The Winter Finals of the 2023TGA Tencent E-sports Games came to an end in Shijingshan Shougang Blast Furnace · SoReal Science Fiction Paradise.

　

　

The competition venue is located in Shijingshan District Shougang One Blast Furnace · SoReal Science Fiction Park. During the 11-day competition period, it covers the Call of Duty mobile game autumn invitational tournament, the rhythm master Thanksgiving Return Star Invitational tournament, the Destiny Ark Yaoshi Cup, the dark zone breakout Kuaishou K League S2, FC ONLINE TGA Asia Invitational, FC Football World TGA Asia Invitational and Migu X TGA King World Championship support tournament. There are seven major events, and e-sports players from South Korea, Japan, Singapore, Russia, Malaysia, Indonesia and other countries and regions come together to compete with local Chinese players. The setting of different types of events fully reflects the diversity and inclusiveness of e-sports, providing a stage for strong players and teams to showcase their talents. E-sports enthusiasts can also choose to watch different events according to their interests and preferences, catch a glimpse of the style of the top players, and cheer for their favorite players.

　

　

As the birthplace of China’s e-sports, Beijing gave birth to the earliest batch of e-sports events, e-sports clubs and e-sports enterprises in China. In 2020, Beijing created the first e-sports event brand named after the city in the country – "E-sports Beijing". The Beijing E-sports Innovation and Development Conference is one of its core brands. This year, in the fourth year of the e-sports Beijing series of events, the brand perception of e-sports Beijing has been further enhanced. At the Beijing E-sports Innovation and Development Conference on October 24, the "TGA Tencent E-sports Games" event landed in Shijingshan District "project was officially signed. Less than a month later, the 2023TGA Tencent E-sports Games Winter Finals kicked off in Shijingshan District.

　

　

The location of Shougang One Blast Furnace · SoReal Science Fiction Park is a special encounter between e-sports events and the historical relics of the traditional steel industry. SoReal Science Fiction Park is the world’s first fully immersive space exploration-themed science fiction complex built by the popular Qitian Group, and it is also the first international cultural and technology park that combines XR technology and industrial relics. In terms of venue design, the Winter Finals of the TGA Tencent E-sports Games have greatly retained the original structure and industrial architectural style of the blast furnace. The infield uses the sci-fi design style of cyberpunk, with a professional e-sports stage and large screen, which perfectly integrates the historical heritage of Shijingshan Shougang Park with the development of the new era. For many competitors and spectators, the immersive touch of such a magnificent industrial heritage has also become a unique sensory experience after the event. Especially foreign players have expressed more than once in interviews that such a competition venue is really cool!

　

　

As a comprehensive e-sports event with a total attendance of 250 million and a large-scale domestic e-sports event, the landing of the TGA Tencent e-sports Games will help Shijingshan District build a "four-in-one" e-sports industry ecosystem, create a new business card of Shijingshan "e-sports city" with a comprehensive electronic sports event brand as the core, promote urban-park integration, industrial integration, landscape and cultural integration, and help regional industrial transformation and economic development.

　

After 11 days of intense competition and professional competition, on December 3, the seven major events successfully completed all the fixtures.

　

　

The Winter Finals of the 2023TGA Tencent E-sports Games have come to a successful conclusion! In this winter e-sports feast, the number of online spectators exceeded 52 million, further enhancing the brand influence of TGA and "e-sports Beijing". The competition has ended, but the e-sports showdown will never end. With the arrival of the post-Asian Games era, local e-sports events are constantly moving towards internationalization, and TGA, as the oldest comprehensive e-sports event platform in China, is continuing to help consolidate the local e-sports ecology and the development of the new regional economy. Through a series of actions such as hosting events and integrating regional culture, TGA has achieved a series of successful cases in deeply integrating regional culture to build a city e-sports ecosystem. Shijingshan District, Beijing, where the TGA event will be held, will also enter a new track for the e-sports industry, injecting new impetus into the development of culture and related industries in Shijingshan District.

　

Source: District Committee Propaganda Department, District Rong Media Center

　

Editor: Zhang Xin

　

　　Xinhua News Agency, Beijing, October 10th, by topicFive-hundred-meter Aperture Spherical Radio Telescope (FAST) opened his eyes and saw two pulsars. What will he find in the future?

　　Xinhua News Agency "Xinhua Viewpoint" reporter Dong Ruifeng and Qi Jian

　　4,100 light years, 16,000 light years. Five-hundred-meter Aperture Spherical Radio Telescope (FAST), located in the mountains of Guizhou, just opened its eyes and saw two pulsars so far away from the earth.

　　On the 10th, the National Astronomical Observatory of Chinese Academy of Sciences announced that after a year of intense debugging, the 500-meter spherical radio telescope (FAST) has realized the smooth operation of various observation modes such as pointing, tracking and drift scanning, and confirmed several newly discovered pulsars.

　　The pulsar family has the "China Star" for the first time.

　　This is the first time that China’s astronomical equipment has discovered pulsars and achieved a "zero breakthrough" in this field. Since the first pulsar was discovered in 1967, there have been at least 2,700 members of the pulsar family discovered by humans in the past 50 years.

　　The National Astronomical Observatory announced the specific information of these two pulsars: the former has a rotation period of 1.83 seconds, which is about 16,000 light years away from the Earth, and the latter has a rotation period of 0.59 seconds, which is about 4,100 light years away from the Earth. It was discovered by Five-hundred-meter Aperture Spherical Radio Telescope (FAST) on August 22 and 25 this year in galactic plane, South China.

　　This is only part of Five-hundred-meter Aperture Spherical Radio Telescope (FAST)’s discovery. Li Yong, deputy chief engineer of "Tianyan" project, said that the debugging progress of "Tianyan" has exceeded expectations. At present, dozens of high-quality pulsar candidates have been detected, of which 6 have passed international certification.

　　According to scientists, pulsar is a neutron star with high speed rotation, which is produced by star evolution and supernova explosion. Its density is extremely high, weighing hundreds of millions of tons per cubic centimeter, and the size of a cube of sugar is equivalent to the weight of 10 thousand tons of ships on the earth. Pulsar is the most accurate clock in the universe because of its fast rotation speed and accurate rotation period. Because of this, pulsars emit intermittent periodic pulse signals, just like a rotating lighthouse that emits flickering light.

　　This special "skill" makes pulsars have important applications in the fields of timing, gravitational wave detection, and general relativity testing. Li Yong said that pulsars have extreme physical properties that cannot be realized in ground laboratories, and studying them is expected to get answers to many major physical problems. For example, the rotation period of pulsars is extremely stable, and accurate clock signals provide an ideal tool for major scientific and technological applications such as gravitational wave detection and spacecraft navigation.

　　"By long-term monitoring of rapidly rotating radio pulsars and selecting a certain number of pulsars to form a timing array, we can detect low-frequency gravitational waves from celestial bodies such as supermassive double black holes." Li Wei said.

　　George Hobbs, scientific director of the Parkes telescope at the Australian Academy of Science and Industry, said that the debugging and gradual production of the "Eye of the Sky" is one of the most exciting events in the international astronomical community.

　　Debugging results in one year, comforting Nan Rendong, the "father of the Eye of the Sky"

　　The original idea of "Eye of the Sky" came from the late astronomer Nan Rendong. From the idea put forward in 1994 to the official opening in 2016, Nan Rendong and his team have been pushing this seemingly incredible world-class project with all their efforts for 22 years.

　　There is no precedent in design and structure, and the early debugging of "Eye of the Sky" encountered great difficulties. Wang Qiming, chief engineer of "Eye of the Sky" project, said that all systems focused on equipment tracking and maintenance at first, and the debugging in the system seemed to be all right. However, after the joint debugging of all systems, a series of problems such as communication between systems, algorithm unification and security coordination were gradually exposed.

　　During the joint debugging period, the working state of "Tianyan" people is basically to work separately during the day, concentrate on meetings at night, change procedures overnight, and then try new schemes the next day, and repeatedly adjust to the best. In the 380 days and nights after the completion of "Eye of the Sky", the main control room is always open 24 hours a day unless there is power failure. During the day, the engineering team and the construction personnel concentrate on debugging; At night, researchers will fix the surface shape so that it points to a specific sky area, and through the rotation of the earth, the sky will drift and scan over the telescope.

　　Li Yong said that the drift scanning method is rarely used in pulsar search, but it can only be used during debugging. For this reason, researchers not only need to redesign the software, but also have to pay more work in data processing, but the final result is exciting. "Eye of the Sky" can get one or two high-quality pulsar candidates every scan.

　　Peng bo, a researcher at the National Astronomical Observatory and deputy manager of the "Eye of the Sky" project, said that it usually takes three to five years to debug foreign similar large-scale radio telescopes, and the "Eye of the Sky" has achieved initial results after debugging for one year.

　　"Eye of the Sky" will look for "aliens" and will dominate the future cosmic sky map.

　　Chinese and foreign scientists are expecting the discovery of "Eye of the Sky" to change from quantitative change to qualitative change. If "Eye of the Sky" can be the first to capture pulsars of galaxies outside the river, it will be of groundbreaking significance. Li Yong and his research team are already making technical preparations for observing pulsars in extragalactic galaxies, and will try them as early as next year.

　　Jocelyn Bell, the first astronomer to discover pulsars, visited the Five-hundred-meter Aperture Spherical Radio Telescope (FAST) earlier this year. She expected the world’s largest radio telescope to discover more faint, distant and unique pulsars, including those revolving around black holes.

　　For the "Eye of the Sky" whose observation range can reach the edge of the known universe, the discovery of pulsars is only one of its missions. In the future, it will also shine in neutral hydrogen observation, spectral line observation and finding possible interstellar communication signals.

　　According to BIGBANG’s theory, neutral hydrogen is an "old man" who is almost the same age as the Big Bang in the universe. Observing and studying the distribution of neutral hydrogen can help scientists to further understand the structure of the Milky Way and extragalactic galaxies and solve the mystery of the origin and evolution of BIGBANG and other universes. "Five-hundred-meter Aperture Spherical Radio Telescope (FAST) will draw the latest and largest standard cosmic sky map by patrolling the neutral hydrogen in the universe." Marko Krco (Kyle), a senior postdoctoral fellow in the "Eye of the Sky" project of the National Astronomical Observatory, said.

　　"Five-hundred-meter Aperture Spherical Radio Telescope (FAST)" can even "monitor" the radio waves emitted by alien civilizations that may exist in the universe. George Hobbs, scientific director of the Parkes telescope at the Australian Academy of Science and Industry, said that 20% of the time of the Parkes telescope is currently allocated to "looking for aliens", but nothing has been found. "Five-hundred-meter Aperture Spherical Radio Telescope (FAST)" has seen further, and maybe there will be exciting news in the future.

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Zhongguancun Online News: This morning, Qualcomm officially released the Snapdragon 8 Gen2 processor. The new processor not only has a significant improvement in performance, but also has a considerable improvement in AI. In this press conference, Xiaomi said that based on the AI performance of the second-generation Snapdragon 8, Xiaomi is expected to launch offline Xiao Ai Classmate in 2023. Xiaomi introduced that offline Xiao Ai Classmate will support offline Keyword Spotting,…

　　　　　

The male fan broke through the security line and rushed to the stage to give flowers to Andy, who was then besieged.

　　　　protagonist: Andy Lau

　　　　time: Around 11 p.m. on November 6, 2007.

　　　　location: Chengdu Sports Center Stadium, Sichuan Province, Andy Lau China Tour Chengdu Concert

　　　　relevant person: 1. Fans (young men)

　　　　2. Local security guards (several)

　　　　3. Local public safety experts (several)

　　　　causeA male fan crosses two iron barriers during a performance and presents flowers to Liu Tianwang

　　　　Andy Lau China station concert tour recently held the last stop in Chengdu, a male fan broke through the guard line, rushed to the stage to shake hands with Andy and send flowers, security and police immediately out of the block, want to pull the fans away from the scene, Andy kept on the stage told them not to fans rough, in a hurry to jump down more than two meters high stage to protect the fans. The scene suddenly chaotic, all the staff and security rushed to the stage to protect Andy, Andy didn’t even sing, personally took the fan back to the backstage, told the guards not to be rough, only to return to the stage to continue the performance. More than 60,000 audience was moved by his behavior, applause.

　　　　A concert staff member explained in detail over the phone:

　　　　At the end of the performance, at the penultimate song, a male fan rushed out with flowers in his hand. There was a second iron gate in front of the stage, and there were dozens of public safety experts and security guards in front of the gate. They all stood there and patronized the performance. The male fan actually jumped over the second gate in one go, rushed to the front of the stage, and then stood on the speaker to offer flowers to Andy. Several security and public safety experts rushed up, grabbed him and beat him up.

　　　　Andy saw fans being besieged by more than a dozen security and public safety experts on the stage, and kept telling them not to be rude to fans.

　　　　At this moment, I didn’t expect Andy to suddenly make a move that surprised all the staff around us. He jumped off the 2.2-meter-high stage, vigorously pushed away the public safety expert, and said loudly: Don’t hit him, he’s my fan, he’s just giving flowers, there will be no malice. You let him go.

　　　　At this point, the scene is very chaotic. We immediately stopped the surrounding public safety experts, while dissuading Andy Lau, suppressing his anger and preventing the situation from further deteriorating, and then "bet" on Andy, fans and beaters to quickly circle from the black cloth channel to the backstage.

　　　　All of this happened in a short time. I believe the audience in the front row, the reporters, the leaders, and many viewers in the stands saw it. But because of the sudden and short time, many people only saw the actions of the male fans and the actions of the public safety experts and security guards, not Andy’s reaction after jumping off the stage or his words…

　　　　He continued by phone: "Andy Lau is the only one in the world when the singer jumps off the stage to save fans so desperately."

　　　　Andy returned to the stage to continue the performance, disrupting the original program. The song was accompanied by dancers, and the dancers continued to dance according to the original choreography and rhythm. The place and angle of the actors’ performance area were very narrow. Andy suddenly intervened, and the actors were taken aback. In order to avoid Andy, an actor fell off the stage and fell injured. We had to deal with fans, public safety experts, Andy, injured dancers, and the "exit" work that we had already been busy with. Everything rushed in all of a sudden, and we were very busy. Fortunately, we had experience and were not in chaos in the face of danger, so we were guaranteed a smooth finish.

　　　　(Note: "Exit" is a difficult task for us in large-scale individual singing. How can the artist leave completely and quickly after singing the last song, so as to avoid the crowd of tens of thousands of fans, whether the backstage steps are safe and stable, whether the retreat channel is smooth, how the bodyguards protect themselves, how vehicles (including cover cars) walk, although the distance between the backstage and the stadium gate is only tens of meters or 100 meters, but how to "evacuate" quickly, safely and smoothly within one or two minutes is an extremely critical part of the performance. Consideration, design, and execution must be rigorous, meticulous, meticulous, and safe. Otherwise, if there is a problem, the artist will be stranded in the "Wang Yanghai" of the fans, and it will be difficult to advance and retreat, and even life-threatening.)

　　　　"Is that fan hurt?" asked.

　　　　"Fortunately, Andy stopped him in time. He was fine, but he was too frightened and kept crying backstage."

　　　　Andy Andy’s China Tour came to Chengdu, the last stop. I believe that singers in history will jump off the stage to save fans. Andy Lau is the only one in the world who is so desperate. After returning to the stage, the audience kept shouting, regarding Andy as a big hero, and shouting "Andy I love you".

　　　　"I was in District 13 at the time, and I was looking at the stage with a telescope. The whole process was very clear!"

　　　　"At first, I saw the police and security guards rushing towards the front of the stage from all directions. Andy was about to sing and stood in front of the stage, so he looked out to see what was going on. As a result, when he saw the police and security guards stopping a fan, Andy pointed at the police and shouted something (he couldn’t understand the shape of his mouth). However, the police and security guards below ignored him and dragged the fan out (about 10 meters away). Andy jumped down and rushed over. He first tugged at the police, yelled something, and then put a hunchback on the back of the police (or the security guard, I think it was the police, who didn’t pay attention to his clothes). Then the staff immediately came over to pick up Andy and isolate him from the police, but Andy still rushed over, pulled the fan beside him (it was a mess when I rushed over again, I couldn’t see if there was a security guard hitting Andy at my position), and then took it to the exit. There were a lot of people at the exit, so I didn’t see Andy’s figure, but all the dancers ran to the stage in our 13th district (I don’t know if it was looking down or dancing, it was almost the same anyway). Then I saw Andy back on the stage. "

　　People who live in big cities feel like they can’t walk if they go out without mobile phone navigation. What makes people even more intolerable is the blind guidance of stupid navigation. "I always quarrel with navigation, so angry that I can’t even drop my phone." Some netizens said.

　　"The navigation function can be accurate to within 1 meter, and it can clearly locate the specific lane…" Recently, a news of "Beidou Map APP is expected to be launched on May 1" quickly exploded Moments. The report pointed out that this is a basic location-based service tool based on Beidou satellite precision navigation services, which can provide mobile, real-time positioning and navigation as well as location-based clothing, food, housing, transportation and business information services for the majority of users.

　　In this regard, some netizens expressed extreme excitement, "Amazing, my Beidou". Others said, "Farewell, Americans’ GPS". However, some people expressed doubts, what is the relationship between the Beidou map APP and Beidou navigation? Beidou has entered people’s lives from "news" so quickly?

　　The Beidou system cannot produce electronic maps

　　"The Beidou Map APP is not directly related to the Beidou Satellite Navigation System (BDS) in nature. The Beidou Map APP is a mobile application end point software similar to Autonavi Maps and Baidu Maps. As for whether the map end point software displays the positioning results of GPS or the positioning results of BDS, it depends on the hardware configuration of the end point such as the mobile phone and the navigator." On April 13, Dr. Wang Yongquan, chairperson of the Shanghai Sinan Satellite Navigation Technology joint stock company, said in an exclusive interview with a reporter from Science and Technology Daily.

　　In this regard, Cao Chong, chief scientist of the China Satellite Navigation and Positioning Association, said that the Beidou system is indeed related to the navigation electronic map, because the use of the Beidou system positioning function to achieve navigation must be expressed in the form of a map. However, the formulation of the Beidou map is questionable. Because whether the Beidou system or the GPS system is used, the same map is used, and there is no Beidou map.

　　On the difference between the Beidou system and Baidu and Autonavi, Xu Ying, a researcher at the Institute of Optoelectronics of the Chinese Academy of Sciences and a young scientist of the Beidou system, introduced that the Beidou system and GPS are both global satellite navigation and positioning systems, generally composed of satellites, ground stations and user end points, which mainly provide location information, especially three-dimensional information such as longitude, latitude and altitude. Baidu, Autonavi, etc. are map software, which mainly provide location-based value-added services, such as displaying location, planning routes, providing congestion conditions, etc. Its core is maps, which require many means when drawing, such as remote sensing satellites, map observation vehicles, drone observations, etc.

　　"The Beidou system is a navigation system. Baidu or Autonavi can use the positioning results of the Beidou system to output the location. The two are not on the same level at all. As for the Beidou map APP, it may just be called Beidou map, just like the Ursa Major map and the Ursa Minor map, and it has nothing to do with the Beidou satellite navigation system." Xu Ying said.

　　Seeing this news, the Beidou editor of the WeChat official account of China’s Beidou satellite navigation system couldn’t sit still. On April 10, the Beidou editor refuted rumors through the WeChat official account that the functions of the Beidou system are positioning, navigation, timing, and short messages. Electronic maps like Baidu and Autonavi only involve the positioning function of the Beidou system and its derivative location-based service function. As for the core map images in these electronic maps, which involve remote sensing satellites to obtain images and other technical means, it really has nothing to do with the Beidou system. "In other words, the Beidou system can only provide certain technical support for electronic maps, and if the Beidou system produces an electronic map, it is really impossible for the concubine to do it!" The Beidou editor "cried".

　　All major satellite navigation systems are compatible with each other

　　At present, there are four major satellite navigation systems in the world, GPS in the United States, GLONASS (GLONASS) in Russia, BDS (Beidou) in China and Galileo (Galileo) in the European Union. Experts say that if you have to say the difference between Beidou and GPS, it is that "Beidou is its own, GPS is American".

　　As a satellite navigation system independently developed by our country, Beidou Navigation has gone through 24 years since the project was established in 1994. In 2012, the Beidou-2 system successfully launched the 16th satellite. Two months later, the system was officially put into operation, and the service area covered the Asia-Pacific. At present, Beidou positioning has entered the third stage. A total of 31 satellites have been launched, and it is expected that 35 satellites will be launched around 2020 to meet the global user service mainly in Asia.

　　"From a technical point of view, the Beidou navigation system is very advanced. What GPS can do, the Beidou system can also do it; what GPS can’t do, the Beidou system can still do it." Wang Dacheng, head of the Smart City Engineering Department of the Institute of Remote Sensing and Digital Earth Research at the Chinese Academy of Sciences, said proudly.

　　However, even so, the Beidou editor also said in the WeChat official account of China’s Beidou satellite navigation system that the so-called "no GPS, only Beidou" in many coverage "does not exist". Now satellite navigation applications are basically multi-mode. That is to say, in order to give users a better experience, major satellite navigation systems are compatible and complementary to each other, so that users can enjoy uninterrupted positioning services. Beidou editor applauds everyone’s patriotism, but has to tell you the truth realistically.

　　Moreover, the Beidou system has been adhering to the concept of "China’s Beidou, the world’s Beidou" since the beginning of its construction. The Beidou system is an open and inclusive system, and is willing to work with satellite navigation systems around the world to benefit mankind and serve the world. At present, the Beidou system has been compatible and interoperable with GPS and GLONASS systems. Therefore, when you use related satellite navigation applications in the future, you should receive more system signals with higher accuracy.

　　Wang Yongquan said that the navigation precision claimed by the Beidou Map APP only means that the map itself may be more fine and accurate, not just using BDS and saying goodbye to GPS. In the future, various navigation end points or professional equipment can use the signals of multiple satellite navigation systems at the same time, realize multi-system joint positioning or navigation, and provide users with more accurate and reliable positioning results. Compared with the GPS system, BDS also has a message service function. The user end point of the Beidou system has a two-way message communication function. Users can transmit 40-60 Chinese characters of message information at a time. This function can provide certain communication services in some special environments.

　　Empowering urban management to bring convenience to life

　　In fact, Beidou has been widely used in the field of industry and national defense, such as: precision surveying and mapping, power timing, intelligent driving test, precision agriculture, and new drones and smart cars. The centimeter-level high-precision positioning end point based on the Beidou satellite navigation system is playing an irreplaceable important "role". The short message service of the Beidou system can send its location to the outside world when the base station is damaged and there is no signal. This won precious time for the golden rescue in the 2008 Wenchuan earthquake.

　　"In the next three years, more end points such as mobile phones, bicycles, and wearable devices will use Beidou high-precision positioning services, empowering city management and bringing convenience to people’s lives." Industry insiders predict.

　　In the opinion of Peng Ling, a researcher at the Institute of Remote Sensing and Digital Earth of the Chinese Academy of Sciences, Beidou satellites need to be widely used, and the cost is still relatively high, and the performance stability needs to be further improved. Some industry insiders say that taking the chip as an example, due to manufacturing process problems, if the GPS chip is 10 yuan, the Beidou chip is 30 yuan. Enterprises need to control costs. If they want to mass-produce Beidou chips, how many companies are willing to spend more than 20 yuan?

　　Then there is the downstream user end. Although many Android brand mobile phones, especially domestic mobile phones, such as OPPO, vivo, Huawei, and Xiaomi, have been able to support the Beidou navigation system in recent years, Apple mobile phones, which account for a large share of the smartphone market, still do not support it. This may lead to embarrassing situations such as domestic mobile phones that cannot be used abroad where the Beidou navigation system is not yet covered, or Apple mobile phones are not suitable.

　　In this regard, Wang Yongquan seems more optimistic, "Take the public navigation as an example, most of the mobile phones and car navigation devices we use now support the joint behavior of GPS and BDS at the same time, but users can’t feel it, and many people will not care which satellite system is used for navigation." Wang Yongquan said, "By 2020, with the completion of the global network of BDS, BDS will be fully compatible with GPS, GLONASS and Galileo systems, and it will definitely be more widely used around the world."

　　Related Links

　　The civilian function of Beidou navigation system

　　Personal location-based service: When entering an unfamiliar place, you can use a mobile phone or in-car satellite navigation device equipped with a Beidou satellite navigation receiver chip to find the route to take.

　　Meteorological applications: The development of meteorological applications of Beidou navigation satellites can promote China’s weather analysis and numerical weather forecasting, climate change monitoring and prediction, and can also improve the level of space weather early warning operations, enhancing China’s ability to prevent and mitigate disasters.

　　Road traffic management: Satellite navigation will help reduce traffic congestion and improve road traffic management. By installing satellite navigation receivers and data transmitters on vehicles, the vehicle’s location information can be automatically forwarded to the central station in a few seconds. This location information can be used for road traffic management.

　　Railway intelligent transportation: Satellite navigation will promote the upgrading and transformation of traditional transportation methods. For example, in the field of railway transportation, by installing satellite navigation end point equipment, train travel intervals can be greatly shortened, transportation costs can be reduced, and transportation efficiency can be effectively improved. Beidou satellite navigation system will provide high-reliability and high-precision positioning, speed measurement, and timing services, promote the modernization of railway transportation, and realize the transformation of traditional dispatching to intelligent transportation management.

　　Maritime and water transportation: Most of the ships traveling in the world’s oceans, rivers and lakes are equipped with satellite navigation end point equipment, making sea and water transportation more efficient and safe. The Beidou satellite navigation system will provide navigation, positioning and safety protection for ships sailing on the water under any weather conditions. At the same time, the unique short message communication function of the Beidou satellite navigation system will support the development of various new services.

　　Air transportation: Using the advantages of satellite navigation accurate positioning and speed measurement, the instantaneous position of the aircraft can be determined in real time, effectively reducing the safe distance between aircraft, and even in foggy weather conditions, automatic blind landing can be realized, greatly improving flight safety and airport operation efficiency. By effectively combining the Beidou satellite navigation system with other systems, it will provide more security for air transportation.

　　Emergency rescue: Satellite navigation has been widely used in search and rescue in deserts, mountainous areas, oceans and other sparsely populated areas. In the event of major disasters such as earthquakes and floods, the key to successful rescue lies in timely understanding of the disaster situation and quickly reaching the rescue site. In addition to navigation and positioning, the Beidou satellite navigation system also has the function of short message communication. Through satellite navigation end point equipment, it can timely report the location and disaster situation, effectively shorten the rescue and search time, improve the timeliness of rescue and disaster relief, and greatly reduce the loss of people’s lives and property.

　　(The picture in this article comes from the official website of Beidou Satellite Navigation System)

The picture comes from NIO’s official website. If there is any infringement, please inform and delete it.

On March 1, NIO announced its financial report for 2022, with a net loss of 14.437 billion yuan in 2022, breaking the trend of gradually narrowing losses in the past two years. The market believes that it seems to return to the dilemma of being in the ICU in 2019. In comparison, Li Auto’s loss of 2.03 billion yuan is almost negligible.

Gross margin cut in half, expenses further increased, cash reserves dropped… The sustainability of NIO began to face widespread doubts, and the reaction of capital markets was more direct. On March 1, the US stock market closed down 5.96%. At $8.83, it reached a new low since the second half of 2020.

Li Bin and NIO are under great pressure.

But at the same time of huge losses, NIO is still up the ante. Recently, NIO announced that it will add 1,000 replacement stations this year to cover more markets in third- and fourth-tier cities. Li Bin believes that in addition to the first-tier market, there is still more market space to expand. The construction of the charging and replacement system is providing support for NIO to sell cars.

In addition, the Financial Union reported that NIO’s new factory settled in Chuzhou, Anhui, and will put into production NIO’s third brand Firefly. Unlike the high-end positioning of the NIO brand, Firefly focuses on low-end models, and the price range may be 100,000 yuan to 200,000 yuan, or even 100,000 yuan.

At this time, if combined with the construction plan of the power station just mentioned, it seems that NIO’s sinking ambition can be found. Around this phenomenon, this paper attempts to answer the following three questions:

1. Why are car companies obsessed with the lower-tier market?

2. NIO, which starts from the mid-to-high-end market, "goes down", the advantages outweigh the disadvantages?

3. Is the lower-tier market a piece of fat for new power car companies?

Competing for the lower-tier market

Dcar and the China Electric Vehicle 100 Association released the "Low-tier market new energy vehicle user consumption behavior insight report", which studies and analyzes the portrait user, car purchase behavior and consumption trend of new energy vehicles in third-tier and lower cities.

The report pointed out that the lower-tier market users in the purchase of vehicles, the choice of new energy vehicles than the proportion of first- and second-tier cities, compared to first- and second-tier city users on the appearance of interior, cutting-edge technology, lower-tier market users are more concerned about parameter configuration and model price, the 150,000 yuan models are more favored.

Lower-tier market share of population

Zhang Yongwei, secretary general of the China Electric Vehicle 100 Association, made it even more clear that the new energy vehicle market will accelerate in 2023, with sales in second- and third-tier cities expected to account for more than 60%.

At the same time, our country is also accelerating the construction of new energy vehicle charging facilities. Cities in the third- and fourth-tier and below are promoting the increase of charging infrastructure building by formulating local subsidies and setting the upper limit of charging service fees. According to the latest data released by the China Charging Alliance, as of October 2022, the cumulative number of charging infrastructure in the country was 4.708 million units, an increase of 109% year-on-year.

From the current market development situation, the third- and fourth-tier markets are likely to be the next incremental space for new energy vehicles, and demand is being released.

Therefore, not only NIO, but also other new car players are eyeing the lower-tier market.

As early as three years ago, Tesla publicly announced the central city settlement plan, covering a total of 45 cities in the four major regions of China, including Yancheng, Jiangsu, Linyi, Shandong, Nanning, Guangxi, Ganzhou, Jiangxi and other low-tier cities – which was also interpreted by the outside world as Tesla’s sinking plan.

In March last year, Tesla published an article on its official account, "Tesla Village in the Mountains," describing how Cai Ge, who grew up in Panzhiga Village in Yunnan Province, inspired the villagers to replace their oil carts with Teslas.

In addition to further increasing the exposure of the original product, Tesla plans to launch a new model that is more accessible to the people, and is equipped with a more powerful, safe and cheap new battery.

The best implementation of the lower-tier market is BYD.

Data show that from 2021 to 2022, BYD’s sales of several hot-selling models in third-tier and lower-tier cities increased from 30% to nearly 40%. As of September 2022, BYD’s store ratio in third-tier and lower-tier cities was about 50%, with nearly 800 stores. BYD is reaping the growth dividends of the new energy vehicle market with its cost-effectiveness and car cost advantages.

In addition, Li Xiang, chairperson of Li Auto, said that another focus of Li Auto in 2023 is to expand the network layout of third- and fourth-tier cities. It is expected to add 50 urban layouts and 150 stores, basically completing the coverage of third- and above-tier cities.

Xiaopeng is also offering cost-effective products to the wider market. Xiaopeng P5 has the "world’s first mass-produced lidar smart car" label, and the subsidized price is 157,900-223,900 yuan. Xiaopeng’s experience center has also begun to expand to cities such as Liuzhou, Luoyang, Weifang, etc.

Second, with Tesla’s heart, lean towards BYD

However, it is a bit regrettable that the players seem to be actively planning, with the exception of BYD, most of them have achieved little.

After analyzing the sales channels of new car manufacturers such as Tesla and Wei Xiaoli, some research institutions found that their stores are still concentrated in first- and second-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, as well as in economically developed regions such as the Yangtze River Delta and the Pearl River Delta. Sales contributions also continue to come from these central cities.

But one thing is very interesting, today’s new car forces seem to be experiencing a "siege". Nezha and zero runners, who were originally developing steadily in the 100,000-200,000 yuan market, are focusing on the mid-to-high-end market to "gold-plated" the brand; while Wei Xiaoli, who is "looked up", hopes to use the lower-tier market to harvest more users.

From high-end to low-end, there are advantages and disadvantages. How should car companies choose? Huawei Smart Car Solutions BU CEO Yu Chengdong once said bluntly in an interview that he will not make a car within 200,000 yuan. But Che Bai think tank believes that small and beautiful cannot withstand big waves. For high-end car companies, it should impact the low-end market.

First, the high-end market is no longer attractive.

In the era when there were not so many new forces, Wei Xiaoli directly started building cars from the mid-to-high-end market, and after a period of relatively high-profile days, such as the Xiaopeng P7, NIO ES8, and Ideal ONE models, they all achieved very good results.

But Cui Dongshu, secretary-general of the Passenger Federation, said that in the current domestic new energy vehicle market, the sales of models under 200,000 yuan account for more than 50%, and it is expected that the market share of models under 200,000 yuan will be more than 70% in the future. This means that the high-end market where "Wei Xiaoli" is located is more than 200,000 yuan, which is not the fastest growing range.

Take NIO alone, Li Bin once proudly said that the average price of NIO exceeded 400,000 yuan. From another perspective, 400,000 yuan has also become a gap between NIO and the vast majority of users. If NIO wants to further increase its market share, it must enrich its product system, and sinking is an inevitable choice.

Secondly, the delivery volume is an important indicator of capital to see new power.

The logic is that the automobile industry has a strong economy of scale. In their book The Automobile Industry, the British economists Maxi and Silberstone argued that only mass production of cars can make prices more acceptable to consumers, and then consumers can promote product delivery, and a positive flywheel will run. And capital is also a big fan of this theory, so delivery is their primary consideration.

However, under the premise that high-end tram sales cannot increase rapidly, NIO’s delivery volume is worrying, and it has been forced to relinquish its top position in delivery volume since 2021.

NIO’s top priority now is to find new growth poles.

At this time, the launch of Alpine and Firefly sub-brands corresponding to the low-end market may be the key breakthrough for NIO to reverse the situation. If it enters too late, the market price may be divided by BYD, Tesla and other car companies, and it will be difficult for NIO to get a share.

The advantage of the high-end market lies in profit margins, while the advantage of the mid-to-low-end market is that it can move volume and provide higher risk resistance in times of economic crisis. Therefore, even with Tesla’s heart in mind, NIO has to rely on BYD.

Fortunately, NIO has obvious advantages in attacking the lower-tier market. For companies based in the low-end market, it is extremely difficult to move to the high-end market. In turn, high-end car companies sink into the low-end market, but it is much simpler. Price reduction and reduction are common solutions.

In addition, NIO has an advantage over other car companies, which is the power station. In Xingfu Town, Boxing County, Binzhou City, Shandong Province, NIO has 500 car owners, and the town’s household registration population is only 50,000. The reason why so many people are willing to buy NIO is because of the local construction of the power station.

When NIO’s charging stations are ubiquitous, it is difficult for other brand car companies to replicate them.

III. It is difficult to steal business from someone else’s mountain

The advantage is not small, but the problem of NIO entering the low-end market cannot be ignored. One of the keys is how much money NIO still has. When NIO went public in Hong Kong in early 2022, it revealed that the cash reserve was about 60 billion yuan, but NIO’s net loss in 2021 exceeded 10 billion yuan, and the net loss in 2022 exceeded 14.40 billion.

In addition to the loss mentioned at the beginning of the article, as well as spending huge sums of money to build and replace power stations, NIO will continue to build up the ante self-made battery, successively established (Shanghai Jiading) laboratory, set up research and development, manufacturing, sales (Anhui) company, 400 million yuan to invest in Xinganda, 12 million Australian dollars to subscribe to 12.6% of the shares of the Australian Mining Company (GR). Some time ago, Jianghuai Automobile acquired some assets of NIO at a price of 1.704 billion yuan, and many media believed that Jianghuai was assisting NIO.

Secondly, downward derivative models are not technically difficult for NIO, butBuilding a low-cost model is not easyAnd with the decline in raw material prices, the electric vehicle market is very likely to usher in a new round of price cuts to further compress NIO’s gross margin. At Tesla’s just-concluded investor day, Musk said that its models can further reduce costs by 50%. This undoubtedly poses a huge challenge to local new car makers such as Wei Xiaoli.

Moreover, Che Bai think tank checked the data of new energy vehicles to the countryside activities and found that traditional car companies are the well-deserved main force – BYD, Great Wall, SAIC, Jianghuai, Dongfeng, Chery and other traditional old car companies, vehicles are mostly small and mini cars priced below 100,000 yuan and with a cruising range of less than 300 kilometers.

In 2022, only a few new car brands such as Zero Run and Hezhong participated in the new energy vehicle to the countryside activity, and all "Wei Xiaoli" were absent. Why did this happen?

Different from traditional fuel vehicles, new energy vehicles put forward higher requirements for the after-sales services of automobile companies and the construction of local charging pile supporting facilities. Traditional car companies have more scale advantages in production and more perfect channel construction in the lower-tier market.

It is undeniable that the lower-tier market is the next traffic depression, but for most current car players, it is also a place full of thorns. Is the traditional car company relying on favorable terrain to continue to advance, or is the new force swooping into the battle? It is still unknown, but it is not up to NIO to choose.

Looking back at the price of Tesla Model X at that time, which was nearly one million yuan, it firmly stood in the position of a high-end brand, but since 2010, Tesla has been in a state of loss, and even reached the brink of life and death. It was not until 2016 that Tesla turned to the public to make a profit. Therefore, we might as well give domestic new cars some more time.

[Full text reference]

[1] "Insight Report on Consumption Behavior of New Energy Vehicle Users in the Lower-tier Market", China Electric Vehicle Hundred People’s Association & Dcar

[2] "BYD’s" price increase ", how long can it" sell the crown "?", inside and outside the table, Insight Data Research Institute

[3] "New energy vehicles enter the fourth year in the countryside, and the market needs more efforts to sink", China Consumer News

[4] "Tesla Village in the Mountains", Tesla Tesla

Text | Box Lunch Finance, Liu Xingzhi

Editing | Wang Jing

For more than 30 years, Wang Jianlin, the head of Wanda, has many friends, and even more people claim to be his friends, but there are not many "true friends" who are willing and able to pull him in times of crisis. Especially after 2018, Wang Jianlin’s circle of friends, some are imprisoned, some are too busy to care for themselves, and they still expect him to pull a hand.

If the standard of "true friends" is never to leave, Pony Ma, the founder of Tencent, will definitely be on the list of Wang Jianlin’s circle of friends and rank among the top.

On July 21, the shareholders of Beijing Wanda Investment Co., Ltd. (hereinafter referred to as "Wanda Investment") changed, and 49% of Wanda Investment’s equity was transferred to Shanghai Ruyi Film and Television Production Co., Ltd. (hereinafter referred to as "Shanghai Ruyi").

On the evening of July 23, the details of the transaction emerged. The buyer, China Ruyi (00136.HK), announced that it had entered into an equity transfer agreement on July 20, and the transaction consideration of 49% of the shares was 2.262 billion yuan.

Wanda Investment is the controlling shareholder of Wanda Film. Including this transaction, this is the fifth transfer of equity assets involving Wanda Film this year. Through these transactions, Wanda has cashed out about 7 billion yuan, part of which is used to "step on the point" to repay the debt. The latest news shows that Wanda has transferred the principal and interest funds of 400 million US dollars of bonds due on July 23.

Why should Shanghai Confucianism and Italy send charcoal in a hurry to solve Wanda’s urgent need to repay its debts? The grass snake gray line is hidden in its capital background.

Public information shows that Shanghai Ruyi is a wholly-owned subsidiary of China RuyiEvergrandeAfter several transactions, Tencent is now the controlling shareholder.

At present, the prospect of Wanda’s listing is uncertain, the debt concentration expires, and the selling of assets to cash in can’t help but remind the outside world of six years ago, also under the pressure of debt, Wanda sold off its assets and "broke its arm to survive". After that transformation and privatization, in early 2018, it was Tencent that took the lead, joined JD.com, Sunac, and invested 34 billion yuan in Wanda to "untie" Wanda and support its valuation.

Wang Jianlin was born in the tail of the planned economy, grew up in Sichuan, joined the army in Jilin, and started in Liaoning; Pony Ma grew up in Shenzhen, the bridgehead of reform and opening up. The two people, who are 18 years apart, have very different personalities and experiences. It is in the tide of private economy that they gradually come to the same end.

After taking the lead in investing in Wanda, Wang Jianlin and Pony Ma have been tied to the same boat. From the "Teng Million" cooperation in 2014, to Tencent’s leading investment in 2018, and then to the current delivery of life-saving money, Wanda’s two most dangerous turns, Tencent’s figure has always been around.

"After years of business and wealth, everything has always come to nothing." This is a poem written by Wang Jianlin many years ago. If not for Pony Ma, the metaphor of "everything" coming to nothing may have come true.

01

The first turning point in the lives of 68-year-old Wang Jianlin and 51-year-old Pony Ma both took place in 1989.

In 1986, Wang Jianlin switched from the army to serve as the office director of the Xigang District People’s Government of Dalian City. In 1989, he came to Xigang District Housing Development Company as the general manager, which was the predecessor of Wanda.

Also in 1989, Pony Ma was admitted to Shenzhen University. Shenzhen University did not have the astronomy department that Pony Ma was most interested in, so he settled for the next best thing and entered the computer major of the Department of Electronic Engineering.

From the perspective of the time, the two people were of different ages and backgrounds, and their life paths were very different, so there was no possibility of intersection. But with the vigorous development of the private economy, the two gradually came together on the road to business.

In September 2013, Hurun rich list, Wang Jianlin with 135 billion yuan wealth, more than Zong Qinghou family, the first time to become the Chinese mainland "richest man", this is the first time the real estate boss to get the "richest man" title. On the list, Pony Ma with 62 billion yuan wealth ranked third, when real estate was in full swing, the Internet is in the limelight, the former’s growth rate made other industries look at, the Internet’s growth rate made real estate developers are shocked.

As a commercial real estate leader, Wanda began to feel pressure from e-commerce platforms. Wang Jianlin once said that he "wants to establish an Internet e-commerce website that is different from Taobao and JD.com".

And Tencent, which has a social empire, also wants to make a difference in the field of e-commerce, so in 2014, facing a common opponent, Wang Jianlin and Pony Ma came together as "e-commerce partners".

In 2014, Wang Jianlin introduced Tencent, Baidu, the three giants announced the establishment of Wanda e-commerce company, Wanda Group held 70%, Tencent, Baidu held 15%, and plans to invest in the next five years 20 billion, to build the world’s largest O2O electricity supplier company.

Wang Jianlin’s expectations for this project are not high, and the lineup of "Teng Million" is also luxurious enough, but this seemingly strong and powerful commercial aircraft carrier is unfavorable. After the first phase of 5 billion yuan of funds burned out, Tencent and Baidu announced their withdrawal, and Wanda E-commerce ended hastily.

The failure of the "Teng Million" alliance is not surprising. The three companies seem to be strong, but none of them have e-commerce genes. The experience of the leading party Wanda in traditional commercial real estate has become a shackle for its e-commerce development.

This cooperation ended without success, Wang Jianlin 5 billion bought a lesson, but also harvested the friend of Ma Yun, this friendship will play a key role in the future.

02

In June 2017, a risk investigation letter from the China Banking Regulatory Commission pushed Wanda to the bottom, and Wanda’s six overseas project financing encountered strict control.

Real estate is a high-wire business, and the financing channel is the balance pole held by real estate developers. The two ends of the pole are assets and liabilities. The investigation of the Banking Regulatory Commission has greatly affected Wanda’s financing ability, and Wang Jianlin has to sell assets.

In July 2017, Wanda’s 13 cultural tourism projects and 77 hotels were packaged and sold to Sunac and R & F. Speaking to the media, Wang Jianlin said: "The transfer of the project can greatly reduce the debt of Wanda Commercial and further realize asset-light operation."

The move to sell assets at a low price has made the outside world question Wanda’s capital chain, but from the logic of buying and selling, Wanda sold assets at the same time, but also quickly reduced its liabilities, without hurting its bones. According to the financial report data, Wanda Group’s revenue in 2018 was 2142.8 billion yuan, completing 101.6% of the annual plan.

Wanda was able to escape from this crisis, except for Wang Jianlin’s decisive means of "breaking the wrist of a strong man", the actions of Pony Ma and others were also contributed.

On January 29, 2018, the official website of Wanda Group announced that Tencent Holdings, as the main sponsor, signed an agreement with Sunac, JD.com, Sunac China and Wanda Commercial in Beijing, planning to invest 34 billion yuan to acquire about 14% of the shares held by investors when Wanda Commercial Hong Kong H shares were delisted. According to this calculation, the total valuation of Wanda Commercial exceeded 240 billion ********ch higher than the 196.50 billion yuan at the time of delisting.

For Wang Jianlin, this financing is "three birds with one arrow". First, this financing solves the problem of overseas debt; second, by partnering with Tencent again, Wanda can tell the story of "new consumption" to the outside world; third, the support of the four giants’ real money allows the outside world to re-see Wandai, and Wang Jianlin can accumulate strength and seek listing again.

According to media reports, the deal was personally decided by the "No. 1" of the parties. Wang Jianlin personally called Pony Ma, Zhang Jindong, Sun Hongbin, and Richard Liu. After the four were basically finalized, they were handed over to the investment department to follow the procedure. The transaction took less than half a month from negotiation to finalization.

At that time, Caixin reported that this was a "marriage-style investment", and the two most important parties in the "marriage" were of course Wang Jianlin and Pony Ma.

Although the previous cooperation ended in vain, the degree of attention that Pony Ma attached to this cooperation only increased. In May 2019, the always low-key Pony Ma, surrounded by security and staff, walked into Wanda Plaza in Beijing Fengtai Science and Technology Park.

And Wang Jianlin, who is known as "never shopping", spent 2 hours walking around the Wanda Plaza side by side with Pony Ma. The online and offline "traffic king" is framed in the same frame, which aroused the imagination of the outside world.

03

However, less than a year after the same frame, the COVID-19 pandemic arrived, and both companies were affected. No matter how few of them shared the same frame, the vision of new consumption and smart retail was rarely mentioned again. It was not until the listing of Wanda Commercial Management was blocked and Wanda was once again mired in rumors of a liquidity crisis that Pony Ma’s figure reappeared behind Wang Jianlin.

In 2018, Wanda Commercial renamed itself Wanda Commercial Management and divested its real estate development business. In 2021, Wanda Commercial Management divested its business again, further lightening its assets, and seeking to re-list through its subsidiary Zhuhai Wanda Commercial Management.

In order to promote the listing, Zhuhai Wanda Commercial Management has introduced a strategic financing of up to 38 billion yuan in 2021, and the investor lineup is luxurious, including CITIC, China Merchants Group,Country GardenWait, Tencent is also among them.

However, Zhuhai Wanda Commercial Management has failed three times in a row and submitted its fourth statement on June 28 this year.

The IPO time table has been delayed frequently. In addition to facing the pressure of failing to gamble and repaying tens of billions of investment funds with principal and interest, under the influence of pessimism, Wanda has once again fallen into a liquidity crisis. On June 28, Wanda Commercial Management announced that the registration process of 6 billion yuan corporate bonds previously applied for issuance was suspended, and Fitch, Standard & Poor’s and other institutions have also downgraded Wanda’s rating.

In order to re-prop up the "balance pole", Wang Jianlin had to sell assets again. Since March this year, Wanda’s companies have transferred shares and assets related to Wanda Film five times, cashing out about 7 billion yuan. The latest transaction, the opponent is China’s Confucianism controlled by Tencent, and Tencent’s living water has once again flowed to Wanda.

Of course, this time to help Wanda, not only Ma Yun alone, in July 11th, Wanda investment also 2.173 billion yuan trading consideration to the Oriental wealth controller wife Lu Lili transferred 180 million shares of Wanda Film stock.

In fact, under the accelerated recovery of the entertainment industry, Wanda Film is currently one of the few chips for Wang Jianlin to ease liquidity pressure. IPG China Chief Economist Bai Wenxi told Lunch Finance that Wanda Film is currently one of the listed company targets under Wanda Group that are of good quality and easy to strategically transfer or reduce holdings in exchange for repayment.

In addition to selling cultural assets, in May this year, Wanda also plans to sell a payment license for 1 billion yuan to rescue the emergency. Douyin Zhang Yiming is a potential buyer. At present, the two parties have initially contacted, and the transaction has not yet been settled.

For more than 30 years, Wang Jianlin has had both highs and lows in the market, and he has also been used to the ups and downs of his partners and competitors. Since 2013, Wanda has cooperated with real estate companies such as Sunac, R & F, Vanke, and has also intersected with Internet upstarts such as Baidu, Tencent, and Ali. However, in the two important turns of Wanda, only Tencent has always "never left".

From a business perspective, Wang Jianlin has keenly observed the huge changes brought about by the Internet to business, and Pony Ma also realized that online development must ultimately serve offline, which is the basis for the cooperation between the two. In an article published by CCTV recently, Pony Ma said that "the role of the platform economy in empowering the real economy, promoting technological innovation and exploring the international market is increasingly prominent".

The common goal of the two sides is only the basis for cooperation. At present, Wanda wants to sell assets, and the top Internet companies are the few buyers who have the strength to take over.

Of course, the only buyers who are capable and willing are not Ma Yun. Wang Jianlin’s Moments may welcome new members, such as Zhang Yiming, but under the long-term deep interest binding, Ma Yun may be the most important old friend of Wang Jianlin at present.

References:

"Wang Jianlin’s troubles: the road ahead for Wanda Commercial Management to go public is unknown, and Wanda Film’s equity is constantly being sold" Titanium Media

"Teng Million" broke up, Wanda’s e-commerce road collapsed? "China Net

"Wanda financing breaks the deadlock, leading the four giants to target listing within five years" Caixin

"The four giants’ investment in Wanda Insider: Wang Jianlin communicated by phone one by one, and Ali did not vote against it"

"Exploring the store Wang Jianlin Ma Yun joined hands with the" smart square "traffic king cooperation is not easy" Beijing Business Daily

China Economic News Network (Liu Chenxi)On December 26th, at the Wenjie M9 and Huawei’s winter full-scene conference, the luxury technology flagship Wenjie M9 was officially released. As the most important product of the year under Hongmeng Zhixing, Wenjie M9 is equipped with Huawei’s smart car full-stack technology solution. It not only fully boarded Huawei’s top ten smart car black technologies, but also brought many leading-generation product highlights such as new family design, changeable space, smart cockpit, intelligent driving control, intelligent driving, and intelligent security. Provide users with a continuous leading travel experience.

Yu Chengdong, executive director of Huawei, CEO of End Point BG, and chairperson of Smart Car Solutions BU, said: "Qinjie M9 is a landmark product in the era of intelligence. We have brought all the best Huawei smart car black technology to the car. In all aspects that users can imagine and can’t imagine, it has brought a leading generation of excellent experience, redefined the smart car standard, and is a well-deserved luxury technology flagship SUV!"

New family design, six-seat seating

In terms of appearance, the internal and external design of Wenjie M9 continues Huawei’s aesthetic principles of "extreme, pure and simple", and is a design model for Huawei in the era of smart travel. Wenjie M9 offers two solid colors of car paint: "Makino Blue" and "Gilt Black", as well as three double colors: "Danxia Orange", "Yadan Black" and "Galaxy Blue". The interior offers three color schemes: "Wangshu Apricot", "Moon Shadow Grey" and "Red Tea Orange".

Thanks to the new luxury D-class platform and the advantages of integrated die-casting body, Wenjie M9 allows SUV to achieve a flat floor for the first time, and the third row enters and leaves the farewell steps. Wenjie M9 has a front row space of 1045mm, a second row space of 1060mm, and a three-row space of 950mm. It has the largest space performance in the same class. At the same time, the occupant space in the cockpit reaches the largest 2725mm in the same class, with a higher room acquisition rate. It also supports a variety of seat modes with 3, 4, 5, and 6 seats. The sense of vision, space, and flexibility are comparable to mainstream MPV models, easily meeting users’ full-scene travel needs.

The M9 is equipped with six equal-right seats, with a unified front, middle, and rear row configuration. It also has independent charging ports, cup holders, mobile phone slots, and HUAWEI MagLink sockets. Even the third-row seats are equipped with heating functions, providing both practicality and entertainment.

Leading smart cockpit, intelligent interaction is further advanced

The M9 is equipped with the new HarmonyOS 4 and the new HUAWEI SOUND excellent series, and the whole car is fully equipped with 10 screens. At the same time, Xiaoyi is equipped with an AI large model for the first time, creating more full-scene possibilities for users.

The M9 is fully equipped with up to 10 screens, ready to meet the full scene needs of users for driving, entertainment and work. Among them, the industry’s first car-level projection system is on board, with a 32-inch lifting projection screen, which perfectly replicates the cinema-level viewing experience.

The new HUAWEI SOUND Excellence Series has flagship hardware configuration, equipped with 25 units of professional-grade audio, and the power amplifier output reaches 2080W. The star ring scatter integrates light and shadow aesthetics, acoustic technology and AI wisdom, making the audio-visual effect more shocking. At the same time, the flagship-level hardware is matched with Huawei’s leading technology and algorithms, bringing super-sensory spatial sound, smart sound field, privacy sound shield, smart dessert bit, and many other original functions in the industry, so that the sound is more than just listening.

Xiaoyi, the intelligent assistant in the car, has been further upgraded and optimized to become the "strongest brain" of the Wenjie M9. At the same time, Xiaoyi also has unimaginable voice interaction capabilities, and the whole car has six seats without waking up. Xiaoyi can not only identify the identity of each passenger, but also know where they are sitting, respond accurately and provide personalized services.

Leading smart driving control, no restrictions on smart driving

The Wenjie M9 is equipped with the leading generation of Turing intelligent chassis, adopts front and rear multi-link independent suspension, intelligent closed air suspension and CDC variable damping shock absorber as standard in the whole system, and the body height is intelligently adjusted in 5 gears, with both comfort and handling. Based on the HUAWEI iDVP smart car digital platform, through the multi-modal fusion sensing system, HUAWEI DATS dynamic adaptive torque system and HUAWEI xMotion intelligent body collaborative control system, the mechanical quality is maximized with AI and software capabilities, bringing a better driving, safe and comfortable driving experience.

In terms of power, the pure electric model has the highest mass-produced speed motor in the industry at 22000rpm, and the 0-100km/h acceleration time is only 4.3 seconds, which is comparable to supercars; the ultra-low power consumption is only 17.4kWh/100km, bringing users four-wheel drive power and two-wheel drive energy consumption. The extended range model is equipped with a pure electric drive extended range platform 4.0, with an industry-leading 15:1 compression ratio. With the intelligent range extension system, the CLTC has a comprehensive battery life of up to 1362km (42-degree battery)/1402km (52-degree battery), and the pure electric battery life reaches 225km (42-degree battery)/275km (52-degree battery).

Huawei’s industry-leading intelligent vehicle light technology, such as Huawei’s HUAWEI ARHUD head-up display system, HUAWEI XPIXEL megapixel smart projection headlights, etc. HUAWEI ARHUD deeply integrates real scenes with smart driving, and the wide light blanket allows users to drive and meet on narrow roads more safely, and jointly helps smart driving control enter the light age.

Q & J M9 fully upgrades the HUAWEI ADS 2.0 high-end intelligent driving system, equipped with a newly designed 192-line lidar, with more powerful accurate detection and fast response capabilities. Q & J M9 has leading parking capabilities, visible and easy to park, supports custom parking spaces and traced reversing, and brings innovative parking and driving functions, so that there is no anxiety in parking the car from now on.

Leading hardcore security, security is the greatest luxury

Safety is the greatest luxury. In terms of passive safety, the super Xuanwu body adopts the most stringent design standards, and the body aluminum alloy volume accounts for 80%. The whole car is made of 2000MPa nuclear submarine-class thermoformed steel in 12 places, with high-grade batteries, cockpit, privacy and security protection, to escort users every trip.

Based on the powerful capabilities of HUAWEI ADS 2.0, the forward AEB capability of the Q & J M9 is further advanced. The forward stationary vehicle AEB active braking speed supports a maximum of 120km/h, covering human driving and intelligent driving scenarios. Lateral support 40-120km/h active obstacle avoidance, backward support 1-12km/h active braking, greatly reducing the probability of accidents. In addition, the Q & J M9 is also equipped with ESA emergency steering assistance system for the first time. When there is a risk of collision between the vehicle and the target in front, it can automatically control the steering to assist the driver to avoid collisions, bringing safer intelligent avoidance capabilities to users.

　　In 2024, the Hurun Rich List and the New Fortune 500 Rich List were released. Zhong Shanyuan, the founder of Nongfu Spring, once again topped the throne of China’s richest man with a total wealth of 450 billion yuan and a shareholding market value of 456.27 billion yuan. This is also his fourth consecutive title as China’s richest man. Mineral water is a traditional industry with intense competition and meager profits, but Nongfu Spring has achieved a hundred billion empire on such a track. What is the mystery?

　　High gross margin and ROE lay a solid foundation for Nongfu Spring

　　Despite the fierce competition in the mineral water industry, Nongfu Spring has an advantage among its peers due to its high gross profit margin and return on assets. The company’s net profit margin on sales in 2023 is as high as 28.15%, ranking among the best in the consumer goods industry, surpassing international giants such as Coca-Cola. At the same time, Nongfu Spring’s average ROE from 2019 to 2023 is 41.14%, and it will reach a high of 45.88% in 2023. This is mainly due to the company’s outstanding performance in supply chain management and cost control. Taking 2019 as an example, Nongfu Spring’s ability to control the cost of raw materials and packaging materials, logistics and transportation is significantly better than that of its peers, laying a solid foundation for high profit margins. Excellent profitability provides a guarantee for Nongfu Spring’s continuous and stable cash flow, and accumulates abundant capital for subsequent development.

　　All-category layout and innovation empower Nongfu Spring to develop incremental markets

　　The success of Nongfu Spring in recent years also lies in the industrial layout of all categories of beverages and the ability to cultivate new brands. In 2023, the company’s beverage business revenue accounted for more than mineral water for the first time, reaching 49.5%. Tea beverages, functional beverages, fruit juices and other categories together contributed more than 20 billion yuan in revenue. The matrix strategy across 17 brands and multiple categories has allowed Nongfu Spring to gain more incremental space outside the saturated mineral water market. Taking the tea drink "Oriental Leaves" as an example, the company has turned this "hardest drink" into a star product with 12.66 billion yuan in revenue, becoming the second growth curve after mineral water. With the support of innovative research and development capabilities, Nongfu Spring has continuously introduced new products, such as 100% tomato juice and 100% carrot mixed fruit and vegetable juice, to attract consumers’ attention with differentiated plant protein drinks.

　　The huge sales network and superior water sources are the moat of Nongfu Spring

　　Why can Nongfu Spring remain invincible in the fierce competition? In addition to the above factors, strong channel network coverage and high-quality water source endowment are the company’s core competitiveness that is difficult to replicate. In 2022, the company has more than 4,500 distributors, through which its products will be covered to more than 2.37 million end point retail outlets across the country. At the same time, the company’s high-quality water resources in Zhejiang Qiandao Lake, Jilin (), Hubei Danjiangkou and other places not only provide unique conditions for the production of Nongfu Spring high-end mineral water, but also bring synergy effect to the supply chain system of other beverage products, reducing comprehensive operating costs. With high-quality water sources and integrated operation from source to end point, Nongfu Spring has built an insurmountable moat in the industry competition.

　　After going public in 2020, Nongfu Spring handed over a bright transcript: a cumulative net profit of 33 billion yuan and a cash dividend of 23.10 billion yuan for three consecutive years. In the first two years of listing in Hong Kong, the company’s market value once rose to 750 billion yuan. Although it has since fallen back, it has stabilized in the 450 billion-500 billion yuan range. The price-to-earnings ratio in 2023 is 33 times, which is favored by Huatai Securities. It is given a valuation of 38 times, corresponding to a total market value of 459 billion yuan. This valuation reflects the capital markets’ affirmation of Nongfu Spring’s status as a "mineral water empire". Under the influence of external uncertainties such as brand crisis and market fluctuations, Nongfu Spring’s mature public relations and innovation capabilities have allowed it to move forward steadily and continuously consolidate its leading position in the industry. Zhong Shanyuan has achieved the pinnacle of mineral water, a traditional industry, and achieved the business legend of the era that belongs to Nongfu Spring.

    International Online auto channel News: Recently, following the merger of Geely and Volvo’s "official announcement", Geely Automobile announced the new compact SUV Xingyue L under CMA high-end series products to be launched in 2021, which will be equipped with Volvo Drive-E 2.0TD engine — — 2.0TD-T4 EVO and 2.0TD-T5 two Nordic luxury power. This is another "subversive" news brought to the industry by Geely after it announced its name "Xingyue L" at the start of the new year. This new car, which is positioned as a compact SUV and enjoys the reputation of "subversive SUV in China", shows the vitality of everything in early spring.

Geely xingyue l

    It is understood that on the basis of successful cooperation in the past decade, Geely Automobile and Volvo Automobile will play a synergistic role, continue to expand cooperation areas, deepen cooperation in the new four modernizations of automobiles, especially merge powertrain business into a new company in the form of equity merger, focusing on developing a new generation of dual-motor hybrid systems and efficient internal combustion engines, which are of the same origin as the world and fully empower Geely brand models including Xingyue L.

Geely and Volvo merge

    As the flagship SUV model based on CMA super matrix structure jointly developed by Geely Automobile and Volvo Automobile, the 2.0TD engine of Xingyue L is the high-end power product of Volvo Drive-E — — VEP4 inline four-cylinder all-aluminum turbocharged mid-range direct injection gasoline engine takes into account the high performance of luxury cars and the economy and energy saving of A-class SUVs, and completely subverts the product value of strong joint venture brands. The engine is made of all-aluminum and has obvious advantages in light weight, low fuel consumption and NVH. It has won the "Top Ten Engines of Ward" for three years in a row, and has been widely used in Volvo XC90, Volvo S90, Lectra 03, Lectra 03+,Lectra 05 and other models, and its global cumulative sales have exceeded one million. In addition, relying on the intergenerational leading "electronic and electrical architecture", the Drive-E engine has a future-oriented electrification design concept, which also means that the Drive-E engine has more room for intelligent evolution and can continuously create more extreme driving experience for users.

Drive-E 2.0TD engine

    The data shows that the 2.0TD engine of the whole system of Xingyue L has two versions of medium and high power. The medium power version has a maximum power of 160kW and a maximum torque of 325 N m. The transmission system is matched with a 7-speed wet DCT gearbox, and the maximum transmission efficiency can reach 97.2%. This gearbox has high transmission efficiency and strong economy, and is well-known in shifting logic and speed, fuel economy and other aspects. It has shipped over one million vehicles worldwide and its quality is stable and reliable. The high-power version has a maximum power of 175kW and a maximum torque of 350N·m, matching the world-leading Aisin 8AT gearbox. Aisin 8AT gearbox has many advantages, such as high reliability, smooth shifting, light weight, low noise and small vibration. At present, it is mostly used in many ultra-luxury models such as Porsche Cayenne and Volkswagen Touareg, and its market share ranks first in the world. The two sets of power combinations are perfectly matched. After full market verification, the powertrain of Xingyue L far exceeds the mainstream SUVs of strong joint venture brands such as Volkswagen Tiguan L, Honda CR-V and Toyota RAV4 Rongfang in terms of maximum power and maximum torque.

Drive-E 2.0TD engine

    As a Nordic luxury power, this 2.0TD engine is Volvo’s manufacturing standard, luxurious technology, micron factory, world quality, mature and reliable, powerful, efficient and fuel-saving, achieving 2.0T power, with only 1.5T fuel consumption. It also has a unique supercharging mode, with a wide peak torque burst range of 1800~4500 rpm. Because the engine uses a low inertia turbocharger, when the engine speed reaches 1000rpm, the turbine can intervene to eliminate the turbine hysteresis and improve the response speed. The maximum speed of the turbocharger can reach 240000rpm, and the power response is rapid, so that the engine can provide more sufficient power reserve in the middle and high speed range.

    It is worth mentioning that this Drive-E engine is not only mounted on luxury models such as Volvo XC90, but also the only mass-produced product that has been tested by the track and is closest to the racing engine. As the first car under CMA modular architecture — — Lectra 03 was equipped with this engine and won the first "World Champion" of China Automobile in WTCR’s world-class events. It has the same origin with the world and has been tested by the track, which fully verified the reliable quality and ultimate performance of this engine in many aspects.

Geely xingyue l

    Judging from the published product information, the high performance, high intelligence and high value of Xingyue L have become a new emboldened force to subvert the market structure of joint venture SUV. With the merger of Geely and Volvo and the establishment of a new company for the merger of powertrain business, the products of Geely and Volvo will continue to be empowered in the future. Coupled with the advanced technology of CMA Super Matrix, Xingyue L will not only become another "cow" of Geely’s global SUV strategy, but also represent China Auto and mainstream joint venture brands to compete in the SUV market. (Source: Geely Automobile)