分类归档 dgdg

Geely has become the SUV model of China in 2022, showing the ultimate product strength in the whole SUV market in China. We can think that the imported RX300 is only a 2.0T shell-changing car, but many self-abased domestic car scorners don’t admit that Geely is actually a "prototype" of a luxury car with a class of 400,000 yuan! The three parts are completely consistent, but they have achieved leapfrog product strength and quality control. It is a competing model that can scare GM on the traditional fuel field track.

At a very low price, the average transaction price is about 160,000 yuan, which has reached the product strength of the joint venture brand of 300,000 yuan. Of course, consumers also need to bear the same "good" car cost, which has completely reached the car cost of a 450,000 yuan Brilliance, which is particularly surprising.

The main vehicle cost of a traditional fuel vehicle is divided into: daily fuel consumption cost, annual commercial insurance, maintenance cost and depreciation amount. Geely’s car price is indeed only a quarter, but the cost of using the car is not bad at all, far higher than the brand-new hybrid with a larger size.

Geely, which has a top price of 185,200 yuan and a version of Aisin 8AT, has been tested by authoritative media and has a high fuel consumption of 11.06 liters per 100 kilometers. This fuel consumption can actually reach twice the fuel consumption of medium and large hybrid and SUV, and more than twice the fuel cost! Because Geely’s 2.0T low-power T4 engine not only has the acceleration performance of luxury cars, but also has the high car cost of such a second-tier luxury brand, that is, high fuel consumption, and the whole department can only add 95 # gasoline to sharply increase the car’s car cost again.

The average price of No.95 gasoline in China today is 8.16 yuan. The national average price of No.92 gasoline is 7.62 yuan, and the higher the power version of Geely Star, the 100-kilometer fuel cost means that it has already broken through 90 yuan, reaching 90 cents per kilometer! The energy consumption cost of Tang DMi, which is almost 2 tons of self-weight, is three times as high as Geely’s, and the wheelbase of the three big parts and the three-dimensional size of the car body is very similar, and the comparability is very high. However, the comprehensive fuel consumption of the high-end version of Brilliance 30i with 252 horsepower is only 10.7 liters of 95 gasoline, which is slightly lower than that of the high-power version of Geely Star, but it is 2.4 seconds faster than Geely’s 100 kilometers. The gap is obvious at a glance.

The star explosion compact city SUV launched by Geely in 2015 has the ultimate product strength in all aspects, but the fuel economy is far less than that of the joint venture SUV with the same displacement and size. I remember that the 1.8T model that was the main model in 2016 often used ultra-high fuel consumption of 15.5 liters per 100 kilometers in the urban area, and it also needed 95 # gasoline. Now Geely is equipped with three exclusive luxury cars, taking a luxury route and standard double-decker sound insulation glass. With 1.68 -1.78 tons, the full load easily exceeds 2.2 tons, the self-weight is 1.87 tons, and the full load is 2.51 tons. The matching maturity of the three parts is better than that of the joint venture luxury brand. Geely still needs to wait for the fuel consumption control and reconciliation.

Not only does the high-power version equipped with Aisin 8AT have a high fuel consumption, but even the dual-clutch version of Geely, which is famous for its fuel-saving performance, can still drive an average high fuel consumption of about 10.5 liters per 100 kilometers (the high-speed comprehensive fuel consumption is 7.2 liters, and the urban area can drive a high fuel consumption of 13 liters). Therefore, compared with the average landing price of 450,000 yuan, the average car cost of Geely driving for 10 years is 160,000 yuan. In addition, the car is far lower than the preservation rate of the joint venture brand, so its car cost is higher! Unless the Raytheon hybrid version is launched in large quantities, it will be able to regain a game in terms of car cost.

In the entertainment industry, some people became famous because of their singing, and some people attracted a lot of attention because of their superb acting skills, but there was a rather awkward existence: their singing and acting didn’t seem to stir up too much water, but they made a big splash in the variety show and were loved by the audience. This kind of star was crowned with the hat of "variety bar".

The first representative is Chen He.

Speaking of Chen He, what can you think of? "Love Apartment"?

Sharing a hot knowledge, "Love Apartment Season 1" is a work from 2009, and it has been 13 years. In 13 years, although Chen He also starred in "Animal Control", "Merit" and "Hello, Li Huanying" and other works, he did not leave a deep impression on the audience. When it comes to Chen He, everyone thinks of the funny and nosy "good man" Zeng Xiaoxian.

In terms of film and television, there were no outstanding works, but Chen He was thriving in the field of variety shows. There were permanent variety shows such as "Run, Brother", "Please, Wardrobe", "Brother, don’t make a fuss", "Hahahaha", and many other variety shows that participated as guests.

We were surprised to find that the actor Chen He was getting farther and farther away from us, and the variety show coffee Chen He was repeatedly jumping in our line of sight.

Like Chen He, Wei Daxun is also in a dilemma.

Wei Daxun graduated from the Performance Department of the Central Academy of Drama and has starred in such works as "Sophie’s Diary", "Mao Anying", "Revolution of 1911", "Love and Shuttle Millennium 2: Exchange under the Moonlight", "Youth Police" and "Little Wish". He can act in both comedies and formal dramas, and Wei Daxun’s acting path is still relatively wide.

After years of acting in obscurity, he attracted the attention of many people when he appeared on variety shows. Wei Daxun has successively appeared in various variety shows of "Star Detective", "Comedy Story Season 2", "24 Hours Season 3", "Room Escape" and "The Man Who Does Housework".

These years, Sha Yi has also quietly entered the ranks of "middle-aged top-class variety show coffee".

The current Sha Yi is middle-aged and fat and unshaven, but the former Sha Yi can definitely be regarded as a cream boy. Sha Pingwei, who is young and astringent in "On the wrong sedan chair and marries the right man", Bai Zhantang, who is handsome and dashing in "The Legend of Martial Arts", Han Yang, who has both political integrity and talent, and is personable in "Sweet Honey"… Sha Yi was so handsome back then!

Although Sha Yi, who has entered middle age, occasionally has works to meet with everyone, most of them are willing to be green leaves and fail to cause too much discussion. On the contrary, in the variety show, Sha Yi shines with his simple, honest and lovely image.

For example, in "Extreme Challenge", the honest Sha Yi was bullied madly, and the entry "I feel sorry for Sha Yi" quietly hit the hot search. The meme of "Golden Bell Cover Iron Cloth Shirt" made people feel angry and funny.

Later, Sha Yi participated in variety shows such as "Run", "Travel of Youth" and "Detective Moe". In these shows, Sha Yi’s natural comedian characteristics were fully displayed, bringing laughter and laughter to the audience. In "The Unknown Table", we can feel the depth and height of his thoughts.

Tranquility has also relied on variety shows to maintain its popularity these years.

Tranquility’s domineering sentence "If I still want to introduce myself, then I have done it for nothing in the past few decades" leaked. Indeed, Tranquility has long been a household name. Works such as "Sunny Days", "Red River Valley", "Love of the Yellow River" and "The Secret History of Xiaozhuang" proved her acting skills and strength.

According to the statistics of netizens, after "Flowers and Youth", Tranquility participated in 44 variety shows such as "Sound in the Realm", "Sister Riding the Wind and Waves", "Creation Camp" and "Chinese Restaurant", among which six were permanent.

It is undeniable that they are able to rely on variety shows to maintain their popularity and popularity. They can let go in the show, and their personality is pleasant, and the unexpected variety show effect also makes everyone laugh. But they should also be soberly aware that in the entertainment industry, works that are not good enough will eventually be shot to death on the beach by the latecomers.

1905 movie network news On June 28, the production of "Embroidery Spring Knife · Shadow of Mountains and Rivers" was officially launched, starring, and making a collective appearance.

In May of this year, the filmmakers of "Embroidered Spring Blade · Shadow of Mountains and Rivers" released a concept poster on Weibo, briefly introducing that the 24-episode costume drama will tell the story of two teenagers who are caught in the whirlpool of the current situation due to their blood-red hearts, and work together to break through the predicament of life with pure feelings. Many fans speculate that "Embroidered Spring Blade · Shadow of Mountains and Rivers" will still use the late Ming Dynasty as the background of the story. Previously, in the film series, "The Dilemma of the End of the Feudal Dynasty" left a deep impression on everyone.

The director of the film series, Lu Yang, will escort the series, incorporating elements of espionage and suspenseful reasoning in addition to his traditional costume moves.

"Double J" fit together and dance close to the same stage

　　Taiwan’s little king Jay Chou held a concert tour on June 13, the third day of the Taipei station concert. The mysterious guest at the end of the show invited his former gossip girlfriend Jolin Tsai, and the two sang on the same stage, and even performed intimate and passionate dance moves.　

　　The guests at the end of the evening on June 13 included Zheng Yuanchang, Ariel Lin, Mayday, Xiao Yaxuan, Guan Ying and Fan Xiaoxuan, among others. The performers included Liang Xinyi, the lead voice of Jay Chou’s "Nanquan Mom", Yuan Yonglin and the Lang Hua brothers. At the beginning, Jay Chou’s 360-degree floating stereo image appeared in mid-air, then disappeared into a ball of fire, and then appeared in the giant sphere, and opened the concert with a song "Dragon Battle Knight".

　　The much-anticipated Jolin Tsai donned a low-cut shirt and short skirt when he appeared, showing off his "career line" and long legs. As soon as Jolin Tsai appeared, he slowly approached Jay Chou and immediately coaxed the audience! Double J sang a song "Give Me Time for a Song" and danced hot dances together. During this period, Jolin Tsai stroked Jay Chou’s chest with his hands, and Jay Chou also "returned the favor" and stroked Jolin Tsai’s long legs, not looking at each other from time to time. Friend Liu Yuhong believes that Double J will not get back together: "If there was, it should have been there long ago!"

　　Jay Zhou’s concert, every time there is something new, this time it is full of gimmicks, took out the pressure box treasure, the mysterious guest, it is not someone else, but her. Jay Zhou: "Let us welcome, special guest, Jolin Tsai!" The person who came was the former gossip girlfriend, Jolin Tsai, the little queen, and the two sang "Time for a Song". Even if they have not been on the same stage for many years, the two sang together and sang tacitly, just like the reappearance of the J1 concert scene a few years ago, which also made fans cry out and exclaim again and again! The soulful style of lyrical slow singing, the dance movements are not sloppy at all, and the two danced close to their bodies, not unfamiliar at all, which also made the double J love, which has been silent for a long time, once again set off the climax of the entertainment industry.

　　"The Sound of Rain" was the first song sold by Jay Chou and Fang Wenshan before their debut. Sure enough, Zhou Dong sang the sound of rain after singing "Write a letter if you want", and Jiang Hui also appeared on the rear screen. She quickly showed off the cross-era CD in her hand and swayed with the rhythm; suddenly the staff handed Jiang Hui the microphone, Jiang Hui sang the "second sister version" of the rain on the spot, and Jay Chou was backing tracks on the stage. After singing, Jiang Hui also picked up the microphone and shouted to Zhou Dong: "Jay, I love you." Let the fans scream wildly.

　　Xiao Yaxuan, Fan Xiaoxuan, Zheng Yuanchang, Fang Wenshan, Yaoyao and other friends in the circle also came to cheer.

　　Many cities had abolished taxi operating royalties, abolished the 98 edition of the "Urban Taxi Management Measures", and adjusted the pricing of "molecular money"… Since March, taxi reform measures have been taken frequently in various places.

　　Taxi reform is already on the way, and breakthroughs have been made in terms of operating rights, "molecular money", and the legality of online car-hailing. The reporter sorted out some local practices to see the trend of taxi reform.

　　The right to operate is "free and limited".

　　For a long time, under the quantity control and corporate business model, taxis have been regarded as a resource that can be "operated". In some places, a taxi license can be sold for hundreds of thousands of yuan, forming a huge profit "cheese".

　　Taxi reform has begun to break the ice, and Hangzhou, Nanchang and other cities have successively cancelled taxi operation right royalties. From March 1, Suzhou, Wuxi, Changzhou, Xuzhou and other places have also stopped collecting taxi operation right royalties, and implemented free and limited-term use of operation rights.

　　"The reform has a very clear direction, that is, the right to operate taxis should be free and limited." Liu Xiaoming, director of the transportation service department of the Ministry of Transport, said that the total amount of taxi operation rights must be regulated, and a reasonable transportation structure must be formed through quantity control.

　　At the 2016 Shenzhen Municipal Transportation Work Conference held at the end of March, the Shenzhen Municipal Transportation Commission proposed that all new taxi operating rights in Shenzhen will be used free of charge, and existing licenses will be gradually transitioned to free of charge. "Due to the complexity of existing licenses, relevant departments will consider feasibility, threat and risk assessment and report to the municipal government after maturity," said Yu Li, a researcher at the Municipal Transportation Commission’s Passenger Transport Administration.

　　The person in charge of the Nanchang Municipal Transportation Bureau introduced that Nanchang stopped collecting the paid use fee for the rental car operation right this time, which was taken after a long-term investigation. The paid use fee for the rental car operation right after January 1, 2016 that was actually collected in advance will be refunded. After preliminary calculations, Nanchang City (excluding Jinxian and Anyi counties) is expected to refund the paid use fee for the rental car operation right to about 84 million yuan.

　　Since it is free, how to determine the ownership of taxi operation rights in the future? This is a question that many people are concerned about after the operation rights are unpaid. According to the reporter’s research, many ideas are based on the service quality and management ability of taxi companies, rather than "the highest bidder gets".

　　"Portion money" will be negotiated by multiple parties

　　The "part money" composed of the paid user fees for taxi operating rights and enterprise management fees is one of the focuses of taxi reform.

　　Previously, Jiangsu province proposed to formally liberalize the management service fees and rental contract fees charged by taxi companies to drivers, which means that drivers can discuss with the company how much "part money" to pay. Recently, Shenzhen announced "four measures to streamline administration and decentralize power in the taxi industry to protect the legitimate rights and interests of drivers". This includes reforming the monthly payment quota (part money), which will be determined by the company and the driver through negotiation.

　　As one of the six aspects of taxi reform, the relevant person in charge of the Ministry of Transport said that "part money" will be changed from the previous government regulation to equal consultation between taxi companies, industry associations, taxi drivers and trade unions.

　　Reducing "part money" in some areas directly reduces the burden on taxi drivers. In Hangzhou, many companies return 10% of the contract fee to drivers. In addition, through subsidies and rewards, "part money" has been reduced from 8,000 yuan per month to the current minimum of 6,400 yuan per month.

　　"’Part money’ is closely related to the interests of drivers and ordinary people, and the amount of’part money ‘should be scientifically and win-win reform-oriented," said Yang Tao, a deputy to the Nanjing Municipal People’s Congress and chairperson of Nanjing Urban and Transportation Planning and Design Research Institute Co., Ltd.

　　Experts say that judging from the policies introduced in various places, it may take time and determination to go from imperfect competition to perfect competition for the difficult "bone" of "part money".

　　Online car-hailing is exploring a standardized development path

　　A large number of online car-hailing is making travel more convenient, but how to regulate online car-hailing has been an open question.

　　Recently, the Shanghai Municipal Traffic Law Enforcement Department is increasing the investigation and punishment of online car-hailing platforms; and the Shenzhen Municipal Transportation Administrative Law Enforcement Detachment has also launched a special project rectification action for illegal operations, and 28 off-site network cars were investigated and punished during the Qingming holiday.

　　It is reported that since April, Shenzhen has started to clean up the online car-hailing work for off-site licenses. It is required to complete the cleaning as soon as possible. If the overdue online car-hailing platforms have not cleaned up the off-site licenses, they will be punished. Whether private cars and attached cars can obtain operating licenses has become the focus of attention of all parties.

　　Countries around the world have been debating how to regulate online car-hailing. Some developed countries have a complete ban on online car-hailing, and states in the United States have also banned it. Yang Chuantang, Minister of Transportation, said that by designing actionable and enforceable specific policies, new business models will be encouraged to develop in a standardized manner to better meet the high-quality and multi-level travel needs of the people.

　　Online car-hailing, as a new thing, brings good experience to passengers. Some experts and citizens said that it should be promoted by designing a new management system to promote its healthy development.

　　Xinhua News Agency

The new Huawei, a stunning panoramic smart flagship is coming soon. As a product of empower, the Q-World M9 shows amazing strength in design, performance and technology configuration. Whether it is from the exterior or interior, this one is infused with Huawei’s family-style design concept, highlighting the simple and atmospheric style. And the Huawei Hongmeng cockpit is equipped to bring unparalleled intelligent experience to the driver. Let’s take a look at the highlights of this flagship!

First of all, it is impossible to ignore the exterior design of the Qinjie M9. The smooth and simple lines outline the movement and power of the body, which instantly attracts countless eyes. Huawei’s family-style design language is fully displayed on the front face, creating a strong recognition. And the equipped megapixel smart headlights and AR-HUD and other black technology configurations add unlimited technology to this car, making it ahead of its competitors in terms of appearance technology.In terms of interior design, the Q & J M9 combines luxury and technology just right. Comfortable configurations such as the Queen’s co-pilot and zero-pressure seats take the riding experience to the next level. The fully equipped interior design that can carry 10 screens, and the built-in Hongmeng 4.0 car system bring the ultimate sense of technology to passengers in the car. Whether it is entertainment or travel navigation, the Q & J M9 can meet consumers’ needs for comfort and technology. In addition to the highlights of the appearance and interior design, the Q & J M9 has also made great efforts in terms of safety performance. ADS2.0 intelligent driver assistance system, standard air suspension + CDC and other technical configurations provide a full range of safety protection for drivers and passengers. The high-strength cast aluminum material and a variety of other features provide drivers with peace of mind from the vehicle structure.When it comes to a product, what is indispensable is of course the power performance. The Qinjie M9 will provide both extended range and pure electric power systems, and is equipped with 800V fast charging technology, so that long-distance driving is no longer a problem. Whether it is a city street or a country trail, the Qinjie M9 can provide you with an excellent driving experience. To sum up, Huawei Qinjie M9, as a flagship that shows Huawei’s technology empowerment, not only gives people a bright feeling in appearance design, but also shows great strength in performance and technology configuration. I believe this car will attract a large number of consumers who pursue quality and technology. It is expected to be released in the fourth quarter of this year. Let’s look forward to the shining performance of the Qinjie M9 in the market together!

　　Great Wall Motors

　　Excellent model of independent rise

　　Renhe: The four core competencies promote the independence of the Great Wall first.

　　We believe that Great Wall can take advantage of this wave of electric intelligence to take it to the next level, and the transformation from a domestic automobile manufacturing company to a global automotive technology travel service company can be successful. Reasons: 1) The soul founder actively promotes organizational change (strong back-end – large middle-end – small front-end), and establishes a market-oriented ability assessment mechanism to continue to attract talents and achieve the opening of combat units. 2) Make a little progress every day, and the modular platform – traditional powertrain – Sandian – intelligent driving – core components – hydrogen energy, etc. always adhere to the self-research of technology to form the three major technology brands of "lemon – tank – coffee". 3) Always adhere to the user-centric, and already have the ability to create large single products to product matrix. 4) Keep pace with the times, from word-of-mouth marketing to user operation, always adhere to the innovation of marketing model.

　　The "5 + 2" brand is on the rise in an all-round way, and the launch speed of new cars is expected to continue to exceed our expectations: 1) Haval:

　　Continue to consolidate the leading position of the low-end SUV of the popular car H6. 2) Wei Pai: Brand Renewal Want to build a high-end intelligent hybrid luxury car brand. 3) Tank: New shape of the first brand of domestic luxury off-road SUV. 4) Pickup: Cannon series superimposed Fengjun Continue to consolidate the first position in the pickup truck market. 5) Euler: New shape of the world’s favorite women’s electric car brand. 6) Reserve: High-end electric car brand salon project + BMW joint venture beam of light project.

　　Short-term (3-year dimension) core to see the Great Wall win the Chinese market and stabilize its independent first position. We expect that the short-term Great Wall sales core increase in 2021-2023 will come from the domestic market, and the world is expected to achieve 143/196/2.46 million vehicles respectively. Long-term (5-10 year dimension) Great Wall’s entry into overseas markets is expected to achieve phased results. We expect that the global market Great Wall is expected to achieve 311/4.05 million vehicles respectively in 2025/2030.

　　Profit forecast and investment rating: We expect the company’s net profit attributable to the parent company in 2021-2023 to be 85.73/125/16.145 billion yuan, year-on-year + 59.9%/+ 46.7%/+ 28.4%, corresponding to EPS of 0.93/1 yuan and PE of 47/32/25 times. () The average valuation of the five comparable companies in A + H shares is 45/32/24 times. In view of the joint volume of several major brands of Great Wall in the future, we believe that Great Wall should enjoy a higher valuation and maintain the "buy" rating.

　　Risk warning: the progress of epidemic control is lower than expected; the recovery of demand in the passenger car industry is lower than expected; the development of new energy vehicles is lower than expected.

　　Changan Automobile

　　Class A shares the depth of the company: breaking the old and building the new, as needed

　　Industry dimension: The total amount has increased, and the strong autonomy and certainty continue to rise

　　The domestic passenger car industry is gradually transitioning from the growth stage to the mature stage. In the long run, there is still room for improvement in the total amount, and the demand-side toughness is strong. We estimate that the steady-state annual sales are expected to reach 3565-41.94 million vehicles/year (+ 76.7%~ + 107.8%); the pattern dimension, the trend of independent rise is determined, the share continues to increase from 27.4% in 2008 to 41.7% in 21 years (mainly relying on SUV product dividends), and at the same time, the independence is also differentiated. The strong independent market share continues to increase, and the trend of brand head is obvious. In the long-term dimension, the independent market share still has room for improvement (currently our country’s independent market share is 40%, and the benchmark level is 70% in developed countries). The driving force is that the manufacturing end short board (modular platform capacity) is compensated, and the market demand control ability is outstanding In the later stage, we will continue to rely on electrification (pure electric + plug-in) and intelligent capabilities to break away from the joint venture.

　　Corporate dimension: institutional innovation, in response to demand

　　We believe that OEMs compete for products in the short and medium term dimensions, and compete for systems in the long term dimension. In 2017, the company launched its third venture. The core is to respond to needs, gain in-depth insight into user requests externally, and respond to employee demands internally. In 2019, it will gradually be reflected from the product level (CS75PLUS began to reflect, UNI continued to verify), which is manifested as share improvement, structural optimization, profit improvement, and brand upward. The underlying logic is system innovation, including process system, project management, decision-making power, demand control, internal incentives, etc. The internal culture is both developed and wolf-like. We believe that the company’s product cycle will gradually be ironed out. This round of the company is not a simple product cycle. The bottom layer is the significant improvement of market demand control capabilities, and the bottom layer is the innovation of the system, which is sustainable

　　The valuation of the main business is reconstructed upward, and high-end intelligent electric Avita contributes to resilience

　　From a sector perspective, the valuation of OEMs continues to rise, mainly benefiting from pattern optimization and industrial innovation. The share of strong independent brands has increased significantly. Automobiles are facing electric intelligent innovation, especially the business model changes brought about by intelligence (from selling cars to buying software). Brand high-end and intelligent OEMs have the ability to transform. Company dimension, market demand control capabilities are significantly ahead, intelligent layout is forward-looking, and high-end brand Avita has a high probability of success.

　　Investment evaluation and recommendations:

　　We expect the company’s revenue to be 973/1118/123 billion yuan in 2021-2023, and the net profit attributable to the parent will be 57.38/70 22/78.17 million yuan, corresponding to EPS0.76/0.94/1.04 yuan.

　　Risk warning: short-term lack of core impact, high-end brand market performance is lower than expected.

　　LONGi

　　The core competitive advantage continues to strengthen, and the single crystal leader is always strong

　　Global photovoltaic silicon single crystal leader, vertically integrated layout, the strong are always strong

　　The company’s vertically integrated layout from monocrystalline silicon wafers, monocrystalline cells to monocrystalline modules. In 2020, the company’s monocrystalline module sales were 23.96GW, ranking first in the world in shipments.

　　The industry has broad prospects, and affordable Internet access drives the rapid growth of PV installations

　　Under the development trend of carbon neutrality policies and affordable Internet access in major economies around the world, the photovoltaic industry has ushered in a new growth stage. The China Photovoltaic Industry Association expects that the global PV installed capacity will reach 1050-1295GW in 2021-2025, and China’s new installed capacity will reach 355-440GW in 2021-2025. During the 14th Five-Year Plan period, the global installed capacity will increase by 100.76% to 147.61% compared with the 13th Five-Year Plan period, driving the continued growth of demand for photovoltaic wafers and modules, and the market share of leading manufacturers is expected to be further enhanced.

　　Build a supply chain ecosystem to ensure continued expansion of production capacity

　　The company invested in Yongxiang New Energy and Yunnan Tongwei, with a 15% and 49% stake respectively, to ensure the long-term stable supply of silicon materials. The company adopts long-order agreements to lock in the supply of silicon materials, photovoltaic glass and brackets to ensure the company’s capacity demand. It is expected that by the end of 2021, the company’s silicon wafer, battery and module production capacity will reach 105GW, 38GW and 65GW respectively, and the production capacity will continue to expand.

　　The company continues to invest in R & D, non-silicon costs continue to decrease, and its core competitive advantage continues to strengthen

　　The company continued to invest in R & D, and the R & D investment cost in 2021Q1 increased by 95.70% year-on-year. The total R & D investment in the past four years reached 1.169 billion yuan, and the R & D investment was industry-leading. The company’s non-silicon cost was further reduced, of which the average unit non-silicon cost in the crystal pulling link decreased by 9.98% year-on-year, and the average unit non-silicon cost in the slicing link decreased by 10.82% year-on-year. The company’s N-type TOPCon photoelectric conversion efficiency was 25.21%, and the photoelectric conversion efficiency of HJT batteries was 25.26%, both breaking world records. The company’s BIPV products were

　　Financial forecast

　　We expect the company’s operating income from 2021 to 2023 to be 863.25/1078/138.335 billion yuan, net profit attributable to the parent 107.53/127/15.443 billion yuan, three-year CAGR of 20.68%, EPS of 2.78/3 yuan/share, corresponding to PE of 39x/33x/27x. Longji shares are a leading enterprise in the photovoltaic industry. The core competitive advantages continue to strengthen, and the strong are always strong. The first coverage is given, and the "overweight" rating is given.

　　Risk warning

　　1) Global new installations are lower than expected, 2) Raw material prices are skyrocketing, 3) Vicious price competition, 4) Changes in foreign tariff policies on Chinese PV products, and 5) The risk of the company’s overseas patent litigation with Hanwha or affecting overseas markets.

　　On September 3, Yao Junhong, founder and CEO of Dasouche, said in an internal email that Dasouche has completed a new round of financing of 578 million US dollars. This round of financing was led by Primavera Capital and Morningside Venture Capital, Alibaba, Haoxiang Capital, Lingfeng Capital, Paladin Equity Investment, Kaiming Investment, Sino-Russian Fund, Sunshine Insurance, CreditEase and other institutions. Gao Hu Capital continued to serve as a financial advisor for financing.

　　Yao Junhong, founder and CEO of Da Sou Che, revealed in the email that the main uses of this round of financing are three aspects: one is to increase investment in technology and accelerate the digitalization, online and intelligence of the automobile circulation industry; the other is to promote the development of a car to accelerate service upgrades and continuously improve user experience; the third is to strengthen the management and construction of the organization and enhance the collaborative operation ability of the new retail ecology of Da Sou Che.

　　According to public information, the last time the big search car announced financing was in November 2017, led by Alibaba to raise a total of 335 million US dollars, before the big search car also received Ant Financial, Warburg Pincus Investment Group, China Merchants Bank International and other famous institutions investment.

　　According to the internal email of Dasouche, there are nearly 4,000 community stores under Dasouche, covering 30 provincial administrative units and 313 cities, and the channel has sunk to 1,877 districts and counties. According to the statistics of the Ministry of Civil Affairs, there were 2,851 county-level administrative divisions in China at the end of 2017, and the coverage rate of Dasouche community stores has reached 66%.

　　Pop a car is a flexible car purchase plan launched by Big Search and Ant Financial "10% down payment, first use and then buy". Consumers buy a car by popping a car. In addition to picking up the car to the store, other transaction processes can be completed online. Alipay allows users with good credit to pass credit approval in 15 minutes. During the 618 promotion this year, the pop-up car transaction exceeded 13,000 units, the contract amount exceeded 2 billion, and the 618 Tmall car sales list topped the list.

　　In an internal email, Ms Yao also announced two important wholly-owned acquisitions: Carrier Butler, an integrated service provider for warehousing and logistics in the automotive supply chain, and Blaxo, a provider of Enterprise Resource Planning for the car dealership group.

　　The following is the full text of Yao Junhong’s email to all employees of the company

　　All the comrades of the big search car:

　　I am happy to share with you a piece of good news: big search car has completed a new round of financing, the total amount of 578 million US dollars.

　　At the moment of tightening money in the capital markets, in less than a year, the company’s financing amount has reached 913 million US dollars, which is really hard to achieve. This is inseparable from the efforts and persistence of all comrades-in-arms. I want to applaud and praise you for every load-bearing forward.

　　The financing was led by Primavera Capital and Morningside Venture Capital, with Alibaba, Haoxiang Capital, Lingfeng Capital, Paladin Equity Investment, Kaiming Investment, Sino-Russian Fund, Sunshine Insurance, CreditEase and other institutions participating.

　　The main uses of this financing are threefold: first, to increase investment in technology and accelerate the digitalization, online and intelligence of the automobile circulation industry; second, to promote the acceleration of service upgrades and continuous improvement of user experience; third, to strengthen the management and construction of the organization and improve the collaborative operation ability of the new retail ecology of the big search car. We have reason to believe that with the strong support of the capital partners, the pace of the big search car will only get faster and faster.

　　Looking back, with every step forward, we can see the exciting changes that have been brought to the entire auto trading industry by the massive car search. Looking to the future, changes will continue to happen.

　　1. The big search car has promoted the process of comprehensive digitalization of the automobile circulation industry

　　In the past year or two, I have often been asked: Why is it that the big search car can always iterate rapidly in the fog and keep running in the right direction? I have carefully considered this question, and the answer lies in my belief that the future automobile circulation industry will inevitably move towards digitalization, online, and intelligence.

　　From the beginning to the end, we have been working hard to move forward with this belief. We use the Internet and big data to link car retailers across the country, and use technology to drive them to improve the efficiency of each link. As of August 2018, we have digitized more than 90% of the country’s medium and large used car dealers, more than 9,000 4S stores and more than 60,000 new car second networks through the SaaS system. It is expected that the online transaction volume of our SaaS system will exceed 350 billion yuan in 2018, which is double that of 2017.

　　Based on the SaaS system, Soche has established the largest automobile circulation digital network in the country. Today, we can proudly say: Soche is the builder of the new retail digital infrastructure for automobiles.

　　2, the big search car has created a new species in the new retail field of automobiles: a car

　　In 2016, Soche and Ant Financial launched a new car purchase model in China, which created a new model of "10% down payment, first use and then buy". Based on this model innovation, we integrated the automobile circulation supply chain to form a closed-loop ecosystem of online and offline combination and opening up new and used cars. This is the new retail car.

　　Today, there are nearly 4,000 offline stores, covering 30 provincial administrative units and 313 cities, and the channel has sunk to 1,877 districts and counties. According to the statistics of the Ministry of Civil Affairs, there were 2,851 county-level administrative divisions in China at the end of 2017, which means that the district and county coverage rate of Dam Car community stores has reached 66%.

　　According to the current business development status and pace, I have set two small goals for you: by the end of 2018, the bomb car will have 8,000 offline stores, covering 90% of China’s districts and counties; within three years, the bomb car will complete the national high-density mesh layout, and eventually achieve one store per 10 square kilometers to cover China’s urban population.

　　What this data means is that we will create jobs for tens of thousands of families, while also bringing a new car experience to hundreds of millions of users. This is our opportunity, but also our responsibility.

　　3, big search car to become the leader and link, deeply empower the upstream and downstream of the industry chain

　　Today, in the entire automobile new retail ecosystem, big search car has gradually become the leader and link of all parties to the transaction, and this is one of the important reasons why investors choose us.

　　Dasouche has initially formed a new retail ecological map in the field of full circulation of automobiles. Including the companies that have joined the Dasouche family, such as Cheyi Pai, Car Dealer 168, Car Manager, and Bexo, we can empower merchants in every link of the transaction chain and help them serve the C-end more efficiently. In the future, we will also cooperate more with the overall ecology of Alibaba and Ant Financial.

　　I hope that every comrade-in-arms can keep in mind the role of the big search car in the entire ecology: if the "new retail" is compared to a person, what the big search car needs to do is to lead everyone’s intelligent brain and link the whole blood, and comprehensively and deeply empower the upstream and downstream of the industrial chain.

　　Ma Yun has a saying that impresses me deeply: "We must become the engine to influence others to shine." From now on, each of our comrades in arms will bear heavier responsibilities. We must work hard step by step to not only realize the dream of big car search to let more users use good cars, but also to ignite other people’s dreams. Only by linking everyone’s dreams together can we send out greater energy.

　　Comrades-in-arms of the big search car, let us continue to walk side by side and work together.

　　Yao Junhong

　　September 3, 2018

　　[First Line] is a product of Tencent News, providing you with exclusive and first-hand business information as soon as possible.

1905 movie network news "Don’t keep your loved one waiting!" The movie went on national pre-sale on July 5, and audiences can now buy tickets first through major ticket-buying platforms. On July 4, Deng Chao and Yu Baimei brought the film to Jiuquan Aerospace City, and the Chinese astronauts who were fighting on the front line gave the film unanimous praise. "When I heard the sentence’Jiuquan received it ‘in the film, my blood was really boiling!", "Proud to be an astronaut!" On the other hand, Wang Xi, Liang Chao, Wu Yaheng and Wei Zun came to Suzhou to exchange their viewing experience with the local audience. On the same day, the film released the MV of the movie promotion song "People Who Believe in You" sung by the singer Eason Chan. Eason Chan slowly sang the story of love and growth between father and son with a warm and determined voice. It is understood that Eason Chan was very moved after watching the film, and could not be separated from the plot for a long time. He personally said to Deng Chao and Yu Baimei, "I will sing this song", which led to this affectionate "song for my father".

The gold medal combination reunites to create a "song for father" Eason Chan praises deep fatherly love with his singing

In the promotional song "The Man Who Believes in You" MV, Eason Chan is like a storyteller, using his warm and simple singing to tell the love and dedication of Ma Haowen’s growth with Ma Fei in the film, and expressing the deep father-son relationship like a spring breeze. Deng Chao revealed on Weibo that in order to invite Eason Chan to cooperate, two directors, Deng Chao and Yu Baimei, personally flew to Hong Kong to invite Eason Chan to watch the film. After watching the film, Eason Chan stood up and applauded with his agent, and personally said to Deng Chao and Yu Baimei, "I will sing this song." After watching the movie for a long time, Eason Chan was still unable to escape from the touching plot for a long time, and expressed his gratitude to them for believing that he could interpret the song well.

Eason Chan also personally called the gold-medal composer Chen Xiaoxia to talk about his creative impulses, and invited the lyricist Yao Ruolong, who has been in seclusion, to come out again. The three tacit partners who have collaborated with many golden songs, including "The World" and "Thank You", reunited again, and even invited the famous Hong Kong musician Chen Huiyang to serve as the song producer to jointly create the song "The One Who Believes in You". After the launch of the MV, it received countless praise, "The single cycle is very heart-piercing", "Eason Chan uses a heart-moving way to sing the praises of the deepest and strongest fatherly love in the world, which is perfect." "You also need someone who believes in you. Nuan Nuan sees that you are different from people’s eyes." This simple and affectionate lyrics also "sound" into the hearts of the people, becoming the best description of the father.

Deng Chao, Yu Baimei returned to Jiuquan to "accept the test" The astronauts’ blood boiled after watching "Galaxy"

Through the perspective of astronaut Ma Fei, "Galaxy Tutorial School" shows the education path of a father to his son, and also projects the spirit of perseverance and hard work of Chinese astronauts. In order to ensure the authenticity of the details such as the launch of the spacecraft in the film and the state of the astronauts in space, Deng Chao and Yu Baimei went to Jiuquan to collect wind during their preparations, asked aerospace experts for advice, and received professional guidance from the astronauts. Returning to Jiuquan Aerospace City today, the two directors were also particularly nervous. Deng Chao described: "This is a very important exam for us." I don’t know if I can hand over a "satisfactory answer sheet" to the first-line astronauts.

The warm applause after watching the movie made the "stones in the hearts" of the two directors fall to the ground, and the astronauts unanimously expressed their love for the movie. An astronaut said excitedly: "When I heard the sentence’Jiuquan received ‘in the movie, my blood really boiled. Thank you for bringing us such a wonderful movie! I saw my dream when I first came here in the movie, and I came here to spill my blood and sweat here!"　

There are also astronauts who commented on the movie: "’Galaxy Tutoring School’, the stars and arrows compete for glory, full of spaceflight feelings, opened a new era of spaceflight education, and used the popular form to promote spaceflight culture and spread spaceflight knowledge, a useful attempt." The movie aroused deep resonance among all spaceflight people. During the viewing process, there were several tears, which was the touching of the father and son’s affection, and the pride and excitement of being able to personally participate in the great cause of spaceflight. "Shooting spaceflight themes is a feeling, but also a mission. Our stories should be told to thousands of friends and our children. Thank you to the two directors for bringing such an excellent movie." Education and inheritance, dreams and persistence are all vividly reflected in "Galaxy Tutoring School".

Family members frankly "more support husband’s work" Deng Chao Yu Baimei pays tribute to aerospace heroes

Due to the particularity of the astronauts’ work, they cannot always be with their families, especially the children at home, and they often do not see their parents. A family member of the astronauts at the scene expressed his understanding of her husband after watching the film: "After watching the film, I am really touched. I have no regrets at all for coming here, and I have to support his work more." A child said sincerely: "After watching the film, I am very touched because my father is an astronaut. He often cannot go home because of his busy work, but I know he loves me very much, so I cherish the time with him very much."

Another astronaut confessed: "I am also the father of my child, and I am very touched after watching your movie. I am also very guilty because I can’t accompany my children at work, so I feel that I am missing a lot from my family. But at the same time, my wife and children understand and support my work very much, and they all think that my father is the proudest and proudest of them. Thank you very much for making such a movie." Without the selfless dedication and dedication of astronauts and their families, there would be no strong Chinese aerospace industry. Deng Chao and Yu Baimei also paid tribute to all the astronauts on the spot.

Parents confess that they are "incompetent" for not accompanying their children, and the little girl bluntly says that "I have to do everything by myself in the future"

On the other hand, during the roadshow in Suzhou, some parents also made a similar confession to the astronauts: "I usually have a busy job, so I don’t have time to accompany my child, mainly my mother to accompany him, so I said I took the time to come and watch a movie with him today. No matter what the reason is on the road in the future, I should accompany my children more, give them more encouragement, and let them grow up according to their inner thoughts rather than the route designed by their parents. This is what you taught us, thank you." Another parent who strictly demanded his child also said that he should give his child more encouragement in the future, so that the child can grow up confidently.

Not only parents, but also children actively shared their gains after watching the movie. A little girl was moved to tears during the whole process of watching the movie, and shared her own gains after the movie: "After watching it, I feel that I have to do everything by myself, and I have to find a way by myself." The little girl’s rapid growth received encouraging applause from the audience. Another little girl also shared her impression of her father: "I am very touched after watching this movie. My father is like this. He often plays with me and makes a lot of phone calls every day. I want to tell my father that I love you." The cute and warm words made the parents particularly touched.

　　On April 2, Babaoshan Funeral Home held the eighth public open day event, and released the promise of "three types of convenience services" on the spot. It is reported that on the basis of the original Huimin services, Babaoshan Funeral Home has further added measures such as "Galaxy Commissioner" and six types of Huimin funeral services to bring greater convenience to the masses.

　　The "Three Types of Convenience Services" promise includes three items: public welfare, serving the people, and caring for the people. One of the convenience measures is to establish a "Galaxy Commissioner". What are the procedures for funerals? What funeral supplies are needed? Most families of the deceased are not very clear. In order to help people with funeral needs provide funeral companionship, plan funeral plans, and complete funeral business "one stop", Babaoshan Funeral Home has established a young work team: "Galaxy Commissioner".

　　Walking into the lobby of the west wing of Babaoshan Funeral Home, you can see several small cubicles at a glance. The signs in the cubicles say the titles of "Reception Negotiator Center Negotiator" and "Funeral Planner". These cubicles are the workplace of the "Galaxy Commissioners". The commissioners use tablets to show the families of the deceased different models of hearses, different types of coffins, and the specific styles of the farewell hall.

　　"We have upgraded the Yuanxi Annex Building into a reception and negotiation center. We have integrated multiple phone numbers into the’Galaxy Hotline ‘, and citizens in need can consult all matters related to the funeral by dialing 68140400. The’Galaxy Commissioner’ will answer the phone 24 hours a day to provide you with answer services," said Gao Shifeng, a spokesperson for Babaoshan Funeral Home.

　　In addition, Babaoshan Funeral Home has also launched a wreath rental service in the farewell hall, where citizens can rent flowers at low prices to express their condolences; a one-yard service, using information technology means, will put the wristband for the deceased at the source of the body transportation, and realize the one-yard processing of the body transportation, refrigeration, farewell, cremation and other links; as well as instant settlement and payment and electronic invoice issuance services. During the Qingming Festival, citizens who come to the Laoshan Ashes Hall for worship can also experience the "water-soluble sacrifice" for free. (Zhang Yue)