The progress of China brand cars in recent years is obvious to all, and some excellent achievements have been made in both internal and external design and comprehensive performance. Today we brought this car. Next, let’s see if its highlights can attract you with Xiaobian.

Let’s take a look at the appearance of the polar fox koala S. The design of the polar fox koala S is very fashionable and simple, and it is very sporty. At the same time, the headlight presents a sharp design style and its shape is very eye-catching. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Come to the car side, the car body size is 4500MM*1870MM*1655MM, the car uses individual lines, the car side looks very young, with large thick-walled tires, smooth lines running through the whole car side. In the rear design, the tail line of the polar fox koala S is hard-core, and the taillight style is more domineering and stylish, creating a good gas field.

Sitting in the car, the interior of the polar fox koala S presents a spiritual design style, and the overall visual effect is very distinctive. The car looks very good outside the steering wheel, and it is equipped with functions such as manual adjustment of the steering wheel, which gives people an impulse to control it. Let’s take a look at the central control, with a 14.6-inch central control screen, which makes the interior style impressive and looks very eye-catching. Let’s take a look at the dashboard and seats again. The dashboard of this car presents a young and individual design style, which is very eye-catching. The car uses leather seats, equipped with functions such as electric seat adjustment and seat proportion tilting, and the overall ride feels soft and comfortable.

The polar fox koala S is equipped with a motor with a total power of 120KW and a total torque of 240N.m It has good acceleration, excellent cruising range and good power performance.

In addition, the car is equipped with driving mode selection, remote control key, Bluetooth key, traction control (ASR/TCS, etc.), factory interconnection/mapping, Bluetooth /WIFI connection and other configurations.

The SUV has an atmospheric appearance, good spatial performance and high cost performance. I wonder if you are interested in it. I believe this car will definitely give you and your family a good experience.

"I finally know what cyber violence is about. I’m not a professional car critic, but a real car owner. From the perspective of actual car use, I shared my experience of driving a 1wkm tank 300 car with you. 1. The fuel consumption is a bit high. I rarely travel far in this car, and it’s basically the suburbs of the city, with a comprehensive fuel consumption of 18-19, not the 13 shown.

Some people may not believe it. On January 7th, I added Sinopec 92#460 yuan. At that time, it showed that the mileage was 9,488 kilometers. When I ran to 9,820 kilometers, it suggested that there was a shortage of oil. After running for about 320 kilometers, I calculated that the fuel consumption was 19.45 liters, which was barely acceptable, because I only ran for more than 300 kilometers every month. If you use the car for a long time, you need to calm down.

2, when I bought a car, I also had a restless cross-country heart, but I was more distressed after actually getting the car. Except for going to the small dirt road in the village, I have never been cross-country. After all, a car with more than 20 W is also very distressed for petty bourgeoisie families. If you have a lot of cars at home, forget it. If there is only one scooter like me, you have to think about it.

3, the comfort of passing some potholes is not good enough, which is much worse than mpv and cars of the same price. The elderly and children are very uncomfortable in the car, and the non-loaded body is shaking very much, which I can accept.

I just said some real car experience, but I didn’t expect to be attacked in reality … I really convinced these network keyboard men, and welcome you to come to the field to test whether my mileage and refueling amount are true. You always talk about supporting domestic production.

However, I used the actual car action to prove that in 2017, I bought a manual transmission Haval m6, which was 9.48w, and landed nearly 11 W. However, after driving for three months, the Haval m6 dropped to more than 6w, and after losing so much, I still raised 300 yuan. My friends around me advised me not to buy it, but I still bought it. I didn’t do anything that made people angry. I just shared my real car experience. In reality, I was reviled by text messages and phone calls. Today I will say the last one.

Tank 300 is actually a product invested by consumers who like hard-core off-road and don’t have such a high budget. There are many advantages and disadvantages, and any vehicle exists, not to mention a hard-core off-road with more than 20 W. It is not a bad thing to share the advantages and disadvantages of a car and give consumers a better car purchase suggestion. Online joint venture brands can be scolded casually, but we can’t say that our own brands are not good. It is unpatriotic to worship foreign things and flatter foreign countries.

Palm oil, as one of the most important edible oils in the world, its market supply and demand changes have a far-reaching impact on the futures value. It is very important for investors and market analysts to understand these changes and their laws.

First of all, the supply of palm oil mainly depends on Southeast Asia, especially Malaysia and Indonesia. Palm oil production in these two countries accounts for more than 80% of the global total. Therefore, any factors that affect the production capacity of these two countries, such as climate change, policy adjustment or labor market fluctuation, will directly affect the supply of palm oil. For example, extreme weather conditions such as drought or flood may lead to a decline in production, thus pushing up palm oil futures prices.

Secondly, on the demand side, palm oil is widely used in food processing, biofuels and cosmetics. Global economic growth, population growth and changes in consumer preferences will all affect the demand for palm oil. For example, with the increasing global demand for renewable energy, the demand for palm oil in biodiesel production is also rising. This increase in demand usually pushes up the price of palm oil futures.

The impact of supply and demand changes on the futures value of palm oil can be displayed more intuitively in the following table:

In addition, the supply and demand changes of palm oil market still have certain seasonal laws. For example, November to February is the peak of palm oil production, because this period is the rainy season in Southeast Asia, which is conducive to the growth of palm fruit. On the contrary, June to August every year is the low yield period, because this period is the dry season, which is not conducive to the growth of palm fruit. This seasonal change will also lead to periodic fluctuations in palm oil futures prices.

Finally, global trade policies and geopolitical factors will also have a significant impact on the palm oil market. For example, the adjustment of tariffs, the change of trade agreements or the political instability of major producing countries may all lead to the imbalance between supply and demand in the market, thus affecting futures prices. Therefore, investors need to comprehensively consider these macroeconomic and political factors when analyzing the palm oil futures market.

In a word, the change of supply and demand in palm oil market is a complex and multi-factor driven process. Through in-depth analysis of these changes and their laws, investors can better grasp the market dynamics and make more wise investment decisions.

[Disclaimer] This article only represents the author’s own views and has nothing to do with Hexun. Hexun.com is neutral about the statements and opinions in this article, and does not provide any express or implied guarantee for the accuracy, reliability or completeness of the contents. Readers are requested for reference only, and please take full responsibility. Email: news_center@staff.hexun.com.

　　In 2008, the Economic Investigation Detachment of Harbin Public Security Bureau cracked 15 criminal cases of making and selling fake goods, involving food, medicine, tobacco and alcohol, invoices and other fields, involving more than 40 million yuan, and arrested more than 40 suspects.

　　On March 11th, the Economic Investigation Detachment of the Municipal Public Security Bureau announced eight typical cases of counterfeiting.

　　Case 1: Producing counterfeit drugs and selling them everywhere.

　　In 2008, a large team of Economic Investigation Detachment of Harbin Public Security Bureau found a criminal clue involving counterfeiting registered trademarks, producing and selling counterfeit drugs. After investigation, it found a large criminal gang consisting of 47 suspects involving 13 cities in 9 provinces across the country.

　　In August 2006, the suspect Chen Yumin went to Anyang City, Henan Province to find Shen Haijun, a counterfeit drug dealer. The two sides agreed that Chen Yumin would provide raw materials and Shen would be responsible for finding someone to make counterfeit drugs. Shen found Huang to process 400 fake three-refined Sloping at the price of 500 yuan per piece (box). After receiving this batch of counterfeit drugs, Chen Yumin sold them to Shenzhen and Taihe County of Anhui Province successively through Wu Mou, Yunnan salesman of Sanjing Heihe Pharmaceutical Company.

　　From June 2007 to January this year, Shen Haijun bought 42 pieces of amoxicillin capsules and 63 pieces of cefalexin from Wang, a native of Henan Province, and sold them to Wu Yulong at a higher price in 100 yuan. Wu Yulong sold them to Shao Huiling at a price of 1,500 yuan each, and Shao Huiling sold the fake amoxicillin to Xu Shoucai of Ankang Pharmaceutical Co., Ltd. in Heilongjiang Province. Xu Shoucai has been distributed to other pharmaceutical companies or retail pharmacies for 19 times.

　　After investigation, Wu Yulong sold 105 boxes of cefalexin tablets and amoxicillin capsules from Harbin Pharmaceutical Group Pharmaceutical Factory to Heilongjiang Ankang Pharmaceutical Company in the name of Heilongjiang Wuxing Pharmaceutical Company. Ankang pharmaceutical company distributed 85.5 boxes to 19 pharmaceutical companies or pharmacies inside and outside the province in 30 times. At present, the stocks of counterfeit drugs in pharmaceutical companies and pharmacies all over the province have been basically recovered. On January 19th, 2008, the police will destroy 8 fake dens and seize 1.97 million counterfeit drugs (sticks and bottles) and more than 400,000 counterfeit trademarks.

　　Case 2: counterfeit money is hidden in the tea parcel

　　At 17: 00 on November 2, 2008, the investigators of the Second Brigade of the Municipal Economic Investigation Detachment got a clue: Wang Jiale, Yunfu City, Guangdong Province mailed a bag of three boxes of tea to Harbin, which contained forged RMB 5,000. The recipient was Yue from Wangshengbiao Store, Yongyuan Town, Daowai District, Harbin.

　　On November 3, 2008, investigators arrested Zhou Xilong, a man who came to collect the parcel. He confessed the criminal fact of buying counterfeit money from Guangdong through SMS. After careful inspection by investigators, it was found that all the fake RMB hidden in the tea box was in 20 yuan face value, totaling 4,980 yuan. On November 3, 2008, the suspect Zhou Xilong was criminally detained on suspicion of buying counterfeit money. Now the case has been investigated and transferred for review and prosecution.

　　Case 3: More than 10,000 counterfeit coins are hidden in cigarettes.

　　At 16: 00 on October 13th, 2008, the investigators of the Second Brigade of the Municipal Economic Investigation Detachment received a report: a bag marked as two cigarettes was sent to Harbin by PG One in the Golden Wheel Parking Lot of Shatai Road, Guangzhou, containing forged more than 10,000 yuan. The investigator immediately rushed to the post office to find the email, and learned that the recipient was Huang, the Xinfa Telephone Branch of Netcom Company in Xinfa Town, Daoli District.

　　On the morning of October 14th, the investigator took control of Huang, who had just received the email, and immediately reviewed it. Huang said: This email was received on behalf of his comrade Luo Xiyu. After careful examination of the mail, it was found that the fake RMB hidden in cigarettes totaled 12,000 yuan, including 200 in 50 yuan and 100 in 20 yuan.

　　The investigators continued to fight and soon captured the suspect Luo Xiyu. Luo Xiyu confessed that 12,000 yuan of fake RMB was bought with 1,900 yuan. On October 14th, 2008, Luo Xiyu was criminally detained on suspicion of buying counterfeit money.

　　Case 4: A "green arrow" was built in the rental house.

　　On January 23, 2008, Wrigley Candy (China) Co., Ltd. entrusted Beijing Jiayifeng Business Consulting Co., Ltd. to report to Harbin Economic Investigation Detachment that Guo Lirong, a criminal suspect, organized personnel to produce and sell counterfeit company’s "Green Arrow" chewing gum at No.27, Da Crystal Street, Daowai District, Harbin, with a daily shipment of about 20 boxes, each worth RMB 1,260.

　　On January 25, the police arrested eight suspects, including Guo Lirong. After investigation, Guo Lirong, a criminal suspect, purchased the outer packaging and anti-counterfeiting labels of Green Arrow chewing gum from Fujian and Shandong provinces from February 2007 to January 2008, and purchased sugar tablets from Yiwu City, Zhejiang Province, and organized personnel to produce and sell counterfeit "Green Arrow" chewing gum in the rented house at No.27, Da Crystal Street, Daowai District, with a total sales of more than 600,000 yuan.

　　On July 24, 2008, the People’s Court of Daowai District of Harbin sentenced Guo Lirong to three years’ imprisonment and fined RMB 100,000.

　　Case 5: A large number of fake cigarettes hide houses.

　　At 15: 00 on January 25, 2008, the investigators of the Municipal Economic Investigation Detachment, with the cooperation of the staff of the Municipal Tobacco Inspection Bureau, just arrested the suspect suspected of selling fake cigarettes, and seized 268 counterfeit cigarettes on the spot, with a case value of 154,840 yuan. Later, 274 counterfeit cigarettes were seized in Room 601, Unit 6, Building 7, Orchard Community, Xiangfang District, where he lived, with a case value of 43,820 yuan.

　　It turned out that on January 6, 2008, the Municipal Economic Investigation Detachment received a case handed over by the tobacco inspection department: at 11 o’clock on January 6, 2008, the staff of the Municipal Tobacco Inspection Bureau seized various brands of counterfeit cigarettes in a white Nissan car on Haping Road, with a case value of 113,000 yuan. After the owner Li Lianchun confessed, he found a large number of accounts of selling fake cigarettes from 2006 to now in his home. Under the identification of Li, the investigators seized two dens selling fake cigarettes, each with a value of 18,000 yuan and 15,000 yuan.

　　Case 6: Soochow Company used fake invoices.

　　At the beginning of 2008, the Sixth Brigade of the Municipal Economic Investigation Detachment received an alarm from the masses that Harbin Dongwu Metal Materials Co., Ltd. used a large number of false invoices and was suspected of tax evasion. Investigators found out that Zhu Ge, the operator of the company, and Zhu Yifan, an employee of the company, took measures such as not recording the income and issuing a huge amount of fake invoices to evade taxes. At present, it has been verified that the amount involved is more than 23 million yuan, and it is suspected of stealing more than 3 million yuan.

　　Case 7: Buy fake cigarettes and spray code for sale.

　　On August 20, 2008, the First Inspection Branch of the Municipal Tobacco Monopoly Bureau and the Eighth Brigade of the Municipal Economic Investigation Detachment jointly investigated and dealt with a case of selling fake and inferior products, and seized 3,058 counterfeit cigarettes with a case value of more than 300,000 yuan. The suspects, Luo Haiyan and Wang Long, are both suburban farmers. Without a tobacco license, they were introduced by others to buy fake cigarettes from A Zheng in Yunxiao County, Fujian Province three times in June 2008. After being distributed to Harbin through logistics, the fake cigarettes are spray-coded and packaged and sold to Hegang and other places. The case has now entered the court hearing stage.

　　Case 8: Continue to sell fakes during probation.

　　On July 9, 2008, the Eighth Brigade of the Municipal Economic Investigation Detachment learned that someone illegally purchased a batch of cigarettes from the south and would unload them at a cargo terminal on Xianfeng Road. The police arrested three buyers, including Sun Binjiang, and seized 1,950 cigarettes purchased at the cargo terminal. In addition, more than 6,000 cigarettes of more than 20 kinds were seized in the warehouse rented by three people, with a value of RMB 1.01 million.

　　After in-depth work, the police arrested Chen Yuebei, the suspect of Yunxiao County, Fujian Province. It was found out according to law that Sun Binjiang was sentenced to 3 years’ imprisonment and suspended for 3 years for illegal business operations in 2006. Sun Binjiang did not repent during the probation period and returned to his old job. In 2008, he colluded with Tan Liwei and Ni Junfeng to buy fake cigarettes from Chen Yuebei four times, and continued the illegal and criminal activities of selling fake and inferior products. At present, Sun Binjiang was sentenced to 4 years in prison and fined 208,000 yuan; The other three were sentenced to 2 years and 3 years in prison, suspended for 3 years and 5 years respectively, and fined 100,000 to 200,000 yuan. (Qin Lei Fu Li Qiong Cai Hang)

Editor: Yan Bin

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"

() The business review of the Board of Directors in the first half of 2023 is as follows:

　　I. Description of the industry and main business of the company during the reporting period.

　　The company is mainly engaged in the mining of salt mines, the production and sales of salt and salt chemical products. The main products include salt, industrial salt, small industrial salt and soda ash. According to the Guidelines for Industry Classification of Listed Companies (revised in 2012), salt belongs to the food manufacturing industry in manufacturing industry (C14); Two alkali industrial salts and small industrial salts are "chemical raw materials and chemical products manufacturing" in "manufacturing" (C26); Soda soda is "inorganic alkali manufacturing" (C2612) in "chemical raw materials and chemical products manufacturing".

　　1. Salt industry:

　　According to the classification of uses, salt products can be divided into salt, alkali industrial salt and small industrial salt. Salt is a necessity of people’s life, and its sodium element is an indispensable element in human growth and development; The industrial salt of caustic soda is the main raw material of caustic soda industry, which is mainly used for the production and manufacture of caustic soda and soda ash. Small-scale industrial salt is an industrial salt other than alkali industrial salt, which is mainly used in printing and dyeing industries. The production and sales of industrial salt and small industrial salt mainly depend on the downstream operation of the two alkali industries, and the price cycle is obvious. The production and sales of edible salt are relatively stable, and there is basically no periodicity. From the point of view of product price, after the reform of salt industry system, the wholesale price of salt dropped obviously, but the price of salt in Shangchao terminal remained basically stable, and the profit shifted from wholesale enterprises to retail enterprises. Generally speaking, the existing domestic salt production capacity is greater than the consumption demand, and there is a certain degree of oversupply. Therefore, enterprises with integrated production and marketing and strong channel control ability are more capable of coping with challenges.

　　2, soda ash industry:

　　Soda industry belongs to the middle reaches, and the relationship between supply and demand determines the price of soda, while the price of raw salt and energy determines the cost, and the price and cost jointly determine the gross profit margin of soda industry. From the perspective of market players, China’s soda ash industry is an industry dominated by medium and large enterprises, with a relatively high concentration. The research and development of technologies, equipment and materials related to the treatment of "three wastes" and energy saving and consumption reduction have promoted the continuous strengthening of technological innovation, equipment upgrading and clean and efficient energy utilization in China’s soda industry, and accelerated the transformation and upgrading from low-end manufacturing to high-end manufacturing. Under the influence of domestic macro-economic environment, soda ash industry has a certain periodicity, which mainly depends on the development needs of downstream photovoltaic glass, flat glass, daily glass, synthetic detergent, alumina and other industries.

　　3, salt cave oil and gas storage industry:

　　China is the second largest consumer of oil and natural gas in the world, and its dependence on foreign countries is high. In the face of the continuous turbulent international situation, the problem of energy security is becoming more and more serious. The country has successively issued a number of energy security or reserve policies, energy security is gradually rising to a national strategy, and oil and gas reserves have ushered in a period of development opportunities. The National Development and Reform Commission and the National Energy Administration pointed out in their guidance on energy security that "the construction of gas storage facilities should be accelerated. Do a good job in the overall planning and layout of underground gas storage and LNG storage tanks, and promote the intensive and scale construction of gas storage facilities. " Provinces (autonomous regions and municipalities) have compiled and issued special plans for the construction of provincial gas storage facilities, and encouraged local governments and relevant enterprises to share the investment and construction costs and benefits of gas storage facilities through cooperation in different places and joint ventures.

Second, the discussion and analysis of the business situation

　　In the first half of 2023, the company produced a total of 4,445,800 tons of salt and salinized products, an increase of 551,800 tons year-on-year, an increase of 14.16%; The production enterprises achieved a cumulative sales of 3,635,700 tons, an increase of 490,800 tons or 15.61% year-on-year, and a cumulative sales of 2,238,600 cubic meters of brine, an increase of 138,200 cubic meters or 6.58% year-on-year. The operating income was 2.901 billion yuan, a decrease of 4.23% compared with the same period last year. The basic earnings per share is 0.51 yuan. The main reason is that the same period of last year was a historical extreme, and the price of salt products fluctuated and fell during the reporting period, but compared with the average of the same period in 2020, 2021 and the same period in 2020 -2022, it still maintained a high growth level.

　　(a) steady investment, construction projects, the development potential continues to increase.

　　Guided by the new development pattern of "salt+energy storage" industry in the Tenth Five-Year Plan, the company made every effort to promote the construction of key projects under construction. The company and PetroChina Gas Storage Company jointly established Guoneng Company to promote the construction of the first phase of Zhangxing Gas Storage Project, and completed the main projects such as comprehensive building and auxiliary production houses, the main construction of the opening and closing station and the installation of major equipment such as power supply system. Well ZXK4-B and Well ZXK4-A were respectively connected with the target area, and well SY3 completed the plugging operation. At present, the construction period is reversed, the project is accelerated, and gas injection trial production is achieved during the year. Promote the comprehensive utilization project (Phase I) of brine salt production in gas storage, in which the preliminary administrative licensing work such as filing, energy assessment, safety assessment, environmental assessment and stability assessment has been completed for the refined liquid salt project, and the filing and energy assessment for the main salt production project has been completed. Set up a special class of sodium battery-grade soda ash product research and development project, speed up the research and development of production technology, and the product indicators meet the needs of target customers, which has now been transferred to the pilot stage.

　　(2) Stabilize production and expand channels, and continuously consolidate competitive advantages.

　　Give full play to the decision-making role of the marketing committee and the advantages of integration of production and marketing, strengthen the overall scheduling of production resource elements, scientifically organize parallel production, collaborative operation and linkage maintenance, pay close attention to the management of material consumption and energy consumption cost, accelerate the promotion of "intelligent change to digital transformation" and promote the long-term safe and stable operation of production. Solidly promote the construction of market channels inside and outside the province, and thoroughly implement the "spring ploughing action" in the provincial market. The sales of various salt products maintained a good momentum, and the proportion of Huai salt reached 84.34%. Continue to promote the "Spark Plan" in the market outside the province, make a new breakthrough in the sales of small packaged salt in the market outside the province, and further expand the influence of the market outside the province. The export business grew rapidly, and the salt products were exported to more than 30 countries and regions, such as Japan, South Korea, Southeast Asia, the Middle East, Europe and America, and were selected as "Sample Enterprises of China’s Foreign Trade Export Leading Index" in 2022. Declared China Time-honored Brand and China Quality Award, and was selected as one of the 100 typical cases of brand building of state-owned enterprises in the State Council SASAC for two consecutive years. Successfully held the "China Quality Miles-Huaiyan Bank and Huaiyan Quality Brand Conference", and released a series of new salt products, which won wide attention and praise from the market.

　　(3) Steady reform and innovation, and continuous improvement of endogenous motivation.

　　Deepen the new round of state-owned enterprise reform and deepen the promotion action. Focus on accelerating the construction of modern enterprise system, establish and improve the market-oriented operation mechanism system, and comprehensively establish the corporate governance model with the characteristics of Su Yanjing. Deepen the reform of "three systems" and stimulate the endogenous motivation and vitality of enterprises. Increase investment in scientific and technological research and development, focus on new product development, technical research, comprehensive utilization of salt cavities and other key tasks, and include 49 research and development projects such as intelligent storage of national reserve salt in the 2023 R&D project plan. In the first half of the year, 4 achievements at the municipal level and above were achieved, and 3 production problems and technical research problems were solved. Complete 4 key research achievements (items) of gas storage, energy storage and other cavity utilization technologies, and complete 2 pilot projects of new products; 9 patents (including 6 inventions) were accepted, and 6 patents (including 4 inventions) were authorized. Scientific and technological innovation was rated as a typical experience of national promotion of state-owned enterprise reform for three years by the State Council State-owned enterprise reform leading group office.

　　(4) Maintain safety and prevent risks, and continuously improve the governance system.

　　Deepen the promotion of benchmarking world-class management, strengthen supervision and assessment, and promote efficiency, effectiveness and effectiveness. Strengthen the construction of safety production system, do a good job in safety inspection and hidden danger management, formulate and issue the "double prevention management measures for safety risk classification management and hidden danger investigation and management", conduct a comprehensive physical examination of the double prevention system of each production unit, further consolidate the basic management of safety production, and continue to maintain a stable situation in safety production. Pay close attention to the quality management of salt and further improve the quality management system. We will promote the construction of enterprises governed by law and compliance management system, and determine the negative list behavior units of partners around key areas of compliance management. Actively carry out internal control audits and conduct special inspections on the implementation of internal control systems of six municipal salt companies. Organize research on contract risk prevention and control, strengthen the management of monetary funds and bills, and continuously improve the compliance management level and risk prevention ability.

Third, risk factors

　　(A) Macroeconomic cyclical risks

　　The main products of companies such as industrial salt and soda ash belong to basic chemical raw materials, which are closely related to the macroeconomic prosperity and the development of downstream industries. If the uncertain macroeconomic factors in the future lead to unsatisfactory economic recovery and weak downstream demand, and the release of production capacity in some regions affects market prices, it will put some pressure on the sustained and rapid growth of the company’s performance. The company will closely follow the market changes, adjust its business strategy and product structure in a timely manner, and make a good combination of technology, technology, equipment and management advantages, and strive to resolve the adverse effects brought about by changes in the economic environment.

　　(B) the challenges brought by market-oriented competition

　　The competition in the domestic salt market is becoming more and more fierce, and the gross profit space is squeezed. The company will actively seize the policy opportunity to stimulate the economy and promote consumption, give full play to the advantages of production and marketing, further strengthen the coordination of production and marketing, channel construction and sales resource integration, cultivate the market demand for high-quality and high value-added products, consolidate the domestic and foreign market share through multiple channels, and ensure the leading position in the industry.

　　(C) the risk of energy price fluctuations

　　Coal is the main energy needed by the company to produce salt and salt chemical products, and its price fluctuation has a great influence on the gross profit margin of the company’s products. The company mainly adopts the mode of linking factories and mines and direct procurement to reduce trade links, strive to reduce coal procurement costs, and actively respond to the risk challenges brought about by coal price fluctuations.

　　(D) Safety and environmental risks

　　As a large salt chemical production enterprise, there is a certain pressure of safety and environmental protection. With the continuous strengthening of energy consumption constraints and environmental protection requirements, it has a certain impact on the daily production organization of enterprises. As a green mining enterprise and a national-level green demonstration factory, the company has always adhered to the concept of green ecological development, continuously increased the investment in safety and environmental protection equipment, strengthened the safety training and daily management of employees, prevented illegal operations and emissions, and put an end to safety and environmental accidents.

Iv. analysis of core competitiveness during the reporting period

　　The company’s salt production capacity ranks among the best in China’s salt industry, with six core competitive advantages: "circular economy, mineral resources, regional transportation, technological innovation, integration of production and marketing, and well-known brands".

　　(A) advantages of circular economy. The company’s industrial system centered on "comprehensive utilization of rock salt resources and technological innovation of circular economy" has obvious advantages of circular economy. The self-developed "Downhole Circulating Soda Making Process" was included in the implementation guide of energy-saving technical transformation and upgrading in 2025 by the Ministry of Industry and Information Technology and other four ministries and commissions of the National Development and Reform Commission. It has been authorized to be used by other enterprises in the industry and has been popularized and applied in the industry. Guided by the "14th Five-Year Plan", the two chains of "circular economy industrial chain of saline-alkali calcium" and "industrial chain of salt cavity energy storage" have been built in depth, which have accumulated the advantages of salt cavity resources, brine consumption and technological innovation, and constructed a new development pattern of "salt+energy storage" industry.

　　(2) Advantages of mineral resources. The company has mineral resources with abundant reserves, excellent quality, thick deposits, high salt content and high salt grade. The mining rights of eight mining areas, including Zhangxing Salt Mine, Xiaguan Salt Mine, Jiangnan Salt Mine and Shitang Salt Mine, have a total reserve of 12.14 billion tons of ore, 7.094 billion tons of NaCI, 1.105 billion tons of associated Na2SO4 and a permitted production scale of 11.94 million tons/year. The company selects high-grade mining areas for salt production, which ensures the excellent quality of salt products. Abundant salt mine resources ensure the continuous supply of brine for salt and salt chemical products and the expansion of salt cavity economy, which has obvious advantages in the industry.

　　(3) Location traffic advantages. The company is located in Huai ‘an City, Jiangsu Province, and the economy in East China is active. It is an important production area of soda ash, chlor-alkali and other chemical industries. The market demand for salt and salt chemical products is large and it has a good location advantage. Small-scale industrial salt, alkali salt and sodium sulfate have a certain sales radius. Compared with other modes of transportation, the company adopts water transportation and has built its own wharf in the Beijing-Hangzhou Grand Canal, which has a longer sales radius and lower cost. Beijing-Shanghai, Tongsan, Ninglian and other expressways meet in China, and the Xinchang Railway runs through the territory, which is very convenient for land and water transport, creating unique conditions for the company to participate in market competition.

　　(4) Advantages of technological innovation. The company won the first "Jiangsu Science and Technology Innovation and Development Award Excellent Enterprise" and "Jiangsu Manufacturing Outstanding Contribution Award Excellent Enterprise" and other honors. Focusing on building a new pattern of "salt+energy storage" industry, increasing investment in scientific and technological research and development, focusing on key tasks such as new product development, technical research, and comprehensive utilization of salt cavities, 49 research and development projects such as intelligent storage of national reserve salt were included in the 2023 R&D project plan. In the first half of the year, 4 achievements at the municipal level and above were achieved, and 3 production problems and technical research were solved. Complete 4 key research achievements (items) of gas storage, energy storage and other cavity utilization technologies, and complete 2 pilot projects of new products; 9 patents were accepted (including 6 inventions) and 6 patents were authorized (including 4 inventions).

　　(5) Advantages of integrated production and marketing. The company is one of the few salt enterprises with integrated salt production and marketing in China. It pays attention to and strengthens the construction of marketing system, sets foot in the fields of channel construction, new product development and e-commerce more quickly, and promotes the reasonable growth of marketing work and the effective improvement of quality. It is in the leading position in salt sales radiation range, sales network service response, sales ratio inside and outside the province, and its business innovation ability and market competitiveness continue to increase, and its corporate reputation and social influence continue to increase.

　　(6) Advantages of well-known brands. The company vigorously implements the "three products" strategy, aims at high-end internationalization of the brand, creates "Millennium Huaiyan", shapes the first-class brand, and enhances the corporate brand and product image. "Jingshen" trademark is a famous trademark in Jiangsu Province, and "Huai" brand is a well-known trademark in China. The company has successively won the Top Ten Enterprises in China Light Industry Salt Making Industry, the Top 100 Enterprises in China Light Industry and the Top 50 Enterprises in China Light Industry Food Industry, and has successively won many awards such as Jiangsu Provincial Governor’s Quality Award, the 18th National Quality Award, the Asian Quality Excellence Award and the First Jiangsu Boutique. Natural edible salt, seaweed iodine edible salt, natural calcium edible salt and other products have been recommended as upgraded and innovative consumer goods by the Ministry of Industry and Information Technology.

　　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.

[Autohome Jinhua Discount Promotion Channel] Recently, we learned that promotions are underway in Jinhua, with a maximum discount of 28,000 yuan and a minimum starting price of 188,600 yuan. In order to get higher discounts, consumers are advised to click "Check Car Price" in the quotation form to get more discounts.

eπ008采用了时尚动感的设计语言，前脸设计独具特色，搭配犀利的LED大灯，整体风格显得非常运动。进气格栅采用了独特的设计，增强了车辆的辨识度。车身线条流畅，展现出优雅而不失力量感的外观。

eπ008拥有5002*1972*1732mm的长宽高尺寸，轴距为3025mm，前轮距和后轮距均为1650mm，车身线条流畅动感，搭配265/45 R21的轮胎规格和独特的轮圈设计，使得整车更具运动感。

eπ008的内饰设计简洁大气，采用时尚的中控布局，配备了一块15.6英寸的中控屏幕，支持多媒体系统、导航、电话、空调等语音识别控制，带来便捷的操作体验。方向盘采用皮质包裹，提供良好的握感和手动上下+前后调节功能，满足不同驾驶者的个性化需求。前排座椅采用仿皮材质，配备座椅加热、通风功能，并带有头枕扬声器（仅驾驶位），提升舒适性。主副驾驶座椅支持前后调节、靠背调节、高低调节（2向）和腰部支撑（4向），确保长途驾驶的舒适度。此外，前排座椅还具备电动记忆功能，方便用户存储和调用座椅位置。第二排座椅同样支持前后调节、靠背调节和腿托调节，提供灵活的乘坐空间。前排和后排均设有USB和Type-C接口，方便乘客为电子设备充电，前排还配备了手机无线充电功能。整体内饰配置丰富，旨在为用户提供舒适、便捷的驾驶体验。

eπ008搭载了一台1.5T涡轮增压发动机，最大功率为108kW，相当于147马力，峰值扭矩可达210N·m，为车辆提供了强劲的动力输出。匹配的电动车单速变速箱，确保了动力的高效传输。

汽车之家车主对eπ008给予了高度评价，他提到：“车内空间大，驾驶感高，动力可以，外观大气。”这些特点使得eπ008在众多车型中脱颖而出，为驾驶者提供了舒适且愉悦的驾乘体验。

A fan backstage wanted me to chat and ask if this model was worth buying, and he himself has a 300,000-400,000 car purchase budget.

In fact, I like to talk about the Cadillac model, because the biggest advantage of the Cadillac model is its high price range, which gives us the feeling that it is really a conscientious price. But we can’t just look at the price of the car, we need to take a deeper look at whether this model is worth buying.

First of all, let’s take a look at the manufacturer’s guide price of this XT5 model, 329,700 yuan to 469,700 yuan. The discount range of this model is up to 70,000, but in fact only the preferential price of top or stock cars can reach so much. Generally speaking, the price of naked cars for entry-level dealers is about 270,000 yuan, of course, each city is different. According to this calculation, its discount range is about 60,000 yuan.

In terms of exterior design, the exterior design is our common Cadillac family shape, and the front of the car is particularly recognizable. The forward air net uses the design of Cadillac shield shape, and the interior is filled with honeycomb blackened material. The edge of the LED headlights is decorated by a vertical LED light strip from top to bottom, which is integrated with the fog lamp Led light source. From the exaggerated design in front, the sports fan and business fan are the characteristics of this XT5.

The side of the model creates an outstanding sense of muscle vision for us, and the waist line that gradually rises from front to back allows us to know what is called a sense of strength. A feeling of diving, ready to go, arises spontaneously, which is one of the most commonly used techniques in American muscle construction.

On the rear side of the model, the diamond-cut taillights can tell from a distance that this is a Cadillac. In addition, the XT5 also uses two-sided chrome exhaust pipes, which shows that the power is relatively strong.

As far as the overall design is concerned, the appearance is quite high, and of course the lines of the entire body are also designed to be relatively tough, which is very appealing to young consumers, but it is not very attractive to consumers who like mediocre designs.

Looking at the specific body data, the length, width and height are 4813/1903/1682mm respectively, and the wheelbase is 2857mm. This is a medium-sized SUV, and the body data performance is actually quite good, especially the excellent width of this model, which makes the ride comfort in this XT5 very high.

The interior atmosphere of the car is an all-black interior, and the entire interior is still the familiar Cadillac model. The materials used in the whole car are relatively willing, and a large area of soft materials is used to cover the car, which feels particularly good. However, this XT5 still has a more troublesome problem, that is, there are many electronic devices used in the car, which makes the central control and gear handles easy to get fingerprints, which is particularly troublesome.

Overall, I personally think the interior of this XT5 model is quite well designed, with a sense of luxury in place. And the essence of the design of the American sofa is also reflected in this model. The seats are fully filled and comfortable to ride.

The rear row space is also relatively spacious, and is equipped with a separate air conditioner out of trend, which is more comfortable. In addition, attentive friends may have found that its floor bulge is very low, almost flat. Why is this? Many friends may have guessed that, yes, this is a front-wheel drive car.

Let’s take a look at the power part. This XT5 uses a 2.0T engine with a maximum power of 237 horsepower and a peak torque of 350N · m. There is no distinction between high and low power versions, which is one of the biggest differences from the German SUV.

As for the gearbox part, it uses a nine-speed automatic gearbox, which is very reliable. I personally think it is more reassuring than a seven-speed dual-clutch gearbox.

The chassis structure uses a front McPherson independent suspension, a rear five-bar independent suspension, and a timely four-wheel drive system is used on the medium and high configuration.

What do you think of this design? In fact, the price you want to talk about is really very affordable, but the price is affordable. In addition to the second-tier brand factors, it is also more related to the body design, such as its chassis structure. We all know that the front and rear five-bar independent suspension is used, but on the top, it uses the McPherson-style independent suspension commonly used in joint-venture medium-sized SUVs, which is really not up to the first-tier luxury cars.

If you want to say that this one has its own characteristics, it does have American muscle feel, strong power, and cheap price. But if you want to say that its shortcomings are actually particularly obvious, that is, it uses a lower-cost former McPherson-style independent suspension, so cheap is also reasonable. So what do you think of this Kai’s cost performance? Welcome to the comment area to discuss and leave a message.