1905 movie network news Producer Ning Hao, director of the bid for the Olympic Games, the film starring Dapeng, Ada and Zhang Zixian exposed feature clips, accompanied by the magical melody of the movie episode "Unbridable" sung by Ada, Yue Miao (Ada) officially moved into the "Guangyu Express Internet Cafe" in Wuhai (Dapeng), but the two started "sweet cohabitation" but were hit by "express delivery", and Miao Miao went crazy online shopping, which made Wuhai frequently sign for express delivery. As the latest masterpiece of "Bad Monkey" brand, the film The Beneficiary has received rave reviews and the popularity has been soaring since its release. Topics such as "Dapeng’s letter to Ada", "Yue Miaomiao played by Ada" and "Will you expose the other half’s lies" have repeatedly appeared in hot searches, causing heated discussions. Up to now, the cumulative box office of movies has exceeded 100 million, and the first day of the box office won the first place in the same period.

Ada Crazy Online Shopping Dapeng "Hand Tearing Express"

Ghosts and animals are like you after the Double Eleven.

The movie The Beneficiary begins with a marriage scam with ulterior motives. Forced by life, Wu Hai (Dapeng) conspires with his friend Zhong Zhenjiang (Zhang Zixian), trying to marry online celebrity anchor Yue Miaomiao (Ada) and trick him into signing an insurance policy for huge profits. Wu Hai’s sweet words and meticulous care led Miao Miao into the game step by step. In the latest feature film, Wu Hai took Miao Miao to his own residence and started a sweet world of two people … … After laying out the background and setting up the equipment, Miao Miao continued to broadcast "Tuwei Didi" live, but Wu Hai on the other side was "crazy crit" by the courier brother. Accompanied by the sound of "Yue Miao Miao, your express", Wu Hai frequently signed and unpacked, and his skillful operation matched the melody of demonic brainwashing, which truly reproduced the lively status quo of "welcoming the Double Eleven" online shopping in life and burst into laughter.

"Beneficiary" was praised for "seeing the truth of life" at the box office.

"Hit the softest heart with the truest emotion"

Box office broke 100 million, word of mouth exploded, and the popularity soared … … Since the film The Beneficiary was released, the humorous and absurd story full of warmth has made the audience feel refreshed. On the first day of release, it won the first place at the box office in the same period, with a cat’s eye score of 9.0. Up to now, the box office of the film has exceeded 100 million. Many netizens praised it as "more touching and tearful than romantic movies, more clever and humorous than comedies" and "movies directly hit the softest heart with the truest emotions". With the popularity of the film, the ordinary but extraordinary love-hate entanglement between Wu Hai and Miao Miao triggered a hot discussion on the whole network. Most netizens commented that "when all the lies meet the true feelings, the goodness in human nature will be awakened." At the same time, the dilemma between human nature and material in the film also touched the audience’s resonance and discussion, and they all felt that "the film has both smiles and tears, from which we can see the truth of life."

As another masterpiece of realism with the brand of "Bad Monkey", the movie "The Beneficiary" continues the attention of producer Ning Hao and Bad Monkey Film to the realistic theme, shows the tender moments of little people living together and sticking to love in a narrative way interwoven with suspense and humor, portrays the struggles and efforts of ordinary people in real society, and makes the audience admire "not only the joy of watching movies, but also the courage to invest in the turbulent life torrent".

CCTV News:The State Council Press Office held a press conference at 10 am on June 10th. Zhao Yingmin, Vice Minister of the Ministry of Ecology and Environment, and the responsible persons of the Bureau of Statistics and the Ministry of Agriculture and Rural Affairs introduced the bulletin of the Second National Pollution Source Survey and answered questions from reporters.

In response to a reporter’s question, Zhao Yingmin, Vice Minister of the Ministry of Ecology and Environment, pointed out that the results of the second national pollution source survey are mainly reflected in five aspects:

First, the basic situation, quantity, structure and distribution of all kinds of pollution sources in China have been found out.By the end of 2017, the number of various pollution sources in China was 3,583,200 (excluding mobile sources), including 2,477,400 industrial sources, 639,500 domestic sources, 378,800 livestock and poultry farms and 84,000 centralized pollution control facilities. Among them, the number of various pollution sources in Guangdong, Zhejiang, Jiangsu, Shandong and Hebei provinces accounts for 52.94% of the national total, and the number of pollution sources in China, especially the number of industrial pollution sources, basically shows a gradual decrease from east to west. In terms of industries, five industries, namely, metal products, non-metallic mineral products, general equipment manufacturing, rubber and plastic products, and textiles and garments, account for 44.14% of the total industrial pollution sources in China. In addition, by the end of 2017, there were 267 million motor vehicles, 4.132 million construction machinery, 762 million kilowatts of diesel power for agricultural machinery and 278,000 ships in operation. In 2017, the fuel consumption of national railway diesel locomotives was 2,461,800 tons, and civil aviation took off and landed 10,248,900 times. The above is the basic distribution of all kinds of pollution sources.

Second, we have mastered the emissions of various pollution sources.From the national water pollutant discharge situation, the chemical oxygen demand is 21.4398 million tons, the total nitrogen is 3.0414 million tons, and the ammonia nitrogen is 963.4 million tons. In terms of emissions, the Yangtze River, Pearl River and Huaihe River basins have large drainage areas and involve many provinces, and the emissions of pollutants such as chemical oxygen demand, total nitrogen and ammonia nitrogen are relatively large. From the perspective of emission intensity, the pollutant emission intensity of unit water resources in Haihe River, Liaohe River and Huaihe River basins is large. The national air pollutant emissions are: 17,852,200 tons of nitrogen oxides, 16,840,500 tons of particulate matter and 6,963,200 tons of sulfur dioxide. This time, we also investigated the emissions of volatile organic compounds in some industries and some fields, with a national total of 10.1745 million tons. Beijing-Tianjin-Hebei and its surrounding areas, the Yangtze River Delta and the Fenwei Plain are areas where the emission intensity of air pollution sources per unit area is relatively high in China. As we all know, these three areas are also key areas for air pollution prevention and control determined by the state. The situation of solid waste in China is as follows: in 2017, the output of general industrial solid waste was 3.868 billion tons, the comprehensive utilization was 2.062 billion tons, the disposal was 943 million tons, and the storage in that year was 931 million tons. The output of straw in China is 805 million tons, and the utilization is 585 million tons. The output of general solid waste in Shanxi, Inner Mongolia, Hebei, Shandong and Liaoning provinces accounts for 42.4% of the country, and the comprehensive utilization of general industrial solid waste in Shandong, Hebei, Shanxi, Anhui and Jiangsu provinces accounts for about 40% of the country.

Third, the archives of key pollution sources and the pollution source information database have been improved.This census has formed a unified database for the second national pollution source census, with more than 1,800 database tables, 15,000 data fields and 150 million data records, forming a "one map" for the second national pollution source census. According to the requirements of the management method of pollution source census files, all files have been managed in an orderly manner and stored safely.

Fourthly, a group of business backbones with the spirit of environmental protection iron army have been trained.In the census work, enumerators and census instructors at all levels carry forward the spirit of environmental protection iron army, work hard and work hard. Through systematic training and on-site investigation, they understand the production technology, pollution control technology and environmental protection facilities of key industries and enterprises, and master the accounting methods of various pollutant emissions. In the process of summarizing the census results, through analysis and induction, we have grasped the environmental policy and the current environmental situation, and have been comprehensively studied and improved. Through the census, a group of comprehensive talents with high sense of responsibility and dedication, familiar with policies and proficient in business have been trained.

Fifth, the environmental awareness of the whole people has been further improved.The census took a long time, lasting three years. During the whole census period, through multi-media and multi-way publicity, the majority of friends in the press gave strong support, widely mobilized all sectors of society and actively participated in the census work, which improved the environmental awareness of the whole society and created a good atmosphere for the census. This is the main result of this census.

　　Pay attention to international focus and gain insight into the world. Hello, everyone, and welcome to this issue of High-end Interview.

　　Eric Maskin, winner of the 2007 Nobel Prize in Economics, came to China to attend the Second International Conference on Basic Science. How does he understand the significance and role of basic science in social development? "Mechanism design theory" has been put forward for many years. How does he interpret the application of this theory in different fields? How do you view the opportunities and challenges brought to society by high and new technologies such as artificial intelligence? Today, let’s find the answer in the dialogue together.

　　On July 14th, 2024, the International Conference on Basic Science kicked off in Tsinghua University. The conference attracted more than 800 domestic and foreign scholars to gather in Beijing. Among them, Eric Maskin, winner of the Nobel Prize in Economics, president of the World Econometrics Society and honorary professor of Tsinghua University, was one of the guests.

　　Following the spirit of Chairman Supreme Leader’s important speech on strengthening basic scientific research and building an international platform for cooperation in basic research, the International Conference on Basic Science is committed to accelerating the building of an exchange platform for top scientists in the world, promoting open cooperation in the field of basic science and making important contributions to the progress of human scientific civilization.

　　Zou yun：Professor Maskin, thank you for accepting an exclusive interview with High-end Interview. More than 800 top scientists and scholars have gathered in this international conference on basic science. What important information do you want to convey? Especially when applied science and technology are getting more and more attention, what do you think are the main goals, functions and values of basic science?

　　Maskin：First of all, I think one of the values of this conference is internationality. In today’s world, in the political and economic fields, divisions and tensions are increasing day by day, and science can unite us. Essentially, science is a cooperative undertaking. There are outstanding scientists all over the world, whether in China, the United States or Europe. This conference can bring these scientists together, which is of great value in itself. The importance of this conference lies in that it tells us that basic science has other important functions. Economist robert solow’s research in 1950s showed that most economic growth was driven by new ideas, which were crucial to economic growth. In the final analysis, new ideas are spawned by basic science. History tells us that all great scientific and technological progress will be based on basic science.

　　Zou Yun:Professor, you first came to China in 1996, and you have been here many times since then. Based on the contact and observation with China in the past 30 years, how do you evaluate the role of China’s opening to the outside world in strengthening international academic research exchanges and cooperation?

　　Maskin:Undoubtedly, China’s opening to the outside world and becoming a member of the world economy and international scientific community has greatly promoted the transformation of China and transformed China from a poor country 40 years ago into a prosperous and fast-developing economy today. That’s why I’m worried about those forces trying to split the world. I believe that the International Congress of Basic Sciences is a platform to confront these separatist forces, and let us get together again and carry out international cooperation.

　　Today’s China is closely connected and deeply integrated with the world. At present, China is constantly promoting Chinese-style modernization with the new achievements of reform and opening up, injecting precious certainty into the chaotic and intertwined world.

　　Over the years, eric maskin has paid close attention to the economic development of China. He affirmed China’s wisdom contained in China’s reform and opening up, and praised China’s forward-looking vision of developing new quality productive forces.

　　Zou Yun:Professor Maskin, let’s talk about China’s economy. You once said that the world can learn from China, and China has proved very successfully how a country can grow at an extraordinary speed year after year through reform.

　　Maskin:That’s right.

　　Zou Yun:So for you, what ways and methods of China can be used for reference by other countries in the world?

　　Maskin：Over the past 40 years, China has made amazing progress. There are several secrets to China’s success. First of all, China pursues a market economy. Market forces have played an important role in China’s economic development. Apart from the market economy, China’s opening to the world is also an important step in the right direction. Opening to the outside world and making good use of the international market are the most important experiences. Besides, in my opinion, the organizational structure of the China Government has been particularly successful. China has a central government and provincial and local governments. The economies of China provinces have their own characteristics, and the competition among them improves the economic efficiency. Under this framework, China can also carry out pilot projects in some places, which I think is another secret of China’s success. This is a good economic thinking.

　　Zou Yun:Professor Maskin, as an economist, I think you have noticed that a hot word in China’s economy is attracting global attention, which is called "new quality productivity". This concept was put forward by the Chairman of the Supreme Leader, emphasizing the importance of high technology, high efficiency and high quality under the new development concept. How do you understand the importance of this concept?

　　Maskin:I think this is very meaningful. The dominant technology in the twentieth century is being replaced by the technology in the twenty-first century. For China, it is very meaningful to be at the forefront and invest capital and resources in new technologies. For example, China has become a leader in the production of electric vehicles. I think this is very reasonable. China’s investment in this field is very wise, because the world needs electric cars.

　　Zou Yun:But when it comes to electric vehicles, some countries in the United States and the European Union are now investigating electric vehicles made in China. What do you think of this?

　　Maskin:I have always been a great advocate of transnational trade and cooperation. From the perspective of international trade and cooperation, I think setting up trade barriers will be counterproductive. Therefore, I don’t agree to use this kind of intervention. I hope these tariffs will eventually be abolished, so that we can resume free trade again. Maybe I am too optimistic about this, but I think it will be the best result. In other words, I think this intervention in free trade is only temporary, not permanent.

　　Zou Yun:Professor, for "relying solely on the market ‘ Invisible hand ’ You have always been critical of the idea that all problems can be solved.

　　Maskin:That’s right.

　　Zou Yun:Can you elaborate on this view? What role do you think the government should play in the market economy?

　　Maskin：The market is very powerful and can play a very good incentive role, which is the key of "mechanism design theory". But in some cases, the market will also fail. To give an obvious example, the market will be affected by "externalities". In economics, "externality" means that the behavior of (an economic subject) affects others, but there is no incentive to make the behavior subject change. For example, we all know that greenhouse gases such as carbon dioxide are causing climate change, but most enterprises will still emit greenhouse gases, and consumers will still drive fuel-efficient cars. In most cases, there is no incentive to stop emitting greenhouse gases spontaneously. So how should we solve this problem? At this time, government intervention is very important.

　　Zou Yun:In other words, in order to run the market smoothly, we must let the government and the market play their roles at the same time.

　　Maskin:That’s right. In fact, the government must establish a market for carbon emissions, for example, by setting quotas and introducing trading mechanisms, a carbon emission trading market can be established.

　　In 2007, eric maskin and two other economists won the Nobel Prize in Economics for laying the foundation of "Mechanism Design Theory".

　　In the course of many years’ development, this theory presents rich and varied extensions and connotations. From international cooperation to interpersonal communication, "mechanism design theory" can provide decision-making reference.

　　Eric maskin, 73, is still deeply involved in the theoretical field. As a scholar, he has a profound foundation and has made great achievements in the fields of public choice theory, game theory, incentive and information theory. As a teacher, he has trained many first-class economists who are active all over the world. He said that he enjoys research and often finds "beauty" in theory; I also like teaching and want to share "beauty" with others.

　　Zou Yun:In 2007, you and two other famous economists won the Nobel Prize in Economics for laying the foundation of "Mechanism Design Theory". Can you explain the main content of this theory to us in plain language and what fields it can be applied to?

　　Maskin:"Mechanism design theory" is mainly about how to realize social goals while recognizing the existence of individual goals. What needs attention is how to coordinate the relationship between personal goals and social goals. This is the role of "mechanism design theory" in enterprises. For example, suppose you are the boss of an electric car company, and you want to motivate employees to work hard and bring benefits to the company. Employees of the company may care about the company’s income, but what they care about most is themselves. They want to earn rich income and support their families. They may be willing to work hard, but they don’t want to be too tired. So what you need to solve now is ……

　　Zou Yun:How to motivate employees?

　　Maskin:How to motivate employees. This is the function of "mechanism design theory". There are various ways to encourage them. You can pay them directly, or you can adopt the piecework system, that is, you can give them a corresponding reward for each job they complete. You can also give them shares in the company. In this way, if the company’s market value rises, they will also get benefits. Or you can combine all these methods. "Mechanism design theory" can help us understand what kind of incentive mechanism combination may be the most effective under what circumstances.

　　Zou Yun:Professor, let me show you a photo. I wonder if you can recognize it?

　　Maskin:Yes, this is my old house.

　　Zou Yun:This used to be Einstein’s old house and your residence at Princeton University.

　　Maskin:Yes

　　Zou Yun:I think it can be called "magic house", because it is here that you received a phone call from Stockholm (Sweden), and you were told that you won the Nobel Prize in Economics.

　　Maskin:That’s right.

　　Zou Yun:Do you remember that moment? What was the situation at that time?

　　Maskin:I still remember. I was sleeping at that time, and the phone call came from Stockholm early in the morning.

　　Zou Yun:Then they inform you that you have won the Nobel Prize in Economics.

　　Maskin:I was so sleepy that I didn’t react at first, but I was really excited to hear the news. I was especially happy when I learned that the other two winners were my friends and partners.

　　Zou Yun:In your speech at the Nobel dinner, you quoted a sentence: "Some people observe ‘ Already ’ , they asked ‘ Why is this? ’ And I imagine ‘ Before it happens ’ , I will ask ‘ Why not? ’” Why do you imagine things that don’t exist and regard them as the most attractive part of economic research?

　　Maskin:As we talked before, I am very interested in mechanism design, which includes creating a brand-new market. For example, to solve the problem of climate change, we need to create an efficient market for carbon emissions. Such a market will not appear automatically unless we take the initiative to create it. In this case, only the government can participate in creating new markets. The most interesting social problems and the most serious social problems we are facing at present are all problems of mechanism design. We must design new mechanisms that never existed before and ask, "Why not let them exist?" Only in this way can we solve pressing global problems. For example, dealing with climate change, protecting biodiversity, solving the energy crisis, and obtaining clean water sources. These problems require us to put forward new ideas, especially the idea of mechanism design.

　　Zou Yun:You once said that winning the Nobel Prize is like winning the lottery. Your life has not changed much, but it is still affected negatively. To borrow your words, you will always be asked questions about areas you are not familiar with, because journalists think that Nobel Prize winners should know everything. I hope I didn’t bring you this trouble today.

　　Maskin:Your interview was very good, and it revolved around economics closely, so I chatted very comfortably.

　　Zou Yun:Thank you. Now that 20 years have passed, as a Nobel Prize winner, what do you like best about this identity?

　　Maskin:Winning the Nobel Prize gives me a chance to teach more students, which is good. Without these reputations, I wouldn’t have such great influence.

　　Zou Yun:Speaking of teaching, you once said that you are particularly grateful to your calculus teacher, who made you feel the beauty of mathematics. Now, as a teacher, do you adopt heuristic and comprehensive teaching methods (for students) as he has influenced you?

　　Maskin:When I teach, I will try my best to integrate all the knowledge into a big and beautiful system. I think human knowledge, especially scientific knowledge, is beautiful in a sense.

　　Zou Yun:I have noticed that as an economist, you often mention the word "beauty", which is very special. Why do you often mention "beauty"? You have been studying in the economic field for decades. What kind of "beauty" in the economic field attracts you most?

　　Maskin:Some economic concepts are very beautiful. This beauty lies in their simple presentation, but their influence is far-reaching. Let me give you an example. There is an early economic concept, which was put forward about 200 years ago. It is called "Comparative Advantage Theory". It says that if two countries trade, they should focus on producing products that they are relatively good at producing. For both countries, the efficiency has improved, which we call "trade gains". Both countries have become better because they focus on producing a certain commodity, and each country has its own comparative advantages. This is a very simple but powerful concept. In fact, it explains the common trade behavior of countries for centuries. I think this is a kind of beauty.

　　Zou Yun:It is really beautiful. You attribute your achievements to luck — — Explore the luck of economics in the early days, meet the luck of outstanding teachers, and explore the luck of your favorite field. Apart from those luck factors, what other factors have contributed to your success today?

　　Maskin:I think the most important thing is that I enjoy what I do. As I said just now, it is difficult to do research, because when you explore in an unknown field, you can’t predict what will happen. Therefore, when you are not sure about the results of the research, whether it is successful or not, you should have fun studying the matter itself, so as to get through the difficult time.

　　Zou Yun:What guided you through those difficult times?

　　Maskin:The truth is, I enjoyed the process very much. Imagine that you are walking through the Woods and want to go to the other side of the Woods, but you don’t know which way to go. How to get out of the Woods is full of uncertainty, and you don’t know if you can get to the other side. But imagine that walking in the Woods itself makes you feel very enjoyable. You look around … …

　　Zou Yun:Everything is beautiful.

　　Maskin:That’s right. As long as you enjoy the process, the final result is not so important. We all hope to succeed, but I think the most important factor of success is to walk in the Woods long enough so that we can have a chance to get to the other side. If we enjoy it, then we will keep going.

　　Zou Yun:Yes, professor. Thank you very much for your interview today, especially for introducing us to the beauty of "mechanism design theory". Thank you very much

　　Maskin:Thank you for inviting me to participate in this interview.

△ Nobel laureate in economics Maskin wrote an inscription after an exclusive interview with the general station.

　　In an exclusive interview, Professor Maskin said,The world is fortunate to have China’s economy, which plays an engine of growth in prosperous times and provides more certainty when facing challenges.. He encourages young people to keep curious and explore the "beauty" of art in different fields of research. He also hopes that all countries can cooperate, share openly and jointly promote the progress of the times.

　　

　　Chief planner Shen Haixiong

　　Chief producer Li Ting

　　Producer: Shen Yong Zhang Qin

　　Chief Producer Pan Linhua Yan Min

　　Producer Yin Liping

　　Reporter Zou Yun

　　Camera: Li Yajun Lu Yiming Liu Ming Li Xiangwei

　　Planning Qi Jingkang

　　Director Gu Xuejia Hu Weiwei Gao Yushan Qian Siyu

　　Outreach, Han Shuo Zhuang Ying

　　Voice over Yao Yujun

　　New media, Xuan Xuan, You Zhong Yining

　　Technical Producer: Zhao Xuesong

　　Visual Packaging Juck Zhang Wang Xueyang

　　Later supervisor Zhao Xin

　　Post-production Li Zhaoquan Hao Yuanhan Yuan Yuexiang Ren Shiping Li Shuchen

　　Audio? Li Mingrui

　　Technical Support Jiang Kun Zhang Wenyu Zhuge Ming

　　Thanks to Tsinghua University Qiu Chengtong Mathematical Science Center.

　　　　ZTE has always been committed to improving the user experience and has never compromised on the road of creating intelligence.On January 16th, 2018, ZTE did not fear the pressure of the full-screen storm, and launched the folding Axon M, which can "make" a bigger screen. Undeniably, the launch of the folding mobile phone promoted the dual development trend of "appearance" and "interactive mode" in the mobile phone industry, and pried open the novelty that Chinese had been addicted to for a long time. Now, if you are optimistic about this product and have the idea of buying Axon M in your pocket, let’s take a look at 10 questions you may care about first.

1、The benefits of folding screen, what can it do?

　　　　It can be said that ZTEOnce Axon M came out, it caused quite a stir in the industry, and many of them were mixed with some questioning voices: Is it a gimmick to fold a screen into two pieces?

　　　　What’s the use of this folding screen? In fact, the answer is also very simple, nothing more thanEnlarge the screen as the coreAnd the user experience is improved. A smaller body gives people a bigger screen at the same time.Shocking visual effect.

　　　　For everyday useStudent partyGenerally speaking, the display effect of the two models with 6.7 screens is indeed better than that of mainstream mobile phones. Whether reading web pages, comics, videos or e-books, the big screen is much better.

ZTE Axon M expansion model

　　　　Take myself as an example. The apps I use are the most friendly to folding mobile phones, such as HD, QQHD, and live broadcast, all of which have exclusive folding interfaces. The display is also much larger than the buttons of mainstream mobile phones.

Large keyboard more suitable for input in extended mode

　　　　Although there is no special folding screen optimization for other applications, the biggest advantage is that it is convenient to see anything, for example, it is much more comfortable to chat and watch.

Chat interface in extended mode

　　　　When you brush Zhihu, you can see more previews without clicking on the answer.

ZTE Axon M Brush Zhihu Q&A

ZTE Axon M Brush Zhihu Q&A

　　　　By the time of final review, it is much more comfortable to brush the courseware with a folding screen than with a mobile phone.

ZTE Axon M Brush Courseware

　　　　Brushing an American drama can also bring its own bracket function, and you can also use the mirror mode and the audio one-to-two-to-two connector to realize the double viewing mode, which is beautiful.

Mirror mode

　　　　The addition of the handle and enables users toHave a perfect present and recall a wonderful childhood..

The glory of the king handle operation/NDS Simulation in Extended Mode

　　　　In a word, everything is big and everything is comfortable. It’s more friendly to you, even if it’s a tablet.restoreAxon M, you can understand it as aFolding tablet computer.

　　　　And thanks to the larger plane area of the fuselage, the heat dissipation pressure is smaller, which is also beneficial compared with the mobile phone with the same configuration.

2、restoreIs Axon M suitable for business people?

　　　　with regard toBusiness peopleGenerally speaking,Axon　MThe role played by folding mobile phones is more inclined toImprove daily efficiency and quality of life.

　　　　As friends who have been to Guangzhou know, if you buy cakes, steamed buns and other breakfasts on the roadside early in the morning, small vendors often put them aside early, and few of them are selling them now. This is due to the fast-paced lifestyle in Guangzhou. There are too many young and capable business people who disdain to waste too much time on trivial things such as "eating" and "shopping".restoreAxon M’s folding mode can fit this fast-paced life atmosphere well, and open dual screens, so that users can communicate with customers and colleagues through WeChat while staring at stock prices:　　　　

Daily application of ZTE Axon M dual screen

　　　　One screen to open the data for analysis, one screen to write manuscripts, etc., easily realize multi-task intuitive display.

Daily application of ZTE Axon M dual screen

　　　　In the dual-screen mode, because the mobile phone is held horizontally, the input method occupies the lower side of the screen. If it is in the expansion mode, that is, two screens are combined into one screen, I guess the input method will be confused, which will make it difficult to input. I didn’t expect ZTE Axon M to skillfully optimize the input method, divide it into two sides, assign some letters to each thumb, and input the left and right thumbs with space buttons. This design is reminiscent of the well-known ergonomics 5kV-000 developed by Microsoft a few years ago.

ZTE Axon M vs Microsoft 5KV-00006 Sculpt

　　　　I have to admit that the original compact keyboard key design is convenient for typing input to some extent after it is slightly opened according to the input habits of fingers.

　　　　Nowadays, mobile phones have increasingly evolved into scientific and technological products to replace computers, and become the first choice weapon for mobile office. In the past, the work content such as writing PPT, text manuscript, and modifying copywriting, which could only be realized in computers, has now all been moved to mobile phones for application, and the birth of folding screens is like a dual display in a computer.Generate is convenient in light office and refined in high efficiency..

3、How about ZTE’s after-sales service?

　　　　ZTE has thousands of maintenance service centers all over the country, and provides services such as reservation service, sending repair service, maintenance progress inquiry, warranty policy, authenticity identification, etc. in official website, and sends them to after-sales experience stores for maintenance. The postage of mobile phones is free, whether within or outside the warranty period, and it is mailed by SF Express. It also has ZTE customer service APP, which can be said to be relatively comprehensive in today’s after-sales industry.

ZTE’s after-sales service project

　　　　In addition, when I browsed the Baidu Post Bar of ZTE, I also found that there will be ZTE’s official customer service to answer questions and reply below each post. Generally speaking, ZTE’s after-sales service is very powerful.

　　Wang, who works in Xiangtan Welfare Institute, Hunan Province, has defrauded 26 people for more than 1.34 million yuan under the guise of helping adopters adopt children. Recently, Wang was arrested by the Yuetang District Procuratorate of Xiangtan City on suspicion of fraud.

　　Debt builds up evil thoughts.

　　Wang, 44, is an official staff member of Xiangtan Welfare Institute in Hunan Province.

　　"I am more vain and hedonistic, and I embarked on this road after overdraft consumption, which eventually led to today’s bitter fruit." According to Wang himself, he applied for his first credit card in 2009. Because he usually spends a lot of money, the amount of this credit card was quickly maxed out, so he began to apply for multiple credit cards in his own name and in the name of his ex-wife. The highest amount was 90,000 yuan. Until 2014, Wang used the method of robbing Peter to pay Paul to raise the card.

　　Later, after Wang failed to apply for a credit card himself, he found someone to handle the credit card, even if there was a 15% handling fee. In 2015, microfinance companies began to rise. In order to make up for the deficit of credit cards, Wang began to apply for loans from microfinance companies, and successively loaned to more than 10 microfinance companies. In the second half of 2017, he began to contact usury, and eventually the debt was high.

　　When Wang sold his house, he failed to repay the huge interest and principal. In the case of inability to repay, he started with evil thoughts and began to help with the fraudulent method of adopting children. From April 2018 to June 2019, he lied that he could help others with the business of adopting children, and defrauded 26 people for a total of 1.34 million yuan.

　　Many people entered the game and were deceived.

　　"Hello, I saw on WeChat that you sent a message saying that Xiangtan Welfare Institute has children to adopt. Is it ok now … …” This is a phone call Xiao, a staff member of Qingshan Bridge Family Planning Office in Xiangtan County, often received some time ago. All this stems from a work exchange, and she met Wang.

　　In order to help people who need to adopt children, Xiaomou not only posted messages on WeChat himself, but also mobilized people around him to post information about adopting children. Under her introduction, a total of 11 people adopted children in Xiangtan welfare home through Wang.

　　"I always thought that there were normal children who could be adopted in Xiangtan Welfare Institute. Wang’s procedures for adopting children should be legal. The reason why there was a fee was that he claimed that the welfare institution needed to pay a maintenance fee to the person who sent it. In addition, it also cost money to handle the adoption procedures. I never thought that he would use this to defraud others’ money." Xiaomou told the prosecutor. After review, the same is true of Wang’s method of defrauding 15 other people’s money, which makes the victim mistakenly think that the money paid is a normal expense.

　　When things happen, they will eat the consequences.

　　"Hey, Wang, have you done the adoption procedure? If not, please give me my money back, and I won’t adopt it. " This is the speech of one of the victims, Tan, who called Wang.

　　Since May of this year, Wang has been receiving urging calls from many people. At this time, he can’t go through the adoption procedures according to normal procedures. Of course, he has no intention to go through the adoption procedures, so he has been delaying with various excuses. However, the paper can’t hold fire. After repeated urging, Tan and others reported the case to the high-tech branch of Xiangtan Public Security Bureau on June 30 this year. On July 1, the public security organ filed a case for investigation and Wang was arrested and brought to justice.

　　"Because Wang was heavily in debt at that time, in order to defraud the victim’s money, he promised the victim that it would only take three months to help with the adoption procedures. In fact, Wang could not do it at all during this time." Undertake the introduction of the prosecutor.

　　"According to the law, adopters who adopt children from welfare homes can apply as long as they have the conditions stipulated in the adoption law and provide corresponding information. The state has cancelled the adoption registration fee." The prosecutor told the reporter that Wang had a large foreign debt, and in order to defraud the victim of money, the victim mistakenly thought that he had the ability to go through the formalities of adopting children in Xiangtan Welfare Institute, but Wang’s duty was to be the head of the logistics department, and the matters he was responsible for had nothing to do with the adoption procedures, and other staff members and leaders of the unit were unaware of it. Wang did not specifically help to go through the adoption procedures, but used the obtained property to return personal debts. Subjectively, the purpose of illegal possession was clear, so he was suspected of fraud. The court recently approved the arrest of Wang for alleged fraud. At present, the case is under further investigation.

　　The prosecutor reminded that welfare homes are places where the state, society and organizations provide caring services to help people with social difficulties and orphans. Some criminals seize the adopters’ eagerness to adopt children and defraud money. The masses should establish a sense of prevention. Adopters should go through formal procedures to avoid being deceived. (Zhang Yinfeng Gong Ling Guo Yang)

　　CCTV News:The number of market players in private enterprises accounts for more than 90%, which plays an important role in restoring and expanding consumption. How to fully release the consumption potential and enhance the basic role of consumption in economic development? Entrusted by the CPC Central Committee, the All-China Federation of Industry and Commerce started field research in Beijing, Jiangsu and other places in April this year around the theme of "actively playing the role of private enterprises in restoring and expanding consumption".

　　In Jiangsu Province, the research team of the All-China Federation of Industry and Commerce went deep into the production lines of Suzhou Food Store Fresh E-Commerce Co., Ltd., Mahayana Environmental Protection New Materials Co., Ltd., Good Boy Group Co., Ltd., and visited and inspected a number of consumer complexes, rural tourism projects, and old-age service projects on the spot to gain an in-depth understanding of the development status and demands of enterprises.

　　In Jiangsu, the research group of the All-China Federation of Industry and Commerce has also held symposiums of government departments, private enterprises and chambers of commerce to listen to opinions and suggestions. In recent years, Jiangsu’s consumption has been continuously expanded, upgraded and upgraded by continuously improving policies and systems to promote consumption. In the first quarter of this year, the total retail sales of consumer goods in Jiangsu Province reached 1,170.68 billion yuan, up 7.8% year-on-year, and the consumer market recovered obviously. Tourism, catering and other industries grew strongly, from January to — In March, Jiangsu’s catering revenue above designated size increased by 21.7% year-on-year. While the industry is recovering, the catering industry still faces pain points such as "high cost, low profit and difficult employment".

　　The research team also found that there are some problems in the consumer market, such as the lack of motivation for bulk consumption demand, the continuous weakening of residents’ consumption expectations, and the overall slow transformation of intelligent and digital commerce enterprises. The research team believes that the vast number of private enterprises should further improve in optimizing supply, creating new demand and building characteristic brands, adapt, lead and create new demand with high-quality supply, promote a virtuous circle of supply and demand at a higher level, promote the organic combination of expanding consumption and improving people’s quality of life, and drive the overall prosperity of the consumer market.

　　The research team also inspected the construction of three major construction projects, namely, the theater, the museum and the library of Tongzhou City Sub-center in Beijing, learned about the operation and development of the business district of City Avenue, and had discussions and exchanges with relevant departments of the Beijing Municipal Government and private entrepreneurs to learn in detail how Beijing can actively play the role of private enterprises in restoring and expanding consumption.

　　At the same time of on-the-spot investigation, the research team also conducted an online questionnaire survey on more than 100,000 private enterprises based on the quarterly operation survey system of private enterprises of the All-China Federation of Industry and Commerce. Through big data analysis, the outstanding problems faced by private enterprises in restoring and expanding consumption are summarized.

　　Qiu Xiaoping, Vice Chairman of the All-China Federation of Industry and Commerce:After investigation, we study and put forward suggestions on optimizing policies for policy issues; In view of the enterprise’s own problems, we will work with relevant departments to promote the gathering of capital, technology, talents and other factors to the enterprise, and adapt, lead and create new consumer demand with high-quality supply; In view of the problems in market construction, we will give full play to the advantages of our chamber of commerce, and work with relevant departments to build a docking platform for production, supply and marketing to smooth the market cycle and promote the overall prosperity of the consumer market.

　　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

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

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.

Company rating: within 12 months after the release of the report, the company’s rise and fall is based on the rise and fall of the representative index of the relevant securities market in the same period. The rating criteria for investment suggestions are: buy: the increase of the representative index of the relevant securities market in the same period is greater than 10%; Overweight: Compared with the same period, the representative index of relevant securities markets increased by 5% ~ 10%; Neutral: Compared with the relevant securities market representative index in the same period, the increase is between-5% and 5%; Reduction: the increase of the representative index of the relevant securities market is less than-5% compared with the same period; No investment rating: we can’t give a clear investment rating because we can’t get the necessary information, or the company is faced with major uncertain events with unpredictable results, or for other reasons.

Description of relevant securities market representative index: A-share market is dominated byAs a benchmark; The new third board market is based on the three-board index (for the agreed transfer target) or the three-board market-making index (for the market-making transfer target); The Hong Kong market is based on the Hang Seng Index.

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　　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.

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.