Dilizheba

Dilizheba

Dilizheba

Dilizheba

　　　　　　 On the evening of January 11, the 2019 Sina Weibo Night was held in Beijing, and Di Lizheba made an appearance.

　　Earlier, Reba had posted a post on "Oasis", ridiculing himself that walking the red carpet is often "super cold and pretending that the years are quiet and I am very used to it". When meeting with Sina Entertainment today, Reba also lamented that Beijing is very cold in winter, and it was freezing when it was just walking the red carpet. Although it is cold, Reba’s black tight dress today is really stunning. Talking about the secret of maintaining his figure, Reba laughed that in fact, he has recently gained weight after indulging in various night snacks such as roadside stalls, hot pot, and lobster noodles. His good figure is only due to the tight dress.

　　Today’s Weibo night, Reba will also reunite with the previous students of "Creation Camp 2019", the boy group R1SE, who successfully debuted from the program. "Mentor" Reba said that he has been following the development of R1SE, especially impressed by their interesting interviews, "For example, they say they’don’t deserve it ‘!"

　　Recently, Reba has also presented the singing and dancing stage on some occasions. When asked if he is interested in developing in the direction of "singing and dancing singers" in the new year, Reba "applies what he has learned" to R1SE’s famous saying: "I don’t deserve it! (laughs) "

　　When asked about the loss of singing and dancing skills, "I don’t deserve it" exposed that I was addicted to supper and gained weight

　　Sina Entertainment: Before, when I teased female artists on the red carpet on the oasis, it was "super cold and pretend that the years are quiet and I am very used to it." Are you also walking the red carpet with this mentality today?

　　Di Li Reba: Yes, always. Then today at the Water Cube (the event venue) I thought it would be very warm, because just after swimming, I thought it should be steaming hot, but I didn’t expect it to be so cold.

　　Sina Entertainment: Every time you walk the red carpet, it will become a hot topic. Share with us your little Tips for walking the red carpet?

　　Di Lizheba: Actually not. I used to be a little less confident, but I didn’t know where to put my hands when walking, so I would put a "yeah" or something, but now it doesn’t matter, just because I walk too much, I may have a little more confidence.

　　Sina Entertainment: Some celebrities have shared that there will be some warm measures on the red carpet in winter, such as wearing long johns under the skirt. Do you have any secrets like this?

　　Di Lizheba: In fact, when I was a child, I used to watch celebrities walk the red carpet. In winter, I watched them wear dresses. I always thought that if they had some kind of oil that could be rubbed on their bodies, they would not be cold. I always thought so. But I didn’t expect that they would really rely on raw endurance! For example, if I wear a longer or more fluffy dress, I should be able to wear long johns, flesh-colored. But if not, like what I have today, I can’t wear anything, just resist.

　　Sina Entertainment: We saw your students in "Creation Camp 2019", and R1SE was also on our Weibo night today. Do you have anything to say about their development and changes this year?

　　Di Lizheba: It’s the relief of an old sister. Like they have gone from a particularly stressful stage to now being able to complete so much high-intensity work independently, and there are many interviews that require emergency response. I think they have all done a good job and are very interesting.

　　Sina Entertainment: Did you watch their interview?

　　Di Lizheba: Yes, as they said in the interview, "I don’t deserve it" hahaha, I saw it all!

　　Sina Entertainment: Actually, the boy band dance you danced in "Creation Camp" had a very enthusiastic response. Recently, there have been many singing and dancing performances. Do you want to develop into singing and dancing singers?

　　Di Lizheba: No. Because in fact, when I first entered this industry, everyone also chased after the girl group, and I also watched some girl group and boy group dances. So many beautiful little sisters and little sisters played together, I think it was a very happy thing. Everyone could take care of each other, and I felt very happy and surrounded by love. I quite envied them. So in 2019, because I was a promoter, I used this opportunity to try it, but I didn’t want to develop in this direction. I don’t deserve it (laughs)!

　　Sina Entertainment: I saw that you also opened an Oasis account last year. You often post some daily things that female celebrities want to eat but don’t dare to eat.

　　Di Lizheba: I didn’t dare to eat it, I just wanted to eat it and went to eat it.

　　Sina Entertainment: Fans are also curious, like the crayfish and hot pot you sent, which one is your favorite?

　　Di Lizheba: Even these night snacks are my favorite. Because we are filming during the day, sometimes we can’t order takeout in some more remote places, and we can only order a lot of takeout when we go back to the city at night, so I may eat more at night, but I am indeed fat, so I will control it a little bit.

　　Sina Entertainment: Are there any favorite foods recently?

　　Di Li Reba: Recently, I like to eat crayfish noodles, which is to put noodles in crayfish, rice cakes, and a green thing like winter squash, which I think is delicious. There are also some cinnamon buns and the like.

　　Sina Entertainment: You really studied these things carefully.

　　Di Lizheba: Yes, there really is.

　　Sina Entertainment: But your "good body" related topics often rush into our hot search list. How do you maintain a good body while eating?

　　Di Li Reba: (Clothes) Keep it! Don’t you keep it all, let it out and scare you to death (laughs)!

　　Thank you for becoming an actor in 2020. I hope to focus on filming and not accept variety shows.

　　Sina Entertainment: It has been 10 years since our Weibo. Do you still remember what you were doing 10 years ago?

　　Di Lizheba: I was 17 years old 10 years ago. When I was 17, I should have been working and commuting to work every day in a song and dance troupe.

　　Sina Entertainment: Did you set a goal to become an actor at that time?

　　Di Lizheba: I didn’t have any such dreams at that time, including after I went to the Shanghai Theater Academy. I wanted to be a dancer at the age of 17 and perform well on the stage.

　　Sina Entertainment: After 10 years, what do you think of the current state of Di Lizheba?

　　Di Lizheba: How should I evaluate it? It’s just an unexpected surprise. I think being an actor is a happy thing. First, I am a girl who likes novelty very much, and I changed places in three or four months to play different roles. Second, like I did a lot of new things in 2019, such as being the host and promoter of "Creation Camp 2019", and being a little sister who accompanies everyone in "Extreme Challenge". So I think that being an actor has actually given me a lot of new attempts. If I didn’t become an actor, I would never have been able to try it in my life, so I am very grateful that I chose to act at that time, chose to be an actor, and then I can always stick to my dream.

　　Sina Entertainment: You also shared a lot of breakthroughs last year, such as participating in "Creation Camp 2019" and "Extreme Challenge". I don’t know what new attempts you want to make in the variety field this year?

　　Di Lizheba: Because last year was a relatively relaxed state, it was also a time to think about how I should plan my work in the future. In fact, at the end of the year, including the beginning of 2020, I took a few days off and thought about it carefully. I think this year, I may still go to filmmaking and do my major seriously. For variety shows, I may not have too much time, because I still hope to devote myself to filmmaking.

　　Sina Entertainment: I just said that I took a break, did I secretly go on vacation?

　　Di Lizheba: No, I just had a good night’s sleep, washed clothes or something, and piled up a lot of clothes.

　　Sina Entertainment: Can you cook for yourself?

　　Di Lizheba: Yes, but I haven’t paid for natural gas recently, so I didn’t do it.

　　Sina Entertainment: Let’s talk about the plans for the recent TV series. It seems that "Three Lives and Three Worlds Pillow Book" will also be broadcast. Can you introduce it?

　　Di Li Reba: "Three Lives Three Worlds Pillow Book" I don’t know when it will be broadcast, but I have been looking forward to meeting you soon. Fans may have been waiting for a long time. I hope you can also support it when you see "Three Lives Three Worlds Pillow Book", and then see if it will be different from the previous "Three Lives Three Worlds Ten Miles Peach Blossom".

　　Sina Entertainment: Finally, let me share my wishes for 2020.

　　Di Lizheba: In 2020, I hope I can play the role I want to play, and then I can be myself forever, and I can be healthy and everything goes well.

Lin Qingxia exposes in her new book that she sent nude photos to Zhang Shuping

66-Year-old Lin Qingxia releases new book on her birthday

Lin Qingxia reveals a fate with the late Shao’s Huadan Li Jing

??　　 According to Hong Kong media reports, the great beauty Lin Qingxia’s 66th birthday yesterday (November 3), and her new book was also released on the same day. She shared a lot of unknown aspects of herself. For example, she had a good relationship with the famous clothing designer Zhang Shuping. When she was young, Lin Qingxia encountered emotional troubles and tried to cry to Zhang Shuping. Unexpectedly, Zhang Shuping praised her for crying well, which made her laugh. Lin Qingxia even tried to give Zhang Shuping her naked photos, scaring the other party to run away!

??The great beauty also has natural enemies. It turned out to be her friend Shi Nansheng. She said that every time she saw Shi Nansheng, she felt that her dress was lost. Lin Qingxia made many Qiong Yao love movies when she debuted. She recalled that many producers asked her to take the show with a travel bag of banknotes. She said that there were so many banknotes that she filled the safe and the bedside table. Lin Qingxia is an idol of many people, and she revealed that she is a fan of Zhen Zhen, and the two have a very good relationship in private. They will meet for afternoon tea.

??In addition, Lin Qingxia shared a fate with the late Shao’s Huadan Li Jing. Li Jing had a difficult life in her later years and could not afford to pay the rent. Once, Lin Qingxia met Li Jing and expressed her desire to write a story about Li Jing. Qingxia said that when she saw Li Jing walking, she needed to use a cane, her body was soft, and her left arm was swollen badly, which was caused by surgery to remove her breasts and lymph. Before leaving, Qingxia gave Li a red envelope and wanted to ask Li Jing to eat her favorite sea cucumber again. Who knew that more than ten days after the meeting, the news of Li Jing’s sudden death came.

Suddenly, the 16-inch MacBook Pro replaced its 15-inch predecessor and made it onto Apple’s official website.

Beijing time on the evening of November 13, Apple in the absence of advance maintenance of the official website, the same as AirPods Pro, suddenly launched a 16-inch MacBook Pro, the previous rumors will only be late, not absent.

Coincidentally, in May this year, Apple just updated the 15-inch MacBook Pro, and after a lapse of six months, Apple once again significantly updated this product line, more frequently than in previous years.

To say who can experience this frequency more, it is better to buy a 15-inch MacBook Pro two days ago. Because compared to 15-inch, 16-inch MacBook Pro is more worthy of professional users.

Although the starting price of the 16-inch MacBook Pro is as high as 18,999 yuan, this does not stop its target users.

Looking at the body from the outside, like the 15-inch, the 16-inch MacBook Pro is available in silver and space gray. Not much has changed in appearance, the biggest change is in its screen.

Open the computer, the 16-inch display screen has a resolution of 3072×1920, ppi is 226, and the maximum brightness is 500 nits. The P3 wide color gamut and original color display are retained. As a comparison, the previous 15-inch resolution was 2880×1800 and ppi was 220.

Although the display size has become larger, the display effect of the screen is more delicate, and the supported colors have also been upgraded from "million colors" to "million colors". This display is the best in the current MacBook series, and it is obviously more desired by Pro users.

The display screen has become larger, but Apple has not changed the fuselage much. The length, width and height of the 16-inch are 35.79cm, 26.59cm, and 1.62cm respectively, and the weight is 2kg, while the 15-inch is 34.93cm, 24.07cm, 1.55cm, and the weight is 1.83kg. Almost a 16-inch screen is stuffed into the 15-inch fuselage.

For Pro users, this increase in size and weight is negligible.

By the way, the 16-inch MacBook Pro should have a higher screen ratio. This is also the high screen ratio and narrow bezels we pursue on mobile phones.

The camera in the center of the screen has been upgraded to a Face ID camera as rumored, and it is also a FaceTime camera that supports 720p.

In 2015, Apple, which pursued lightness, added a butterfly keyboard to the MacBook at that time. But this upgrade has been criticized by consumers for its high failure rate and frequent after-sales service. Most importantly, the butterfly keyboard has a short keystroke and a hard typing feel, which is not conducive to long-term coding.

Although Apple later improved it, the effect was still unsatisfactory.

The 16-inch MacBook Pro finally replaced the butterfly keyboard with a scissor keyboard. This is a signal that future MacBook products may be replaced by scissor keyboards, and we officially say goodbye to butterfly keyboards.

However, this scissor keyboard has been optimized by Apple, and its key travel is 1mm. Apple calls it a "second-controlled keyboard". This may also be one of the reasons for its slightly thicker body. As for its typing experience and mute effect, it needs to be actually known. But one thing is for sure, it must be better than the butterfly keyboard.

Key positions have also changed. From top to bottom, the first is that the function area of the Touch Bar is more distinct. The exit key (esc) and the power key (also the fingerprint key) are isolated from the touch area. At the same time, the former is changed from the touch key to the physical key.

This change will solve the "accidental touch" problem that Touch Bar has been criticized by users before, and improve the efficiency of blind typing. For example, pressing the power button but pressing Siri, pressing exit but not easy to find the position.

Further down is the optimization of the arrow keys. The size of the left and right arrow keys is finally no longer the same height as the up and down keys, but has become the same size button. Now you won’t be so awkward to press.

The speakers on either side of the keyboard have been increased to six, still three microphones. Compared with the old model, it will have stronger stereo effect. Apple claims that it offers dual vibration low-efficiency subwoofers for better bass effect.

After talking about external changes, let’s talk about internal improvement.

In fact, this is the last point to mention. As a representative of the top MacBook products, the 16-inch MacBook Pro was born for professional users.

The processor of the 16-inch MacBook Pro starts from the Intel 9th generation Core 6-core i7 processor, and the maximum optional 8-core i9 processor can reach 5.0GHz. Its performance is 2.1 times that of the 4-core MacBook Pro.

At the same time, Apple upgraded the heat dissipation system for this hot processor, officially claiming that its heat sink has increased by 35%, and the maximum continuous power of the MacBook Pro can therefore be increased by up to 12W.

The biggest change comes from the graphics processing unit. The standard and high-end versions of the 16-inch MacBook Pro are equipped with an AMD Radeon Pro 5300M graphics processing unit and a 5500 graphics processing unit, respectively. The standard 4GB video memory is available, and the maximum option is 8GB. This upgrade allows professionals to handle better image work.

Take the common Final Cut Pro X as an example, its rendering speed can be improved by an astonishing 90% compared to the 15-inch MacBook Pro. Therefore, Apple claims that this change can improve the performance of the previous Radeon Pro 560X by 2.1 times.

On the other hand, Apple has also raised the upper limit of options. The storage of the 16-inch MacBook Pro starts from 512 GB solid state drive, and the high-end version is 1TB, with a maximum optional 8TB solid state drive. The memory also starts with 16GB DDR4, but the maximum optional 64GB.

With such powerful performance and storage, there must be a better battery life. The 16-inch MacBook Pro boosts the battery to 100 watt-hours, and comes standard with a 96W charger. As a comparison, the 15-inch MacBook Pro is 83.6 watt-hours and the charger is 87W. Therefore, its battery life has also been increased from 10 hours to 11 hours (calculated by Apple’s wireless network browsing standard).

Other than that, there are no more changes to the 16-inch MacBook Pro. Therefore, it is a bit of a pity in terms of network connection. The 16-inch MacBook Pro does not yet support Wi-Fi 6.

Oh, no, and the price. The 16-inch MacBook Pro starts at 18,999 yuan, with a 2.6GHz i7 processor, 8GB + 512GB. The specific launch date has yet to be announced.

There is no doubt that with the development of the web, video content has become more and more popular. Apple is catering to more and more professional creative workers with products, especially those who have a high demand for images.

Although this group of people is so small, Apple’s product power is enough to make the notebook industry enter its twilight years, which is very rare in the industry.

"Buy or not?"

In Apple’s promotion, the 16-inch MacBook Pro is called "a studio that runs with you." The above problem is naturally solved.

This starting price may be able to buy two laptops for ordinary people, but it is a professional tool suitable for photographers, video workers, game developers and other practitioners who are used to macOS. Whether it is suitable for you depends on your needs and budget.

The title image is from TheVerge.

The 2022 Industrial Internet Platform Development Index released by the Ministry of Industry and Information Technology shows that the development level of our country’s industrial Internet platform has been comprehensively improved, and the industrial Internet has empowered the manufacturing industry to continuously transform and upgrade. With the gradual development of the industrial Internet, a large number of industrial Internet industry events and industrial clusters that have kept pace with the times have emerged in various places, helping the industrial Internet industry to iterate and upgrade.

As the highest-level industrial Internet event in China, the China Industrial Internet Competition has a profound impact on the development of China’s industrial Internet. In 2022, the 4th China Industrial Internet Competition established the Beijing Competition for the first time. As one of the four national demonstration bases for new industrialization in Beijing, it successfully hosted the Beijing Competition in Shijingshan.

On April 18, the industrial Internet industry is about to usher in another heavyweight event. The People’s Government of Shijingshan District will organize the 2023 Industrial Internet Platform Empowering Deep Tour and the 4th China Industrial Internet Competition Beijing Station Award Ceremony with the National Industrial Information Security Development Research Center, Zhongguancun Development Group, North University of Technology and other units. There is only one day left before the opening, what will be the highlights of the event? Now let’s reveal the secrets in advance.

Highlight 1: The 4th China Industrial Internet Competition Beijing Station Award Ceremony

In the finals of the 4th China Industrial Internet Competition in Beijing, more than 20 high-level works won the final honor. The winning works closely follow the direction of "Solutions to promote innovative applications in industrial parks", focusing on the management side and enterprise application side of industrial parks, helping enterprises in the park digital transformation, accelerating the green, safe and intensive development of the park, covering a series of industry applications such as smart logistics, smart energy, and smart mining areas, as well as scene-based applications such as intelligent scheduling and intelligent control, and strive to realize the comprehensive connection of the industrial Internet to people, machines, things and systems.

The 4th China Industrial Internet Competition Beijing Station Final Site

In tomorrow’s event, the winning teams of the 4th China Industrial Internet Competition Beijing Station will step onto the podium from behind the scenes to receive awards from heavyweight guests. Shijingshan District and Zhongguancun Industrial Internet Industrial Park will also provide all-round support for the winning teams to help the excellent solutions to be implemented quickly.

Highlight 2: Academicians and experts share cutting-edge insights, and exchange activities build consensus

As an important part of the main forum of the 2023 Industrial Internet Platform Empower in-depth activity, Ni Guangnan, an academician of the Chinese Academy of Engineering and a researcher at the Institute of Computing of the Chinese Academy of Sciences, will bring a wonderful keynote speech to the guests on the topic of industrial Internet empowering industrial digital transformation, sharing forward-looking and leading industry insights.

In order to further promote the popularization of industrial Internet technology and build broad consensus, a series of cutting-edge exchange activities will be held at the scene to bring together cutting-edge thinking from all walks of life in "production, education and research". Representatives of academia will share the practice of "integration of production and education" on the spot, and representatives of well-known enterprises will share their experience based on the practice of empowering enterprises with digital transformation on the industrial Internet platform, so as to help more enterprises in urgent need of digital transformation to avoid detours.　

Highlight 3: Building a government-enterprise exchange platform to improve the industrial ecosystem

Zhongguancun Industrial Internet Industrial Park, as an industrial Internet industry cluster in Shijingshan District, has increased its efforts to attract investment and talents in recent years. It has brought together a group of excellent industrial Internet enterprises and become a new business card for Shijingshan District to deepen the construction of the national new industrialization industry demonstration base. The site of this event will provide a detailed interpretation of the development plan of the park, conduct in-depth negotiations with enterprises, solve problems point-to-point, and accurately match the needs of enterprises. Relying on the profound industrial foundation of Shijingshan District, it will attract more leading enterprises and growth enterprises to settle in the park.

The pilot area of Zhongguancun Industrial Internet Industrial Park has attracted a large number of "Product R & D" forces from all walks of life, such as industrial software, industrial Internet platform enterprises, industrial control security technology research and development enterprises, industrial Internet industry alliances, and scientific research institutes, etc., and has initially formed an industrial agglomeration advantage. The construction of the second phase of the park was also officially launched in March. In the future, it will further integrate the upstream and downstream resources of the industrial chain, promote the strengthening and expansion of industrial clusters, and build the industrial Internet industry into an important base for the development of the capital’s "high-precision" industries.

The 2023 Industrial Internet Platform Empowers Deepin and the 4th China Industrial Internet Competition Beijing Station Award Ceremony is about to open. People from all walks of life are welcome to seize the opportunity and sign up for the conference.

event details

Recently, my friend asked me to recommend a 5G mobile phone to him, and I did not hesitate to recommend the Meizu 18 series. This series of products is outstanding in strength and comes standard with the Flyme 9 system. Only high-quality mobile phones like this are probably worth pursuing.

New shape, small screen full of blood

In terms of appearance design, the Meizu 18 series has obvious differences from previous versions, such as the return of the rear camera group to the popular vertical layout, but the small screen design that Meizu 18 boldly adopts is also expected by everyone. The screen is only 6.2 inches, which is very suitable for small-handed female users. I believe that small screen enthusiasts can’t hold back their inner love. At the same time, the punching design of the front-facing camera of the screen is in the middle position, and the symmetrical design brings better visual effect. Patients with obsessive-compulsive disorder don’t have to worry.

From the side, the front of the Meizu 18 series is designed with a four-curved surface, and the arc of the border transition is also more soft. Coupled with the AG matte back cover, the design of the details is more perfect, making the Meizu 18 series feel even better. Even the Meizu 18 Pro with a 6.7-inch screen is comfortable to hold.

Top chip, excellent performance

In terms of core configuration, the Meizu 18 series is equipped with a 5nm Snapdragon 888 processor, and the Adreno 660 GPU core is integrated on the nail-sized chip. In the current market, it can be called the most powerful flagship processor, plus the full blood version of LPDDR5 and UFS 3.1 flash memory, the performance has been upgraded again. Another domestic performance flagship was born, and the performance surpassed many peers, which was widely recognized by everyone.

As for the battery configuration, the Meizu 18 Pro is equipped with a 4500mAh battery, which supports 40W wireless overcharging. The battery life is still good, and the charging speed is also very fast. As for the battery capacity of the Meizu 18:4000mAh, which is OK. In addition, the mSmart 5G solution that performed well last year has also been upgraded to 2.0, adding innovative Wi-Fi 6E technology to make the 5G network faster and more stable. I think these configurations are very outstanding in flagship mobile phones.

Personally, Meizu 18 Pro is the most powerful thing is to take pictures. This phone is equipped with a 44 million pixel front-facing camera, which is beyond everyone’s expectations. The configuration is too high to be comparable to the flagship rear camera, and the rear camera is equipped with a more pure night shooting effect. Samsung GN1, Sony IMX616 ultra-wide-angle macro, OV08A10 telephoto combination, and added functions such as extreme night scene, night scene can also easily shoot a professional feeling. Looking at Meizu 18, it also has high-quality camera hardware, 6400W super anti-shake full-scene imaging system, which is worthy of recognition.

Three zero system Flyme 9, safe and worry-free

In terms of security, Meizu 18 series has achieved the most in the industry. In terms of privacy and security protection, Flyme 9 has added four new security protection magic weapons. It completely refuses to shoot, eavesdrop, and track. Flyme 9 is no weaker than Apple iOS in terms of security. The system experience of mobile phones is not ignored. From 0 advertisements, 0 pushes, 0 pre-installed three zero experience, we have also seen the improvement of Meizu, which is also the biggest highlight of Flyme 9.

From the overall performance, the Meizu 18 series can be called the most powerful flagship in China, especially with the support of Flyme 9, this title is even more worthy of the name and is worth recommending to friends and family.

　　Changan Automobile

　　UNI-K sales continue to climb, and "Avita" is gradually approaching

　　Event Overview

　　The company released June 2021 sales: June sales totaled 173,000 vehicles, year-on-year -11.0%, January-June cumulative sales 1.2008 million vehicles, cumulative year-on-year + 44.5%; June production totaled 165,000 vehicles, year-on-year -15.1%, January-June cumulative production 1.127 million vehicles, cumulative year-on-year 37.5%.

　　Analysis and judgment:

　　Independent growth slows down, Ford improves month-on-month

　　The company’s sales volume in June was 173,040 units, + 22.2%/-11.0% year-on-year and -6.2% month-on-month. We judge that the quarter-on-month decline was mainly affected by the lack of cores. It is expected that with the impact of the lack of cores beginning to ease in the third quarter, the company’s sales growth rate is expected to pick up; the cumulative sales volume from January to June was 12.08 million units, + 45.5%/+ 44.5% year-on-year in 19/20. The data of the Passenger Federation shows that the year-on-year growth rate of wholesale sales of narrow passenger cars in June was -5.1%, and the company’s sales growth rate was weaker than the market average. By brand:

　　1) Self-owned brands (Chongqing + Hebei + Hefei, the same below): June sales of 91,871 units, + 33.5%/+ 0.4% year-on-year in 19/20, -11.2% month-on-month; January-June cumulative sales of 701,926 units, + 79.1%/+ 67.0% year-on-year in 19/20.

　　2) Ford: Sales of 21,752 vehicles in June, + 34.7%/-1.7% year-on-year in 19/20 and + 11.7% month-on-month. We judge that the improvement in the month-on-month was mainly due to the increase in the contribution of the re-listing of the Ferrez model. From January to June, the cumulative sales volume was 120,994 vehicles, + 61.0%/+ 24.2% year-on-year in 19/20.

　　3) Mazda: June sales were 10,068 units, + 4.4%/-20.2% year-on-year and + 4.4% month-on-month; January-June cumulative sales were 60,330 units, -1.4%/+ 7.7% year-on-year.

　　The proportion of independent sales in June was 53.1%, -3.0pct month-on-month, mainly due to the monthly decline in sales of independent brands; Ford’s June sales proportion was 12.6%, + 2.0pct month-on-month. It is expected that with the improvement of product structure and high gross profit brought by the launch of new cars, it will contribute important increments in the future.

　　Investment advice

　　The bottom of the passenger car industry cycle drives demand to pick up, and the company’s strategic focus on two core assets of autonomy + joint venture is expected to fully benefit. Among them, 1) Changan independence, the product cycle will rise in volume and price; 2) Changan Ford bottom will rise, and the margin will improve. At the same time, the CHN architecture and high-end electric intelligent new brand jointly built by the company with Huawei and () are expected to achieve rapid progress for the company in the development of intelligence and electrification. We maintain the profit forecast unchanged: it is expected that the company’s revenue in 2021-2023 will be 928.14/1022/113.506 billion yuan, the net profit attributable to the parent will be 53.92/60 25/65.94 million yuan, and the EPS will be 0.71/0 79/0.87 yuan. The PE corresponding to the current stock price is 29/26/23 times, maintaining the buy rating.

　　Risk warning

　　Downside risks in the auto market; sales of old models are declining, and sales of new models are not up to expectations; cost reduction and control fees are not up to expectations; Changan Ford’s strategic adjustment effect is not up to expectations; Avita brand development is lower than expected.

　　ZTE

　　2021 H1 performance forecast Comments: Performance exceeds expectations, endogenous changes are born into the sun

　　Upgrade the performance forecast and maintain the overweight rating. Based on the consideration of gross profit margin and share, we slightly raise the company’s net profit forecast for 2021-2023 to 6.513 billion yuan (+ 7.5%), 8.181 billion yuan (+ 2.1%) and 10.261 billion yuan (+ 4.7%), corresponding to EPS of 1.41 yuan, 1.77 yuan and 2.22 yuan respectively. Considering the compounded growth rate of the company’s net profit in the next three years, give the PE of 30x in 2021, and lower the target price to 42.3 yuan (-7.7%), maintaining the overweight rating unchanged.

　　The company announced that the net profit of H1 in 2021 is expected to be 3.80 billion yuan – 4.30 billion yuan, an increase of 104.6% -131.5%. According to the median, the net profit in the single quarter of 2021Q2 is nearly 2 billion yuan, which is expected to hit a new high in operating profit. The main reasons for the high net profit growth are: 1) the company optimizes the market structure, and it is expected that the three business lines will have good revenue growth; 2) its own management and R & D capacity enhancement brings about continuous recovery and improvement of gross profit margin; 3) the transfer of up to 90% of ZTE’s equity, confirming the pre-tax profit of about 800 million yuan; the overall performance exceeds market expectations.

　　5G scale procurement via bidding started, and the company’s various businesses were born into the sun. Recently, domestic operators’ 5G scale procurement via bidding started, and the investment in 2021 showed the characteristics of low before and high after, which better supported the high growth of the annual performance. At the same time, based on the core competitiveness of the company’s chips, algorithms, architectures, databases, etc., it has laid the foundation for business expansion in 5G industry applications, enterprise digitalization, automotive electronics and other fields. The three business lines of operators, government and enterprises and consumers will be further expanded.

　　Endogenous changes are obvious, moving towards high-quality development. The company has strong competitive product advantages under continuous R & D investment, superimposed supply chain, operation and management improvement, gross profit margin and net profit margin will increase, profitability will continue to increase, and it has been on the track of high-quality growth.

　　Risk warning: The epidemic has led to unclear investment by overseas operators and the risk of Sino-US trade friction.

　　Fuman Electronics

　　Rising platform IC star

　　The main business is growing rapidly, and the new product categories are constantly expanding: the company currently has more than 1,000 kinds of various IC products, and continues to enrich the product line. The company takes the lead in card position small pitch & MiniLED driver chip high-quality track, fast charging chip layout is leading, power management chip product line is rich, and actively layout in the field of radio frequency IC, with power management chip design, packaging and testing integrated supply capabilities. The company conducts strategic layout in the two aspects of core product depth development and industrial chain breadth extension, and gradually transforms from a single chip provider to a platform-based analog IC solution service provider. The future growth space is broad. Quarter 1, 2021, thanks to the company’s new product superposition and production, the sales volume and price of mature market products have risen simultaneously, the company’s performance has achieved rapid growth, and its profitability has been greatly improved.

　　LED driver chips are booming, and the company’s products are accelerating in volume: small-pitch LED displays have reached the sweet spot of price, which has significantly stimulated the application demand in related scenarios, and the product has penetrated rapidly. At the same time, under the trend of small-pitch LED displays, with the narrowing of the lamp bead spacing, the number of display driver chips used per unit area has increased exponentially. In the current semiconductor price surge, LED lighting driver chips are not sensitive to price at the end point app store due to their low price base, so there is a large room for price increase. Superimposed with a large amount of chips, it is expected to contribute considerable revenue growth to relevant LED lighting driver chip manufacturers. The company’s LED driver chip layout is perfect, and the technical competitiveness is strong, which can meet the diverse application needs of downstream. The company is the first to break through in the field of small pitch LED display driver chips with a pitch of 1~ 0.3mm, and relies on the comprehensive competitive advantages of technological innovation, product quality, cost performance and the ** to quickly occupy the relevant market, accumulating (), Chau Ming, () and other high-quality customer resources, is expected to continue to increase market share.

　　The fast charging market is accelerating its expansion, and the company continues to expand its high-end customers & applications: The fast charging market is in the stage of accelerated expansion, the industry’s prosperity continues to improve, and the potential app store volume is very considerable. The company has a complete fast charging IC solution, and the PD protocol chip has strong competitiveness. The company vigorously promotes the update of fast charging technology, strengthens its technological leadership and product competitiveness, and the fast charging chip continues to expand to high-end customers such as Aoji and Aohai and high-end applications such as standard power supplies, highlighting its market dominance.

　　The RF domestic replacement space is vast, and the company actively plans to open up a new growth space: the RF front-end chip market is booming, and the domestic replacement space is vast. The company vigorously deploys the RF IC field, and the RF switch and RF PA have been successfully mass-produced. By increasing the production capacity of 5G RF chips, promoting the R & D and upgrading of RF chips, and expanding to the 5G RF chip fields such as SAW filters, LTCC products, and WiFiFEM through endogenous epitaxy acceleration, it is expected to open up a new growth space.

　　Profit forecast and investment rating: We maintain the company’s 2021-2023 operating income forecast of 24.11/35 billion yuan, yoy + 188.4%/45.8%/35.1%, maintain the company’s 2021-2023 net profit forecast of 10.11/14 billion yuan, yoy + 906.3%/39.4%/29.3%, and achieve EPS of 4.93/6 88/8.89 yuan, corresponding to 30/22/17 times PE. Considering that the company’s product categories and app stores in the LED driver IC/power management IC/RF IC market are expected to continue to expand, referring to the average PE (62 times) of comparable companies in 2021, give the company 62 times the target PE in 2021, the target price is 305.66 yuan, and the target market value is 62.682 billion yuan, and maintain the "buy" rating.

　　Risk warning: market demand is not as expected; new product launches are not as expected; customer development is not as expected.

　　For Google, there are too many assets under its command, and it is in the order of "100 million" at random. However, the satellite image company that was acquired for 500 million dollars was recently reported to have been sold for 300 million dollars. Although we can’t guarantee the true accuracy of the figures, industry rumors say that Google sold it at a low price. That is to say, this business is sold at a loss by Google, which may also indicate that Google has diluted the satellite image market, or has restarted planning for future development, and even needs to divest these assets. Of course, maybe Google is gradually transforming into a "lightweight" company and needs to divest some less important businesses. It’s just that Google Maps was such a beautiful product line for a while. Won’t divesting satellite image business like this affect map products? What is Google’s ambition behind the scenes, or is it helpless?

　　Has the industry reached a consensus on "selling at a low price"?

　　Google and mapping start-up company Planet Labs announced on Friday that the latter will acquire Google’s satellite imagery company Terra Bella, which Google bought for $500 million about two years ago. Under the agreement reached between the two parties, Planet Labs will acquire the Terra Bella business and satellites, while Google will continue to provide satellite imagery for its map products through licensing. Obviously, Google still needs maps urgently. Although it is sold, it still needs the business product line.

　　According to insiders, Planet Labs’ acquisition price is lower than Google’s $500 million when it acquired Terra Bella at the time, but the price of this transaction is still more than $300 million. The source also revealed that Google will become the majority shareholder of Planet Labs and continue to invest in Terra Bella based on the expectation of long-term success. This also shows that Google cannot give up the map business, and it cannot give up. Too many product lines still need the support and support of Google Maps, and the divestiture may be just the divestiture of assets.

　　The market interpreted the deal as the latest effort by Google’s parent company, Alphabet, to manage expenses, which it is currently taking company-wide. The subconscious is that Google has gone to great lengths to manage expenses, and it may have to divest everything that can be divested. This may also be to "streamline" and help Google have a better financial forecast, right?

　　In fact, over the past year, Alphabet has scrapped plans to offer internet services through solar-powered drones, stopped expanding its Google Fiber internet service, and slowed down the development of drone delivery services. In addition, several company executives have also left. It is reported that several map executives have been poached by Uber. For a ride-hailing platform, maps are also life infra.

　　In addition, Alphabet’s earnings report last month showed that the company’s "Other Bets" business suffered a loss of $1.088 billion in the fourth quarter of 2016, with revenue of $262 million. Perhaps this is the internal factor that forced Google to keep shrinking, and it is also a loss of $1 billion. If it cannot be transferred and adjusted in time, the burden in the future may become more and more large. Even if Google is rich, it cannot withstand such tossing. It may be the best way to shake hands earlier.

　　Poor Terra Bella?

　　For Terra Bella, formerly known as "Skybox Imaging," which Google bought in 2014 for $500 million, it has seven data collection satellites and provides services to third parties in addition to Google Maps.

　　Google spun off this business because "it is more cost-effective to buy image data directly from a third party than to launch and operate its own satellites." Google, which used to be not short of money, now needs to be careful, just like Apple wants to sue Qualcomm. The original patent fee is just a drop in the bucket, but when the performance declines, and the share and profit both decline, Apple has to cut back on revenue and needs to "wipe oil" from Qualcomm. For Google, is it also a bit of "sympathy for the same disease"?

　　In fact, no matter who the owner is, it has little impact on Terra Bella. Its business is still within its familiar range. For Planet Labs, this acquisition will make it more competitive. Of course, for some experts at Google itself, it may be necessary to "invest in another owner". In fact, some executives have chosen to leave.

　　Planet Labs has been struggling to find customers, according to people familiar with the matter. It operates dozens of satellites, each weighing around 10 pounds (4.5 kg), but can only provide low-resolution images. Terra Bella’s satellites, by contrast, are more powerful and capture higher quality images. The acquisition will undoubtedly help Planet Labs expand its business.

　　There is also a saying in the market that with the third-party industrialization of the map business, it is also a good thing for other application users, such as Apple and many mobile phone manufacturers, online car-hailing platforms, etc. After all, after not being under Google’s control, the competition may be more fair. Of course, for Google, there are other secrets.

　　The glorious decade of Google Maps

　　The mapping business was once an unusually prosperous and glorious business for Google. For a time, the application of time was also overwhelming. Google Maps began as a living atlas, with MapQuest, the leader in the online mapping industry at the time, providing a printable list of directions. But Google took a different path: superimposing navigation paths on the map.

　　Moreover, Google Maps can also load maps directly on the web browser, making it convenient for users to explore the whole world anytime and anywhere. There is no need to install special software. At that time, the experience was super strong, and many people quickly fell in love with it. In 2005, no one could really understand the potential of web maps, and no one knew that it would play a crucial role in the future of online life. But it turned out that this business is too powerful. It is reported that the users of Google Maps have already broken through the 1 billion. It has become Google’s second largest asset after the search engine.

　　Google Maps has promoted the concept of "location" on the Internet from the very beginning. In fact, we are now one of the most commonly used in map applications about "location". The reason why modern maps have developed to this day may also be due to the appearance of Google Maps, of course, including the emergence of various LBS applications. Of course, Google is not the first to make maps. As early as 2003, Google had a product called "Search byLocation" (search by location). The service was launched in September 2003 as an experimental project in Google Labs, which was probably Google’s first map-related project.

　　In 2004, Google made three modest acquisitions of Keyhole, Where2 and Zipdash. Keyhole was the largest of the three deals, but the exact price has not been disclosed. At the time, the three-year-old company, which had 30 employees, was selling an enterprise-grade satellite mapping software for $69.95. The key technology was to stitch together satellite imagery into large maps of the world and then cut them into millions of pieces, allowing users to get a bird’s-eye view of the earth and then locate specific locations. In 2004, Zipdash, a start-up company with only three employees, was developing a mobile transportation app. Interestingly, because they were not registered, it was not even a "company". At the time, Zipdash only supported Nextel phones. Zipdash only sold for 2 million dollars. Google picked up a big bargain. Where2 developed a web version of Google Maps, Keyhole developed a desktop version of Google Earth, and the mobile version of Google Maps developed by the smallest Zipdash became the most important product.

　　It is reported that Google Maps’ traffic has been rising due to two things: Google Maps has added satellite data from Keyhole, allowing people to overlook their homes from the sky; Google has optimized the code to make Google Maps run faster. Since then, Google Maps’ growth has been uncontrollable. Selling the satellite imagery business now does not mean that Google does not make maps. On the contrary, it is one of the important pivots of Google. Especially in the era of mobile Internet, this business is indispensable.

　　Uber’s Small Ambitions

　　It is reported that Uber plans to invest $500 million to start drawing its own maps, and the plan also includes launching map viewing vehicles in the United States and Mexico to collect data and images. Uber’s ride-hailing service has always relied on Google Maps, and Google has no plans to enter the ride-hailing service field, so there is no conflict of interest between the two companies, and the two companies are also happy to cooperate on maps.

　　However, as both companies move towards autonomous driving that relies heavily on maps, the former partners have become competitors, and neither company expects further cooperation on maps. It makes sense for Uber to create its own maps to replace Google Maps.

　　Moreover, Uber’s mapping needs are focused on the accuracy of roads and locations, and Google Maps currently includes too much content, some of which is not relevant to Uber’s business. As Uber points out, "Google is great, but information like ocean terrain has nothing to do with Uber."

　　So Uber wanted to start from scratch and create its own maps. They hired Brian McClendon, the head of Google Maps, as a vice president and in charge of the map business. Then, a multi-year partnership agreement was reached with DigitalGlobe, a satellite imaging company, whose satellites would provide Uber with high-definition images.

　　Then, after Brian McClendon, Uber hired a second Google Maps executive, Manik Gupta, director of product management for Google Maps, who has been with Google Maps for seven years, to become director of mapping products.

　　Uber hopes to get rid of its dependence on Google Maps by strengthening its mapping business, so as to better control its own assets. In the future, more products or physically connected applications may come from third-party providers, so as to better participate in the competition. Of course, making maps is also a lot of pressure for Uber, and both technology and investment are key.

　　Google’s sale of its satellite imagery business is undoubtedly beneficial for divesting assets and reducing expenses. Coupled with the fact that its own product space will not be greatly affected, it may also be a better choice for Google Maps to divest its "hardware" business and focus on its own content. With the rapid development of the mobile Internet, mobile applications will become more diverse, and the demand for maps will also give rise to more development opportunities. This is not just a mobile application, including unmanned cars, unmanned aircraft, etc., will rely on the simultaneous follow-up of maps, and the extension of technology will also be more diversified. We also believe that more technologies and products will emerge, truly allowing users to have a better application experience.

The fourth-generation substation was officially put into operation, and the cumulative driving mileage of NOP/NOP + users reached 1 billion kilometers. The market share of NIO ES6 and EC6 in the high-end pure electric vehicle market above 300,000 was as high as 49.76%. In recent months, the major sections of NIO have reported frequently.

Relying on the continued growth momentum, NIO forecasts that the total revenue in the second quarter will reach 16.587 billion yuan to 17.135 billion yuan, an increase of about 89.1% to 95.3% compared with the same period in 2023.

The beautiful business expectations suggest that NIO’s long-term strategy in various fields such as products, services, and technologies is enjoying a harvest period.

Leverage star models and play a good product combination

In Quarter 1 this year, in the high-end pure electric vehicle market above 300,000, the share of NIO ES6 and EC6 is as high as 49.76%, sitting on half of the market segment. This also means that for every two high-end pure electric vehicles sold above 300,000, one comes from NIO ES6 or EC6.

The NIO ES6 and EC6 together with BBA’s GLC, Q5L and X3 form the first echelon of high-end mid-size SUVs. In May this year, the NIO ES6 and EC6, two high-end mid-size SUVs, the Gemini Star, sold 10,836 units in a single month, surpassing the BMW X3 with monthly sales of 9,378 units and the Mercedes-Benz GLC with monthly sales of 10,150 units, and second only to the Audi Q5L with monthly sales of 11,130 units.

At the end of May this year, NIO ES6 ushered in the delivery of the 200,000 vehicle. Since its birth, NIO ES6 has become the sales responsibility of NIO. From December 2018 to April 2023, the first generation ES6 has delivered 120,000 vehicles, ranking first in the sales list of 300,000 pure electric SUVs all year round. In May 2023, the second generation ES6 was launched, and the sales volume exceeded 70,000 vehicles in just one year, which was significantly faster than the previous generation.

Compared with traditional high-end luxury fuel vehicles such as GLC, X3 and Q5L, the NIO ES6 is slightly better in terms of power performance and flexibility of the vehicle system. The maximum horsepower of the NIO ES6 is 490Ps and the total power is 360kW. In comparison, the maximum horsepower of the Audi Q5L is only 190Ps and the total power is only 140kW. The NIO ES6 smart cockpit has functions such as automatic speech recognition control system, mobile APP remote control, OTA remote online upgrade, facial recognition, rear LCD screen, and rear central control system, while the Audi Q5L only has automatic speech recognition control system and mobile APP remote control two smart cockpit functions.

While the star models are leading the way, NIO’s product matrix is also becoming increasingly complete.

At present, the NIO brand except ET5 and ET5T, the other models are priced at more than 300,000 yuan, positioning in the high-end pure electric market. Among them, NIO ET5, ET7, ET5T, ET9 together constitute NIO’s car matrix, covering the B-class to C +-class market; NIO ES6, ES8, EC6, ES7, EC7 together constitute NIO’s SUV matrix, covering the medium to large market. Among them, 2024 NIO ET7 Executive Edition has been listed at the Beijing Auto Show. This car is positioned as an intelligent electric high-end executive sedan, starting at 428,000 yuan. With the official launch of the 150kWh ultra-long battery pack service, 2024 ET7 Executive Edition will become the only pure electric executive sedan in the same class with a battery life of more than 1000 kilometers.

But in the 200,000 mainstream home market, NIO also did not let down its guard and launched the LODO brand in the first half of the year. At present, LODO has released its first product, and the market response is enthusiastic. In the more affordable price range of 100,000-200,000 yuan, NIO’s third sub-brand, Firefly, will also be launched in the first half of next year.

The three major brands complement each other. Driven by a broader price range, a more complete product matrix, and the effect of star models, NIO is expected to experience another increase in sales.

Polish the service signboard and create a supplementary "moat"

User service has always been the golden signboard of NIO, and the construction of supplementary infrastructure has become a symbol of NIO user service level. Recently, there have been frequent reports of NIO’s supplementary capabilities.

On June 13, NIO’s first batch of fourth-generation power exchange stations was officially put into operation. Compared with the previous generation of power exchange stations, the power exchange speed was increased by 22%, and the fastest power exchange took only 2 minutes and 24 seconds. The power exchange experience is very close to that of fuel vehicles. In addition, NIO’s fourth-generation power exchange stations can also support multi-brand shared power exchange. From the expansion of power exchange Moments to the implementation of multi-brand shared power exchange functions, NIO is mastering more and more power exchange standards has the voice over.

Not long ago, NIO Power once again received 1.50 billion yuan strategic investment from Wuhan Guangchuang Fund and other institutions, which will be used for technology research and development, manufacturing, operation and maintenance, and charging and swapping infrastructure building in the fields of charging, power exchange, energy storage, battery service, energy Internet, etc. The introduction of 1.50 billion yuan strategic investment not only provides funds for the rapid development of NIO Power, but also optimizes the capital structure of NIO Power.

In the field of power replacement, NIO’s leading position has become an industry consensus. As of June 19, NIO has built 2,435 power stations and 22,685 charging piles across the country, including 804 high-speed power stations and 1,666 high-speed overcharging piles. It is the car brand with the most power stations and charging piles in the country.

At present, NIO has reached a strategic cooperation with GAC, Changan Automobile, Geely Holding Group, Chery Automobile, Jiangqi Group and Lotus to jointly promote a larger-scale, standardized and unified energy infrastructure network, and use C-end user resources to improve the "penetration rate" of the power exchange and charging network. In addition, NIO has also carried out all-round power exchange cooperation with Sinopec, CNOOC, Shell, State Grid, China Southern Power Grid, Wanneng Group, Zhongan Energy and other energy and power enterprises.

From the entry of a number of car companies to the injection of state-owned assets, the outside world’s attitude towards NIO’s power swap Moments is changing from initial skepticism to acceptance. From serving oneself to serving external customers, supplementation has become a "moat" for NIO.

Focus on the future, refresh the technology base color

As a household enterprise, in the minds of many people, NIO’s service seems to have become its duty. But since 2023, NIO Li Bin has repeatedly emphasized that technology is the base color of NIO.

In 2023, NIO announced 12 major technological innovations, covering key technology fields such as chips and in-vehicle intelligent hardware, battery systems, operating systems, intelligent driving, and intelligent cockpit, showcasing a full-stack self-research layout at the bottom.

In 2024, NIO will further apply AI technology to the car chassis, adding 4D comfort piloting function to the intelligence system Banyan 2.4.0 version. The 4D comfort piloting function opens up the intelligent chassis domain, intelligent driving domain and intelligent cockpit domain. Users can get on the car to open the navigation, combined with real-time vehicle sensor capabilities, and the cloud bump layer to the car, which can predict road bumps, potholes, etc., through intelligent suspension feedforward adjustment, improve ride comfort and safety, and is not affected by external environments such as weather. More stable and reliable.

The 4D Comfort Pilot feature is just the tip of the iceberg of NIO’s technological prowess.

NIO’s 2024 models launched this year integrate one of the latest Qualcomm Snapdragon 8295 cockpit chips and four NVIDIA Orin X intelligent driving chips, which greatly improve the CPU computing power and AI computing power compared with the previous generation 8155. Since April 30, NIO has fully pushed intelligent driving functions. On June 19, NIO Pilot Assist NOP/NOP + users have accumulated a mileage of 1 billion kilometers, and became the first pilot auxiliary driving product in China with a total mileage of more than 1 billion kilometers. Recently, NIO also obtained the access qualification for L3 autonomous driving.

According to the plan, in the second quarter of this year, the first lidar-specific driver chip "Yang Jian" developed by Weilai will be mass-produced and loaded, which can greatly reduce the power consumption of lidar. This year, the second chip "Shenji" developed by Weilai will also be unveiled. This chip is a super computing power autonomous driving driver chip, with nearly the sum of Nvidia’s four chips, and the cost is less than half, which plays an extremely important role in improving vehicle functions and reducing costs.

Since its establishment, NIO has never been stingy in investing heavily in technology research and development. According to NIO’s first-quarter financial report, NIO invested up to 2.86 billion yuan in R & D in the first quarter of this year alone, "far ahead" compared with friends. For NIO, R & D investment is also a long-term strategy. It is also based on the continuous deepening and long-term dedication to products, services and technologies that has brought about a stable recovery in NIO’s sales.

click"InLook "With the Worldshare

On January 10th, 2024 Geely Xingyue L (fuel) added three new models, namely comfort model, luxury model and distinguished model, with an official guide price of 137,200-155,200 yuan.

IT House noticed that the new model maintained the design style of the model on sale in appearance, while the interior was upgraded to a 12.3-inch 1920×720 high-definition digital LCD instrument panel, and the distinguished model was also equipped with a driving recorder.

In terms of body color, the new model cancels the choice of Marzies red, and the comfortable and luxurious models add the option of jade blue, while the distinguished model provides the color matching of Haoyue white and Yuandai matte gray.

In terms of configuration, the new models all adopt a steering wheel made of double-color PVC and a brown-and-white double-leather seat, and the main driver’s seat also has an electric adjustment function. In addition, the new model is also equipped with Galaxy OS 2.0 system, which uses a brand-new UI interface, improves the response speed, optimizes the system application and voice interaction, and supports super customization. The new model is also equipped with 4G in-vehicle network and Qualcomm Snapdragon 8155 chip.

In terms of power, the new models all use a 2.0T turbocharged engine with a maximum power of 160 kW and a peak torque of 325 Nm, which is matched with a 7-speed wet dual-clutch gearbox.

Today, China Hengda (03333.HK), Hengda Automobile (00708.HK), Hengda Property (06666.HK) suspended trading. As of the time of suspension, the three companies fell by 20.87%, 18.21% and 2.50% respectively.

On the news, the liquidation case of China Evergrande was re-heard in the Hong Kong High Court. The judge said that China Evergrande’s workout plan lacked progress, and the company was insolvent. It officially ordered Evergrande to be wound up, and held a hearing this afternoon to deal with the regulatory order and issue written reasons.

According to the Securities Times, a liquidation petition is a common means of debt collection under the Hong Kong legal system. The court issues a liquidation order, which declares that the company has entered bankruptcy and liquidation procedures. This means that the Hong Kong capital markets have ushered in the largest bankruptcy and liquidation of a real estate company. China Evergrande, which has debts of 2.40 trillion yuan, has been subject to creditors’ application for liquidation. In order to delay the liquidation, it has repeatedly expressed the preparation of a new workout plan. However, due to the slow progress of the workout plan, it was eventually ordered to be wound up by the court.

In fact, there are already signs that China Evergrande is about to receive a winding-up order. According to the official website of the Hong Kong Judiciary, Judge Chan Jing-fen is scheduled to hold a hearing on a potential regulatory order on the afternoon of January 29. Once such a regulatory order takes effect, it means that the court will oversee the winding-up process, which may involve the appointment of a liquidator.

The winding-up hearing has been postponed several times before

I was still trying to liquidate my debt last week

For Evergrande, the way to avoid a winding-up petition is to complete the workout. In order to win the approval of the restructuring plan, China Evergrande’s winding-up hearing has been delayed for a long time, with a total of seven delays.

The Hong Kong High Court had previously decided to postpone December 4, 2023 as the last time for China Evergrande’s liquidation hearing. However, at that time, China Evergrande was granted another extension time after the applicant suddenly said that it would not ask the court to issue a liquidation order and did not object to China Evergrande’s application for adjournment.

The winding-up order, which may be tied to the entry of new applicants, has been reported to include a winding-up petition at the hearing by a special panel of major overseas bondholders, a provisional group of creditors holding more than $2 billion in offshore notes secured by Evergrande and its backers. Industry lawyers say the move increases the chances of an immediate winding-up order.

Evergrande had been pushing for a restructuring plan to avoid liquidation. However, at the end of September and the beginning of October 2023, with Evergrande Real Estate and Xu Jiayin being investigated successively, China Evergrande could not meet the eligibility for the issuance of new bills, resulting in the failure to implement the restructuring plan that all parties had been working hard to promote. Since then, Evergrande has not disclosed a new workout plan.

China Evergrande tried to come up with a last-minute workout to avert a possible imminent liquidation before a liquidation hearing at the end of December. The plan is understood to include converting some of the debt held by foreign creditors into equity in the company and two Hong Kong-listed subsidiaries, and repaying the remainder with non-tradable "certificates" backed by foreign assets. However, creditors are widely seen as unlikely to accept Evergrande’s new plan, given the low likelihood of debt recovery and growing concerns about Evergrande’s future.

Just a few days ago, on January 25, the company also announced the sale of the interests of a project company. According to the announcement, Hengda Real Estate Group Guangdong East Co., Ltd. (the transferor), a subsidiary of China Evergrande, signed an agreement with (among others) the transferee, Shantou Hengyao Real Estate Development Co., Ltd., the transferor will transfer its 65% interest in the project company (Shantou Hengming Real Estate Development Co., Ltd.) to the transferee for a total consideration of 137.60 million yuan. As part of the transaction, the project company will forgive part of the debt of the transferor and its contacts to it, amounting to 376 million yuan. In the announcement, Hengda stated that the sale will revitalize the group’s projects, promote the resumption of work and production of the surviving projects, and protect the legitimate rights and interests of project investors, creditors, and homebuyers.

China Hengda recently disclosed that as of the end of November 2023, Hengda Real Estate involved a total of about 316.391 billion yuan of unliquidated maturing debts; at the end of October this figure was 301.363 billion yuan. In addition, as of the end of November 2023, Hengda Real Estate overdue business tickets accumulated about 2055.37 billion yuan.

In terms of litigation, as of the end of November 2023, Hengda Real Estate had a total of 2053 pending proceedings with a target amount of more than 30 million yuan, and the total amount of the target amount was about 490.069 billion yuan; at the end of October, these two figures were 2002 and 470.755 billion yuan respectively. During November 2023, Hengda Real Estate added 101 pieces of information to be executed compared with the end of October, and the total amount of new executions was about 13.048 billion yuan.

Evergrande real estate 2022 annual report shows that the company’s total liabilities 1.833819 trillion yuan, total assets 1.468557 trillion yuan, has been insolvent.

Hengda Sean: I have done my best, I am very sorry

According to the 21st Century Business Herald, in response, China Evergrande Executive Director, CEO, and Evergrande Group Executive President Sean responded that the Group and China Evergrande have made every effort to defend the petition for overseas liquidation. Previously, the Group supported and urged China Evergrande and its advisory team to continue to conduct comprehensive and in-depth exchanges with various creditors, adhere to the principles of marketization, rule of law, and internationalization to treat domestic and foreign creditors fairly, actively promote overseas workouts, and maximize and fairly protect the maximum interests of domestic and foreign creditors based on the actual situation of the company.

Sean said that although we have been working towards repairing and improving asset value and business vitality, objectively, the group’s operation is facing huge difficulties, resources are extremely limited, and the preliminary voting of creditors has not met expectations. Hengda Real Estate has been investigated by the China Securities Supervision Commission, and the group’s actual controllers have been taken compulsory measures according to law for suspected illegal crimes. The company also believes that it cannot meet the relevant legal conditions for key aspects of overseas workout. These circumstances make various uncertainties continue to intensify, so that the workout plan is ultimately difficult to implement. Today’s court ruling is contrary to our original intention. We can only express our best efforts and regret for this.

Next, the Group will face difficulties and problems, take all legal compliance measures, and steadily promote the normal operation of the Group’s business on the premise of protecting the legitimate rights and interests of domestic and foreign creditors.

Sean stressed that the subject of the overseas liquidation order issued by the court this time is China Evergrande, which is listed in Hong Kong. At present, the management and operation system of Evergrande Group and other domestic and foreign subsidiaries as independent legal entities remains unchanged. The group will still strive to do everything possible to ensure the stability of domestic business and operation, steadily advance key tasks such as guaranteeing the delivery of buildings, and maintain the quality of property services. It will still make every effort to ensure the smooth progress of risk resolution and asset disposal. It will still try its best to advance all work fairly in accordance with the law.　

Liquidation or impact on foreign assets

Expert: Guaranteed building has legal protection

According to the HKFC, under the relevant laws of Hong Kong, the court may issue a winding-up order against a company once it is satisfied that one of the requirements set out in section 177 (1) of the Companies Winding-up Ordinance (including the company’s insolvency) has been met. The court will take into account the wishes of the creditors and the principles of justice and fairness.

During the compulsory winding-up period, all proceedings against the company and actions by creditors are automatically suspended unless the court grants permission for such proceedings to begin or continue. In addition, the powers of the directors will be suspended, while the court-supervised liquidator will be responsible for recovering and realising the company’s assets, investigating the company’s affairs, adjudicating creditors’ claims, and distributing to creditors from the winding-up estate. Once the company is wound up, the liquidator will apply to the court to release the liquidator from liability and dissolve the company.

According to the Daily Economic News, a senior lawyer said that the liquidation of China Evergrande will not directly affect the domestic subsidiaries of Evergrande Group in the short term, such as the most concerned Hengda Real Estate. The bankruptcy liquidation of China Evergrande will not directly lead to the bankruptcy of Hengda Real Estate. At most, the equity of Hengda Real Estate held by China Evergrande may be disposed of during the bankruptcy liquidation process.

In addition, within the territory, home buyers have the statutory "super priority" according to law. On April 20 last year, the Supreme People’s Court issued the "Reply of the Supreme People’s Court on the Protection of Consumer Rights of Commercial Housing" (Fa Shi [2023] No. 1) (referred to as the "Reply"), which makes it clear that if a consumer of commercial housing purchases a house for the purpose of living and has paid the full price, and claims that his claim for the delivery of the house has priority over the right to payment for the price of the construction project, the mortgage and other claims, the people’s court shall support it. At the same time, the Supreme People’s Court also pointed out that in the case that the house cannot be delivered and there is no possibility of actual delivery, if the consumer of commercial housing claims that the right to return the price has priority over the right to payment for the construction project price, the mortgage and other claims, the people’s court shall support it.

According to the 21st Century Business Herald, a legal expert familiar with the situation said that, in general, as long as the debt risk is resolved in accordance with the law and regulations, the guaranteed building is guaranteed by law, which is the saying that "the sky cannot fall". The court’s ruling means that although China Evergrande has made every effort to defend the liquidation and promote the workout, it is still being liquidated due to its long-term accumulation of serious defects, and may eventually lead to the dissolution of the overseas company. Although there are still cases in history that the company can try to revoke the liquidation order by restarting the workout procedure under the leadership of the liquidator, the current probability for China Evergrande is only theoretical.　

"A fair, ordinary and objective view of China Evergrande’s liquidation"