not reduce its lustre.

⊙ Qingdao Haier | Not afraid of the pressure of the economy, showing the true colors of leading enterprises.

⊙ Hisense Household Appliances | Short-term operation is under pressure, but the cash flow performance is bright.

⊙?? | The "defect" of the short-term boom does not hide the "Yu" of the company.

Depth report

⊙ Keep the clouds open and see the clouds bright | 2019 annual investment strategy of home appliance industry

Family serviceIn-depth study of the industry: a journey of a thousand miles begins with a single step.

⊙ hurricane and rain, marching forward | Summary of financial report in the third quarter of 2018

⊙ Huacai has resurfaced and is sailing | Re-read Vantage shares in leading series.

⊙ Looking forward to the present and the future, the dragon continues to write brilliant new articles | Re-reading Qingdao Haier in the leading series

Fifty years of hardships, but now it is in its prime | Re-read the beauty group of leading series

⊙ Multi-dimensional Analysis, Re-discussion on Gree’s Investment Value | Re-reading Gree Electric of Leading Series

Central air conditioning: the trend of household achievement, and the big cycle has just begun.

When we buy consumer stocks, what are we buying?

What is the achievement??

Rating description and statement

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Industry rating: the rise and fall of the industry stock index in the 12 months after the report is released is based on the rise and fall of the relevant securities market representative index in the same period. The rating criteria for investment suggestions are: optimistic: the relative performance is better than the relevant securities market representative index in the same period; Neutral: the relative performance is the same as the representative index of the relevant securities market in the same period; Bearish: The relative performance is weaker than the representative index of relevant securities markets in the same period.

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In order to actively respond to the pneumonia epidemic in novel coronavirus and minimize the spread risk of the epidemic, the Taxation Bureau of Xizang Autonomous Region City, State Taxation Administration of The People’s Republic of China, according to the principle of "doing it online as much as possible", and aiming at the hot issues of online taxation that taxpayers are concerned about, compiled the "Answers to Hot Issues of Non-contact Tax Payment in Tibet Taxation". Taxpayers can rely on three types of "non-contact" tax payment service channels, such as electronic taxation bureau of Xizang Autonomous Region Taxation Bureau, electronic taxation bureau of natural persons and social security fee management client of the unit, to handle all major tax-related payment matters.

[Answers to Hot Questions of Electronic Taxation Bureau]

1. How to quickly enter the electronic tax bureau to handle tax-related business?

A: Taxpayers visit the portal website of Xizang Autonomous Region Taxation Bureau (http://xizang. chinatax.gov.cn/) through the browser, and click "Electronic Taxation Bureau" on the home page to jump in. In case of any problems during use, you can directly call the hotline marked at the bottom of the homepage of the Electronic Taxation Bureau for consultation.

2. What tax functions does the electronic tax bureau mainly include?

A: The electronic tax bureau mainly includes five functions: My Information, I want to do tax, I want to inquire, Interactive Center and Public Service. Among them:

"My Information" is used to provide taxpayers with their own basic information and account management. Including taxpayer information, taxpayer electronic data access and maintenance, user management and user login and other specific functions.

"I want to pay taxes" is used to provide taxpayers with tax-related matters. Including taxpayer’s comprehensive information report, invoice use, declaration and payment of various taxes and fees, tax relief, certificate issuance, tax refund processing, tax administrative licensing, verification processing, VAT deduction voucher management, tax escrow fund collection, advance pricing arrangement negotiation and signing application, tax credit, tax-related professional service organization management, and legal accountability and relief matters.

"I want to inquire" is used to provide status inquiry to taxpayers. Including tax progress and result information, invoice information, declaration information, payment information, tax arrears information, preferential information, quota verification, violation of laws and regulations, certification information, tax-related intermediary information, tax credit status, electronic data and other specific functions.

The "interaction center" is used for information interaction between tax authorities and taxpayers. Taxpayers can get all kinds of news pushed by tax authorities and customized by taxpayers, as well as reminders involving risks, credit and to-do items; And realize online booking tax and tax collection interaction. Including my to-do list, my reminder, tax appointment, online interaction, tax evaluation, taxpayer demand and other specific functions.

"Public service" is used to provide taxpayers with services such as tax authorities’ notice and announcement, consultation and counseling, and public information inquiry, and can be used directly without registration and login. Including announcements, mainly including announcements of policies and regulations, announcements of major tax violations, announcements of A-level taxpayers with credit rating, announcements of tax arrears, and announcements of information of tax-related professional service organizations; Auxiliary tax, mainly including taxpayer school, tax policy and interpretation, tax guide, operating rules, download service, hot issues, key topics, tax map, tax calendar; Public information inquiry mainly includes invoice status, major tax violation cases, A-level taxpayers with credit rating, tax arrears, certification information, information inquiry of tax-related professional service institutions and other specific functions.

In addition, the electronic tax bureau also provides some one-click entry:

"My To-Do List" can provide information such as messages, notices, reminders of to-do items actively pushed by tax authorities to taxpayers.

"I want to make an appointment" can make an appointment for online and offline tax matters.

In the Notice Announcement, you can directly inquire about tax-related notices, important reminders, announcements and other documents and information issued by tax authorities to taxpayers and the public.

"Personalized service" can handle personalized tax matters such as tax packages, customized services and innovative services.

3. How to check the latest changes in the levy period and declaration period of various taxes and fees?

A: Taxpayers do not need to register and log in. They can check the start and end dates of tax declaration and payment by selecting "Public Service", entering "Consultation and Counseling" and then selecting "Tax Calendar".

4. If taxpayers have difficulties in filing, how can they apply for extension of filing?

Answer: After logging in, taxpayers can choose "I want to do tax" to enter "Approval of Taxpayers’ Delayed Declaration", fill in and submit the Approval Form for Delayed Declaration Application and the Application Form for Tax Administrative License. After the tax authorities have completed the examination and approval, taxpayers can obtain the information of the examination and approval results, and query and print the acceptance results. Taxpayers can also log in and select "I want to inquire" to enter the "information inquiry of tax progress and results" to inquire about the progress and results of handling.

5. If taxpayers have difficulty in paying taxes, how can they apply for an extension of tax payment?

Answer: After logging in, taxpayers can select "I want to pay taxes" to enter the "Approval of Taxpayers’ Deferred Payment of Taxes", fill in and submit the Application Form for Deferred Payment of Taxes and the Application Form for Tax Administrative License. After the tax authorities have completed the examination and approval, taxpayers can obtain the information of the examination and approval results, and query and print the acceptance results. Taxpayers can also log in and select "I want to inquire" to enter the "information inquiry of tax progress and results" to inquire about the progress and results of handling.

6. How do taxpayers apply for tax relief?

Answer: After logging in, taxpayers can choose "I want to pay taxes" and enter "tax relief" to handle tax relief filing and tax relief approval. After the completion of the tax authorities, taxpayers can obtain the result information, and query and print the acceptance results. Taxpayers can also log in and select "I want to inquire" to enter the "information inquiry of tax progress and results" to inquire about the progress and results of handling.

7. How can taxpayers apply for not adding late fees?

Answer: After logging in, taxpayers can enter the "general tax refund (credit) management" by selecting "I want to pay taxes", and then select "No application for late payment", fill in and submit relevant information according to the system prompts, upload the required information, and after the tax authorities have completed the audit, taxpayers can obtain the result information. Taxpayers can also log in and select "I want to inquire" to enter the "information inquiry of tax progress and results" to inquire about the progress and results of handling.

8. What matters can the newly-opened taxpayers handle in a "non-contact" way?

Answer: Newly-opened taxpayers can choose to enter the "Newly-opened Taxpayer Package Service" through the electronic tax bureau, and handle the registration and account opening of the electronic tax bureau, the confirmation of registration information, the filing of financial accounting system and accounting software, the account number report of taxpayers’ deposit accounts, the registration of general VAT taxpayers, the verification of invoice types, the examination and approval of the maximum invoicing limit of special VAT invoices, the real-name taxation, the initial issuance of special equipment for the VAT tax control system, and the receipt of invoices. In the specific handling, taxpayers can selectively complete the above-mentioned matters according to their own situation and relevant tips.

9. How do taxpayers apply for invoicing and voiding invoicing?

Answer: Small-scale taxpayers (including self-employed) who have registered for tax and other taxpayers who can issue special VAT invoices on their behalf can apply for issuing special VAT invoices by selecting "I want to do tax" after logging in.

For taxpayers who meet the conditions of issuing VAT general invoices, they can apply for issuing VAT general invoices by selecting "I want to do tax" and entering "Issuing VAT general invoices" after logging in.

After the issuance, the electronic tax bureau pushes information to inform taxpayers to collect invoices. If it is sent by mail, the tax authorities will push the distribution information to taxpayers.

After the tax authorities issue invoices on behalf of taxpayers, if the taxpayers need to void the invoices in case of sales return or sales discount, they can select "I want to do tax" after logging in, enter "Void Invoicing on behalf of taxpayers", and submit an application for void invoicing and relevant attached materials, which can be voided after the tax authorities complete the audit.

10. How to declare and pay VAT and additional taxes?

Answer: After logging in, taxpayers can complete the declaration and payment of value-added tax and additional taxes by selecting "I want to pay taxes", then selecting "Declaration of value-added tax and additional taxes (fees)". If multiple kinds of taxes and fees, such as value-added tax, consumption tax, additional tax (fee) and cultural undertakings construction fee, are involved, you can choose to enter the "Joint Declaration and Payment Package of Main and Supplementary Taxes" to complete the declaration of value-added tax, consumption tax, additional tax (fee), cultural undertakings construction fee and the corresponding tax (fee) payment.

11. How to declare and pay consumption tax and additional taxes?

Answer: After logging in, taxpayers can complete the declaration and payment of consumption tax and additional taxes by selecting "I want to pay taxes", then selecting "Declaration of consumption tax and additional taxes (fees)".

12. How to sign a tripartite agreement online?

Answer: After logging in, taxpayers can choose "I want to pay taxes", enter "Other Services" and enter the "Tripartite Agreement on Online Signing", and fill in and submit relevant bank information and taxpayer information. According to the prompt information, the taxpayer contacts the bank to complete the follow-up business. At present, some deposit banks can complete the tripartite agreement online signing.

13. How do taxpayers change their tax registration information?

Answer: Taxpayers can choose "I want to do tax" after logging in, and according to the taxpayer’s category, they can enter "one photo, one household information change", "two certificates integrated individual industrial and commercial households information change" or "tax registration information change", fill in and submit the Change Tax Registration Form and related attached materials to complete the change of tax registration information.

14. How do taxpayers apply for the qualification registration of VAT general taxpayers?

Answer: After logging in, taxpayers can select "I want to pay taxes", enter the "Comprehensive Information Report", then select "Qualification Information Report", enter the "VAT General Taxpayer Registration", fill in and submit the "VAT General Taxpayer Registration Form" to complete the registration of VAT general taxpayers. Taxpayers can log in and select "My Information" to enter "Taxpayer Information" to view the effective qualification information.

15. How do taxpayers apply for cancellation?

Answer: Taxpayers can choose to enter the Package of Tax Clearance and Cancellation (Fees) Declaration and Payment by logging into the Electronic Taxation Bureau, and complete the filing of enterprise income tax liquidation, the declaration of value-added tax and additional taxes, the declaration of consumption tax and additional taxes, the declaration of enterprise income tax, other declarations, comprehensive declarations, the submission of financial statements and the payment of taxes respectively according to the types of taxpayers.

16. How do taxpayers who need to cancel apply for the declaration and tax payment of the tax (fee) that should be declared in the cancellation period?

Answer: Taxpayers who have no outstanding taxes and fines and fail to declare within the time limit can choose to enter the "Package of Tax Clearance and Cancellation (Fees) Declaration and Payment" by logging in to the provincial electronic tax bureaus, and handle the current period [cancellation of the previous period of the current month (quarter, year), and the date of cancellation application is within the levy period declared in the previous period] and cancellation of the period [cancellation of the period of the current month (quarter, year)]. At the same time, for taxpayers who have identified corporate income tax categories, in addition to branches, they can also complete the enterprise liquidation income tax declaration.

17. What should taxpayers do if they need to adjust the regular quota?

Answer: If taxpayers need to adjust the fixed quota, they can choose "I want to do tax" after logging in, enter "Fixed-term households apply for verification and adjustment of quota", fill in and submit the Approval Form for Verification and Approval of Individual Industrial and Commercial Households’ Quota and related attached materials. After the tax authorities have completed the examination and approval, taxpayers can obtain the information of the examination and approval results, and view and print the acceptance results in the electronic tax bureau.

18. How do taxpayers apply for tax refund?

A: Taxpayers can enter the "General Tax Refund (Refund) Management" by selecting "I want to pay taxes" after logging in, and fill in and submit the Tax Refund (Refund) Application Form. After the tax authorities have completed the examination and approval, taxpayers can obtain the information of the examination and approval results. After logging in, taxpayers can also select "I want to inquire" of the electronic tax bureau and enter "Information Inquiry on Tax Progress and Results" to inquire about the progress and results of handling.

Taxpayers can apply for tax refund, which mainly includes: tax refund due to wrong collection and overpayment, tax refund due to warehousing reduction and exemption, tax refund due to overpayment of tax refund due to final settlement, tax refund for vehicle purchase tax, tax refund due to vehicle and vessel tax, tax refund due to remaining tax at the end of value-added tax, etc.

19. How can taxpayers issue tax-related certificates?

A: Taxpayers who need to issue tax-related certificates can apply for issuing tax-related certificates by selecting "I want to do tax" and entering "Certificate Issuance" after logging in.

Tax-related certificates that taxpayers can issue mainly include: tax payment certificate (documentary form), tax payment certificate (tabular form), China tax resident ID card, foreign payment tax filing for service trade and other items, transfer tax payment book (special for export goods and services), export tax refund (exemption) related certificates, etc.

20. How do tax agencies submit relevant information and materials to the tax authorities?

A: Tax agencies can choose to enter the "Management Package of Tax-related Professional Services" by logging in to the Electronic Taxation Bureau, and submit information such as institutions, personnel and entrustment agreements to the tax authorities.

The management package of tax-related professional service institutions includes: administrative registration of tax agency; Change and termination of administrative registration of tax agency; Basic information collection of tax-related professional service institutions (personnel); Information collection of tax-related professional service agreements; Information collection of tax-related professional services; Information change and termination of tax-related professional service agreement.

21. How to make an appointment for tax payment through the electronic tax bureau?

A: Taxpayers can make an appointment to pay taxes by choosing "I want to make an appointment" after logging in, or by choosing "Interactive Center" and entering "Tax Appointment" after logging in.

22. How to obtain all kinds of notices and announcements of tax authorities through the electronic tax bureau?

A: Taxpayers do not need to register and log in. They can choose "Public Service" and enter "Notice Announcement" to obtain various notice announcements issued by tax authorities.

The notice announcements provided by the Electronic Taxation Bureau mainly include the notice of policies and regulations, the notice of major tax violation cases, the notice of A-level taxpayers with credit rating and the notice of tax arrears.

23. How to check the online training issued by the tax authorities through the electronic tax bureau?

A: Taxpayers don’t need to register and log in. They can check the online training plan issued by the tax authorities by selecting "Public Service", entering "Consultation and Counseling" and then selecting "Taxpayer Academy". Taxpayers can set class reminders under this function and participate in online training in time.

24. How to check tax-related policies and interpret documents through the electronic tax bureau?

A: Taxpayers do not need to register and log in. They can choose "Public Service", enter "Consultation and Counseling" and then choose "Tax Policy and Interpretation" to view various tax-related policies and interpretation documents of tax authorities.

25. How do taxpayers upload, download and print their own electronic materials through the electronic tax bureau?

A: After logging in, taxpayers can select "My Information" and enter "Electronic Information" to consult, download and print the relevant electronic information generated by their own tax through the Electronic Taxation Bureau at any time. In the process of handling tax-related business, if taxpayers need to upload attached information, the electronic tax bureau will intelligently associate the electronic information that taxpayers have submitted or generated in the past, prompting the existing information in the electronic database for taxpayers to choose; At the same time, for the electronic materials that need to be supplemented, the data uploading function is provided.

26. How can taxpayers check the progress of the tax-related matters they apply for without going to the tax service hall?

Answer: After logging in, taxpayers can select "I want to inquire" and enter "Information Inquiry on Tax Progress and Results" to inquire about tax progress and results.

27. How can taxpayers query invoice information without going to the tax service hall?

Answer: After logging in, taxpayers can select "I want to inquire" to enter "Invoice Information Inquiry", select conditions such as the start and end date of issuance, the name of invoice type, etc., and can also export or print one or several pieces of invoice information.

28. How can taxpayers inquire about the detailed information of declaration through the electronic tax bureau?

Answer: After logging in, taxpayers can select "I want to inquire" to enter "Inquire about declaration information", and select conditions such as declaration date, tax date and declaration form type to inquire about the declaration information at the corresponding time. At the same time, you can further click to view the declaration form and attached information, and you can print or export it.

29. How can taxpayers check the tax payment through the electronic tax bureau?

Answer: After logging in, taxpayers can enter "Payment Information Inquiry" or "Tax Arrears Information Inquiry" by selecting "I want to inquire" and enter the inquiry criteria to inquire about the specific payment or tax arrears. If there is tax arrears, you can skip to the corresponding tax (fee) payment function module to pay tax arrears through the "Tax Arrears Payment" link provided by the system.

[Answers to Hot Issues of Natural Person Electronic Taxation Bureau]

30. Where can I download and install the natural person electronic tax bureau (withholding end)?

Answer: The natural person electronic tax bureau (withholding end) is applicable to withholding agents to withhold and remit personal income tax. Withholding agents can download it from the official website of Xizang Autonomous Region Taxation Bureau. The steps are as follows: Go to official website of Xizang Autonomous Region Taxation Bureau-click "Data Download"-click "Software Download"-click "Soft Link" of "Natural Person Electronic Taxation Bureau (Withholding End)" to download. After the download is successful, double-click the installation package and click Install Now to install the withholding agent to the local computer.

31. How does the natural person electronic tax bureau (withholding end) register?

A: After the system is installed, you need to register. The process of registration is roughly the process of obtaining the corresponding enterprise information from the tax system through the taxpayer identification number and saving it to the local withholding terminal. Specifically, click [Experience Now] on the installation completion interface (or click the shortcut of "Natural Person Electronic Taxation Bureau (withholding terminal)" on the desktop), that is, enter the registration process. There are five steps in registration: Step 1: Enter company information; The second step of registration: obtain tax information; The third step of registration: filing the information of tax payers; The fourth step of registration: set the login password; Registration Step 5: Set up automatic data backup.

32. How does the natural person electronic tax bureau (withholding end) update the tax information?

Answer: Click System Settings → Declaration Management → Tax Information Update → Download on the left side of the withholding software to indicate that the information has been obtained successfully.

33. The natural person electronic tax bureau (withholding end) made a backup on the original computer. Can the previous data be restored after replacing the computer? What should I do?

A: First of all, the data of the withholding end of the natural person electronic tax bureau exists on the local computer. After replacing the computer and reinstalling the client, the original data of the client will no longer exist. Therefore, it is suggested that the withholding unit must enable the automatic backup function when using the withholding end. The operation of the automatic backup function is as follows: after using the withholding terminal, directly click "X" in the upper right corner to exit, and click "OK" for the confirmation message that pops up. After clicking OK, the system prompts "Do you need to back up the database automatically?" , click "Yes", and the system will automatically back up the data. If the withholding company changes the operating computer and reinstalls the withholding terminal, the original data recovery operation is as follows: find the previous backup file on the original computer, and the path of the original computer backup data can be viewed by opening the withholding terminal on the original computer and entering System Settings-System Management-Backup Recovery-Automatic Backup.

After finding the backup file, copy it to any directory of the new computer, then enter the withholding terminal on the new computer, enter the system management-backup recovery-recovery settings, select the backup file, and click Restore to restore the original data of the withholding terminal.

34. When logging in to the withholding end of the natural person electronic tax bureau, the registration system pops up a message that "enterprise information does not exist or is in a state that does not need to be distributed". What should I do?

Answer: This prompt message may be caused by the following reasons: (1) The taxpayer identification number is not entered correctly, so it is recommended to check whether the tax number is entered correctly. (2) For newly-established enterprises or enterprises that have changed their tax registration, the information is not automatically extracted into the tax background database in time. Please wait for one hour before logging in to the withholding terminal for operation. If the tax number is correct and the same question is still prompted after waiting for one hour, please contact the competent tax authorities or use the tax service center for online consultation.

35. What are the status of identity verification in the withholding end of the natural person electronic tax bureau? What’s the meaning?

Answer: [To be verified]: the default status when the personnel information is added or modified for the first time, which means that the withholding client has not initiated the verification of the taxpayer’s identity information; [Verifying]: It means that the resident identity registration information of the public security organ has not been obtained, and the system will automatically obtain the verification result without further operation; [Verification Passed]: It means that the collected personnel information is completely matched with the information of the public security system; [Verification Failed]: It means that the identity information of the natural person is inconsistent with the resident identity registration information of the public security organ, and the information needs to be verified and corrected correctly.

36. When uninstalling the withholding terminal and reinstalling it, you will be prompted with the following screenshot. How to solve it?

Answer: When uninstalling the withholding terminal, you must follow the standard uninstallation process of the operating system, that is, enter the control panel to uninstall. The error in reporting this screenshot is due to the use of quick uninstall tools such as 360. After uninstalling 360, a prompt "Do you want to delete the registry" will pop up without deleting it. The solution is as follows: delete the registry "HKEY _ current _ usersoftwareYouEPPortal _ DS 3.0". (win+R—regedit)

37. How can I get the declaration password if I forget it or register for the first time?

Answer: The application password has been forgotten and needs to be reset, or the application password obtained during the first registration has been greatly changed. In addition to going to the tax hall to reset the declaration password, there is also an additional channel, that is, self-reset through the company’s financial controller or legal person’s tax mobile APP or web terminal.

38. When the natural person tax management system is updated and other tax-free income is filled in, the exemption items will pop up. There is no tax-free deduction in the options. Which one should I choose?

A: Some individual income tax returns were revised according to the Announcement of State Taxation Administration of The People’s Republic of China on Revising Some Individual Income Tax Returns (No.46, 2019), so the system version was added with verification. When declaring normal wages and salaries, if "tax-exempt income" or "tax reduction and exemption" is filled in, the schedule of tax reduction and exemption must be filled in. Combined with the special policies of our region, when filling in the "tax-free income", select "qualified Tianjin subsidies are exempt from personal income tax" in the column of tax exemption in the schedule of tax reduction and exemption.

39. The natural person tax management system closes and opens the withholding client after reloading, and there is no declaration record?

Answer: The query statistics function does not update data in real time, and the synchronization time is T+1 mode, so you can’t see the declaration record immediately when you open it. The declaration data is processed every night, and the declaration records can only be found the next day.

40. The natural person tax management system has an interface related to personal income tax withholding fees. Can I apply for online return in the system?

A: According to the requirements of relevant policies, if the withholding agent or agent terminates the withholding obligation or the agent-collecting relationship during the year, they should submit the application materials for handling fees to the tax authorities within 3 months after the termination, and the tax authorities will handle the handling fees settlement.

The tax authorities will take the statement confirmed by the withholding agent as the basis for refunding the handling fee and automatically start the tax refund process.

[Answers to Hot Issues of Corporate Social Security Fee Management Client]

41. How do I download the client for reporting social insurance premiums?

Answer: It is necessary to declare and pay the social insurance premiums of government agencies and institutions, which can be declared and paid through the social insurance premium declaration client of the unit. You can log on to the portal website of Xizang Autonomous Region Taxation Bureau "Tax Service/Download Center/Software Download/"to download and install the social security fee declaration client.

42. How to use the client for reporting social insurance premiums of the company?

Answer: You can download the operation manual from the portal website of Xizang Autonomous Region Taxation Bureau "Tax Service/Download Center/Software Download/"and follow the operation manual.

43. What is the login user name and declaration password of the company social security fee declaration client?

Answer: The login user name is a unified social code. The declaration password is 6 digits after the unit social security code.

A reporter asked: The United States recently identified eight China science and technology companies as "military-related enterprises in China" and listed many institutions and companies in the "entity list". At the same time, the United States will pass a Xinjiang-related bill to ban the import of China’s Xinjiang-related products. What is China’s reaction to this?

A: Under the banner of so-called "human rights", the U.S. side generalized national security, fabricated reasons out of thin air without any factual basis, used state power, and repeatedly abused export control, investment restrictions, and banned imports of Xinjiang-related products, so as to continuously suppress relevant entities in China and set restrictions on normal economic and trade cooperation between enterprises of the two countries. China strongly protests and resolutely opposes this bullying practice of the US.

These political manipulations by the United States undermine market principles, violate WTO rules and economic laws, harm the legitimate rights and interests of China enterprises, and also harm the interests of American enterprises and investors, which is not conducive to the stability of the global industrial chain supply chain and the recovery of the world economy. The United States also imposed sanctions on medical research institutions in China, ignoring the scientific spirit, violating humanitarian principles and the common values of all mankind.

The United States should immediately stop its wrong practices, immediately stop interfering with the normal economic and trade cooperation between Chinese and American enterprises, immediately stop infringing on the right to subsistence and development of people of all ethnic groups in Xinjiang, and return to the correct track of win-win cooperation. China will take necessary measures to resolutely safeguard national sovereignty, security and the legitimate rights and interests of China enterprises.

　　Nanfang Daily News (Reporter/Gao Xiaoping, Wei Hongquan) The first A-class car equipped with intelligent cockpit and reversing AEB function, a new car can have 50 color scheme options… On November 15, the 22nd Guangzhou International Automobile Exhibition opened, "New Energy Brother" BYD, GAC Group, popular "new power" XPeng Motors and "technology hegemony" Dongfeng Nissan and other Guangdong enterprises formed a "local army", with a full "black technology" one by one, seeking new growth in the increasingly fierce market competition.

　　According to the data of the Passenger Association, the penetration rate of domestic new energy vehicles reached 52.9% in October this year, an increase of 15 percentage points over the same period last year. "BYD, the world champion of new energy vehicles", and the eye-catching slogans inside and outside the auto exhibition hall attracted the attention of many visitors. This year, BYD for the first time bought the entire 2.1 exhibition hall, focusing on displaying its brands such as Looking Up Automobile, Dengshi Automobile, and Equation Leopard Automobile.

　　At a time when the competition of new energy vehicles is becoming more and more fierce, BYD continues to refresh the speed of the industry. In July and September this year, BYD’s 8 million and 9 million new energy vehicles were rolled off the production line respectively. Recently, BYD Chairperson and President Wang Chuanfu said that on the occasion of the 30th anniversary of the establishment of the BYD brand, the company is about to usher in the 10 million new energy vehicles rolled off the production line.

　　Guangdong has become an important support for China’s new energy vehicle production system. Data show that in the first three quarters of this year, Guangdong Province produced 2.2795 million new energy vehicles, and 1 out of every 4 new energy vehicles came from Guangdong.

　　BYD not only leads in the production of new energy vehicles, but also continues to break through in intelligent technology. The BYD "Xia" displayed on site is equipped with a cool "black technology" – AR projection side sliding door and tailgate function: in the locked state, close to the side sliding door or tailgate, AR projection automatically opens, and you can "open the door in the air" by tapping the flash icon with your foot, bringing users a comprehensive and convenient car experience and making life more ceremonial.

　　Whenever there is a large-scale auto show, the companies that "fight at home" are often the most active. Similar to BYD, GAC Group also covers the entire exhibition hall, and its GAC Toyota, GAC Honda, and GAC Aian all launch new energy products during the auto show. GAC Group General Manager Feng Xingya announced a three-year "Panyu Action": by 2027, the independent brand will account for more than 60% of the group’s total sales, challenging the independent brand to sell 2 million vehicles.

　　In order to achieve this goal, in the next three years, GAC’s own brand will launch 22 new models, of which 7 will be launched in 2025, covering all mainstream new energy power forms such as pure electric, extended range, and plug-in hybrid. Technically, GAC Trumpchi will cooperate with Huawei to launch three series of new mid-to-high-end SUVs, MPVs, and sedans, all equipped with Huawei’s advanced intelligent driving technology.

　　Behind the gradual increase in the penetration rate of new energy vehicles is the accelerating popularity of intelligent driving. XPeng Motors’ new brand MONA series debuted at the Guangzhou Auto Show. In order to better meet the pursuit of personalization by young consumers, Xiaopeng MONA M03 launched an official color change service, providing users with more than 50 customized color schemes. He Xiaopeng, chairperson of XPeng Motors, revealed that since the launch of Xiaopeng MONA M03, sales have exceeded 10,000 units for two consecutive months. Production capacity increased by 40% in November, and plans to increase the monthly production capacity target to 20,000 units before the Spring Festival next year.

　　Ten years ago, 1 out of every 10 cars sold in the country was produced in Guangdong; now, 1 out of every 4 new energy vehicles in the country is made in Guangdong. In the face of the competition, Guangdong has accumulated resources and accelerated gearshifts, forming a new energy automobile industry development pattern led by Guangzhou and Shenzhen and the industrial chain of the Greater Bay Area urban agglomeration. A world-class new energy automobile industry cluster has begun to emerge.

　　[Home of the car News] On July 19th,east winddaily outputbrand-newsylphyOfficially listed. The new car has two options in terms of power: 1.6L and 1.8L. According to the configuration difference, there will be eight models with the price range of.119,000 to 169,000 yuan; In addition, there are also listed at the same timesylphyClassic model, which is only equipped with 1.6Lengine, divided into four models. The price range is99,800-120,800 yuan. See the table below for the specific price:

east winddaily outputbrand-newsylphy Guiding price
car make and model	Price (ten thousand yuan)
1.6XE comfort edition (MT)	11.90
1.6XE comfort edition (CVT)	12.90
1.6XL deluxe edition (MT)	12.50
1.6XL deluxe edition (CVT)	13.50
1.8XE comfort edition (CVT)	13.70
1.8XL deluxe edition (MT)	14.00
1.8XL Deluxe Edition (CVT)	15.00
1.8XV exclusive edition (CVT)	16.90

sylphyClassic guide price
car make and model	Price (ten thousand yuan)
1.6XE comfort edition (MT)	9.98
1.6XE comfort edition (AT)	10.98
1.6XL deluxe edition (MT)	11.08
1.6XL deluxe edition (AT)	12.08

　　As we all know,sylphyIt is a product with comfort and large space as its selling point, and it is brand-new today.sylphyAt the same time, the new car has been improved and upgraded in terms of styling design, configuration and power. Now standing in front of us is a product that has undergone a comprehensive transformation.

●　 New car characteristics

Brand-new modeling design makes the visual effect more dynamic.

　　After adopting a brand-new design, brand-newsylphyShow a dynamic visual effect. The new car adopts a brand-new family-style grille design, and also has details such as an "X"-shaped front face, arrow headlights and a generous bumper. In terms of the rear, brand newsylphyA two-color taillight is used to match the color, and the shape echoes the headlight group. In addition, the small tail designed at the rear of the new car also brings dynamic visual effects. It can be said that compared with the old models, it is brand new.sylphyIt’s a makeover and rejuvenation.

Brand-new interior design makes the visual effect more stereoscopic.

　　In the interior design, brand newsylphyThe center console is outlined by multiple curves, and the visual effect highlights three-dimensional. At the same time, the new car also adopts the central control panel with layered design, and the layout of the functional area is very clear, which is more convenient for the driver to operate.

Good space and soft seats continue to focus on comfort.

　　brand-newsylphyThe soft sofa-like seat design also appears in the newsylphyThrough the design of space and comfortable seats, the brand-newsylphyContinue to maintain the comfort characteristics like home.

●　 New car information

The size is slightly changed compared with the old models, but the wheelbase of 2700mm continues.

Body size	Xinxuanyi	Cash xuanyi
Length (mm)	4610	4665
Width (mm)	1760	1700
Height (mm)	1495	1510
Wheelbase (mm)	2700	2700

　　In terms of body size, compared with the old models, it is brand new.sylphyThe width of is increased by 60mm, while the height is decreased by 15mm. However, that 2700mmwheelbase (of a vehicle)Still keep it, we have this size in the old model.sylphyI have a deep understanding in the world that you can find a very suitable sitting position in the car.

There are more comfortable configurations, and the performance of high-profile models is more abundant.

　　Configuration, brand newsylphyEcoDrive energy-saving driving assistant, intelligent key system, driving computer, self-luminous instrument panel and leather are standard.Multifunction steering wheel、Mirror heating、Automatic air conditioning, rear air conditioning air outlet, fourairbagAnd high-fidelity audio, etc., while the high-profile models are also equipped with a reversing image system, a satellite navigation system, andCARWINGS zhihang++system, etc. It can be said that compared with the current model, it is brand new.sylphyIt has indeed enriched a lot in configuration.

The 1.8L+ power combination appeared for the first time, and 1.6L power was also available.

　　Dynamically, brand newsylphyWill be equipped with the new 1.8Lengine(MRA8DE), maximum outputpower139 horsepower, peaktwist momentUp to 174N·m, the transmission part matches XTRONIC. CVTContinuously variable transmission, this power system is also used for the first time.sylphyOn the model. Not only that, it’s brand newsylphyAnd 1.6LengineOptional, its maximum outputpower126 horsepower, maximumtwist momentIt is 154 n m. howeversylphyThe classic model is equipped with the same 1.6L as the old one.engine, maximum outputpower117 horsepower, maximumtwist moment153N·m。

●　 Editor’s note:

　　For a long time, with its calm appearance, spacious space and good fuel economy,sylphyMaintain a high sales volume in the market. And this time it’s brand newsylphyandsylphyThe launch of two classic products at the same time allows us to see the development trend of different markets through their characteristics. It can be said that in the future,sylphySeries products can still maintain a good market share.

　　Dongguan Dongfeng South Guantai Specialty Store
　　Tel: 400-887-0769
　　Address: No.172, Zhouxi Section, Guantai Road, Nancheng District, Dongguan

　　Dongfeng Nissan Dongguan Dongfeng South Daxing Specialty Store
　　Tel: 0769-22672318
　　Address: Shangshanmen Village, Niu Shan Management District, Guanchang Road, Dongcheng District, Dongguan.

　　Dongfeng Nissan Dongguan Dongfeng South Guanzhang Specialty Store
　　Tel: 0769-83523035
　　Address: Fuzhushan Road, Guanzhang Road, Liaobu Town, Dongguan

　　Dongfeng Nissan Dongguan Dongfeng South Dongyi Specialty Store
　　Tel: 0769-85199966
　　Address: Section 5 of Baisha, Humen, Guantai Avenue, Dongguan (next to National Highway 107)

　　Dongfeng Nissan Dongguan Dongshen Guanlong Specialty Store
　　Tel: 0769-81389981
　　Address: No.155, Xihu East Road, Shilong Town, Dongguan

　　Dongfeng Nissan Dongguan Dongfeng South Dongxing Specialty Store
　　Tel: 0769-85038200
　　Address: Santun Road, houjie town, Guantai Road, Dongguan

　　Dongfeng Nissan Dongguan Dongfeng South Dongshen Specialty Store
　　Tel: 0769-87700811
　　Address: next to the traffic police squadron of Dongshen Highway, Zhangmutou Town, Dongguan

　　Dongfeng Nissan Dongguan Dongfeng South Jinmei Specialty Store
　　Tel: 0769-89926666
　　Address: Junction of Huancheng Road and Changlang Avenue, Jinmei Village, changping town, Dongguan.

　　Dongfeng Nissan Dongguan Dongfeng South Long Ping Specialty Store
　　Tel: 0769-82097333
　　Address: No.218 Longping West Road, Fenggang Town, Dongguan

　　Dongguan Daxing automobile trading co., ltd
　　Tel: 0769-22661228
　　Address: Daxing Automobile Building, Changtai Road, Dongcheng District, Dongguan

Tess Extended Life Model Y is a pure electric vehicle produced by Tesla, which has excellent performance and comfortable driving experience. This car has a long cruising range and low energy consumption, which is very suitable for home use. In 2024, the manufacturer’s guide price of TESS extended battery life Model Y starts from 249,900 yuan, and the specific price may vary depending on the configuration and region. This car has always performed very well in the market and has been loved by many consumers. If you are interested in this car, I suggest you pay attention to the local Tesla dealers for more preferential information and test drive opportunities.

Previously, Tengshi Automobile announced its new car plan for 2024 in the "Tengshi Automobile User Communication Day 2024", and Tengshi D9 and N7 will be upgraded. At the same time, Tengshi will launch three flagship models, and may complete the appearance of two flagship cars at the Beijing Auto Show in April, one of which is the Hunting Car, and this product has ushered in road test spy photos overseas, and the official has just named this product-Z9GT.

Let’s take a brief look at this product. Compared with the Tengshi products currently on sale, the new car design of this car is more concise and generous, which may be due to camouflage. I haven’t seen too many copied designs, but it just happens to be this style, which is more in line with the current new energy trend. In detail, the new car uses a long and narrow light group, and the front enclosure is somewhat similar to the new Tengshi N7, with strong sports attributes.

The side of Tengshi Z9GT looks more personalized, with smoother lines, and it also uses a big slip back, which is completely sporty. At the same time, due to the low posture of the whole car and the sense of dive in the front of the car, there is a momentum that is ready to go, and the hidden door handle and borderless door will be used together this time.

Tengshi Z9GT uses penetrating taillights at the rear, as well as a wide rear surround and a sports tail, which looks very solid and full of fighting sense, and also lowers the visual center of gravity. At some angles, the sports presentation is completely not lost to Porsche Panamera, which is a style that young people like.

It is worth noting that from the news given by Tengshi before, Tengshi Z9GT can benchmark Panamera. Of course, this refers not to price, but to product strength. Among them, Tengshi Zhao Changjiang also said that it will bring a product with a length of more than 5.2 meters and a turning diameter of less than 10 meters, and this car will be a brand-new hunting car without accident. If this technical index can be achieved, then it will drive and control the best product at this level.

However, this also brings a question, what method is used to reduce the turning radius? First of all, BYD has a variety of technical routes to achieve the purpose of reducing the turning radius. For example, before looking up to U8, it can use the easy-to-square technology, cooperate with four motors to make an in-situ U-turn, and make an agile turn. Equation Leopard Leopard 5 can also reduce the turning radius by locking one rear wheel under the condition of two motors, but these are all skills suitable for hard-core off-road vehicles. Even if Tengshi Z9GT can do it, it is obviously not elegant to use. For example, the ideal MEGA can reduce the turning radius in this way before, but in the actual driving process.

So not surprisingly, the Tengshi Z9GT should use the active steering technology of the upper rear wheel, which is the mainstream scheme to improve the driving control and flexibility at present. Tucki X9 and Mercedes EQS have been used, and the effect is obvious. As a car with a length of over 5.2 meters, if the turning diameter can be less than 10 meters, it means that it can be almost as flexible as Honda Fit with a length of over 4 meters, or even better. The main reason is that with the active steering technology of rear wheels, the advantages are not only to reduce the turning radius, but also to improve the flexibility and stability when driving. When changing lanes at high speed, the rear wheels will turn in the same direction as the front wheels, so that the rear of the car has better tracking performance. Even if dual motors or three motors are added, four wheels can turn at the same time to achieve "crab walking", that is, sideways driving. At present, Zhiji L6, which is about to be listed in the market, already has this technology. BYD, which is keen on black technology, will naturally not fall behind, so we guess that Tengshi Z9GT should have new technology in the driving equipment, which is still worth looking forward to.

　　CCTV News:At the beginning of 2020, everyone’s life became unusual because of an unknown and sudden epidemic. In the face of an unprecedented and menacing epidemic, the CPC Central Committee with the Supreme Leader as the core made overall plans and decisive decisions, adhered to the principle of putting people first and life first, put people’s life safety and health first, made concerted efforts from top to bottom, and adopted the strictest, most comprehensive and thorough prevention and control measures, thus starting a people’s war, an overall war and a blocking war for epidemic prevention and control.

　　In order to publicize the great anti-epidemic spirit, show the elegant demeanour of advanced grass-roots party organizations and outstanding Communist party member in the prevention and control of epidemic situation in COVID-19, deepen and expand the educational achievements of the theme of "Do not forget your initiative mind, keep in mind the mission", expand the achievements in the selection and commendation of outstanding Communist party member and advanced grass-roots party organizations in China, and create a strong atmosphere of unity, encouragement and promotion of righteousness, the Central Organization Department and the Central Radio and Television General Station jointly produced the special program "Example 5".

　　"Example 5" will be premiered at 20:06 pm on March 22nd on CCTV-1, the Central Radio and Television General Station. The Communist party member Network (www.12371.cn), CCTV Video and CCTV Network will broadcast live simultaneously and provide on-demand services.

　　The seven (group) "role models" are outstanding Communist party member and advanced grass-roots party organizations from various positions. They are soldiers in white, People’s Liberation Army, public security police, grassroots cadres, community workers and volunteers. They all have a common name: Communist party member.

　　Next, let’s go back to that late spring again, to the battlefield where we can’t see the smoke, and listen to their stories. ……

Zhang Xijing
　　Deputy head of the expert group of Vulcan Hospital,
　　Director of the first department of critical care medicine
　　Director, Department of Critical Care Medicine, First Affiliated Hospital of Air Force Military Medical University

　　He insisted on being a soldier and charged first. In Wuchang Hospital with counterpart support, he took the initiative to fight, led 19 party member backbones to enter the intensive care unit first, checked the patients one by one, grasped the condition, gave full play to the advantages of 24 years of experience in intensive care medicine, and worked closely with local medical staff to accurately formulate the individualized treatment plan for each patient. He has great trust in his life, and every minute counts. As the deputy head of the expert group of Vulcan Hospital, he participated in the consultation of all critically ill patients in the hospital, discussed the treatment plan with colleagues on the commuter bus to and from the hospital, returned to the station to watch the academic seminar video about CT images, and carried out research on the diagnosis and treatment plan of pneumonia in danger ….. He was busy everywhere. "Race against time and grab people with death, we must cherish time like gold". Ward, station and consultation are the normal state of his daily work. In September 2020, Zhang Xijing was awarded the title of "National Excellent Communist party member" and "National Advanced Individual in Fighting COVID-19 Epidemic".

Zhang hong
　　Tongji hospital affiliated to Tongji Medical College, Huazhong University of Science and Technology
　　Head nurse of gynecological oncology department

　　She stood up to the danger. When the epidemic came, she volunteered, entered the isolation ward in the first batch, led the nurses to stay awake, and completed the transformation of the isolation ward within 48 hours. 80% of the patients in her ward are critically ill, and she takes the lead in scrubbing, nursing urine and feces, collecting throat swabs, debridement and dressing changes for patients with pressure ulcers. She has always adhered to her post, and has not left the fever ward for 15 consecutive days, working for more than 13 hours a day. She treats patients like family members. Some patients can’t take care of themselves. She helps them turn over and knock on their backs, do oral care, and feed them bite by bite at the bedside. One stop is more than an hour. She goes to the patient’s bedside every day to give them psychological counseling and relieve their psychological pressure. Before work, she always chats with patients in the ward to encourage them to maintain their confidence in recovery. In September 2020, Zhang Hong was awarded the title of "National Excellent Communist party member" and "National Advanced Individual in Fighting COVID-19 Epidemic".

Du Yun
　　Fangcao Community, Longyang Street, Hanyang District, Wuhan City, Hubei Province
　　Secretary of the Party branch and director of the neighborhood committee

　　Based on her post, she led party member cadres to stick to the front line of community prevention and control. At the beginning of the outbreak, she immediately set up an epidemic prevention and control publicity group and party member Pioneer Group, posted nearly 4,000 publicity notices, raised more than 2,000 masks for community residents, and instructed residents to do a good job in home isolation. She mobilized the community party member, the head of the door and the grid staff to conduct a dragnet investigation on 3,846 households, check the situation of each household by telephone one by one, and establish the residents’ health records. She established a "residents’ grocery shopping group", turned community cadres into "purchasing agents" and "couriers", and carried out non-contact condolences to elderly residents with children alone, making residents feel more at home. Residents in the community all said, "The community has Secretary Du ‘ Take charge ’ Everyone is very relieved and comfortable. " Du Yun was awarded the 24th China Youth May 4th Medal, and in September 2020, Du Yun was awarded the titles of "National Excellent Communist party member" and "National Advanced Individual in Fighting COVID-19 Epidemic".

Dawa kurakusho
　　Director of nagqu prefecture Police Station, Seni District Public Security Bureau, Naqu City, Xizang Autonomous Region

　　She gave up her family for everyone and devoted herself to epidemic prevention and control. After the outbreak of the epidemic, she volunteered to join the investigation team, and has been sticking to the post of epidemic prevention and control inspection and investigation. In the early stage of the epidemic, she was often busy until three or four in the morning, with an average sleep of less than five hours every day, and did not take a day off. From January 28th, 2020 to the end of June, a total of 188,425 people and 70,040 trips were investigated, 148 people were persuaded to return, 16 people were found to have fever, and 11,993 people were investigated as suspicious people, providing a green passage for 938 vehicles transporting materials. She persisted in her work despite her illness, and she was selfless and dedicated. On average, she calls more than 300 times a day to verify and record the information of relevant personnel. She has been working under high load in a cold and anoxic environment for a long time, causing ear canal infection and suppuration. Because she can’t let go of the epidemic prevention and control work, she has been unable to take care of treatment, resulting in perforation of the eardrum, and her hearing is getting worse and worse. Now she can hardly hear the sound in her left ear. In September 2020, Dawakura was awarded the title of "National Excellent Communist party member" and "National Advanced Individual in Fighting COVID-19 Epidemic".

Yong Wang
　Manager of Jianghan Branch of Hubei SF Express

　　He is a "life ferryman" who volunteered to send medical staff off work. During the epidemic, the city of Wuhan was closed and the public transportation operation was suspended. He stepped forward, one person and one car, and volunteered to pick up and drop off the medical staff from Wuhan Jinyintan Hospital late at night every day since the New Year’s Eve. Inspired by him, many drivers joined in, and gradually formed a volunteer team with more than 30 cars, which solved the commuting problem of medical staff in Jinyintan Hospital. He is a volunteer service organizer who serves medical staff well. He mobilized social forces to participate in epidemic prevention and control, contacted restaurants for meals, implemented 15,000 meals, quickly set up an emergency distribution network for meals, and solved the problem of eating more than 7,800 medical staff in Jinyintan Hospital. He acts as the "stationmaster of the material station", purchasing down jackets and other daily necessities for the medical staff of Jinyintan Hospital, and sending them warmth. He is a "bosom friend" of medical staff in Jinyintan Hospital. Because of his outstanding performance in fighting the epidemic, Wang Yong was approved by the Party branch of Wuhan Shunheng Express Co., Ltd. on February 28, 2020, and reported to the Working Committee of Jianghan Economic Development Zone in Wuhan for approval to join the Party. In September 2020, Yong Wang was awarded the title of "National Advanced Individual in Fighting COVID-19 Epidemic".

Huoshenshan Thunder God Mountain hospital Construction Unit Party Organization

　　At the tense moment when the COVID-19 epidemic was raging, China Construction Third Bureau took the lead, gathering more than 40,000 management and construction personnel from all over the country and putting more than 3,500 sets of machinery and equipment into the battlefield. On the construction site, 14 temporary party branches, 14 party member commandos and 2,688 party member took the lead in fighting, and party flag, who held high everywhere, gave the builders the greatest encouragement. With the support of the people of the whole country, it created the "China speed" of building two infectious disease hospitals and adding 2,600 beds in about 10 days, which fully demonstrated the "Chinese strength" of unity and hard work. Seeing this achievement, Tan Desai, Director-General of the World Health Organization, said: "I have never seen such mobilization in my life." In September 2020, they were awarded the title of "National Advanced Grassroots Party Organization" and the 24th "China Youth May 4th Award Collective" by the Central Committee of the Communist Youth League and the All-China Youth Federation.

Temporary Party Committee of Zhejiang Provincial Aid Wuhan Anti-epidemic Front Command

　　Since the outbreak of COVID-19, the Provisional Party Committee of the Front Command of Anti-epidemic in Wuhan, Zhejiang Province has led 1,844 medical personnel (including 852 in party member and 159 in party member) to support the anti-epidemic in Wuhan, and successively transferred to 11 intensive care hospitals, 4 shelter hospitals and relevant disease control institutions, with a total of 2,964 patients, including 858 critically ill and critically ill patients, and 1,993 people were cured and discharged, thus successfully completing the anti-epidemic task of aiding Wuhan. In September, 2020, the Provisional Party Committee of Wuhan Anti-epidemic Front Command of Zhejiang Province was awarded the title of "National Advanced Grassroots Party Organization", and its nine collectives and 33 individuals were commended by the national ministries and commissions and the provincial level respectively.

　　The special program "Example 5" shows the dauntless spirit of Communist party member Do not forget your initiative mind, who actively participated in the epidemic prevention and control work, remembering the mission, daring to fight and dare to win, highlighting the role of grassroots party organizations as a fighting fortress and the vanguard and exemplary role of party member, and interpreting the great anti-epidemic spirit of life first, national unity, giving up one’s life and forgetting one’s death, respecting science and sharing destiny.

Moderator Wang Xiaolei, Wang Ning

Wang Xiaomei recited "I sent the youngest baby to the battlefield"

The representative of "Example 5" took the oath on stage.

　　This is an arduous and vigorous struggle against the epidemic; This is a heroic song of the Chinese nation, united as one and overcome difficulties together. China unites people with "life first", confronts major epidemics with the strength of the whole country, and overcomes the difficulties with "the community of human destiny", which shows the strength of China, the spirit of China and the efficiency of China.

　　Some people are fighting hard in the front line, while others are sticking to it in the rear. In this arduous war and epidemic struggle, they built a series of solid barriers, and left a precious wealth for mankind to fight against Covid-19 with blood, sweat and even life. They showed party member’s responsibility and dedication, as well as the powerful forces of joint prevention and control, mass prevention and mass control, and demonstrated the great power of winning the people’s war to prevent and control the epidemic.

　　In this "epidemic" struggle, there are more than 4.6 million grass-roots party organizations and more than 90 million Communist party member, with party member commandos charging at the forefront and bright red party flag holding high at the forefront. They practice their initial heart and mission with the power of vanguard and example, regard ordinary jobs as a life stage to display their talents and ambitions, forge ahead in a new journey, build a new era and create new achievements! Tonight, let us pay tribute to the role models!

Central radio and television main station
　CCTV Integrated Channel (CCTV-1)
At 20:06 on March 22nd.
Cctv special page
Central video "Moral Observation" account
　Communist party member Network (www.12371.cn)
Example 5
　　 Stay tuned!