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How can we resolve the Hengda crisis as soon as possible？

At present, the most crucial thing is to stop the bleeding of Hengda, stop allowing its risks to accumulate and spread, and at the same time, we should preserve good evidence to lay a good foundation for future accountability through the rule of law.

Author | Li Wei

Source | Caixin

Li Wei

Professor of Economics, Cheung Kong Graduate School of Business

Director of the Case Study Center of Cheung Kong Graduate School of Business

Director of the Big Data Economics Research Center of Cheung Kong Graduate School of Business

Vice President of Asian Markets

On September 24, 2023, China Evergrande Group (referred to as Evergrande) issued an announcement saying that "in view of the ongoing investigation of Evergrande Real Estate Group Co., Ltd. (the main subsidiary of the company), the current situation of the group cannot meet the eligibility for the issuance of new notes".

Public information shows that Hengda is in a serious insolvent situation. At the end of 2021, the end of 2022 and the end of June 2023, the company’s insolvent gap is 473.10 billion yuan, 599.10 billion yuan and 644.20 billion yuan respectively.

Judging from this set of data, Evergrande has not "stopped the bleeding". What should be done for such a large real estate company that is in crisis and the situation is rapidly deteriorating?

Market-oriented solutions

The current situation of Evergrande is not optimistic. If the government does not intervene in this crisis and the market comes up with a solution, then there are only two outcomes. One is that Evergrande goes bankrupt, and the other is that market-oriented institutions acquire and integrate Evergrande without the help of the government.

Let’s look at the first outcome. Logically, this is the most likely outcome if Evergrande’s crisis continues to worsen. If Evergrande does go bankrupt, what consequences will we face?

In principle, companies, like people, no matter how big or small they are, will die one day without much fuss. However, the reality may be much more complex than we think, especially for large companies with a wide range of implications.

A classic example of this is the impact of the collapse of Lehman Brothers Holdings Inc. during the 2008 financial crisis.

In 2007, the pressure on financial marekts caused by falling house prices became increasingly obvious, and a series of Financial Institution Groups began to experience insolvent problems, but the overall situation was still under control.

After entering 2008, the situation took a sharp turn for the worse. Lehman, the fourth largest investment bank on Wall Street, began to thunder continuously, and the problem of insolvent gradually appeared. At that time, there was a huge disagreement in the whole society on whether the government should rescue Lehman.

In fact, the government also wanted to raise resources to rescue Lehman, because Lehman was one of the core nodes of the US financial network, but it was ultimately concerned about moral hazard (moral hazard refers to the fact that under the condition of asymmetric information, the responsible economic actors do not bear the full consequences of their actions. For example, Lehman took excessive risks in the course of its operation, making money for himself, and losing money can be required for government rescue based on its importance), and gave up the rescue.

The collapse of Lehman Brothers brought the financial crisis to a climax, causing the largest crisis in the US economy since the Great Depression.

The government’s abandonment of the Lehman bailout quickly escalated the financial crisis, but if Lehman is bailed out, it is likely to exacerbate moral hazard in the financial system in the future. As moral hazard builds, it will only be a matter of time before a larger financial crisis erupts.

The failure of Lehman’s self-rescue brought an unexpected result, which was the successful self-rescue of Merrill Lynch (Merrill Lynch for short).

Merrill Lynch is the third largest investment bank on Wall Street. As the parties discussed how to rescue Lehman, John Thain, the last Chief Executive Officer of Merrill Lynch (CEO), who participated in the discussion, immediately realized that Merrill Lynch had a similar problem. If it did not act immediately, then Merrill Lynch would be the next Lehman.

In order to save himself, Thain contacted Bank of America and sold himself to the latter for $50 billion, thus avoiding the end of Lehman.

In fact, from the perspective of game theory, the decision of the US government not to rescue Lehman, a Financial Institution Group that was so large that it had systemic risks, was somewhat random.

This means that the government will eventually rescue the vast majority of Financial Institution Groups that may cause systemic risks, but it should not let the market know the government’s trump card when choosing to give up a Financial Institution Group that can detonate systemic risks to curb moral hazard.

After all, there is a huge social cost to detonating systemic risk.

Government intervention solutions

The above describes the situation of relying on the market to solve the crisis, but in fact, when a major crisis occurs, the government will intervene more or less. Here are three examples according to the degree of government intervention.

First, the government only plays a coordinating role, and it is mainly handled by market forces.

The most typical example of this is the crisis resolution of Long-Term Capital Management (LTCM).

Founded in 1994, LTCM is a hedge fund specializing in highly leveraged carry trades.

LTCM became famous for its outstanding performance once it was established, but in 1998 LTCM suffered a huge loss. Due to LTCM’s highly leveraged trading strategy, its counterparties included many Wall Street Financial Institution Groups, so the crisis of LTCM once led to a possible systemic crisis in financial marekt. To avoid this dangerous situation, the Federal Reserve Bank of New York convened many Wall Street Financial Institution Groups to discuss ways to rescue LTCM. Finally, many Wall Street Financial Institution Groups raised $3.625 billion to rescue LTCM. The Wall Street Financial Institution Group’s investment not only saved the LTCM from the verge of collapse, but also eliminated its threat to the entire financial system.

During the entire incident, the Federal Reserve Bank of New York played a convening and coordinating role, but it did not provide capital or guarantee, and its intervention in the market was limited. It mainly relied on market forces to solve problems.

Second, the government provides some funds for rescue, but the main transactions are still completed by market institutions. A more typical example of this is the handling of Bear Stearns by the Federal Reserve Bank of New York in 2008.

Bear Stearns is the fifth largest investment bank on Wall Street and a very important Financial Institutions Group in the US financial system.

In order to prevent the collapse of Bear Stearns from hitting the entire financial system, the Federal Reserve Bank of New York coordinated JPMorgan Chase’s acquisition of Bear Stearns. In the process, the Federal Reserve Bank of New York funded the purchase of Bear Stearns’ assets for $30 billion, which helped to complete the entire acquisition.

In this deal, the government offered real money to rescue the problem company, but the amount was relatively small and only played a supporting role. The big problems were still solved by the market itself.

Third, the government fully intervened to take over the companies at risk, a classic example of which was the handling of Silicon Valley Bank by US regulators in March 2023.

Silicon Valley Bank, a bank whose main customers are high-tech companies, experienced a severe run in March 2023 because it did not do a good job of risk management. Fearing that panic would spread and trigger a chain reaction, the US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) acted together and quickly intervened in the crisis.

After regulators took over Silicon Valley Bank, the FDIC announced an unlimited guarantee on all deposits, breaking the previous limit of $250,000. For Silicon Valley Bank, the regulator ousted all its executives and zeroed out the equity value.

From this series of actions, it can be seen that the government took a comprehensive intervention approach in response to the crisis of Silicon Valley Bank, taking complete control of the company, which is the deepest form of government intervention.

How can we resolve the Hengda crisis as soon as possible?

The above discusses different ways to resolve the crisis from the perspective of the market and the government. What is the significance of this for us to deal with Evergrande’s problems?

Here is the first thing to say, some people may say that the examples mentioned above are all Financial Institution Group, Evergrande is a real estate developer, not Financial Institution Group, there are substantial differences between the two.

Indeed, Financial Institution Groups, especially those large Financial Institution Groups that are at the heart of the financial system, often have a direct and huge impact on the entire system, even the macroeconomy, so once these institutions are in crisis, they are often prone to systemic crises. This is the case we saw in the Lehman bankruptcy.

Institutions with systemic risk are often large Financial Institution Groups, but systemic risk is not the patent of large Financial Institution Groups. All institutions that have a direct and huge impact on the economy and finance as a whole are institutions with systemic risk. Evergrande is one of them.

There are three reasons for this.

First of all, the real estate itself in China belongs to the giant industry, and its upstream and downstream implication is very wide, from steel and cement to home appliance decoration, some studies believe that these industries together ** the country’s gross domestic product (GDP) ratio may be close to 30%;

Second, real estate is closely linked to the financial system. When real estate goes wrong, the land market will soon follow. A large amount of financing in China is based on land and real estate as collateral. Once the value of these collateral shrinks, the risk will immediately spread from real estate to the financial sector;

Finally, Evergrande is a typical leader in the real estate industry, and its survival has a significant impact on people’s views on the entire real estate industry, and even on China’s economy.

Evergrande is so important, so how should we handle the current crisis?

First, Evergrande’s self-rescue seems to be very difficult to succeed. Evergrande has been in danger for two years. If self-rescue can work, we don’t need to discuss whether to rescue Evergrande today.

Second, use a market-oriented approach to solve Evergrande’s problems.

First, let Evergrande go out of business. This is difficult because Evergrande is a company with systemic risk. Second, let other companies in the industry merge and acquire Evergrande. This is a better approach because real estate is a sector with a certain technical threshold, and companies in other industries do not easily learn how to run a developer efficiently in a short period of time.

But there are two difficulties here, one is that Hengda’s scale is too large, in 2020 before Hengda’s accident, Hengda’s housing sales area was as high as 80.86 million square meters, ranking first in the country; the other is that Hengda has been suffering for a long time, and no one knows how big a hole there is. The resources required to acquire such a giant company may not be what a developer can have.

Third, the government intervened to rescue Evergrande.

First, the government only plays a coordinating role, allowing companies in the industry to acquire Evergrande, or establish a consortium, with money, such as the Financial Institution Group, and powerful contributions, such as developers. However, as mentioned above, this path is currently not feasible.

The second is that the government provides a small amount of funds, and then joins social funds to jointly acquire Hengda. This method is better, but the coordination cost is higher.

The third is for the government to directly take over Evergrande. This approach is the simplest and most straightforward, and can control the spread of risk in a short period of time. But the biggest problem is that the government does not know how to run a real estate developer well, and it is still such a huge and opaque developer.

From the current situation, each plan has advantages and disadvantages. Rescuing Evergrande, no matter what method, will create a certain moral hazard, but because Evergrande is a company with systemic risk, this forces us to compromise.

Rescuing Evergrande requires two resources, one is technology and the other is funding.

The government and some large companies outside the industry have capital but no technology, and companies in the industry have technology but no capital. Therefore, the best way is to form a consortium and give full play to their respective strengths.

But the drawback of this is also obvious. How to assemble a suitable team is very difficult, which takes time, but whether Evergrande’s crisis has left us enough time is something we don’t know. A direct government takeover can immediately stop Evergrande’s bleeding, but subsequent operations are beyond the government’s ability.

But this approach is not completely impossible. In this regard, we can still learn from the treatment of Silicon Valley Bank by US regulators. On March 10, 2023, US regulators took over Silicon Valley Bank. Just 16 days later, the regulatory bank found the next home for Silicon Valley Bank – First Citizens Bank (First Citizens BancShares).

Many people now have an understandable sense of anger towards Evergrande, especially those who paid for a house but couldn’t get it.

In the future, even if we rescue Evergrande, it will not be all bailouts. We should rescue homebuyers who cannot get houses and suppliers who do not get the money, but we should let Evergrande’s equity go to zero, most of its debt is impaired, and all executives are dismissed, just like the way US regulators handled Silicon Valley Bank.

But the most important thing at the moment is to stop the bleeding of Evergrande and stop allowing its risks to accumulate and spread. At the same time, we should preserve good evidence to lay a good foundation for future accountability in a rule of law manner. Looking at the overall situation, the government should find a way to take over Evergrande as soon as possible.

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Hangzhou’s new taxi regulations are submitted for review, and online car-hailing will be included in the management scope

　　It has been a full ten years since the current regulations on the management of passenger taxis in Hangzhou were revised and implemented in 2007. With the changes in the market environment, especially the emergence of new business formats such as online car-hailing, many provisions of the regulations are no longer suitable for the needs of industry development and management under the new situation, and need to be revised urgently. On October 30, the sixth meeting of the Standing Committee of the 13th Hangzhou Municipal People’s Congress reviewed the "Hangzhou Passenger Taxi Management Regulations (Revised Draft) " (hereinafter referred to as the Revised Draft). Compared with the old regulations with 37 articles in 9 chapters, the revised draft is 67 articles in 6 chapters, which can be called a "fundamental overhaul". The most significant change is undoubtedly the inclusion of the content of online car-hailing.

　　In addition, on November 7 at 2 pm, the Hangzhou Municipal People’s Congress Legal Committee will hold a legislative hearing on the Hangzhou Passenger Taxi Management Regulations (Revised Draft) at Xinqiao Hotel, No. 226 Jiefang Road. If you have corresponding suggestions, you can sign up. You can register by phone (87557141), fax (87557315) or email (1839192974@qq.com).

　　The business license is changed from closed to open

　　Compared with the original "Regulations", the revised draft proposes "legally holding the right to operate a specified number of taxi vehicles" on the conditions for the operation license of cruise vehicles, but does not set a specific number.

　　Fan Jianjun, director of the Municipal Transportation Bureau, explained to the Standing Committee of the Municipal People’s Congress on the revised draft, saying that considering the large differences in the development of the taxi industry in Hangzhou districts and counties (cities), if the specific number is limited, it is difficult to take into account fairness. Therefore, the revised draft will leave the lower limit of the number of operating rights held to local governments to decide, and the operating license will be changed from closed to open, which is more in line with management reality.

　　Taking into account the difficulty of obtaining operating licenses for some franchise holders due to the lack of the required number, the draft amendment also stipulates that the government can organize the establishment of taxi service management companies to provide management services to such franchise holders.

　　The age limit for drivers has been relaxed to 65

　　The draft amendment stipulates that vehicles engaged in passenger taxi business services in Hangzhou shall obtain passenger taxi transportation licenses, including cruise taxi transportation licenses and online rental car transportation licenses. Online car-hailing requires the installation of satellite positioning devices with driving record function and emergency alarm devices that meet the standards, and the information must be able to be transmitted to the competent authorities in real time.

　　The revised draft introduces unified qualification management for drivers driving cruise cars and online car-hailing. As long as they obtain a passenger taxi driver’s license, the licensed personnel can move freely between the cruise car company and the online car-hailing platform. This system design is the first in China.

　　The revised draft incorporates provisions in departmental regulations that are closely related to passenger safety, such as "no violent crime, no drunk driving record", and also liberalizes the age limit to 65 years old.

　　Rejection is divided into five situations

　　The amended regulations particularly emphasize that taxi operators shall keep strictly confidential the information of drivers, riders and passengers collected during the operation process, and shall not provide it to third parties except as required by laws and regulations.

　　For the refusal behavior, according to the type of vehicle, there are five specific situations:

　　1. After being greeted by passengers to stop, no passengers will be carried;

　　2. Refusing to carry passengers when an empty car is waiting to be rented in a public place;

　　3. After actively soliciting passengers, refusing to carry passengers;

　　4. Selecting passengers in the operating area by means of self-determined operating destinations, etc.;

　　5. Failure to fulfill the agreement after accepting phone or online appointments.

　　If the above situation occurs, the driver will be fined 300 to 3,000 yuan, and the taxi driver’s license will be seriously revoked.

　　Our reporter, He Sheng

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Diao Yinan： Of course Hu Ge was successful, he embarked on a free path

　　　　　　 In the 2019 Sina Entertainment year-end blockbuster project "The Most Beautiful Performance", director Diao Yinan and Hu Ge "South Station Reunion" collaborated to shoot a one-shot short film, with Hu Ge acting as a triangle to recreate the fugitive Zhou Zenong in the film.

　　Jackson Yee, who rose to prominence in the film industry with the role of "Little North" in "Young You", also came to a "north-south integration" with the "The Wild Goose Lake" crew. Diao Yinan tailor-made a story for him. Qianxi plays a rebellious and lonely teenager who is inextricably linked to Zhou Zenong. Shu Qi also joined this short film as a special surprise.

　　Both short films are additions to The Wild Goose Lake, written and directed by Diao Yinan.

　　How are the two stories created? What are some interesting stories on the set? As a Golden Bear Award-winning director, what is Diao Yinan’s understanding of acting?

　　Late at night, after the remake of Jackson Yee’s short film, we had a serious chat with Diao Yinan.

　　Creating a script for Jackson Yee

　　"He is very good at being alone, such a child is rare now"

　　Sina Entertainment: The director wrote two short films this time. Let’s talk about Qianxi first. How was this story created?

　　Diao Yinan: This story is based on Qianxi’s age and his current appearance to make a creative foundation. He is a 19-year-old boy, his heart is full of rebellion, and he is more introverted, not very flamboyant, very lonely, very quiet, and he has these temperaments in him.

　　Therefore, his state may be particularly suitable for what I present to him in this story. His heart is very tolerant and slender, but he is not good at expressing himself. His expression comes from some struggles within.

　　In this video, you may see that his inner voice is expressed through an expressive dance, or an expressive body.

　　Later, Shu Qi was introduced, and the script was also changed once in the middle. The relationship between the two of them in the play is very delicate. Both of them are very good actors and complement each other, so the length of the film also exceeded the original expectations.

　　Sina Entertainment: Although Qianxi’s short film is only a few minutes long, it was actually filmed for a day and a half. What is the reason?

　　Diao Yinan: Although the film is very short, the most beautiful performance for the actor is to show his different performance states and performance methods in such a short time, including the psychological activities of his lines, body language, body posture, and the scheduling of his inner emotions.

　　So each of our shots is also to help the actors to better complete the performance. The performance is not just the actor’s own business, the performance is the picture, the lighting, the sound and the opponents. All of these create an atmosphere that will help the performance. So these elements of the film in other departments are also very carefully done.

　　Sina Entertainment: Regarding this short film, what communication did you have with Qianxi in the early stage?

　　Diao Yinan: Mainly music, choose music, how to deal with this music, what functions did you undertake in the movie, and did some explanations and communication.

　　Sina Entertainment: Is it the music during the dance?

　　Diao Yinan: Strictly speaking, it is not dancing, but rather an externalization of psychological activities.

　　Sina Entertainment: So is it Qianxi’s suggestion or your choice to use the song "fall"?

　　Diao Yinan: I chose it.

　　Sina Entertainment: Have you seen some of Qianxi’s works before? What kind of actor do you think he is?

　　Diao Yinan: I have seen "Young You". Not bad, very promising, and young people have a promising future.

　　Sina Entertainment: I worked with him once this time. How did he perform on the set?

　　Diao Yinan: It is also very quiet on the set, without fighting or making trouble, and without too much contact with others. It is very good to be alone. Such a child is quite rare now. It was only a short two days, so that’s what I observed.

　　Sina Entertainment: Does he have some improvisation of his own when he performs?

　　Diao Yinan: Yes, for example, during the dance process, he will add some. I said you try to hit and kick, and he will add it according to this thing and play it by himself.

　　Sina Entertainment: Did he have any performance that impressed you throughout the cooperation process?

　　Diao Yinan: Execution, for example, what I ask him to do, he can execute it, no matter what method he uses, he can give it to me, which is very important for actors.

　　Sina Entertainment: Some actors may rely on scripts to act, others on instinct, and some on sincerity. What do you think they mainly rely on?

　　Diao Yinan: Maybe it’s based on instinct. Maybe at this stage, he’s a freshman at the Central Academy of Drama. From the perspective of learning acting, he doesn’t necessarily have a lot of skills or experience, so I think he relies more on instinct or talent.

　　Sina Entertainment: This time Shu Qi also starred in this short film. How does it feel to work with her?

　　Diao Yinan: Of course, she is very understanding, very good at performing, and very experienced. Many times she is able to control herself and the rhythm of the performance with ease on the scene, and I feel very cooperative.

　　The South Station party again Hu Ge didn’t have a good time!

　　"I hope to see a very kaleidoscopic Hu Ge"

　　Sina Entertainment: In the story of Hu Ge, you asked him to play the triangle alone. What was the creative inspiration at that time?

　　Diao Yinan: At that time, it was their publicity side. I don’t know who mentioned it. Then I thought it would be very good to use a long shot. The content of the script was written by me. After writing, the shooting process was actually very fast, but it took nearly 8 hours to prepare, which was very interesting.

　　I hope to see a very diverse Hu Ge, who has gone through a huge performance span in just over three minutes. From a sissy span to a fugitive, and then to a particularly vulnerable and rich traveler, it is he who presents them all very well in these few minutes. This is very difficult. I think Hu Ge has really made great progress now.

　　Sina Entertainment: I read that the script actually only briefly wrote the identity of a conductor, so is this sissy feeling the creativity of Hu Ge?

　　Diao Yinan: It’s his idea. Maybe he did some homework in his heart. He also communicated with me in advance, and I said yes, no problem. This kind of performance has a lot of span and tension. In a short period of time, it is like a show, which will let the audience know the ability of an actor to switch between different performance states in an instant.

　　Sina Entertainment: Which of these three identities do you think he played the best?

　　Diao Yinan: They are all pretty good, and he is very malleable.

　　Sina Entertainment: The identity of the fugitive is equivalent to playing Zhou Zenong again. Is Zhou Zenong in the short film in the same vein as in "The Wild Goose Lake", or is there innovation and change?

　　Diao Yinan: In the same vein, maybe he can’t get out of "South Station", maybe his mastery of fugitives is what I ask of him in the movie, and the other two are his free play.

　　Sina Entertainment: 8 hours of preparation in the early stage, is it mainly to prepare for the dispatch of one mirror to the end? I would like to ask you to introduce the specific difficulty.

　　Diao Yinan: All the shots can’t be worse, because there are substitutes to come and go to change positions, and some close-ups can’t be worse, and if there is a slight difference, you will wear a gang. The delicate things of the big full-scale scheduling and close-up are all in this shot, and there are extras in positions, not just Hu Ge, so all departments are required to cooperate, including the people who change clothes should be very fast, and they will wear the gang later.

　　This series tests the abilities of all departments, including the transformation of lights, the passing of train lights, and this shot is particularly able to demonstrate that film is a collective art genre.

　　So our work site was very quiet that day, and we found out later that because each department was very nervous, we paid attention to our key nodes. Sometimes our filming site was also very busy, but it still didn’t seem so quiet, which meant that some departments might be able to take a break, but everyone was very nervous that day.

　　Sina Entertainment: What kind of state is Hu Ge in when everyone is holding their breath?

　　Diao Yinan: He was very relaxed, he was very cooperative, and there was no tension, so he took a total of four shots.

　　Sina Entertainment: It means that a total of four shots were successful?

　　Diao Yinan: I took six or seven shots, and I succeeded in four, and then he played one better than the other. I was also worried that in this situation, the second and third items in the middle might be easy to mobilize emotions, and the fourth item might be tiring, but he also played the fourth item very well.

　　Sina Entertainment: I heard from Hu Ge that you and he communicated this script in the background of Double 11.

　　Diao Yinan: I asked him to watch some movies before performing, such as "Outlaw". At that time, he seemed to be abroad, and then he said he would watch it. Then as soon as we met on Double 11, we talked about this, and he immediately told me that the first character should handle it like this.

　　I thought it was great, he was creating this character, not necessarily according to the script, his own imagination I thought it was okay. Then he also said, it’s really difficult, and he has to test me again. I said that this test is actually fun, so we do it as a fun thing.

　　Sina Entertainment: Didn’t he use the word torture? Because the last time I interviewed Hu Ge, he said he was going to be tortured again.

　　Diao Yinan: Not yet this time. When we finally finished, he seemed to say, is this the end? It seems that he still wants to continue filming.

　　Sina Entertainment: So when you were filming "The Wild Goose Lake", how did you torture him?

　　Diao Yinan: The water is dire and the pain of all kinds of flesh and blood. Because many of them are in the wind and rain, in the open air, and in countless sleepless nights, they have a great test on the body and mind.

　　The most beautiful performance is to use different methods to meet the requirements of different directors

　　"Acting requires the writers, the whole film and all departments to help"

　　Sina Entertainment: What do you think is the most beautiful performance?

　　Diao Yinan: I think the most beautiful performance is that this actor is a professional actor, and he can cooperate with each director in different ways to fit the performance style required by the director. It is not necessarily that this actor will only follow one acting method to fight all over the world, which is also impossible, because every director has a different film style, and may have different requirements for film performance.

　　Then the most beautiful performance is the performance that best fits the style and characters of the movie. As long as you are accurate, he is the most beautiful performance.

　　Even if he is quiet and taciturn, at this moment, he is very powerful in the movie, he is the most beautiful. He doesn’t have to use very complicated techniques, he has to read the script, to understand what he is like at the moment when there is a chemical reaction between his performance and the plot.

　　Sometimes he can step out of himself and watch from the sidelines; sometimes he has to completely immerse his body and mind in the character and live completely in the character; sometimes he is even required to split a bit to integrate reason and emotion well.

　　Sina Entertainment: In the film and television works you have seen, what is the most memorable moment of the most beautiful performance?

　　Diao Yinan: There are too many. I like Ma Long Brando’s performances very much. For example, he played "The Wharf", directed by Ilya Kazan. He created a methodological performance in it, including some characters such as the godfather he created later. I am very impressed. There is also an Italian actor named Marcelo Maschoanni. There are many, but I will not give examples one by one.

　　But Ma Long – Brando, I think as an actor, he has completed countless works in his life, and the output of his works is very high. There are also bad and poor films here, so his performance will also decline; there are also many films that have entered the history of film, and his image is particularly brilliant.

　　So sometimes an actor’s reading of the movie, the choice of the script, and the control of the subject matter will also bear the height of his performance. I don’t mean that an actor only accepts such a very good movie, I mean that sometimes acting requires the help of the screenwriter, the whole film and the whole department.

　　Sina Entertainment: When it comes to the development of Hu Ge, he first became very popular as a costume idol drama, and at the age of 35, he encountered a script and film team like "The Wild Goose Lake" when he needed to transition. Why did you think of letting him play Zhou Zenong?

　　Diao Yinan: He has a face that particularly moved me, or a certain moment of his appearance that moved me. Then this face can only be given to me by him. Others, no matter how good your acting skills are, but your appearance and your face are useless. So sometimes I look for actors, and I first decide whether he fits the role based on his temperament and his face. Hu Ge broke into the role, so to speak, so the role fits with him.

　　Sina Entertainment: Do you think Hu Ge’s current transformation has been successful?

　　Diao Yinan: I think of course it was a success. He gave a completely different performance from his previous performance, which is beyond doubt. Then he gained a different experience from previous performances.

　　Sina Entertainment: In your opinion, is it necessary for male actors to transition between the ages of 30 and 35? Many people may not receive good projects, and they themselves are very worried.

　　Diao Yinan: I believe that many actors want to create characters that can be remembered for a lifetime, but if they can receive such films every day, I don’t think it is possible. For the current film market, for the requirements of movies and the tastes of audiences, they also need to allocate their performance energy and wait for some opportunities.

　　Sina Entertainment: Some time ago, Hu Ge’s fans helped him raise funds to support the box office of "The Wild Goose Lake", but he himself has said that he hopes fans will not do such a thing. As a director, what do you think of the phenomenon that many fans are now raising funds to support idols?

　　Diao Yinan: Fans are purely a kind of passion, but Hu Ge may be a person with self-esteem, and he is not willing to take advantage of fans in this regard, even if it is a small amount of money, he is not willing. He has to rely on his own strength to speak, and he is very confident in his heart. He also welcomes all kinds of comments about him, and he is ready to welcome all kinds of comments. I think he has done it right.

　　Sina Entertainment: In the short film of our most beautiful performance, we collaborated with Hu Ge again. Do you think he has changed since he first made "The Wild Goose Lake"?

　　Diao Yinan: Yes, I think he is different from the day we just arrived in Wuhan and just entered the crew for fitting. On the day of fitting, he was still a little scared and a little dazed, but now I think he is very comfortable, and I think only he knows how to get this freedom. Of course, it is not necessarily given by "Southern Station", or "Southern Station" is just the beginning. He has embarked on a path to make himself comfortable, and he has found a way.

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Xiaomi launches magnetic wireless power bank, designed for iPhone 13／12 series

Xiaomi magnetic wireless power bank opens the reservation, the price is 199 yuan. The product details show that the magnetic wireless power bank is a magnetic power bank or a vertical wireless charging, specially designed for iPhone 13/12 series.

The rated capacity of Xiaomi Magnetic Wireless Power Bank is 2800mAh (5V/2.4A), which can be brought on the plane. If you need to use it with a case, you need to match it with the official.Protective case.

When traveling, it is a magnetic wireless power bank: when using on the desktop, gently put it down for a second to become a vertical wireless charger. Double charging experience, super practical.

The power bank can also wirelessly charge the mobile phone when it is self-charging. You can charge it if you want, and keep it fully charged at all times.

Designed for iPhone 13/12 series users, it supports magnetic wireless charging function, no need to press the button to automatically charge. 10N super magnetic attraction, still charging with shell.

Large capacity, as the second battery of the iPhone 13, can get an additional 85% of the power, go out all day without worrying about the power problem.

In addition to the wireless discharge function, there is also a Type-C interface that can be wired for charging, which can provide 12W MAX wired charging for iPhone. At the same time, it has the input capacity of 20W MAX, and it can complete self-charging in 2.2 hours.

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The first new energy owners to eat crabs silently return to fuel vehicles, and the reasons are revealed

"The last breath of the fuel car is broken", "The swan song of the fuel age", "The fuel car is about to end"…

In today’s public opinion environment, fuel vehicles seem to have been sentenced to "capital punishment", and the undermining of fuel vehicles has long been a mainstream trend in the automotive public opinion field.

For new energy vehicles, the trend of branding, changes in sales, the mutual confrontation between business executives, and the operation of car owners and users’ rice circles are all the focus of public opinion.

According to the Baidu index keyword search trend comparison data, the online traffic popularity of new energy vehicles and trams far exceeds that of fuel vehicles and fuel vehicles. Of course, these all reflect the "silence" of fuel vehicles.

"A joint venture is not a representative of backwardness, it has maturity and stability, and it also has the tenacity to start later." Wen Dali, executive deputy general manager of GAC Toyota, made a public shout at the Guangzhou Auto Show, which is quite worth pondering.

The joint venture "big brothers" who have promoted the development of the automobile industry in the past few decades have also had to use this peculiar way to "confess" to consumers, which can be regarded as a special footnote for the various challenges faced by fuel vehicles.

Is it true that no one supports fuel vehicles anymore? In fact, for a long time to come, the development of the global automobile market will definitely be a parallel between gasoline and electricity, and fuel vehicles are far from being sentenced to death.

The same is true from the data point of view. According to the data released by the 2023 Guangzhou Auto Show, nearly 60% of the cars on display at this auto show are fuel vehicles, which is still the absolute main body. In October this year, among the 308,000 cars sold by Volkswagen in China, new energy accounted for only 8%, and fuel vehicles accounted for 92%.

In fact, users who insist on fuel vehicles may not be active in major online forums, do not operate in circles, and rarely participate in public opinion wars and war of words. They do not seem to have such a strong "sense of existence", but they still use real money to buy cars to "vote" for fuel vehicles and brands, expressing a "silent" support.

During the multi-day visit to the Guangzhou Auto Show, Zhixing Driving Road also found some voices behind the "silent majority", whose stories and choices reflect the development of enterprises and industries.

1. New energy owners returning to fuel vehicles

If young people are more likely to be attracted by new energy vehicles, then Brother Yu, who is in his 40s, is a special case.

Many years ago, when new energy vehicles were still widely questioned and challenged, Brother Yu became one of the early owners. There were two main reasons. He liked to try new technologies and thought that charging was more cost-effective than refueling. However, after a few years, Brother Yu found that he still paid by mistake.

"Now I’m angry when I mention trams." At the Guangzhou Auto Show, when Big Brother Yu and Zhixing Driving Road talked about the topic of new energy vehicles, he seemed quite excited. After a deeper understanding, Zhixing Driving Road also found that his experience has a certain group image representation, which can also bring some inspiration to consumers who are torn between oil cars and trams.

Brother Yu said helplessly, a few days ago on a business trip, came back to find the car can not start, also can not charge, many times with the brand after-sales staff communication, the final conclusion is always not in line with the quality assurance rights and interests, change the battery at your own expense, the price to tens of thousands, and ultimately can only find a third-party auto repair company to try their luck, to see if there can be a low-cost solution.

After experiencing this bad thing, Brother Yu even more believes that many early tram owners were taken advantage of and bought at a high price. The performance and functions of the car are far inferior to the current ones, and many shortcomings are also more obvious. For example, the battery life is more serious. Charging in the city often requires queuing up for empty charging piles, and the cost of charging is not cheap. The overall cost of using a car is not necessarily much cheaper than that of an oil car. More importantly, it is tiring.

In fact, like Brother Yu, car owners who are willing to buy cars for real money in the early stage of the development of new energy vehicles should be well maintained by car companies. But it backfired. After the vehicle battery failed, the brand tried its best to distance itself from the relationship and refused quality assurance. Eventually, the new energy owners like Brother Yu were pushed back into the arms of fuel vehicles.

At the auto show, Brother Yu actually went to the new energy vehicle booth for a stroll. He confessed to Zhixing Driving Road that many sales pitches are still similar today, and car purchase rights look very good.

All kinds of lifelong free, lifelong quality assurance and so on, behind a lot of details and rules are not explained in detail, after a few years really need quality assurance, it is estimated that another way of saying, just like their current tram manufacturers use some reasons to reject quality assurance.

Zhixing Driving Road also found by visiting the new energy vehicle booth that the sales staff often simply inform Sandian of the lifetime quality assurance, but did not mention the specific rules and conditions. We also found through inquiry that there are various rules behind the so-called lifetime quality assurance. If the owner is not careful, he will violate the rules, or lose the rights and interests of lifetime quality assurance because of some easily negligent reasons.

On the other hand, in the eyes of Big Brother, the current fuel vehicles have made great progress in terms of fuel consumption, making up for a competitive shortcoming. After understanding several different brand booths, he found that today’s fuel vehicle brands are developing faster in terms of gasoline-electric hybrid engines. After replacing the hybrid engine with traditional models, the fuel consumption value is directly "cut in half", and the progress is more obvious, which also makes him think that the so-called "electricity saving" advantage of new energy vehicles is not so prominent.

In addition to Big Brother Yu, Zhixing Driving Road interviewed many consumers who still firmly choose fuel vehicles in the fuel vehicle exhibition area. In their opinion, the inconvenience of charging is only secondary, and the risk of car companies going bankrupt and running away is even more important. Behind this are various vehicle function upgrades, after-sales services, maintenance and replacement issues.

Consumers’ concerns in this regard are not biased. Some time ago, the rumors of Weimar’s "bankruptcy" that swiped the screen on the whole network led to a series of chain reactions such as the lack of protection of owners’ rights and interests, the "shutdown" of some car functions, and the collapse of prices in the second-hand market.

The relevant report released by the China Consumers Association in May this year also shows that new energy vehicle companies have closed down and delisted, and it is difficult to continue to provide relevant vehicle maintenance, after-sales maintenance, and original spare parts services. The problem of after-sales insecurity of consumer vehicles is frequent.

Therefore, some consumers have admitted to Zhixing Driving Road that they will still pay more attention to the models and products of mainstream fuel vehicle brands. After all, fuel vehicles have very mature solutions and systems in this regard.

It is understood that when a fuel vehicle company withdraws from the market, the relevant after-sales services will be taken over by other main enterprises of the group or entrusted to qualified third parties. For example, after the withdrawal of GAC Mitsubishi, the relevant services will be handled by GAC Group.

However, there are many original enterprises in the new energy market. Once the enterprise has a problem, it is often a plot of "walking away". The lack of reliable related parties to continue to provide services to car owners is one of the important factors affecting consumer decision-making.

2. Worried about backstabs, etc. Party

Zhixing Driving Road found that all kinds of new energy brands at the Guangzhou Auto Show are showcasing their muscles in new technologies and experiences such as intelligent driving, charging battery life, and intelligent cockpit. There are also many models with a greater sense of technology, product power, and cost performance.

But through interviews with some consumers, we found that some consumers are actually scared away by the rapid replacement of new energy vehicles. Of course, most of them will not battle in the public opinion field, but will silently invest their car purchase budget in fuel vehicle brands.

"New energy vehicles are now being packaged more and more like mobile phones, but buying a car is completely different from buying a mobile phone." At a new energy vehicle booth, Ah Shui, who had just learned about the new model, told Zhixing Driving Road that the new energy vehicles are indeed becoming more and more "cool", but because of this, he does not know when is the right time to start.

In Ah Shui’s opinion, if he decided to buy a new energy vehicle this year, there might be newer, stronger, and more cost-effective models on the market in a few months, and even his own car would launch a facelifted model with additional features and reduced prices. This would not only make it appear that he was backstabbed, but also make the car in the quasi-new car state a little "outdated".

In this regard, Ah Shui also admitted that such problems rarely occur in fuel vehicles, such as Santana, Jetta, Accord, Camry, etc. After years of precipitation, the product power has long been very stable, and the appearance of new and modified models will not affect the experience and mentality of old car owners too much.

He used mobile phone products to make a metaphor, the fuel car is a bit like the iPhone of squeezing toothpaste, the overall difference is not bad, do not have to pursue the latest generation of products. But the new energy vehicle is now a bit like the stage of alternating between functional machines and smart machines, and there may be large product iterations at any time. If you need a car urgently, it is better to be a fuel car first, and it is better to be a new energy vehicle and so on.

In conversations with a number of consumers, Zhixing Driving Road also learned that the maintenance and after-sales system for new energy vehicles needs to be improved, which has also caused many consumers to back down.

For traditional fuel vehicles, daily scratches and collisions can be relatively simple to repair. Whether it is a 4S shop or a third-party auto repair shop, they already have a very mature system, and the price is relatively transparent.

But new energy vehicles are different, involving sensors such as radar, cameras, and chassis battery packs. Even seemingly minor scratches and collisions may damage these expensive components and even lead to changes in battery safety. As mentioned earlier, due to restrictions such as quality assurance agreements, maintenance can only choose official channels, which are not as flexible as fuel vehicles, and will continue to increase the psychological burden of owners.

Zhixing Driving Road found that, in general, the client base that still favors fuel vehicles has a more rational side, and in their opinion, the reliability, practicality, safety and long-tail cost of vehicles are more important.

That is to say, the price war and the so-called "charging is cheaper than refueling" and other selling points cannot convince these consumers to switch to new energy vehicles at present. They are waiting for a more mature opportunity, at least after the replacement no longer has a strong sense of backstabbing, the maintenance and after-sales system is further mature, and the price system of used cars is relatively stable.

3. "Yes, but not many."

When it comes to the topic of fuel vehicles, the brand side, especially the first-line sales who face customers, also has the voice over.

"There is indeed a big impact, and the number of customers I receive is obviously less." Xiao Xin, a salesperson for a Japanese fuel vehicle brand, told Zhixing Driving Road that many of the models displayed by the brand at the Guangzhou Auto Show this year are fuel vehicles, which are indeed not as lively as new energy brands.

Sales staff said that the overall impact is relatively limited, whether it is their own brand or other fuel vehicle brands, have a relatively loyal and large client base.

Although the brand is benchmarking the new energy vehicle market, it has also developed and configured technologies such as L2 smart driving and smart cockpit, but Xiaoxin found that many consumers who come to see the car are not too "cold" about these functions, but still focus on suspension upgrades, chassis design advantages, body robustness, safety, and improved control.

The intelligent driving lane also observed at the relevant fuel vehicle booths that the salesperson was interrupted by the consumer when he took the initiative to show the functional upgrade of the intelligent driving to the consumer, and was instead consulted about the interior space, tire wheelbase, and other information.

Sales staff who have served several new energy and fuel vehicle brands said that in addition to a few new energy vehicle companies that really have full-stack self-research capabilities and are "far ahead", each product has entered a relatively homogeneous stage in terms of function, performance, product power, etc. What is the competition at this time is naturally the hard power of the company itself.

For example, the safety and comfort experience brought by various hardware dimensions of the vehicle; the tonality of the brand, the stability of the pre-sales and after-sales services system, etc., are all areas where fuel vehicle brands have advantages; and the stories of overcharging and high-end intelligent driving told by new energy vehicles are more likely to take a long time to land in the future.

Sales of fuel vehicle brands have generally admitted that some customers have been robbed by new energy vehicle brands, but they still generally have confidence in their own brands and products, and do not express too much concern about future market competition.

This is actually not blind confidence. On the one hand, many new energy brands are still in the loss stage of burning money to develop and improve the system to "sell one at a loss", and there are still great uncertainties in the future. The monthly sales competition seems to be lively, but in fact most of them are far less than the sales data of fuel vehicle brands.

On the other hand, fuel vehicle brands not only have a deep technical heritage and a strong sales network, but also actively seek change and face the competition with new energy vehicle brands.

4. The hard-working elephant turns around

"New energy vehicles are the trend of the future, so the group is also transforming towards electrification, developing technologies, launching new energy sub-brands, and so on." The sales staff of a pure electric sub-brand under a fuel vehicle brand told Zhixing Driving Road that at this year’s Guangzhou Auto Show, the group did not issue the task of releasing new fuel vehicles, but only released a few new energy models. The original fuel models of the subsequent brand will also be gradually transformed into gasoline-electric mixing, plug-in mixing, etc.

The person also said that such as the design of vehicle appearance, interior space, intelligent cockpit, intelligent driving and other functions, these new energy models are equipped with standard elements. In short, "what new energy vehicles should have, we also have it." According to reports, about 40% of the current pure electric vehicle users of the fuel vehicle brand are from the previous conversion of their own fuel vehicle owners.

In the Guangzhou Auto Show, GAC Honda, GAC Toyota, Kia, Jiangqi, Changan Mazda and other mainstream fuel vehicle brands have displayed many new energy-related models such as gasoline-electric hybrid and plug-in hybrid, as well as many electrification The results of transformation, some brands are even reported by the media to cancel the traditional pure fuel version models and fully embrace electrification.

Not only that, but some of the unique selling points of new energy vehicles have also begun to appear in fuel vehicles, such as the new generation of BMW 5 series long wheelbase version exhibited by BMW, which is equipped with a 31-inch rear floating screen, which is nicknamed "big color TV" for rear passengers.

There are also the previously mentioned smart cockpit, L2-assisted driving, embedded door handles, and a more sci-fi and streamlined design language similar to new energy vehicles. It can be observed that many elements of fuel vehicles are aligned with new energy vehicles, or in order to narrow the competitive differences between them.

In this regard, the sales staff of the joint venture fuel vehicle brand said that in response to the user habits and changes in the Chinese market, the brand has indeed been making some corresponding targeted improvements, which are actually rolled up by new energy vehicles. Many configurations and designs that have been recognized by consumers may have some disadvantages in the competition if we do not integrate them in the modification.

So the question is, sales account for the main body and accelerating recovery, the client base coverage is still broad, car companies are also working hard to transform and change, why are fuel vehicles still being sung down and losing the voice of public opinion?

In the exchange with many consumers at the Guangzhou Auto Show, Zhixing Driving Road found one of the most important reasons, that is, the social thinking, user thinking and Internet thinking of new energy brands are far ahead, occupying the network of natives has the voice over.

Some new energy vehicle owners told Zhixing Driving Road that the new energy vehicle brand has done a good job in building an online and offline car owner community, which is an experience that has not been experienced before when driving a fuel vehicle.

The offline activities of new energy vehicles, online community interaction, and social interaction have gradually cultivated the owner’s sense of brand belonging. If there is any problem, they will give feedback through online social interaction, and they will also go to the Internet as tap water to help the brand promote and so on.

Obviously, when a large number of car owners are developed into such online social and interactive habits, the online popularity of new energy brands will naturally increase.

From another perspective, this is precisely what fuel vehicle brands can learn from and make up for. If fuel vehicles can break the "silent" label and gradually become active in various platforms, just like new energy vehicle brands, they can truly return to the center of the stage and return to the "C position" in the market.

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Why is online celebrity’s being an actor frequently controversial？ Changing careers is ＂not that simple＂

Video screenshot: In the TV series "Story of Yanxi Palace", Zhang Tianyun (left) in online celebrity, Tik Tok was called by netizens as different from that in the short video.

　　Video screenshot: In the TV series Story of Yanxi Palace, Zhang Tianyun (left) in online celebrity, Tik Tok is accused of being different from the short video.

　　BEIJING, July 31 (Yuan Xiuyue) Recently, Yu Zheng’s new drama "Story of Yanxi Palace" was on fire. Seeing the rise, many people even turned up the "Draft of the History of Qing Dynasty" to discuss what the Empress Fucha and your concubine were like in history. Outside the play, a maid-in-waiting with few scenes has caused a lot of controversy.

　　This maid-in-waiting is called Pearl, and the actor who plays her is called Zhang Tianyun, and she is also a present of Tik Tok online celebrity @ XiaoXiao. The reporter saw on Tik Tok that she has nearly three million fans. In the short video, she is sweet or cute, and the short video of "Husband, Husband, What?" once made her popular on the Internet.

　　However, many people say that in the TV series, she seems to be different from the short video, and it looks "very ordinary" compared with the heroine. Some netizens joked that they suddenly admired Tik Tok’s filter. Some netizens wrote with emotion that there really is an insurmountable gap between online celebrity and the real actors. The topic that online red face and movie face are two kinds of faces was once popular in Weibo.

Video screenshot: Zhang Tianyun or online celebrity, Tik Tok

　　Online celebrity turned to be an actor and "overturned" a lot.

　　Internet has an indelible "grassroots" attribute since its birth, which gives ordinary people the opportunity to express themselves. From blogs and Weibo to live broadcasts and short videos, in the media changes, online celebrity characters also appeared one after another, such as Sister Furong and Sister Feng in the early days, Huang Cancan, the flower of Wuda University, Royi, Zhang Xinyuan and so on.

　　When online celebrity has accumulated a certain fame, many people will choose to change careers as actors. However, it is not easy to switch from flat and short video to TV screen, and many people "roll over" in the process.

　　In 2013, Huang Cancan became popular on the Internet with a group of pure photos under cherry blossoms, and was called "the campus flower of Wuhan University" by netizens, and then officially entered the entertainment circle. In 2015, he starred in the movie "Summer of Bubbles". However, the box office of the movie is generally not mentioned, and the Douban score is only 2.6 points.

Webpage screenshot

　　Some netizens commented sharply, "Huang Cancan’s performance in his works has repeatedly proved that online celebrity is not only a bad actor, but also a factor that brings box office".

　　The same example is Royi. She became popular because of a set of retro photos on Douban, and was called a new generation of national goddess. However, when I was a guest in Everyday Up in 2014, it caused a lot of controversy because of the big difference between the dynamics and photos.

　　Later, she also appeared in many TV series, such as The Wonderland of Cocoon Town, The Half Demon City, The Biography of Chu Qiao, but the response was average.

　　For Zhang Xinyuan, who turned actress, some netizens said that her biggest memory might be her white face and bright red lips.

Video screenshot: Royi plays Laner in Chu Qiao Biography.

　　Why is online celebrity frequently diss by netizens?

　　Online celebrity can’t leave the Internet? In the face of controversy, Zhang Tianyun also responded in Weibo, "I am wronged, I just opened a beauty and filter, I am afraid to turn these off, and everyone will take them off." She also said that her waist is not so thin, and drinking cold water makes her flesh grow.

　　Different from the doubts on the Internet, in the comment area, many netizens are aggrieved by it. "I think it’s ok, not as bad as everyone said, and it has a lot to do with makeup."

　　Some netizens also said that everyone was too harsh on online celebrity. "I think it’s pretty good. Being on TV would have magnified the small shortcomings, and it’s pretty good to put people in the pile."

　　Some people look at the problem from the opposite side, saying that these images of online celebrity in the play are really good. On the contrary, it is terrible for some people to see talents with "they are online celebrity" colored glasses.

"Hot Blood Changan" poster, in which Zhang Xinyuan plays the role of Sun Siniang.

　　Why diss online celebrity frequently disowned by netizens, just because he wears "colored glasses"? From the writing age, the graphic age to the video age, online celebrity always combines controversy and enthusiasm, which is closely related to netizens’ psychology of appreciating ugliness, aesthetics, entertainment, stimulation, voyeurism and spectator.

　　In addition, online celebrity has a low threshold, mixed fish and dragons, showing off wealth, money worship, cheating, vulgarity and other negative news emerge one after another, and many online celebrity will be pulled out of a pile of black history when he just became famous, and the word online celebrity has gradually taken on a lot of derogatory meanings.

　　Today, it is usually a bad description to say that a person is a "net red face". Because this may mean that this face has been decorated too much, including plastic surgery, retouching, filter beauty and so on.

　　Netizens’ aversion to "net red face" is more of a resistance to a homogeneous aesthetic. Uniform pointed chin, European-style double eyelids, full forehead, and prominent risorius are fresh once, and they see a lot every day. No wonder netizens are joking. Seeing online celebrity’s photo is "lianliankan".

Video screenshot: Chun Xia won the Best Actress Award for her performance in the movie "Walking in the Snow Xun Mei".

　　The difference between online celebrity and the actor is not only in the face.

　　Why are "net red face" and "movie face" two kinds of faces? In fact, this is different from their presentation media. Generally speaking, the "net red face" emphasizes plane effect, and its presentation terminal is mostly a small screen of mobile phone. With the help of filters and beauty, people’s faces will look more beautiful.

　　In the film and television drama, the high-definition professional lens is used for shooting, and the display terminal is a wide-screen TV, so the defects of the human face are obvious.

　　Take off the "colored glasses". To be fair, for online celebrity, the criticism of appearance is only the first step. Unlike receiving praise in a small circle, online celebrity has to face more stringent requirements from the audience and a highly competitive entertainment circle if he wants to become an actor.

　　The difference between online celebrity and an actor is not only in the face, but strictly speaking, they are completely different industries and industrial systems. Actors who are trained in a regular class have to go through several years of study and training, and those who are not trained in a regular class have to be honed in the crew. Actors can eat only by their faces, but they can only eat for a while. To go on for a long time, they must have excellent strength.

Video screenshot: Yuxi Zhang starred in the online drama "Dear, Princess Disease"

　　And online celebrity really can’t be a good actor? In fact, there are also successful transformations. For example, in the spring and summer, she was also a little online celebrity of Douban at first, and she played several TV dramas intermittently. Later, she won the Best Actress Award in the Academy Award for her wonderful performance in the movie "Walking through the Snow in Xun Mei".

　　Another example is Chen Douling, who once became popular on the Internet as the beauty queen of China Southern Airlines. She entered the entertainment circle for filming Left Ear, and then made many works. The dancer she played in "Worry-Free Grocery Store" also broke the previous pure single image.

　　Online celebrity may not be "disillusioned" when he arrives on the screen. online celebrity Yuxi Zhang turned to be an actor, which caused a lot of controversy, but instead made a lot of money with the online drama "Dear, Princess Disease".

　　There is never a shortage of people in the film and television industry. Let’s not say that if you really want to change careers as an actor, you must have the basic cultivation as an actor. You must have one talent, appearance, acting, hard work and luck.

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Extreme krypton IPO： a valuation stop loss in the ＂reverse growth cycle＂

Wen | Tan Qing said AI, author | Zheng Kaiche

In the matter of building a car, although everyone has different resource endowments, US stocks seem to be a common destination.

Less than three years after its establishment, Krypton is finally going public in the United States.

With capital technology and other resources, coupled with its strong brand-building ability, Geely has successfully created a valuation of nearly 100 billion yuan. The IPO road is obviously faster than Tesla and Wei Xiaoli. Although there is Geely’s support behind it, the speed of this IPO has surprised many investors.

The extremely krypton IPO was interpreted by the outside world as a powerful counterattack by the traditional car-making forces. It’s just,Look closely, although this hand counterattack is menacing, it still lacks some internal force.

This IPO, the planned amount of funds raised is not high, and the planned financing is 1 billion US dollars, compared with the expected valuation of 18 billion US dollars.This fundraising plan is still a bit conservative.Conservative fundraising plans often have a cause, either because the industry valuation is not ideal or because they are not confident in their own growth value.

In short, lowering the planned fundraising may make it easier for the IPO to succeed. After all, before the growth is really realized, the valuation will still be variable, and the current market valuation of new energy car companies is not the highest point, and it is more pragmatic to be conservative.

From an external perspective, this may be related to the financial demand for funds. After all, after two and a half years of operation, the accumulated loss of Krypton is as high as 16 billion yuan. According to the data of Tianyancha APP, in February this year, the A-round financing was 750 million US dollars, and the valuation reached 13 billion US dollars.

Under the continuous loss, the "second generation of cars" will be "independent" after all. It is also a road that needs to be taken after all to get out of the arm of the parent company and run its own profits and losses.

Geely’s plan to split Krypton and list it independently has been planned for a long time. In October 2022, Geely Automobile planned to split and go public. So, why wait until now to go public?

From the financial point of view, the conditions for split listing are also mature.

According to the data in the prospectus, the revenue from 2020 to 2023 was 3.185 billion yuan, 6.528 billion yuan and 31.899 billion yuan respectively, and the revenue growth rate in 2021 and 2022 was 104.94% and 388.69% respectively.

What is this concept?

Let’s look at Tucki. In the corresponding reporting period, Tucki’s revenue was 5.844 billion, 20.988 billion and 26.855 billion respectively, and the revenue growth rate in 2021 and 2022 was 259.12% and 27.95% respectively.

In other words, from 2021 to 2022,Krypton’s revenue scale and growth rate have surpassed that of Xpeng Motors.

Compared with Weilai and Ideality, the latter’s revenue in 2022 was 45.507 billion and 45.287 billion respectively, with growth rates of 37.19% and 67.67% respectively. If krypton can maintain a similar growth rate, then krypton is likely to come from behind in terms of revenue scale.

At least for now,Weilai revenue > ideal revenue > krypton revenue > Tucki revenue.

Let’s look at the net profit.

From 2020 to 2023, the net profit of Krypton was 104 million yuan,-4.514 billion yuan and-7.655 billion yuan respectively. In the same period, the figures in Tucki were-2.732 billion,-4.863 billion and-9.139 billion. Obviously, Krypton has more revenue, less losses and higher management quality than Tucki.

The other two companies had less ideal losses, with net profits of-166 million,-321 million and-2.032 billion respectively, and the net profits of Weilai were-5.304 billion,-4.017 billion and-14.437 billion respectively.

As far as losses are concerned, Weilai > Tucki > Extreme Krypton > Ideal.

Coincidentally, the current ideal market value of US stocks is US$ 44.8 billion, which is greater than US$ 16.3 billion in Tucki and US$ 13.8 billion in Weilai. That is to say, from the perspective of profit valuation, if Krypton is valued at $18 billion, it is just between the ideal and Tucki.

Overall,No matter from the revenue valuation or profit valuation, with the current scale and profitability, it has reached a node that can be an independent IPO.

Tan Qing said that AI believes that besides its mature operating conditions, the listing of Krypton may be more influenced by external environmental factors.At this time, it is extremely listed, which may be intended to stop loss.

The first is the stop loss on valuation.

Affected by the market cycle, the secondary market is experiencing a reverse growth cycle. At this time, the extremely listing means more "stop loss" in valuation for shareholders such as Geely.

From the external environment, whether it is a science and technology track or a new energy vehicle track, the growth valuation has been killed. Weilai’s market value has dropped from more than 60 billion US dollars to 13.8 billion US dollars, Tucki has dropped from more than 30 billion US dollars to more than 16 billion US dollars, and even Tesla has dropped from one trillion US dollars to more than 700 billion US dollars.

Even if Krypton waits any longer, it may not have a good valuation window. It is better to go public at this time, relying on its own experience quality and growth ability, and strive for a better valuation as much as possible, at least higher than that in Tucki.

Extreme krypton has this confidence.

On the one hand, the average bicycle price in Krypton is better than that in Tucki.

Taking the data in 2022 as an example, the sales revenue of vehicles (19.67 billion) and the sales volume of krypton in 2022 were 71,941 vehicles.

According to the accounting, the income of extremely krypton bicycles is about 270,000. In the same period, Weilai was 370,000, Tucki was 210,000 and Ideal was 330,000.

On the other hand, Krypton’s gross profit margin performed better.

In terms of gross profit margin, Krypton’s gross profit margin was 10.5% last year, while it was 21.22% in the same period. Tucki’s gross profit margin has not yet turned positive, and Weilai’s is only 1.28%.

The listing of MPV Extreme Krypton 009 raised the average selling price of bicycles in the first half of the year. The average selling price of bicycles in the first half of the year was 309,000 yuan, up 30,000 yuan year-on-year. In addition, with the increase in product sales and the support of Geely’s industrial chain, the cost of building a car is also declining. As these advantages are further revealed, the performance of Krypton may have more room for release.

Therefore, IPO may not be the best time at this time, but it is indeed a more suitable time for valuation.

Second, the financial stop loss.

Finance here does not mean extreme krypton, but Geely. Geely is not only a brand of extreme krypton, but it is indeed a one with more losses.

In August this year, Geely released its financial report for the first half of this year. The company’s total revenue increased by 25.8% year-on-year, slightly increased by 1% year-on-year, and its gross profit margin was 14.4%. Compared with the same period last year, it decreased by 0.2 percentage points. In this unsatisfactory net profit data, it is difficult to ignore the loss impact caused by extreme krypton and Lectra.

Next, the competition in the whole automobile industry will become more intense, not only in the new energy market, but also in the fuel market. Therefore, financially, Geely does have a lot of pressure.

In fact, if the losses continue, the impact of Krypton on Geely’s finance will be no less than a "bad asset". If Krypton’s independent listing is successful, then Geely’s pressure will be relatively less.

Maybe,The listing of krypton is not only a kind of "sizing up the situation", but also a kind of "having to do it".Even in the "reverse growth cycle" of the secondary market, the market will not give a satisfactory price.

For Krypton, IPO means to really "grow up" and decide your own destiny in terms of brand, product and manufacturing.

According to the prospectus, 90% of the fund-raising plan is related to further expansion of business, such as investing in research and development, increasing product portfolio, and further improving the service network and energy-supplementing facilities network.

In other words, before the product can truly achieve large-scale hematopoietic capacity, krypton still needs a considerable amount of fresh blood from the secondary market.

From the perspective of business structure,The main automobile sales business urgently needs to form a stronger positive cycle ability.

In krypton business, automobile sales accounted for 61.9%, battery and other parts sales accounted for 34.6%, and R&D services and other services accounted for 3.4%. Among the three major businesses, the gross profit margin of Krypton automobile sales business is actually not as high as expected.

In comparison, the gross profit margin of extremely krypton vehicle sales in 2022 was 4.69%, and Wei Xiaoli was 13.70%, 9.45% and 19.09% in the same period.

Gross profit margin is so low,It is because of the market strategy of exchanging price for quantity in the early stage of product launch.

One fact is that most of Krypton’s revenue is supported by 001. In terms of the sales proportion of the brand, before January 2023, there was only one product, 001, and after delivery began in October 2022, the sales volume was more than 10,000 vehicles for three consecutive months.

In February, 2023, after the new car was delivered, the sales volume of Krypton 001 dropped to 88%, and in July, it dropped to 51%, and in September, it returned to 71%.

From this point of view, the sales volume of Krypton 001 is still very large.

I understand that it is impossible to "eat all over the sky in one stroke" by changing the price with the price of Extreme Krypton 001, so I immediately launched Extreme Krypton 009 and Extreme Krypton X, which respectively correspond to hunting MPV and young personalized SUV market segments.

In addition to exchanging price for quantity, the big move released by Krypton is"product positioning and market segmentation win". At the end of October this year, Krypton 001FR, with a starting price of 769,000 yuan, went on the market, which is the ultimate performance of Krypton’s consistent market strategy.

Can this strategy succeed? It remains to be seen.

After the launch of new models such as Extreme Krypton X and Extreme Krypton 009, the brand has indeed gone up, and the price of bicycles has also gone up. Extreme Krypton has firmly established itself in the luxury market.Although the price has gone up, the sales volume of 001 is still very high.

Of course, this may also be related to the production side.

On the one hand, in the case of insufficient production capacity of its own factory, it may still be necessary to hand over some models to Geely for production, which means that even if it comes to IPO, it may still not have complete autonomy in production.

On the other hand, for Krypton, it also needs a climbing process from the release of new products to the release of production capacity. The production capacity of 001 is sufficient, but it is still unknown whether other product lines can successfully complete the capacity climbing.

Whatever the reason,A situation that cannot be ignored is that there is not much time left for krypton.

From the data point of view, the driving force of 001 sales growth is declining. The sales data show that from January to September 2023, the cumulative sales volume of Krypton 001 reached 52,998 vehicles, down 26.33% year-on-year.

Judging from the prospectus, a number of models have been launched.And further research and development of more models to put on the market and spread the product line is a road that has been selected.

According to the prospectus, in 2020-2022 and the first six months of 2023, the R&D expenses of Krypton were RMB 23 million, RMB 3.16 billion, RMB 5.446 billion and RMB 3.189 billion respectively. The expense rates are 1%, 48%, 17% and 15% respectively. We compare the R&D expenditure in 2022, and the ideal R&D expenditure rate is 15%, Weilai 22% and Tucki 19%.

Further, the prospectus shows that 50% of the expenses of Krypton during the reporting period are consulting fees, SEA (Geely Vast Architecture) licensing fees and verification and testing fees.

In other words, half of the research and development expenses are actually given to Geely for the development of new models on the vast architecture. Eager to develop new models and put them on the market,It also seems to explain from the side that the strategy of market segmentation and niche brand style can not support the growth of revenue scale.

Tesla, Ideal, Tucki and Zero Run have all proved that,The real success of building a car is not the success of the niche market, but the success of the mass market.

Why is the sales of Krypton 001 so good? Not because he is a hunting car, but because he can play Krypton 001 in the whole large market of medium and large cars. Therefore, even if we dig deeper into market segments such as MPV, we really can’t support real sales. What Krypton really lacks is to find another mass market product besides 001.

This product is Krypton 007, which appeared at Guangzhou Auto Show.

Extreme Krypton 007 brings an 800V platform and dual motors, with a starting price of 229,900 yuan. In addition, 007 is equipped with an 8295 chip, a 90-inch smart light screen and three laser radars, and its hardware configuration is full.

In the medium-sized car market, Krypton obviously put more chips on it.

Compared with the products of Krypton brand in the past, Krypton 007 faces a more rational market and more intense competition. This market not only includes Tesla Model3, but also Tucki P7 and BYD Han EV, which is the most competitive market for new energy. This also means that the former "car second generation" began to walk out of the comfort zone and walked into the most important main battlefield of new energy vehicles.

"This market is extremely awkward and does not have overwhelming product advantages." Xiao Guo, a brand salesman, said: "Judging from the newly released product information of Krypton 007, it seems that Krypton still emphasizes the hardware parameters of the product, but when users in this market make decisions, after the test drive experience, their intellectual driving ability will often become the key factor in the final transaction, and the advantages of Krypton in this respect are not obvious."

In 2022, Krypton once said that it would put into production L4 self-driving cars for the C-end consumer market in 2024, and Krypton also cooperated with Mobileye to pave the way for the intelligent driving ability of Krypton cars.

Once the rhetoric has gradually arrived at the moment of landing, what kind of answer sheet will Krypton hand over? Can this answer sheet satisfy the market? Perhaps the next secondary market will give the fairest judgment.

What will happen to the performance of krypton IPO? It is worth our common expectation.

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Preliminary sea election of eight China brand models

　　[car home preliminary sea election] On May 10th, 2017, the State Council approved the first "China Brand Day", and five years passed quickly, but it was a rapid development for China automobile brands. From word-of-mouth, sales volume to users’ cognition and satisfaction, China brand has been growing rapidly in all vehicle types in the past five years. With the arrival of another Chinese Brand Day on May 10th, here we select eight models in the three price ranges of 10-20/20-30/30+ for recommendation, which are also the top-selling products at all levels in the past six months to see if these products are strong enough.

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★　100,000-200,000 level recommendation

　　100,000-200,000 China brand models are numerous, ranging from traditional fuel to new energy, many of which are the range where first-time car buyers set foot. This part of China brand vehicles have the characteristics of high cost performance, complete configuration and novel design. Because there are so many models worth buying, the space recommended here is not enough, so I chose four models with top sales, which have high reputation and recognition.

● Sales King-Great Wall Haval H6

　　The name Haval H6 can be said to be an old-timer in the China brand compact SUV market, occupying the top position in the sales list all the year round, and even many consumers think of Haval H6 when they mention this level. Now it has experienced three generations of models, and the latest one on sale is the third generation Haval H6. Based on the brand-new lemon platform, it has higher technical content and more brand branding in design. At the same time, it has also been comprehensively improved in the intelligent interconnection that consumers are paying more and more attention to, and has a balanced product strength.

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　　The third-generation Haval H6 has 1.5T and 2.0T power options, and the 2.0T also offers four-wheel drive models. In recent years, Haval has greatly improved the smoothness and transmission efficiency of power output. The 1.5T engine will not feel that the power is weak enough, while the 2.0T engine will have a more obvious experience in speeding up. As a cost-effective product, the third-generation Haval H6 is a player with strong comprehensive strength within 150,000 yuan.

● Rising star-Changan CS55PLUS

　　Changan CS55PLUS is not as "long-standing" as Haval H6, but its sales volume and reputation are not lost at all. What is currently on sale is its second-generation model, which is one of the highest in its class in design and is also a strong selling point. Judging from the new models recently released by Changan, the brand’s own brand has won people’s hearts, and both UNI series and CS series are the best players in the same class. CS55PLUS continues this advantage from the outside to the inside, especially the paragraphs in the interior are rich in layers and have a sense of the future.

Home of the car

　　At present, the second-generation CS55PLUS launched a total of three models, the choice is relatively simple, unlike Haval H6, which has 2.0T and four-wheel drive models. For this size, it is no problem for the 1.5T model to meet the daily transportation, and it can be relatively comfortable in the force range, and the performance of this 7-speed wet dual-clutch gearbox is also very stable, and there will be almost no annoying problems when driving daily. CS55PLUS is more suitable for young consumers to buy, with high value and technology, and low fuel consumption, which will not increase the use cost too much.

● Exquisite car-Geely Xingrui

　　After the recommendation of two SUVs, if you are not so persistent about models such as space or SUV, Geely’s car must be considered. It is Geely Xingrui. Let’s not say that it is built by the whole system of 2.0T plus CMA architecture. These two points can be won at a price of more than 100,000 yuan, which is really very conscience, which is also the core reason for its high sales. In addition to the two points just mentioned, Xingrui is also exquisite in design, without grandiose decoration or gilded lines, which is very in line with the scene of daily household scooters, and even feels a little leapfrog when put together with Volkswagen and Toyota models of the same level, especially its wheelbase has reached 2800mm, and the whole vehicle is very close to a medium-sized car.

Home of the car

　　Needless to say, the whole 2.0T+7-speed dual-clutch gearbox is an excellent level in its class, whether it is the ride comfort or the feeling of power improvement. German and Japanese players at this price can hardly find 2.0T engines, and 1.5T/1.4T players at Yishui. Based on CMA architecture, Xingrui has created the amulet of "super matrix", and there is no doubt about driving sound insulation and chassis performance. In this price range, Xingrui can be said to have the most comprehensive performance model, which is very worthy of your consideration.

● master of saving money-BYD Qin PLUS DM-i

　　Haval H6 is the sales king of China brand compact SUV, and the title of the compact car belongs to Qin PLUS. Under BYD’s latest strategy, Qin PLUS provides plug-in hybrid products and pure electric products. Today, we are going to talk about plug-in hybrid DM-i products, which have both fuel economy and convenience, and are more acceptable to many consumers who do not have fixed parking spaces or charging piles. The lower price and the interior and exterior decoration design in line with China consumers’ aesthetics are its strongest competitiveness, and all the configuration levels are also the first echelon at the same level.

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　　Qin PLUS DM-i system consists of 1.5L naturally aspirated engine and motor, and there are two battery versions currently on sale. Choose a 120KM model. If there is a charging pile at home, you can hardly use gasoline for commuting. The 120KM version without charging pile has a fast charging interface, and charging is also very convenient. The intervention of the engine will not be abrupt when the driving part is mixed with oil and electricity, but when the motor works, both the acceleration response speed and the speed-up ability are stronger than those when the motor is pure gasoline. Qin PLUS DM-i is most suitable for pragmatic consumers, and the vehicle is cheap and the use cost is low, which can be described as both.

★　200-300,000 range

　　China brand’s main battlefield is concentrated in the price range of 100,000-200,000, but in the improved range of 200,000-300,000, large-size SUVs and MPVs account for a large proportion, such as Roewe iMAX8, Chuanqi GS8 and BYD Tang. But here I want to recommend two different products in this price range.

● China Steel Gun-Lingke 03+

　　Linke 03+ is a test of China brand in the field of partial performance vehicles, which is very successful in terms of sales volume and attention. Nowadays, a customized version of Cyan has been launched, which is said to be a very difficult car to grab. With the background of WTCR racing, it can not only better sell its sports models, but also stimulate the enthusiasm of Chinese people for racing. Linke 03+ Basic Edition has a good playability, and it has a stronger power experience and more fun to drive than ordinary 03. The exterior and interior also create a very sporty atmosphere, and this kind of "original modified car" is also increasingly sought after.

Home of the car

　　The combination of 2.0T engine and Aisin 8-speed automatic transmission can give you a smooth daily travel experience and more radical power feedback when needed. Although the absolute acceleration ability of the Lectra 03+ has not entered a particularly outstanding performance, the overall atmosphere and the sporty adjustment of the chassis will make you like driving more, and keep more sense of the road and make you feel more communication with the car. In addition, with the penetration of WTCR racing culture and the growing number of car owners of Link 03+, the third-party modification market has also introduced more suitable products, so that consumers can experience the fun outside the original car.

● Hard-core retro-tank 300

　　With the recommendation of the fun car, the fun SUV is naturally indispensable. Before the tank 300 appeared, similar products were either too expensive or too small, or the design was too old-fashioned. After the hard-core SUV tank 300 with retro style came out, it also became a online celebrity car in one fell swoop, and even a car was hard to find. The square shape has a very hard-core feeling, and the retro details and color matching make it walk between cities without feeling different. In the interior part, it also combines off-road and technology well, and the tough lines are not rough at all, which is also the part that contemporary consumers value very much.

Home of the car

　　The power level of the whole system of 2.0T+8AT allows you to leave the city for the wild without feeling overwhelmed. According to different models, it is equipped with part-time 4wd and timely four-wheel drive, and the non-loaded body is also its hard-core logo. In addition to these mechanical hardware, the tank 300 also supports many scientific and technological auxiliary systems, such as tank turning mode, transparent chassis angle of view, crawling mode and all-terrain control, which can make you more comfortable when you are off-road. With so many labels, Tank 300 naturally becomes a hot commodity.

★Level 300,000-400,000

　　This price range was definitely dominated by overseas brands five years ago. China brands sold well at this price, and few models can be remembered by most consumers. This price model is also a good reflection of the progress of China brand, especially in the context of the vigorous development of new energy vehicles, the rise of China brand, a new car, has played a key role. The emergence of products such as Ideal, Weilai and Tucki has enabled China consumers to accept new energy products more quickly. With the progress of technology and design concept in traditional automobile enterprises, products such as Hongqi H9 have emerged.

● Daddy’s magic car-Li ONE

　　Li ONE has shaken the position of many Japanese and German medium and large SUVs on his own, and has been the top spot of medium and large SUVs for half a year. This achievement should have been unthinkable five years ago. Exquisite and practical design and a thorough understanding of the needs of consumers in China are the keys to its success. Unlike other models, Li ONE has only one configuration, and consumers don’t need to study the configuration table repeatedly. What you get is what you need. At the same time, the reliable quality and preservation rate also make customers trust the brand more and more.

Home of the car

　　Li ONE adopts extended range system, front and rear dual-motor driven vehicles and 1.2T range extender for power production. There is no doubt that the feeling at the driving level is the same as that of a pure electric vehicle, and it has the characteristics of speeding up and driving quietly. With a range extender and a fuel tank, it will not be subject to charging problems, and all kinds of consumer driving needs can be met. The six-seat layout is also very suitable for home use, and there are rich configurations and entertainment systems. It can be said that it is the most popular daddy car on the market at present.

Low momentum like a rainbow-red flag H9

　　As a medium-sized and large-sized car with red flag, H9 not only undertakes the sales task, but also carries the memories of many consumers in China. It can be seen on various important occasions, and it can be said that the Red Flag is China people’s own luxury brand. After several generations of product development, we finally handed in a satisfactory answer sheet on the H9 model. The majestic posture and the design with China cultural heritage make it completely competitive with BBA, even surpassing its rivals in attention and momentum, which also makes it favored by many business consumers.

Home of the car

　　Hongqi H9 provides 2.0T and 3.0T power for customers to choose from, and the 2.0T is also equipped with a 48V light mixing system, which has good fuel economy in actual test. The 3.0L supercharged engine can make you more comfortable when driving. Its adjustment highlights a stable word, and the linear power output is also very suitable for its identity. When driving fiercely, I didn’t make an exaggerated posture because of my oversized body, and the whole is very controllable. Generally speaking, Red Flag H9 is a choice for customers with business needs. It also launched a customized version today, which can be more luxurious according to their own needs.

● Summary:

　　In a short period of five years, China automobile brands have made many impossible things possible, and achieved many achievements that they dared not expect at that time. In addition to the eight products recommended today, there are a lot of excellent models of China brand waiting for you to choose. Because of the space problem, we can’t recommend them in detail. Many new models are also officially put on sale this year, and we are also looking forward to their sales performance. As a practitioner in the automobile industry, it is what we most want to see that China brand has developed vigorously for five years, and we also hope that China brand will continue to develop in the next 5 /10 years and in the years to come, and create more glories!

Home of the car

　　In the past 20 years, how has China’s automobile industry changed from a faltering start to a soaring, from a single brand to a multi-category matrix? Pay attention to China brand new cars and witness the development of China brand. Please pay attention to the special planning of car home on May 10th, China Brand Day, and help China brand together! (Text/Figure car home Cao Wei)

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The 300,000th complete vehicle of the Great Wall Gun went offline and the trailer version was officially listed.

【Chexun. com reported】 On May 8th, the 300th complete vehicle of Great Wall Gun was officially rolled off the assembly line at Chongqing Smart Factory of Great Wall Motor. It is worth noting that from zero to 300,000, the Great Wall Gun only took 2 years and 8 months, and what is called "the speed of the Great Wall Gun" was deduced with strength! Refresh the industry record! In addition, the trailer versions of passenger guns and commercial guns are officially listed, with C6 trailer qualification, unlocking the life of pickup trucks in the whole scene. In just two years, the Great Wall Gun has achieved a leap from zero to 200,000 units. Today, it takes only eight months for the Great Wall Gun to reach the third 100,000 units. Behind the figures, it shows the great wall gun’s powerful brand potential and development toughness, which strongly boosts the development confidence of China pickup truck industry.

The achievement of 300,000 sets of glory is a strong proof of Chongqing Smart Factory’s powerful system capability and intellectual strength. Great Wall Motor is the fifth full-process vehicle production base in the world. Based on the concept of "green, environmental protection, lean and efficient", Chongqing Factory strictly controls every link from parts screening to four major processes, and then off-line testing to ensure that every Great Wall gun product off-line can be delivered with high quality, thus gaining the recognition and trust of 300,000 users around the world. Behind the glory of 300,000 units is the life attitude and life story of 300,000 users. Artillery League Cheyouhui has 31 provincial teams, 800,000 fans of Great Wall Gun APP, and six pickup colleges. Great Wall Gun and users really play together to build a pickup cultural base camp in China, making pickup a life, an attitude and a spirit. Great Wall Gun also bravely assumed the responsibility of the industry, and jointly promoted the introduction of new pickup standards with the China Automobile Association, the Passenger Association and all pickup truck friends, prepared for the establishment of pickup truck associations, and promoted the lifting of the pickup truck policy. According to statistics, at present, more than 70% cities in China have relaxed the restrictions on pickup trucks entering the city.

The 300,000th model rolled off the assembly line this time is a trailer version of passenger guns, and the trailer versions of passenger guns and commercial guns are also listed simultaneously. On April 1st, this year, the relevant regulations of C6 light tractor trailer were formally implemented. In order to meet the diversified needs of users, Great Wall Gun introduced trailer versions of passenger guns and commercial guns with higher cost performance on the basis of artillery, locomotive guns and off-road guns, and the market guidance price increased by 2,000 yuan on the four-wheel drive AT models of passenger guns and commercial guns. The trailer version of the Great Wall Gun has powerful functions, has the towing qualification of C6 driving, and is equipped with 2.5-ton trailer qualification, trailer power inlet and trailer installation port, which can infinitely expand the use scenarios of towing, including transporting motorcycles, towing yachts, motor boats, etc., and perfectly adapt to the life of pickup trucks in the whole scene, so that users can enjoy the charm of pickup truck culture.

Since its birth, Great Wall Gun has deeply implemented the globalization strategy, and has become the "China business card" of the global pickup truck category. Up to now, Great Wall Gun has been listed in more than 50 countries on four continents, and it has become the first China brand with five-star safety rating under the latest Australian ANCAP standards, and established the brand image of China on the global stage. Today, the 300,000th vehicle of the Great Wall Gun is rolled off the assembly line, further boosting the global development of pickup trucks in China and even those made in China.

With its hard-core strength, Great Wall Gun led China’s high-end manufacturing to the world, and let the world witness the Chinese power of automobile manufacturing. The 300,000th vehicle of the Great Wall Gun rolled off the assembly line, which is a new leap and a new starting point. On the basis of the brand value and users’ trust of 300,000 units in the world, Great Wall Gun will point to the top three in the world, push globalization to a deeper and further development, continue to build a full-scene pickup truck life, lead the pickup truck culture in China, and create a new world of pickup trucks with global users.

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Searching for ＂banks＂ is easy to be loaned by online loans？ Internet finance companies deliberately rub brands.

　　Some experts pointed out that there are many advertisements of Internet finance companies when searching for banks such as official website and official website. A more important reason is that Internet finance companies deliberately scratch the ball and rub brands. "Because these flows were originally intended to search for standardized institutions such as banks and financial management official website, they were searched by the search engine ‘ Drainage ’ To these internet finance companies, and such customers are more targeted. At the same time, this operation has a strong concealment, that is, borrowing the authority and authenticity of banks and financial management official website is far better than advertising in other channels. "

　　Mr. Li recently entered "Bank of Communications" on the mobile phone 360 search, only to find that the top few advertisements were not official website, but some P2P companies, financial companies and credit card intermediaries, and the fourth one was official website, the Bank of Communications. While searching for "Bank of Communications" on the computer, the P2P company disappeared, but official website, the Bank of Communications, also hid behind his own credit card advertisement.

　　The Beijing Youth Daily reporter found that when searching for keywords of financial management types such as Bank official website, "China Wealth Management Network" under the China Banking Regulatory Commission, and "rate of return" and "fund" on some search websites, most of the top rankings are advertisements of some online loan companies or stock recommendation websites; In sogou search’s top results, even irregular gambling websites appeared. More interestingly, the mobile phone search results are inconsistent with the computer search results, and there are more advertising components in the mobile phone search results.

　　experiment

　　Searching for "bank" will advertise first and then go out of official website.

　　Taking four major banks and seven major commercial banks as examples, the reporter of Beiqing Daily found that when searching for "Bank of Communications" with 360 on the computer web page, the first two channels that appeared were Bank of Communications credit card application channels, and the first one was also marked with "official website". Click to enter the "official website", that is, enter the credit card homepage of Bank of Communications, and users can apply for a credit card online. However, the home page of Bank of Communications in official website cannot be accessed from the home page of the credit card. In the lower right corner of these two search results, they are marked with "advertising" in small gray letters.

　　The third search result is "About Bank of Communications, I recommend more high-quality results for you", and there is a green word "recommendation" on the left; Click to enter, and you will enter another "360-Point Eye" website similar to search. All the results displayed in this page are advertisements, ranging from wealth management websites to P2P companies, from small loan companies to the credit card homepage of Bank of Communications, totaling more than ten advertisements. According to the query, "360 finishing touch" is an integrated marketing platform for advertising display of 360. official website shows that its search and promotion is a marketing product based on 360 search platform, which matches the search words of netizens and locates the target users through 360 unique matching technology, so as to accurately display the promotion information of enterprises. The reporter of Beiqing Daily found that searching for "Bank of Communications" and "China Merchants Bank" in 360 will display "360 finishing touches" marketing products in the top results; Other banks will not have relevant results.

　　Searching for CITIC Bank and Bank of Communications in Baidu, the first two are also the official credit card application websites of the bank, and the third one is the bank official website; Other banks will directly show the bank official website in the first article.

　　In the experiment, the reporter of Beiqing Daily found that there were no similar advertisements in the four major banks such as China Industrial and Commercial Bank, China Construction Bank, China Bank and China Agricultural Bank. Baidu Search, 360 Search, sogou search, Bing, etc. will directly display the bank official website in the first result.

　　press sb for an interview

　　Using keywords such as "financial management" is also an advertisement.

　　In addition to bank official website, typing keywords such as "China Wealth Management Network", "Monetary Fund", "Rate of Return" and "Wealth Management" on the search website will also lead to advertising results recommended by many online loan companies and stocks, while the real official website is ranked behind. If you search for "money fund" on sogou search, the first five items that appear are advertisements of online loan companies; Search "China Wealth Management Network" on 360 search, and the top five are advertisements of online loan companies. Although these websites are marked with the word "advertisement" in small print in the lower right corner, it is still misleading to write the word "official website" in big print on some advertisements. In fact, China Wealth Management Network is a national banking wealth management product information disclosure website agreed by China Banking Regulatory Commission, not a website of online loan companies.

　　Searching for "rate of return" on Bing, the first three items are all marked as advertisements, including the results of "official compass indicator software download", "rate of return today’s stock review" and "stock analysis of deposit reserve ratio", all of which are stock recommendation websites.

　　find

　　Searching for "funds" jumps out of illegal gambling websites.

　　The reporter of Beiqing Daily also found that some search websites searched for investment-related words, and even the gambling websites were hidden in the top advertisements. For example, if you search for "fund" on sogou search, there are two advertisements in the top ranking, which respectively read "2018 fund net value, if you understand it, you will earn it!" And "Top Ten Investment Networks in 2018, Low Threshold, Investment Networks". Click the first item and jump to the website with the address of "26354.org.cn". The website appears in the form of a blog, and the top is marked with "The website has been truly verified" in red font; Under an advertising article, the form of "micro-investment" is introduced, claiming that "the monthly income is 500,000", and the WeChat QR code and micro-signal are attached.

　　The reporter of Beiqing Daily scanned the personal QR code of WeChat, and the lady named "Lan Lan" began to introduce the "method of making money" to the reporter of Beiqing Daily. She said: "We mainly make money by betting on lottery tickets. According to the plan software we provide, the winning rate can be as high as 70-80%." Subsequently, "Lan Lan" guided the reporters of Beiqing Daily to register on a gambling website step by step, and pulled the reporters of Beiqing Daily into an exchange group called "Net Earning 678 Exchange Group". When "Lanlan" urged the recharge, the reporter of Beiqing Daily expressed doubts about its regularity and authenticity; The other party claimed that the lottery they operated was the official "PK10" of Beijing Welfare Lottery, and it was a regular lottery.

　　However, the reporter of Beiqing Daily then called Beijing Welfare Lottery Center, and the customer service staff said, "It’s fake. At present, you can’t buy lottery online, and PK10 can only buy lottery in the betting site."

　　pay close attention

　　Mobile phones search for more advertisements than computers.

　　Interestingly, the results of searching by mobile phone are quite different from those of searching by computer. In the 360 mobile phone search, search for "Bank of Communications", and the first place in the results is an advertisement of a P2P company, "official website, the traffic credit card center, can apply for free and quickly, and can lend money as quickly as 30 minutes … …” Article 2 is an advertisement on the front page of Bank of Communications’ credit card, article 3 is an advertisement of another Internet finance company, and article 4 is official website of Bank of Communications.

　　With sogou search Minsheng Bank, the first item on the computer side is "China Minsheng Bank official website"; On the mobile phone side, the first article is the Sogou Encyclopedia of Minsheng Bank, and the following 50 results do not show official website of Minsheng Bank. The only contents related to official website are "points center" and "credit card center", and the rest of the results include the download of Minsheng Bank APP, related news, sogou’s question, stock market and so on.

　　At present, the search software has more advertisements on the mobile phone. If you search for "Bank of Communications" in Baidu, all the contents of the homepage are related to Bank of Communications, and the first two advertisements are also from the Bank of Communications Credit Card Center; When searching for "Bank of Communications" on mobile phone Baidu, the first item shows the Bank of Communications credit card, and the second result is "other businesses related to this industry", which includes advertisements of other Internet finance companies.

　　However, the search results on the mobile phone are more accurate than those on the computer. Several major search websites include the map function in the first few search results. The reporter of Beiqing Daily used Bing computer to search for "China Construction Bank" in Beijing, and the results were all the outlet addresses of China Construction Bank in Changchun City, Jilin Province; On the mobile phone side, you can accurately locate the outlets of China Construction Bank in Beijing. This is because the built-in GPS of the mobile phone is more accurate than the IP address of the computer.

　　analyse

　　Internet finance companies deliberately "rub brands"

　　According to insiders, the reason why advertisements will appear when searching for some keywords such as banks is that the search website has opened these keywords as advertisements. When users search for these keywords such as "XX Bank", the corresponding advertisements will be displayed; If the keyword is purchased by multiple advertisers, it will be displayed according to the principle of bidding ranking. Every time a user clicks on a display advertisement on a search website, the advertiser needs to pay the corresponding fee to the search website according to the bid.

　　Pan Helin, a postdoctoral fellow in applied economics at the Chinese Academy of Fiscal Science, told the reporter of Beiqing Daily that many advertisements of Internet finance companies will appear on search websites, such as official website, official website, etc. Apart from the reasons that these Internet finance companies rely on the drainage of search websites and have few channels to obtain customers, a more important reason is that Internet finance companies deliberately scratch the ball and rub brands. "Because these flows were originally intended to search for formal institutions such as banks and wealth management official website, they were searched by the search engine ‘ Drainage ’ To these internet finance companies, and such customers are more targeted. At the same time, this operation has a strong concealment, that is, borrowing the authority and authenticity of banks and financial management official website is far better than advertising in other channels. "

　　Regarding whether the results returned by the mobile phone search are consistent with those returned by the computer, Internet analyst Zhang Jiangjian told the reporter of Beiqing Daily that it mainly depends on whether the search engine has different algorithms for different terminal devices. If the returned search results are basically the same, there are more advertisements in the mobile phone search results, which means that the search engine service providers have made more keyword advertisements for mobile search, which will greatly reduce the user experience and increase the difficulty for users to find information.

　　Text/reporter Wen Wei

标签归档武汉品茶网

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