The three A-share indexes collectively closed down in early trading. By midday, the Shanghai Composite Index was down 0.29%, the Shenzhen Component Index was down 0.46%, the Growth Enterprise Market Index was down 0.49%, and the Beizheng 50 was up 2.26%. The half-day turnover in Shanghai and Shenzhen stock markets was 488.7 billion yuan. More than 3,600 stocks in the two cities fell. Northbound funds sold 4.685 billion yuan in half a day.

　　On the theme of the sector, media, games, optical modules and other sectors were among the top gainers; Agricultural machinery, auto parts and other sectors are floating green.

　　On the disk, media and game stocks continued to strengthen, with (), () and () daily limit, () and () rising by over 5%. The concept of CPO was among the top gainers, () rose by over 14%, and () and () both had daily limit. Media stocks are active again and again, () up more than 15%, (), publishing media, Beijing culture daily limit. The Beizheng 50 Index rose more than 2%, and Liujin Technology rose more than 15%. The auto parts sector was among the top losers, with () down, (), () and () leading the decline. In addition, on the high standard, the word () recorded 6 consecutive boards, and Longban Media recorded 5 consecutive boards.

　　Plate analysis:

　　Straight flush hot stock list:

　　Transaction review:

　　At 09: 25, the A-share market opened, the Shanghai Composite Index opened 0.11% lower, the Shenzhen Component Index opened 0.16% lower and the Growth Enterprise Market Index opened 0.26% lower.

　　At 09:26, the high-end stocks started to fall, and the words (), () and Weishi Electronics went down, and () and () went down one after another.

　　At 09:27, the media and game stocks were active at the beginning, with Beijing Culture 2 being linked to the board, Wentou Holdings’ daily limit, Shanghai Film, (), () and () rising.

　　At 09:29, Xinyada stepped out of six consecutive boards with a daily limit of over 500 million yuan.

　　At 09:31, the Hang Seng Technology Index fell more than 1%, and the Hang Seng Index is now down 0.82%.

　　At 09:32, the concept of small metal went down in the morning, () fell more than 5%, and (), (), (), (), () and so on went down one after another.

　　At 09: 35, the concept of AIGC strengthened in early trading, () rose by over 13%, () rose by over 10%, (), (), Kunlun Wanwei and Danghong Technology rose by over 5%.

　　At 09: 40, the concept of CPO rose sharply, and Guang Chen rose by over 11%, followed by Wufang Optoelectronics, Yuanjie Technology, (), () and ().

　　09:42 Food stocks fluctuated and weakened, () fell by more than 7%, () and Huifa Food fell by more than 5%, and (), () and () fell by more than 3%.

　　At 09:44, the Hang Seng Index fell more than 1%, the Hang Seng Index is now down 1.28%, and Yaoming Bio and China Merchants Bank fell more than 4%.

　　At 09:49, the concept of retail fell, () approached the down limit, () fell more than 8%, (), (), (), () and so on all went down.

　　At 09:58, the Beizheng 50 Index rose more than 3% against the market, while the daily limit of Huaxin Yongdao and Tianrun Technology was 30cm, while that of Liujin Technology, Luqiao Information and Guoyuan Technology rose more than 15%.

　　At 10:12, the volume of Huaxia Ophthalmology dropped by 14%. In the news, Su Qingcan, the chairman of the company’s announcement, was detained by the Shanghai Supervision Committee for personal reasons.

　　At 10:13, the main contract of lithium carbonate hit the daily limit, with an increase of 6.99% to 95,600 yuan/ton.

　　At 10:15 (), it rose by more than 6% in intraday trading, and the turnover exceeded 2.4 billion yuan.

　　At 10:21, the pork plate bottomed out, and (), () and () rose by more than 5%, while (), () and () surged in succession.

　　At 10:23, the concept of computing power leasing was divided in intraday trading. (1) The daily limit, Hengxin Dongfang, (2) and (3) followed up, (2) the daily limit, (3) and (3) followed down.

　　At 10:38, the concept of optical module continued to strengthen, with Guang Chen hitting a daily limit of 20cm, Ruiruikangda and Wufang Optoelectronics reaching a daily limit, and (), () and Zhongji Xuchuang all went higher.

　　At 10:48, the concept of auto parts fluctuated and went down. Changchun Yidong hit the limit, Tianlong and Shenglong shares fell more than 8%, and Yunnei Power, (), () and () fell more than 5%.

　　At 10:50, the main contract of soda ash futures increased to 9%, and it is now reported at 2260 yuan/ton.

　　At 10:51, real estate stocks bottomed out and rose, () daily limit, (), (), (), (), () and () followed suit.

　　News:

　　1. WTI crude oil futures fell below the integer mark of $70/barrel for the first time since July 4th, with a drop of more than 3%.

　　WTI crude oil futures fell below the integer mark of $70/barrel for the first time since July 4, with a drop of more than 3%.

　　2. SpaceX, a space exploration company owned by Musk, will trade shares at a valuation of more than $175 billion.

　　SpaceX, Musk’s space exploration company, will trade shares at a valuation of more than $175 billion. (Sina Finance)

　　3. Tesla plans to restart the Shanghai Phase III factory project, and the energy storage products will be supplied to China.

　　According to LatePost, Tesla is planning to restart the construction of the third phase automobile factory in Shanghai. Tesla disclosed in April this year that it would build a new energy storage battery factory with an annual output of 40 GWh in Shanghai, which will be put into operation in the second quarter of next year. At that time, it did not mention the expansion of the automobile factory. Besides, Tesla’s energy storage battery products, which will be produced in Shanghai next year, will be sold in China. At present, the Shanghai factory energy storage project has recruited the person in charge of research and development, and is recruiting the person in charge of sales.

　　4. HarmonyOS Ecology ushered in an important breakthrough in the catering field. Many enterprises started the development of native applications in HarmonyOS.

　　According to the China Securities Journal, on December 6th, McDonald’s China and Huawei reached a cooperation agreement in HarmonyOS, officially announcing that McDonald’s China APP will start HarmonyOS native application development based on HarmonyOS NEXT. With more than 5,500 restaurants in China market, more than 200,000 employees and more than one billion customers each year, McDonald’s China has become the first large-scale chain catering enterprise in the world to start the development of HarmonyOS’s native application. The McDonald’s China APP officially announced the launch of the native application development in HarmonyOS, which means that HarmonyOS Ecology has made a major breakthrough in the catering field. At present, Meituan, Qunar, Sina, Nail, Ant Group, Xiaohongshu, 58 Group, Bili Bili and Gaode Map have started the development of native applications in HarmonyOS.

　　5. Ministry of Industry and Information Technology: Promote the coordinated development of "Double Gigabit" and accelerate the layout of intelligent computing facilities.

　　According to Guan Wei of the Ministry of Industry and Information Technology, on December 6, the Ministry of Industry and Information Technology held a symposium of the National Communications Administration and a symposium on information and communication supervision. The meeting emphasized that the information and communication industry is a strategic, basic and leading industry of the national economy. It is necessary to persist in promoting the modernization of the industry, continuously consolidate and enhance the competitive advantage and leading position of the industry, persist in empowering the digital transformation of the real economy, and consolidate the technology, network, application, market and security foundation of services to support new industrialization, and play a greater role in promoting new industrialization and building a modern industrial system. It is necessary to speed up the optimization and upgrading of new information infrastructure, promote the coordinated development of "double gigabit", speed up the layout of intelligent computing facilities, optimize the internet architecture, and improve the green and low-carbon level of information infrastructure. It is necessary to speed up tackling key core technologies, promote the R&D and innovation of 6G technologies, and build a modern industrial system of information and communication. It is necessary to deepen the empowerment of integrated applications, issue guidance on the high-quality development of industrial Internet, promote the "100 million" action of 5G factories, and accelerate the industrial "intelligent transformation from digital to network". Support platform enterprises to expand consumption scenarios, empower manufacturing and enhance international competitiveness. It is necessary to strengthen the network and data security system and capabilities, strengthen the construction of technical support capabilities, improve the data security management level of the industry, and promote the innovative development of the network and data security industry. It is necessary to further promote the construction of a new industry supervision system, improve the all-round, multi-level and three-dimensional supervision system, improve the supervision of the whole chain and all fields before and after the event, actively and orderly promote the opening up of the industry, and further promote the construction of work style and rectification work.Deepen the supervision of key areas such as APP. Improve the emergency communication plan system and command system, and ensure communication services for major events and emergencies.

　　6. CITIC Securities: Google Gemini model was released, and AI entered the multi-modal era.

　　Citic Securities Research Report pointed out that recently, Google announced the release of a new generation of large model Gemini, which once again triggered the market’s continued attention to the artificial intelligence industry. As the first multimodal model released by Google and the world, Gemini model is the first model to surpass human experts on MMLU in performance. According to the volume, the model is divided into three versions: Gemini Ultra, Gemini Pro, and Gemini Nano, which support cloud and edge measurement. At the same time, Google simultaneously released the latest version of the computing chip TPU v5p, which is 2.3 times more cost-effective than the previous generation TPU v4. We believe that the official release of multimodal Gemini model can not only broaden the application scenarios, but also bring about the continuous upgrading of computing power requirements. We continue to be optimistic about the prospects of the subsequent AI industry, and believe that the release of subsequent GPT-5 models will also bring more catalysis.

　　7. Western Digital issued a price increase letter. It is expected that the cumulative price increase of NAND chip products in the next few quarters will be 55%.

　　According to Taiwan media quoted by Cailian, Western Digital (WD), the world’s fourth largest storage NAND Flash supplier, sent a price increase notice letter to customers, emphasizing that the price of NAND chip products will rise periodically in the next few quarters, and the expected cumulative increase is 55%. This wave of NAND chip quotation is unstoppable. At this stage, the industry is optimistic that the quotation will stop falling and rebound. Compared with the current situation in which suppliers and customers individually notify to adjust the quotation, Western Digital sends a price increase letter to customers, and the expected price increase is amazing, opening the first shot of a comprehensive price increase in the industry.

　　8. The EU is about to reach a landmark artificial intelligence supervision bill.

　　According to Reuters, quoted by Sina Finance, people familiar with the matter said that the EU is about to reach an agreement on the supervision agreement on artificial intelligence, which may be the most extensive and influential in the West. Negotiators have agreed to control a series of generative artificial intelligence tools such as ChatGPT of OpenAI and Bard of Google. Representatives from the European Commission, the European Parliament and 27 member states reached a compromise at the meeting that began on Wednesday afternoon and lasted for several hours, which brought the parties closer to reaching a formal agreement on a broader legislation, namely the Artificial Intelligence Act. In the absence of any meaningful action by the United States, this move will set the tone for the supervision of generative artificial intelligence in developed countries. For months, policymakers have been trying to finalize the wording of the Artificial Intelligence Act and try to get it passed before the European election in June next year.

　　9. General Administration of Customs: China’s foreign trade import and export increased by 1.2% in November this year.

　　The General Administration of Customs announced today that in November this year, the total import and export value of China’s goods trade was 3.7 trillion yuan, up 1.2% year-on-year, and the steady and positive trend of foreign trade was further consolidated. According to customs statistics, in the first 11 months of this year, the total import and export value of China’s goods trade was 37.96 trillion yuan, which was basically the same as that of the same period last year. Among them, exports reached 21.6 trillion yuan, up 0.3%; Imports reached 16.36 trillion yuan, down 0.5%. In the month of November, the import and export was 3.7 trillion yuan, up 1.2% year-on-year; Exports were 2.1 trillion yuan, an increase of 1.7%; Imports reached 1.6 trillion yuan, up 0.6%.

　　10. Ministry of Science and Technology: It will study and form the scheme of high-speed maglev test line with a speed of 600 kilometers per hour.

　　According to Zhongxin. com, the Ministry of Science and Technology issued the Reply to Recommendation No.2199 of the First Session of the 14th National People’s Congress in official website. The Ministry of Science and Technology said that it will actively support the basic research of magnetic levitation power technology based on the "14 th Five-Year Plan". For example, in the key special project of "transportation equipment and intelligent transportation technology", we will continue to support the research on the engineering technology of high-speed maglev transportation system and the integration technology of operation system, and study and form a high-speed maglev test line scheme with a speed of 600 kilometers per hour and a complete set of commercial operation solutions to provide scientific and technological support for the development of high-speed maglev transportation in China.

　　As a heavy model put into the compact SUV market by GAC Aian, AION V is built on the second-generation GEP pure electric platform, with sci-fi avant-garde design, good spatial performance and configuration level, and its product competitiveness is very strong. In the previous survey of "100 car owners evaluating new cars" for the 2023 Guangzhou Automobile AION V, the new car was widely praised in terms of appearance, configuration level and interior, but some consumers also reported that the vehicle had problems such as "not delivering the car according to the contract".

First, the basic information of vehicles

　　1. Comparison of configuration parameters of the same model: the configuration performance is more honest.

　　Through configuration comparison, it is not difficult to find that the overall performance of the 2023 GAC AION V is not bad. Although the configuration level of the entry model is relatively general, it can still meet the needs of daily use. Up-to-date, including comfort, technology and safety configuration, the threshold is not too high, and it is basically decentralized to the middle-equipped models, which is very friendly to consumers and has a large choice. In addition, configurations such as front parking radar and automatic parking are given the opportunity to be installed even if they are not standard in the original factory. Consumers don’t have to be too entangled, and the practice is quite kind.

　　2. Comparison of configuration parameters of competing models: the overall performance is bright.

　　Although there are many choices of pure electric compact SUVs on the market at present, there are not many models that overlap with GAC AION V in terms of price and can form a direct competitive relationship. In the end, I chose SAIC Volkswagen ID.4 X, GAC Mitsubishi Arturo AIRTREK and GAC Toyota bZ4X with medium SUV positioning. In comparison, the performance of the four models in the configuration link is remarkable. GAC AION V is mainly comprehensive, with no special highlights, but it can’t find obvious shortcomings.

Second, the quality reliability

　　As of press time, Chezhi.com has accepted 54 complaints from Guangzhou Automobile AION V, including 20 complaints about pure quality problems involving 39 fault points. Among these complaints, body accessories and electrical appliances account for the largest proportion. In the previous quality reliability survey of "100 car owners evaluating new cars", car owners still gave a more objective evaluation of their quality reliability. Among them, the proportion of car owners who gave a "very satisfied" evaluation was 24.6%; Car owners who expressed "satisfaction" accounted for the highest proportion, reaching 53.6%; The proportion of car owners who say "average" is 20%, while the proportion of car owners who clearly say "dissatisfied" is 1.8%. On the whole, the quality and reliability performance of Guangzhou Automobile Aian AION V has reached the expectations of the interviewed car owners.

Third, after-sales service satisfaction

　　As of press time, Chezhi. com has accepted 39 complaints about service problems of Guangzhou Automobile AION V, among which there are relatively many complaints about promises not being fulfilled, which are embodied in "not delivering the car according to the contract" and "not fulfilling the sales promise".

　　As of press time, the manufacturers have all responded to 54 complaints received by Chezhi.com about GAC Aion V. From the data point of view, manufacturers are more active in solving the problems that consumers have in the process of purchasing and using vehicles. For the problems raised by consumers, manufacturers will communicate with the 4S shop where the owner is located and contact the owner to enter the store for inspection and maintenance.

Fourth, the cost of car use

　　1. Power consumption: The performance is basically in line with expectations.

　　For consumers, since the date of purchase, more expenses are concentrated on daily maintenance and use costs. In view of the daily maintenance and electricity consumption of the 2023 Guangzhou Automobile AION V, Chezhi. com collates the data published by several major automobile websites for consumers’ reference:

　　Based on the statistical data of the Ministry of Industry and Information Technology and the vertical websites of various automobiles, it is concluded that the actual power consumption of the owners of 2023 Guangzhou Automobile AION V is slightly higher than that of the Ministry of Industry and Information Technology.

　　The 2023 GAC AION V can enjoy a four-year or 150,000-kilometer vehicle warranty. The initial warranty period of AION V is 5000km or 3 months, and the project is the routine inspection of the three power systems. Carry out routine maintenance every 10000km; The replacement cycle of air conditioning filter element is 20000km；; The replacement cycle of antifreeze and brake oil is 40000km；; The gear oil replacement cycle is 60000km. In the survey of "100 car owners evaluating new cars", nearly 90% of the questionnaires think that the repair/maintenance cost of Guangzhou Automobile Aian AION V meets expectations and is within a reasonable range.

V. Road Test Report

　　In terms of power, GAC AION V is equipped with a three-in-one high-efficiency electric drive module, and different adjustable motors and batteries are available. Take the 80 Smart Collar Edition as an example. It is equipped with a front single motor with a maximum power of 165kW and a ternary lithium battery with a capacity of 80kWh. The NEDC cruising range is 600km. Although the power parameters are unremarkable, it is quite skillful in adjustment, excellent in ride comfort performance, dense in starting acceleration power and easy to control, which is very suitable for a compact SUV with home positioning.

Sixth, user word of mouth

　　In the car channel of "Guangzhou Automobile AION V", a total of 12 people participated in the scoring activity, of which 10 people gave a four-star rating and 2 others gave a five-star rating. In the comments, some car owners summed up the advantages and disadvantages of the 2023 GAC AION V in use, which can provide more real and comprehensive reference opinions for other consumers.

　　In the user’s word of mouth, most car owners are satisfied with the design and comfort of the 2023 GAC Aion V. As a pure electric compact SUV for the home market, the design of GAC AION V is sci-fi avant-garde, and the power adjustment is quite smooth, and the driving experience is very comfortable. However, some car owners have complained about the car system of Aeon V.

Seven, plus points

　　1. Collision safety

　　At present, the 2023 Guangzhou Automobile AION V has not participated in the C-NCAP crash test, so the safety of the car can not be supported by data.

　　2. Recall history

　　Judging from the data currently available, GAC AION V has not been recalled in Chinese mainland. Although the absence of recall does not mean that the quality of the vehicle has reached perfection, it at least proves that the manufacturer has determined that the current vehicle has no hidden problems that affect the safety of driving and property.

Author | Wang Yajun 　

Cover Source | Douban Entry 　

On January 26th, Beijing time, Tesla released the latest financial report: in the fourth quarter of 2022 (hereinafter referred to as Q4), the revenue increased by 37% year-on-year to US$ 24.318 billion, and the net profit increased by 59% year-on-year to US$ 3.687 billion, both hitting record highs and exceeding market expectations. 　

During the period, Tesla’s vehicle production and delivery both reached new highs: Q4 produced 439,701 vehicles and delivered 405,278 vehicles, up 44% and 31% respectively. 　

On the first trading day after the financial report was released, Tesla closed up nearly 11% and its market value returned to 500 billion US dollars. 　

DanielIves, a well-known Tesla bull and Wedbush analyst, believes that Q4 in 2022 will be "one of the most important financial reports in Tesla’s history" because its dominant position in the electric vehicle market is facing new resistance in the past few years. 　

Before the financial report was released, Tesla took the lead in the unprecedented price reduction promotion in the domestic market on January 6, and then spread the price war to the United States, Europe and other places. Musk said in the earnings conference call that he saw the strongest order in Tesla’s history in January, and the current number of orders is almost twice the production capacity. 　

In 2023, Tesla gave a delivery target of 1.8 million vehicles in the financial report, an increase of 37% compared with 2022, which was lower than the previously set long-term target (an annual increase of 50%). However, Musk is also optimistic that if there is no external interference, 2 million cars may be produced and sold in 2023. 　

The price of cars has dropped, but the growth rate of delivery has slowed down. 　

In Q4 of 2022, Tesla, the "price butcher", once again showed the cutting edge of price reduction. 　

Since October, 2022, Tesla has successively reduced prices in China and North America. Musk’s goal is to sell all the cars produced in Q4 that year and usher in an "epic year-end". 　

However, due to the small price reduction, the effect of exchanging price for quantity is not satisfactory. Tesla delivered a total of 405,300 vehicles in Q4, with a year-on-year growth rate slowing from 71% in the same period of last year to 31%, and a year-on-year revenue growth rate of 37%, a record low in the past two years. MarkDelaney, an analyst at Goldman Sachs, believes that Q4′ s delivery data is "an increasing negative factor". 　

　In Q4 last year, Tesla’s output exceeded the delivery by 34,423 vehicles, and the annual difference was 55,769 vehicles. In 2022, Tesla delivered a total of 1,313,800 vehicles, which failed to reach the annual target (1,404,100 vehicles), and the throne of the annual new energy vehicle sales crown was also taken away by BYD. 　

As the most profitable new energy vehicle company in the world, Tesla’s net profit growth rate slowed down obviously in Q4 last year, even less than Q2, which was affected by epidemic and supply chain. 　

The price reduction promotion also lowered the gross profit margin. Tesla Q4′ s gross profit margin was 23.8%, down 3.6 percentage points from the same period of last year and 1.3 percentage points from the previous month, hitting a new low in nearly seven quarters. 　

　　In the face of the decline in profitability brought about by price cuts, Musk believes that Tesla can get compensation from autonomous driving. 　

In a Twitter space discussion at the end of 2022, Musk said that the value of a car that can drive automatically is much higher than that of a non-self-driving car. Even if the profit margin is extremely low when selling a car, it can be upgraded to automatic driving. It can bring a lot of income. "Only Tesla can do this." 　

FSD(FullSelf-Drive) brought Tesla $324 million in revenue in Q4. Tesla has released a beta version of FSD to almost all customers in North America, and the number is about 400,000. 　

In addition to the slowdown in growth and the decline in gross profit margin, Musk, as the soul of Tesla, was also distracted by Twitter. 　

Musk proposed to acquire Twitter in April 2022 and entered the company in October. After the acquisition, Musk reduced his holdings of Tesla shares worth nearly $23 billion. KoGuanLeo, the third largest individual shareholder of Tesla, said that Musk gave up Tesla and Tesla had no CEO. 　

The cold winter of Q4, together with Twitter nightmare, has impacted Tesla’s market value and Musk’s net worth. As of the close of the last trading day in 2022, Tesla’s share price fell by more than 50% in the fourth quarter. Affected by this, Musk became the first rich man in history to lose $200 billion. 　

　　

Weakened first-Mover advantage 　

Behind the slowdown in delivery, revenue and net profit growth is Tesla’s insufficient demand challenge in Q4. According to the financial report, Tesla Q4′ s global inventory supply days reached 13 days, up 225% year-on-year, the highest in the whole year. 　

Bernstein, an American investment research institute, said that the price reduction of Tesla’s promotion in China and the United States in 2022 means that Tesla may have a demand problem. 　

The long gap period of models is one of the important reasons for the decline in Tesla demand. In 2022, the combined delivery of Model3 and ModelY accounted for 94.92% of Tesla’s total annual delivery, but the release time of these two models should be traced back to 2016 and 2019 respectively. 　

Merrill Lynch once predicted in a report that by 2025, Tesla’s American electric vehicle market share will drop from the current 70% to 11%, because Tesla did not expand its product portfolio quickly enough, while traditional car manufacturers and new forces making cars are improving their product lineup. Standard & Poor’s Global Mobile also believes that although Tesla is still the best-selling electric vehicle brand in the United States, its competitors are launching more and more affordable models, and Tesla’s dominant position in the electric vehicle market is being weakened. 　

During the gap period of Tesla models, the pattern of new energy vehicle market in China has also changed greatly. According to the data of the Association, the market share of BYD’s new energy passenger cars increased from 19.5% in 2021 to 31.7% in 2022. In the same period, Tesla decreased from 10.7% to 7.8%. Wei Xiaoli also broke through the annual delivery of 100,000 vehicles in 2022, and plans to launch more models. 　

　

At the same time, Tesla’s technological aura is gradually eclipsing. 　

Tesla’s brand power is centered on the exploration and landing of new technologies, especially the combination with FSD. Musk also predicted that "autopilot software will become Tesla’s most important profit point", but FSD has never achieved true full autopilot. According to the calculation of CITIC Securities, from 2019 to 2021, the revenue of FSD accounted for 3.4%, 2.8% and 1.7% respectively. 　

Will the price war last? 　

At the beginning of 2023, Tesla cut prices sharply on a global scale. 　

On January 6th, all the models on sale in Tesla China market were reduced in price, with a drop of 20,000 ~ 48,000 yuan, and the promotion was unprecedented. The following week, Tesla spread the bonfire of price war to Japan, South Korea, North America, Europe and other places. 　

Price reduction is a double-edged sword. Daniel, the aforementioned Wade Bush analyst, believes that Tesla’s price reduction may increase the global delivery this year by 12% ~ 15%. Deutsche Bank predicts that Tesla’s gross profit margin will drop by 3 percentage points in 2023 compared with 2022. 　

At the earnings conference call, Tesla did not release the expectation of continuing to exchange prices. Musk said that Tesla raised the price slightly because the demand after the price reduction far exceeded the output. On January 24, Tesla raised the price of the ModelY dual-motor all-wheel drive model sold in the United States by $500. Tesla CFOZachKirkhorn also said in the earnings conference call that the gross profit margin of automobiles will be higher than 20% this year. 　

Tesla’s price reduction action is bound to cause a rebound of competitors. Haitong Securities believes that Tesla will increase market sales by reducing prices, announcing that the electric vehicle industry will officially enter fierce competition in 2023, and global car companies will face great pressure to compete head-on. 　

On January 13, AITO asked the community to announce that the price of some of its models would be lowered by 28,800 ~ 30,000 yuan. On January 17th, Xpeng Motors, which is still at a loss, announced that it would adjust the price of its G3i/P5/P7 models, with an overall decrease of 20,000 ~ 36,000 yuan. 　

The day after the official announcement of price reduction, He Xiaopeng, chairman of Xpeng Motors, said at the annual summary meeting, "Either you are brilliant enough with everyone, or you will die with a bang". 　

BYD, which did not follow the price cut, launched a million-class luxury car the day before Tesla’s domestic price cut in an attempt to get more cakes in the high-end market. 　

In the face of rivals who are chasing after each other step by step, Tesla urgently needs to find new sales growth points. 　

FranzvonHolzhausen, chief designer of Tesla, said on January 16th that Cybertruck, a pure electric pickup truck, had finished the design and was ready to put into production. The market generally believes that if Cybertruck can be listed as scheduled, it will become a new growth point for Tesla in the North American market in 2023. 　

Cybertruck； Source: Tesla official Weibo 　

　Musk said in the earnings conference call that Cyberruck may start production in the summer of 2023, but the real mass production work will begin in 2024, and Cyberruck’s contribution to profits will not be great this year. 　

Cheap models are another sales growth point besides Cybertruck. Musk predicts that the cost of the next-generation car platform will be half that of the second-generation platforms (Model3 and ModelY), and its output may be higher than the sum of all the company’s current products. 　

Tesla said in Q4 financial report that more details of the next-generation car platform will be released on March 1, 2023, Investor Day. Analysts of venture capital firm LoupVentures believe that Tesla’s affordable model Model2 will not be launched until 2024. 　

In addition, Tesla has to consider the impact of the macro environment. 　

In a Twitter discussion at the end of 2022, Musk believed that the severity of the economic recession in 2023 was equivalent to that in 2009, which would affect the demand for automobiles and lead to an increase in the consumption cost of automobiles. However, in the earnings conference call, Musk also said that the economic recession will reduce Tesla’s costs, which in turn will bring higher profit margins. However, he stressed that this was only his guess. 　

Twitter is also a variable that Tesla will face this year. In December 2022, Musk launched a vote on whether he should step down as CEO of Twitter. 57.5% of users thought he should resign, but Musk still serves as CEO of Twitter. 　

In the earnings conference call, Musk "showed off" his Twitter account with 127 million fans, and said that Twitter created demand for Tesla. At present, Musk has renamed his Twitter account "Mr. Twitter". 　

Competition in the industry has intensified and the first-Mover advantage has diminished. In 2023, Tesla will still face severe challenges.

　　Shi Zifu, Harbor Business Watch

　　In the sub-field of matching in the same city, flash delivery is usually regarded as a leading participant in the industry. However, this market is highly competitive, and only the well-known SF City, JD.COM Hours and Dada Seconds are not small rivals.

　　On October 4th, Flash (FLX.US) was successfully listed on NASDAQ, with an issue price of US$ 16.5 /ADS and a total fundraising of US$ 66 million. As of 9: 38 EDT on October 8th, the stock price of Flash dropped to about US$ 15. According to Tianyancha, the domestic operation entity of Flash is Beijing Tongcheng Bing Technology Co., Ltd..

　　01

　　Achieve profitability in 2023.

　　Official website introduced that Flash Delivery is a one-to-one express delivery platform in the same city’s instant delivery industry, providing personal and corporate customers with special express delivery services on demand. The brand of Flash Delivery is FlashEx or Flash Delivery, which means instant delivery.

　　According to the data of iResearch, in terms of revenue in 2023, Flash is the largest independent on-demand express service provider in China. In 2023, the market share of Flash in China’s independent on-demand express service is about 33.9%.

　　Different from the delivery service provider that adopts the order consolidation mode, Flash initiated and always focused on the special delivery mode of on-demand delivery. For each order, Flash will assign a special Flash-Rider to pick up the order and deliver it to the recipient without merging multiple orders or changing hands on the route.

　　As of June 30, 2024, Flash has about 2.7 million registered riders, and its service coverage has been extended to 295 cities in China.

　　From 2021-2023 and January-June 2024 (hereinafter referred to as the reporting period), Flash Delivery fulfilled 158.6 million, 213.4 million, 270.7 million and 138.1 million orders respectively; In the current period, the company realized revenue of RMB 3,039.8 million, RMB 4,002.7 million, RMB 4,528.8 million and RMB 2,284.5 million respectively, and realized gross profit of RMB 189 million, RMB 259 million, RMB 395 million and RMB 257 million respectively, with gross profit margins of 6.2%, RMB 6.5%, RMB 8.7% and RMB 11.3 respectively.

　　It is not difficult to understand the reason for the increase in revenue, which is related to the increase in the company’s orders in the current period. In terms of net profit, flash delivery generated a net loss of 291 million yuan and 180.4 million yuan in 2021 and 2022 respectively, and realized a net profit of 110 million yuan (US$ 15.205 million) and 124 million yuan (1702.0) in 2023 and January-June 2024 respectively.

　　For the realization of profit in 2023, the flash payment is attributed to the increase of other income caused by the increase of government subsidies. In 2023, other income from flash delivery was 74.3 million yuan (US$ 10.2 million), compared with 9.2 million yuan in the same period in 2022.

　　In the revenue composition of Flash-Riders, the salary and incentive paid to Flash-Riders are the biggest components of the company’s revenue cost. During the reporting period, it was 2.751 billion yuan, 3.614 billion yuan, 3.975 billion yuan and 1.951 billion yuan respectively, accounting for 90.5%, 90.3%, 87.8% and 85.4% of the total income of the current period respectively.

　　In addition, the attention of the outside world is high. During the reporting period, the average income of a single order delivered by flash was 19.2 yuan, 18.8 yuan, 16.7 yuan and 16.5 yuan respectively, showing an obvious downward trend. Although the order volume is rising, the continuous decline of single income is still likely to affect the overall operating performance of the company.

　　02

　　Downgrading various fees, more than 8,000 complaints.

　　The operating expenses of flash delivery include sales and marketing expenses, general and management expenses and research and development expenses. In the total cost, sales and marketing expenses account for the vast majority.

　　According to the prospectus, the sales and marketing expenses of flash delivery mainly include: advertising and marketing expenses, staff costs related to sales and marketing functions, rent and depreciation, and advertising expenses mainly include endorsement fees and advertising fees. During the reporting period, the sales and marketing expenses of flash delivery were 272 million yuan, 240 million yuan, 188 million yuan and 89.738 million yuan respectively, accounting for 8.9%, 6.0%, 4.2% and 3.9% of the corresponding income respectively.

　　General and administrative expenses of flash delivery mainly include: salaries and related costs of employees engaged in general company functions, professional fees and other general company expenses, as well as expenses related to the use of facilities and equipment. During the reporting period, the company’s general and administrative expenses were 113 million yuan, 103 million yuan, 105 million yuan and 45.505 million yuan respectively, accounting for 3.7%, 2.6%, 2.3% and 2.0% of the corresponding income respectively.

　　In addition, R&D expenses mainly include: staff costs, rent and depreciation related to R&D functions, and other expenses related to R&D functions. During the reporting period, the R&D expenses of Flash were 105 million yuan, 119 million yuan, 90.847 million yuan and 41.306 million yuan, respectively, accounting for 3.4%, 3.0%, 2.0% and 1.8% of the revenue in the corresponding period.

　　In the first half of 2024, Flash reduced the sales and marketing expenses, general and administrative expenses, and research and development expenses, by 8.56%, 13.17% and 18.6% respectively compared with the previous year. Some market participants told Harbor Business Watch that it is not ruled out that this year is facing fierce market competition and the consumption environment is weak. In order to improve profitability and IPO, Flash delivery has carried out all-round cost control.

　　Flash accounts payable mainly refer to the remuneration payable to Flash-Riders. By the end of 2022, 2023 and the end of the first half of 2024, the accounts payable for flash were 356.1 million yuan, 339.8 million yuan and 314.6 million yuan respectively. In the same period, the company’s cash and cash equivalents were 622 million yuan, 699 million yuan and 712 million yuan respectively.

　　In 2021 and 2022, the net cash used in flash business activities was 194.9 million yuan and 86.8 million yuan respectively, and in 2023, the net cash provided by flash business activities was 45.7 million yuan.

　　In the first half of 2024, the net cash provided by Flash business activities was 20.7 million yuan (US$ 2.8 million). Flash mentioned that the company’s main source of liquidity was equity financing income. In March, April and May, 2021, the company obtained 747.8 million RMB from D2 financing. As of June 30, 2024, Flash had cash and cash equivalents of 711.7 million yuan (US$ 97.9 million).

　　Flash delivery mentioned in the prospectus that the company does not employ any lightning riders, and provides special express service for individual and corporate customers by relying on Flash-Riders. The company usually regards such lightning riders as independent contractors.

　　In this context, there are also many consumer complaints about flash delivery. As of October 8, the keyword "flash delivery" was searched on the black cat complaint platform, with a total of 8,128 complaints, and 5,744 complaints have been completed. In the last 30 days, there were 213 complaints, with an average of 7.1 complaints per day. Consumer complaints focus on time delay, overlord clauses, arbitrary deduction of service fees, unreasonable punishment of riders, and unauthorized cancellation of orders.

　　03

　　Valuation has shrunk dramatically, how to break through the competition in the Red Sea?

　　Tianyancha shows that at the beginning of its establishment in March 2014, Flash received millions of RMB angel round financing from Jingwei Venture Capital; In June of the same year, the company also received millions of dollars in Series A financing from Jingwei Venture Capital and CDH Investment. In July and August, 2015, Flash completed $50 million in Series B financing and Series B+ financing respectively, with investors including Jiuding Investment, Light Source Growth Fund and Tiantu Investment.

　　In February and June of 2017, Flash completed the C and C+ rounds of financing respectively, and the transaction amount of both rounds was USD 50 million. In August, 2017, August, 2018 and March, 2021, Flash completed the D, D+ and D++ rounds of financing respectively, among which the investors in the D+ round of financing included Haisong Capital, Wuyue Capital, Yuanxing Capital, Haina Asia Venture Capital, Shunwei Capital, Changbai Xing Capital, Shunliang Investment, Hearst Capital and Light Source Venture Capital, with a transaction amount of 60 million.

　　The investors in the flash D++ financing include Shunzhi Capital, Wuyue Capital, Haina Asia Venture Capital Fund, Tiantu Investment, Haisong Capital, AlphaSquare Group, Qiyuan Investment Axiom Asia Private Capital, Qian Shan Capital and Zhongcai Capital, and the transaction amount reached 125 million US dollars.

　　However, in the instant delivery market, flash delivery faces a lot of market competition.

　　In the field of traditional logistics and distribution, SF Express’s SF Express delivery, running errands, and helping to buy services, with an average of one hour in the whole city; JD.COM’s instant retail business is aimed at consumers’ JD.COM Hours, and in May 2024, JD.COM Hours and other brands were upgraded to "JD.COM Seconds Delivery"; Dada Group’s Dada seconds to send help, help to send, run errands, 1 hour; Hungry? Hummingbird, its real-time logistics platform, also provides consumers with comprehensive life services such as home catering service, supermarket service, help buy and help deliver.

　　In addition, after the completion of the D++ round of financing in March 2021, the valuation of flash delivery reached 2 billion US dollars (equivalent to about 14 billion yuan). According to the Hurun Global Unicorn List in 2024, the flash valuation is about 7 billion yuan, down about 40% from 2021. Up to now, the flash market value is about $1.078 billion.

　　According to the Research Report on Instant Distribution Industry in China released by iResearch, the scale of the instant distribution industry will be about 341 billion yuan in 2023, and it is estimated that the scale of the industry will exceed 810 billion yuan in 2028.

　　Mo Daiqing, director and senior analyst of the online retail department of the E-commerce Research Center of NetEconomy & Society, pointed out that the competition in the instant delivery market is becoming more and more fierce. For example, Dada Group and SF Express have been successfully listed in the same city, and the rookie also announced to upgrade its express delivery service in the same city and launched the "half-day service". Backed by giants such as JD.COM, SF Express and Ali, they have strong financial support and business resources. In addition, there are some new "showstopper". For example, last year, the cargo Lala announced the online errands business; Didi also launched Didi errands service; Gaode Map announced that it has cooperated with a number of instant delivery companies to provide errands through its platform; Tik Tok, Aauto Quicker, Oriental Selection, etc. are also accelerating the trial of instant retail.

　　Although it has been successfully listed, on the one hand, its profitability is under great pressure, and on the other hand, how to successfully break through in the Red Sea industry has also been tested.

CITICS

Edible oil can be divided into vegetable oil and animal oil according to the category. Edible vegetable oil is the main domestic consumption, and the consumption of animal oil is decreasing year by year. According to the statistics of the National Bureau of Statistics, the proportion of edible vegetable oil in the per capita edible oil consumption of rural households in China has increased from 56% in 1980 to 90% in 2018. Edible vegetable oil is mainly produced from upstream soybeans, rapeseed,

Planting oil seeds such as peanuts and sunflower seeds, squeezing, refining and packaging to obtain packaged edible oil products; In addition, the by-product oil meal can be used as an important feed raw material, while the primary processed products such as crude oil can be used to manufacture daily chemical products, high-quality basic chemicals, nutritional products, etc., which are widely used in food, chemical industry, medicine and other industries.

In recent years, the consumption of edible vegetable oil has increased steadily.

With the increase of per capita edible oil consumption and the substitution of edible vegetable oil for edible animal oil, the consumption of edible vegetable oil in China has continued to increase, and the growth rate of industry consumption has gradually slowed down after 2005, stabilizing at single-digit growth.

According to the statistics of National Cereals and Oils Information Center, in 2017/18 (from October 2017 to September 2018, the same below), the consumption of edible vegetable oil in China reached 34.4 million tons, and the CAGR reached 4.5% in the past five years. Among them, the production of edible vegetable oil reached 29.63 million tons, and the CAGR reached 4.5% in the past five years. Some edible vegetable oils were supplemented by imports.

Soybean oil-rapeseed oil is dominant, and oilseed soybeans are mainly imported.

In terms of scaleAccording to USDA data, the consumption of soybean oil and rapeseed oil in China in 2018/19 reached 15.89 million tons and 8.39 million tons respectively. The consumption of peanut oil, sunflower oil and corn oil ranks second. According to USDA data, the consumption of peanut oil and sunflower oil in China in 2018/19 was 3.09 million tons and 1.5 million tons respectively.

From the perspective of growth rateIn recent years, sunflower oil and olive oil have increased rapidly, with CAGR reaching 10.1% and 6.7% respectively in the past five years.

From the perspective of supplySoybean oil, rapeseed oil and peanut oil are mainly made in China, while sunflower oil and olive oil are mainly imported, accounting for 69% and 93% of consumption; From the perspective of oil materials (raw materials for oil extraction), soybeans are mainly imported, and imports in 2018/19 accounted for 97% of the crush.

Packaging edible oil: soybean oil dominates the market, and consumption is gradually escalating.

According to the packaging methods, edible vegetable oil can be divided into bulk oil, medium packaging edible oil and small packaging edible oil.

In recent years, with the continuous promulgation of national laws and regulations on restricting the sale of bulk oil, the improvement of residents’ living standards and consumers’ increasing awareness of food safety, the consumption of bulk oil has gradually decreased, and the consumption of small and medium-sized packaged edible oil has gradually increased, occupying the main position in the edible oil market.

According to Euromonitor statistics, the consumption of packaged edible oil in China reached 14.67 million tons in 2019 (excluding industry), and the CAGR was 4.8% in 2014-2019. It is expected that the industry will continue to grow steadily in the future, and the expected sales volume CAGR in 2019-2024 is 3.7%.

Looking at retail channels alone, the sales volume, sales volume and retail price of packaged edible oil in 2019 were 103.1 billion yuan, 8.39 million tons and 12,292 yuan/ton respectively, corresponding to CAGR of 2.2%, 3.8% and -1.5% in 2014-2019 respectively.

Soybean oil dominated, and the proportion of high-priced edible oil increased.

In terms of categories, soybean oil is still dominant in packaged edible oil.

According to Euromonitor statistics, in 2019, China’s soybean oil sales accounted for 44%, and rapeseed oil, peanut oil and sunflower oil accounted for 10%, 9% and 7% respectively.

From the retail price, olive oil is much higher than other categories, reaching 97,000 yuan/ton in 2019; Peanut oil and sunflower oil are relatively higher than the average level, with 14,300 yuan and 13,600 yuan/ton respectively in 2019; Soybean oil and rapeseed oil are the most common edible oils, and the price per ton is relatively low. In 2019, they were 11,200 yuan and 10,100 yuan/ton respectively.

With the improvement of people’s consumption level, the sales growth rate of relatively high-priced edible oil is ahead. From 2014 to 2019, the sales of olive oil, peanut oil and sunflower oil reached 9.9%, 5.9% and 8.3% respectively, which was higher than the industry average.

Modern channels are dominant, especially high-priced oil.

Small-package edible vegetable oil has both the attributes of hoarding goods and giving gifts, so modern channels such as supermarkets and supermarkets are the main sales channels.

According to Nielsen statistics (quoted from the company’s prospectus), in 2019, the sales volume of small package edible vegetable oil in supermarkets and supermarkets accounted for 32.4% and 30.9% respectively.

Especially for sunflower seed oil, rice oil, peanut oil, olive oil, etc., the total proportion of hypermarkets and supermarkets is over 70%.

Judging from the trend in the past three years, the proportion of overall hypermarkets has declined, the proportion of supermarkets has increased, and other channels have changed relatively little.

In the future, the industry will grow steadily and the upgrading trend will continue.

In the future, the domestic packaged edible oil industry is expected to maintain a steady growth trend. According to Euromonitor’s forecast, the domestic packaged edible oil sales CAGR will reach 3.7% from 2019 to 2024.

With the increase of people’s income level and the demand for health and quality, the demand for high-end edible oils (such as sunflower oil and olive oil) with more balanced and rich nutrients will continue to increase in the future.

According to Euromonitor’s forecast, from 2019 to 2024, the traditional sales of soybean oil and rapeseed oil will be only 1.5% and 2.7%, while the consumption of sunflower oil and olive oil will reach 4.1% and 5.4% respectively, and the proportion of high-end edible oil sales is expected to continue to increase.

Source: CITIC Securities, "The leading grain and oil company is Hengqiang, and its listing efforts have reached a new high"

This summer, costume dramas are broadcast together.

"Splendid Stars" and "Aquilaria Resinatum as Chips" often occupy a half-screen hot search, which can be called a fairy fight.

However, the sudden popularity of "Freesia" has caused a lot of heat.

Dylan, the "Oriental Blue Sky", is gaining millions of people a day, and the studio is recruiting people from morning till night.

Now I am at the airport, surrounded by people, and the treatment is comparable to the top flow.

As the number one female, Esther Yu also won a lot.

The little orchid she plays is a warm and virtuous goddess.

After the role became popular, Esther Yu’s popularity on the road increased.

There are more and more comments on her "simplicity" and "stupidity".

However, Esther Yu, who wears several hats, can rise against the current situation that the film and television winter and The9 concert have been postponed again and again, and ascend to the throne of the heroine of the explosive drama.

It’s not just about"silly white sweet"So simple.

Esther Yu’s controversy has never stopped.

The two labels that have been stuck on her for the longest time and the most firmly are "a rich girl" and "a refined woman".

She didn’t shy away from being a rich girl.

When she first debuted, she made a high-profile big-name bag full of beds, and together she could buy a suite.

Before taking part in "Young You 2", she had a group of "Hepburn Wind" blockbusters.

In my hand, it is a crystal chain bag of Chanel collector series.

The value of this bag220 thousandAnd it is a global limited edition, and you can’t buy it if you have money.

Carrying it on your back is about the same as putting it"I have money and strength."Write it on your face

At the same time, big-name items often appear in Esther Yu’s photos.

Many stars dare not wear a high-definition princess dress on the red carpet. She dances in it.

Other stars bring their own makeup artists when filming, and she brings her own.109 sets of private servers.

I also matched it myself and made a set of pictures.

It saved a lot of money for the crew and was evaluated as "bringing money into the group" in disguise.

Matching the "rich girl" is Esther Yu’s."Zuo".

In "Grade One", she worried about Chen Jianbin and Loura.

Sometimes pretending to be sick.

Sometimes be childish.

Sometimes you disobey the rules.

At that time, Esther Yu’s performance made many people shout "I can’t stand it".

The same is true of "Youth 2".

In the first program, Esther Yu made his appearance into a play.

Others come in honestly and sit down.

She leaned out a head at the door and showed a surprised expression.

Then slowly close the door, walk out with small steps, and say "very nervous" in a voice.

The tutor present was shocked to be speechless, and KUN directly asked her:

Did you act in a sitcom?

In "Young You 2", Esther Yu’s "Wow" famous scene is out of the circle.

Let her be selected by the traffic and become the fastest "Green You 2" player on the hot search.

The rich girl and the expert "person" are just seemingly "fit together" in Esther Yu.

In many people’s presupposition, Esther Yu is a rich second generation princess.

She brings her own resources and is not bullied.

As long as you sell cute and coquetry, you can get opportunities that others can’t dream of.

But the fact is that Esther Yu is an "atypical rich girl" who can only have a princess’s life, but not a princess’s disease.

Parents are very strict with Esther Yu.

When studying in Singapore, other students rented the most ordinary house for 5,000 yuan, while Esther Yu was only allowed to live in a dormitory for 2,000 yuan.

Roommates come from different countries and have completely different living habits.

She is in the dormitory, picking up her hair and cleaning the toilet. No one treats her like a little princess.

After returning to China, Esther Yu wanted to enter the entertainment industry and asked her parents for help, but they refused to give her any help.

Even the free tickets for "Youth 2" were given to Qinyuan Fei by Esther Yu’s mother.

Esther Yu can only proudly say: I am short of my mother’s two votes?

Parents’ education helped Esther Yu develop a hard-working and tenacious character.

According to the words of Loura:Esther Yu is the kind of person who looks like he doesn’t work hard and laughs, but he has already prepared himself carefully.

She is very serious.

Because she felt that the price difference between holidays and peacetime in the hotel was unreasonable, she insisted on asking the hotel for 9000 yuan back.

There was no hot water for bathing in Mesu Island, and there was no chicken in the chicken fried noodles. She wrote a 1000-word complaint email, and as a result, she was exempted from the room charge.

She is also optimistic.

When she first started filming, Esther Yu thought she could play the No.2 girl, but she only got the role of No.18 maid.

But she was so happy that she thought it was a good opportunity and carefully prepared for a long time.

Later, Esther Yu also continued to play some "no such person" background board roles.

But she always hinted to herself in front of the camera that "I am the number one woman."

In the stage play Legend of the Sword and the Chivalrous Man, Esther Yu plays the servant girl Yinhua, who is too small to see her face on the poster.

But she didn’t slack off at all, even if the spotlight shone on others, she tried her best to play her role.

Later, more than one audience who saw the play said:Yinhua is the most brilliant role in this stage play.

Esther Yu before so understand their "work":

As for me, I am myself, capable of ups and downs and happy. We hit a wall here, so let’s show it somewhere else.

Since she was a "social cow", she has mixed the entertainment circle into "Du Lala’s promotion".

When there was no filming, Esther Yu searched for information everywhere, and added the director’s WeChat to introduce himself.

She seized every opportunity to promote herself, and if the audition failed, she would continue to pull the director to watch her own xiaokaxiu.

I will also write an 8000-word biography for a character who doesn’t have many shots, begging the director to read it.

She knew in her heart that the director would only feel that there was something wrong with such a "spell" little actor.

But she is confident and full of expectations for every opportunity, big and small.

I told my parents countless times that I was going to be angry, and I was disappointed countless times.

Fortunately, her heart is stronger.

She said: I seem to be a person with a poor memory. I will soon forget the past and fall into a new round of expectations.

Brainwash yourself every day, Esther Yu. You must be able to stand the wait and get through the time.

After becoming popular, Esther Yu still "publicizes himself with his life".

Journalists who interviewed Esther Yu rated her as "automatic interview".

Before the reporter asked questions, she began to ask herself and answer questions, and talked about her feelings endlessly.

Take pictures on the red carpet, and then the other female stars will leave.

Esther Yu had to beg reporters to "take a good shot" before taking pictures.

She said: "Today is the first time I have worn clothes that show off my arms this year. Dear journalists, if you have any breasts, please help me fix them."

This time, Esther Yu filmed "Freesia Tactics", which was also the opportunity for her to play the original sound.

At first, the crew was dissatisfied with Esther Yu’s voice and disagreed with her using the original sound.

Esther Yu wanted to fight for another hand, stopped working for a month and a half, and found a teacher to learn dubbing.

During this period, other actors joined the group to film in succession, and only Esther Yu was never heard from, and was called "not enterprising".

It was not until the new play was broadcast that everyone knew the real situation.

Esther Yu’s personality is indeed similar to that of the little orchid in Freesia.

First, she is smart, thoughtful and bold.

If you want to act, you have to overcome difficulties and act.

If you want to join the women’s group, you will learn to dance in the crew overnight, regardless of opposition to be a player in "Youth 2".

She can make these decisions not only because she is confident enough, but also because she is smart enough.

She knows what she is suitable for and when to make a decisive attack and change the track.

Therefore, she can always take the right step at the right time.

Second, she has a strong heart and dares to fight and rush.

Although Esther Yu is a rich second generation and a little princess, she is not melodramatic.

There’s no chance to shoot, so you can have the cheek and lower your posture to fight for opportunities.

At the critical moment, I can always bite my teeth and force myself.

Therefore, she has developed a character of "confident but not conceited, brave and not reckless".

This kind of personality, in any field, even if it is not good, it will not be too bad.

Third, she cherishes feathers.

After becoming famous from "Young You 2", Esther Yu has more resources.

But instead of being led by the traffic, she took pictures carefully and slowly.

The support of the work is the biggest reason for her to keep the flow.

From Variations on Moonlight to Freesia, Esther Yu has been quietly absorbing nutrients behind his works.

No matter how "innocent and lovely" Esther Yu’s personality is, we have to admit that she is not really "silly and sweet".

In other words, people who can reach this position in the entertainment circle will not be "stupid and sweet".

Because it is luck to be selected by the flow, but it is ability to stay in the flow pool without being screened out.

The possibility of Esther Yu being "screened out" is getting smaller and smaller.

She is irreplaceable to a certain extent.

People magazine commented on Esther Yu before, saying that she is like aFresh, newborn and naked little monsters have plunged into the pool of entertainment circles.

She is a very special existence.

There are many princesses in the entertainment circle. When they suffer, they will cry and make people love.

There are also many "vicious people" in the entertainment circle, and their personalities are straightforward, and their speeches are surprising.

But Esther Yu is different.

Esther Yu is a princess, yes, but she doesn’t live in a fairy tale.

She is more like a princess who can defeat her stepmother, avoid giants and subdue little monsters by herself.

You don’t need a prince to save you, and a small universe will naturally break out at the critical moment.

Her body not only retains the undisguised, open and generous femininity, but also is "malicious" and smart enough, and she is not afraid of hitting the wall again and again.

I saw a screenshot of the comment area on Weibo, which made me feel "this is Esther Yu".

It was in 2016, and she just debuted, because her performance in "Grade One" was criticized by the whole network.

But she just found a positive comment from a lot of comments that scolded her, and then said:Thank you.

Since Esther Yu’s debut, the controversy that has stayed on her is nothing more than "whether she is lovable" and "whether her personality is true".

But maybe, Esther Yu didn’t pay much attention to these comments.

She doesn’t want to deliberately "please" others.

Usually, she will stand up and express herself freely and tell everyone."Look, how good I am.".

But behind this expression, there is another meaning:

You think I’m bad, but it doesn’t matter.

As long as I feel good, that’s enough.

Thank you for reading it. Let’s light it up. Forward > and < Like > I wish we can all enjoy ourselves without deliberately pleasing others.

Editor in charge:

　　Business news on November 12

　　On November 12, the price of soda ash in Central China remained stable, and the mainstream market price of light soda ash was about 1370-1600 yuan/ton. On October 25, the price was raised by 20 yuan/ton. The mainstream market price of heavy soda ash is about 1,500-1,600 yuan/ton, and the price is lowered by 50 yuan/ton on October 21st. The utilization rate of soda ash production capacity is high, the market supply is sufficient, enterprises actively ship, the downstream demand is poor, the purchase of soda ash is limited, and the soda ash market in Central China is mainly on the sidelines in the short term.

Recently, all kinds of information about Chery are quite active. One week, iCAR brand night and Star Road Star Age Night were held continuously. In addition, Yin Tongyue personally stood on the platform, gave a live test run, and so on. We can find one thing in common, that is, these activities are all related to new energy.

Intensive new car release/listing also directly shows that Chery really wants to be rude to new energy. On the just-held night of Chery Fengyun, the science and engineering man was still obsessed with the brand of technology. Li Xueyong said: Chery’s 16000T super die-casting island will be adopted at the end of the year.

It is better than the 9100T large die casting machine announced by Xiaomi not long ago. Of course, apart from technology, everyone is more interested in new cars. The T9, the first SUV of Chery Fengyun, has been pre-sold, and the price range is 159,900-199,900 yuan. Let’s see what are the highlights of the new car.

In terms of appearance, friends who know Chery may be familiar with it. The overall outline of the new car is basically the same, but new energy elements are added to the details, such as: the front face is changed to a closed design, and the interior is decorated with vertical bars, which seems to have some musical rhythm effects; LOGO adopts a luminous design; The shape of the taillight group should also be more scientific and sporty.

What is more interesting is the vehicle positioning. Fengyun T9 has a length, width and height of 4795*1930*1738mm and a wheelbase of 2770mm, which basically meets the standard of medium-sized SUV, but its internal positioning is compact SUV. For reference, the Song DM-i has a length, width and height of 4775*1890*1670mm and a wheelbase of 2765mm, and its large body size may be a big selling point of Fengyun T9 in the future, and the new car also offers 7-seat models to choose from.

The interior part is more pleasantly surprised than the exterior. Fengyun T9 adopts a brand-new central control design, which belongs to the simple style that is popular in new energy vehicles nowadays. It combines the functions of LCD instrument, suspended large screen, electronic lever, wireless charging and so on, and with the color matching of deep top and light bottom, it creates a good fresh style of technology.

In terms of specific configuration, Fengyun T9 has arranged inductive tailgate, remote control, Qualcomm Snapdragon 8155 chip, 540-degree panoramic image, front seat ventilation/heating/massage and queen’s co-driver, and has L2+ intelligent driving assistance capability. Rich configuration is also the strength of domestic brands of head.

The power part is the focus of Fengyun T9. The new car is equipped with Kunpeng Super C-DM plug-in technology, consisting of a 1.5T engine and an electric motor, matched with a 3-speed DHT hybrid special gearbox, with 360 horsepower and a peak torque of 530 Nm. Under CLTC working conditions, it has a pure battery life of 120km, a full battery life of 1400km, and a fuel consumption of 5.2L/100km, with a book value.

Summary: In terms of sales distribution, Chery has the highest overseas sales of its own brand, accounting for nearly 22%, indicating that the sales channels should be broader. We have also analyzed before that at present, Chery’s sales volume is still dominated by traditional fuel. If new energy vehicles can be recognized, there is still a chance to by going up one flight of stairs.

Judging from the current pace of new car launch, Chery’s new energy strategy is full of firepower this year, and four brands, Chery Fengyun, Jietu Shanhai, Xingtu Xingyu and iCAR, are making efforts one after another. For Fengyun T9, larger body size and solid power technology should be the core highlights. In addition, the new car has also been ordered by 9.9 yuan, which can enjoy a crowdfunding activity with a price reduction of 20,000 yuan. After the official listing in the future, the price may be even more surprising.

Biden announces a package of nominations for core positions. (Source: Associated Press)

　　Overseas network December 1 ST　Biden, the "elected president" of the United States, has announced a series of nominations and appointments for core positions of the new government in recent days. On November 30th, CNN published an article saying that Biden’s personnel appointment basically realized the earlier expectations of relevant candidates and "diversity" commitment, and the article further exposed several "firsts in history" in Biden’s new team.

　　First female finance minister candidate

　　Former Federal Reserve Chairman janet yellen was formally nominated as Treasury Secretary by Biden. If this nomination is approved by the Senate, Yellen will become the first woman in the United States to serve as Treasury Secretary.

　　Yellen, 74, is a Jewish economist with a doctorate in economics from Yale University. She served as the chairman of the White House Council of Economic Advisers under former President Bill Clinton. Yellen has worked in the Federal Reserve for many years, successively serving as President of federal reserve bank of san francisco and Vice Chairman of the Federal Reserve. In 2014, Yellen, who was nominated by then President Obama, became the first female chairman in the history of the Federal Reserve.

　　The first African-American deputy finance minister candidate

　　Wally Adeyemo, a macroeconomist and national security adviser, was nominated as the US Deputy Treasury Secretary and is expected to become the first African-American Deputy Treasury Secretary. Ardeyeh Mo was born in Ardeyeh in 1981. He served as a senior adviser on international economy during Obama’s tenure and is currently the chairman of the Obama Foundation.

　　First Hispanic-American White House Social Secretary

　　Carlos Elizondo, the social secretary of the Biden couple, was appointed as the White House social secretary, and he is expected to become the first Hispanic White House social secretary in American history. During the Clinton administration, Elizondo served in the White House and the Office of the Director of Protocol.

　　The first female national intelligence director candidate

　　Avril Haines was nominated as the Director of National Intelligence. If the nomination is confirmed, she will become the first woman to be the director of national intelligence in the United States. Haines is currently the chairman of the National Security Council, which is responsible for formulating the government’s national security and foreign policy. She served as assistant to the president and chief deputy national security adviser during the Obama administration.

　　First Latino-American Secretary of Homeland Security

　　If approved by the Senate, Alejandro Mayorkas will become the first Latino immigrant to serve as Secretary of Homeland Security. During the Obama administration, he served as Deputy Secretary of Homeland Security and Director of the US Citizenship and Immigration Service of the Department of Homeland Security. During his tenure, he supervised the implementation of the "Deferred Repatriation Plan for Children", which is an administrative measure of the Obama administration to protect young undocumented immigrants who went to the United States as children from being deported.

　　First Chairperson of African-American Women’s Economic Advisory Committee

　　Cecilia Rouse, a labor economist, has been nominated as the chairman of the Council of Economic Advisers, and is expected to become the first African-American woman to lead this department that provides economic policy advice to the President in American history. She is currently the Dean of the School of Public and International Affairs of Princeton University, and is an economist specializing in education and equality. Ross was a member of the White House Council of Economic Advisers during Obama’s tenure and also served on the National Economic Council of the Clinton administration.

　　The first South Asian American director of the Office of Administration and Budget.

　　Neera Tanden was nominated as the director of the United States Office of Management and Budget, and is expected to become the first colored woman and South Asian American director in the history of this department. Tenton served in the Obama administration and the Clinton administration. He was a senior adviser on health care reform in the US Department of Health and Human Services, and also served as the domestic policy director of the Obama campaign. (Overseas network Yao Kaihong)

　　[Aika Auto’s words are powerful and original]

　　Accord! It has always been the most important model of Honda. Since the sixth generation Accord was introduced into domestic sales in 1999, the Accord has sold more than 3.2 million vehicles in China market. In terms of global sales, the Accord has sold more than 22 million vehicles in the 47 years since its launch. After nearly 50 years of development, the Accord has now come to the eleventh generation, and the most significant change of this generation is to replace the previous oil-mixing system with e:PHEV plug-in hybrid. With the blessing of plug-in hybrid, the eleventh generation model is also called "the strongest Accord in history". However, in the face of increasingly fierce competition in the China automobile market, can the "strongest in history" really impress consumers?

　　New Accord "Same Price for Oil and Electricity"

　　In the domestic new energy market, blending accounts for a considerable proportion. In 2022, the sales volume of new energy vehicles reached 6.887 million, accounting for 25.6% of the market. That is to say, for every four vehicles sold, one is a new energy product. Among them, the sales volume of plug-in hybrid vehicles was 1.518 million, a year-on-year increase of 1.5 times. However, among the top ten models in the sales list, the joint venture brand only occupies two seats, which can be said to be rubbed on the ground by the plug-in hybrid model of its own brand.

　　There is an obvious price difference between plug-in hybrid vehicles of joint venture brands and fuel vehicles. Even if there is no small discount in the later period, it is still much higher than the price of fuel vehicles. Moreover, compared with the models of independent brands, the plug-in hybrid models of joint venture brands have obvious gaps in a series of aspects, such as configuration, interior materials, power system, etc., and it is an indisputable fact that the overall lack of product competitiveness. Therefore, it is not surprising that the overall share is almost occupied by China brands.

　　In order to break this situation, Guangqi Honda launched the Accord e:PHEV model. Moreover, the price of the new Accord is 17.98-25.88 million yuan, which also responds to the trend of the times and joins the army of "the same price of oil and electricity". As a joint-venture medium-sized car market, there are few models that can be listed on the green brand. The change of the new Accord has put great pressure on joint-venture brands that have not yet set foot in this segment. At the same time, as an important strategic vehicle for Guangqi Honda to enter the new energy field, its initiative to change has also added more competitive chips for it to compete for the new energy track.

　　How strong is the "strongest accord in history"

　　Honda architecture new architecture

　　The new Accord is based on the new architecture of Honda Architecture, with obvious changes in appearance and more dynamic and elegant overall visual perception. Under this framework, the new Accord adopts the ACE-loaded body structure to strengthen the skeleton structure of the body. The use of a large number of thermoformed steel and ultra-high strength steel improves the torsional rigidity and bending rigidity of the car body, which provides a major premise for achieving a high level of ultimate performance, comfort and stability. In terms of passive safety performance, it not only adopts ACE-loaded body, but also comes standard with 10 airbags and PUH pedestrian collision protection system.

　　In addition, the new architecture adopts a brand-new car body architecture design concept. Even if the e:PHEV version is equipped with a large-capacity battery, it can achieve the same level of low center of gravity as the gasoline version without occupying the interior space. The design of low center of gravity ensures the driving quality with higher texture and the dynamic performance with more stability, flexibility and higher limit.

　　Honda Connect 4.0 Intelligent Guidance Interconnection System

　　For the first time, the new Accord is equipped with the newly upgraded Honda CONNECT 4.0 intelligent guidance interconnection system, which provides functions such as brand-new navigation system, personal assistance, life peace of mind service, smart phone/wearable terminal and entertainment service. Among them, the navigation system adopts Baidu map with high user usage rate in China, which can be based on the front camera of the driving recorder to realize the real navigation function and make the navigation picture more intuitive.

　　DMC driver’s state perception system can identify the driver’s expression according to the driver’s state camera equipped in the car, including fatigue monitoring, inattentive analysis, expression, dangerous behavior and so on. In addition, the vehicle can remotely operate and confirm the vehicle status through the smart phone, and can be linked with the smart watch. Through the voice control of the smart watch, the operation of locking/unlocking and synchronization of important notifications of the mobile phone can be realized.

　　In addition to Honda CONNECT 4.0 intelligent guidance interconnection system, the new Accord is also equipped with a 10.2-inch instrument panel, a 12.3-inch central control panel, an 11.5-inch HUD head-up display, a streaming rearview mirror and a cockpit environment control knob specially designed for China users, which minimizes physical keys and enables human-computer interaction in a more scientific and convenient way.

　　Honda sensing 360 security extrasensory

　　Like Honda CONNECT 4.0, this system not only upgrades the original functions, but also adds a number of configurations. Specifically, the original ACC active cruise acceleration has been increased by 40%, LKAS lane has been added with the function of following cars without white lines, the horizontal viewing angle range of the front sensor camera has been increased to about 100, the distance accuracy of the front radar has been improved by 2 times, the speed accuracy has been improved by 4 times, the angle accuracy has been improved by 2.5 times, and the alarm range of the rear radar has reached 90 meters.

　　The newly added configurations such as FCTW Crossing Prophet, LCCM lane-changing guard, ALCA lane-changing intelligent driving and ACC corner intelligent driving can greatly improve the safety and convenience. For example, ALCA lane-changing intelligent driving, when we lightly dial the lane-changing turn signal, as long as the system confirms that the next lane meets the requirements, it will assist the driver to operate the steering wheel to complete the lane change. Honda Parking Pilot intelligent parking assistance relies on MVC camera and radar sensor, which can carry out actions such as acceleration/braking/steering wheel/gear shifting in five situations, and realize automatic parking assistance, even if there is no crossed parking space. Parking can be completed.

　　The fourth generation i-MMD dual-motor hybrid system

　　The new 2.0L direct injection Atkinson engine adds in-cylinder direct injection technology and multi-stage fuel injection technology, integrates a 13.9 high compression ratio and high rigidity crankshaft, and greatly cools EGR and reduces friction to improve efficiency, and finally achieves the maximum thermal efficiency of 41%. E-CVT dual-motor gearbox is closely matched with PCU power density output control unit, which can output the maximum torque of 335Nm.

　　Accord E: The battery capacity used by PHEV reaches 17.7kWh, and the battery pack is reduced by 51% and the volume is reduced by 57%. Compared with previous PHEV models, the weight and volume are reduced by more than half, and the NEDC battery life can reach 106km. In addition, the power output of the new Accord is increased by 15%, and the size of the power output module is reduced by 40%. At the same time of high output power, it is lightweight and miniaturized, and the adjustment of power output is more linear and smooth.