Development and Reform Commission: Prices are expected to remain stable and multi-pronged to stabilize and expand employment.

On September 18th, the National Development and Reform Commission held a press conference to release the macroeconomic operation and answer questions from reporters. Meng Wei, deputy director and spokesperson of the Policy Research Office of the National Development and Reform Commission, said that the measures to ensure supply and stabilize prices have been effectively implemented and have produced certain positive results.

Prices are expected to remain stable.

From January to August, the consumer price index (CPI) rose by an average of 2.4% year-on-year, and rose by 2.8% year-on-year in August, which was the same as last month. The PPI of industrial producers rose by 0.1% compared with the same period of last year, and fell by 0.8% in August. Meng Wei said that since the beginning of this year, China’s prices have been operating in a reasonable range. Looking further, the structural characteristics of rising prices are obvious. Affected by African swine fever epidemic and other factors, pork prices rose significantly, driving food prices to increase significantly. However, judging from the core CPI excluding food and energy prices, it rose by 1.5% year-on-year in August and rose by 1.7% on average from January to August.

"Maintaining the basic stability of prices, especially the prices of important people’s livelihood commodities, is related to the basic livelihood of the people, especially the people in need. The CPC Central Committee and the State Council attach great importance to this." Meng Wei said that since the beginning of this year, the National Development and Reform Commission has conscientiously implemented the decision-making arrangements of the CPC Central Committee and the State Council, and issued a series of policies and measures with relevant departments to ensure market supply and promote basic price stability. For example, take the lead in formulating plans and measures to ensure supply and price stability, vigorously support the construction of pig breeding capacity, enhance the ability of reserve regulation, and earnestly ensure the basic living security of people in need. At present, some measures have been effectively implemented and have produced positive results.

According to reports, from the recent monitoring situation, pork prices tend to be stable. From September 11 to September 17, the average daily retail price of pork in 36 large and medium-sized cities increased by 0.28%, which was significantly narrower than that in August. On September 17th, the average prices of fruits and vegetables dropped by 3.2% and 2.2% respectively compared with the end of August.

Meng Wei said that from the analysis of price trends, prices are expected to continue to operate smoothly during the National Day. The National Development and Reform Commission, together with relevant departments, will continue to closely monitor the market price changes of important commodities for people’s livelihood, and take corresponding control measures in a timely manner as needed to keep prices basically stable.

Multi-pronged approach to stabilize and expand employment

Stable employment is the first of the "six stabilities". Meng Wei said that from the current situation, China’s employment situation is generally stable.

First, new jobs have grown steadily. From January to August, 9.84 million new jobs were created in cities and towns across the country, which has achieved 89.5% of the annual target; In August, the national urban survey unemployment rate was 5.2%, down 0.1 percentage point from July, and both July and August were below the control target of 5.5%.

Second, the market supply and demand are basically balanced. The recruitment ratio of human resources market in 11 provinces and cities such as Guangdong is still higher than 1, and the job demand is greater than the number of job seekers.

Third, the employment of key groups is generally stable. As of July 1, the employment rate of college graduates in 2019 was 68.3%, which was basically the same as the same period last year; At the end of the second quarter, the total number of migrant workers in rural areas reached 180 million, an increase of 2.26 million over the same period last year; By the end of July, 10.96 million poor laborers had been employed, an increase of 1.08 million over the end of last year.

Meng Wei said that at present, China’s economic operation is still in a reasonable range, the service industry with large employment capacity has developed rapidly, and the role of innovation and entrepreneurship has been continuously enhanced; At the same time, China has formed a relatively complete employment and entrepreneurship policy and service system, which have provided strong support for achieving higher quality and full employment.

Since the beginning of this year, the State Council and relevant departments have successively introduced and implemented a number of policies and measures to stabilize employment, such as reducing taxes and fees, helping enterprises to stabilize their posts, vocational training, and expanding enrollment in higher vocational colleges, and the effects have gradually emerged. Meng Wei said that in the next step, the National Development and Reform Commission will continue to regard stable employment as the lower limit of macroeconomic regulation and control and the top of the "six stabilities", conscientiously implement the employment priority strategy with relevant departments, adhere to focusing on key points and making precise policies, and further improve the response measures while doing a good job in implementing the established policies, and stabilize and expand employment in a multi-pronged manner.

Infrastructure investment accelerated.

The data shows that from January to August, the national infrastructure investment increased by 4.2% year-on-year, 0.4 percentage points faster than that from January to July. In August, the National Development and Reform Commission approved 9 fixed assets investment projects with a total investment of 68.9 billion yuan.

The 2019 "Government Work Report" proposed that the target task of "completing railway investment of 800 billion yuan" should be achieved this year. In response to the statement that "the absolute amount of railway investment has slowed down in the past two months", Meng Wei said that since the beginning of this year, the completion of railway investment has been generally stable. From January to August, China’s railway investment in fixed assets reached 449.6 billion yuan, basically equivalent to the same period last year.

In order to complete this year’s railway investment task and lay a good foundation for subsequent construction, the National Development and Reform Commission will further intensify its work with relevant departments, China State Railway Group Co.,Ltd. and relevant places, focusing on "three batches", that is, "one batch under construction, one batch under construction and one batch under reserve".

We will steadily build a number of major projects. Railway construction projects are still short-term in the central and western regions of China. It is necessary to focus on the central and western regions, continue to promote the "eight vertical and eight horizontal" main passages of high-speed railways, improve the layout of trunk road networks, and urge the project funds to be in place in time and in full.

Promote the start of a number of major projects. Recently, the National Development and Reform Commission approved a number of railway projects. Among them, the feasibility study report of Chongqing-Kunming high-speed railway was recently approved, with a total investment of 141.6 billion yuan, which is the largest railway project approved by the National Development and Reform Commission since the 13th Five-Year Plan. In addition, there are still several backbone channel projects that are actively carrying out preliminary work, and will be approved item by item once conditions are met.

Plan and reserve a number of major projects. In order to give full play to the basic supporting role of railways in the coordinated development of Beijing-Tianjin-Hebei, the development of the Yangtze River Economic Belt, the construction of Guangdong-Hong Kong-Macao Greater Bay Area and other major strategies, the National Development and Reform Commission and relevant parties are speeding up the preparation of relevant special transportation plans in combination with the preliminary research of the Tenth Five-Year Plan. The next step will be to incorporate the research of major projects with accurate and influential views into the plan, strengthen the project reserve, and form a good situation of combining far and near and connecting in steps.

"In short, we will work with relevant parties to focus on accurate investment and effective investment and give full play to the positive role of investment in promoting economic and social development." Meng Wei said. (Economic Daily-China Economic Net reporter Xiong Li)

　　On October 2nd, 2015, as a RMB clearing bank in Hungary, Bank of China held a launching ceremony in Budapest, Hungary. The bank became the first RMB clearing bank in Central and Eastern Europe.

　　People’s vision

　　The new immigrant village building (left) in Pajing Village, Meng wei county, Luang Prabang Province, Laos, built by China Power Construction Group Laos Southern Europe River Basin Power Generation Co., Ltd., has greatly improved the living environment of local villagers. The picture on the right shows the old house before relocation.

　　On August 27, 2015, local workers installed solar panels at ZTE’s 900 MW photovoltaic ground power station in Bahawalpur, Punjab, Pakistan. The total investment of the power station is more than 1.5 billion US dollars, which is one of the priority projects of the China-Pakistan Economic Corridor.

　　Xinhua news agency

　　Chen Jianqi (Deputy Director of the World Economic Office of the Institute of International Strategy of the Central Party School, main member of the G20 Finance and Economics Research Group of Peking University, G20 expert of the Ministry of Finance)

　　Xin li (doctoral supervisor of Beijing Normal University, main member of G20 Finance and Economics Research Group of Peking University, G20 expert of Ministry of Finance)

　　Li Yuanfang (Secretary-General, International Finance Research Center, Institute of World Economics and Politics, Chinese Academy of Social Sciences)

　　Advocate the construction of a new international financial order and transcend the existing conflicts of interest in terms of ideas and patterns.

　　Chen Jianqi: The International Monetary Fund (IMF) and the World Bank are two important international financial institutions at present. Together with GATT (the predecessor of the World Trade Organization), they constitute the three pillars of the Bretton Woods system. After World War II, the international financial system has been dominated by developed countries such as the United States, and this phenomenon has not changed substantially so far. Nevertheless, the progress made by China in recent years in promoting the adjustment of the international monetary and financial system and preventing global financial risks cannot be underestimated.

　　First of all, China, together with other emerging economies, called on international financial institutions such as the IMF and the World Bank to reform their governance mechanisms, so as to push the IMF to transfer more than 6% of the voting rights to emerging developing countries and countries that are under-represented, thus steadily increasing the voting rights of emerging developing economies. China’s voting rights in the IMF rose to the third place in the world. In recent years, China has repeatedly appointed personnel to hold senior official positions in the IMF and the World Bank, and the number of China employees in the two organizations has also increased. These changes are a more representative embodiment of the international financial governance mechanism.

　　Secondly, the internationalization of RMB accelerated last year, especially the entry into the SDR currency basket became a landmark event, which is of great significance for optimizing the international monetary system. The RMB exchange rate market fluctuated greatly in the second half of last year, but China took active measures to deal with the risks, and the current exchange rate has gradually shown two-way fluctuations. At the same time, China, together with other countries, advocated the implementation of responsible macro-policies through the G20 Summit to prevent countries from adopting competitive devaluation. All these are of positive significance to the current global financial governance and financial risk prevention.

　　Xin li: Since the international financial crisis, China has not only vigorously advocated the construction of a new international financial order on multilateral occasions, including the G20, but also put this idea into practice through its own actions. First of all, the AIIB is an important measure for China to improve the existing international financial order. The AIIB is not only widely representative, but also creates a new situation in promoting global financial cooperation, especially intergovernmental financial cooperation, which indicates that the international financial system has begun to issue the voice of China. Secondly, the establishment of RMB international settlement center, the opening of RMB cross-border payment system, and the entry of RMB into SDR currency basket all mark the steady progress of RMB internationalization. Thirdly, as a new mechanism created in the field of international finance, the BRICS New Development Bank is also a perfection of the old international financial order. Finally, Chiang Mai initiated the multilateralization mechanism and the establishment of the Macroeconomic Research Office (AMRO) between ASEAN and China, Japan and Korea (10+3), which became the "Asian version" of the International Monetary Fund and played the role of regional financial stability anchor.

　　At present, the international financial center is gradually shifting from the west coast of the Atlantic to the west coast of the Pacific. This means the change of the global financial system with the dissolution of old financial interests and the weaving of new financial interests as the main contents. China is actively participating in this change and actively safeguarding the fundamental interests of developing countries in the process.

　　Li Yuanfang: The international financial crisis in 2008 exposed the deficiency and inadaptability of the old global economic governance in solving global imbalances, stabilizing the global financial system and preventing global financial risks. The era of globalization and the global economic structure have put forward extensive reform requirements for global economic governance, including reforming the international financial institutions under the original Bretton Woods system to make them play more effective global functions; Reforming the international monetary system to reduce systemic risks and promote global economic development; Global cooperation strengthens the supervision of transnational financial institutions and prevents moral hazard.

　　The reform of global economic governance order involves the relative changes of existing rights and responsibilities of countries, which will inevitably lead to complex contradictions and conflicts. If it is not handled properly, the reform may be stagnant. At the same time, it takes time to develop more fair, just and effective global governance. How to make a smooth transition and gather determination and confidence for further development requires the guidance and efforts of key participants. Due to China’s huge size and rapid rise in the global economic system, China is a stakeholder and a key actor in the global economic governance transition, and faces very complicated relationship problems. From the current practice, we can see that China has responded to these challenges with a very positive and pragmatic attitude. On the one hand, it has maintained enough respect and attention to the existing order and institutions. On the other hand, it has never been passive at critical moments, dared to innovate, and surpassed the existing conflicts of interest in terms of ideas and patterns, forming a favorable reform situation.

　　Mechanisms such as the AIIB and the BRICS New Development Bank have made the multilateral financial system more perfect.

　　Chen Jianqi: Multilateral international financial institutions have become important financing platforms in terms of infrastructure gaps in major economies such as Asia and the promotion of global economic growth. However, multilateral financial institutions such as the World Bank and the Asian Development Bank mainly focus on poverty alleviation assistance, while multilateral development financial institutions such as the AIIB and the BRICS New Development Bank initiated by China focus on infrastructure, making the multilateral financial system more perfect.

　　The establishment of the AIIB gave birth to an Asian multilateral development bank system with the participation of developed countries outside the US-led system, and adjusted the ecology of Asian multilateral development banks dominated by the World Bank and the Asian Development Bank, which is of great significance to China’s participation in global economic governance.

　　Xin li: As a new regional international financial institution, the AIIB is not a substitute for the original international financial institutions, but a remedy for its deficiency in meeting the capital needs of developing countries. On the one hand, the AIIB is more open, free and inclusive. As an international multilateral financial institution spanning Asia, Europe and Latin America, the AIIB will undoubtedly have an impact on the dollar-dominated international financial system formed after World War II, and developing countries represented by China may become an important pole in the international financial system. On the other hand, the AIIB can help countries along the "Belt and Road" to continuously deepen interconnection construction, improve investment capacity and diversify investment risks in the "Belt and Road" region. "One Belt, One Road" is a new regional cooperation arrangement based on interconnection and aiming at regional common prosperity. Its concept of openness and tolerance determines that the AIIB will not only not challenge or replace the current international order, but also be able to work in parallel with the current regional economic cooperation mechanism and complement each other.

　　Li Yuanfang: It must be admitted that the reform process within the existing framework of global economic governance has greatly touched the old interests, so the reform is bound to be difficult and slow and needs a major opportunity to promote. The growth of emerging economies does not suddenly appear. China’s initiative of the AIIB and the BRICS New Development Bank jointly initiated by other BRICS countries are efforts to improve global economic governance outside the existing framework. On the one hand, they fill the gaps and shortcomings in the existing global economic governance, on the other hand, they are also of great significance to encourage and promote the reform and development of the original institutions.

　　The Asia-Pacific Free Trade Area has pointed out the direction for promoting the integration of rules in the field of international trade and investment.

　　Chen Jianqi: The 13th Five-Year Plan proposal comprehensively expounds China’s concept of promoting open development and achieving win-win cooperation from the aspects of perfecting the strategic layout of opening up, forming a new system of opening up, promoting the construction of the Belt and Road, actively participating in global economic governance, and actively assuming international responsibilities and obligations. Although specific governance rules related to win-win cooperation have yet to be formulated, it is certain that win-win cooperation constitutes the core thinking of China’s China plan to participate in global economic governance.

　　Xin li: Since the new century, the development of globalization is increasingly manifested in the refinement of different processes, sections and links in the process of product production and supply and the optimal allocation of spatial areas. In this process, the status of China and some emerging economies as "world factories" will continue to rise, and they will undertake more division of commodity production, thus demanding a larger world market. Economic and trade integration in the Asia-Pacific region came into being.

　　With the increasing global influence of China, it is bound to have broader and deeper economic and trade exchanges and cooperation with its trading partners. Allocating domestic and international resources and coordinating domestic and international markets will not only endow China’s economic development with richer connotations, but also profoundly affect the situation of economic globalization and multipolarization of the world economy. Therefore, it is not only in line with China’s interests, but also the practical needs of regional countries to achieve long-term development to establish a broader regional cooperation mechanism and promote the continuous extension of regional and even global production chains. The Asia-Pacific Free Trade Area advocated and promoted by China is more inclusive, which is a concrete measure for China to contribute "China wisdom" to build a new pattern of opening up the Asia-Pacific region and achieve win-win regional development.

　　Li Yuanfang: Due to the development of global value chain trade, the development of multilateral trade and investment governance framework such as the World Trade Organization (WTO) is facing more and more difficulties. At present, there is a trend of regional, bilateral and plurilateral trade and investment governance in the field of global trade and investment, and the fragmentation of governance rules in the Asia-Pacific region is obvious, with the emergence of the Trans-Pacific Partnership Agreement (TPP) promoted by the United States and the Regional Comprehensive Economic Partnership Agreement (RCEP) led by ASEAN and actively participated by China. If TPP is independent of the existing rules system and absorbs members on the new high-standard platform, RCEP is more integrated, open and gradual. This cooperation is committed to narrowing the development gap among participating countries and achieving maximum mutual benefit in the implementation of the agreement, taking into account high-level goals and gradual implementation. These are two different ideas, and the latter is more inclusive. There is a certain competitive relationship between them, but different ideas also mean that they have the potential of complementarity and strategic interaction.

　　The Asia-Pacific Free Trade Area promoted by China is not only compatible and coordinated with the WTO multilateral trading system, but also regards TPP and RCEP as possible realization paths, with higher-level integration, so as to unify the opening process of the Asia-Pacific region and reduce the market segmentation that may be caused by the fragmentation mechanism. This has pointed out an important direction for promoting the integration of rules in the field of international trade and investment.

　　The "Belt and Road" construction is an important practice of China’s characteristic openness.

　　Chen Jianqi: Promoting the "Belt and Road" construction is a concrete practice of China’s win-win cooperation and opening-up concept. While promoting the economic and trade development of countries and regions along the route, it is also expected to build a win-win regional governance system in this region. In the long run, the "Belt and Road Initiative" will inevitably face the problem of docking with TPP and the Transatlantic Trade and Investment Partnership Agreement (TTIP).

　　Xin li: From an economic point of view, the Belt and Road Initiative is not only conducive to the integration and development of China and countries along the Belt and Road, but also conducive to global economic recovery and sustainable growth in the post-crisis era.

　　On the one hand, the "Belt and Road" spans Asia, Europe and Africa and involves dozens of countries, connecting the active East Asian economic circle with the developed European economic circle. In fact, based on its existing economic aggregate, trade scale, foreign exchange reserves and increasing overseas investment and development financing, China can do more to promote the globalization process and improve the world economic governance system, and the implementation of the "Belt and Road" will play a positive role in this regard. On the other hand, the Belt and Road Initiative can promote regional economic integration through closer cooperation among countries, form new production networks and consumer markets, enhance the international competitiveness of industrial economies in Asian countries, and inject new impetus into global economic recovery in the post-crisis era.

　　Li Yuanfang: Under the background of weak global economic growth and the urgent need for a breakthrough, improving regional infrastructure and comprehensively promoting trade, investment and financial cooperation are of great value to improving the efficiency of regional resource allocation and promoting economic development. This is the fundamental reason why countries and regions along the "Belt and Road" have maintained very high attention and enthusiasm for it.

　　The "Belt and Road" construction is an important field to practice the openness with China characteristics of "co-operation, co-construction and sharing". In the process of transformation from a participant in the international system to a provider of public goods, China will inevitably face difficulties, such as investment income protection and investment security, financing channels and risk management, and relations with local governments and people. On the basis of learning from the experience of relevant countries, China adheres to the concept of common prosperity and solves these problems more creatively, which will not only bring remarkable economic achievements, but also contribute China’s best practices to global economic governance and support the substantive progress of bilateral and multilateral relations with concrete cooperation.

　　(Interviewed by our reporters Li Yan and Meng Xianglin)

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

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⊙ 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?

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Rating description and statement

Rating description

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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　　618 has greatly promoted the decline. Many consumers are worried about the routine of "going up first and then falling down" while sorting out shopping carts and calculating how to buy more cost-effective.

　　At present,In view of this situation, Taobao launched a new function "Price Protection Center" and opened it to all users.

　　After opening the "My Taobao" interface, click on the official customer service (or exclusive customer service) to enter the price protection center page. Users can apply for price protection through "one price protection". During the price protection period, the price difference can be refunded if the goods are reduced.

　　This means that,Consumers will not need to worry about product price fluctuations when shopping. If there is an operation of lowering the price immediately after the end of 618, they can directly apply for a refund of the price difference.

　　However, it should be noted that,Not all goods are suitable for this function.

　　First of all, only those products that support price protection service and reduce the price within the promised service period can support one-click price difference refund.

　　Secondly, if the price reduction of commodities is caused by participating in promotional activities such as 618, using exclusive benefits such as new people’s special offers, using red envelopes or subsidies of 10 billion yuan, it will not be covered by the price insurance.

　　At the same time, products with fluctuating prices such as jewelry, diamonds, vehicles and flowers, as well as intangible goods such as games and tourism services, will not support price protection services.

　　Although there are certain restrictions, the launch of this function can still make consumers feel more at ease while "buying in buy buy", without worrying about whether the merchants will deliberately raise prices.

Many consumers think that the cost of buying a car plus the cost of maintaining a car every year is really a lot of money, but now taxi software is so popular that it is convenient and cheap to take a car, and it is not practical to buy a car. However, in bad weather such as cold or hot, carrying a heavy shopping bag or dragging a huge suitcase, or when the driver is in an emergency, he will feel the pain of waiting. Although cars are consumables, and even the rate of preservation is not high, there is no denying that owning a car of your own can really bring great convenience to life, such as going to go on road trip.

Today, we will take a look at this new car of Ford Sharp. In terms of its exterior design, rough interior, high and low performance, etc., I think all the small owners have dived into major forums and dug countless evaluation videos, so there is no need to go into details in small series. Now, our focus is on the transaction price, discount, sales volume, value preservation and other aspects of Sharp, helping the small owners who are basically targeting and waiting for the opportunity to start to judge whether Ford Sharp is worth winning more comprehensively.

This site collected the real transaction price of Ford Sharp in the past year. The lowest transaction price in the country in the past month was 219,400 yuan, the highest cash discount for new cars was 10,400 yuan, and the maximum discount for new cars reached 9.55 fold! The price is for reference only, and the actual transaction price is subject to the local dealer.

Choose a car to buy a car? The difficulty of choosing a good car is almost catching up with the college entrance examination to fill in the volunteers! But in fact, it is not difficult to choose a car. It really depends on the sales volume. What everyone likes can’t be worse. Ford Sharp sold 1,376 vehicles in the past month, and we can see the recognition of new cars in the market from the sales trend chart below.

After the repeated adjustment of import tariffs, major manufacturers have released the price adjustment range of their models, which has also stabilized the market of used car market. However, the rate of preservation of cities at all levels has decreased from the previous month, so the rate of preservation must not be ignored when buying a car. After entering June this year, although the trading volume of used cars has gradually picked up, the price of used cars is hard to rise. For consumers, it is also a good opportunity to buy used cars! The chart below shows the hedge ratio of Ford Sharp. Is it within your acceptable range?

When we buy a car, we will pay attention to all aspects of this model in advance, especially the posts and word-of-mouth posted by car owners in major forums and vertical websites. Apart from the navy, there are still some car owners’ real car experience that is worth learning. Let’s take a look at Ford Sharp’s word-of-mouth score. The comprehensive score of Ford Sharp is 4.61, and the result is not bad, so Ford Sharp can consider it.

If you have seen the above, you still have doubts about whether Ford Sharp is worth buying, then you can also look at the performance of competing products in Ford Sharp. Among the following competing products, Tiguan L sold the most last month, with 10,889 vehicles, so there is always one for you.

If the price of the sharp world is right in the near future, then the friends will hurry! Linkage promotion in many places across the country, and there are even more discount models as low as 30%.

1905 movie network news　sixmoon17The closing ceremony of the first SCO National Film Festival was held in Qingdao West Coast Star Island Grand Theatre on the evening of November. At the closing ceremony,togetherSix awards, namely, the best film, the best director, the best screenwriter, the best actor, the best actress and the special prize of the jury, were announced. In the end,middleChinese filmInto the capitalAnd Afghan filmsMina Go ForwardWin the best film award together. It is worth mentioning that China actors.Zhou XunI also won the honor of best actress tonight.

That night, Han Sanping, chairman of the jury of Shanghai Film Festival, made an appearance with the judges from all over the world. At the same time, Zhou Xun, Ruby Lin, Duan Long, David, Sheng Ding, Tang Jili, Gong Beibi and many other star filmmakers also gathered in Starlight Glimmer.

China filmmakers talk about "the Covenant of Light and Shadow" Sheng Ding: Qingdao is a part of my film.

That night, four filmmakers, director Sheng Ding, actors Zhang Kaili, Duan Long and Zhu Yuanyuan, jointly kicked off the closing ceremony, bringing a sincere and enthusiastic opening show — — The Covenant of Light and Shadow.

On the stage of light and shadow, actor Duan Long said frankly: "My hometown is about 3,400 kilometers away from Qingdao, where there is a beautiful Tianshan Mountain, which connects different histories and civilizations. Once, we were separated by mountains and rivers and the sea. Now, we are gathered here because of movies. At this moment, we use light and shadow to talk and cross the language barrier. "

As a director from Qingdao, Sheng Ding also expressed his love for his hometown: "Qingdao is my hometown. I was born here, grew up here, and watched my first movie here. My movie dream is given by the sea breeze in Qingdao. "

Han Sanping, Chairman of the Jury: Different countries have a common understanding of art.

Han Sanping, the chairman of the jury of this year’s film festival, brought judges from all over the world to the closing ceremony. Han Sanping, who took to the stage, first expressed his gratitude to all the judges and the organizing committee present: "Thanks to the organizing committee of the film festival, which allowed us to see so many excellent works, and also thanks to my judges and colleagues, who worked for more than ten hours every day during the film festival. It was really hard."

Finally, Han Sanping also said: "Although we come from different countries, our feelings about art are common. Bless all the countries in Shanghai, each with its own beauty and beauty. "

Bai Baihe, the propaganda ambassador, gave a cross-border speech "Ocean" to show the vitality of Qingdao.

The scene of the closing ceremony was full of stars. In addition to many well-known filmmakers in the industry attending the ceremony, actor Bai Baihe served as the publicity ambassador of the film festival.

The first Shanghe Film Festival held in Qingdao can be said to have extraordinary significance. As a beautiful city surrounded by the sea, Qingdao’s waves have also sent the desire for communication and ushered in the warmth of friendship. At the closing ceremony, Bai Baihe, a native of Qingdao, as the propaganda ambassador of this film festival, sang the song "Ocean" across the border — — The beautiful melody sings the profound friendship between SCO countries and praises the story of light and shadow that is attached to the ocean.

Duan Long and Ruby Lin join hands in Mary and look forward to co-acting with David in comedy.

In the awarding session, Duan Long and Ruby Lin won a very high voice from the scene. Before they announced the best actor, Duan Long shared a compulsory course about an excellent actor: "Always keep creative enthusiasm and rigorous creative attitude is necessary for every actor."

The Best Actress Award was awarded by David and Mary, a pair of interesting partners. The two started with a mutual applause, and then Mary expressed the hope to cooperate together in the future: "It would be great if we could cooperate with Teacher David in a comedy."

At the end of the awarding session, Zhang Yibai and Bai Baihe came on stage together to announce the Golden Gull Award for Best Film for the audience. Zhang Yibai praised the beauty and charm of Qingdao as the oriental film capital at the beginning. As a fellow of Qingdao, Bai Baihe is also very emotional: "I am really proud and excited to be able to return to my hometown to participate in the Shanghe event this time."

"Into Beijing" won the best film award and Zhou Xun won the best actress.

The 2018 SCO National Film Festival follows the Shanghai spirit of "mutual trust, mutual benefit, equality, consultation, respect for diverse civilizations and seeking common development", promotes film cooperation and exchanges among SCO countries, and invites film delegations, film artists and representatives of film enterprises from eight SCO member countries and four observer countries to participate. A total of 23 films participated in the "Golden Gull Award" competition.

In this year’s film festival, China sent two participating films, The Film and The Film. The two films are of different types, but both of them are of good quality. In the end, the China film "Into Beijing" and the Afghan film "Mina Go Forward" won the best film award. Hu Mei, director of Entering Beijing, expressed his joy to the audience at the scene: "Thank you, Qingdao, and the jury of Shanghe Film Festival for awarding such a heavy prize to Entering Beijing, and also for the colleagues who have been working hard for six years. I also want to pay tribute to our national art with this film. "

The representative of Afghanistan was also very excited after winning many awards today: "The greatness of a nation depends on its enthusiasm, tolerance, equality and generosity. And we deeply felt all this in China. "

In addition, the actress Zhou Xun won the Best Actress Award together with Mongolian actress Odongqimeg Ashido for her outstanding performance in the film.

When delivering his acceptance speech, Zhou Xun said: "Thank you to the jury, director Xu Anhua and Mr. Yu Dong. Gratitude is the most important thing in life, and thanks to the efforts of those revolutionary ancestors in the movie, we have our present life. "

The Shanghai Film Festival ended successfully today, with Qingdao as a new starting point. The SCO will set sail again, and filmmakers from 12 countries will also go out again to launch future-oriented invitations.

Attached is the list of winners of the first SCO National Film Festival "Golden Sea Gull Award":

Best actress: China, When is the Bright Moon? Zhou Xun.

Mongolian Odongchi Meg Ashido

Best actor: Aqeel of Kyrgyzstan, Buick Abdikakov. 　

Kazakh Tolyubek Ayral Bay

Best Director: Yusuf Balacchi, Afghan Mina Forward.

Best film: China’s "Into the Capital"

　Mina Forward in Afghanistan

Best Screenplay: Russian Andreetta Latukin and Dimitri Ranchikin.

Indian Mahesh narayanan, P.V. Shojaei Kumar

Jury Special Award: Searching for Relatives in Uzbekistan, Tajikistan, Iran, Pakistan and Belarus.

Recently, SAIC-GM-Wuling officially released the official picture of the brand-new Hongguang MINIEV. The new car not only continued the classic design elements of its family, but also introduced four-door design for the first time, bringing more diversified choices.

The new Hongguang MINIEV is built on the platform of Tianyu architecture S, and its positioning is still aimed at the A00-class mini-electric vehicle market. Judging from the official map released, the new car has been innovated in appearance design, and the body contour is more rounded and full, and the overall style is closer to the recent hot-selling Bingo SUV. What is particularly striking is that the new Hongguang MINIEV has added a four-door layout, which helps to improve the practicality and convenience of vehicles. It is reported that the length, width and height of the new car are 3256/1510/1578mm and the wheelbase is 2190mm, which is consistent with the two-door model and adopts a four-seat layout.

In terms of power, the two-door and four-door versions of the new Hongguang MINIEV are equipped with 30kW motors, which is consistent with the current high-power version. The maximum speed can reach 100km/h, and it is equipped with lithium iron phosphate battery to meet the daily needs of urban transportation. As a micro-electric vehicle with outstanding performance in the market, Hongguang MINIEV has won the love of consumers with its low price and small and cute appearance since its listing. According to the data of the Association, the cumulative sales volume of Hongguang MINIEV in 2022-2023 reached 444,800 and 237,900 respectively.

However, with the constant emergence of competitors in the market, such as Changan Lumin, Chery QQ ice cream and Geely Panda, the competition in the mini-car market is becoming increasingly fierce. These models are similar to Hongguang MINIEV in appearance design and price positioning, which brings certain challenges to their market position. From January to August this year, the cumulative sales volume of Wuling Hongguang MINIEV was only 125,514 vehicles, which was 51.66% lower than that of January to August 2022.

It is worth noting that although the mini-car market is booming, its profit is relatively low. Many car companies lay out the mini-car market, which is driven by the double-point policy in addition to pursuing sales growth. The latest financial report shows that in the first half of this year, SAIC-GM-Wuling’s operating income was 32.963 billion yuan and its net profit was only 97 million yuan. The guide price of the current Wuling Hongguang MINIEV is 32,800-99,900 yuan, of which the price of the main sales model is about 40,000 yuan. It is expected that the price of the new model will be raised.

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.

　　 　The national conference on propaganda and ideological and cultural work was held in Beijing. The most important achievement of this conference was to formally put forward and systematically expound the cultural thought of the supreme leader, emphasizing "continuously strengthening the study, research and interpretation of the cultural thought of the supreme leader, and consciously implementing it in all aspects and the whole process of propaganda and ideological and cultural work". The cultural thought of the Supreme Leader is the cultural chapter of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, which provides a powerful ideological weapon and scientific action guide for doing a good job in propaganda and cultural work in the new era and new journey and shouldering a new cultural mission.

　　1. Deeply understand the great significance of the supreme leader’s cultural thought.

　　 　To realize the great rejuvenation of the Chinese nation, we must have theoretical thinking for a moment; Building a socialist modern country in an all-round way is inseparable from the guidance of scientific theory for a moment. In the field of cultural construction, it is necessary to lead by pluralism and neutrality, seek consensus in diversity, set the direction in change, establish the heart for the country and the soul for the nation, and it is even more inseparable from the shining of truth. In-depth study and implementation of the supreme leader’s cultural thought is of great practical significance and far-reaching historical significance for doing a good job in propaganda and ideological and cultural work in the new era and new journey, for building a strong country, for national rejuvenation, for raising the flag, and for long-term stability.

　　 　This means that Socialism with Chinese characteristics Thought in the new era of enriching and developing the supreme leader has made new landmark achievements. Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has put forward a series of new ideas, new ideas and new strategies in the aspects of reform, development and stability, internal affairs, foreign affairs and national defense, and governing the party, country and army, scientifically answering the questions of China, the world, the people and the times, and creating and constantly enriching and developing Socialism with Chinese characteristics Thought of the Supreme Leader in the new era. The "Ten Definitions", "Fourteen Persistences" and "Thirteen Achievements" put forward by the 19th National Congress of the Communist Party of China and the Sixth Plenary Session of the 19th Central Committee summarized the main contents of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era. The 20th National Congress of the Communist Party of China put forward "six musts", which outlined the world outlook, methodology and standpoint and method of Socialism with Chinese characteristics Thought of the supreme leader in the new era. The supreme leader’s thought of strengthening the army, economic thought, ecological civilization thought, diplomatic thought and rule of law thought formed in various fields have made its scientific theoretical system increasingly extensive and profound. The supreme leader’s cultural thought not only has the innovation and breakthrough in cultural theory, but also has the deployment requirements of cultural work layout, which indicates that our party’s understanding of the law of cultural construction in Socialism with Chinese characteristics has reached a new height, indicating that our party’s historical self-confidence and cultural self-confidence have reached a new height.It marks that the new ideas, new viewpoints and new conclusions of our party in the field of propaganda and ideological and cultural work in the new era have achieved a systematic leap and creative sublimation, making the theoretical system of Socialism with Chinese characteristics’s ideological science of the supreme leader in the new era more systematic, comprehensive, logical, rich in connotation and internally unified.

　　 　This means that the party leadership’s propaganda and ideological and cultural work condenses the new essence of the times. Since the 18th National Congress of the Communist Party of China, the General Secretary of the Supreme Leader has placed propaganda and ideological and cultural work in an important position in governing the country, attended a series of important meetings, delivered a series of important speeches, and made a series of important instructions. He has made overall planning, classified guidance, deployment and promotion in various fields such as online information, literature and art, journalism, philosophy and social sciences, ideological and political education, and cultural inheritance and development, and guided the propaganda and ideological and cultural undertakings to achieve historic achievements and make historic changes in raising the flag and clearing the roots. In this process, the leadership, management, discourse, cultural self-confidence, new cultural mission and "two combinations" of ideological work have been put forward one after another and constantly improved. This series of theoretical creations has strung together the ideological development track from the original breakthrough of one thought point to the original breakthrough of many thought points, and then to the overall improvement of the ideological and theoretical system. It can be seen that the cultural thought of the supreme leader is the inevitable result of the continuous accumulation and sublimation of our party’s new ideas, new ideas and new judgments on cultural construction in the new era. This important thought fully reflects the fact that the theoretical achievements of cultural construction in the new era are becoming more and more perfect in systematization, physics and chemistry, which indicates that our party has reached a new height in its understanding of the law of cultural construction in Socialism with Chinese characteristics, its original contribution to Marxist cultural theory, and its historical and cultural self-confidence.It is a milestone in the development history of the party’s propaganda, ideological and cultural undertakings.

　　 　This means that the new era, the new journey and the construction of the modern civilization of the Chinese nation have created a new guide to action. It is our new cultural mission in the new era to continue to promote cultural prosperity, build a cultural power and build a modern civilization of the Chinese nation at a new starting point. To accomplish this new mission, there are many new contradictions, new problems and new challenges, and there are laws to follow, which need to be guided by scientific theories. Under the guidance of the supreme leader’s cultural thought, we should better raise the banner, gather people’s hearts, educate new people, promote culture and display image, unify more than 98 million party member’s thoughts with those of the CPC Central Committee, lead more than 1.4 billion people’s thoughts under the banner of the Party, and unite the majestic forces to promote the construction of a strong country and national rejuvenation. In the international situation where the world changes rapidly in the past century and the international environment has undergone profound changes, we will not only strengthen our ambition to be Chinese, but also embrace all kinds of world civilizations with an open mind, and constantly enhance the national cultural soft power and the influence of Chinese culture. Under the new situation of the rapid development of information technology and the emergence of media matrix, we should better grasp the leadership, management and discourse power of ideological work in our hands, turn the variable of Internet into the increment of career development, and gather online and offline concentric circles. Under the guidance of the supreme leader’s cultural thought, we will better strengthen our cultural self-confidence, uphold openness and tolerance, persist in being upright and innovative, solve a series of problems faced by propaganda and ideological and cultural work with the wisdom of knowing change, the way to adapt to change and the courage to seek change, and open up a new world of career development.

　　2. Accurately grasp the distinctive features of the supreme leader’s cultural thought.

　　 　Accurately grasping the important characteristics of the supreme leader’s cultural thought is the key to fully understand the core essence and spiritual essence of this important thought. The cultural thought of the supreme leader is rich in connotation and profound in exposition. It is a theoretical summary of the practical experience of the party’s leadership culture construction in the new era, which enriches and develops Marxist cultural theory and realizes the internal unity of scientificity, popularity, practicality and openness.

　　 　Access to truth, through rigorous scientific. The supreme leader’s cultural thought, with scientific theoretical category, strict logical structure and profound historical vision, incorporated cultural self-confidence into Socialism with Chinese characteristics’s "four self-confidences", incorporated the adherence to the socialist core value system into the basic strategy of adhering to and developing Socialism with Chinese characteristics in the new era, clearly publicized the mission and task of ideological and cultural work "raising the banner, gathering people’s hearts, cultivating new people, rejuvenating culture and displaying image", and put forward a major conclusion of "two combinations". He profoundly answered the important theoretical and practical questions such as what flag to raise, what road to take, what principles to adhere to and what goals to achieve in building Socialism with Chinese characteristics culture. This important thought is a systematic, logical and interconnected scientific theoretical system, which enriches and develops Marxist cultural theory and broadens the road of cultural development in Socialism with Chinese characteristics.

　　 　The people’s nature of serving the people and casting souls. Comrade Mao Zedong once pointed out at the Yan ‘an Forum on Literature and Art: "The question of why people are a fundamental question and a question of principle." The cultural thought of the supreme leader always adheres to the mass viewpoint and mass line, which fully embodies the basic principle of historical materialism that the people are the creators of history. This important idea requires that we should persist in serving the people and socialism, that a hundred flowers blossom and a hundred schools of thought contend, that we should persist in creative transformation and innovative development, and that we should constantly create new glories of Chinese culture. This important idea requires adhering to the people-centered creative orientation, putting the people in the highest position in the heart, taking people’s satisfaction and dissatisfaction as the highest standard to test art, and creating more excellent works that meet people’s cultural needs and enhance people’s spiritual strength. This important idea requires that social benefits should be put in the first place, social benefits and economic benefits should be unified, cultural undertakings and cultural industries should be developed in an all-round way, and more and better spiritual food should be provided for the people.

　　 　The practicality of achieving the purpose of the body and connecting the body with the use. Marx said, "All social life is practical in essence", "Philosophers only explain the world in different ways, and the problem is to change the world". The viewpoint of practice is the basic viewpoint of Marxist epistemology, and practicality is a remarkable feature that distinguishes Marxist theory from other theories. Since the 18th National Congress of the Communist Party of China, with the historical initiative, extraordinary theoretical courage, outstanding political wisdom and strong mission of Marxist politicians, thinkers and strategists, the General Secretary of the Supreme Leader has adhered to and strengthened the Party’s overall leadership over propaganda and ideological and cultural work, strengthened his self-confidence in continuing the history and culture, charted a blueprint path for building a strong cultural country, made clear the mission and tasks of propaganda and ideological and cultural work, and pushed the propaganda and ideological and cultural construction to open a new chapter. The cultural thought of the supreme leader has both epistemology and methodology, both the overall guidance at the macro level and the practical path at the specific level, which shows the distinctive characteristics of this important thought, and shows great power in the construction of socialist culture in China.

　　 　Keep pace with the times and develop continuously. Time is the mother of thought and practice is the source of theory. "Marx has repeatedly warned people that Marxist theory is not a dogma, but a guide to action and must develop with the changes in practice." The cultural thought of the supreme leader is an open and continuous ideological system, which will be enriched and developed with the deepening of practice. From August 2018, the National Conference on Propaganda and Ideological Work summarized the regular understanding of propaganda and ideological work with "nine persistences" to the 20th National Congress of the Communist Party of China, which focused on cultural construction from five aspects; From the profound exposition of "two combinations", especially "the second combination" and the construction of the modern civilization of the Chinese nation in June 2023 to the important requirements of "seven efforts" in this important instruction, the connotation is very rich and the discussion is extremely profound. These new ideas, viewpoints and conclusions are the theoretical summary of the practical experience in the construction of the Party’s leadership culture in the new era, and are the fundamental follow-up for doing a good job in propaganda and ideological and cultural work, which must be persistently implemented and continuously enriched and developed for a long time.

　　3. Based on the new era and new journey, thoroughly study, publicize and implement the cultural thought of the supreme leader.

　　 　The value of theory lies in guiding practice, and the purpose of learning lies in application. In the new era and new journey, to study, publicize and implement the cultural thoughts of the supreme leader, we should base ourselves on the new situation and new tasks of accelerating the evolution of the world’s unprecedented great changes in the past century, the great rejuvenation of the Chinese nation entering a critical period, and the coexistence of strategic opportunities and risk challenges, and work hard to learn, believe and use, deepen the internalization and transformation, continuously improve the political position, deepen understanding and recognition, and promote the implementation of the transformation.

　　 　Raise your political position. Political position is the most fundamental, basic and important position for party member cadres. It is necessary to thoroughly study and implement the cultural thought of the Supreme Leader at a height related to the party’s future and destiny, strengthen the party’s overall leadership over propaganda and ideological and cultural work, implement political responsibilities, resolutely and effectively prevent and resolve ideological risks, and solidly promote cultural construction in Socialism with Chinese characteristics. We should thoroughly study and implement this important thought from the perspective of national foundation and national movement, deeply realize that "spiritual poverty is not socialism", widely practice socialist core values, and improve the construction of innovative spiritual civilization. Standing at a height related to the great rejuvenation of the Chinese nation, we should thoroughly study and implement this important thought, constantly consolidate the common ideological foundation of the United struggle of the whole party and the people of all ethnic groups throughout the country, cast a solid sense of the community of the Chinese nation, and make all ethnic groups hold together like pomegranate seeds in the big family of the Chinese nation, thus providing strong ideological guarantee, strong spiritual strength and favorable cultural conditions for comprehensively promoting the great rejuvenation of the Chinese nation.

　　 　Deepen understanding and recognition. Only by understanding can we agree; Only when you agree with it will you consciously practice it. It is necessary to strengthen the comprehensive understanding and mastery of the cultural thought of the Supreme Leader, and link it with Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, instead of studying it unilaterally; Learn by systematically grasping its basic viewpoints and scientific system, rather than learning piecemeal; Develop geoscience in combination with the propaganda of ideological and cultural work in the new era, rather than static geoscience. Grasp the Marxist standpoint and method that runs through it, and learn the housekeeping skills of doing a good job in propaganda and ideological and cultural work. Deeply understand the decisive significance of "two establishment", constantly strengthen "four consciousnesses", strengthen "four self-confidences", achieve "two maintenance", and enhance the political recognition of the supreme leader’s cultural thought; Deeply understand the essence and charm of this important thought and enhance ideological identity; Deeply understand the milestone significance of this important thought in the development history of Marxist cultural theory, and enhance theoretical recognition; Deeply understand the people’s feelings and mission of this important thought, and enhance emotional identity.

　　 　Promote the implementation of transformation. Only by transforming and implementing ideas can we constantly show our great power. We should consciously use the supreme leader’s cultural thought to guide the practice of cultural construction in the new era, master the leadership methods, thinking methods and working methods contained therein, and constantly improve our political ability, thinking ability and practical ability to do a good job in propaganda and ideological and cultural work in the new era and new journey. Apply the cultural thought of the supreme leader to the implementation of the strategic deployment of cultural construction at the 20th National Congress of the Communist Party of China, earnestly enhance the sense of responsibility and mission, and implement the requirements of various tasks in a precise and detailed manner with the spirit of nailing nails. Turn the learning achievements into a strong driving force to overcome difficulties and start businesses, be good at using this important idea to solve various contradictions in the field of propaganda, ideological and cultural work, consolidate and expand the mainstream ideological public opinion in the new era, and show new weather and new actions in the practice of building a socialist cultural power and building a modern civilization of the Chinese nation.

　　 　(Author: National Defense University Supreme Leader New Era Socialism with Chinese characteristics Thought Research Center Author: Liu Guangming, Wang Qiang, Peng Chunlin)