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The concentrated emergence of high-value and high-product models has turned Chongqing’s automobile industry from "quantitative change" to "qualitative change".

On December 26, at the AITO Authorized User Center, many consumers came to inquire about the AITO M9.

This group of pictures was taken by reporter Zhang Jinhui/Visual Chongqing

On December 26th, the AITO M9, the flagship SUV of Panorama Smart in cooperation with Huawei, was officially launched. This car is not only the integration of the most cutting-edge technology and the latest manufacturing technology in the automotive industry, but also once again enhances the outside world’s perception of "made in Chongqing" cars.

A few days ago, the National Bureau of Statistics also released the latest data. From January to November this year, Chongqing’s automobile production reached 2.0742 million, an increase of 10% year-on-year, ranking second in the country.

In the past decade or so, Chongqing’s automobile production ranking in the country has fluctuated a lot, and now Chongqing has once again ranked among the top in the country. The industry is more concerned about the specific path to promote the development of the local industry. After all, through the "impulse" of mid- and low-end products, it is no longer sustainable in the current automobile industry pattern.

Chongqing’s automobile industry has performed well this year. Is there really a "new driving force" behind it? From the emergence of the AITO M9 and the performance of major automobile companies in Chongqing this year, we can see that Chongqing’s automobile industry is shifting from "quantitative change" to "qualitative change".

The price of high-end cars has reached 500,000 to 600,000 yuan

Since the second half of this year, the AITO series jointly designed by Cyrus Automobile and Huawei has continued to sell well. Sales of Cyrus new energy vehicles reached 23,834 units in November, an increase of 104.39% year-on-year; of which, sales of Cyrus brand reached 20,318 units, an increase of 145.92% year-on-year, both setting new highs.

Changan Automobile is still awesome. In November, its own brand new energy vehicle sales exceeded 50,000, an increase of 52.73% year-on-year.

The reporter learned from the Municipal Economic and Information Commission that Chongqing’s new energy vehicle production in November increased by more than 100% year-on-year, far exceeding the year-on-year growth rate of the total local automobile production during the same period.

The relevant person in charge of the Municipal Economic and Information Commission said that since 2023, Chongqing’s new energy vehicles have contributed 85% to the growth of the city’s automobile industry.

"Behind the recent outstanding performance of Chongqing Automobile, it is obviously driven by high-end models, especially high-end intelligent networked new energy models." A relevant person from the Chongqing Automobile Business Association said that a large number of high-value and high-product "Chongqing-made" models have emerged this year, with more intensity and frequency than ever before.

The reporter combed the hot-selling new energy models launched in "Chongqing" this year and found that they are basically mid-to-high-end cars. For example, Changan’s dark blue S7 model, the price is between 150,000 and 220,000 yuan, and the price of Avita 11 Hongmeng Edition and Avita 12 is in the range of 300,000 to 400,000 yuan. Cyrus AITO asked the world M5 smart driving version and AITO asked the world new M7 price coverage 250,000 to 400,000 yuan. AITO asked the world M9 pushed the price to more than 500,000 to 600,000 yuan.

New path makes "Chongqing-made" cars popular

In the opinion of industry insiders, the above changes in Chongqing’s automobile industry are influenced by a profound value logic.

On December 16, at the special event of the Chongqing International Talent Exchange Conference, Li Keqiang, academician of the Chinese Academy of Engineering and chief scientist of the Intelligent Connected Vehicle Innovation Center of Chongqing Western Science City, pointed out that the automobile industry is ushering in the 4.0 era, and the new generation of automobiles will reflect the characteristics of low-carbon energy, electric power, intelligent body, and transportation network. The original automobile development model, production model, and ecology will change.

Dong Yang, vice-chairperson of the China Electric Vehicle 100 People’s Association, believes that people’s "quality view" of cars has changed now, from focusing on quality to focusing on experience. "In the past, when a new car was released and 20 new technologies were listed, it was great that the user could use one or two. Each car also came with a thick manual, and no one read it. This is not acceptable. Car companies must directly face the user, understand what the user needs, and let the user make full use of the new technology."

"The first is to’change ‘and strive to develop new technologies in the direction of intelligent networking and new energy; the second is to’get close’ to the needs of users, shorten the distance with users and reduce communication costs," said the relevant person in charge of Changan Automobile.

Looking at the many new products launched by Chongqing automakers such as Changan and Sailis this year, we can see that they all adhere to the above concept.

Take the M9 as an example. By using innovative owl-enhanced steering technology, the turning radius of a 5.2-meter-long "big guy" is smaller than that of a mid-sized sedan. In addition, the model also has dual lights 2.60 million pixel-refined lighting. When the high beam shines on the opposite vehicle, it automatically leaves a dark area, which does not affect the opposite car and maintains the high beam.

Qu Yunchao, a market watcher, believes that some of these technologies and features are targeted to solve users’ pain points, while others are to open up new experiences for users that are interesting or comfortable. The popularity of "made in Chongqing" cars this year is a testament to the success of this path.

Towards global first-class still requires "one step at a time"

In the new year, how can Chongqing’s auto industry anchor the new development coordinates? "The global auto industry landscape is undergoing subversive changes." Zhu Huarong, chairperson of Changan Automobile, said that from the six-point world of Europe, America, Japan, Germany and South Korea, to today’s Chinese brands sitting on half of the country, Chinese brands lead the world in terms of styling, new energy and intelligence, the scale advantage is further highlighted, and the competitive advantage of changing lanes is more obvious.

But it also raises a new set of problems.

For example, the future development of China’s automobile industry will no longer be promoted by learning from the outside world. For example, the boundary reconstruction of the division of labor for vehicles and parts, and the rapid conversion of new energy vehicle batteries from shortage to overcapacity.

To solve these problems, in order to become a global first-class, the road can only be walked out "one step at a time". Zhu Huarong believes that by accelerating the layout of products and production capacity, strengthening the layout of branding, strengthening the layout of marketing services, accelerating the improvement of the layout of the market, and strengthening the layout of organizational talents "five steps", to meet the various challenges of the critical period of the industry track transition.

Zhang Xinghai, chairperson (founder) of Sailis Automobile, said that the local area is currently in the best opportunity to develop new energy intelligent networked vehicles. Only a strong supply chain can support strong vehicle enterprises, and the industry should further expand open cooperation and let professional people do professional things in order to create high-quality products that meet user requests.

The relevant person of the Municipal Economic and Information Commission said that Chongqing strives to basically form a new ecosystem of intelligent networked new energy vehicle industry by 2025, and to build a world-class intelligent networked new energy vehicle industry cluster by 2030, with the industrial scale reaching the world’s first-class level.

Therefore, Chongqing will continue to expand its industrial scale, accelerate the completion and commissioning of new projects, the launch of new products, and the development and growth of new brands, and work together to build a trillion-level intelligent networked new energy vehicle industry cluster; adhere to the coordination of the whole zero, implement major projects to attract investment, cultivate and upgrade key enterprises, transform and upgrade traditional enterprises, and promote the integration of intelligent networked new energy vehicles to strengthen the chain and extend the chain; strengthen the integrated layout of charging, storage and cloud infrastructure, and promote the integration of energy networks, transportation networks, and information networks. Strive to form a moderately advanced, rational, intelligent and efficient charging and swapping service system; accelerate the networking transformation of existing roads, and create the most unique and rich vehicle-road collaborative experience scene in the country.

The first "made in Chongqing" panoramic smart flagship SUV

AITO asked the world about the M9 listing

On December 26, at the Wenjie M9 and Huawei’s winter full-scene conference, the first "Chongqing-made" panoramic smart flagship SUV AITO Wenjie M9 was officially launched, and a total of 4 models were launched in two power versions of extended range and pure electric, priced at 469,800-569,800 yuan.

AITO Q Jie M9 is jointly launched by Chongqing car company Sailis and Huawei, using a new family design "Kunpeng wing", the new car applies a number of cutting-edge innovative technologies, such as "super Xuanwu body", using the world’s largest one-piece die-casting molding, lightweight coefficient is significantly higher than the same level of models, the whole car 12 also uses 2 quadrillion nuclear submarine-class hot car steel.

The Huawei Tuling intelligent chassis equipped with the AITO M9 is equipped with intelligent closed air spring and CDC variable damping shock absorber as standard, which supports height adjustment of 5-speed cars. It also has a full-scene intelligent road preview system and adaptive active suspension, which can smoothly cope with different road conditions.

In terms of power, the AITO Qinjie M9 extended range version is equipped with a drive system composed of a 1.5T engine and front and rear motors, with a zero-hundred acceleration of 4.9 seconds and a pure electric version with a zero-hundred acceleration of 4.3 seconds. The extended range version has a fuel consumption of as low as 6.9 liters per 100 kilometers, a comprehensive battery life of up to 1402 kilometers, and a pure electric battery life of up to 275 kilometers. The pure electric version is equipped with Huawei’s "Giant Whale" 800-volt high-voltage battery platform, which can achieve a 5-minute charge and a battery life of 150 kilometers, and the overall battery life reaches 630 kilometers.

In terms of autonomous driving, M9 adopts Huawei ADS2.0 high-end intelligent driving, equipped with industry-leading 192-line lidar, with high definition cameras, millimeter wave radar, etc., to support national high-speed, urban expressways and urban intelligent driving.

AITO Qinjie M9 is expected to be delivered in batches on February 26 next year. The relevant person in charge of Cyrus said that the company has built a world-leading super smart factory in Chongqing, with intelligent manufacturing equipment that integrates advanced technologies such as AR vision and big data. Key processes are 100% automated, and a new car can be rolled off the assembly line every 30 seconds, with the highest production efficiency in the world.

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Tencent Holdings-R repurchased 2.63 million shares on June 17 at a cost of 1.003 billion HKD

  On June 17, Tencent Holdings-R announced that the company repurchased 2.63 million shares on the Hong Kong Stock Exchange on June 17, 2024, at a cost of 1.003 billion Hong Kong dollars, and the average repurchase price was about 381.44 Hong Kong dollars based on the number of repurchases and costs; according to the disclosure, the highest repurchase price was 385.60 Hong Kong dollars, and the lowest repurchase price was 374.80 Hong Kong dollars.

  It is understood that Tencent Holdings-R has repurchased 96.90 million shares in the past three months, accounting for 1.02% of the company’s issued share capital.

(Data source: iFinD)

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Sailis Auto debuts at the Beijing Auto Show

On April 25th, Cyrus Automobile debuted at the 2024 (18th) Beijing International Automobile Exhibition. All AITO products and the latest technological achievements of Cyrus were unveiled together. On the same day, Cyrus Automobile also held a technology innovation strategy sharing meeting, sharing the content of Cyrus Mofang and AITO Intelligent Driving Index.

Zhang Xinghai, chairperson of Cyrus Group, said that Cyrus follows the development logic of "two focuses and one cooperation": user-centric, focusing on software-defined vehicles, and fully cooperating with Huawei’s cross-border automotive business. In the future, Cyrus will deepen cooperation with Huawei and strengthen cooperation with other ecological partners to provide users with a full life cycle experience.

Event site. Photo courtesy of Cyrus

This year’s auto show, the Sailis booth showcased products, technologies, services and other aspects in an all-round way. Among them, Sailis Mofang, a new generation of all-in-one super extension assembly, a high-integrated electric drive seven-in-one assembly, and AITO M9 integrated die-casting body were showcased.

At the scene, AITO asked the world M9 light and shadow space attracted many viewers to stop and experience with its Karaoke function of projecting lyrics through headlights.

In February this year, AITO asked the world M9 started delivery. At the technology innovation strategy sharing meeting, many AITO asked the world M9 owner representatives came to the scene to share their car experience. As of now, the scale of AITO asked the world car users has approached 300,000.

At the sharing meeting, He Liyang, President of Cyrus Automobile, released the latest AITO Q & A Smart Driving Index. The index shows that the accumulated mileage of AITO Q & A smart driving models exceeds 480 million kilometers, of which the accumulated mileage of smart driving reaches 135 million kilometers. In addition, the proportion of AITO Q & A M9 intelligent parking DAU reached 68%, and intelligent driving has become an important reason for users to choose AITO Q & A products.

The data also shows that about 72% of the accumulated mileage of AITO users is pure electric mileage, and pure electric driving time accounts for about 85%. This shows that the majority of users travel with pure electric driving.

At the auto show, Cyrus Automobile shared the self-developed Cyrus Mofang, which features "panoramic safety, multi-power, changeable space, and intelligent leadership". The platform integrates industry-leading safety, power, chassis, software and other technologies across domains, aiming to bring users a "easy to drive, easy to use, and super safe" car experience.

Event site. Photo courtesy of Cyrus

In the future, Sailis Automobile will take technological innovation, product quality and service experience as breakthrough points, continue to strengthen new productivity, promote high-quality development and high-level safety, and accelerate the construction of a leading technology-based enterprise. (Ma Chunpeng)

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Promote the deep integration of party building business and empower the quality and efficiency of interrogation

News

On November 2, the Songling District People’s Court held a meeting on the promotion of trial execution quality and party building brand creation. The meeting was chaired by Wang Yancheng, secretary of the party group and acting president of the hospital, and members of the party group and police officers of the whole hospital attended the meeting.

The meeting pointed out that the current quality and efficiency situation of our hospital is generally good, and the trial execution work is being solidly advanced. The police officers of the whole hospital should carefully compare the trial management reports of the regional intermediate courts, target problems, strengthen weaknesses and make up for shortcomings, and make every effort to promote the key work at the end of the year and the improvement of trial quality and efficiency. Use the last two months to pressurize and forge ahead, and promote the trial execution work of our hospital to achieve a year-round success. Wang Yancheng requires:

The first is to find problems. The quality and effectiveness of trials are related to the people’s sense of judicial fairness, and it is also a manifestation of the effectiveness of team education and rectification, and the study and education of party history. To improve the efficiency of case handling, make great efforts to achieve a virtuous circle of "two drops and one liter" in cases received, unclosed, and closed.

The second is to find ways. It is necessary to step up efforts in trial management, refine and decompose tasks, and seek efficiency from management. It is necessary to step up efforts in the exploration of potential, and the president of the court will take the lead in handling cases, give full play to the exemplary role, drive the overall improvement of trial quality and efficiency, and maximize the release of the potential of police officers in handling cases; give full play to the role of the assessment baton, strengthen the application of results, and increase supervision, guidance, assessment, and reporting.

The third is to benefit the long-term. It is necessary to be based on the long-term and work for a long time, do more major events and important things that lay the foundation and benefit the long-term, maintain a sense of urgency of "fighting for the day", and act with higher standards and greater energy to effectively promote the high-quality development of court work. It is necessary to evaluate the quality of case handling from a more comprehensive perspective, continuously optimize the case handling process, and improve the judicial gain of the parties.

At the meeting, Vice President Zhao Chang conveyed the "Notice on Strengthening the Leave System for Government officials" and "On Printing and Distributing

<大兴安岭地区中级人民法院对各基层法院2021年度主要工作绩效考核方案>"Notice" requires the police officers of the whole hospital to strictly follow the requirements of the notice, abide by the epidemic prevention regulations, carefully and reasonably arrange travel, and do a good job of self-protection. At the same time, they must compare the assessment plan, adhere to the goal orientation, refine the division of responsibilities, and do their best to finish the work at the end of our hospital.

In response to the promotion and implementation of the "In the Far North, Heart to the Party Central Committee" party building brand creation activity, Wang Yancheng stressed that the police officers of the whole hospital should adhere to the guidance of the Supreme Leader’s thought on socialism with Chinese characteristics in the new era, take the party’s political construction as the guide, and thoroughly implement the Supreme Leader’s thought on the rule of law. In accordance with the overall work idea of "Strengthening Party Building, Grasping Teams, Building Trials and Promoting Trials", the establishment of the "In the Far North, Heart to the Party Central" brand should be rooted in the work of the court trial execution center, and constantly promote the deep integration of party building and business work, effectively improve the ability to serve the overall situation, and deeply practice the

Original title: "Promote the deep integration of party building business and empower the quality and efficiency of interrogation and execution to be comprehensively improved"

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One clip and one sticker! Mijia intelligent electronic sphygmomanometer evaluation

  After entering the aging society, we pay more and more attention to health, from daily dish matching to scientific exercise, and even the greetings to the elderly are mainly "healthy and long life, good health…". In my opinion, money can be earned in a way, and it is difficult to recover the loss of health of the body. It is not unreasonable for physical and mental health to be rich. How to measure health? Compared with the era when we were sick and went for a checkup, there are now too many devices that can help us grasp various indicators of the body in a timely manner. Timely adjustment of diet and living habits is the best way to prevent signs.

  It is very necessary to have a sphygmomanometer for the elderly to measure their blood pressure from time to time to understand their own blood pressure, so I have prepared a Mijia intelligent electronic sphygmomanometer for the elderly. This is not the first sphygmomanometer I bought, but the elderly have given high praise after using it for a period of time, mainly for the following reasons:

  Feeling 1: Patent free clip cuff innovative design, accurate retention of one clip and one stick

  As soon as I got the Mijia smart electronic sphygmomanometer, I gave it to the elderly and asked about the difference between it and the original sphygmomanometer. The elderly did not know what measurement algorithm, but they praised the Mijia smart electronic sphygmomanometer’s clip-free cuff. Friends who have had a physical examination to measure blood pressure know that whether it is a traditional semi-automatic sphygmomanometer or an automatic sphygmomanometer, it is very troublesome to wear the cuff. It is difficult for one person to fix it in the corresponding area and stick it tightly.

  The innovative design of Mijia intelligent electronic sphygmomanometer, which has won an industry design patent, solves this pain point very well. Its cuff simulates the measurement method of nurses and adopts a clip design similar to two-hand retention, which improves the detection accuracy and avoids the helplessness of the traditional cuff repeatedly pulling to adjust the fixed position.

  This can be seen intuitively from the moving picture. When you need to check blood pressure, just clip the untied clip cuff of the Mijia smart electronic sphygmomanometer 1-2 cm on the upper side of the hand and elbow joint, and then gently paste it to complete. It’s really not too simple.

  The Mijia intelligent electronic sphygmomanometer provides 99 measurement memory data records (supports double use data records), with an accuracy of ± 3mmHg (± 0.4kPa) and a pulse of 40-180 beats/min; the latter is basically the same as the common electronic sphygmomanometer value, while the former has 2-3 times more memory capacity, and can also be transmitted to the Mijia app through Bluetooth for data management. In terms of details, there are obvious cuff orientation prompts and correct wearing instructions on the free clip cuff. Basically, you can read it once, and there is no threshold for use.

  The correct use steps are: 1. Clip the cuff at 1-2 cm on the upper side of the elbow joint; 2. The palm of the hand is facing up, and the rubber tube is parallel to the palm of the hand (align with the middle finger); 3. Sit and keep the cuff at the same level as the heart; 4. Start testing. Is it difficult? It’s really much simpler than traditional cuffs.

  Experience 2: Self-developed algorithm model blessing, in-depth analysis of different populations

  Only after getting started with the Mijia intelligent electronic sphygmomanometer did I understand that intelligence not only means convenience but also more accuracy. Relying on the large clinical database and self-developed algorithm model, the Mijia intelligent electronic sphygmomanometer has undergone multi-band technology accumulation and iteration, and established a multi-dimensional blood pressure model by analyzing the physiological parameters of different populations. It can use different algorithm models according to the characteristics of different heartbeat waveforms.

  Experience 3: Connect to the Mijia app to easily realize remote viewing and data management

  Mijia intelligent electronic sphygmomanometer’s tie-free clip cuff accurately retains + self-developed algorithm model, and the double blessing makes me impressed by the intelligence of the sphygmomanometer. At the same time, the data management brought by connecting to the Mijia app allows me to better grasp the trend of blood pressure changes in the elderly, even if I am not around, I can easily understand the blood pressure of the elderly.

  I think the connection process is basically negligible, because you just need to install the Mijia app and open the Bluetooth search, and then add the device. You can see the label page of the Mijia smart electronic sphygmomanometer provides "recent measurement value, measurement history and morning and evening measurement records", and the whole page is very concise at a glance.

  In the settings, it supports "volume, unit settings, device information, member management and emptying memory, manually adding data, firmware upgrade", etc. Here I think "manually adding data" is more commonly used, and it can enter the indicators of the elderly’s blood pressure measurement in pharmacies and hospitals, so as to better manage blood pressure data.

  Mijia intelligent electronic sphygmomanometer currently supports double recording. After adding new members to the Mijia app, each time the measurement data is truthfully allocated, the blood pressure data can be managed in the Mijia app, and the blood pressure changes of the elderly can be intuitively understood through the trend chart. Judging from the connection of the Mijia app, the Mijia intelligent electronic sphygmomanometer is very intuitive to control, consult and manage, and has established a complete blood pressure database for the two elders in the family. If there is a suggestion, it is to hope that the later firmware update can support more members to add. Although everyone can measure, it would be great if a family of six like me could establish a blood pressure database for the elderly and the couple, regardless of the children.

  Feeling 4: Early morning and evening blood pressure monitoring only available in the industry

  It turns out that the electronic sphygmomanometer used by the elderly is also a big brand. Although it also has 30 sets of memory functions, I have never heard that the blood pressure in the early morning and evening needs to be specially distinguished. What is the difference? After some understanding of Du Niang, I realized that the original industry thousand yuan machines are equipped with this function, mainly because most people have 10-20% higher blood pressure in the morning than in the evening. In the morning and night, due to the cardiovascular rest and dormancy "standby" state, the human blood pressure is relatively stable and real; but there are also a small number of people who belong to anti-dipper hypertension, that is, the blood pressure in the evening is higher than in the morning. Such people need to adjust the corresponding treatment plan to control blood pressure.

  The early morning and evening blood pressure detection functions of Mijia intelligent electronic sphygmomanometer can automatically classify early morning/evening according to the detection time, thus better distinguishing cardiovascular and cerebrovascular or anti-dipper hypertension problems.

  Feeling 5: Like Xiao Ai’s small body, long battery life and voice broadcast

  Mijia intelligent electronic sphygmomanometer is an upper arm electronic sphygmomanometer using oscilloscope measurement. It is shaped a bit like a generation of Xiao Ai smart speakers, with a 3.7-inch display on the left side of the panel, and memory and start/stop buttons are located on the right side of the panel.

  On the left side of the fuselage, you can see the "reset button jack, Type-C charging port and cuff jack" of the Mijia smart electronic sphygmomanometer. It is worth mentioning that compared with the dry battery type sphygmomanometer I bought for the elderly before, the Mijia smart electronic sphygmomanometer with a built-in lithium battery performs well in terms of battery life. It measures 180 times under full charge, and can last for one and a half months at a frequency of 1 time in the morning and 4 days in the evening. The standby battery life is up to 90 days.

  In addition, I think the one-button switch voice playback of Mijia intelligent electronic sphygmomanometer is also very user-friendly. After all, the elderly have poor eyesight, and it is always inconvenient to rely on the screen content alone. Voice broadcast makes up for this aspect very well. It is very convenient to adjust the broadcast volume through the Mijia app.

  Feeling 6:3.7-inch soft light screen, dark light is still displayed clearly

  In terms of content display, the 3.7-inch soft light screen of the Mijia intelligent electronic sphygmomanometer reasonably magnifies the core information, allowing the elderly to easily view it even in a dim light environment. Its content layout is very reasonable, and it mainly provides "high and low blood pressure, electricity, blood pressure classification, pulse, memory and action prompts".

  What makes me satisfied is that the Mijia smart electronic sphygmomanometer has a misoperation prompt function. In addition to providing correct usage videos in the Mijia app, it can also remind me in time by capturing subtle fluctuations in the pressure of the cuff, such as measuring speech, body movement/shaking, and wrong postures that affect the accuracy of measurement such as loose cuffs, effectively preventing mismeasurement.

  Mijia intelligent electronic sphygmomanometer summary:

  Overall, the Mijia intelligent electronic sphygmomanometer makes me feel the difference between the intelligent electronic sphygmomanometer and the ordinary electronic sphygmomanometer in terms of ease of use, measurement accuracy and data management. The double blessing of the free clip cuff accurate retention + self-developed algorithm model well explains the thoughtfulness brought by intelligence. It can easily measure blood pressure with one clip and one paste. There is also a clear content display and humanized voice playback. The blood pressure data management and early morning/evening blood pressure monitoring on the Mijia app allow me to intuitively grasp the blood pressure changes of the elderly, which is convenient and intelligent.

  Home blood pressure monitoring has become an indispensable means to effectively improve the awareness and control rate of hypertension. A good sphygmomanometer should not only be affordable, but also accurate, easy to use and intelligent. Mijia intelligent electronic sphygmomanometer has satisfied me in all aspects.

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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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Huawei P7 released: global price 3899 yuan, national bank 2888 yuan

On the evening of May 7, Huawei officially launched the Ascend P7 in Paris, which will be open for booking from tomorrow. The global price is 449 euros (about 3,899 yuan), and the national bank price is 2,888 yuan.

When it comes to hardware configuration, Huawei P7 uses a 5-inch 1080p screen, 6.5mm ultra-thin body, 1.8GHz HiSilicon Kirin 910 quad-core processor, front 8 million + rear 13 million pixel dual camera, 2GB RAM + 16GB ROM, built-in integrated 2500mAh battery, support 4G LTE network.

In particular, Huawei P7 has developed a series of interesting accessories, such as a perfect match with Huawei smart bracelet, which can monitor sleep quality, manage sports fitness data, have functions such as mobile phone anti-theft management, remote photography, and even bind the key and mobile APP through the bracelet to help quickly retrieve the key hidden in the corner. At the same time, Huawei Ascend P7 also has a variety of exquisite accessories to choose from, such as various color protective cases, flip smart protective cases, etc.

At present, P7 is available in three colors: black, white and pink, with a global price of 449 euros. It will be sold in more than 30 countries and regions such as the Chinese mainland and Hong Kong, the United Kingdom, Germany, Italy, France and Spain in May. Other markets will be listed one after another.

In the Chinese market, Huawei P7 will launch three standard versions of Mobile, Unicom and Telecom, and plans to start pre-sale simultaneously at 10:00 am on May 8 in Huawei Mall, JD.com, Tmall Huawei Flagship Store, Suning.com, Gome Online, No. 1 Store, and Amazon.

Advertising statement: The text contains external jump links (including but not limited to hyperlinke, QR code, password, etc.), which are used to convey more information and save selection time. The results are for reference only. All articles in IT House contain this statement.

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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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79,800 yuan! The price of BYD Qin PLUS will fall below 80,000 yuan.

On February 16th, IT House quoted sources as saying that BYD Qin PLUS and destroyer 05 were about to launch a new model with "Glory Edition", and the official guide price dropped to 79,800 yuan.

In the same period of last year, when BYD Qin PLUS DM-i went public, it launched a "Champion Edition" model of 99,800 yuan, and the price of DM-i model dropped to less than 100,000 for the first time, accelerating the same price of oil and electricity. After several rounds of price reduction, the price of Qin PLUS DM-i fell below 90,000 yuan for the first time at the end of last year, which was 89,800 yuan.

It should be noted that price is only one of BYD’s competitive means. Facing 2024, BYD will usher in a wave of intelligent upgrading of its models, and more than 10 intelligent new cars will be launched during the year.

Intelligence has also become the focus of BYD’s product upgrade in 2024. Wang Chuanfu, chairman of BYD, said that in the future, 100 billion yuan will be invested in the field of intelligence to realize the selection of high-level intelligent driving systems in models with a price of more than 200,000 yuan, and high-level intelligent driving systems will be standard in models with a price of more than 300,000 yuan.

A few days ago, Zhao Changjiang, general manager of BYD’s Tengshi brand sales division, issued a document saying, "Go back to the network reply on the other side half a month ago! Say that you are an auto software company, as if we are not or weak! I’m telling you, we’re strong now! In 2024, you will encounter serious challenges of intelligent assisted driving systems and models. For example, Tengshi N7 will change the market structure and beat Y models! "

(Proofreading/Deng Qiuxian)

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Inheriting oriental aesthetics, Hua Xizi introduced intangible culture into fashion makeup.

The article was authorized to be transferred from WeChat official account: the forefront of entrepreneurship (ID: chuangyezuiqianxian) Author: Teacher Li.

In the past year or so, new domestic products and consumer goods have become a trend. In the category of make-up, a series of beauty brands focusing on Chinese style are constantly emerging. However, in the field of many brands with fierce competition, most domestic cosmetics brands with labeled products and lack of innovation are gradually eliminated, and brands with truly excellent product strength stand out.

In the consumer goods market, word of mouth means everything. At present, in the field of beauty cosmetics, Hua Xizi, with the brand concept of "Oriental make-up, keeping makeup with flowers", has quietly risen.

Behind Hua Xizi’s success is not only a strong product strength, but also its profound understanding of traditional culture explains the connotation of domestic beauty.

Endowing tradition with fashion and beauty, skillfully blending Miao culture.

In the impression of consumers in the past, makeup fashion is far from the elements of traditional culture, and it is difficult to effectively integrate their characteristics. How to combine traditional culture with modern fashion culture skillfully is a difficult problem faced by domestic cosmetics brands.

The answer to this problem can be interpreted in Hua Xizi’s brand. Hua Xizi brand was born on March 8, 2017. The word "flower" in Hua Xizi refers to "keeping makeup with flowers" and the word "Xizi" is taken from Su Dongpo’s poem "If you want to compare the West Lake to the West Lake, it is always appropriate to make light makeup and heavy makeup".

In the products launched by Hua Xizi, traditional culture is everywhere. Take Hua Xizi’s "Carved Lipstick" as an example. This lipstick is different from other lipstick products that only work hard on external packaging, and the micro-carving process is moved to lipstick paste. At present, this lipstick sells more than 100,000 pieces a month, and keeps Tmall’s high score of 4.9 points.

Huaxizi carved lipstick

The excellent market performance of this lipstick also proves that the combination of traditional culture and fashion is not a dead end, but requires ingenious creativity.

In Hua Xizi’s product lineup, carved lipstick is not a case. Since its establishment, Hua Xizi has launched dozens of makeup products that reproduce traditional oriental crafts. This time, Huaxizi, relying on its unique creativity, launched a series of products with Miao’s intangible culture.

It is understood that the Miao Impression Gaoding series is inspired by the Miao Yin craft of a few famous Miao people. Miao silver ornaments have long been important first ornaments and wedding supplies in Miao areas. For the Miao people, Miao Yin is a "fashion" element preserved in the long history, with unique oriental beauty.

Hua Xizi joins hands with fashion anchor Li Jiaqi to explore Miao Yin culture.

However, the Miao silver jewelry handicraft, which belongs to the intangible culture, is on the verge of disappearing, and its unique oriental charm is gradually forgotten.

Out of the sense of mission for the inheritance of traditional culture and the insistence on "Oriental beauty", Hua Xizi went deep into Miao village to explore the art of Miao silver ornaments, took Miao elements as design inspiration, and combined Miao Yin skills with modern technology to create a series of Miao impression advanced customization products.

In the final series of Miao impression products, this unique oriental beauty also appears with a new look. In the series of Miao impression products, Hua Xizi combined the engraving technology with the oriental micro-carving technology to reproduce the Miao silver-making technology on the products. In addition, Hua Xizi also carved the ancient and mysterious totem "Mother Butterfly" and flowers and plants into the products.

Huaxizi Miao Impression Gaoding Series Gift Box

When consumers use Miao Impression series products, their unique totem labels and cultural connotations will also make consumers look brand-new.

The "Miao Impression" high-definition gift box takes the shape of oriental makeup and blends into the Miao customs. It is inspired by the Miao girl skirt, decorated with Miao Yin pendant, batik and Miao Xiu, and made of high-quality leather. The high-definition version of air honey powder "Miao Impression" adopts a brand-new private model design and takes the shape of lotus leaf condensation to interpret the charm of Miao silver ornaments.

Carving of Honey Powder Cake in Miao Impression Series

However, it is not easy to rejuvenate traditional culture in the field of beauty cosmetics. It is reported that Hua Xizi has experienced many twists and turns in the process of developing Miao impression series products. Its appearance lasted for two years. After countless formula adjustments, and thousands of evaluations such as internal testing, external testing, external testing by experience officials and evaluation by makeup college, the product was finally listed.

At the moment when intangible cultural heritage skills are facing the challenge of inheritance, it is very smart to choose to tap intangible cultural heritage to create products. While spreading the intangible culture, the traditional culture also endows Huaxizi products and brand culture with deeper connotations. Through the combination with traditional culture, Hua Xizi has an unexpected advantage in product creativity. This is undoubtedly attractive to young consumers who pursue individuality.

In the process of endowing tradition with fashion, the brand symbol of Hua Xizi’s "Oriental Aesthetics" is deeply rooted in people’s hearts.

Only by understanding "Oriental Beauty" and polishing products can we make domestic products well.

The combination of traditional cultural elements is not unique to Hua Xizi, but the abuse of traditional cultural elements and lack of awe of traditional culture have made many domestic beauty brands mediocre.

In the current domestic beauty field, the phenomenon of product design homogenization and concept labeling is still common. After the novelty of the concept of domestic products disappears, consumers’ expectations for domestic beauty products are rising day by day. How to make consumers accept domestic beauty products is an unavoidable problem for domestic beauty products. Promoting Oriental Beauty is the responsibility of any domestic brand.

However, this problem is not unsolvable. When interpreting traditional culture, Hua Xizi also focuses on excavating the "oriental beauty" in traditional elements, and integrates the "oriental beauty" into the product design process with unique insights.

Take air honey powder, one of Hua Xizi’s explosive products, as an example. This product follows the peach blossom red skin cream, which was specially developed by Princess Taiping in the Tang Dynasty. While following the ancient method, Huaxizi relies on advanced grinding technology to refine the particles of honey powder to three times that of ordinary cosmetics. This process not only inherits the traditional beauty formula, but also uses advanced production technology to rejuvenate the ancient formula.

Oriental cultural products represented by Miao Impression Haute Couture Series are not Hua Xizi’s first attempt. As an oriental makeup brand born in 2017, Hua Xizi has launched a series of innovative products with the mission of inheriting oriental culture and recreating traditional oriental crafts. These products are on a par with international brands, but also stand out from the crowd with unique cultural concepts.

Having a good idea is enough to create an explosive product, but this is not the whole pursuit of Hua Xizi.

In the increasingly competitive beauty field, the good-looking products cannot support the long-term survival of a brand. On the basis of maintaining creativity, Hua Xizi has also made a lot of efforts in product quality. In the process of product making, Hua Xizi insists on the spirit of craftsman, polishes products over and over again, completes every detail, and even pays ten times and one hundred times of energy to develop a product.

For example, for an oil control effect, the product manager needs to find dozens of different oil control ingredients, and test each different ingredient one by one internally, and finally find the ingredient that takes into account the oil control ability and does not dry, so that the product can achieve high-quality efficacy and comfortable skin feeling.

With a sense of responsibility for the inheritance of traditional culture, a unique understanding of traditional cultural elements and high requirements for product quality, Hua Xizi can stand out among a number of domestic beauty brands. The hot performance of Huaxizi products in domestic and overseas markets is enough to show that Huaxizi has gradually become a beauty brand that cannot be ignored and a representative of domestic beauty.

Brand internal and external repair, Hua Xizi goes abroad.

Over the years, the right to speak in the field of beauty has been in the hands of international brands, but the situation is changing.

With the growth of young people’s voices in the post-90s and post-00s, consumers’ pursuit of aesthetics and culture is gradually diversified, and mainstream western aesthetics is no longer all-inclusive. In the process of continuous restoration of national self-confidence and cultural self-confidence, consumers’ desire for local culture is stronger than before. In this context, domestic brands that can resonate with consumers’ national feelings and maintain a good reputation gradually rise.

Relying on the brand concept of "Oriental make-up, make-up with flowers", Hua Xizi walked out of a unique route belonging to domestic make-up.

Looking at Hua Xizi’s journey to fame, it is not difficult to find that its marketing path is the young female group with personalized pursuit in the Z generation, which is inherited from the ancient method of "keeping beauty with flowers" in China traditional culture, carving the dual charm of fashion attributes, cultural connotation and exquisite products with oriental charm, and realizing the capture of more meta-audiences.

Hua Xizi’s firm commitment to products has also been recognized by young domestic consumers. In the dissemination of products and brands, Hua Xizi also conveyed his own experience and brand persistence to consumers, and explained to consumers what domestic cosmetics should look like with a unique product understanding.

While conquering domestic consumers, Hua Xizi also went abroad. Previously, in 2019, Hua Xizi’s West Lake gift box series products had caused a heated discussion on Twitter in Japan. The packaging and texture of Hua Xizi made international friends feel the charm of domestic beauty cosmetics and the unique connotation of Chinese culture. Some Japanese netizens even said that they would like to go to China once to buy Hua Xizi.

Hua Xi zi Xi Hu yin Ji gift box

Hua Xizi sparked heated discussion on Twitter in Japan.

Hua Xizi’s popularity overseas proves a way for domestic brands to rise-brands with local characteristics and profound cultural connotations can help promote national culture and contribute to cultural self-confidence. The excellent performance of Hua Xizi in the domestic market also proves the correctness of Hua Xizi’s brand line of "giving tradition to fashion".

In the era of content marketing, Hua Xizi explored a new way for domestic beauty cosmetics through careful interpretation of consumer demand, re-innovation of traditional culture and persistence in quality. All these persistence and efforts also reflect the brand vision of Huaxizi brand "promoting the beauty of the East and casting a century-old national makeup".

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