Recently, many members of the public claimed that

There are new rules for 2019 driver’s license

It involves the automatic downgrade of driver’s license!

A1 becomes A2, C1 becomes waste paper.

Various micro-signals

It’s all true.

Is it true?/You don’t say.

These articles say

There are four situations in which a driver’s license will be automatically downgraded.

↓↓

The first one is the holder of A-class and B-class driver’s license, and there has been a major accident that bears the main responsibility;

The second behavior is that the holder of A-class and B-class driver’s license is deducted 12 points within one cycle;

The third is that the holders of Class A and Class B driver’s licenses have not participated in the annual inspection for three consecutive scoring cycles;

The fourth is that after the owner reaches the age of 60, the vehicle management office will automatically reduce the driver’s license to C1 driver’s license.

What is the truth?

Come and see!

There are indeed provisions for cancellation and demotion of driver’s license.

But it is not a new rule.

The specific regulations are also different from rumors.

In September 2012, the Ministry of Public Security promulgated Order No.123 of the Ministry of Public Security, in which Article 68 stipulates that drivers with driver’s licenses for large buses, tractors, city buses, medium-sized buses and large trucks shall be disqualified from driving with the highest permitted driving type under any of the following three circumstances:

(a) a traffic accident caused death, bear the same responsibility, does not constitute a crime;

(2) Having scored 12 points in a scoring cycle;

(3) Failing to participate in the examination for three consecutive scoring cycles.

This regulation has been implemented since January 1, 2013, and has been implemented for 6 years. It is not a new regulation! It has been revised to article 78 of Decree No.139 of the Ministry of Public Security.

As for the rules of demotion,

It’s not what the internet says.

Rumor has it that the first situation of driver’s license downgrade is that the holders of Class A and Class B driver’s licenses have a major accident for which they are mainly responsible. As a matter of fact, the holders of A-class and B-class driver’s licenses have a traffic accident that causes death and bears the same or more responsibilities, and do not constitute a crime, only then can they meet the conditions of cancellation and demotion.

The rumored third demotion situation is that the holders of Class A and Class B driver’s licenses have not participated in the annual inspection for three consecutive scoring cycles. In fact, when the holders of Class A and Class B driver’s licenses do not violate the rules in a scoring cycle, this scoring cycle can be exempted from verification. Therefore, three consecutive scoring cycles are not verified, which means that three consecutive scoring cycles need to be verified and have not been verified.

The demotion is not a level-by-level demotion. If the driver’s highest permitted driving type is A1, then the large and medium-sized vans that are permitted to drive after demotion will become A3, B1 and B2. If the driver’s maximum permitted driving type is A1 and A2, the large and medium-sized vans that are permitted to drive after demotion will become A2 and A3…… … as follows:

C1 driver’s license will not become waste paper after being scored 12 points, but it needs to take full mark study and subject 1 exam.

In addition, Order No.139 of the Ministry of Public Security, which came into effect on April 1, 2016, stipulates that drivers who have been demoted should go through the formalities of cancellation, demotion and replacement within 30 days after receiving the notice. If they fail to do so within the time limit, their driving qualification for the highest permitted driving type will be declared invalid. It is not an "automatic downgrade" of network transmission.

As for the fourth point of net transmission,

After the owner reaches the age of 60, the C1 driver’s license will be downgraded.

Actually, it’s like this

According to Decree No.139 implemented by the Ministry of Public Security in 2016, the original 60-year-old driver’s "Physical Condition Certificate" submitted after each scoring cycle was changed to 70 years old from April 1 of that year.

In addition, drivers over 60 years old are not allowed to drive large buses, tractors, city buses, medium-sized buses, large trucks, trolleybuses and trams;

People over 70 years old are not allowed to drive low-speed trucks, three-wheeled vehicles, ordinary three-wheeled motorcycles, ordinary two-wheeled motorcycles and wheeled self-propelled vehicles.

Drivers should go to the vehicle management office to get the corresponding driver’s license, but it will not be automatically downgraded.

Rumors about traffic regulations

It seems that every year, there is something new.

Will appear every once in a while.

Misunderstanding of the new regulations or even false news.

Netizens must not spread rumors.

With or without new rules.

The principle of paying attention to safety in driving is unchanged.

Dear internship, junior, intermediate and advanced drivers.

Ten million rules, safety first.

Driving without rules, two lines of tears for relatives.

Let’s give you the most complete traffic violation score table.

New and old drivers, put them away quickly!

Guess you want to see it

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Editor | Gaoming released WeChat editorial department

Information | Guangzhou Daily, Southeast Network, Yangzhou Evening News, CCTV News Weibo, Ministry of Public Security website

Please click here to look good ~

According to the website of the Ministry of Commerce, on October 10th, a spokesman of the Ministry of Commerce answered a reporter’s question about the US Department of Commerce upgrading its export control to China in the fields of semiconductors and adjusting its "unverified list" of export control.

A reporter asked: Recently, the US Department of Commerce upgraded its export control measures to China in the fields of semiconductor manufacturing and advanced computing. At the same time, in the process of removing 9 China entities from the "unverified list", 31 China entities were added. What is China’s response to this?

A: China has noticed the relevant situation. First of all, through the joint efforts of China and the United States in the previous stage, nine China entities were finally removed from the "unverified list", which was welcomed by Chinese and American enterprises. This shows that as long as the two sides adhere to the principle of frank cooperation and mutual benefit, they can find solutions that are beneficial to both enterprises.

At the same time, however, the United States added 31 China entities to the "unverified list" and further upgraded export control measures in the fields of semiconductors. This is a typical technological bullying practice, which not only violates the spirit of cooperation between the two sides and ignores the facts of cooperation between the two sides, but also seriously hinders the normal economic and trade exchanges between Chinese and American enterprises, seriously undermines market rules and international economic and trade order, and seriously threatens the stability of the global industrial chain supply chain. China firmly opposes this.

The US approach not only affects the legitimate rights and interests of China enterprises, but also harms the legitimate commercial interests of American export enterprises. The United States should immediately stop its wrong practices and give fair treatment to enterprises from all countries, including China enterprises. China calls on all parties to strengthen cooperation and jointly build a safe, stable, smooth, efficient, open, inclusive and mutually beneficial global industrial chain supply chain system.

　　Cctv news(Reporter Li Shaofei) Because of the state visit of the Supreme Leader of president, China, the reports on Serbia have suddenly warmed up.

　　But in fact, in China, most people know little about Serbia. Talking about this country with the "key to the Balkans", Chinese people are still more impressed by the "Yugoslavia" era, which has become a historical term.

　　In that distant but unforgettable memory, there are Tito, the leader who never bowed to power, Walter, the elusive guerrilla hero, the passionate Yugoslav football, and the vicissitudes and beautiful ancient city Belgrade … …

　　Man of iron "Tito"

Tito statue (photo by Xue Qun) Image source: Xinhua International

　　There is no doubt that Tito is the totem of modern Yugoslavia. In the special era of the two world wars, in the face of the invasion of fascism, Tito, as commander-in-chief of the People’s Army, United the divided Balkan Peninsula into a powerful whole with his super personal charm, and Yugoslavia, which was formed by the union of six republics including Serbia and Croatia, twisted into a rope and fought bravely against the invaders.

　　Tito’s legend goes beyond that. After World War II, unlike most socialist countries, Yugoslavia under his administration deliberately kept a distance from the Soviet Union and insisted on independence and non-alignment movement. Yugoslavia is the only socialist country in Europe that has not joined the Warsaw Pact, openly challenging Big Brother.

　　After successive assassinations, Tito said strongly in his letter to Stalin: Don’t send someone to kill me. We have arrested 500 people, some with bombs and some with guns … … If you still send someone to kill me, then I will send someone to Moscow, and I will definitely not send the second one.

　　In 1974, 82-year-old Tito became the lifelong president of Yugoslavia. In 1977, the communist party revolutionary was invited to visit China. Tito, who insisted on independence and was not afraid of power all his life, was warmly sought after in China.

　　In 1980, Yugoslavia’s "God-given leader" died of illness. Twelve years after Tito’s death, the Socialist Federal Republic of Yugoslavia, which was founded by this great leader, was dissolved.

　　Guerrilla hero "Walter"

　Walter Defends Sarajevo has influenced a generation in China, and Walter’s image is deeply rooted in people’s hearts. Image source: Xinhuanet

　　If Tito is a realistic hero of Yugoslavia, then Walter is a superman on the screen.

　　Walter is from the classic Yugoslav film Walter Defends Sarajevo. In the 1980s, this film was introduced into China and gained a large number of fans.

　　Walter, the hero, is brave and witty, and the heroic image of leading guerrillas to fight against German Nazi aggression is deeply rooted in the hearts of Chinese people. Walter has also become synonymous with Yugoslav nationals, so that today, more than 40 years later, the death of Bata Zivojinovic, the leading actor in the film, still arouses a flood of nostalgia in China, which shows the influence of Walter in China.

　　This reflects the popularity of Yugoslav films in China in those years. Apart from Walter Defending Sarajevo, films and TV works such as The Bridge and The Blacklist are also popular in China. It can be said that in the 1970s and 1980s, Yugoslav films were as popular in China as domestic audiences loved Hollywood blockbusters.

　　The Golden Age of Yugoslav Football

Red Star Belgrade, which won the Champions League in 1991

　　Football is another indelible impression of Yugoslavia. In the second half of the last century, Yugoslav football, with both European body and American skills, was at its peak.

　　In the first World Cup after World War II, Yugoslavia finished fifth, and in the 1962 World Cup, they reached the semi-finals. The record of the European Cup is even more brilliant. In 1960 and 1968, Yugoslavia won the runner-up twice.

　　After entering the 1980s and 1990s, Yugoslav football reached its peak. The domestic league champion Red Star Belgrade won the Champions League in 1990-91 and the Toyota Cup in 1991, and a number of talented players such as Suk, Bo Ban, savicevic and Pan Caifu were born. At that time, European giants such as Real Madrid, Barcelona and AC Milan often had Yugoslav players.

　　However, in a longer period of time, Yugoslav football is playing a sad role. Although there are many talented people, due to internal consumption and disputes, Yugoslav football at the national team level has never won the championship.

　　In 1992, the Yugoslav team, which was at its peak and had a high voice to win the championship, had to quit because of the civil war, resulting in a romantic "Danish fairy tale", which replaced Yugoslavia and won the championship in one fell swoop.

　　After the dissolution of the Yugoslav Federation, that beautiful and sad golden age also went with it. However, the glory and beauty of the past are still amazing from time to time. The words of former Bosnia and Herzegovina coach Susic are the epitome of this complex: "If it weren’t for the war, Yugoslavia might win the World Cup one day. I know that thinking like this has long been useless, but sometimes you still dream that all this can happen. "

　　The city called Belgrade.　

Belgrade　

　　As the former capital of the Federal Republic of Yugoslavia and now the capital of Serbia, Belgrade, together with Havana in Cuba and Tirana in Albania, has been regarded as the three bright lights of socialism for a long time, and Chinese people have special feelings for this historic city.

　　But sadly, due to fierce and frequent wars, this beautiful city has experienced hardships and scars. During World War II alone, it was bombed twice: in 1941, the attack by German troops paralyzed all the public service systems in this city, and the destroyed buildings included the National Library and most government agencies. At the end of the war in 1944, British and American planes bombed Beicheng under the Nazi occupation of Germany for another half year. After the end of World War II, more than one third of the houses in this city were in ruins. In 1999, this modern city was attacked by NATO again.

　　After entering the new century, this ancient city finally ushered in a relatively quiet period, and Belgrade was able to regain its glory. Today, beautiful sava river passes through the urban area, dividing Belgrade into two parts, an antique old city on one side and a new city with modern buildings on the other.

　　People can easily stroll in the Mikhail Square in the center of the city, or walk in the artistic old street of Scatania. You can also climb the ancient castle in Kalemegdan Park and look out. Here, the clear sava river pours into the long Danube, and the whole city has a panoramic view.

　　On 17th, it will welcome the distinguished guests from China and continue to write the friendship story between two legendary countries.

() The business review of the Board of Directors in 2021 is as follows:

　　I. Discussion and analysis of business conditions

　　2021 is a significant year. We welcome the 100th anniversary of the founding of the Party, and at the same time start the first year of the implementation of the 14th Five-Year Plan. All Hongfa cadres and employees always adhere to Hongfa culture and characteristic management philosophy, unite as one, work hard, achieve impressive business results, and achieve a bright start in the 14 th Five-Year Plan.

　　In 2021, the company rose to the 6th place in the comprehensive ranking of economic indicators of electronic component enterprises in China, and ranked 89th in the top 100 enterprises with electronic information competitiveness, both of which were the best in history. The company’s market share in the global relay field has increased by nearly 3 percentage points compared with 2020, further consolidating the position of relay products as the first in the world.

　　(1) The Tenth Five-Year Plan of Hongfa Co., Ltd. and Development Plan for the Next Twenty Years was officially released and implemented, which pointed out the direction for the company’s long-term development.

　　In June, 2021, the Tenth Five-Year Plan of Hongfa Co., Ltd. and the Development Assumption for the Next Twenty Years (hereinafter referred to as "Planning and Assumption") was officially released. The development blueprint drawn by this plan and vision and the development vision for the next 20 years not only cover the overall planning of the company and the planning of each functional module, but also subdivide the planning of each business department and each enterprise, as well as the parts planning and mold planning related to the medium-and long-term production preparation of the enterprise, which together constitute an all-round and three-dimensional development strategic system of the company.

　　The planning and assumption firmly grasp the characteristics of Hongfa, and it is clear that we will continue to thoroughly implement the three development ideas of "crossing the threshold, expanding categories and improving efficiency", strictly follow the 16-character management policy of "unified planning, strengthening concentration, combining vertical and horizontal, and implementing in blocks", always adhere to the core business philosophy of "winning by quality" and the dual core of "quality and efficiency", and firmly advance along the development path of Hongfa’s characteristics. By the end of the "14th Five-Year Plan", the company will become a world-class brand in the relay industry, ranking first in the world, becoming one of the important switch product manufacturers in China, and stepping into the ranks of professional connector manufacturers; By the middle of the Tenth Five-Year Plan, the business scale will reach 20 billion yuan, making it a leading global enterprise with distinctive features.

　　Planning and assumption is the first five-year plan for the company to enter a new development stage. It is a plan with a new starting point and a new chapter, which will become an important action guide for the company’s future operation and management.

　　(2) Achieve rapid growth in business indicators and get off to a good start in the 14th Five-Year Plan.

　　(3) Adhere to the "dual core of quality and efficiency" and consolidate and enhance comprehensive advantages.

　　In 2021, the company continued to firmly adhere to the operating characteristics of "double cores of quality and efficiency", and strived to build core advantages in the fierce market competition by improving product quality and per capita production efficiency. Relay products continued to expand into high-end fields, further consolidating and expanding the leading edge.

　　1. The physical quality of products has been steadily improved at a higher level.

　　In 2021, the company organized and completed 77 Six Sigma projects, 697 QCC projects and 15 weekly failure improvement projects around the improvement of key product quality, and the proportion of production lines assessed by the "crossing the threshold" standard steadily increased to 90.1%, of which the proportion of middle and senior production lines reached 69%. The pass rate of weekly inspection is 95.1%, and the key defects of relay products have been steadily reduced to 1.9PPM. The quality of contactors, small circuit breakers, high and low voltage cabinets and three cabinets at the client side has obviously improved, and the market competitiveness has been continuously improved.

　　2. The investment in automatic production line is the highest in history.

　　In 2021, the company’s investment in technological transformation exceeded 1 billion yuan for the first time, and a total of 38 automated production lines were put into use, which was the year in which the company invested the most in automated production lines over the years.

　　During the reporting period, the company firmly adhered to the concept of "five sets in one" in the development of automatic production lines, and exerted the collaborative innovation ability of internal industrial chains, and the quality and speed of production line development were significantly improved. The average period from start-up and development to quality acceptance and mass production of automatic production line of general relay is shortened to 3-5 months, and the investment period of some automatic production lines is only about 2 months; A total of 10 automatic lines have been put into use for automobile relays, and the per capita output value of some automatic lines is planned to reach 2.5 million yuan. The investment in technical transformation of high-voltage DC relay, signal relay, industrial control relay and sealed relay has also promoted the product quality and production efficiency, and achieved good benefits.

　　3. Relay products have further expanded the high-end market, and new categories represented by switches have developed steadily.

　　In 2021, the company’s relay products were eye-catching in the high-end market with excellent performance in quality and excellent cost performance: General Relay became the most important supplier and reliable strategic partner of many high-end brands including Miller, (), Electrolux and Bosi, and its global market share increased by 3 percentage points; In the field of rail transit, it successfully won the bid for several projects of CRRC Group, installed the first standardized subway in China as the core component, and landed on Zhengzhou-Xuzhou line in June 2021, filling the gap of domestic core component rail transit relay; In the new energy vehicle market, we have established cooperative relations with mainstream new energy vehicle factories in the world, including high-end vehicle factories such as Tesla, Mercedes-Benz and BMW, and the global market share of high-voltage DC products has reached 36%; Photovoltaic relays keep up with the development trend of the industry, and their products have been recognized by benchmark customers such as Huawei and (), and their market share in high-end customers exceeds 50%.

　　Low-voltage electrical appliances are gradually on the right track, with annual market sales and per capita payment increasing by more than 20%. The product development is based on the principle of "laying a solid foundation and accumulating strength", and the products are built from the source in a down-to-earth manner. The product lines such as power control, power distribution and small interruption have initially established a platform-based universal series, and the key technologies have achieved remarkable results, and important breakthroughs have been made in the fields of customer customization and special subdivision. In 2021

　　On the basis of the smooth operation of the first small automatic production line, we will continue to push forward several automatic production line projects according to the requirements of "high quality and high standard", and the core competitiveness of enterprises is gradually taking shape.

　　(4) Insist on innovation-driven, and change the technological development from following to leading, providing a strong impetus for the "Fourteenth Five-Year Plan".

　　1. Many products are leading the world in technology.

　　In the field of home appliances and smart home market, following the technical trend of frequency conversion and current carrying, we have developed large current carrying products and low-power and miniaturized products with high surge resistance, and their performance and technical indicators are leading internationally.

　　In the emerging application fields of photovoltaic, wind power and energy storage market, we directly cooperate with leading enterprises such as Huawei to develop products, and the technical indicators lead the international market.

　　High-voltage DC relay products combine the extreme safety technical requirements of benchmark customers, overcome the extreme safety technical capabilities such as high short circuit resistance, high limit breaking and low contact resistance, and continuously consolidate the leading edge.

　　It is the first to develop the fifth generation signal relay in the world. Under the condition of maintaining the performance index, the product volume is reduced by more than 50% and the power consumption is reduced by 60%, leading the update iteration of signal relay technology.

　　2. Intellectual property work has gradually shifted from "focusing on evasion" to "taking the lead in protection".

　　In 2021, the company actively conducted risk investigation and patent analysis on 341 products, and consciously conducted investigation and rights protection on competitors’ patents, all of which achieved good results. In 2001, 376 domestic patent applications were completed, including 118 inventions, up 9.26% year-on-year, and 25 international patent applications, up 38.89% year-on-year. The authorization rate of invention patents is as high as 96.97%, and the authorization rate of utility model patents remains 100%, which has established effective intellectual property protection for leading products and technologies.

　　3. Demonstrate the leading edge in the field of standardization, and the international influence of the industry has been significantly enhanced.

　　In the field of international standardization, the company has 5 experts from IEC International Standards Committee, participated in the compilation, revision and opinion handling of 3 international standards throughout the year, and organized 70 international standards to solicit opinions and reply. At home, the company serves as the chairman of China Relay Standardization Committee, leading the formulation, approval and release of two national standards GB/T21711.1 and GB/T16608.1, leading the formulation of two national standards GB/T21711.2 and GB/T21711.2.1 on relay reliability, progressing steadily according to procedures, and newly reporting two national standards GB/T 21711. The company’s work in the field of relay professional standardization further consolidated the company’s leading position in the relay industry and significantly enhanced its international influence in the relay industry.

　　(5) Build a strong production capacity of molds and parts, and lay a solid foundation for the supply chain of products during the 14th Five-Year Plan.

　　In 2021, the company took the mold and front-end capacity building as a major strategy, systematically planned and comprehensively promoted, and further enhanced the overall strength of the industrial chain supply chain.

　　1. Make a systematic and overall plan for the capacity building of molds and parts.

　　In 2021, the company organized the formulation of Mould Management System, Medium-and Long-term Development Plan of Mould, and Tenth Five-Year Plan (Draft) for the former parts, systematically planned the production, technical transformation and site of the former parts, strengthened management, accelerated construction, and provided institutional guarantee for creating "good parts". Establish a statistical management mechanism for the internal matching ratio of key parts, and the internal matching ratio of various major parts such as stamping parts, injection molded parts, contacts and iron cores continues to rise steadily.

　　2. Focus on improving the level of R&D, design, processing and manufacturing of molds.

　　In 2021, the company’s mold center continued to strengthen the development capability of high-precision long-life molds, with the life of dies exceeding 100 million molds and the life of plastic molds exceeding 10 million molds, reaching the first-class level in the industry; Improve efficiency and shorten delivery time. The proportion of T1 days within 60 days reached 80%, the annual mold output increased by more than 50%, and the TEEP of 36 GA key equipment increased by 22.43%. Continue to increase investment in technological transformation, introduce CNC machining center production line, spark machine, high-speed machining center, OPS graphite discharge unit and other equipment to further enhance R&D and manufacturing capabilities. The MES project of mold is put into operation, which forms a platform of information flow synchronous exchange management of mold design, manufacturing and design change, realizes integrated manufacturing and systematic management of mold data with MES system as the core, and lays a solid foundation for building a systematic, automatic and intelligent mold manufacturing factory.

　　3. Strive to build a first-class component manufacturing base.

　　The manufacturing of parts and components starts from the research of basic theory, and many breakthroughs have been made in technical research. The highest punching speed can reach 1200 times/minute, the shortest injection cycle is 4.5 seconds, and the injection mold for pushing cards can reach up to 128 cavities. The qualified rates of injection parts, metal workpieces, contacts and iron cores in comprehensive batches reach 99.65%, 99.45%, 99.55% and 99.08% respectively, all reaching the advanced level in the industry.

　　Inherit the advantages and experience of relays, benchmark the world first-class, highlight the goal of "high quality, high speed, strong adaptability and high cost performance", and implement them in blocks according to the characteristics of new products, so as to build the independent supporting capacity of key components of new products. Actively introduce core production technology and equipment, and successively overcome key core technologies such as precision forming of high-voltage DC close-wound bobbin, which will help the development of new products.

　　(VI) Firmly implement the 16-character management policy of "unified planning, strengthened centralization, vertical and horizontal integration and block implementation", improve the management level of the company and ensure the smooth implementation of the "Tenth Five-Year Plan".

　　1. Strengthen performance appraisal under the guidance of planning to ensure the smooth implementation of the company’s strategic objectives.

　　In 2021, performance management will continue to focus on the guiding ideology of "taking strategy as a guide and constantly solving the bottleneck problem in development", focusing on the operating characteristics of "quality and efficiency" in terms of project and weight setting, and guiding enterprises to continuously build core competitiveness; In terms of goal setting, based on the "Tenth Five-Year Plan" and combined with the macroeconomic situation and competition pattern faced in 2021, the appropriate development goals are determined, and the completion situation is followed up in time through the combination of monthly statistics and quarterly analysis. At the end of the year, the business results of the enterprise are measured based on performance evaluation and the subsequent improvement direction is identified to ensure the smooth implementation of the company’s planning and strategy.

　　2. Informatization construction has been promoted to the deep water area, and the pace of digital transformation has been accelerated.

　　In 2021, the company stepped up its informatization construction to the deep water area. In addition to continuing to complete ERP, financial sharing and other projects as planned, it continued to implement three phases of projects in the sales field, and completed the comprehensive coverage of CRM marketing management system in domestic and foreign sales organizations. In the field of supply chain and production-marketing collaboration, taking Zhangzhou Hongfa and Xiamen Jinyue as the pilot, APS advanced planning and scheduling software was introduced to initially realize the supply-demand linkage between parts and finished products enterprises; Start S&OP pilot in automotive electronics to create conditions for establishing a visual and integrated supply chain management and decision-making system; In warehousing management, WMS platform at group level is introduced to lay the foundation for subsequent warehousing automation and information integration. The business index statistics of all production enterprises in the company are systematic and automatic, and digital information is increasingly becoming the core strategic resource of the company and plays an important role in business decision-making.

　　3. Further strengthen the unified management of marketing work.

　　In 2021, the company intensified the unified market planning, integrated industry solutions with the energy industry as a pilot, explored the unified promotion mode of the industry, organized centralized research on key customers in the wind energy and photovoltaic industries, and completed the marketing planning and promotion of nine products (series) such as electronic modules and intelligent circuit breakers; Establish a new category promotion department to help the market development of new categories of products; Establish a global account manager system, formulate a global account strategy, and improve the global account management improvement ideas; Continuously improve the information sharing and cooperation mechanism between sales systems, effectively coordinate the conflicts of customer resources between channels, realize the unified platform for orders, unified data drainage, unified channels for external publicity, unified management of customs affairs and sales expenses, and ensure the smooth operation of various businesses.

　　(VII) Promoting the construction of the three major bases as a whole, and creating conditions for the capacity expansion in the 14th Five-Year Plan.

　　At the Xiamen-Zhangzhou base, the second phase of Zhangzhou Hongfa project was completed in May 2021 and successfully relocated and put into production, and the third phase of the project with a construction area of 150,000 square meters was officially launched; The second phase of Haicang Industrial Park, with a construction area of 62,000 square meters, completed preparatory work such as project establishment and scheme design; The electroplating expansion project with a building area of 19,000 square meters in Sunban Factory was successfully completed and will be put into production in early 2022.

　　In the eastern base, the electroplating workshop was put into use in early 2021, and the electroplating internal service of the eastern base began to be realized; Hongzhou New Energy moved into a new factory building and put into production in October 2021. At the same time, various supporting service facilities in the park were gradually improved, and the whole base was initially formed, which created conditions for subsequent capacity expansion.

　　In the western base, in March 2021, the signing ceremony of the investment agreement for the construction of the "14 th Five-Year Plan" project of Hongfa Western Intelligent Manufacturing Industrial Park was successfully held, and the output value of the project will exceed 2.4 billion yuan after completion. In September 2021, the third phase of Sichuan Hongfa Project was officially started. The project has a construction area of 44,000 square meters, and two modern production plants will be built. It is expected that the renovation will be partially completed and put into production in 2023.

　　The rapid progress of the construction of the three bases will provide sufficient plant resources for the company to achieve the "14 th Five-Year Plan" and "create another 10 billion".

　　(8) 2 billion convertible bonds were successfully issued, which helped accelerate the development of the 14 th Five-Year Plan.

　　In September 2021, the company’s project of issuing convertible bonds was unconditionally approved, and it was successfully issued and listed in November, successfully raising 2 billion yuan, which provided a strong financial guarantee for the company’s continuous large-scale and high-quality investment during the 14 th Five-Year Plan period.

　　(9) Major shortcomings and challenges in 2021.

　　In 2021, while achieving good business results, we must also be soberly aware of the shortcomings and challenges we face: the development of new categories of products is still relatively slow; The influence of Hongfa brand does not match the overall strength of the company; There are still obvious shortcomings in the overall development of the company, especially in the eastern base enterprises. Affected by various aspects of the epidemic, the pace of globalization has been hindered; The internal synergy of the company has not been fully exerted, and the organizational structure needs to be further optimized; Cadres’ ideological concept, ability and quality need to be improved continuously, and the construction of talent team has a long way to go. These problems need to be solved in the future work.

　　In 2022, all Hongfa employees will continue to adhere to the company’s "14th Five-Year Plan" under the guidance of the three development ideas and the 16-character management policy, vigorously inherit and carry forward Hongfa’s corporate culture, strengthen their beliefs, be determined to innovate, and strive to do all the specific work to promote the company’s sustained and good development!

　　

　　Ii. the industry in which the company is located during the reporting period.

　　The company’s main product relay is an electronic control device, which has a control system (also called input loop) and a controlled system (also called output loop). It is usually used in automatic control circuits, and it is actually an "automatic switch" that uses a smaller current to control a larger current. Therefore, it plays the role of automatic adjustment, safety protection and conversion circuit in the circuit. When the input quantity (such as voltage and current) reaches the specified value, the controlled output circuit is turned on or off. It has the advantages of fast action, stable work, long service life and small size. Widely used in power protection, automation, sports, remote control, measurement and communication devices.

　　According to the 2021 edition of China Electromagnetic Relay Market Competition Research Report issued by Zhiduoxing Consultant, the global economic situation will improve in 2021, and the relay market will rebound to a certain extent, reaching 58.95 billion yuan in 2025, with an average growth rate of about 8.5% in the five years from 2020 to 2025. According to the data of Zhiduoxing Consultant, the global demand for electromagnetic relays will be about 10.35 billion in 2021, and 11.94 billion in 2025, with an average growth rate of about 5.2% in the five years from 2020 to 2025.

　　With the strong growth of smart home, industrial automation, photovoltaic field, global smart meters, smart cars and the rapid development of new energy vehicles, with the arrival of the 5G era, the relay market will usher in a new round of development. The global manufacturers of electromagnetic relays are mainly concentrated in China, Japan, Europe and America, among which Hongfa shares rank first in the world in market share, while OMRON and Tyco electricity rank second and third respectively.

　　

　　Iii. Business of the Company during the reporting period

　　(a) the main business, main products and their uses, business model.

　　Xiamen Hongfa () Co., Ltd., a holding subsidiary of the company, is mainly engaged in the production, R&D and sales of relays and electrical products. The main products include relays and electrical products, among which electrical products include low-voltage appliances, high-voltage and low-voltage complete sets of equipment and other categories. Relays are the company’s main products, mainly including power relays, automobile relays, signal relays, industrial relays, power relays, new energy relays and other categories, with more than 160 series and more than 40,000 common specifications, with an annual production capacity of over 30.

　　The company’s products have been certified by UL&CUL in the United States, VDE and TV in Germany, CQC in China, etc., and are widely used in household appliances, smart homes, smart grids, new energy, building power distribution, automobile industry, rail transit, industrial control, security, fire protection and other fields.

　　After years of development, the company has more than 30 manufacturing enterprises, established three R&D and production bases in Xiamen, Zhangzhou, East and West, and seven core business divisions, with a workshop area of over 1 million square meters, and has formed a relatively complete industrial chain of relays and electrical products, covering the design and manufacture of production equipment, parts production, finished product production and product sales. The internal industrial chain is as shown in the figure:

　　1. Purchasing mode

　　The main materials consumed by the company include copper, iron, silver wire, enameled wire and engineering plastics. After years of development, the company has established a set of strict procurement management system and supplier management norms, and clearly stipulated and strictly implemented the responsibilities and authority of procurement management, procurement process, supplier selection, procurement price approval, procurement payment and inventory storage management. The specific procurement process is as follows:

　　2. Production mode

　　The relay assembly of the company is in a clean workshop with a class of 100,000 or above, and it is equipped with a negative pressure system to effectively control foreign bodies. The assembly adopts automatic production mode, and has the ability to independently develop first-class relay automatic assembly technology and equipment, including automatic winding, automatic riveting of contact with materials, automatic insertion, automatic welding, etc. In product quality control, online detection technologies such as image system and vacuum leak detection are used, and functions such as online real-time adjustment and defective product sorting are configured, which greatly improves the consistency and stability of product assembly and ensures the physical quality and production efficiency of products.

　　3. Sales model

　　(1) Sales management mode

　　According to the differences of different industries, different regions and target customer groups, the company adopts the sales management mode of combining direct selling and distribution.

　　The marketing channels of the company are divided into international and domestic markets, as follows:

　　① International market

　　International market refers to importers and exporters in China’s overseas market and domestic market, and customers with foreign currency as the settlement unit. The marketing center of the headquarters is responsible for the overall market planning, organization and coordination. The international market can be divided into:

　　(2) Pricing method

　　The overall pricing strategy of the company’s products is to refer to market conditions and cost additive process. When determining the product pricing, the company refers to the market price and adds a certain percentage of profits on the basis of raw materials, processing costs and labor costs to determine the final quotation of the product. The cost of the company’s products will change due to changes in material prices, exchange rates and labor costs, and the company will recalculate the latest reserve price regularly.

　　(2) Market position and competitive advantage of products

　　The development of relay industry is relatively mature, and the market competition is relatively full. The main producing countries include China, Japanese, German and other countries. The company has more than 30 years of experience in relay research and development and manufacturing, and is one of the major relay manufacturers in the world. According to the "2021 Edition China Electromagnetic Relay Market Competition Research Report" issued by Zhiduoxing Consultant, the company’s global electromagnetic relay market share ranks first in the world.

　　According to the 30th-34th Top 100 ranking of electronic component enterprises judged by China Electronic Component Industry Association, there are 7 relay manufacturers on the list, including Acer Power Generation, Guizhou Aerospace, (), Ningbo Tianbo, Huigang Holdings, Ningbo Ford and Shanghai Omron.

　　Among them, macro power generation is in the first place in the relay industry, a sub-industry of electronic components industry.

　　

　　Iv. analysis of core competitiveness during the reporting period

　　In the long-term development process, the company has gradually formed a unique core competitiveness:

　　1. Excellent corporate culture

　　After more than 30 years of development and precipitation, the company has formed a corporate culture system with Hongfa characteristics. The system includes seven core concepts (vision, mission, values, etc.) and six management ideas (quality and efficiency are the core, etc.). The company adheres to the enterprise spirit of "continuous progress and never satisfaction"; It has established the vision of "creating an international brand, building a century-old prosperity", the corporate mission of "representing the national relay industry to win a place in the world" and the core values of "jointly promoting the continuous development of enterprises, making contributions to society and shareholders, and striving to seek better and better interests for employees themselves". Always adhere to the business policy of "market-oriented, quality wins"; The quality policy of "pursuing perfect quality to provide customers with satisfactory products and services" and the code of conduct of "honesty, law-abiding, civilization and dedication".

　　2. High-level technical R&D team

　　The company has the first national-level enterprise technology center, academician workstation, postdoctoral workstation and the largest relay testing center in Asia in the domestic relay industry, focusing on improving quality and efficiency and customizing personalized solutions for customers. The company became the first enterprise in the relay industry to preside over the formulation of national standards. By the end of December 2021, the company had 1,528 valid patents. Relying on the strong technical resource advantages in the relay industry, the company’s technical status in the industry is improving day by day, and it has successively won the honors of "National Technology Innovation Demonstration Enterprise", "National Manufacturing Individual Champion Demonstration Enterprise", "Industrial Product Green Design Demonstration Enterprise" and "National Technology Innovation Engineering Innovative Enterprise".

　　3, advanced mold design, manufacturing and precision parts manufacturing capabilities.

　　Hongfa firmly believes that "good products are made of good parts, good parts depend on good molds, and good molds need good design and equipment". After decades of precipitation and accumulation, it has become a complete industrial chain that deeply integrates the design and manufacture of molds, precision parts and automated production lines. In terms of mold design, manufacturing and precision parts manufacturing capabilities, the company has a strong self-supporting ability of parts, equipped with the world’s top parts production equipment. The precision of Hongfa mold can reach 1μ, and the industry-leading mold design and manufacturing ability shortens the product development cycle and ensures the product quality.

　　4, advanced relay automation equipment design and manufacturing capabilities.

　　In terms of the design and manufacturing capacity of relay automation equipment, the company is one of the earliest enterprises in China that specializes in designing, developing and producing special automation equipment and automation production lines for relay industry. The developed relay assembly production line and the equipment level of the previous part have reached the world-class level. The rising degree of automation improves the company’s per capita production efficiency and ensures the consistency and stability of product quality.

　　5. Advanced and complete product laboratory

　　The company has the largest relay testing center with the most complete facilities in China relay industry, and has set up "three core product testing laboratories" and "four public service laboratories". Establish a laboratory quality assurance system according to the ISO/IEC17025 accreditation criteria, have the independent development ability of non-standard testing systems, meet the non-standard testing needs of different customers, participate in the formulation of international standards such as IEC61810-2/-2-1 and IEC61810-10, and lead the formulation of China standards such as GB/T21711.7 and GB/T16608.50-55. At the same time, it implements more than 10 international and domestic standards, such as EN61810 and UL508. In 2007, the company signed the preferred partner agreement with VDE, which was the first in the world in terms of components. The company has been recognized by VDE as the world’s first relay laboratory for electric meters, and has the laboratory qualification recognized by Shanghai General Motors (GP-10). The company’s chemical analysis laboratory has been recognized by CNAS laboratory for expansion, which can provide customers with accurate, reliable and credible ROHS compliance testing data and reports.

　　6. Always pursue to provide customers with satisfactory products and services with perfect quality.

　　The company always insists on "winning by quality" and pursues to provide customers with satisfactory products and services with perfect quality. It has built a unique total quality management model and integrated management system. Based on the "five-in-one" new product development quality management, robust process control, "quality first" supplier quality management, customer-oriented quality service and "pyramid" continuous improvement mechanism, the quality management cycle is realized and the whole production process of each product is strictly carried out.

　　7. Industry-leading human resources advantages

　　Under the guidance of the concept of "people-oriented, cultivating top-notch talents in the industry", the company has gathered a group of professionals with certain authority and experience in product research and development, production, management and marketing through self-cultivation as the mainstay, which has laid a solid talent foundation for the further development of the company’s business. The core technicians of the company’s product research and development department have many years of experience in the industry. The company adheres to the guidance of high-end talents and promotes the improvement of technological innovation ability. The company’s main management team has rich experience in relay industry operation and management, focusing on building a strong brand in the industry and continuously enhancing the company’s core competitiveness.

　　8. Brand advantage

　　After more than 30 years of development, the company has become the world’s largest relay manufacturer, trusted by customers. According to the list of "Top 100 Electronic Components Enterprises in China in 2021 (the 34th)" issued by China Electronic Components Industry Association, the company ranks sixth and first in the relay industry.

　　The company has a high market reputation and brand awareness, and has obvious competitive advantages in network layout, industrial integration, customer and supplier management.

　　

　　V. Main operations during the reporting period

　　During the reporting period of 2021, the company realized an operating income of 10,022,657,500 yuan, an increase of 28.18% over the same period of last year; The net profit attributable to shareholders of listed companies was 1,062,555,500 yuan, an increase of 27.69% over the same period of last year; The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 922,540,300 yuan, an increase of 32.98% over the same period of last year; Achieve basic earnings per share of 1.43 yuan.

VI. The Company’s Discussion and Analysis on the Company’s Future Development

　　(A) the industry pattern and trends

　　As one of the most important basic components, relay is a necessary and core electronic control basic component in the whole circuit control system, which is widely used in the fields of home appliances, industrial control, automobiles, communications, electricity, energy, security, aerospace and so on, and its main function is to realize "automatic and remote" control. Among these fields, household appliances, automobiles and industrial control, as traditional industries, have always been the fields with the largest amount of relays. Although the downward pressure on the global economy has increased under the influence of the epidemic during the reporting period, individual fields, such as electric power (especially smart grid), security monitoring, smart home and new energy (especially photovoltaic power generation and new energy vehicles), as emerging industries, are driven by industrial policies in China and the world, with strong development momentum. China is still the main production base of relays, accounting for about 50% of the global total output. There are many manufacturers, but there are few manufacturers with a certain scale, the industry concentration is not high, and the market competition is fierce.

　　The company’s comprehensive economic indicators have been in the leading position in domestic peer enterprises for many years. At the end of the reporting period, the company’s overall sales revenue was 10.023 billion yuan, up 28.18% year-on-year. The company produced more than 3 billion relays, low-voltage electrical appliances and other products throughout the year, and its main relay products have steadily increased their market share in the global market. In 2021, the company’s products were eye-catching in the high-end market: the market share of general relays in high-end smart home appliances was further consolidated and expanded, becoming the most important supplier and reliable strategic partner of many global high-end home appliance brands; As the core component, the sealed electromagnetic relay is installed in China’s first standardized subway train, Rio Tinto’s rail transit market, which fills the gap in domestic rail transit relays; High-voltage DC relay has grown rapidly, and has established business cooperation relations with mainstream new energy vehicle manufacturers around the world, becoming the world’s major manufacturer of high-voltage DC relay; Photovoltaic new energy products keep up with the rapid development of the industry, and the market share of high-end customers has increased by nearly 60%, and the overall market share has increased to 57%. The deep expansion of the high-end market has pushed the company to stride forward on the road of high-quality development.

　　During the reporting period, many projects of the company were carried out smoothly and won many important honors: the "14 th Five-Year Plan" project of Hongfa Western Intelligent Industrial Park was launched; The company’s national intelligence creation new model project passed the acceptance; In China, the comprehensive ranking of economic indicators of electronic component enterprises rose to the sixth place, the best ranking in history, and the ranking of the top 100 enterprises with electronic information competitiveness and the top 500 listed enterprises in China has also been continuously improved, and at the same time, it has once again won the "China Brand Value List".

　　In the future, under the guidance of the three development ideas and the 16-character management policy, we will always adhere to the principle of "winning by quality", vigorously inherit and carry forward Hongfa culture, strengthen our faith, be determined to innovate, keep forging ahead, never be satisfied, work hard, overcome the risk challenges on the way forward, enhance our development momentum, plant our development advantages, and constantly push Hongfa career to a new height.

　　(II) Company development strategy

　　The company’s development strategy is to inherit and carry forward Hongfa’s characteristic culture and business philosophy, adhere to the business policy of "market-oriented, winning by quality", thoroughly implement the three development ideas of "crossing the threshold, expanding categories and improving efficiency", strictly follow the 16-character management policy of "unified planning, strengthening concentration, integrating vertically and horizontally, and implementing in blocks", and firmly grasp the core business philosophy of "winning by quality" and "quality and quality" Enhance the leading ability of technological innovation, build an independent and controllable industrial chain system, continuously build automated and intelligent manufacturing factories, enhance the core competitiveness of enterprises, carry forward Hongfa brand, and promote the high-quality development of enterprises.

　　Specifically, it is proposed to implement the company’s development strategy through the following aspects:

　　(1) Strengthen market operation and expand market share.

　　(2) Accelerate "expanding categories" and strengthen technical guidance.

　　(3) Coordinate production layout and improve operation management.

　　(4) Adhere to "winning by quality" and continue to "cross the threshold"

　　(5) Insist on technical innovation to build enterprise technical strength.

　　(6) Build an autonomous and controllable system to build core competitive strength.

　　(7) Grasp the construction of talents and ensure the development of the echelon.

　　(8) Promote the development of informatization and realize digital growth.

　　(9) Improve the base construction and ensure the development space.

　　(10) Centralized financial control and fine value creation.

　　(3) Business plan

　　In 2022, under the guidance of the three development ideas and the 16-character management policy, the company will always adhere to the principle of "winning by quality", vigorously inherit and carry forward Hongfa culture, strengthen its belief and be determined to innovate, and focus on the following work:

　　(1) Firmly implement the strategy of "expanding categories", use the successful experience of developing relays to promote the development of new categories of products, and cultivate new growth points of the company in the future as soon as possible.

　　(2) continue to build the strength of parts and molds, especially strengthen the research and development of new products, new processes and characteristic processes, and build core competitiveness.

　　(3) Continue to pay close attention to the "short board" work, help short board enterprises in human resources protection, management improvement and technology docking, and promote the rapid development of the eastern base.

　　(4) Standardize the use of raised funds, adhere to high-quality and large-scale investment, promote the construction of production bases, further enhance the strength of enterprises, and lay the foundation for the rapid development of the company in the next stage.

　　(5) Pay attention to the development of macroeconomic situation, organize functional modules such as production, supply and marketing to actively respond to external risks and challenges, and ensure the smooth progress of production and operation.

　　(6) Vigorously enhance the brand awareness of Hongfa, win the brand reputation by continuously improving the product quality, and at the same time strengthen the marketing propaganda, so that enhancing the brand awareness of Hongfa becomes a new meaning of the strategy of "crossing the threshold".

　　(7) Summarize Hongfa’s development experience, carry forward Hongfa’s characteristic culture, complete the compilation of Hongfa’s management experience series, and inherit and practice the unified Hongfa’s characteristic management model.

　　(8) Strengthen the construction of talent team, especially accelerate the construction of senior technical talents and excellent management talents, and provide talent guarantee for the company’s new round of rapid development.

　　(9) Focus on asset management and benefit improvement, further refine enterprise cost control, build the company’s financial knowledge center, output high-quality financial information and provide better services for the company’s strategic implementation.

　　(4) Possible risks

　　I. Operational risks

　　The company’s main products cover relays, low-voltage electrical appliances, high-voltage and low-voltage complete sets of equipment and other categories, and are applied to household appliances, smart homes, automobile industry, smart grid, industrial control, new energy and other fields. If macroeconomic fluctuations, policy adjustments and other factors affect the prosperity of downstream industries or downstream market demand, it may adversely affect the company’s operating performance.

　　Since 2018, trade frictions between China and the United States have been constant. The US government has successively issued three batches of tariff increase lists, in which 25% tariffs are imposed on goods worth $34 billion, $16 billion and $200 billion exported from China to the United States, and relay products are also included in the tariff increase list. Although at present, the products directly sold by the company to the United States account for a relatively small proportion, which has little impact on the company, if the trade friction between China and the United States is further aggravated or there is trade friction between China and other economies in the future, barriers will be set up in terms of trade policies and tariffs, which may have an adverse impact on the company’s operating performance, profitability and market development.

　　The main raw materials of relay products include copper, silver, enameled wire, engineering plastics, etc. The prices of the main raw materials are affected by the fluctuation of the international market of bulk commodities, which directly affects the product profits and the company’s working capital. If the price of the company’s main raw materials fluctuates violently in the future, and the company cannot transfer the negative impact of the price increase of raw materials to downstream enterprises by raising the sales price of products, it will have an adverse impact on the company’s operating performance.

　　Second, the brain drain risk

　　Technicians are very important for the long-term development of relay manufacturers. At present, the high-end relay with high technology content and large profit margin has become the development direction of the industry. Whether it can occupy the high-end market is the key for relay manufacturers to achieve sustainable development. The research and development of high-end relays requires specialized technicians, complete professional knowledge and wide knowledge of other majors, and it takes years of training and practice to truly design and develop new products independently. At the same time, a large number of key technology positions on the production line also need experienced skilled workers to be competent. Therefore, professionals are more important in the relay industry. If brain drain occurs, enterprises will face related losses. The core management and technical backbone of the company hold the company’s equity through qualified investment, and their personal interests can be consistent with the company’s development. Through this shareholding method of management and backbone personnel, the core personnel of Acer Power Generation can be kept relatively stable.

　　Third, technical risks

　　The Technology Center is the core of the issuer’s technological innovation system, and undertakes major research tasks such as product development and design, process design and verification, product performance testing and analysis, mold development and design and manufacturing, automatic production line equipment, test instrument development and design, etc. R&D investment ensures that the company’s products have excellent market competitiveness. If the company can’t continue to invest in R&D or technological innovation in the future, the products will not meet the needs of customers and the requirements of industry changes, and the market competitiveness will decline, thus affecting the company’s profitability.

　　Fourth, financial risks

　　Overseas income accounts for a relatively high proportion of the company’s main business income. The company’s overseas business is mainly settled in foreign currency. If the RMB exchange rate changes greatly, it will cause fluctuations in the balance of the company’s foreign currency monetary assets, and foreign exchange receipts and payments will generate large exchange gains and losses, which will further affect the company’s operating performance. At the same time, the fluctuation of exchange rate may also affect the price of products in overseas markets and face the risk of declining market competitiveness. The company has continuously summarized and improved the exchange rate risk management and control methods suitable for its own needs, locked the exchange rate in time through the analysis of the exchange rate market and operating income, and established a set of foreign exchange management methods and processes. Under the premise of comprehensively considering market liquidity and management costs, it actively pays attention to monetary policy and exchange rate trends, selects the timing of foreign exchange locking and settlement in a timely manner, and rationally uses financial instruments to reduce the impact of exchange rate fluctuations on enterprises and avoid exchange rate risks.

　　V. Policy risks

　　Electronic components industry is the basic support of electronic information industry, and its development is strongly supported and encouraged by national policies. In recent years, the Ministry of Industry and Information Technology, the National Development and Reform Commission and other departments have successively issued a number of policies to encourage and promote the rapid development of the electronic information industry, such as the Information Industry Development Guide, the Special Action Plan for Improving the Design Capability of Manufacturing Industry (2019-2022) and the Basic Electronic Components Industry Development Action Plan (2021-2023). In the future, if the relevant policies of the country on electronic components industry or electronic information industry change, it may lead to certain adverse effects on the company’s operating performance.

　　VI. Risks related to the issuance of this convertible bond

　　(A) principal and interest payment risk

　　During the duration of the convertible bonds, the issuer shall pay interest on the unconverted convertible bonds and pay the principal at maturity. In addition, when the convertible bonds trigger the resale conditions, if the investors put forward the resale, the issuer still needs to honor the resale proposed by the investors, and will face certain cash expenditure pressure in a short time. The convertible bonds issued this time did not provide guarantee. Therefore, if the issuer’s business activities fail to achieve the expected return due to uncontrollable factors such as national policies, regulations, industries and markets in the future, it may affect the issuer’s timely and full payment of the principal and interest of convertible bonds and the acceptance ability of investors when they sell back.

　　(2) The risk of failure to convert convertible bonds into shares at maturity

　　The stock price is not only influenced by the issuer’s profit level and development prospect, but also by the national macroeconomic situation, political and economic policies, investors’ investment preferences, expected returns of investment projects and other factors. If the convertible bonds issued this time fail to be converted due to the sluggish stock price trend of the issuer or the investment preference of the holders of the convertible bonds, the issuer shall pay the principal and interest for the convertible bonds that have not been converted, which will correspondingly increase the financial cost burden and financial pressure of the company. In addition, during the existence of the convertible bonds, if the convertible bonds are redeemed, the company will face certain financial pressure.

　　(C) the risk of reducing the conversion value of convertible bonds

　　The issuer’s stock price trend is influenced by many factors, such as operating results, macroeconomic situation, industry policies, and the overall situation of the stock market. After the issuance of the convertible bonds, the issuer’s share price may continue to be lower than the conversion price of the convertible bonds, so the conversion value of the convertible bonds may decrease, and the interests of the holders of the convertible bonds may be greatly adversely affected. This issuance has set the downward revision clause of the issuer’s share conversion price. If the issuer fails to revise the conversion price downward in time, or even if the conversion price is revised downward, the stock price is still lower than the conversion price, which may still lead to the reduction of the conversion value of the convertible bonds issued this time, and the interests of the holders of convertible bonds may be greatly adversely affected.

　　(D) Risks related to downward revision of the conversion price

　　1. Risk of failure to implement the downward revision clause of conversion price.

　　During the duration of the convertible bonds issued this time, when the closing price of the company’s shares is lower than 90% of the current conversion price for at least 15 trading days in any continuous 30 trading days, the board of directors of the company has the right to propose a downward revision plan for the conversion price and submit it to the shareholders’ meeting for deliberation and voting. This plan can only be implemented if it is approved by more than two-thirds of the voting rights held by shareholders attending the meeting.

　　Under the condition of meeting the downward revision conditions of convertible bonds’ conversion price, the issuer’s board of directors may still not propose the downward revision plan of conversion price based on multiple considerations such as the company’s actual situation, stock price trend and market factors; Or the downward revision plan of the conversion price proposed by the issuer’s board of directors has not been reviewed and approved by the shareholders’ meeting. Therefore, the holders of convertible bonds may face the risk that the downward revision of the conversion price will not be implemented during the duration.

　　2. Risk of downward revision of the conversion price with uncertain range.

　　During the existence of the issuer’s convertible bonds, even if the issuer revises the conversion price according to the downward revision clause, the revised conversion price shall not be lower than the higher average price of the company’s shares in the 20 trading days before the shareholders’ meeting to consider the proposal on the conversion price revision scheme and the average price of the previous trading day, so the correction range of the conversion price is limited to some extent, and there is a risk of uncertainty. Moreover, if the stock price continues to fall after the correction and the future stock price continues to be lower than the conversion price after the downward correction, the conversion value of the convertible bonds will undergo major adverse changes, which may lead to the risk that the convertible bonds will be sold back or cannot be converted during the conversion period.

　　3. The downward revision of the conversion price leads to the risk of the company’s share capital dilution.

　　During the duration of the convertible bonds, if the issuer’s shares trigger the downward revision of the conversion price, the conversion price of the convertible bonds issued this time will be adjusted downward. Under the condition of the same conversion scale, the number of shares converted by the issuer will increase accordingly, which will lead to the expansion of the dilution of the share capital. Therefore, during the duration, the issuer may face the risk of increasing the dilution degree of the share capital due to the implementation of the downward revision clause of the conversion price.

　　(V) Risk of price fluctuation of convertible bonds

　　Convertible bonds, as derivative financial products, have the dual characteristics of stocks and bonds. The secondary market price of convertible bonds is influenced by many factors, such as market interest rate level, coupon rate, remaining years, conversion price, stock price of listed companies, redemption terms and resale terms, investors’ psychological expectations, etc. The price fluctuation situation is more complicated, and even there may be abnormal fluctuations or deviations from their investment value, which may make investors face certain investment risks.

　　(VI) Liquidity risk

　　The trading activity of the securities trading market is influenced by the macroeconomic environment, the distribution of investors, investors’ willingness to trade and other factors. The issuer cannot guarantee that the holders of the convertible bonds can trade their bonds in full and at any time after listing on the Shanghai Stock Exchange. Therefore, after purchasing this convertible bond, investors may face the liquidity risk that they can’t sell the amount they want to sell in full at a certain price because the bond is inactive after listing.

　　(7) Risk of credit rating change

　　After the new century credit rating, the issuer’s main credit rating is AA, and the credit rating of this convertible bond is AA. During the validity period of the credit rating of this convertible bond or the duration of this convertible bond, the tracking rating will be conducted at least once a year in the new century, and the issuer cannot guarantee that its main credit rating and the credit rating of this convertible bond will not change negatively during the validity period of the credit rating or the duration of the bond. If the credit rating agency lowers the issuer’s main credit rating and/or the credit rating of this convertible bond, it may have a certain impact on the interests of bondholders.

　　Eight, the risk of COVID-19 epidemic.

　　In recent years, novel coronavirus broke out one after another in various regions of the world, which had a great impact on the world macro-economy. Subject to quarantine measures, traffic control and other epidemic prevention and control measures, the company’s procurement, production and sales are affected to some extent in the short term. Although the domestic COVID-19 epidemic has been effectively controlled, the issuer has resumed normal production and operation, and all work has been carried out in an orderly manner, if the COVID-19 epidemic recurs in China or continues to spread around the world for a long time, it may still have a certain degree of adverse impact on the company’s strategic implementation, production and operation, and performance.

　　The above possible risks have not changed much from the risk factors suggested in the previous year (or prospectus).

CCTV News:Recently, at the meeting of the Dispute Settlement Body of the World Trade Organization held in Geneva, Switzerland, the United States was convicted of violating WTO rules, but instead, the United States used the arbitration institution to "shut down" to appeal and tried to shelve the execution of the ruling indefinitely, which was severely denounced by many WTO members.

At the closed meeting held on January 27th, five members, namely China, Norway, Switzerland, Turkey and Hong Kong, China, set eight topics, demanding that the plenary session adopt five rulings of the expert group on the violation of the new regulations on the origin marking of Hong Kong goods imposed by the United States on imported steel and aluminum products under Article 232, and demanding that the United States cancel the illegal measures. The United States appealed all five rulings before the meeting.

But in fact, since 2019, the United States has repeatedly unilaterally obstructed the selection of judges of the WTO Appellate Body, and the WTO Appellate Body has fallen into a state of complete paralysis after the expiration of the previous judge in November 2020.

According to the minutes of the meeting published by the WTO, the permanent representative of the European Union to the WTO said at the meeting that the WTO arbitration institution was "paralyzed" because of deliberate sabotage by the United States, and it was impossible to hear these appeals at present, and the United States was actually abusing its right of appeal. Abuse of the right of appeal does not help to resolve trade disputes.

The Permanent Representative of Canada to the WTO said at the meeting that all parties to trade disputes must make every effort to find acceptable solutions and fulfill their good faith commitments under the Understanding on Dispute Settlement Rules and Procedures. The suspension of the Appellate Body has brought unfairness and short-term advantages to some members.

　　　　　　 The Permanent Representative of China to the WTO said that it seems that the United States will refuse to implement any unfavorable ruling involving "national security exception", which violates the principle of "pacta sunt servanda". These disturbing behaviors in the United States clearly depict the image of the implementer of unilateral bullying, the destroyer of multilateral trading system and the disruptor of global industrial chain supply chain.

　　　　　　 What is the ruling of the United States to appeal this time? In December 2022, the WTO released the report of the expert group on the dispute settlement mechanism, ruling that the measures taken by the United States to impose tariffs on imported steel and aluminum products in 2018 violated WTO rules and suggested that the United States should correct them. In March 2018, then US President Trump imposed tariffs of 25% and 10% on imported steel and aluminum products on the grounds of safeguarding national security according to Article 232 of the US Trade Expansion Act of 1962. This decision not only led the countries concerned to file a complaint with the WTO, but also the major trading partners of the United States introduced retaliatory measures. In November 2018, the WTO Dispute Settlement Body agreed to set up an expert group to review the steel and aluminum tariff measures announced by the United States to confirm whether the measures violated WTO rules. It was not until last December that the expert group of WTO dispute settlement mechanism issued its ruling.

　　　　　　 The unilateral trade bullying behavior of the United States has aroused more and more opposition around the world. Some media commented that the United States has now become the biggest destroyer of the international trading system.

　　　　　　 Headquarters reporter Yi Xin:For a long time, the United States has been waving a trade stick at other WTO members on the grounds of "national security" and frequently violated WTO rules. The research report on WTO dispute adjudication shows that by far, the United States is the most "unruly", and two-thirds of WTO violations are caused by the United States. When the WTO expert group ruled that the United States violated the rules, the United States took advantage of the current deadlock in the appointment of members of the WTO Appellate Body to appeal the ruling, so as to evade its obligations. The WTO Appellate Body’s "shutdown" and the paralysis of multilateral trade arbitration institutions are precisely caused by the United States’ insistence on obstructing the selection of judges despite the opposition of more than 100 WTO members. At the US trade policy review meeting held by the WTO in December last year, many WTO members expressed serious concern and dissatisfaction with the US trade policy.

Convicted of violating WTO rules, instead of executing the ruling, the United States appealed by using the "shutdown" of the appellate body, trying to put the execution of the ruling on hold indefinitely.

As an arbitration institution for trade dispute settlement, the Appellate Body is known as the "jewel in the crown of WTO" and it is an important part of the WTO dispute settlement mechanism. It has seven permanent seats for judges, each of whom has a term of four years and can be re-elected once. According to the WTO, cases of trade disputes must be tried and decided jointly by three judges. If the number of judges is insufficient, they can’t accept any new cases, and they will fall into a state of "stopping".

One of the most prominent features of the Appellate Body of WTO is its independence. Under this mechanism, all 164 WTO members, regardless of their size, can obtain equal rights to appeal or defend themselves. However, it seems that the United States has always regarded itself as an exception and repeatedly abused the "one-vote veto" to arbitrarily obstruct the start of the selection process for new judges of the Appellate Body.

Since 2017, the United States has frequently blocked the start of the selection process for new judges of the WTO Appellate Body.

In 2017, three of the seven judges of the Appellate Body ended their terms, but the United States has always blocked the appointment of new judges. Counting this time, in the past two years, the United States has said no to the selection of new judges for 30 consecutive times.

In 2018, the United States vetoed the appointment of Mauritian judges for a second term by one vote, leaving only three judges in the WTO Appellate Body. Three people are also the bottom line for the appellate body to operate. In order to avoid the "lockout", in that year, 67 WTO members demanded that "the selection process for new judges of the Appellate Body should be started as soon as possible". However, the United States rejected this proposal.

In November 2019, at the regular meeting of the WTO Dispute Settlement Body, 117 WTO members once again suggested that the process of selecting new judges of the Appellate Body should be started immediately, which showed the strong political will of most members to restore the Appellate Body. However, the United States is still bent on its own way.

On December 9, 2019, the United States once again unilaterally obstructed, resulting in a draft resolution on the reform of the Appellate Body not being passed, and the selection of new judges was once again blocked.

Due to the inability to select new judges in time, from December 11, 2019, only one judge of the Appellate Body was in office, and the Appellate Body was in a state of "stopping".

　　　　　　 On November 30, 2020, the last member of the Appellate Body officially expired. At this point, all members of the Appellate Body have left their posts.

What is the core reason for the United States to do so in the face of non-implementation of WTO rulings, non-compliance with rules and deliberate sabotage? What kind of bad influence will it have? Let’s listen to the interpretation of special commentator Su Xiaohui.

Su Xiaohui, a special commentator, said that many countries see that the United States has a kind of "double standard" behavior towards rules, and they will use it if they agree, and abandon it if they disagree. At the same time, they will try their best to safeguard American hegemony by taking the leading role in rule-making and use American bullying in trade. This kind of behavior interferes with the development of the world economy and harms others, which is also the fundamental factor behind everyone’s rebound against the United States.

The military parade is an extremely grand military ceremony.

It embodies the national prestige of a country, the military prestige of an army and the integrity of a nation.

It is an important form for soldiers to swear loyalty to the country and show their military style.

It is of great significance for promoting national prestige and military prestige, inspiring national spirit and inspiring patriotic enthusiasm.

Since the founding of New China, there have been 14 National Day military parades and the Victory Day of the Anti-Japanese War in 2015, and military parades have also been held in some large-scale military exercises.

There are many perspectives on how to look at these military parades.

You can see it from the reading formation

You can see from the weapons and equipment

From the clothing of the troops being read

You can see from the slogan of the military parade.

You can also look at it from the leader’s review car and so on

In short, the National Day military parade has a lot to watch.

From these perspectives, we can see that the achievements of national defense modernization and the revolutionary, modernized and regularized new features of the People’s Liberation Army reflect the comprehensive quality and economic strength of the country, as well as the military and cultural level of the country and the army.

"CNR National Defense Time and Space" specially invited Jiang Tingyu, former director and researcher of the Editorial Research Department of China People’s Revolutionary Military Museum, to tell you about it.

Viewing the military parade from multiple perspectives

first episode

Viewing the military parade from the formation of the troops being read

The pictures in this article are all from "CNR National Defense Time and Space" WeChat WeChat official account.

The formation of military parade is an important content and element of military parade. The formations read can reflect the development process of the People’s Liberation Army (PLA) from a single army to a synthetic army of various military types, the reform and changes of the PLA establishment system, and the achievements of the national defense and army building in new China and the brand-new features of the PLA’s revolutionary, modern and regular construction.

Founding ceremony military parade

Navy, air force

First formation. See Synonyms at first formation

The troops being read are mainly the army.

In the founding ceremony military parade in 1949, 16,400 troops were read, which were formed in the sequence of the navy, army and air force. Although the navy had only two platoons, it was organized as a square team and walked in the front. The army is formed in the order of infantry division, artillery division, chariot division and cavalry division. Seventeen aircraft of the Air Force are organized into a mixed flight echelon and six detachments. The troops under study are nominally the army, navy and air force, but in fact they are mainly the army, and the army is mainly the infantry. The navy, air force and other arms are still being formed.

Navy parade in founding ceremony.

Cavalry team in founding ceremony military parade

Military parade on the first anniversary of National Day

The number of reference troops is the largest, and the formation under review has reflected the gradual progress from a single army to a synthetic army of various services and arms.

In 1950, 24,209 officers and men participated in the National Day military parade, which was the largest number of troops in the 13th National Day military parade in New China. During the National Day military parade, the leading bodies of the air force, navy, artillery, armored forces and other services and arms have been established, and the objects and formations read have reflected that the People’s Liberation Army has gradually moved from a single army to a synthetic army of various services and arms.

The air force parade in the National Day military parade in 1950.

1950年国庆阅兵接受检阅的坦克方队

国庆两周年阅兵

军事院校、伞兵部队、探照灯部队和民兵编队首次参加受阅。

1951年国庆阅兵，受阅的陆海空三军部队和民兵代表13348人。地面方队13个，空中梯队3个，共16个编队。这次阅兵，首次出现了军事院校方队，并且作为受阅第一方队，反映了我军注重院校建设，重视培养军队现代军事人才 。伞兵部队、探照灯部队也是首次编队受阅。民兵作为一个方队首次参加国庆阅兵。

1951年国庆阅兵中军事学院方队

首次受阅的伞兵部队

国庆三周年阅兵

公安部队首次编队受阅

1952年国庆阅兵，陆海空三军部队和民兵代表11300多人接受检阅。公安部队第一次编队受阅。1950年11月公安部队领导机构成立，公安部队成为人民解放军的一个重要军种。

1952年国庆阅兵中民兵方队

国庆四周年阅兵

The first formation of "Katyusha" rocket artillery was read

1953国庆阅兵，陆海空军代表11035人参加受阅，48个地面方队和6个空中梯队。“喀秋莎”火箭炮兵首次编队受阅，成为阅兵的一个亮点。在炮兵方队里，拖拉机牵引着巨大的加榴炮通过天安门广场。“拖拉机拖炮”成为国庆四周年阅兵的一道风景线。

The first formation of "Katyusha" rocket artillery was read

Military parade on the fifth anniversary of National Day

The cavalry team was read for the last time

In the National Day military parade in 1954, there were 10,384 people in 38 teams on the ground and 4 flight echelons in the air. Among them, there are 7 military academies, and the cavalry has been organized into 6 teams. This is the last time the cavalry troops were reviewed in the National Day military parade. Since then, the cavalry troops have withdrawn from the National Day military parade stage.

The cavalry team that was read for the last time

Military parade on the sixth anniversary of National Day

The People’s Liberation Army implements the military rank system.

For the first time, a general leader appeared in the troops under study.

In the National Day military parade in 1955, 10,344 troops were read by the armed forces, forming 27 square teams and several flight echelons. After the People’s Liberation Army implemented the military rank system, all the officers and men of each party team of the army, navy and air force were wearing new military uniforms, wearing ranks and badges, and they were full of energy and spirits, showing the new look of the People’s Liberation Army after the military rank system was implemented. This military parade, in the military academy team, there was also a general leader.

The military academy team led by the general

Military parade on the seventh anniversary of National Day

Due to the rain, the airborne echelon was not read.

In the National Day military parade in 1956, 11,929 troops were referred to and organized into 29 ground teams and several flight echelons for reference. See the officers and men of the army taking the domestic Jiefang brand car for review. The airborne echelon was not read because of the rain.

People’s Liberation Army reading in the rain

National Day Eighth Anniversary Parade

It is the one with the least number of readers.

The first formation of domestic fighters was read.

In the National Day military parade in 1957, there were 29 parade teams and 5 aerial echelons, with 7064 participants, which was the least among the 13 military parades in New China. During the National Day military parade in 1957, China’s self-produced Il-28 jet bomber and J -5 fighter participated in the aerial echelon for the first time.

China’s self-produced bombers and fighters participated in the aerial echelon for the first time.

National Day Ninth Anniversary Parade

Seven militia divisions in the capital were read.

The first formation of female militia. See Synonyms at first.

In the National Day military parade in 1958, there were 7,856 soldiers and militiamen, and 15 trekking teams, 14 vehicle teams and 6 aerial echelons were reviewed. "Capital Militia Division" appeared in the reading team for the first time, with seven capital militia divisions as references, and female militiamen were read in formation for the first time.

North China militia team read

The female militia team being read

National Day 10th Anniversary Parade

Refer to the large number of planes and the large number of air echelons.

In the National Day military parade in 1959, there were 11,018 troops in 35 formations, including 15 trekking teams, 14 vehicle teams, 6 aerial echelons and 155 planes. Compared with previous military parades, the number of planes and air echelons is the largest. The military parade was large in scale, but it only took 58 minutes, indicating that the organization of the military parade is becoming more and more thorough and mature.

The air echelon being read

Military parade on the 35th anniversary of National Day

The strategic missile team, the armed police team and the female soldier team participated in the reading for the first time.

In the National Day military parade in 1984, 10,370 troops were read, including 46 square (ladder) teams. There are 42 ground parades, including 24 mechanized parades and 18 trekking parades. There are more mechanized parades than before, which reflects the development and promotion of our army’s modernization. There are 4 air echelons and 94 aircraft. The strategic missile made its debut, and the female soldier team participated in the National Day reading for the first time, which became a beautiful landscape on the parade ground. The armed police force, which has just been formed, is also being read for the first time.

The female soldier team participated in the National Day reading for the first time.

The first appearance of the strategic missile team

50 th anniversary military parade

Army aviation, naval aviation, marine corps, armed police special police team and reserve forces were read for the first time.

In the National Day military parade in 1999, more than 11,000 people from the PLA Army, Navy, Air Force, Second Artillery Corps, People’s Armed Police Force, militia and reserve forces formed 42 ground teams and 10 air echelons, and 52 formations were reviewed. Among the ground teams, there are 17 trekking teams and 25 vehicle teams. Army aviation, naval aviation, marine corps, armed police special police and reserve forces were read for the first time. Air tanker, etc. See for the first time. There are 25 people in the parade, which is the highest in the world.

The marine corps team that was read.

The airborne troops team being read.

The 60th anniversary military parade.

Special forces, weapons and equipment and high-tech teams have been added. Special forces team, armed police armored vehicle team, airborne combat vehicle team, mobile radar team, signal equipment team, drone team, cruise missile team, early warning aircraft echelon, etc. refer to it for the first time. The echelon of female pilots first appeared in the National Day parade.

In the National Day military parade in 2009, there were more than 8,000 troops and militia reserves, including 56 square (ladder) teams, including 14 on foot, 30 on equipment and 12 in the air, which was the largest number of Chinese (ladder) teams in all previous National Day military parades in New China.

The Army has seven arms for reference, the Navy has four arms for reference, the Air Force has four arms for reference, and the Second Artillery Corps has six teams for reference. The first appearance of the special forces team, the second artillery walking team, and the female soldiers team of the three armed forces showed that the military parade was more comprehensive. The complete reference elements reflect the integrity of China’s armed forces system.

This National Day military parade has reduced the number of trekking teams and increased the number of equipment teams. There is only one infantry team. The navy, air force, second artillery and other arms and services have increased. The number of strategic missile teams of the Second Artillery Corps increased to five, and the number of aviation echelons increased to 12. For the first time, we refer to the UAV team, the airborne combat vehicle team, the signal equipment team, the logistics equipment team, the mobile radar team, the armed police armored vehicle team, the cruise missile team, and the early warning aircraft echelon. There are many arms and services of equipment and technology in the team being read, which reflects the transformation of the People’s Liberation Army from quantitative scale to quality and efficiency, and from manpower-intensive to technology-intensive.

The special forces team being read

The drone team being read

Anti-Japanese War Victory Day Parade

A team of anti-Japanese veterans appeared, and representatives of the anti-Japanese model troops formed a team to be read separately. Nearly 1,000 officers and men from 17 foreign military teams and teams attended the reading, which was the first time that China invited foreign military representatives to participate in the military parade.

Anti-Japanese War Victory Day military parade. 12,000 troops participated in the reading, and they were organized into 50 square (ladder) teams. Among them, there are 11 trekking teams, 2 anti-Japanese veteran comrades riding teams, 27 equipment teams and 10 aerial echelons. Representatives of the British model troops in the Anti-Japanese War formed a team to be read separately. Nearly a thousand officers and men from 17 foreign military teams and teams participated in the reading.

The Anti-Japanese War Veterans’ Team is a special reading team. Their average age is 90 years old, the youngest is 84 years old, and the oldest is 102 years old. Many of them are covered with medals, medals and commemorative medals on their chests, which record and show their achievements and historical contributions in the Anti-Japanese War.

Participate in the anti-Japanese war veteran team that was read.

It is the first time in the history of the new China military parade that representatives of the British model troops formed a team to be read separately. This fully reflects the full affirmation of the Party and the country to the British model troops who have made meritorious deeds and contributions in War of Resistance against Japanese Aggression.

Participate in the team of Yingmo troops in Langyashan.

Nearly 1,000 officers and men from 17 foreign military teams and teams from five continents in Asia, Europe, Africa, Oceania and America participated in the reading. This is the first time that China has invited foreign military representatives to participate in the military parade, which embodies a clear attitude of jointly commemorating the victory of the world anti-fascist war, embodies the internationality of the world anti-fascist war, and embodies the people of China and the people of other countries to jointly defend the victory of World War II and pursue and yearn for lasting peace in the world.

The Russian Federation armed forces team was reviewed.

For the first time, the 27 equipment teams that were read were grouped into six combat modules: ground assault, air defense and anti-missile, maritime attack and defense, strategic strike, information support and afterloading support, which broke the previous concept that military parades were grouped according to land, sea, air, second artillery and other arms, and highlighted the changes in the operational concept of the People’s Liberation Army.

Both nuclear and regular missile teams

Bomber echelon

The 10 air echelons and nearly 200 planes read are uniform and magnificent. Including air flag protection echelon, leader echelon, early warning commander echelon, fighter echelon, bomber echelon, naval carrier-based aircraft echelon, maritime patrol aircraft echelon, helicopter echelon, refueling and receiving aircraft echelon, covering the existing advanced combat and support aircraft of our army. The air combat elements are complete, the formation is novel and changeable, and the meters and seconds of the large formation are not bad. This fully reflects the improvement of our army’s modern combat level.　

(The original title is "Looking at the military parade from multiple perspectives: Looking at the military parade from the formation of the troops being read")

On March 23, 2023, Du Zhaocai attended the annual work conference of key cities of national football development.

According to the website of the State Commission for Discipline Inspection of the Central Commission for Discipline Inspection on April 1, Du Zhaocai, a member of the Party Group and Deputy Director of the State Sports General Administration, is suspected of serious violation of the law and is currently undergoing disciplinary review and supervision investigation by the State Commission for Discipline Inspection. Du Zhaocai is currently the party secretary and vice-chairman of China Football Association, and he is also the highest-ranking official in the anti-corruption storm in football.

Du zhaocai.

Nine people were dismissed, and Du Zhaocai was the highest-ranking official.

According to public information, in the past 141 days, nine related persons of China Football Association have been investigated. As early as November 26, 2022, former China men’s football coach Li Tie was suspected of violating the law; With the final of the FA Cup, the last event of China football in the 2022 season, ending in mid-January 2023, the anti-corruption storm once again set off a climax.

On January 19, 2023, Liu Yi, former secretary general of China Football Association, accepted the supervision and investigation, and Chen Yongliang, executive deputy secretary general of China Football Association and Minister of State Administration, accepted the review and investigation; On February 14th, China Football Association President Chen Xiaoyuan was investigated.

At the "Ministerial Channel" of the National People’s Congress this year, Gao Zhidan, director of the State Sports General Administration, said in response to questions related to the "three big balls" that, realistically speaking, for a long time, the development of the three big balls in China, especially the men’s events, was not satisfactory, the level of men’s football dropped all the way, and there were many chaos in the football industry, which formed a strong contrast with the requirements and expectations of the CPC Central Committee and the people of the whole country.

Gao Zhidan said, we should focus on the outstanding problems in the current "Three Balls" work, such as lack of spirit, lack of righteousness, and weak style of work, and persist in changing our style of work, strengthening our responsibility, and grasping implementation. Resolutely crack down and severely punish corruption and fake gambling in football and other fields, correct the wind and discipline, be strict in discipline, improve the system, strengthen the rules, and comprehensively repair and reconstruct the good ecology of the healthy and sustainable development of the’ three big balls’.

On March 27th, The Politburo Standing Committee (PSC) of the CPC and Li Xi, leader of the Central Inspection Work Leading Group, attended the National Inspection Work Conference and the first round of the 20th Central Inspection Mobilization Deployment Meeting and delivered speeches. Li Xi stressed that to carry out the mobile patrol of the State Sports General Administration, we should focus on fulfilling the party’s leadership functions and responsibilities, implementing the major decision-making arrangements for building a sports power, and thoroughly find out and promote the solution of corruption and deep-seated institutional mechanisms in the sports field, especially in the football field, so as to provide a strong guarantee for building a sports power.

Du zhaocai.

After the two sessions, football anti-corruption refreshed the official level record.

On March 24th, Wang Xiaoping, director of the Commission for Discipline Inspection of China Football Association, and Huang Song, minister of competition department, were suspected of serious violation of discipline and law, and were investigated. On March 29th, Yu Hongchen, former vice chairman of China Football Association, was investigated, and Dong Zheng, former general manager of Super League Company, was investigated. It is worth mentioning that, as the chairman of the current IAAF, Yu Hongchen was a bureau-level cadre, and at that time he was already the first bureau-level cadre to fall in the anti-corruption storm in football. ?

Du Zhaocai, as the deputy director of the General Administration, is a deputy ministerial-level cadre, which has set a new record for football anti-corruption officials. In fact, the anti-corruption storm in football started at the end of 2009, and the highest-level officials such as Xie Yalong and Nan Yong were also limited to the bureau level. This time, the deputy ministerial-level cadres were dismissed, and their ranks were also the highest among the officials who were dismissed in previous football anti-corruption storms.

According to public information, Du Zhaocai, 63, who is currently the deputy director of the State Sports General Administration and the party secretary and vice chairman of the China Football Association, once served as a director of the FIFA Council, chairman of the AFC Referee Committee, executive chairman of the China Organizing Committee of the 2023 AFC Asian Cup and chairman of the East Asian Football Association.

Du Zhaocai’s personal work experience began to intersect with football in 2017-from June 2017, Du Zhaocai was appointed as the assistant director of the State Sports General Administration and the party secretary of the China Football Association by the director of the Tianguan Center; In October 2018, he was promoted to deputy director of the General Administration, responsible for football-related work; In 2019, he served as vice chairman of China Football Association and director of FIFA Council. In April last year, Du Zhaocai was elected as the new president of the East Asian Football Association (from 2022 to 2026). At the beginning of this year, Du Zhaocai failed to run for FIFA director, and he ranked last among the seven candidates.

According to official website, the State Sports General Administration, Du Zhaocai is responsible for football-related work, docking the inter-ministerial joint meeting of FIFA, AFC and the State Council football reform and development, and is responsible for the training and participation of national football teams at all levels, as well as the bidding and preparation of various events held in China, as well as youth football and mass football; Be responsible for the training and competition of track and field, swimming, synchronized swimming, diving and other summer events, and the preparation of various events held in China; And other work assigned by the main responsible comrades. Instruct the Football Association and contact the Football Development Foundation; In charge of track and field center and swimming center, guiding the work of track and field association.

Du zhaocai.

He has repeatedly denounced football corruption in public.

According to the Nanfang Daily, Du Zhaocai has repeatedly denounced football corruption in public-at the National Conference on Competition Discipline and Anti-Doping Work in the Football Industry held in August 2022, Du Zhaocai emphasized that the competition discipline and anti-doping problems, especially the problem of "fake gambling on the black", are the concentrated expression of unhealthy trends in the football industry and a cancer that affects the healthy development of the football industry.

"The vast number of football practitioners should fully understand the special significance of competition discipline and anti-doping work to football work, thoroughly investigate and analyze the problems, take resolute and effective measures to promote competition discipline and anti-doping work, crack down on the rising trend of’ fake gambling on black’ in football field with zero tolerance, create a clean and healthy football style, and promote the healthy development of football in China." Du Zhaocai said.

Just about half a month ago, the Chinese Football Association held a meeting of all cadres. At the meeting, Du Zhaocai said that in the face of the outstanding problems in the current football industry, we must have the courage to face the problems directly.

"Deeply learn from the lessons of a series of recent corruption cases, learn from mistakes, learn from cases, promote reform by cases, find out the reasons, plug loopholes, improve systems and mechanisms, be brave in taking responsibility and fighting, manage and solve ideological problems such as bad tendencies and negative slack in the association, strengthen confidence, make full efforts, change style, break through difficulties, get back on its feet, and strive to open up a new football in China.

According to the official website of the Football Association, on March 23rd, the annual work conference of key cities for national football development was held in the National Football Training Base (Xianghe). Du Zhaocai attended the meeting and delivered a speech.

After Du Zhaocai’s fall, only two vice-chairmen of the Football Association remained in operation.

There are only two vice presidents left in the Football Association to keep running.

According to Beijing Youth Daily, Du Zhaocai’s last public appearance in China Football Association was on the afternoon of March 24th. On the morning of the same day, the news that Huang Song, director of the Competition Department of China Football Association, and Wang Xiaoping, director of the Disciplinary Committee of the Association, were taken away for investigation on suspicion of violating discipline and law was confirmed by official channels.

On the afternoon of the same day, the China Football Association made a briefing on the situation of these two people internally, and at the same time took this opportunity to give a warning education to all middle-level cadres of the Football Association again. The form was the same as that of the anti-corruption warning meeting held after the original China Football Association President Chen Yuyuan, former Secretary-General Liu Yi and Executive Deputy Secretary-General Chen Yongliang were taken away for investigation.

It is worth noting that Du Zhaocai never appeared in the office of the Football Association after attending the anti-corruption warning meeting of the Football Association and speaking at the meeting. This week, Gao Zhidan, director of the General Administration of Sports, and his party went to Liaoning for investigation, and Du Zhaocai was not among them.

After Chen Xiaoyuan and Liu Yi were investigated, the daily work of the Football Association was always presided over by Du Zhaocai. Now, under the investigation of Du Zhaocai, there are only two vice-chairmen in charge of specific business, Gao Hongbo and Sun Wen, secretary of the Discipline Inspection Commission Yan Zhanhe and deputy secretary-general David He, in China Football Association.

Who will be responsible for the daily work next remains to be determined. Therefore, the outside world is also worried that whether the new season Super League can start on April 15th as scheduled will be marked with a big question mark.

　　The reporter learned from the media briefing of the 2021 China International Fair for Trade in Services Telecom, Computer and Information Service Exhibition held on August 30th that the 2021 China International Fair for Trade in Services Telecom, Computer and Information Service Exhibition will be officially launched in Hall 9 of Beijing Shougang Park from September 3rd to 7th, showing the scientific and technological innovation and development achievements of the electronic information industry to the audience.

　　As one of the eight industry special exhibitions of this year’s Service Trade Fair, the special exhibition area of telecommunications, computer and information services is located in Hall 9 of Shougang Park, with a total exhibition area of 9,600 square meters. There are four characteristic sections: 5G communication service, information service, ultra-high definition audio-visual service and "carbon neutral" green technology service. There are 79 exhibitors, including 67 domestic exhibitors and 12 international exhibitors.

　　Four major operators jointly build a 5G telecom zone

　　The 5G communication service section will show the applications and cases of 5G in various fields. The plate focuses on "5G+ industry" and adopts the way of "exhibition+experience" to show the new applications, new markets and new prospects brought by 5G. The 5G communication service exhibition area creates an immersive sensory experience through a modern exhibition hall with a sense of science and technology. The exhibition area focuses on the high-tech elements of "Everything Smart" of 5G-related application services, and will also focus on the scene and physical display of typical 5G applications, while paying attention to the interactive experience of 5G and the immersive participation of visitors.

　　The information service section will show the application of new generation information technology and intelligent technology such as big data, artificial intelligence, industrial internet and intelligent robots in the field of urban environmental services.

　　The ultra-high-definition audio-visual service section will comprehensively display innovative technologies and products in all aspects of the industrial chain, such as video collection, production, transmission, presentation and application, covering all sub-categories of ultra-high-definition video and the whole upstream and downstream industrial chain of the industry. At the same time, it will also display the achievements of the ultra-high-definition video industry development pilot zone, 5G+8K innovation achievements, ultra-high-definition+application and other major industrial development achievements, and the only 5G+8K ultra-high-definition relay vehicle in the world will also be displayed on

　　The green technology service section of "Carbon Neutralization" will display mainstream cutting-edge technical services such as energy saving and carbon reduction, low-carbon technology, clean source application, energy storage technology, carbon capture and utilization (CCUS), carbon sink and ecological construction, and carbon market services to achieve the goal of "peak carbon dioxide emissions and Carbon Neutralization", and display high-level and high-standard green technologies through the mainstream formats of "peak carbon dioxide emissions and Carbon Neutralization" and forward-looking technical services to help "peak carbon dioxide emissions 2030"

　　Focus on frontier areas and highlight the level of internationalization

　　The special exhibition will focus on the frontier fields such as telecommunications, computers and information services, and focus on the new technologies, new products and new application scenarios of the industry, highlighting the highlights of internationalization, cutting-edge, interaction and transaction.

　　In order to improve the level of internationalization, 12 international enterprises and institutions, including Sony (China) Co., Ltd., Italian Robotics and Automation Association, institution of engineering and technology and ASEAN Intelligent Industry Federation, were invited to participate in the special exhibition. The major institutions and enterprises are aiming at the broad development prospects of telecommunications, computer and information services in China and the important opportunities for strengthening cooperation.

　　According to reports, the topic of telecommunications, computers and information services is planned to release seven achievements at this trade fair, including three achievements of clinching a deal. At present, the overall preparations for the exhibition are progressing smoothly, all the preparations have been made, and the enterprise exhibition is being carried out in an orderly manner. (Headquarters reporter Ji Lele Yu Jingjing)

　　Xinhua News Agency, Chengdu, March 20th Question: Have you found the answers to all the N kinds of legends about Sanxingdui?

　　Xinhua News Agency reporters Wang Peng, Shi Yuxi and Tong Fang.

　　With the announcement of new archaeological discoveries in Sanxingdui site, people’s eyes once again focus on this magical land.

　　Since the discovery of No.1 and No.2 "sacrificial pits" in Sanxingdui site in 1986, people have never stopped discussing it. A large number of shocking and mysterious cultural relics unearthed in the "sacrificial pit" have aroused a lot of speculation in the world.

　　Have you found the answers to those legends about Sanxingdui?

　　Legend 1: Is Sanxingdui an alien civilization?

　　Sanxingdui bronze vertical mask (Xinhua News Agency)

　　Huge ears, bulging eyes, and a big mouth wide to the ears … … Some people who eat melons believe that Sanxingdui is an alien civilization, and the grotesque bronze masks, bronze statues, bronze sacred trees and other cultural relics of Sanxingdui are alien works.

　　Experts are firmly opposed to this statement! The ancient Shu civilization, represented by Sanxingdui, is an important part of the pluralistic origin of Chinese civilization. Among the cultural relics unearthed in Sanxingdui, bronze statues, bronze rings, jade Zhang, jade cong, jade bi and jade ge are consistent with the Yellow River basin, which shows that Sanxingdui has the common attributes of Chinese culture. The familiar cultural relics with strange shapes and magnificent atmosphere, such as bronze standing man, bronze sacred tree and bronze vertical mask, not only show the brilliance of ancient Shu civilization, but also show the richness and diversity of Chinese culture.

　　In other words, Sanxingdui civilization is "made in China" and has nothing to do with aliens.

　　Legend 2: Sanxingdui people "moved" to Jinsha?

　　The gold mask unearthed from Jinsha site (left) and the newly discovered gold mask in Sanxingdui (imposition picture)

　　The newly discovered gold mask of Sanxingdui "made a stunning appearance", and the sharp-eyed netizens saw at a glance: this is the same as the gold mask of Jinsha! Not only the gold mask, but also the ornamentation, jade Zhang, jade chisel, ivory &hellip on the golden crown belt of Jinsha and the golden staff of Sanxingdui; … There are many cultural relics in the two sites. So can we think that people from Sanxingdui "moved" to Jinsha?

　　Experts believe that this high similarity between Jinsha site and Sanxingdui site proves that they belong to the same cultural system, and there must be some special connection between the two sites. Combined with the archaeological findings in recent years, we can think that Jinsha culture is the inheritance and development of Sanxingdui culture, and both of them have become an important part of the development of ancient Shu civilization.

　　Legend 3: Sanxingdui Archaeological Excavated "Angry Birds" with the same pig?

　　"Angry Birds" with the same pig (Xinhua News Agency)

　　Just last July, Sichuan Institute of Cultural Relics and Archaeology announced that an important site — — Joint site, unearthed a large number of cultural relics. Among them, a clay pottery pig is cute and cute, which is very similar to the villain green pig in Angry Birds. Netizens exclaimed: Is this the predecessor of Angry Birds?

　　In fact, experts believe that the joint site of this clay sculpture pottery pig unearthed should be an important settlement around the ruins of Sanxingdui ancient city. The joint site covers four cultural factors, namely, Guiyuan Bridge, Baodun Bridge, Sanxingdui Bridge and Twelve Bridges. It is the first time that a complete sequence of ancient Shu civilization has been found around Sanxingdui. Among them, the main cultural factors of Sanxingdui are the most abundant in the joint site, and a large number of cultural relics similar to Sanxingdui have been unearthed.

　　There are not only "villain green pigs", but also a large number of high-handled beans, hollowed-out beans (plates) and small flat-bottomed cans have been unearthed and restored at the joint site. It is worth mentioning that the pottery with the combination pattern of dragons and phoenixes carved on the yinxian line was unearthed in the late Shang Dynasty, and it is the earliest pottery with the pattern of "dragons and phoenixes are auspicious" found in China.

　　Legend 4: The "bronze giant" holds a "selfie stick" in his hand?

　　Sanxingdui "Bronze Man" (Xinhua News Agency)

　　Among the numerous bronze statues in Sanxingdui, the "bronze giant" is well known. Its overall image is solemn and solemn, and its hands are hollow. For a long time, people have been speculating whether he holds some kind of instrument in his hand. Even naughty netizens think that he is holding a "selfie stick" in his hand.

　　At present, there is no final conclusion on this issue in academic circles. Experts discussed that the "bronze standing man" may hold ivory, jade cong or scepter. The "Bronze Big Liren" wears a high crown, narrow sleeves and a half-arm-style three-layer dress, with complex and exquisite clothes, mainly dragon patterns, supplemented by bird patterns, insect patterns and eye patterns, and plaid stripes. It seems that his identity is an ancient Shu "high priest" with extraordinary skills.

　　There is no end to the exploration of Sanxingdui civilization.

　　Up to now, archaeologists have unearthed more than 500 important cultural relics in the six Sanxingdui cultural "sacrificial pits" newly discovered at Sanxingdui site.

　　I believe that in the future, through the detection and analysis of these cultural relics, more puzzles about Sanxingdui will be revealed. The true face of this ancient civilization, which has been buried deep underground for 3 thousand years, will become more and more clear.

　　We will wait and see … …

　　Whether the safe-haven value of gold still exists or not has become a hot topic of concern to many market investors. From a fundamental point of view, the price of gold must prove that the annual increase of 1.7% still exists, but the long-term fundamental supply and demand are being questioned and challenged.

　　Chimp Investor columnist Peter Elston mentioned that he considered what he could learn from the long-term price trend of gold, the so-called technicality. The final conclusion is that although the inflation-adjusted return of gold may still be poor in absolute value in the short term, it may still be better than that of stocks, bonds and cash, especially if the inflation rate remains high in the next few years.

　　He also suggested that in the past 50 years, the inflation-adjusted annual appreciation trend of gold price should remain unchanged at 1.7%, because the growth rate of global real wealth may continue to exceed this value. However, this is too simplistic and assumes that the fundamental reason for buying gold will not change much, which should be challenged.

　　This article focuses on the root cause of gold’s popularity, its supply dynamics, and its fundamentals, to see if they still prove that the above historical trend, the actual price increase of 1.7% per year still exists.

　　Gold is an iron-loving element, which means that it is heavy, easy to dissolve in iron, and doesn’t like to combine with oxygen. The oxide of gold is actually thermodynamically unstable. Therefore, its concentration is higher in the deep core and mantle than in the crust. Compared with the very low occurrence rate of the whole crust, the exploitable gold deposits are even rarer. In addition, the mineable deposits have now been exhausted, so that the annual output of gold has been flat since 2016. In the absence of major changes in mining technology and/or a drop in energy prices, this slowdown in annual output may continue.

　　The chemical inertness of gold makes it very suitable for jewelry, electronic products, dentistry, aerospace and value storage as gold bars and coins. The World Gold Council estimates that by the end of 2021, 205,238 tons of gold have been discovered/mined in the past 6,000 years, and the proven unexploited reserves total 53,000 tons, the latter figure is lower than 54,000 tons in 2019. It is also estimated that there are 15,000 tons of gold dissolved in the world’s oceans, equivalent to about 10 parts per trillion.

　　It is the inertia and rarity of gold that endows it with intrinsic value, that is, its practicality and practicality. Warren Buffett once wrote a famous saying that gold is dug out of the ground in Africa or somewhere, and then we melt it, dig a hole, bury it, and then pay people to stand around and guard it. It is not practical, and anyone who watches it from Mars will be puzzled.

　　But Elston doubts that Buffett will shine in the short term, but he will surely see that many people have done so for thousands of years and will almost certainly continue to do so. Besides, if he has a mobile phone or a tooth filling, he may benefit from the utility of gold to a greater extent than he is willing to mention.

　　As for the use breakdown of 205,238 tons of above-ground inventory, jewelry accounts for 46%, privately owned gold bars, coins and ETFs account for 22%, the central bank accounts for 17%, and other uses such as electronics, dentistry and aerospace account for 15%. It is estimated that as much as 80% of the newly mined or recycled gold is used for jewelry manufacturing.

　　Looking forward to the future of gold, it needs to be clear that Elston is not interested in the factors that may affect the short-term price performance of gold. They are essentially emotional-driven and unpredictable. In addition, compared with the long-term possible percentage change, the short-term performance is insignificant.

　　In other words, the really important factors are those related to basic supply and demand. They will determine the long-term performance of inflation-adjusted gold prices. For example, whether it will increase by 300% or decrease by 75% in the next decade. In his view, this is exactly what the market should pay attention to, not whether the nominal price of the US dollar will fall below $1,500 in the next few weeks.

　　As mentioned above, the annual gold production has been declining and has been flat since 2016. Environmental problems limit the potential of new discoveries. The progress of mining technology is related to the use of unmanned aerial vehicles, virtual reality, self-driving cars and blasting optimization. They didn’t, in fact, solve the basic law in a meaningful way, that is, the deeper you want to dig, the more energy you need.

　　Although 75% of the annual gold demand is met by mining gold supply, the shortage is made up by recycling, mainly jewelry. In the short term, the supply of recycled gold is sensitive to the price of gold. In addition, the dynamics behind the basic supply of recycled gold are unlikely to change significantly.

　　About 6000 years ago, the first known use of gold was as decorative beads. It is hard to see how this established popularity will fundamentally change. According to the data of the World Bank, since 1971, the real GDP of the world has increased by 3.1% every year, while the appreciation trend of the real gold price in the same period is 1.7% every year. Generally speaking, in the past 50 years, the world’s real GDP has increased by 360%, which is 130% higher than the real gold price. In other words, the rise of gold prices in the past 50 years has been supported, proved and explained by the growth of global wealth.

　　In recent years, the net purchase of gold by central banks has been quite stable, with an average of about 500 tons per year. The use of gold, whether as jewelry or as a means of value storage, is inseparable from its chemical characteristics. Therefore, it seems unlikely that central banks will lose interest in holding physical gold in their vaults in the near future or even the distant future. Net purchases may vary from quarter to quarter, sometimes very different, but the long-term trend seems to have been established.

　　The demand for private investment in gold is probably the most interesting of the four main sources. Its utility as a private value store is similar to that of the central bank, that is, it is related to its chemical properties. However, economies of scale make it expensive and/or risky for private individuals to store gold at home, so most people hold gold in paper form, that is, certificates and ETFs. Proponents of cryptocurrency have seized this obvious inefficiency, claiming that things like bitcoin should be regarded as digital gold, thus invalidating the current utility of gold as a private sector value store.

　　The use of gold as jewelry and storage of private and public values is inseparable from its chemical characteristics, in other words, the demand for gold bars goes hand in hand with the demand for jewelry. Bitcoin and other cryptocurrencies don’t have such basic attributes, and they never will. A USB flash drive storing encrypted access codes is unlikely to be worn as jewelry. Unless, of course, they are made of gold.

　　Elston said that the most interesting reason for the demand for private investment is that in difficult economic times, gold may be sold to buy more necessities, thus putting downward pressure on prices. However, in the severe economic difficulties, due to high inflation, people lose confidence in legal paper money, and the demand for it as a means of value storage will increase.

　　He is not sure whether he wants to live in a world where gold has replaced paper money as the main currency, but this does not mean that economic difficulties will continue but increase gradually in the long run. For example, global temperature rise, war, famine and epidemic diseases will not lead to the appreciation of gold prices.

　　Describe the various ways of gold, namely, value storage, inflation hedging, safe haven and investment. As should be clear, value storage is something that actually keeps its value. Gold has always been a means of value storage, and its inflation-adjusted price has shown an upward trend in the past 50 years. However, if you bought gold in 1981, you are actually still underwater. In other words, the actual decline of gold may exist and has existed for a specific period of several decades.

　　The reputation of gold as an inflation hedge tool was established in 1970s, 1980s and 1990s, but the relationship has not been obvious since then. It is true that in naughty times, when inflation fell, the real price of gold rose by more than 400%. Therefore, Elston is not sure whether the argument that gold is an inflation hedging tool is valid, except in severe economic difficulties, such as the use of hyperinflation in Germany.

　　Is gold a safe haven, that is, defensive? In other words, when risky assets such as stocks and high-yield bonds perform poorly, does it perform well? Similarly, there is no real evidence that this is indeed the case. It has not performed well this year, which is a period of poor performance of risky assets.

　　Finally, Elston never considered physical gold as an investment. This is because physical gold is different from stocks, bonds or property, and the former does not actually generate income. It is more similar to cash, and the portfolio allocation of physical gold should be regarded as a cash substitute. He finally stressed that this does not mean that high cash distribution is appropriate, and gold should be more popular as cash than legal tender.