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Some indicators fluctuated greatly in April？ Statistics Bureau： Short-term fluctuations exist objectively

　　BEIJING, May 15 (Xinhua) Liu Aihua, spokesman of the National Bureau of Statistics, said on the 15th that some economic indicators fluctuated between March and April. In fact, if we relax a little, the short-term fluctuations between months have always been objective. From a vertical perspective, the main indicators have maintained a steady or even slightly accelerated growth rate. Horizontally, whether it is economic growth, employment, prices, including market vitality, economic operation is still in a reasonable range.

　　Data Map: People buy vegetables in a local vegetable market. China News Service reporter Li Bo photo

　　On the morning of 15th, the State Council held a press conference, and invited Liu Aihua, spokesperson of the National Bureau of Statistics, to introduce the operation of the national economy in April 2019 and take questions from reporters.

　　A reporter asked that some indicators fluctuated greatly in April. What are the specific reasons? How to evaluate the economic performance in April?

　　Liu Aihua said that some indicators did fluctuate between March and April. In fact, if we relax a little, the short-term fluctuations between months have always been objective. Judging the economic situation depends not only on the fluctuation between adjacent two months, but also on the trend. Judging from the comprehensive change trend of the overall production, demand, employment, prices and enterprise production expectations in April, the overall economic operation continued to maintain a generally stable, steady and progressive development trend.

　　Liu Aihua pointed out that the characteristics of economic operation in April can be summarized from four aspects:

　　First, the overall production demand is stable. From the service industry, the service industry production index was 7.4% in April, which is the second highest monthly growth rate since September last year, that is, the second highest point. From January to April, the service industry production index was 7.4%, which was the same as that in the first quarter, indicating that the service industry maintained steady and rapid growth. From the industrial point of view, the added value of industrial enterprises above designated size increased by 5.4% in April, and the growth rate was 0.1 percentage point higher than that in January-February. The main reason for the decline in April compared with March was also mentioned at the press conference last month. In April, the value-added tax was lowered. Many enterprises actively adjusted their production and business activities in order to fully enjoy the preferential treatment of the value-added tax reduction. In March, they prepared goods in advance and accelerated production, so the data in April seems to fall back. On the whole, to judge the industrial situation, it is necessary to observe it for a longer period of time. A relatively simple method is to use cumulative growth rate. From January to April, the added value of industrial enterprises above designated size increased by 6.2% year-on-year, 0.5 percentage points faster than that of 5.7% in the fourth quarter of last year, which was the same as that of the previous year. From the trend point of view, industrial production is still maintaining a steady or even slightly accelerated momentum.

　　In terms of investment, investment in January-April increased by 6.1% year-on-year, which was the same as that in January-February this year and 0.2 percentage points faster than that in the previous year. From the consumption point of view, the overall consumption of goods and services is growing relatively fast. From January to April, the total retail sales of social consumer goods increased by 8% year-on-year, and in April, it increased by 7.2%. The growth rate dropped from March, mainly because of the factors of holiday movement. If this factor is deducted, the year-on-year growth rate of total retail sales of social consumer goods in April is about 8.7%. In other words, it is the same as that in March. From the perspective of service consumption, during the Qingming holiday, the relevant departments also released data on various aspects of tourism. Judging from the number of tourists and total tourism revenue, the growth was above double digits, indicating that service consumption also continued to maintain rapid growth. From the perspective of import and export, import and export increased by 6.5% year-on-year in April, and continued to maintain rapid growth.

　　Second, the employment price situation is stable. In April, the national urban survey unemployment rate was 5.0%, which was 0.2 percentage points lower than that in March, which was the result of the comprehensive efforts of the employment priority policy. From the perspective of the employed population, the unemployment rate of the employed population aged 25-59 was only 4.7% in April, which was 0.1 percentage point lower than that of the previous month and dropped for two consecutive months. From January to April, 4.59 million new jobs were created in cities and towns, achieving 42% of the annual target. The unemployment rate dropped in April, and another reason was that it entered the peak employment season. From the local employment of migrant workers and the employment of local agricultural registered population we monitored, the unemployment rate dropped sharply, indicating that the overall market demand for employment is relatively good. From the price point of view, in April, the consumer price rose by 2.5% year-on-year, which is a moderate increase. If the core CPI of food and energy prices is deducted, it rose by 1.7% in April, down 0.1 percentage point from the previous month, and the overall price still belongs to a relatively moderate upward trend.

　　Third, the economic structure continued to be optimized. Mainly manifested in four aspects: First, the high-end manufacturing industry has accelerated growth. In April, the high-tech manufacturing industry grew by 11.2%, which was 5.8 percentage points faster than the above-scale industries and 1.2 percentage points faster than the previous month. Second, the modern service industry is growing well. In the first quarter, the operating income of high-tech service industries above designated size increased by 13.6% year-on-year, 2 percentage points faster than that of service industries above designated size. Third, investment in high-tech industries has grown rapidly. From January to April, investment in high-tech manufacturing industry increased by 11.4%, and investment in high-tech service industry increased by 15.5%. It can be said that these two speeds are obviously faster than the growth rate of all investment. Fourth, the trade structure continued to be optimized. From January to April, the import and export of general trade accounted for 59.8% of the total import and export, an increase of 1.3 points over the same period of last year. From the perspective of manufacturing industry, service industry, investment and trade, it should be said that the overall structure continues to be optimized and upgraded.

　　Fourth, market confidence continued to improve. Since the beginning of this year, the China Municipal Government has implemented a larger-scale tax reduction and fee reduction policy, and the annual tax reduction and fee reduction will reach about 2 trillion yuan. Under the influence of these policies, the market is expected to continue to improve. The purchasing managers’ index of manufacturing industry has been in the expansion range for two consecutive months, and the expected index of production and business activities has also been in the relatively high boom range of more than 56% for three consecutive months; The business activity index of non-manufacturing industry has maintained a relatively high degree of prosperity, which has been above 54% for four consecutive months, and the expected index of business activity is higher, which has remained above 60% continuously.

　　Vertically, the main indicators have maintained a steady or even slightly accelerated growth rate. Horizontally, whether it is economic growth or employment, prices, including market vitality, it should be said that economic operation is still in a reasonable range.

　　Liu Aihua said that we should also see that the external environment is still severe and complicated, and instability and uncertainty have increased. Domestically, structural contradictions are still outstanding, so there is still downward pressure on the whole. In the next stage, we should pay close attention to the implementation of major policies in accordance with the deployment requirements of the Central Economic Work Conference and the government work report to ensure sustained, stable and healthy economic development.

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Open a new era of strengthening the Chinese nation in an all-round way

　　It has always been the key for Marxists, especially China Marxists, to accurately judge the new historical position, clearly understand the connotation and mission of the new era, and timely formulate and deploy the strategic objectives and strategic layout that are suitable for the new era. General Secretary of the Supreme Leader put forward in the report of the 19th National Congress of the Communist Party of China that Socialism with Chinese characteristics has entered a new era. This is an incisive summary of the historical orientation of the development of the party and the country, and it is also the fundamental basis for us to grasp a new starting point, a new mission and a new journey.

　　一、历史方位：中华民族进入强起来的新时代

　　这个新时代是中国特色社会主义的新时代。就是说，中国特色社会主义作为科学社会主义在当代的一种新形式，经过长期探索、发展和不断壮大，已经成长成熟到一定程度必然要展示的新姿态、新境界

　　从历史进程看，以毛泽东同志为核心的第一代党中央领导集体，经过28年的浴血奋斗建立了新中国。中华人民共和国成立后，我们党在迅速医治战争创伤、恢复国民经济基础上，创造性地进行社会主义改造，建立起社会主义基本制度。新中国的成立、社会主义改造的完成、社会主义制度的建立，开创了中华民族站起来的新时代。党的十一届三中全会以后，以邓小平同志为核心的党的第二代中央领导集体，以巨大的政治勇气和理论勇气推动改革开放。1982年，邓小平同志发出响亮号召：走自己的路，建设有中国特色的社会主义。经过实践探索，邓小平同志第一次比较系统地初步回答了在中国这样的经济文化比较落后的国家如何建设社会主义、如何巩固和发展社会主义的一系列基本问题。党的中心任务的转移、改革开放、中国特色社会主义的提出，开创了中华民族富起来的新时代。

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　　This new era is a new era for Socialism with Chinese characteristics. That is to say, Socialism with Chinese characteristics, as a new form of scientific socialism in the contemporary era, has matured to a certain extent to show a new posture and a new realm after long-term exploration, development and expansion. That is, Socialism with Chinese characteristics has reached a historical stage with strength, ability and qualification to open up a new era. This new era can not be simply understood as a concept in the sense of time, that is, we can not understand the "new era" from the perspective of the alternation of a hundred years and a thousand years. This new era refers specifically or exclusively to a new era in which Socialism with Chinese characteristics has great potential and can make great historical contributions to the Chinese nation and human society.

　　Therefore, we must always firmly grasp the theme of this new era of Socialism with Chinese characteristics, and at the same time, we must deeply realize that this new era is a new era for Socialism with Chinese characteristics to make great achievements.

　　Second, the historical basis of Socialism with Chinese characteristics’s new era

　　China’s economic strength, scientific and technological strength, national defense strength and comprehensive national strength have entered the forefront of the world, and unprecedented changes have taken place in the face of the party, the country, the people, the army and the Chinese nation, which is the historical basis for Socialism with Chinese characteristics to enter a new era.

　　判断新时代的历史根据在于：我国经济实力、科技实力、国防实力、综合国力进入世界前列，党的面貌、国家的面貌、人民的面貌、军队的面貌、中华民族的面貌发生了前所未有的变化。

　　一穷二白是中华人民共和国成立之初的真实写照。站起来后，如何建设社会主义，如何实现社会主义现代化是全新的课题和难题。尽管探索艰辛坎坷，但我们党取得的积极成果是极其宝贵的，为新时期开创中国特色社会主义提供了宝贵经验、理论准备、物质基础、制度前提。改革开放以来，经过我们党团结带领全国各族人民长期不懈奋斗，业已解决温饱问题、总体上实现小康，不久将全面建成小康社会。由此，成立96年全心全意为中国人民谋幸福、为中华民族谋复兴的中国共产党的面貌发生前所未有的变化；成立68年历经建设和改革的中华人民共和国的国家面貌发生前所未有的变化；改革开放39年中国人民的面貌发生前所未有的变化；成立90年的人民军队的面貌发生前所未有的变化；具有5000年文明历史的中华民族面貌发生前所未有的变化。具有“四大实力”、拥有“五大面貌”巨变，就是中国特色社会主义进入新时代的历史根据。

　　General Secretary of the Supreme Leader pointed out in the report of the 19th National Congress of the Communist Party of China: "This new era is an era of carrying forward the past and carrying forward the future, and continuing to win great victories in Socialism with Chinese characteristics under new historical conditions." Specifically, this is an era of winning the battle to build a well-off society in an all-round way, and then building a socialist modern power in an all-round way. It is an era in which people of all ethnic groups throughout the country work together to create a better life and gradually realize the common prosperity of all people. It is an era in which all Chinese people work together to realize the Chinese dream of the great rejuvenation of the Chinese nation. It is an era in which China is increasingly approaching the center of the world stage and making greater contributions to mankind.

　　Third, the realistic basis of Socialism with Chinese characteristics’s new era

　　In the five years since the 18th National Congress of the Communist Party of China, we promoted the overall layout of "Five in One" and coordinated the promotion of "Four Comprehensive" strategic layouts, and the 12th Five-Year Plan was successfully completed. These new achievements, new progress and new breakthroughs determine that China’s economic and social development will inevitably enter a new era of development.

　　Since the reform and opening up, especially in the five years since the 18th National Congress of the Communist Party of China, we have promoted the overall layout of "five in one" and coordinated the promotion of "four comprehensive" strategic layouts, and the Twelfth Five-Year Plan has been successfully completed. China’s economic construction has made great achievements; Major breakthroughs have been made in comprehensively deepening reforms; Great strides have been made in building democracy and the rule of law; Significant progress has been made in ideological and cultural construction; People’s lives are constantly improving; The construction of ecological civilization has achieved remarkable results; Strengthening the army and opening up a new situation; New progress has been made in Hong Kong, Macao and Taiwan; The all-round diplomatic layout has been carried out in depth; Excellent results have been achieved in comprehensively administering the party strictly. These new achievements, new progress and new breakthroughs determine that China’s economic and social development will inevitably enter a new and higher-level development era.

　　The main social contradictions determine the historical position and the direction of social development. General Secretary of the Supreme Leader clearly stated in the report of the 19th National Congress of the Communist Party of China: "Socialism with Chinese characteristics has entered a new era, and the main contradiction in our society has been transformed into the contradiction between the people’s growing need for a better life and the unbalanced development." First, China has steadily solved the problem of food and clothing for more than one billion people, achieved a well-off society on the whole, and will soon build a well-off society in an all-round way. People’s needs for a better life are increasingly extensive, which not only puts higher demands on material and cultural life, but also increases demands on democracy, the rule of law, fairness, justice, security and the environment. Secondly, China’s social productive forces have improved significantly on the whole, and the social productive capacity has entered the forefront of the world in many aspects. The more prominent problem is the insufficient development imbalance, which has become the main constraint to meet the people’s growing needs for a better life. Third, the new changes in the main contradictions in our society are historical changes that have a bearing on the overall situation and put forward many new requirements for the work of the party and the state.

　　进入新时代，在中华人民共和国发展史上、中华民族发展史上具有重大意义，在世界社会主义500年发展史上具有重大意义，在人类社会发展史上也具有重大意义。所以最高领袖总书记在党的十九大报告中号召：全党要坚定信心、奋发有为，让中国特色社会主义展现出更加强大的生命力！

　　四、中国特色社会主义新时代的标志

　　有了“三个当之无愧”和正在向强国奋进的实力，就是我们强起来的资本及底气所在，就是中国特色社会主义进入新时代的标志

　　中国特色社会主义进入新时代，一是意味着近代以来久经磨难的中华民族迎来了从站起来、富起来到强起来的伟大飞跃。毛泽东解决了中国站起来的历史问题，邓小平解决了中国富起来的发展道路问题。党的十八大以来，以最高领袖同志为核心的党中央肩负着实现中华民族伟大复兴的历史使命。强起来，仅从经济实力看，5年来，经济保持中高速增长，在世界主要国家中名列前茅，国内生产总值从54万亿元增长到80万亿元，稳居世界第二，对世界经济增长贡献率超过30%。用最高领袖总书记的“三个前所未有”来表述：“我们前所未有地靠近世界舞台中心，前所未有地接近实现中华民族伟大复兴的目标，前所未有地具有实现这个目标的能力和信心”。

　　Where is the basis and confidence of these "three unprecedented"? Briefly speaking, firstly, China is a well-deserved political power on the world stage. Second, China is already a well-deserved economic power on the world stage. Third, what is more worthy is that China has been a cultural power on the world stage since ancient times until today. Fourth, at present, we are moving towards the goals of economic power, political power and cultural power. With the "three well-deserved" and the strength to forge ahead into a powerful country, it is the capital and confidence for us to become strong, and it is the symbol that Socialism with Chinese characteristics has entered a new era.

　　Second, it means that scientific socialism is full of vitality in China in the 21st century and holds high the great banner of Socialism with Chinese characteristics in the world. The century-old history of socialist practice can be described as magnificent and ups and downs. Socialism is full of vitality in China, which is embodied in Socialism with Chinese characteristics’s road, theoretical system, system and culture. Socialism with Chinese characteristics is a scientific socialism rooted in the land of China, reflecting the wishes of China people and adapting to the development and progress of China and the times. If socialism is a magnificent and ups-and-downs symphony through the course of high tide and low tide, success and setbacks, then Socialism with Chinese characteristics is the colorful movement of this magnificent symphony. This cadenza movement is a socialism that rises again and creates a new realm of contemporary socialism after the setbacks of socialism in the Soviet Union and Eastern Europe, and represents the future socialism and the development direction of mankind.

　　Third, it means expanding the way for developing countries to modernize, providing new choices for countries and nations in the world who want to speed up their development and maintain their independence, and contributing China wisdom and China’s plan to solving human problems. The 500-year history of socialist development can be divided into six stages, namely, the emergence and development of utopian socialism, the establishment of scientific socialism by Marx and Engels, the victory of the October Revolution and the practice of socialism, the formation of the Soviet model, and the exploration and practice of socialism after the founding of New China to create and develop Socialism with Chinese characteristics. These six stages, each of which has left an epic plan for the progress of human society. A utopian scheme with beautiful ideals; Guiding scheme with scientific theory; There is a proletarian revolutionary plan to rewrite the development direction of human history; There is a Soviet socialist program that successfully rose, defeated fascism and competed with capitalism for nearly 50 years; There are also plans for drastic changes in the Soviet Union and Eastern Europe that have suffered setbacks. Socialism with Chinese characteristics is a relatively independent stage, drawing lessons from the past, adapting to the general trend of world development and conforming to the general trend of socialist development, independently exploring and creating a new form of scientific socialism in the contemporary era, and opening a new era of contributing China wisdom and China’s plan to the modernization of developing countries and solving human problems.

　　五、中国特色社会主义新时代的指导思想

　　围绕新时代坚持和发展什么样的中国特色社会主义、怎样坚持和发展中国特色社会主义这个重大时代课题，形成了最高领袖新时代中国特色社会主义思想，这也是我们党在新时代必须长期坚持的指导思想

　　毛泽东说：“每个国家，每个时期，都有新的理论家，提出新的理论。”邓小平说：“后来者可以居上。马克思有他那个时代的语言，我们有我们时代的语言。一个时代有一个时代的语言，新时代总有新语言。”最高领袖总书记在党的十九大报告中说：“十八大以来，国内外形势变化和我国各项事业发展都给我们提出了一个重大时代课题，这就是必须从理论和实践结合上系统回答新时代坚持和发展什么样的中国特色社会主义、怎样坚持和发展中国特色社会主义。”围绕这个重大时代课题，形成了最高领袖新时代中国特色社会主义思想。最高领袖新时代中国特色社会主义思想是我们党在新时代必须长期坚持的指导思想。

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　　六、中国特色社会主义新时代的历史使命

　　实现中华民族伟大复兴是近代以来中华民族最伟大的梦想。实现伟大梦想，必须进行伟大斗争；实现伟大梦想，必须建设伟大工程；实现伟大梦想，必须推进伟大事业

　　实现中华民族伟大复兴是近代以来中华民族最伟大的梦想。最高领袖总书记在党的十九大报告中强调：“今天，我们比历史上任何时期都更接近、更有信心和能力实现中华民族伟大复兴的目标。”

　　从近代以来中华民族伟大复兴历史进程看。孙中山领导的辛亥革命，推翻了统治中国几千年的君主专制制度，并首先喊出“振兴中华”的口号，开启了中华民族伟大复兴的先河。中华人民共和国的成立和社会主义制度的建立，是在以毛泽东为核心的第一代领导集体领导下完成的。站起来的中华民族，是实现伟大复兴的历史新起点。以邓小平同志为核心的党的第二代中央领导集体的探索和实践，实现了党和国家工作中心的转移，成功开创了中国特色社会主义。中国特色社会主义是实现中华民族伟大复兴的正确道路。党的十八大以来，最高领袖总书记团结带领全党全国各族人民，在这条道路上、在以往取得的成就基础上进入实现中国特色社会主义新时代。

　　In this new era, we firmly believe that the goal of completing the 100-year struggle for the founding of the Party is unshakable. We firmly believe that on the basis of building a well-off society in an all-round way, we will struggle for another 15 years from 2020 to 2035 to basically realize socialist modernization; From 2035 to the middle of this century, on the basis of basically realizing modernization, we will struggle for another 15 years, and the goal of the second century of a democratic, prosperous, civilized, harmonious and beautiful socialist modernization power will certainly be realized.

　　In the report of the 19th National Congress of the Communist Party of China, General Secretary of the Supreme Leader emphasized that the great rejuvenation of the Chinese nation can never be achieved easily. The whole party must be prepared to make more arduous and arduous efforts. To realize great dreams, we must carry out great struggles; To realize great dreams, we must build great projects; To realize a great dream, we must advance a great cause. Great struggles, great projects, great undertakings and great dreams are closely linked, interconnected and interacted, among which the new great project of Party building plays a decisive role, ensuring that the Party is always in the forefront of the times in the historical process of profound changes in the world situation, always becoming the backbone of the people of the whole country in the historical process of coping with various risks and tests at home and abroad, and always becoming a strong leadership core in the historical process of upholding and developing Socialism with Chinese characteristics.

　　(The author is the deputy director, professor and doctoral supervisor of the Scientific Socialism Teaching and Research Department of the Central Party School, and a researcher at the Socialism with Chinese characteristics Theoretical System Research Center of the Central Party School)

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Many places have introduced price reduction schemes for state-owned scenic spots, and tickets for 157 scenic spots have been reduced.

　　Xinhuanet Beijing, September 5th (Yu Ziru) In June this year, the National Development and Reform Commission issued "Guiding Opinions on Improving the Ticket Price Formation Mechanism of State-owned Scenic Spots and Reducing the Ticket Price of Key State-owned Scenic Spots", in order to make use of public resources such as national scenic spots, national nature reserves, national key cultural relics protection units and national parks to build tourist scenic spots, with the quality rating of 5A, and focusing on state-owned scenic spots with higher current price level, reducing the ticket price on the high side and actively promoting 4A and below.

　　Recently, many places have introduced plans to reduce the ticket prices of key state-owned scenic spots. According to the deployment of the National Development and Reform Commission, tickets for a number of key state-owned scenic spots will be reduced before the end of September. Before the arrival of the "Eleventh" holiday, the ticket prices of a number of 5A-level scenic spots in China are expected to be reduced.

　　Many places have introduced price reduction schemes for state-owned scenic spots.

　　At present, Shaanxi, Jiangsu, Shanxi, Hunan, Shandong, Qinghai, Hubei, Anhui and other places have introduced specific plans or plans to reduce the price of state-owned scenic spots, and the decline of most scenic spots can reach 10%— 30%。

　　For example, the "Several Opinions on Promoting High-quality Economic Development" issued by Anhui Province decided to reduce the ticket prices of some key state-owned scenic spots; The Shanxi Provincial Development and Reform Commission also announced that it will continue to implement the preferential policy of uniformly reducing the ticket prices of its state-owned and state-controlled A-level scenic spots by 15% until the end of 2019.

　　The "Implementation Plan for Reducing Ticket Prices of State-owned Scenic Spots in Guizhou Province" issued by the Guizhou Provincial Development and Reform Commission shows that the first batch of price reduction lists of key state-owned scenic spots will be announced before the end of September, and the price authorities of cities and counties will announce a number of price reduction scenic spots before the end of October; Before the end of November, the work of price reduction in various places will be summarized, the work of price reduction in scenic spots in the whole province will be summarized, the work will be reported to the National Development and Reform Commission, and the price reduction list of state-owned scenic spots in Guizhou Province will be uniformly announced to the society.

　　The Guiding Opinions on Improving the Ticket Price Formation Mechanism of State-owned Scenic Spots issued by Hubei Provincial Price Bureau requires that the ticket prices of key state-owned scenic spots should be reduced, and the ticket prices of 5A-level scenic spots should be completely reduced before September 30. Before October 31, the work of reducing the ticket price of 4A-level scenic spots will be completed in an all-round way.

　　The Beijing Municipal Development and Reform Commission explicitly requires all districts to formulate a plan to reduce the ticket prices of key state-owned scenic spots, and summarize the price reduction before September 15 to correct the unreasonable income and expenditure.

　　The "Several Opinions on Accelerating the Transformation and Upgrading of Tourism" issued by the Yunnan Provincial Government clearly requires that the tasks of substantially reducing the prices of tickets for state-owned scenic spots, ropeways and connecting vehicles and boats in the scenic spots and reducing the cost of tourist route products should be completed before October 1, 2018.

　　Tickets for 157 scenic spots have been reduced.

　　The Guiding Opinions on Improving the Ticket Price Formation Mechanism of State-owned Scenic Spots and Reducing the Ticket Price of Key State-owned Scenic Spots also requires that the ticket prices of a number of key state-owned scenic spots should be effectively reduced before the "Eleventh" Golden Week this year by carrying out pricing cost supervision and examination or cost investigation and stripping the "extra burden" of tickets.

　　Recently, the National Development and Reform Commission announced that as of August 29, 157 scenic spots across the country had introduced measures to reduce ticket prices or open them free of charge, and 157 scenic spots will introduce measures to reduce ticket prices or open them free of charge before the "Eleventh" Golden Week.

　　The reporter learned that among the 314 scenic spots that have taken or will take price reduction measures, there are 121 scenic spots at 5A level and 155 scenic spots at 4A level; Among them, there are 30 scenic spots that are free to open, 29 scenic spots with a price reduction of more than 30%, and 48 scenic spots with a decline of 20% to 30%.

　　Among the scenic spots with definite price reduction measures, the peak season ticket price of Slender West Lake in Yangzhou dropped from 150 yuan to 100 yuan, the peak season ticket price of Laoshan in Qingdao dropped from 245 yuan to 180 yuan, the peak season ticket price of Huashan scenic spot in Shaanxi dropped from 180 yuan to 160 yuan, the peak season ticket price of Kanas, Baihaba and Hemu in Xinjiang dropped from 295 yuan to 195 yuan, the ticket price of Yellow Crane Tower in Hubei dropped from 80 yuan to 70 yuan, and the joint ticket price of Qufu "Three Holes" scenic spot dropped from 150 yuan to 140 yuan.

　　Laoshan Mountain, the only 5A-level scenic spot in Qingdao, launched the "one-vote system" ticket, and the price in the peak season is 180 yuan per person, which is valid within 3 days, a decrease of 26.5% compared with the original; Shanxi’s state-owned and state-controlled A-level scenic spots will be uniformly reduced by 15%; Since September 1st this year, the tickets for the "six scenic spots" in Shennongjia Eco-tourism Zone have been reduced in an all-round way, among which the ticket price of Tianyan Scenic Area has the highest drop, reaching 25%.　　

　　Some scenic spots in online celebrity are restricted.

　　Some scenic spots have quickly become popular because of online video platforms, attracting many people to visit. Some scenic spots in online celebrity have to be restricted because of the large number of tourists.

　　For example, since July 15th this year, Chaka Salt Lake Scenic Area has restricted the flow of 50,000 people per day, and opened the online ticket pre-sale.

　　Yulong Snow Mountain Glacier Park in Lijiang City, Yunnan Province also announced on May 22nd that the number of visitors allowed to enter the park will be controlled to 10,000 from now on, so as to protect glacier resources, ensure the safe operation of ropeway equipment and enhance the tourist experience.

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Putin announced that the new cabinet list is among the ＂hot＂ future presidents.

Special topic: picture channel

　　　　The list of Russia’s new cabinet is hot. Compared with the original cabinet, many important positions in the new government are still the old faces, and the "big favorites" of several next presidents are also among them.



　　　　On September 24th, Russian President Vladimir Putin (right) held a meeting with newly appointed government members in the capital Moscow. Putin announced the list of new government agencies and members that evening. Among them, the two first deputy prime ministers and two deputy prime ministers of the former government remained unchanged, and a deputy prime minister was added. At the same time, three ministers were replaced, and other ministers kept their original posts. Xinhua News Agency/AFP


　　　　In the high attention of all countries in the world, the list of Russia’s new cabinet is hot. Compared with the original cabinet, many important positions in the new government are still the old faces, and several "big favorites" of the next president are also among them, but a deputy prime minister has been added and three ministers have been replaced. In addition, serdyukov, the defense minister, remained in office because President Putin refused his resignation request.


　　　　Add a deputy prime minister　


　　　　According to Russian and French media reports, on the evening of September 24th, local time, Russian President Vladimir Putin announced the list of new government agencies and members. Among them, the two first deputy prime ministers of the former government-Ivanov and Medvedev-remained firmly in their original positions. These two people are well-known in Russia, and they are also popular in next year’s presidential election.


　　　　The candidates for the two deputy prime ministers have also remained unchanged, but this time a new deputy prime minister has been established: Kudrin, Minister of Finance, holds the original post and concurrently serves as the deputy prime minister.


　　　　French media commented that Kudrin is quite famous and respected in western financial circles. Since he became Russia’s finance minister in 2000, his economic policies have curbed inflation and helped Russia’s economy to embark on a stable growth track. His new position is a "reward" from the Kremlin.


　　　　When talking about his appointment, Kudrin said: "For me, this means the president’s affirmation of the continuity of economic policy."


　　　　However, some positions that were previously predicted to be likely to change have indeed been replaced. German Gref, who served as Minister of Economic Development and Trade in the previous government, was replaced by his long-term deputy, Elvira Nabiulina; Former Deputy Minister of Finance tatyana Golikova replaced Zurabov as Minister of Health and Social Development; Dmitry kozak, the former plenipotentiary of the President in the Southern Federal District, replaced Jakovleff as the Minister of Regional Development.


　　　　In addition, the heavyweight post of foreign minister is still held by "veteran" Lavrov, and other ministerial positions are also retained. The new government has also established two new committees-the National Youth Affairs Committee and the National Fisheries Committee. Generally speaking, there are many old faces in this new cabinet, and the changes are not too big.


　　　　There are two pairs of "relatives" cabinet members.


　　　　It is worth mentioning that serdyukov, Minister of National Defense, also continued to hold his original post, because Putin refused to accept his resignation request.


　　　　In February this year, after Ivanov was promoted from the Minister of National Defense to the first deputy prime minister of the government, serdyukov, then director of the Russian State Taxation Administration of The People’s Republic of China, was appointed as the Minister of National Defense by Putin. In mid-September, after Zubcov became the new Russian Prime Minister, serdyukov happened to be Zubcov’s son-in-law, so he quickly resigned to avoid suspicion.


　　　　Due to serdyukov’s retention and Golikova’s new Minister of Health and Social Development, there are two pairs of officials with kinship in the new Russian cabinet, including Prime Minister Zubcov and Defense Minister serdyukov. The former is the old father-in-law of the latter. Khristenko, Minister of Industry and Energy, and Golikova are husband and wife.


　　　　A strong cabinet is committed to development


　　　　Analysts pointed out that judging from the members of this cabinet, the powerful people in the original government have not changed, and some controversial ministers have been replaced, so the new cabinet is naturally stronger.


　　　　The cabinet reshuffle came 12 days after Putin appointed a new prime minister. Putin told the new government on the 24th: "We must not only ensure the stability of our work, but also actively improve the ability to implement our strategic plan. At the same time, we must have a systematic method to clearly solve the livelihood problems faced by Russian citizens."


　　　　On September 12th this year, Putin accepted the resignation of the government headed by Premier Fradkov, and then signed a presidential decree to dissolve the government. On the same day, Putin nominated Zubcov, director of the Financial Supervision Bureau of the Russian Federation, as the candidate for prime minister. On 14th, the plenary session of the Russian State Duma voted for the nomination of Zubcov as the new Prime Minister.


　　　　Putin’s successor is even more confusing.


　　　　Because the outside world has been very concerned about who will be Putin’s successor, the change of the new government list has once again aroused people’s analysis and speculation.


　　　　In fact, when the Fradkov administration submitted its resignation on September 12th, the media predicted that the first deputy prime ministers Ivanov and Medvedev were likely to take over. However, Putin unexpectedly nominated "dark horse" Zubcov as prime minister. Moreover, Zubcov has said that "the possibility of running for the presidency is not ruled out", and Putin also said that Zubcov is "one of at least five people who are eager for the presidency".


　　　　Observers believe that from the list of the new cabinet, all possible candidates for the future Russian president should be among them. Needless to say, Ivanov and Medvedev, together with Zubcov, who was nominated by Putin not long ago, and Kudrin, the finance minister who has been promoted now, the suspense of Putin’s successor seems even more confusing, and the possible changes in Russian politics in the future will attract more attention from the world. (Zhang Chunyan)

Editor: Xiu Rongteng

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Nanning Chang ‘an Auchan X5 price cuts hit! The special price is 68,900, and the car is sufficient.

[car home Nanning Preferential Promotion Channel] At present, a large-scale preferential activity is being carried out in Nanning, with the highest preferential range reaching 20,000 yuan and the lowest starting price being only 68,900 yuan. If you are interested in this model, you may wish to take the time to click "Check the car price" in the quotation form and strive for higher discounts.

南宁地区长安欧尚X5降价来袭！特价6.89万，现车充足

The design of Changan Auchan X5 adopts a very dynamic shape, and the front part is mainly made of fashionable air intake grille with sharp headlights, creating a strong visual impact. The overall style tends to be younger, and the smooth lines and sporty body design make this car more attractive.

南宁地区长安欧尚X5降价来袭！特价6.89万，现车充足

Changan Auchan X5 has a length, width and height of 4490*1860*1580mm and a wheelbase of 2710mm, providing a spacious interior space. The car’s side lines are smooth and dynamic, with 18-inch rims and 225/50 R18 tires, showing a sporty and fashionable style.

南宁地区长安欧尚X5降价来袭！特价6.89万，现车充足

Changan Auchan X5 interior adopts simple and fashionable design style, and the center console is equipped with a 10.25-inch high-definition central control screen, which provides convenient operation experience for drivers. The steering wheel is made of leather material, which feels comfortable and supports manual adjustment up and down, making it convenient for drivers of different heights to find the right position. The seat is made of leather/fabric, and the main driver’s seat has the functions of front and rear adjustment, backrest adjustment and height adjustment (2-way), providing the driver with a comfortable sitting position. The co-pilot seat also has the functions of front and rear adjustment and backrest adjustment to ensure the comfort of passengers. In addition, the rear seats support proportional reclining, providing flexible storage space. The car is also equipped with USB and Type-C interfaces to facilitate passengers to charge electronic devices.

南宁地区长安欧尚X5降价来袭！特价6.89万，现车充足

Changan Auchan X5 is equipped with a 1.5T 188 horsepower L4 engine with a maximum power of 138kW and a maximum torque of 300 N m.. The matched 7-speed wet dual-clutch gearbox makes the power output smoother and more efficient.

To sum up, Changan Auchan X5 has won high praise from car owners for its excellent design and strong dynamic performance. He mentioned: "I am very satisfied with the coupe appearance of Auchan X5 and the quick response of 1.5T engine. At the same time, the two-color interior and comfortable seats in the car also enhance the driving experience. In addition, the intelligent vehicle system makes the operation more convenient. Although it is not a top brand, it is excellent enough as a daily means of transportation. "

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Huang Xiaoming lost 15 kilograms a month, and she was in poor condition because of her love.

Recently, Ye Ke things make Huang Xiaoming a headache. No matter how he responds, it seems inappropriate. Supporting Ye Ke may lead to criticism, and failing to express his position will be considered as lack of responsibility. What bothers him even more is that Ye Ke publicly expressed his dissatisfaction with him, calling him too smart and arrogant. These things make him feel bad.

On November 15th, Huang Xiaoming took a new movie "The Man in the Wig" to the live broadcast in golden rooster award. I haven’t seen him for a few days. He has lost a lot of weight and doesn’t look well. He appeared with director Dong Yue, sitting on the sofa, with his legs tilted, leaning forward, pale and very tired. When the host asked questions, he kept his head down and seemed to be falling asleep. After he looked up, his changes were more obvious: he lost a lot of weight, his eyes were deep, his eyes were confused, and he lost his former glory. The beard on my face has not been shaved for a long time, and half of it has turned white and looks older.

Huang Xiaoming mentioned that his beard suddenly turned white by half recently, and it was still black when he was filming The Man in the Wig. He was surprised by this, and some people joked that this was caused by Ye Ke’s involvement.

When the reporter asked him about the role, Huang Xiaoming couldn’t help revealing some personal troubles. He said that the name "Meng Zhong" means "dream", and characters often feel that they are living in a dream, which is similar to their real life. Facing the intractable problems, Huang Xiaoming hopes to pinch himself to wake up and let all the problems disappear.

Some netizens think that Huang Xiaoming is now in an awkward position. Although his girlfriend’s pregnancy embarrassed him, he couldn’t break up easily because the child was innocent. Ye Ke is also good at comforting people, which makes Huang Xiaoming reluctant to leave her.

In the live broadcast, when Huang Xiaoming raised his right hand, he could see that he was wearing a big diamond ring on his middle finger. This ring is obviously not an ordinary ornament, but it may be a token of their love. Last time I went back to my alma mater to participate in activities, I didn’t wear it in variety shows before, so I put it on this time.

This ring is similar to the pear-shaped diamond ring that Huang Xiaoming gave to baby before, which shows his love for pear-shaped diamond rings. Brother Xiaoming’s ring is also a pear-shaped diamond, but the ring holder is wider and looks like a couple’s ring. He wears a ring on his middle finger instead of his ring finger, which may mean that they haven’t got a marriage certificate yet.

If early know Ye Ke is such a person, Huang Xiaoming may not choose this relationship. After Ye Ke’s story was revealed, he must be in pain, but he decided to stick to it for the sake of his children’s future. Ye Ke although some means is not bright, but there is no great evil. Both of them are voluntary. Ye Ke is no longer surfing the Internet. I hope the outside world will stop talking about them and let Huang Xiaoming calm down.

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Shijiazhuang Volvo XC90 special sale, the highest profit 174,900! If you miss it, there is no

[Autohome Shijiazhuang Promotion Channel] Good news! Currently in the Shijiazhuang market, the high-profile luxury SUV is going through an unprecedented promotion. Buyers can enjoy a substantial profit of up to 174,900 yuan, which makes the XC90 model, which has reached a starting price of 472,000, reach a more competitive price. If you are interested in this top model, don’t miss this excellent car purchase opportunity, click "Chatti Car Price" in the quotation form to seize the opportunity to get a higher discount!

石家庄沃尔沃XC90特价出售，最高让利17.49万！错过就没有

As a luxury SUV, the exterior design of the Volvo XC90 reflects the essence of Scandinavian design. On the front face, it features the iconic Quake LED headlights, and with a straight waterfall air intake grille, it looks both majestic and elegant. The body lines are smooth, the overall style is atmospheric and full of power, and the streamlined design reduces wind resistance, while highlighting the perfect fusion of luxury and movement. On the side of the body, the tough silhouette and the delicate waist line further strengthen its luxury SUV identity. From any angle, the Volvo XC90 shows its unique design aesthetic and excellent craftsmanship.

石家庄沃尔沃XC90特价出售，最高让利17.49万！错过就没有

The Volvo XC90 presents an elegant profile with its refined body design. The body size is 4953mm*1958mm*1778mm and the wheelbase reaches 2984mm, creating a spacious interior space. The unique side lines are smooth and natural, outlining the balance of power and dynamics. The tire size is 275/45 R20, which is used in the front and rear, and is matched with a dynamic wheel design, which not only enhances the driving stability, but also highlights the high-end taste of the vehicle.

石家庄沃尔沃XC90特价出售，最高让利17.49万！错过就没有

The interior design of the Volvo XC90 reflects the sophistication and practicality of the Nordic style, with high-quality Swedish leather materials as the main material, creating a luxurious and comfortable atmosphere. The driver’s seat is equipped with a leather-wrapped steering wheel, which provides a good grip and supports manual up and down + front and rear adjustment to ensure the best control experience for the driver. A 9-inch high definition touch screen on the central console integrates multimedia systems, navigation, phone and air conditioning functions, providing convenient operation through automatic speech recognition technology. USB and Type-C interfaces are distributed in the front and rear rows, making it easy for passengers to charge or connect electronic devices. In terms of the seat, whether it is the main driver or the co-pilot, it supports front and rear adjustment, backrest adjustment, and multi-directional adjustment of height and waist support. The main driver’s seat also provides an additional electric memory function, which further enhances the ride comfort. The rear seats support proportional reclining, providing convenience for the flexible use of interior space.

石家庄沃尔沃XC90特价出售，最高让利17.49万！错过就没有

For the Volvo XC90, it is equipped with a 2.0T turbocharged engine capable of delivering 250 horsepower and a maximum torque of 350 Nm. This engine is matched with an 8-speed automatic transmission to ensure smooth and efficient driving.

Overall, the Volvo XC90 has won the approval of Autohome owners for its unique design and high-quality craftsmanship. "The look is majestic and atmospheric, and you can see it’s extraordinary at a glance," he says. The 20-inch tires are paired with unique Thor hammer headlights and Viking Axe taillights, as well as agate black car paint and silver chrome strips, all of which reflect the elegance and understatement of this luxury SUV. Owner satisfaction and praise for the vehicle’s appearance are undoubtedly the best testimony to the charm of the XC90, which makes it stand out among many models and become a trusted driving partner.

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Easy to EV3 Youth Edition launched

China Economic News Network (Liu Chenxi)10On the 19th, Jiangling Group’s new energy EV3 Youth Edition was officially launched.

As a product that embraces the digital age, Yizhi EV3 Youth Edition is positioned "Pure electric smart new mount", is a product born for young Chinese families, for the quality of contemporary young people, intelligent travel up the anteAdvanced mobility modelAt the scene, Yang Chaogang, deputy general manager of Jiangling Group New Energy Vehicle Co., Ltd., general manager of Jiangling Group New Energy Vehicle Marketing Co., Ltd., announced the price of the model, a total of four models, the official guide price 52,800 yuan to 66,800 yuan.

1

　 　 　 With the launch of the new car,Jiangling Group New Energy Easy to EV3 Youth Edition also released "five youth benefits"And a series of preemptive rights.

"This pure electric smart new mount integrates lightweight, high safety, high efficiency and intelligence. I believe that the arrival of TA will definitely bring a beautiful driving experience to users’ lives."Shan Fengwu, party secretary and general manager of Jiangling Group New Energy Automobile Co., Ltd., said.

　

2

Easy to EV3 Youth Edition DesignInspired by traditional Chinese culture, it conveys design ingenuity with the beauty of the ultimate square and circle. Chinese culture emphasizes the balance of agility and tolerancewith1640MmThe same level of advantage car width establishes a large pattern of square width and stability, and at the same time, it integrates square and circular elements into every detail.

The EV3 Youth Edition features a low-center-of-gravity body design with a 1420mm ultra-wide track, and after careful adjustment, the front and rear axle-to-load ratio reaches a 51:49 gold ratio.

In terms of power, the EV3 Youth Edition adopts a highly integrated, high-power-density, and high-efficiency electric drive system, with a maximum torque of 140 N · m. It is fully powered from start to acceleration and full of driving pleasure. It has two battery life versions of 320km and 251km for users with different needs to choose from. The 320km model comes standard with battery heating function to ensure the winter cruising range. The fast charging time of 30% to 80% only takes 0.5 hours, and it can be set off without worry after only one meal.

Moreover, in order to allow users to enjoy the driving pleasure with peace of mind, it is also equipped with intelligent active safety assistance systems such as ABS + EBD, HSA ramp assistance system, TPMS tire pressure monitoring, anti-misstep braking system, and third-generation vehicle control system.

3

In order to provide users with the most complete safety protection at the "in case" moment, it also adopts an integrated stamped door, which is more sturdy and durable; the high-strength cage body is equipped with a "claw "-like dispersion structure at the rear of the front stringer to reduce the deformation and damage of the passenger compartment during the collision; the whole system is equipped with a 1500 MPa high-strength thermoformed steel front collision beam as standard, providing comprehensive protection for drivers and passengers.

The EV3 Youth Edition also has a large enough trunk, with a net depth of 23cm. When the rear row is down, the storage space can reach 1000L, and the trunk can be opened 135 °, which is convenient for taking luggage, campers and other large items to meet the needs of users who love to travel. Moreover, the front seat can be adjusted by 15CM before and after, whether it is a 1.6-meter woman or a 1.8-meter man, you can drive in the most comfortable position.

4

On the basis of comfortable space, it is the only one in its class that uses 360 panoramic images, rear radar + image dual display, and a transparent chassis. When the car is wrong on a narrow road, it can accurately determine the distance between the cars and pass through the congestion points smoothly, so that beginners are no longer afraid of congestion. It is also equipped with digital keys, non-sensory start, mobile phone interconnection function, parallel world and other user-most commonly used functions, allowing young people who are naturally troublesome to travel without worry.

At the same time, at the beginning of its establishment, Jiangling Group New Energy made full use of the fourth industrial revolution and technological innovation dividends, using a large number of 5G, Internet of Things, big data, artificial vision technology and other technologies to create a 5G full-link digital factory in line with Industry 4.0 standards; the factory has the same production system, process standards, intelligent monitoring and monitoring system, global first-class supplier control system, and has the advantages of digitalization, intelligence, greening, humanization, and flexibility to create the EV3 Youth Edition with better quality and safety.

7

"The development of new energy passenger vehicles is the unswerving strategy of Jiangling Group. Jiangling Group’s new energy passenger vehicles are the fulcrum of Jiangling Group’s Strategy and Development. I very much hope that our partners will walk hand in hand with us and work together with us on the road of new energy development to glory," said Wan Jianrong, deputy party secretary and general manager of Jiangling Group.

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On the 18th, institutions forced to buy 6 shares that were extremely undervalued

　　WuXi AppTec

　　New production capacity has been put into operation one after another, and the CGT business is gradually improving

　　Investment logic

　　The CGT industry is booming, and the outsourcing industry is expanding rapidly. With the continuous progress of new CGT technologies, the ceiling of market capacity is gradually opening. According to Frost & Sullivan’s calculations, the global CGT market size has increased rapidly from $50 million in 2016 to $2.08 billion in 2020, and is expected to break through the $30 billion mark in 2025. In addition, benefiting from the increase in outsourcing penetration rate and the expansion of the CGT industry, the market size of CRO & CDMO in the CGT field has also increased rapidly, and the market size is expected to reach $1.74 billion in 2025.

　　WuXiATU, creating a new model of global CTDMO. As a () cell and gene therapy business platform, WuXiATU has created a unique CTDMO (contract testing, development, production outsourcing services) business model, which can better cope with the current complexity and difficulty of testing, development and release in the CGT field, and effectively solve the cost problem of scaling up production. WuXiATU’s three major businesses have unique technical advantages. Through the acquisition of OXGENE, the company further enhances the technical capabilities of the company’s AAV and lentivirus platforms, thereby enhancing WuXiATU’s ability to provide customers with integrated, end-to-end cell and gene therapy product development and production services.

　　The new base in Philadelphia and Lingang was put into operation, synchronizing up the ante production capacity and talent pool. On November 15th, WuXiATU announced that the company’s new high-end testing laboratory expanded at the NavyYard base in Philadelphia, USA, was officially put into operation. The laboratory area is 13,000 square meters. After the production, the company’s high-end testing capacity will be tripled. On October 18th, the company’s new process research and development and commercial production center in () was officially put into operation. The new base is equipped with more than 200 independent suites and 6 complete carrier and cell production lines, including an independent liquid dosing center and a GMP-level aseptic filling isolator. These facilities will further enhance WuXi’s global production capacity, thus providing customers with greater flexibility and faster delivery times in viral vector and cell therapy services. In addition, WuXiATU continues to build up the talent pool of ante, and is expected to have 300-400 employees in China by the end of 2021 and 700-800 employees in 2022. We are optimistic about the future development potential of WuXiATU, and its performance is expected to grow rapidly.

　　Investment advice

　　It is expected that the EPS of the company in 2021-2023 will be 1.79/2 25/2.87 yuan respectively, corresponding to PE 74/58/46 respectively, maintaining the "buy" rating.

　　Risk warning

　　The risk of lifting the ban, the risk of loss of core technical personnel, regulatory risk, IP protection risk, investment risk, exchange rate fluctuation risk, raw material price increase risk, safety production and environmental protection risk, etc.

　　Changan Automobile

　　Avita E11 is grandly released, and SEV models are fully planned

　　Event Overview

　　On November 15, 2021, the new high-end brand Avita, created by Changan Automobile and Huawei, was officially launched in Shanghai. At the meeting, Avita’s development strategy was introduced for the first time and the brand’s first model, Avita 11, was unveiled.

　　Avita announced that Avita 11 will be officially launched in the second quarter of 2022, and the retail network will be unveiled in the same period; in the third quarter of 2022, Avita 11 will achieve the first mass production and user delivery.

　　Analysis and judgment:

　　Design is bold and innovative, focusing on user interaction

　　The Avita brand focuses on user interaction and aims to create a "smart avatar who understands you". Avita Emotional Intelligent Electric Vehicle attaches great importance to the exploration of consumers’ psychological real demands, as well as active user interaction, and actively explores future-oriented humanized travel technology brands. Its first model 11 has highlights in appearance design, electric intelligence, etc., and will also adopt innovative solutions in brand and user operation, channel sales and other links. Specifically:

　　Appearance: Avita 11 is bold and avant-garde, innovative and futuristic. On the headlights, it adopts the F-shaped split headlight combination, with slender overall lines and simple and elegant side lines. The position of the front intake grille adopts a highly enclosed design, while the lower grille adopts a black design to enhance sportiness. The tail adopts a slippery back design, and is equipped with a through tail light and a unique inverted trapezoidal rear window, which is more personalized.

　　Power: Avita 11 has a cruising range of over 700 kilometers, 0-100 kilometers per hour acceleration of less than 4 seconds, and a high-voltage super fast charging capacity of 200 kilowatts, outperforming models of the same class overall.

　　Intelligent aspects: Avita 11 is equipped with Huawei Hongmeng system, as well as Huawei intelligent cockpit platform CDC, autonomous driving domain controller ADC, and some Sandian components. The vehicle is equipped with three lidars and has an excellent computing power of up to 400Tops.

　　R & D: Avita Technology currently has a diversified layout in Chongqing, Shanghai, and Munich, Germany. Among them, Chongqing is the global vehicle planning, R & D and manufacturing center, Shanghai is the global brand and software R & D center, and Munich is the global design center. The three places work together to transform smart achievements into productivity and fully meet users’ consumption needs and experiences.

　　Production and sales: Avita’s self-built intelligent flexible production line is located in Chongqing, which can achieve the highest annual production capacity of 350,000 vehicles and meet the sales channel planning of 100 cities in the first year. In the second quarter of 22, Avita 11 will be officially released and its retail network layout will be unveiled simultaneously; in the third quarter of 22, Avita 11 will achieve the first batch of mass production and user delivery. In the next five years, Avita brand will launch four new models.

　　Multi-platform Qi Fali intelligent electric vehicle planning is full

　　The company’s electric vehicle plan is full, and the pure electric platform will be upgraded. In addition to Avita, the first strategic model C385 and the same platform models A158 and B369 under the company’s new energy product series using the new dedicated electric vehicle platform will also be listed in the second quarter of 2022; the company will further upgrade the existing three sets of pure electric chassis EPA0 (entry-level rear drive), EPA1 (medium-sized front drive) and EPA2 (large four-wheel drive) to form an SDA platform architecture. In the next five years, the company will launch 26 new smart electric vehicles based on the three platform architecture system of CHN + SDA + Ark to accelerate the intelligent layout of electric vehicles.

　　Investment advice

　　The scale effect of the company’s own brand capacity is highlighted. The joint venture brand benefits from the high growth of the luxury car market. The CHN architecture and high-end electric intelligent brand Avita jointly built with Huawei and Ningde Times are advancing steadily. The company’s endogenous profit creation ability and technological growth are accelerating. We maintain the forecast: the company’s revenue is expected to be 1028.65/1144/125.943 billion yuan in 2021-2023, the net profit attributable to the parent is 45.78/56 64/69.46 million yuan, and the EPS is 0.60/0 74/0.91 yuan, corresponding to the closing price of 18.20 yuan/share on November 17, 2021. PE is 30/24/20 times, maintaining the buy rating.

　　Risk warning

　　The iteration of self-owned brand models fell short of expectations; Ford’s strategic adjustment fell short of expectations; Mazda’s integration fell short of expectations; Avita’s brand development fell short of expectations, etc.

　　Chinese megalithic

　　Dig deep into the moat to consolidate the leading position of glass fiber

　　The supply and demand pattern of the glass fiber industry is improving, and the high prosperity continues. Supported by rigid demand at home and abroad, glass fiber enterprises have shipped well since 2021, inventories have continued to operate at a low level, and roving and electronic yarn prices have continued to rise. The current demand for joint-stock yarn, electronic yarn, and thermoplastic yarn is still tight, while some of the demand caused by the "lack of core" this year has been delayed or supported. Next year, electronic yarn and thermoplastic yarn will remain strong; catalyzed by the "Great Wind Base" project, the installed capacity of wind power in the 14th Five-Year Plan may exceed expectations again, thus stimulating the demand for upstream and downstream industrial chains. The demand for wind power yarn will gradually pick up, and the demand for high-end products may be combined. We believe that the supply and demand of the industry will remain matched in 2021-2022, and there will be no obvious oversupply. The high prosperity of the industry will continue or far exceed expectations. The production capacity of Jushi will continue to expand steadily, and the price may continue to run at a high level

　　Differentiation strategy helps the company go through the cycle. With the broadening of the application field and the increasing complexity of the application scene, the downstream industry has increasingly increased the requirements for glass fiber performance. Since 2009, the company has made continuous iterative upgrades of products through R & D innovation, leading the industry to develop high-modulus products. At the same time, the company continues to optimize the product structure and increase the proportion of high-end products. At present, the proportion of mid-to-high-end products has reached 80%. The company has made the company iron the cycle through differentiated development strategy to reduce the impact of cycle fluctuations. With the company’s third phase of 100,000 tons/year electronic yarn production capacity put into operation, the company’s total electronic yarn production capacity will reach 265,000 tons, becoming the largest electronic yarn manufacturer in China, further expanding the high-end market

　　Build a cost moat and build a core competitiveness. According to output, by the end of 2020, Jushi’s domestic market share was close to 40%. The product structure continued to be optimized and the scale effect was obvious. The scale of single-line kilns was significantly ahead of competitors, and production efficiency continued to improve. With the company’s new round of intelligent manufacturing production lines put into operation, it will further reduce costs and increase efficiency, widening the gap with competitors. At the same time, the company still maintains certain advantages in product formulations, infiltrants, and energy procurement costs. The company has built a solid cost moat and built a core competitiveness.

　　Firmly implement the "three places and five continents" strategy to enhance comprehensive competitiveness. In recent years, domestic glass fiber products have been continuously affected by overseas countervailing, anti-dumping and tariffs. In order to offset the impact of "double reverse" and tariffs and further expand overseas markets, the company has built production bases in Egypt (200,000 tons) and the United States (96,000 tons). The Indian base has temporarily stopped construction due to changes in the external environment. The company firmly implements the "three places and five continents" strategy. At present, the company is the only glass fiber company in China to build factories overseas. On the one hand, building factories overseas can reduce the impact of "double reverse"; on the other hand, it can achieve "external supply", reduce logistics and transportation costs, accelerate the capture of local market share, and enhance comprehensive competitiveness.

　　Investment advice: We believe that the supply and demand of the glass fiber industry will maintain a tight balance in 21-22, and the high prosperity of the industry will continue or exceed expectations. Jushi, as the industry leader, has a stable cost moat and a steady expansion of production capacity. It is expected that the company’s performance in 2021-2023 will be 57.6, 67.5 and 7.42 billion yuan respectively, corresponding to EPS of 1.44, 1.68 and 1.85 yuan respectively, corresponding to PE valuation of 11.5, 9.8 and 8.9 times respectively; with reference to the average valuation of comparable companies and the growth brought by the company’s future capacity expansion and product high-end, the first coverage will be given a "buy" rating, with a target price range of 25.2-28 yuan.

　　Risk warning: The supply side has expanded significantly beyond expectations, the price of raw fuel has risen sharply beyond expectations, and the company’s capacity expansion progress is less than expected; wind power installations are lower than expected.

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The official rumor that Haval H9 stopped production; BYD’s new Tang EV real car exposure; Ford’s new international exposure

1. The official rumor that Haval H9 (parameter picture) was discontinued.

Recently, a model planning document suspected to be inside Great Wall Motor was circulated on the Internet. The content shows that Haval H9 will stop production at the end of December this year. It is speculated that with the independence of the Great Wall "Tank" brand, it is no longer necessary for the Great Wall off-road vehicle to follow the Haval naming sequence, so the Haval H9 will be discontinued.

In this regard, some media asked Great Wall Motor for verification. Officials said that the suspension of production of the Haval H9 model on December 31 was purely rumor and false information. The relevant person in charge said, "No notice has been received at present, and it is still in the state of scheduling at this stage."

2. The legendary strongest BMW, XM concept car will be launched soon.

The XM concept car, BMW’s new flagship SUV, which is bigger and more fierce than the BMW iX, which sells for 846,900 yuan, will make its world debut on November 29th. Judging from the released model preview, the oversized kidney grille looks exaggerated, and the headlights are sharper and sharper. The power will be equipped with a 4.0L dual turbocharged V8 engine, and the comprehensive maximum output power of the system will reach 750 HP.

3. Positioning above the Cayenne, Porsche will add a flagship model.

According to foreign media reports, Porsche showed its dealers a medium-sized crossover that is bigger, longer and wider than the Cayenne at a recent meeting. The car may provide three rows of seats and is expected to be available after 2025. In terms of power, plug-in hybrid system will be adopted, but pure electric vehicles may be introduced later.

Foreign media said that this large SUV may adopt some innovative technologies of the flagship electric vehicle of Audi Artemis project code-named Landjet. Earlier reports showed that Landjet used three rows of seats, which combined the shapes of cars and crossover vehicles, which is very consistent with the description of this large crossover vehicle by Porsche dealers.

4. Price increase of 4752 yuan, domestic Model 3/Model Y price adjustment.

It was learned from Tesla’s official that due to cost fluctuation, the price adjustment of Tesla’s domestic Model 3 and Model Y entry-level models both increased by 4752 yuan. The adjusted selling prices are 255,652 yuan and 280,752 yuan respectively.

At present, the standard battery life version of Tesla Model 3 has been discontinued, and the rear-wheel drive version is the entry-level version of the domestic Tesla Model 3. Compared with the standard endurance version, steering wheel heating and rear seat heating are added in the configuration, and the cruising range under CLTC working condition is 556km.

5. The battery life increased by 700km, and BYD’s new Tang EV was exposed.

The real car map of BYD’s new Tang EV came out on the Internet. The main changes focused on the appearance. The front face was replaced with a closed middle net design similar to Han EV and Song PLUS EV. In addition, the length of the car reaches 4.9 meters, which is an increase compared with the current model. Power will continue to provide single-motor and dual-motor performance versions, and the battery life will be significantly improved compared with the current ones, from the previous 505km and 565km to 615km and 700km.

6. The appearance is slightly upgraded, and Ford’s new spy photos are exposed.

The spy photos of Ford’s all-new road test are circulated on the Internet. It is expected to be officially released in the first half of next year and listed before the end of the year. The appearance is mainly adjusted for the front face and tail, and a slimmer headlight group is replaced. At the same time, the position of the grille has been adjusted upwards, and the size has also been upgraded. The whole looks more like a sharp edge, and the rear of the car is more rounded than the cash. Power is expected to be consistent with cash.

7. Volkswagen ID. The brand-new family car is expected to debut in 2023.

Volkswagen ID. The spy photos of the brand-new car road test have also been exposed, or it will be named ID.7, which is expected to be officially unveiled in 2023. Its appearance adopts Passat’s design style, the blue trim in the middle highlights the new energy identity, and the large-size closed grille is matched with the larger LED headlight group, which has a strong overall muscle sense.

The side shape is smooth, and the two-color rearview mirror is designed and the window frame is blackened. In addition, it is equipped with a large skylight. It is worth mentioning that the car will be built on MEB platform, which can provide a longer wheelbase and larger internal space. Power or provide a combination of single-motor rear drive and dual-motor four-wheel drive, and the cruising range under WLTP conditions is 665km.

8. Brand new KX5/EV6, etc., Dongfeng yueda Kia product planning exposure.

We learned from Dongfeng yueda Kia about its new product planning in 2022. Specifically, the new Kia KX5 will be released within the next year, with a brand-new design language, and the overall style is quite different from the cash. At the same time, the new K3 and the new KX3 will also meet with us next year. The KIA K3, which was redesigned in the medium term, will adopt a new front face and front and rear light group design, and add more LED elements to highlight the sense of science and technology.

In the field of electric vehicles, KIA EV6 will also be listed in China next year, which is based on the new E-GMP electric architecture and positioned as a compact hatchback pure electric vehicle. Meanwhile, Dongfeng yueda Kia will launch an electric car in the domestic market every year from next year.

9. It will be listed in March next year, with 210,000 pre-sales.

GAC Mitsubishi’s first pure electric SUV, Atuke, has started pre-sale, with a price range of 210,000-240,000 yuan, and will be listed at the end of March next year. This car is built on the basis of AION V of Guangzhou Automobile. The front face is equipped with a multi-banner-type middle net, surrounded by a large number of chrome trim strips, and the two sides are split headlights. The car side adopts two-color body design and hidden door handle. The rear shape is simple, the Y-shaped light group echoes the front, and the rear bumper is full of layers.

The interior adopts a minimalist design style with a large-size suspended central control panel, and certain off-road elements can be seen in the steering wheel modeling. Power is equipped with permanent magnet synchronous motor and ternary lithium battery, with a maximum cruising range of 520km.

10. Daimler applied for a new patent, and tires can be deflated and depressurized actively.

Daimler applied for a new patent, which added a valve that can actively deflate the tire. In an emergency, if the braking system fails, it can automatically activate the tire deflation valve, thus increasing friction and reducing the speed.

In addition, the system can also be used to restore the pressure to the original level. Combined with the tire pressure monitoring system, vehicles equipped with such systems can also adjust the tire pressure. The new patent will be mainly carried on its pure electric and hybrid vehicles, and can be adapted to some traditional fuel vehicles. Mercedes-Benz EQS is expected to take the lead in carrying this technology.

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