标签归档 西安桑拿

Chinese modernization is a coordinated modernization of "five civilizations"

  [In-depth study and implementation of Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era]

   Author: Qin Xuan (Dean of New Era Socialism with Chinese characteristics Thought Research Institute, Supreme Leader of China Renmin University)

  Realizing modernization is an important historical task shouldered by our party since its founding. After arduous exploration and unremitting struggle of revolution, construction and reform, the Party led all the people of China, and finally completed the industrialization process that developed countries have gone through for hundreds of years in decades, creating a modernization miracle that attracted worldwide attention, creating a Chinese-style modernization road and a new form of human civilization, thus expanding the way for developing countries to modernize, providing new choices for those countries and nations in the world who want to accelerate their development and maintain their independence, and contributing China wisdom and China’s plan to solving the world modernization problem.

  Human civilization is an organism composed of "five civilizations"

  Marxist historical materialism holds that human society is an organic whole with complex structure composed of basic elements such as productive forces, relations of production, economic base and superstructure, in which all factors are interrelated and interact with each other, promoting the movement, change and development of the whole social organism. Specifically, human society is a tight organic whole composed of economic, political, cultural, social and ecological factors. The social civilization of human beings is the progressive state and positive achievements of human beings in understanding and transforming the objective world and the subjective world, including five civilizations: material civilization, spiritual civilization, political civilization, social civilization and ecological civilization. Among them, material civilization refers to the state and achievements of development and progress in the economic field, and it is the progressive state and positive material achievements of human beings in transforming the objective material world, which is composed of production mode civilization and lifestyle civilization; Spiritual civilization is the progressive state and positive achievement of human understanding and transforming the subjective spiritual world, and refers to the state and achievement of development and progress in the cultural field, which includes ideological and moral construction and educational, scientific and cultural construction; Political civilization refers to the progressive state and achievements in the political field, and it is the progressive state and positive achievements of human beings in transforming political society, including political system civilization and political behavior civilization. Social civilization refers to the progress and achievements in the social field, and it is the progress and positive achievements of human beings in understanding and transforming society, including social life civilization, social relations civilization, social consciousness civilization, social environment civilization and social management civilization.Ecological civilization is a progressive state and positive achievement of human beings in understanding and coordinating the relationship between man and nature. It includes not only the practical achievements of human beings in protecting and improving the ecological environment in the process of developing material civilization, but also the improvement of the harmony between man and nature and the enhancement of people’s ecological concept.

  In the process of the evolution of human civilization, the "five civilizations" complement each other and are dialectically unified. They are relatively independent and different, but also interdependent, interactive, interpenetrating and transforming. Among them, material civilization is the foundation and provides necessary material conditions for the development of other civilizations; Political civilization is the guarantee, which provides political guarantee, institutional support and legal guarantee for other civilizations. Spiritual civilization is the soul, providing ideological guarantee, spiritual motivation and intellectual support for the development of other civilizations; Social civilization is the condition, which provides social order foundation, social development guarantee and social organization support for the development of other civilizations; Ecological civilization is the premise, which provides ecological foundation, environmental conditions and rich resources for the development of other civilizations. The internal tension and contradictory movement formed by these five civilizations promote the progress of the whole civilization of human society. If the development of a certain civilization element lags behind, it will restrict other civilization elements, cause the disorder of organism operation and affect the healthy development of the whole society.

  Marxist classical writers believe that social comprehensive production is a systematic and holistic production formed by the interaction of various social factors, which inevitably requires the coordinated development of the "five civilizations". Before the capitalist society, the degree of social civilization was not high because of the backward social productive forces and the low material civilization seriously restricted the progress of other civilizations. However, in capitalist society, due to the insurmountable antagonistic contradictions between productive forces and production relations, economic base and superstructure, people and nature, people and society, and people and people have formed sharp opposites. Due to the inherent contradictions that cannot be overcome by themselves, capitalist social organisms will eventually die out due to multiple accompanying crises such as economic crisis, political crisis, cultural crisis, social crisis and ecological crisis. Socialism will replace capitalism because socialist society is an all-round development society, which can coordinate the relationship between man and nature, man and society, and man and man, and promote the coordinated development of material civilization, political civilization, spiritual civilization, social civilization and ecological civilization.

   The coordinated promotion of "five civilizations" is a distinctive feature of the Chinese modernization road.

  Looking at the historical process of world modernization vertically and comparing the development level of modernization in other countries horizontally, we can easily find that Chinese modernization has both the universal characteristics of world modernization and the distinctive characteristics of China.

  General Secretary of the Supreme Leader stressed that the modernization of our construction must have China characteristics and conform to the reality of China. China’s modernization is a modernization with a huge population, the common prosperity of all people, the coordination of material civilization and spiritual civilization, the harmonious coexistence of man and nature and the peaceful development path, which is the direction that China’s modernization must adhere to. At the celebration of the centenary of the founding of the Communist Party of China (CPC), General Secretary of the Supreme Leader clearly pointed out: "We adhere to and develop Socialism with Chinese characteristics, promote the coordinated development of material civilization, political civilization, spiritual civilization, social civilization and ecological civilization, and create a new road of Chinese modernization and a new form of human civilization." This shows that the coordinated promotion of the "five civilizations" is a very distinctive feature of the Chinese modernization road.

  Since its establishment, the Communist Party of China (CPC) has been exploring the modernization road of all-round social development under the guidance of Marxism. In January 1940, Comrade Mao Zedong clearly pointed out in "On New Democracy": "We communist party people have struggled not only for the political revolution and economic revolution in China, but also for the cultural revolution in China for many years; The purpose of all this is to build a new society and country of the Chinese nation. In this new society and country, there are not only new politics and economy, but also new culture. " After the founding of New China, in the process of exploring Chinese-style modernization, the Party has constantly improved the overall layout of Socialism with Chinese characteristics, from putting forward the "four modernizations" to realizing material civilization, to grasping both material civilization and spiritual civilization, to coordinating and promoting the construction of material civilization, political civilization, spiritual civilization, social civilization and ecological civilization, and from grasping the all-round development of society to promoting the all-round development of people, the Party has always regarded modernization as an all-round modernization. Gradually formed the idea of coordinated development of "five civilizations", and organically combined economic, political, cultural, social and ecological system reforms under this guidance, forming the overall layout of coordinated promotion of "five civilizations". The formation of the coordinated modernization layout of the "five civilizations" shows that the Communist Party of China (CPC) people have a clearer understanding of the modernization laws of human society.We have a clearer idea of what kind of modern power to build and how to build a socialist modern power.

  After more than 70 years since the founding of New China and more than 40 years of reform and opening-up, especially 10 years since the 18th National Congress of the Communist Party of China, the Communist Party of China (CPC) has always insisted on promoting the development of material civilization with economic construction as the center, political civilization with political construction as the guarantee, spiritual civilization with spiritual and cultural construction as the inner soul, social civilization with social construction as the necessary condition, and ecological civilization with ecological civilization as the solid cornerstone. It has achieved a historic leap from economic development to coordinating the development of socialist material civilization, political civilization, spiritual civilization, social civilization and ecological civilization, formed a development pattern of economic prosperity, political democracy, cultural prosperity, social equity and good ecology, created a Chinese-style modernization road and a new form of human civilization, solved many problems in the development of human society, and abandoned the old modernization road of western capital-centered modernization, polarization modernization, materialism expansion modernization and foreign expansion and plunder.

  Coordinated promotion of "five civilizations" is the fundamental way to build a socialist modern power.

  The 19th National Congress of the Communist Party of China drew a grand blueprint for the second century and put forward that "China should be built into a strong, prosperous, democratic, civilized, harmonious and beautiful socialist modernization power". By that time, China’s material civilization, political civilization, spiritual civilization, social civilization and ecological civilization will be comprehensively improved, the national governance system and governance capacity will be modernized, and it will become a country with leading comprehensive national strength and international influence. The common prosperity of all people will be basically realized, and our people will enjoy a happier and healthier life. The Chinese nation will stand among the nations of the world with a more high-spirited attitude. " In order to build China into a prosperous, strong, democratic, civilized, harmonious and beautiful socialist modernization power in the middle of the 21st century, we must continuously promote the coordinated development of the "five civilizations" and realize the comprehensive promotion of the "five civilizations".

  In terms of material civilization construction, we should adhere to Socialism with Chinese characteristics’s basic economic system, always take economic construction as the center, achieve high-quality development with innovation as the first driving force, coordination as the endogenous feature, green as the universal form, opening up as the only way, and sharing as the fundamental purpose, promote quality change, efficiency change and dynamic change of economic development, focus on solving the outstanding problems of insufficient development imbalance on the basis of continuous development of productive forces, and ensure that all people have more sense of gain and happiness in economic construction.

  In the construction of political civilization, we should adhere to the organic unity of the party’s leadership, the people being the masters of the country and governing the country according to law, strengthen the construction of socialist democratic politics, unswervingly follow the road of political development in Socialism with Chinese characteristics, promote the development of socialist deliberative democracy, promote people’s democracy in the whole process, promote a more sound democratic system, enrich democratic forms and broaden democratic channels, enable the people’s subjectivity to be implemented in the political and social life of the country, and enable all aspects of systems and state governance to better reflect the people’s will, protect people’s rights and interests, and inspire the people.

  In the construction of spiritual civilization, we should adhere to the guidance of Marxism, firmly grasp the leadership of ideological work, build a socialist ideology with strong cohesion and leading force, vigorously cultivate and practice socialist core values, strengthen the construction of advanced socialist culture, promote the creative transformation and innovative development of China’s excellent traditional culture, stimulate the creative vitality of the whole nation’s culture, better build China spirit, China values and China’s strength, and consolidate the common ideological foundation of the United struggle of the whole party and people of all nationalities.

  In terms of social construction, we will persist in strengthening social construction with the focus on safeguarding and improving people’s livelihood, and continue to exert our efforts to provide education for young children, education for learning, income from labor, medical care for the sick, security for the old, housing and support for the weak, so as to make people’s sense of well-being, happiness and security more substantial, secure and sustainable. By promoting the modernization of social governance system and governance capacity, we will continuously improve the civilization of the whole society and promote a more harmonious and orderly society.

  In terms of ecological civilization construction, we should adhere to Lucid waters and lush mountains are invaluable assets’s idea, adhere to the integrated protection and systematic management of mountains, rivers, fields, lakes, grass and sand, protect the ecological environment like eyes, treat the ecological environment like life, integrate ecological civilization construction into economic construction, political construction, cultural construction and social construction, and more consciously promote green development, circular development and low-carbon development, and adhere to the road of civilized development with production development, affluent life and good ecology.

  In coordinating and coordinating the "five civilizations", we must always adhere to the Party’s overall leadership over modernization, adhere to the people-centered development idea, adhere to the systematic concept, coordinate the two overall situations at home and abroad, face the major social contradictions, conscientiously implement the new development concept, strengthen forward-looking thinking, overall planning, strategic layout and overall promotion, and unify the construction of "five civilizations" into the great practice of building a socialist modern country. It is reflected in the principles and policies, strategies and tactics, policy measures and work arrangements of China’s development, avoiding the abnormal development of sacrificing one or several civilizations in exchange for the development of other civilizations, and ensuring the overall promotion and coordinated development.

Bao Beier’s Humorous Response: How to treat the ups and downs and fortune in his acting career?

In the current entertainment circle, actor Bao Beier has caused a wide discussion because of his frank speech in an interview. His reaction to his work, dubbed "bad film" by netizens, is both true and humorous. This makes us wonder, as an actor, how are the ups and downs in his career intertwined with fortune?

Bao Beier mentioned in the interview that he had no other choice but to be happy to receive the play. This pragmatic and optimistic attitude actually reflects a philosophy of life: looking for a positive face in adversity. Through his words, we can experience a kind of courage to meet challenges in life. This kind of courage is equally important in feng shui and numerology, especially in the promotion of career.

People often look forward to the achievements of actors, but behind them may be little-known hardships and challenges. At this moment, how to balance your good fortune and career seems to be an important topic. Bao Beier’s choice is to keep his inner love and devotion to his role at every stage of his career, not just his persistent pursuit of the quality of his works.

In Taoist culture, there is a saying that "there must be something in life, and there is no need to force it in life." This emphasizes the combination of the flow of fate and individual efforts. Bao Beier probably knows this well, and his humorous response is actually a display of wisdom. He doesn’t care about the external evaluation, but focuses on taking every step in the present, which is the attitude that many people should have when facing the ups and downs of life.

Talking about fortune again, you may ask, how did Bao Beier’s five elements affect his career? According to the correlation analysis of the date of birth, if Bao Beier’s numerology resonates positively with the role he receives, it may be able to make up for the defects of the work itself to some extent. For example, making a fire with wood means vigorous creativity and flexible role-building, so people can often find a way to survive in a changing environment.

In numerology, this adaptability and flexibility not only apply to actors, but also to each of us. In life, it is sometimes particularly important to face others’ doubts about our path choice. For Bao Beier, every role he chooses is constantly shaping his career, and his optimistic attitude undoubtedly makes this road go more smoothly.

From the perspective of feng shui, the balance of yin and yang of actors is also an important part. Whether a person can break into a world in the entertainment industry depends on his ability and hard work, and the influence of the environment can not be ignored. A good environment can bring the effect of taking advantage of the trend for the cause. Therefore, Bao Beier’s words reveal a kind of helplessness, but also imply his recognition and acceptance of his own environment.

In this fleeting era of information, Bao Beier’s choice shows us the power of persistence, and it is also thought-provoking: how should we handle ourselves when facing doubts on the career path? Keeping love and accepting yourself may be a ray of light in many confusions.

Finally, what happened in Bao Beier also reminds us that every choice in life has its numerology and fortune behind it. If you are also facing changes and choices, you may wish to explore your fortune through some tools, such as using AI assistant for numerology analysis to help you get a clearer direction. If your questions about numerology and fortune have not been answered, I suggest you try this versatile AI creation assistant-simple AI! Even on the difficult road of performing arts, you can open up new opportunities for your fortune in a scientific way. Such a choice may enable you to find your own light at every stage of your life.

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Editor in charge:

ARCFOX polar fox makes another effort, the selection guide of polar fox alpha S.

For a car, you can’t talk about heroes purely by the quality of dynamic performance, just like other aspects of performance are also worth talking about. Let’s take a look at it together.

First of all, from the appearance, the whole head of the Extreme Fox Alpha S looks cool and looks more individual. Then the exquisite headlight design is adopted, which is in line with the aesthetics of consumers. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, automatic steering, delayed closing and so on. Coming to the car side, the car body size is 4980MM*1960MM*1599MM. The car adopts solid lines, and the car side presents a fashionable and dynamic design style. With large-sized thick-walled tires, the overall visual effect is very young. In the design of the rear end, the rear end looks cold, and the taillights are very streamlined and neat.

When I came to the extreme fox Alpha S car, the interior of the extreme fox Alpha S adopted a fashionable shape and the visual effect was good. The steering wheel of the car is well designed, made of genuine leather and full of design sense. Let’s take a look at the central control. The car is equipped with a simple touch-sensitive LCD central control screen, which makes the interior style impressive and conforms to the mainstream aesthetics. The interior feels good. Let’s take a look at the dashboard and seats. The dashboard design is remarkable, and the trendy design elements make people remember it at a glance. The car adopts imitation leather seats, which are wide and thick, and the overall comfort and wrapping are not bad.

The extreme fox Alpha S matches the gearbox, with an acceleration time of 6.4s seconds per 100 kilometers, and the power is completely OK for daily use.

Next, look at the configuration. The Extreme Fox Alpha S is equipped with car networking, driving mode selection, remote control key, Bluetooth key, interior atmosphere light, traction control (ASR/TCS, etc.) and other configurations.

The car introduced today is not only eye-catching in space, but also has reached the mainstream level in various configurations, and there is nothing to be picky about driving experience and space experience. Xiaobian thinks that if you really want to buy this car, you still have to go offline to actually experience it.

Houlang Harvester Buick GL8 with 2.0T+ Automatic Manual Integration (AT)

Let’s take a look at its aura first. Generally speaking, the front of the new generation has become younger, and some protruding lines have been added to the hood, which looks quite muscular. The sharp eagle-eye headlights on both sides have a patchwork of internal lights, and they are bright when lit. From the side of the car body, the new car adopts the design of the side lines of the whole car, which prolongs the visual effect of the car to a certain extent. In the modeling part of the rear, Buick GL8 adopts many popular design elements, and the design of the tail light group is also interesting, which is very personalized after lighting.

Coming into the car, the layout of the interior of Buick GL8 gives people the feeling of simplicity. The steering wheel is made of plastic material, which feels good and is equipped with shift paddles, which is very practical. In the center console and the door handle, a lot of plastic and leather materials are used to cover and wrap it, which is environmentally friendly to the touch. It is equipped with a 7.0-inch LCD screen with clear display and relatively young design. The front row is also equipped with an automatic air conditioning control system to freely debug the most comfortable space atmosphere. Leather seats give passengers just the right support and soft and comfortable touch.

Buick GL8 has a length of 5219mm, a body width of 1878mm and a wheelbase of 3088mm, which is quite satisfactory. In the same class, the wheelbase of Buick GL8 ranks 45th. The design of skylight also increases the subjective space feeling of front and rear passengers. Among the models of the same price and class, the trunk volume of Buick GL8 ranks 26th. Spatial performance is limited by vehicle positioning, and the performance is acceptable, and the flatness is no problem, but the total space is average.

Buick GL8ES LUZun 2.0T Exclusive Edition uses a 2.0 engine, with a maximum horsepower of 237 and a peak torque of 350, matching the automatic manual transmission (AT). 2.0 The power performance of the engine matched with the Buick GL8 is quite satisfactory, and the low torque is weak and the hysteresis can be felt. The official measured acceleration score of Buick GL8 is 9.6S, ranking 59th among MPV models over 800,000.

The active/passive safety configuration of Buick GL8 is complete, includingAutomatic parkingZero tire pressure endurance tireAutomatic parkingSteep slope descenthill start assist controlknee airbagHUD head-up displayAnti-lock braking (ABS)Braking force distribution (EBD/CBC, etc.)Brake assist (EBA/BAS, etc.)Traction control (ASR/TCS, etc.)Active noise reductionEngine start and stopSide safety air curtainWireless charging of mobile phonenight vision systemLED daytime running lightsForward reversing radarTire pressure monitoringSteering wheel heatingBody stability control (ESP/DSC, etc.)Rear reversing radarFatigue reminderRemote parkingChild seat interfaceLane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

In order to have a more comprehensive and objective understanding of Buick GL8, you can go to the Easy Car Buick GL8 Forum and browse the messages of users who have bought the car in history.

Heavy! The reform of Alipay and WeChat payment will be implemented from now on, and a new era of payment will be opened.

In daily life, Alipay and WeChat payment have become the mainstream payment methods in scenarios such as buying coffee, taking a taxi and shopping online. However, with the implementation of the Regulation on the Supervision and Administration of Non-bank Payment Institutions and its detailed rules on May 1, 2024, this payment habit may usher in major changes. The promulgation of this regulation aims at coping with the increasingly prominent position and accompanying risks of non-bank payment fields, especially Alipay and WeChat payment in economic activities.

Non-bank payment institutions play an important role in China’s economy, with the annual transaction volume exceeding one trillion times, involving nearly 400 trillion yuan, covering more than one billion individual users and tens of millions of businesses. They have penetrated into every corner of life, such as consumption, catering, tourism and so on, which has greatly facilitated the public. However, at the same time of rapid development, problems such as illegal operation of funds and disclosure of personal information have become increasingly prominent, prompting the upgrading of supervision and the emergence of "new regulations".

The core contents of the "New Regulations" include: clearly defining non-bank payment institutions and their licensing requirements, subdividing payment business into savings account management and payment transaction processing, and the People’s Bank of China will formulate specific norms. This not only sets a clear framework for payment behavior, but also emphasizes the importance of fair competition and legal operation. In addition, the "new regulations" strengthen the protection of users’ rights and interests, prohibit the abuse of reserve funds and information disclosure, and require institutions to ensure information security and update contracts in time to ensure that users are fully informed. Institutions that violate the regulations may face strict legal consequences and even lose their business qualifications.

For the "new regulations", major payment platforms such as Alipay and WeChat Pay responded positively and promised to adjust their strategies to adapt to the new environment. They regard it as an opportunity to improve the fairness, service quality and consumer rights protection of the payment industry. Other service platforms, such as Meituan and PayPal, have also expressed their compliance with the new regulations and their commitment to service optimization. This change indicates that the payment industry will enter a new era of fairness, transparency and security.

For ordinary people, the "new regulations" will effectively safeguard consumers’ rights and interests by strengthening information disclosure and publicizing changes in fees 30 days in advance. At the same time, ensure that the core business of payment institutions is not affected, and maintain the consistency and experience of users. In short, the "new regulations" aim to promote the healthy development and fair competition of the payment industry and build a safer and more convenient payment environment for the public. Its successful implementation depends on the joint efforts and supervision of payment institutions, regulatory authorities and consumers.

Guizhou golden monkey and langur approaching Guizhou

China Daily, Beijing, January 23rd (Reporter Yan Dongjie, Yang Jun) In Tongren, Guizhou, there are two very rare monkeys-Guizhou golden monkey and langur.

Guizhou golden monkey IUCN is listed as an endangered species, and the global population is only about 800, and all of them live in Fanjingshan National Nature Reserve.

There are more than 2,000 langurs in the world, and about one third of them live in Mayanghe National Nature Reserve.

With the protection of ecological environment of Fanjing Mountain and Mayang River in Tongren, Guizhou, the population of these two kinds of national first-class protected wild animals is increasing, and tourists often encounter them on hiking trails and even beside Panshan Highway.

Guizhou golden monkey is a descendant of the ancestors of Sichuan golden monkey and Yunnan golden monkey. Although it is also one of the five golden monkeys in the world, the hair of adult Guizhou golden monkey is not golden, but mainly black and gray.

However, when the baby of Guizhou golden monkey was born, the whole body was golden yellow. Therefore, in the summer season of Guizhou golden monkey reproduction, you can see the female monkey holding the golden cub in Fanjing Mountain, which is very cute.

Baby langurs are also golden. About one year old, their backs will turn black, and a bunch of black "mohicans" hair on their heads is a typical feature of langurs.

Their fingers are slender and powerful, and they can not only wander around trees flexibly like other primates, but also climb rock walls and live in caves at night. Therefore, the karst landform of Mayanghe Nature Reserve in Tongren Tujia Autonomous County along the river in Guizhou Province has become an ideal home for them to settle down.

Through the charts and videos of Guizhou langur and Guizhou golden monkey in green China, you can definitely identify these two precious wild monkeys at a glance when you come to the nature reserve next time.

Extreme Fox Alpha T5 10,000 km Summary: 3 shortcomings and 3 advantages.

I bought a polar fox Alfa T5 660MAX in January this year. I was the earliest owner and bought it at the guide price. It is the most experienced "leek".

Recently, this pure electric SUV has run more than 11 thousand kilometers and completed the first insurance. Here, make a summary of 10 thousand kilometers in the form of advantages and disadvantages, say the disadvantages first, then the advantages.

Disadvantage 1: The software still needs to be improved.

There were many bugs in the early software. Later, after OTA twice, some bugs were solved, but there is still room for improvement. For example, the air outlet switch of the rear air conditioner can’t be remembered, and it is turned off by default every time it is powered on. The emergency lane keeping function can’t be remembered either, and it is turned off by default, but it is said that it will be repaired in the next OTA.

In addition, riders have a high voice and hope to update the car’s high-tech navigation and increase the countdown function of traffic lights.

Disadvantage 2: There are fewer after-sales service outlets.

There are few after-sales outlets in the whole country, and there is not at least one in a prefecture-level city. Take Jiangxi Province where I am located as an example, there are only two official after-sales outlets in the province at present, which will cause some inconvenience to maintenance.

Disadvantage 3: the center of the lane needs to be improved.

The polar fox Alpha T5 is equipped with L2 driver assistance, and supports turning signal to change lanes. The lane centering function is stable and easy to use in the state of straight roads and small curved roads, but if you encounter a big curve, especially a big curve turning to the left, it gives people insufficient confidence and needs to be optimized.

Advantage 1: The interior is environmentally friendly.

The interior is really tasteless, the materials are environmentally friendly and very friendly to home users.

Advantages 2: 660max can run more than 400km at full charge at high speed, and the long distance is worry-free.

My 660MAX is equipped with an 80-degree Contemporary Amperex Technology Co., Limited, and it can easily run over 400km at high speed, so there will be no endurance anxiety when driving it for a long distance.

I used to drive it for 766 kilometers a day, and it was basically enough to charge it once during the meal, without wasting time.

Advantages 3: Good charging compatibility, and charging speed of 800V platform is fast enough.

In July, I drove T5 from Jiangxi to Hubei, Anhui and Jiangsu, and ran more than 2,000 kilometers. The charging on the road was smooth without any problems, and the compatibility of public charging stations was very good.

Moreover, 660MAX supports 800V high-voltage platform, and the charging speed is really good. The 120kW state grid pile can run full before 80%SOC, and there are more than 100kW before 85%. The 160kW State Grid pile can run to 150kW, 85% SOC and 120kW.

Finally, in these 11 thousand kilometers, software problems have been encountered twice, all of which were solved by breaking small batteries, and hardware failures have not been encountered.

The first guarantee is 10 thousand kilometers, and the reducer oil is replaced and the whole car is inspected, free of charge. I also participated in a customer service activity of Polar Fox in summer, and I did a whole car inspection and changed the air conditioning filter for free. On the whole, I am satisfied with the after-sales of polar fox.

Directly hit the Guangzhou Auto Show!

    From November 20 to 29, 2020, the 18th Guangzhou International Automobile Exhibition was grandly held at the China Import and Export Fair Complex. With the theme of "New Technology, New Life", this exhibition provides a high-quality exhibition experience platform for the automotive industry and shows the world the new life of the new generation of smart cars. So what are the highlights of this auto show? Find out with reporters!


    BYD Qin Plus

 


    Qin PLUS fuses the two most popular styles of minimalism and emotional design at the moment, and the dragon soul blooms to show the oriental aesthetics. On the basis of continuing the essence of BYD’s Dragon Face design language, Qin PLUS adopts the front face shape of the eight-sided dragon roaring, the "big mouth" form of the dragon roaring and the air intake grille, and the LED headlights use the "arrow feather" design elements to depict the deep dragon eyes. The 5mm sharp line at the rear of the car symbolizes the through-type taillights, just like the sharp claws of the dragon are engraved on the rear of the car, echoing the headlights.


    Qin PLUS is equipped with Xiaoyun-plug-in special 1.5L high-efficiency engine. As one of the core components of DM-i super hybrid technology, this engine has a thermal efficiency of up to 43%, making it the highest mass-produced gasoline engine in the world. The fuel consumption of the new car is as low as 3.8L/100km, and the mileage exceeds 1,000 kilometers when fully charged.


    In addition, the Qin PLUS, which uses super hybrid technology, has three characteristics: super power, super smoothness, and super tranquility during driving, and the driving texture completely surpasses that of traditional fuel cars, subverting the user’s driving experience of traditional cars.


    GAC Toyota Lingshang


    The new TNGA car Ling Shang made its debut at the Guangzhou Auto Show. The name of the car means "beyond, elegant", showing Ling Shang’s leapfrog status and elegant and noble high-end taste.


    The Lingshang is powered by a mid-to-high-end sedan, powered by a TNGA 2.0L Dynamic Force engine and a Direct Shift CVT gearbox. The Lingshang wheelbase reaches 2750mm, creating a luxurious and comfortable driving space comparable to that of a mid-to-high-end sedan.


    The exterior shape of the Lingshang car logo adopts similar GR Supra design elements, which are laid out on the hood to give a low lying posture; the eagle eye three-dimensional LED headlights are combined with a wide lower grille covered with piano paint strips, and the overall front face presents a three-dimensional and advanced sense.


    Haval Big Dog 2.0T "Chinese Pastoral Dog" Edition

 


    As a popular Internet celebrity model in the automotive industry, Haval Big Dog ushered in the 2.0T "Chinese Pastoral Dog" version at this auto show and officially opened the pre-sale. The pre-sale price is 161,900 yuan, and the limited sale is 1699 units. Deep insight into consumer demand, while meeting the dual demands of young people’s spirit and material, Haval Big Dog sold more than 10,000 units in 36 days. With the arrival of the 2.0T version, it will help Haval’s sales continue to rise while interpreting the true definition of trendy new travel companions.


    Haval first love


    Haval First Love officially announced the naming and color scheme of the model version, and started the pre-sale at the same time. The pre-sale price range is 8.9-11 5,000 yuan. Understanding the aesthetic trend of users in the new era and meeting the pain points of Generation Z’s car purchase needs, Haval First Love is built with a new design language based on the lemon platform. It not only makes people fall in love at first sight, but also fully meets users’ demanding requirements on vehicle space, comfort, performance, fuel consumption and configuration, and redefines the first car in life.


    SAIC Motor R Automotive MARVEL R


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Crack down on the crime of telecommunication network fraud and try our best to recover the property losses of the deceived people

  CCTV News:Telecommunication network fraud is not a simple social security problem, but a complex social governance problem of network governance. On April 14, the State Council held a press conference on the progress of cracking down on telecommunication network fraud. The person in charge of relevant departments introduced that the rising trend of telecommunication network fraud in recent years has been effectively curbed. Since June last year, the number of cases filed has decreased year-on-year for nine consecutive months, and remarkable results have been achieved in cracking down on governance.

  Telecommunication network fraud crimes seriously infringe on people’s vital interests and property safety. Some people are cheated out of everything, and some enterprises are deceived into stopping work and going bankrupt. The broad masses of people deeply hate this. People in some key areas are linked with each other, forming professional criminal groups, which seriously corrupts the social atmosphere; Some people are deluded, renting and selling bank cards, phone cards and payment accounts to fraud groups, becoming accomplices of fraudsters and seriously eroding the foundation of social integrity.

  Stick to heavy punches, heavy hands and heavy sentences.

  Du Hangwei, Vice Minister of the Ministry of Public Security, said that the Ministry of Public Security has organized public security organs all over the country to keep a high-pressure situation and carry out special actions such as "Yun Jian", "Great Wall", "Broken Card" and "5.10" in depth. In the past year, 394,000 cases of telecommunication network fraud were cracked and 634,000 suspects were arrested, up by 28.5% and 76.6% respectively. Together with the National Immigration Bureau, we organized a "cut-off" project, which destroyed 12,000 illegal exit gangs and arrested 51,000 suspected smugglers. Together with the Supreme People’s Law, the Supreme People’s Procuratorate, the Ministry of Industry and Information Technology, the People’s Bank of China and the three major operators, we continued to promote the "card-breaking" action, destroying 42,000 illegal and criminal gangs of "two cards", investigating 440,000 criminal suspects, punishing 200,000 people who broke their promises, and punishing 41,000 business outlets and institutions. The National Anti-Fraud Center directly pushed 40.67 million national early warning instructions, and all localities used public security big data to produce 41.7 million early warning clues, successfully avoiding 61.78 million people being deceived. Successfully intercepted 1.95 billion fraudulent phone calls, 2.14 billion short messages, blocked 2.106 million fraudulent domain names and websites, and urgently stopped paying 329.1 billion yuan of funds involved. Persuade 210,000 people involved in fraud from overseas education,The number of people who go abroad to commit crimes against our country has been greatly reduced. The Ministry of Industry and Information Technology organized three major operators to upgrade and launch "Card Breaking Action 2.0", and successively cleared 77.69 million high-risk calling cards and 19.31 million industry cards. Continue to promote the National Anti-Fraud Center APP, accept 14.66 million clues reported by the masses, and warn the masses 230 million times.

  However, Du Hangwei also pointed out that the current year-on-year decline in the number of cases filed for nine months was achieved under the situation of continuous crackdown on high pressure. It should be said that these achievements are temporary and fragile. We should stick to heavy punches, heavy hands and heavy codes. Based on domestic and overseas. Build a strong early warning to discourage "firewall", create a "killer weapon" for technical countermeasures, and reinforce funds to intercept "flood levees". We should continue to strengthen the management of fraud-related personnel in accordance with the law, broaden employment channels, guide the broad masses to become rich through hard work, and resolutely eradicate the breeding ground for crime. Fully implement exit control measures. Strictly implement the disciplinary measures for financial communication of real-name registration system and untrustworthy personnel. Resolutely win the war against fraud.

  Fraud groups keep up with social hotspots and precision fraud.

  Liu Zhongyi, director of the Criminal Investigation Bureau of the Ministry of Public Security, said that from the practice of cracking down on governance, with the deepening of cracking down on governance, there have been some new changes and new features in telecommunication network fraud: a new type of cyber crime represented by telecommunication network fraud has become a mainstream crime, and under the background of COVID-19 epidemic, people’s production and life have accelerated to move online, further aggravating the high incidence of cases, and telecommunication network fraud has become a global problem of cracking down on governance. Fraud groups keep up with social hotspots and change fraud methods and "words" at any time, which is very confusing. Fraud groups tailor fraud scripts to different groups and implement accurate fraud based on illegally obtained accurate personal information. Among the 50 types of fraud found, five are mainly online rebate, false investment and wealth management, false online loan, impersonating customer service and impersonating public security law. Fraudulent groups use new technologies and formats such as blockchain, virtual currency, AI intelligence, GOIP, remote control, and screen sharing to constantly update and upgrade criminal tools, and the offensive and defensive confrontation with public security organs in communication networks and money laundering has intensified and escalated. Fraudulent groups are well-organized and have a clear division of labor, showing the characteristics of transnational organized crime such as multi-industry support, industrial distribution, group operation, refined division of labor and cross-border layout. At present, in Cambodia, the Philippines, the United Arab Emirates, Turkey, North Myanmar and other countries and regions, there are still a large number of criminal gangs committing fraud against our citizens.

  It is difficult to further solve the investigation and evidence collection and identification of electric fraud cases.

  Li Ruiyi, head of the Third Criminal Court of the Supreme People’s Court, said that last year, the national courts concluded more than 25,000 such cases in the first instance, and more than 61,000 defendants were sentenced. Courts in Sichuan, Jiangsu, Beijing, Henan and other places have concluded major cross-border telecommunication network fraud cases such as "10.18" and "10.30". In view of the outstanding problems in judicial practice, we will constantly improve and clarify the applicable standards of the law to meet the needs of the real struggle and further standardize and guide law enforcement and handling cases. While handling cases, we should actively participate in comprehensive management, carry out legal publicity, educate the masses to raise their anti-fraud awareness and promote the formation of a good social atmosphere through various forms such as live online trial, centralized public sentencing, "sending the law to campus" and "sending the law to the community".

  In the next step, the people’s courts will study and formulate evidence norms that adapt to the characteristics and laws of telecommunication network fraud, and further solve the problems of difficult investigation and evidence collection and identification of such cases.

  From case-handling supervision to case-like governance supervision

  Cheng Lei, head of the Fourth Public Prosecutor’s Office of the Supreme People’s Procuratorate, said that in 2021, procuratorial organs across the country stepped up their efforts to crack down on telecommunication network fraud crimes according to law, and nearly 40,000 people were prosecuted in the whole year. Punish all kinds of cyber crimes of "blood transfusion and food supply" for fraud crimes according to law, and prosecuted 129,000 people for helping information cyber criminal activities in the whole year, up 8.5 times year-on-year. More than 43,000 people were prosecuted for concealing and concealing the proceeds of crime, which doubled year-on-year. Actively explore the establishment of a linkage mechanism between criminal prosecution and public interest litigation in the field of personal information protection, and handled more than 2,000 public interest litigation cases in this field throughout the year. In conjunction with the Ministry of Education, we will release typical cases of students involved in "two cards" crimes, organize and carry out "anti-fraud into campus" activities, and build a campus network security defense line. In the Supreme Prosecutor’s office, a column of "Anti-fraud is going on" will be set up to strengthen the interpretation of cases and enhance the public’s ability to recognize and prevent fraud.

  In the next step, the procuratorial organs should pay more attention to their active performance of their duties, strengthen the reverse examination of cases, promote the governance of online complaints in coordination, and provide a "procuratorial plan" for social governance. It is necessary to pay more attention to data empowerment, strengthen big data thinking, promote the establishment of data interoperability and sharing, strengthen data integration analysis and judgment, realize the transformation from case-handling supervision to case-based governance supervision, and timely discover the "dead corners" and "blind spots" of network governance. Taking advantage of the opportunity of enterprise compliance reform in the whole country, combined with the outstanding problems of network black ash production management, urge the enterprises involved to strengthen compliance construction, especially data information compliance, and strengthen source governance.

  Card breaking, cat flashing, screen punching, fraud cleaning tools

  Sui Jing, director of the Network Security Administration of the Ministry of Industry and Information Technology, introduced that the Ministry of Industry and Information Technology set up a special class for anti-fraud work at the departmental, provincial and enterprise levels. Upgrade and launch the "Card Breaking Action 2.0", jointly issue a card breaking notice with the Ministry of Public Security, launch a nationwide mobile phone card "one-card universal search" service, organize centralized investigation and disposal of more than 97 million high-risk phone cards involved in fraud, clean up more than 57 million related Internet accounts, and conduct a network-based investigation of the national Internet of Things cards, and a large number of high-risk cards in stock have been completely cleared. Organize the construction of an anti-fraud platform in the information and communication industry, and continuously improve the technical prevention capability. In 2021, 45,000 fraudulent code numbers and 1.04 million domain names and websites were disposed of according to law, and 1.95 billion fraudulent telephone calls and 2.14 billion fraudulent text messages were intercepted. Deploy and promote the "Cat (Pool) Action", and jointly crack down on 2,219 "Cat Pool" dens with public security organs, arresting 7,204 criminal suspects, seizing 6,807 sets of equipment, and cleaning up fraudulent tools with heavy punches. The 12381 fraud-related early warning and dissuasion system of the Ministry of Industry and Information Technology was built, and the functions of "early warning of family numbers of the elderly" and "early warning of flashing letters" were upgraded simultaneously, greatly improving the early warning and dissuasion effect. Since it was launched in July last year, 73.8 million early warning messages and flash messages have been sent, and the effective rate of early warning and dissuasion has reached 60%.

  She also revealed that the Ministry of Industry and Information Technology will strengthen the rectification of key businesses such as fraudulent port SMS and steadily promote fraudulent credit management. Build an early warning system for international entry and exit SMS to realize real-time active reminder of international incoming calls and SMS. Focus on solving the pain points of the masses, launch an "anti-fraud business card", realize the authoritative marking of the calling number, and effectively identify the authenticity of the number.

  The pattern of "capital chain" governance and financial normalization and anti-fraud has basically taken shape

  Wen Xinxiang, director of the Payment and Settlement Department of the People’s Bank of China, said that remarkable results have been achieved in guarding the people’s "money bags", and the pattern of normalized anti-fraud governance in the financial industry has basically taken shape. In 2021, the financial system’s ability to identify and intercept funds increased significantly, and a large number of people were successfully prevented from being deceived. The number of bank accounts of fraudulent units decreased by 92% per month, and the amount of fraud involved in individual bank accounts decreased by 21.7%.

  Improve the management system of bank accounts and payment accounts, establish an account classification and classification management system, consolidate the real-name registration system of accounts, establish a system for monitoring, identifying and intercepting fraudulent transactions, and strengthen the supervision of payment institutions. The enterprise information networking verification system was built and operated, and the risk monitoring of enterprise accounts was strengthened. In 2021, 74.4 million pieces of information were verified. Comprehensively investigate and clean up abnormal accounts such as long-term immobile households and frequent spending households, and continuously improve the ability to monitor and intercept fraudulent funds. In 2021, the payment and settlement department of the People’s Bank of China, together with the anti-money laundering and foreign exchange administration departments, transferred 4.3 million suspicious accounts involving fraud, built 13,000 new monitoring models and rejected 130 million suspicious transactions involving fraud. Commercial banks provided the public security organs with 8872 clues about card dealers who opened accounts abnormally at bank outlets. Organize commercial banks and payment institutions to punish units and individuals that have 52,000 illegal trading accounts identified by public security organs, such as not opening new accounts for five years.

  Wen Xinxiang also pointed out that at present, China has built a multi-level, wide-coverage and modern payment system, which strongly supports domestic and international dual-cycle and people’s livelihood services. With the strengthening of risk prevention and control, it is necessary to fully balance the relationship between safety and efficiency. We must adhere to both risk prevention and control and service optimization, resolutely tackle the problem of difficulty in opening accounts due to excessive prevention and control, issue guidance on optimizing bank account services for small and micro enterprises and individuals, and put forward 34 measures, such as simple account opening and use of stock accounts, to prevent risks while providing excellent services and continuously facilitate people’s fund transfer services. Avoid "one size fits all" prevention and control that excessively affects normal business.

  Recover and return the funds and try to recover the property losses of the deceived people.

  In terms of recovering and returning the cheated funds in telecommunication network fraud cases, Liu Zhongyi introduced that the public security organs have always regarded recovering and recovering losses as the top priority of anti-fraud work, and resolutely recovered and returned the cheated funds of telecommunication network fraud victims. Establish a quick payment stop and freeze mechanism. In 2021, a total of 329.1 billion yuan of money was defrauded by people who were paid urgently, and 1.5 million victims who were making money were prevented from being cheated. Establish a risk monitoring and interception mechanism for fraudulent bank accounts, guide all banking financial institutions, establish a big data risk control model, and intercept funds in real time for risky accounts involving telecom network fraud, with a total of 1.02 million fund accounts of 14.8 billion yuan intercepted. Return the defrauded funds in a timely manner according to law, and freeze the funds involved in the case with clear ownership and meeting the conditions for return, and return the deceived people in a timely manner according to law. In 2021, public security organs throughout the country recovered and returned 12 billion yuan of funds defrauded by the people.

  Liu Zhongyi also admitted that with the rapid development of Internet finance, fraudsters have constantly changed the money laundering methods by using various methods, such as tripartite and quadripartite payment, platform running, digital currency, trade hedging, etc., and the transfer speed is fast and the concealment is strong, which brings great difficulties to the public security organs in recovering the stolen money. The legal basis for the return of funds needs to be further improved, and the return process needs to be further improved.

  Li Ruiyi introduced that the people’s courts insisted on taking the people as the center, and tried their best to recover the property losses of the deceived people in parallel with the trial of the case. Together with the relevant departments, they thoroughly investigated and recovered the funds involved in the case according to law, prompting the defendant to actively return the stolen goods and compensate, and exploring the establishment of a timely return mechanism for the funds involved in fraud according to law to ensure that the funds involved were returned to the victims in priority, and those that were not fully returned were returned in proportion to minimize and make up for the property losses of the deceived people.

  Wen Xinxiang introduced that the People’s Bank of China has built a platform for the investigation and control of telecommunication network fraud funds. In 2021, commercial banks and payment institutions inquired, stopped paying and frozen 150 million fraudulent funds according to the instructions of the public security department. Commercial banks pushed 2.428 million pieces of early warning information about fraudulent funds transactions to the public security organs to prevent a large number of people from transferring money to fraudulent accounts. Establish a fraud-related risk monitoring and interception mechanism with the National Anti-fraud Center, and organize commercial banks to monitor fraud-related collection accounts in real time and intercept them directly.

  It is reported that in the next step, the Ministry of Public Security, the People’s Bank of China, China Banking and Insurance Regulatory Commission, the NPC Law Committee, the Supreme People’s Procuratorate and the Supreme People’s Law Department will improve laws and regulations, improve the risk monitoring mechanism, enhance the early warning interception capability, further increase the return of funds defrauded by telecommunication network fraud, and effectively protect the people’s "money bags."

China CITIC Construction Investment Co., Ltd.: The soda market is expected to remain active, and the overall situation will be easy to rise and difficult to fall.

  The research report pointed out that the national real estate policy has been frequent recently, and soda ash, as one of the main varieties in the industrial chain of real estate completion, has attracted market attention. Recently, the continuous futures price of soda ash has increased significantly. Soda soda is one of the core varieties of real estate chain. In the past two years, the pattern of industry supply and demand has changed greatly, mainly reflected in the rapid concentration of industry production capacity to the first two enterprises and the rapid increase in the proportion of photovoltaic demand. The balance between supply and demand of the industry in the next three years is calculated. Generally speaking, it is considered that the comprehensive operating rate of the industry will remain above 85%, and the soda ash market is expected to remain active, and the overall situation will be easy to rise and difficult to fall. Industry head enterprises and related flexible targets still deserve long-term attention.

  CITIC Jiantou | Soda: the core variety of real estate chain, there are still many opportunities under the new pattern.

  Soda soda is one of the core varieties of real estate chain. In the past two years, the pattern of industry supply and demand has changed greatly, mainly reflected in the rapid concentration of industry production capacity to the first two enterprises and the rapid increase in the proportion of photovoltaic demand. We calculated the balance of supply and demand in the industry in the next three years. Generally speaking, we believe that the comprehensive operating rate of the industry will remain above 85%, and the soda market is expected to remain active, and the overall situation will be easy to rise and difficult to fall. Industry head enterprises and related flexible targets still deserve long-term attention.

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  Recently, the national real estate policy has been frequent, and soda ash, as one of the main varieties in the industrial chain of real estate completion, has attracted market attention. Recently, the continuous futures price of soda ash has increased significantly.

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  Although soda industry is a traditional industry, in fact, in the past two years, the supply and demand pattern of soda industry in China has changed greatly. On the occasion of the expected recovery of the real estate industry chain, this report mainly combs the supply and demand of the industry and the investment opportunities under this supply and demand background.

  Supply side: Yuanxing and Jinshan lead the expansion of production, and the industry supply tends to be concentrated substantially.

  In the past two years, the representative event of soda ash supply side is the concentrated expansion of production of head enterprises, in which 5 million tons of soda ash in Yuanxing Alashan Phase I began to be put into production gradually in 2023H2, and 2 million tons of soda ash was also put into production in Jinshan, Henan. The industry pattern has been greatly concentrated in the first two companies. In particular, Yuanxing Alashan is a natural alkali project, and its cost is obviously ahead of the industry average; Jinshan’s production capacity is combined alkali process, which also has a cost advantage compared with the ammonia-alkali process plant with the largest number of industries. Therefore, the industry cost curve has also changed greatly in the last two years.

  Demand side: photovoltaic connecting rod demand support; Smooth end impact of flat glass link

  Photovoltaic: the proportion of demand has increased significantly; Higher growth can be expected in 24 years. In the past two or three years, with the rapid expansion of the photovoltaic industry, the most significant change for soda ash is the significant increase in the daily melting amount of photovoltaic glass. As the vast majority of photovoltaic glass corresponding to the global installed capacity comes from China, in the medium and long term, the global installed capacity of photovoltaic glass is the most important factor (not the capacity of photovoltaic glass), as shown in the following figure. By 2024, the daily melting amount of photovoltaic glass has reached 100,000 tons/day, which is flat.

  The daily melting amount of plate glass is close, which has become the most powerful support for the demand side of soda ash And in 2024, the global photovoltaic installed capacity is still expected to maintain a growth rate of around 25%, which will continue to push up the demand for soda ash.

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  Real estate: the completion of real estate fluctuates greatly, but the fluctuation of flat glass production is quite smooth, and because of the low base, even if the 24-year completion cycle is not good, it will not particularly impact the demand. The production of 1 ton of flat glass requires about 0.2 tons of soda ash, so the demand for soda ash at the real estate end is mainly reflected in the output of flat glass. However, the characteristics of flat glass that it is not easy to be cold-repaired, and once it is cold-repaired, it will be shut down for a long time determine that the starting load fluctuation of most production capacity in the industry is very small. As shown in the following figure, it can be seen that the fluctuation of the year-on-year growth rate of glass production in history is far less than that of the completed area of houses.

  Even in 23 years, we also saw the reverse relationship between completion and flat glass output: the year-on-year growth rate of completion in 23 years reached +17%, but the year-on-year growth rate of flat glass was negative due to the high base in 22 years. In 24 years, the market generally expects the growth rate of real estate completion to turn negative, but we also have reason to believe that it is difficult for flat glass production to drop sharply under the 23-year base.

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  Balance between supply and demand: Below, we make a relatively simple calculation of the balance between supply and demand of soda ash-

  (1) Capacity end: We assume that the large-scale production capacity under construction in soda ash industry, such as Yuanxing Alashan Phase II project, can be put into production as scheduled. And put in some small production capacity expectations (but irrelevant to the overall situation). Among them, there are two kinds of caliber: year-end capacity and annual capacity considering the release rhythm. If a certain production capacity reaches the end of June of that year, it will be counted as half of its total production capacity in the industry’s "annual production capacity considering releasing rhythm".

  (2) Demand side: at the completion side, we assume that the decline in real estate completion in 2024 will bring about a decline in the output of flat glass of about 7%; On the photovoltaic side, we assume that the daily melting amount of photovoltaic glass will maintain a year-on-year growth rate of about 25% with the global photovoltaic installed capacity in 2024, but the growth rate will fall back to about 10% in 25 and 26 years. As can be seen in the following table, according to the above assumptions, even under the more pessimistic assumptions about the completion and flat glass (for example, assuming that the output of flat glass will decline by 12% in 2024), the demand for soda ash will continue to increase year-on-year in 24 years.

  (3) In terms of inventory and import and export, it is assumed that the level of stability in normal years is basically maintained, which makes our attention focus on the long-term changes in the supply and demand pattern of the industry.

  Based on the above assumptions, as shown in the following table, it is not difficult to find that if measured by the average operating rate of the industry, 2022 and 2023 will be the years with the tightest supply and demand in the industry, and the average operating rate of the industry is around 90%.In 2024, the expected growth rate of industry supply is greater than demand, and the industry pattern tends to be loose.

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  But even if the supply and demand of the industry tends to be loose, we think this does not mean that the soda industry is not worthy of attention. On the contrary, based on the following reasons, we believe that soda ash is still a high-quality plate worthy of continuous tracking in the next 2-3 years.

  1. Head enterprisesThere is still a solid bottom profit, a low valuation level and a significantly improved dividend rate.

  At present, the head enterprises in soda ash industry are not only producing 1.8 million tons of Zhongyuan Chemical and 5 million tons of Alashan soda ash, but also the total production capacity ranks first in the country. More importantly, as the only natural alkali manufacturer in the industry, the company has a high cost advantage in the industry. Under the background that the price of soda ash in 24Q1 has dropped obviously and the industry profit has deteriorated, there is still a profit level of 568 million yuan in a single quarter and 2.272 billion yuan annually. In the future, with the climbing of Alashan Phase I production capacity and the construction and commissioning of Alashan Phase II, there is still much room for improvement in production capacity, and the average cost per ton is expected to be further diluted.

  On the other hand, it should be noted that the company greatly increased the dividend level in 2023, with the cash dividend amount reaching 1.119 billion yuan and the dividend rate (calculated by deducting non-net profit) of 46%. After the capital expenditure of Alashan Phase I and Phase II ends, the annual deduction of non-net profit and dividend rate may be further increased, and the feedback from potential shareholders is considerable.

  2. It should be noted that the industry operating rate is still expected to be above 85% in 24 or 25 years, and the absolute level is still relatively high:

  Our judgment on the supply and demand of the industry is based on the static analysis at the current time. However, unexpected supply and demand disturbances are likely to occur in actual economic operation. From the historical experience, when the comprehensive operating rate of the industry is above 85%, it actually has the basis for a substantial price increase with the cooperation of supply and demand. For soda ash, if there is an unexpected favorable supply and demand in 24 or 25 years (the real estate policy is more than expected, or the global photovoltaic demand is more than expected), there may be a sharp price increase in the short term.

  Historically, according toIn 2018 and 2020, the comprehensive average operating rate of soda ash industry was around 83%, slightly lower than 85%, but there was a dramatic surge in the corresponding years.

  3. The increasingly concentrated industry pattern will make soda ash easy to rise and difficult to fall, and the price may not really be close to the industry cost line for a long time:

  When a subdivided commodity industry tends to be oversupplied, a simplified way of thinking is "marginal cost pricing", that is, the price is likely to fall to or even fall below the full cost of the industry’s marginal capacity. This rule has been verified in most chemical products in history. But on the other hand, it should be noted that when the industry supply is increasingly concentrated in the head enterprises, commodity prices often deviate from the above laws. Specifically, it is gradually showing the characteristics of "easy to rise and difficult to fall" and "natural bulls". The logic behind it is that the price leadership of the industry leader and the bargaining power relative to the downstream have been greatly improved.

  In fact, in 2023, we have already seen such a situation. With the commissioning of the Alashan Phase I project in Yuanxing, the leading position was established, and the price of soda ash was obviously easy to rise and difficult to fall:

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  We believe that in 2024, although the supply and demand of the industry will continue to become loose conservatively, the price of soda ash is probably not "honestly lying on the marginal cost line". For the leading enterprises in the industry, it is also likely to form a more favorable situation than "completely competitive market and marginal cost pricing".

  4, soda standard often has a high stock price elasticity:

  Our discussion mainly focuses on the fundamental level. However, from the performance of stock price, due to the deep binding between soda ash and real estate demand in history, and the active trading of corresponding futures varieties, the stock price elasticity of soda ash is often in the forefront in the chemical industry when the real estate is highly concerned.

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  1. Risk of deterioration of supply and demand in the industry: The biggest risk of the industry is to calculate from the balance of supply and demand. In the next two years, the industry may continue to experience the situation that supply and demand tend to be loose. Of course, this does not mean that the head enterprises in the industry will have serious performance pressure.

  2. Downside risk of real estate: At present, the real estate policy is making efforts nationwide, but if the real estate industry is not repaired as expected, especially if the completion end is significantly less than expected, it may have a greater impact on it.

  3. Risk of coal price fluctuation: regardless of ammonia alkali, combined alkali and natural alkali, coal price constitutes a considerable part of production cost. Therefore, if the coal price is greatly increased, it may greatly affect the production cost of soda enterprises.