上海夜生活

() The business review of the Board of Directors in the first half of 2022 is as follows:

　　I. Review of Main Work

(1) Taking the initiative to act in stabilizing the economic market and supporting the real economy, the Bank introduced 22 measures in six aspects to help stabilize the economic market and support the real economy; We will provide the service of "stabilizing the economy and entering all enterprises" for the single champion enterprises specializing in innovation and manufacturing; Focus on key areas and industries such as manufacturing, inclusive finance and green finance, expand pricing authorization, optimize credit approval and increase assessment; We will introduce special preferential support policies for high-quality customers, establish flexible and efficient "list system", "consultation system" and "pre-trial" mechanisms, unblock blocking points, solve difficulties, and accurately implement credit supply. By the end of the reporting period, total loans exceeded 3.5 trillion yuan, bond investment (including funds) exceeded 1.5 trillion yuan, manufacturing loans increased by 12.36%, green loans increased by 26.59%, clean energy loans increased by 44.16% and inclusive loans increased by 18.94%.

(II) Stimulating innovation momentum and promoting business development during the transformation of wealth management. The Bank promoted the hierarchical and grouped retail customer business strategy and built a new hyperbolic business development model. The total retail AUM was 2.31 trillion yuan, and the proportion of retail operating income increased by 0.6 percentage points to 42.07%. There are 147 million retail customers and 1.1 million wealth customers. The balance of retail credit exceeded 1 trillion yuan, and the proportion of retail non-housing loans increased. The integrated comprehensive service capability of the company’s financial investment banks continued to improve, with FPA (total customer financing of the company) reaching 4.62 trillion yuan, an increase of 11.65% over the end of last year; For five consecutive years, it has achieved "three excellent results" in the evaluation of the central financial agency bank; The effect of public-private linkage was improved, the transaction volume and the retention rate of agency funds were both improved, and the service of supporting the military bank won the "China Financial Product Communication Model Award". The business collaboration capability has been continuously improved, and the collaboration of "mobile banking+cloud payment" has been strengthened to create a new service model of "one-stop service for financial management, social security, payment and loan"; Develop financial scene products such as "logistics link" and "automobile link" to enhance digital management ability; Strengthen the collaborative linkage mechanism of trust and bond investment, and use financial market and interbank business resources to coordinate the development of custody business; The scale of cooperation with China Everbright Group and its operating income have increased steadily.

Iii. Tightening safety responsibilities and ensuring development quality while adhering to the risk bottom line, the Bank’s asset quality continued to improve, and the NPL ratio, interest rate, overdue interest rate and provision coverage ratio achieved "three reductions and one liter", and its risk resilience continued to increase; Build an automated examination and approval management system, implement unified examination and approval management, strengthen consolidated management, establish a pre-trial consultation mechanism between China and Taiwan, and improve examination and approval efficiency; Improve the management and control mechanism of large credit customers, and establish the concentration limit of large credit customers by layers; Implement mandatory withdrawal of potential risk customers, and orderly clear out the stock risks in key areas; Strengthen the monitoring and management of complaints, and get an A grade in the annual consumer protection evaluation organized by the People’s Bank of China for two consecutive years.

(IV) Optimizing structural functions and strengthening team building in deepening mechanism reform; The Bank actively and orderly promoted the "two departments and two centers" structural setting of digital transformation, and enhanced the efficiency of "business+technology" integration; Deepen the reform of audit system and mechanism, strengthen the leadership of party committees on audit work, and improve the long-term mechanism of audit rectification; Improve the performance appraisal system and comprehensive appraisal methods, increase the assessment of supporting the real economy, internal control compliance and development quality, and encourage value creation and synergy; Establish a pool of outstanding young cadres, cultivate "finance+technology" compound talents, and strengthen grassroots exercise, multi-post experience and hard-working experience in cadre selection.

II. Development Strategy of the Bank

(A) strategic overview

1. Strategic Vision

The Bank adheres to the strategic vision of "building a first-class wealth management bank" and is committed to creating greater value for society, shareholders, customers and employees.

2. Strategic Connotation The Bank resolutely implements the national strategy, actively serves and integrates into the new development pattern, and relies on the advantages of Everbright Group’s full financial license, production integration and land port to strengthen group linkage, strengthen innovation drive and create unique advantages in wealth management.

(II) Implementation of the Strategy During the reporting period, the Bank carried out the missions of the national team of financial central enterprises, the wealth management professional team and the people’s livelihood service vanguard, based on the new development stage, implemented the new development concept, actively served to build a new development pattern, focused on the strategic vision of "building a first-class wealth management bank" and continuously improved its high-quality development capability.

First, take root in the real economy and serve the people’s livelihood. We will fully support key areas such as manufacturing, inclusive finance, green finance and rural revitalization through the full implementation of special credit plan management, differentiated internal fund transfer pricing preferential policies, and strengthened balanced scorecard assessment; Medium-and long-term manufacturing loans and inclusive agriculture-related loans increased by 17.13% and 25.21% respectively over the end of last year, both higher than the average growth rate of various loans; Intensive cultivation of people’s livelihood services, such as pensions and third-generation social security cards, served 11,964,200 social security customers and realized pensions of 15.953 billion yuan; We continued to do a good job in supporting the army and giving special care to the disabled. The cooperation project of preferential treatment cards for retired military personnel and other special care recipients landed in 32 branches and successfully issued the first wealth management product with the theme of "supporting the army". The second is to promote structural transformation and highlight business characteristics. Broaden the transaction settlement business, increase the original and high-quality liabilities, and the deposit balance increased by 271.869 billion yuan over the end of last year; Continue to promote the development of green intermediary business, optimize the allocation of resources, and achieve the effect of light transformation, achieving a green revenue of 6.169 billion yuan, a year-on-year increase of 6.44%; Continue to cultivate the characteristics of wealth management, actively develop "cloud payment", and strengthen the ecological construction of education and training, logistics, housing transactions and other scenarios. The third is to optimize the quality and efficiency of operation and consolidate the customer base. Strengthen the role of corporate finance as a "ballast stone", take FPA as the engine, and accelerate the integrated transformation of "commercial bank+investment bank+asset management+transaction" to meet customers’ comprehensive financing needs; Play the role of "new force" in retail business and wealth management, with AUM(Retail customer asset management scale) is the Polaris indicator, which will strengthen the agency business, enrich product shelves and improve customer experience; Enhance the role of "booster" in the financial market, focus on GMV (transaction amount of interbank customers’ funds), strengthen transaction attributes, expand business cooperation, and promote multi-win situation.

Fourth, strengthen risk control and improve asset quality. Continue to promote risk stationing and risk embedding for business front-end, and improve the accuracy of marketing services and risk prevention and control; Clarify the risk management requirements of key areas such as real estate business and local government financing platform, and formulate differentiated regional credit investment policies; Improve the research management system of credit industry, follow up key industry areas, and provide support for marketing services; Take measures to solve the stock risk and promote the stable and positive asset quality.

III. Core Competitiveness of the Bank

First, the background of diversified operation, industry-finance cooperation and full financial license shareholders. Everbright Group, the controlling shareholder, is a large-scale financial holding group directly under the central government, ranking among the top 500 in the world. Its business scope covers financial and environmental protection, tourism, health, high-tech and other characteristic industries. Its business area spans Hong Kong and the mainland, and its institutions and businesses are all over the world, providing a platform for the Bank to carry out comprehensive financial services and cooperation between industry and finance.

The second is to unify the advantages of Sunshine brand. Over the years, with the concept of "sharing sunshine and innovating life", the Bank has strengthened brand building, strived to build a series of "sunshine" brands, and launched a series of famous products such as Sunshine Financial Management, Cloud Payment, Sunshine Pratt & Whitney, Autolink, Forfaiting Blockchain, Sunshine E-loan, Salary Loan and Sunshine Finance.

The third is the advantage of excellent innovative genes. Under the background of establishing a competitive financial market in China, the Bank came into being, developed and strengthened through pioneering and innovation, and had a strong sense of innovation. The first to launch RMB wealth management products, the first to have the qualification of fully acting as a financial treasury business, and the first to obtain the qualifications of enterprise annuity fund custodian and account manager, to build the largest open payment platform "cloud payment" in China, to launch and expand the wealth E-SBU ecosystem, and to achieve good innovation results. The fourth is the leading edge of some businesses. The Bank is committed to "building a first-class wealth management bank" and has a strong competitive advantage in wealth management; Investment banking has established a first-Mover advantage in the industry and has the ability to provide comprehensive investment banking services for enterprises; Digital finance business is based on an open platform, and an open service system is constructed, and the business model is in a leading position in the industry; The financial market business maintained steady and compliant operation, and the trading strategy won high recognition from the market; The continuous improvement of the value creation and high-quality development ability of retail business has played a stabilizing role in the sustainable development of the Bank.

The fifth is prudent and steady business style. The Bank has always adhered to prudent risk management concepts, sound business development strategies and compliant management measures, and the methods and means of comprehensive risk management have been continuously enriched, asset quality control has been effective, the management system has been continuously improved, and the initiative, foresight and predictability of risk management have been continuously improved.

The sixth is the driving advantage of scientific and technological innovation. The Bank continued to deepen the "123+N" digital everbright development system of "one intelligent brain, two technical platforms, three service capabilities and n digital famous products". In the future, the Bank will continuously increase its investment in science and technology, optimize its governance in science and technology, enhance its basic capabilities in science and technology and empower its business development.

Iv. overall operation of the bank

(I) Steady growth in business scale and strengthening support for the real economy. At the end of the reporting period, the total assets of the Group were 6,257.247 billion yuan, an increase of 355.178 billion yuan or 6.02% over the end of the previous year; The total principal of loans and advances was 3,512.531 billion yuan, an increase of 205.227 billion yuan or 6.21% over the end of last year; The balance of deposits was 3,947.612 billion yuan, an increase of 271.869 billion yuan or 7.40% over the end of last year. During the reporting period, the Group actively implemented the decisions and arrangements made by the CPC Central Committee and the State Council, based on the needs of the country, gave full play to Everbright’s ability, and introduced a number of measures to stabilize the economic market and support the real economy. The average cost ratio of interest-bearing liabilities was 2.31%, down 3BPs year-on-year, and the debt cost remained improved.

(II) The growth of operating income and profit accelerated, and the profitability continued to improve. During the reporting period, the Group achieved operating income of 78.454 billion yuan, up 1.77% year-on-year. Among them, the net interest income was 56.675 billion yuan, a year-on-year increase of 1.39%; The net fee and commission income was 14.835 billion yuan, a year-on-year decrease of 1.49%. The net profit was 23.446 billion yuan, the growth rate of operating income and net profit increased by 1.65 and 1.84 percentage points respectively compared with the first quarter, and the profitability continued to improve.

(III) The asset quality is stable and the ability to resist risks is enhanced. At the end of the reporting period, the balance of non-performing loans of the Group was 43.643 billion yuan, an increase of 2.277 billion yuan over the end of the previous year; The non-performing loan ratio was 1.24%, down 0.01 percentage point from the end of last year; The loan ratio of concern was 1.84%, down 0.02 percentage points from the end of last year; The overdue loan ratio was 1.96%, down 0.03 percentage points from the end of last year; The provision coverage ratio was 188.33%, up 1.31 percentage points from the end of last year.

(IV) The capital strength has been enhanced, and the regulatory requirements have been continuously met. At the end of the reporting period, the Group’s net capital was 542.714 billion yuan, with a capital adequacy ratio of 12.18%, a Tier 1 capital adequacy ratio of 10.95% and a core Tier 1 capital adequacy ratio of 8.59%, all of which met the regulatory requirements.

V. Main items in the income statement

(I) Changes of items in the income statement

None.

(2) Operating income

During the reporting period, the Group achieved operating income of 78.454 billion yuan, an increase of 1.362 billion yuan or 1.77%. Net interest income accounted for 72.24%, down 0.27 percentage points year-on-year; The net fee and commission income accounted for 18.91%, down 0.62 percentage points year-on-year; Other income accounted for 8.85%, up 0.89 percentage points year-on-year.

(3) Net interest income

During the reporting period, the Group’s net interest income was 56.675 billion yuan, an increase of 778 million yuan or 1.39%.

The Group’s net profit margin was 1.99%, down 12BPs； year-on-year; The net interest rate of return was 2.06%, down 14BPs year-on-year, mainly due to the implementation of the policy of reducing fees and making profits, reducing the financing cost of the real economy, and the average rate of return on interest-bearing assets decreased by 15BPs year-on-year.

(4) Interest income

During the reporting period, the Group realized interest income of RMB118.396 billion, up RMB5.311 billion or 4.70% year-on-year, mainly due to the increase in interest income from loans and advances.

1. Interest income from loans and advances During the reporting period, the Group realized interest income from loans and advances of RMB84.986 billion, up RMB4.552 billion or 5.66% year-on-year, mainly due to the increase in loan scale.

2. Investment interest income

During the reporting period, the Group’s investment interest income was 26.034 billion yuan, down by 132 million yuan or 0.50% year-on-year, mainly due to the decrease in investment yield.

3. Interest income of financial assets lent out, deposited in banks and bought back for sale During the reporting period, the interest income of financial assets lent out, deposited in banks and bought back for sale of the Group was 2.088 billion yuan, up 1.136 billion yuan or 119.33% year-on-year, mainly due to the increase in the scale and yield of financial assets lent out, deposited in banks and bought back for sale.

(5) Interest expenses

During the reporting period, the Group’s interest expense was 61.721 billion yuan, up by 4.533 billion yuan or 7.93% year-on-year, mainly due to the increase in customer deposit interest expense.

1. Interest Expenditure on Customer Deposits During the reporting period, the interest expenditure on customer deposits was 41.172 billion yuan, an increase of 3.225 billion yuan or 8.50% year-on-year, mainly due to the increase in the scale of customer deposits and the increase in interest rates.

2. Interest expense of interbank deposits, borrowings and sales of repurchase funds During the reporting period, the interest expense of interbank deposits, borrowings and sales of repurchase funds of the Group was 8.889 billion yuan, a year-on-year decrease of 2.527 billion yuan or 22.14%, mainly due to the decrease in scale and interest rate.

3. Interest expenses on bond issuance

During the reporting period, the interest expense of bonds issued by the Group was RMB11.66 billion, up RMB3.835 billion or 49.01% year-on-year, mainly due to the increase in the scale of bonds issued.

(6) Net fee and commission income

During the reporting period, the Group’s net fee and commission income was 14.835 billion yuan, a year-on-year decrease of 224 million yuan or 1.49%, mainly due to the year-on-year decrease of 214 million yuan in other fee income.

(7) Other income

During the reporting period, the Group’s other income was 6.944 billion yuan, up 808 million yuan year-on-year, mainly due to the increase in investment income.

(8) Business and management fees

During the reporting period, the Group’s business and management fees amounted to 18.788 billion yuan, a year-on-year decrease of 1.165 billion yuan or 5.84%. The cost-income ratio was 23.95%, down 1.93 percentage points year-on-year.

(IX) Asset impairment losses

During the reporting period, the Group adhered to an objective and prudent provision policy, continuously consolidated the provision base and enhanced its risk resilience, and accrued asset impairment losses of RMB29.025 billion, up RMB312 million or 1.09% year-on-year.

(10) Income tax expenses

During the reporting period, the Group’s income tax expense was 5.771 billion yuan, up by 1.089 billion yuan or 23.26% year-on-year, which was mainly due to the increase in assets losses that are not expected to be deductible before tax in this period.

VI. Main items in the balance sheet

(1) Assets

At the end of the reporting period, the Group’s total assets amounted to RMB6,257.247 billion, an increase of RMB355.178 billion or 6.02% over the end of the previous year, mainly due to the increase in loans and advances.

1. Loans and advances

At the end of the reporting period, the total principal of loans and advances of the Group was RMB3,512,531 million, an increase of RMB205,227 million or 6.21% over the end of the previous year; Net loans and advances accounted for 54.98% of the total assets, an increase of 0.09 percentage points over the end of last year.

2. Investing in securities and other financial assets

At the end of the reporting period, the Group invested 1,958.801 billion yuan in securities and other financial assets, an increase of 109.080 billion yuan over the end of the previous year, accounting for 31.30% of the total assets and 0.04 percentage point lower than the end of the previous year.

3. Types and amounts of financial bonds held.

At the end of the reporting period, the Group held financial bonds of RMB1,277.895 billion, an increase of RMB700.116 billion over the end of the previous year, of which financial bonds measured in amortized cost accounted for 81.13%.

4. Hold ten financial bonds with the largest face value.

5. Goodwill

The cost of goodwill of the Group was 6.019 billion yuan. At the end of the reporting period, the provision for impairment of goodwill was 4.738 billion yuan, with a book value of 1.281 billion yuan, unchanged from the end of last year.

6. By the end of the reporting period, the Bank’s main assets were not sealed up, detained, frozen or mortgaged or pledged.

(2) Liabilities

At the end of the reporting period, the Group’s total liabilities amounted to RMB5,764,712 million, an increase of RMB347,009 million or 6.41% over the end of the previous year, mainly due to the increase in customer deposits.

At the end of the reporting period, the balance of customer deposits of the Group was RMB3,947.612 billion, an increase of RMB271.869 billion or 7.40% over the end of the previous year.

(III) Shareholders’ rights and interests

At the end of the reporting period, the Group’s shareholders’ equity attributable to the Bank was RMB490.530 billion, a net increase of RMB8.041 billion over the end of the previous year, mainly due to the increase in profits realized in the current period.

(4) Off-balance-sheet items

The off-balance-sheet items of the Group are mainly credit commitments, including loan and credit card commitments, acceptance bills, letters of guarantee, letters of credit and guarantees. At the end of the reporting period, credit commitments totaled 1,404.146 billion yuan, an increase of 34.542 billion yuan over the end of the previous year.

VII. Cash flow

The net cash outflow from the Group’s operating activities was RMB178,781 million. Among them, the cash inflow was 417.47 billion yuan, up 80.453 billion yuan or 23.87% year-on-year, mainly due to the increase in customer deposits; The cash outflow was 596.251 billion yuan, an increase of 116.026 billion yuan or 24.16% year-on-year, mainly due to the increase in customer loans and advances. The net cash outflow from the Group’s investment activities was 43.761 billion yuan. Among them, the cash inflow was 441.387 billion yuan, an increase of 26.434 billion yuan or 6.37% year-on-year, mainly due to the increase in cash inflow from investment recovery; The cash outflow was 485.148 billion yuan, up 31.380 billion yuan or 6.92% year-on-year, mainly due to the increase in cash paid for investment. The Group’s net cash inflow from fund-raising activities was RMB123.38 billion, a year-on-year decrease of RMB50.841 billion, mainly due to the increase in cash paid for bonds.

VIII. Loan Quality

IX. Operating Performance of Various Business Lines

(1) Financial business of the company

In accordance with the strategic requirements of "building a first-class wealth management bank", the Bank’s corporate finance business strengthens customer thinking, adheres to customer orientation, pays attention to customer value, accelerates the establishment of a "layered, graded and grouped" marketing model, solidly promotes the strategic transformation of "commercial bank+investment bank+asset management+transaction", and strives to build high-quality first-class corporate finance; Actively integrate into the national development strategy, actively serve the development of the real economy, implement major regional strategies, and provide financial services in infrastructure construction, advanced manufacturing, green finance, coal and electricity supply, and epidemic relief; We will promote the incremental expansion and price reduction of microfinance services, vigorously support the development of the private economy, and launch a series of service activities of "stabilizing the economy and entering all enterprises" to help stabilize the economic market. During the reporting period, the operating income was 30.36 billion yuan, a year-on-year decrease of 787 million yuan or 2.53%, accounting for 38.70% of the bank’s operating income. At the end of the reporting period, the total number of customers was 927,000, an increase of 44,200 or 5.01% over the end of the previous year, of which 434,100 were effective corporate customers, an increase of 20,100 or 4.86% over the end of the previous year.

1. Corporate deposit and loan business

The Bank insisted on serving the real economy, strengthened its support for key areas and weak links, actively increased the loan scale, reduced the financing cost of enterprises, and expanded FPA；; Adhere to the development orientation of "both quantity and price", focus on payment and settlement, scene construction and capital circulation, broaden the channels for deposit growth and optimize the deposit structure; Strengthen the construction of customer channels, promote the pilot work of electronic certificate accounting data standards of the Ministry of Finance, and successfully issue the first electronic receipt in the banking system; Promote digital construction, strengthen technology and data support, and empower customer marketing, product innovation and business development; Adhere to the risk bottom line, operate in compliance with the law, and the asset quality is stable and good. At the end of the reporting period, the balance of corporate deposits (including corporate portion of other deposits) was 2,935.961 billion yuan, an increase of 173.942 billion yuan or 6.30% over the end of the previous year, of which the balance of corporate RMB core deposits increased by 171.652 billion yuan or 7.40%; The balance of corporate loans (excluding discounts) was 1,908,885 million yuan, an increase of 118,066 million yuan or 659% over the end of last year.

2. inclusive finance business The Bank continued to increase the investment of inclusive loans, promoted the "incremental expansion" of inclusive finance, and achieved the phased supervision standards of "two increases and two controls"; Help small and micro enterprises to solve problems, introduce policies such as stabilizing the economy, ensuring smooth traffic and resuming production, and increase support for industries seriously affected by the epidemic, such as accommodation, catering, retail, culture, tourism and transportation; Strengthen chain financing and scenario application, and strive to build inclusive ecological chain projects such as "Sunshine Political Mining Loan", "Commercial Ticket Financing Loan" and "Sunshine Supply Loan" to help stabilize the industrial chain and supply chain; Promote the digital transformation of inclusive business, and iteratively upgrade online products such as "Sunshine e-loan" and "Sunshine e-tax loan" to provide customers with a convenient financing experience. At the end of the reporting period, the balance of inclusive loans was 281.884 billion yuan, an increase of 44.883 billion yuan or 18.94% over the end of the previous year, which was higher than the average growth rate of various loans. 451,600 customers, an increase of 59,500 over the end of last year; The weighted average interest rate of new loans was 4.62%, down 28BPs； from the end of last year; The defective rate is 0.63%.

3. Investment banking business

The Bank continued to deepen the management concept of "commercial bank+investment bank+asset management+transaction", improve the professional service ability of investment banking business, and build a new competitive advantage of "integration of investment and commercial bank"; Promote the construction of customer system, establish an all-round marketing map for investment banks, and the business volume of strategic customers has grown steadily; Focus on FPA product system and realize "multi-dimensional drive" such as bond financing, M&A financing, structured financing, equity financing and intermediary matching; Vigorously support the real economy, landing rural revitalization bills, panda bonds, science and technology bills, equity investment bills, carbon neutral bonds and other projects. During the reporting period, the Bank underwritten 371 bonds with an amount of RMB243.890 billion; Newly added M&A loans of 14.085 billion yuan; Four credit asset securitization projects were issued, with an asset scale of 10.016 billion yuan.

4. Transaction banking business

In line with the development trend of digitalization, online and scene, the Bank enhanced the comprehensive financial service capability of trading banks, and built various channels for core enterprises in the supply chain, public resource trading centers and corporate customers through Sunshine E-chain, Sunshine Supply Chain Cloud Platform and cash management system, continuously enriching the product system and providing scene financial services; The functions and advantages of "sunshine salary" in ensuring all aspects of migrant workers’ wage payment were further exerted, and the business scale grew steadily, helping to protect the legitimate rights and interests of new citizens. At the end of the reporting period, the accumulated guarantee amount of migrant workers’ wage guarantee was 7.813 billion yuan, serving 1,387 corporate customers; Implement the policy of stabilizing foreign trade and foreign financial services, and introduce financial support measures to promote the stability and quality of foreign trade; Relying on scientific and technological innovation, actively participate in docking new foreign trade formats and new models such as cross-border e-commerce and market procurement; Support the construction of Hainan Free Trade Port, improve free trade service measures, and promote the development of international settlement and cross-border RMB business. At the end of the reporting period, the balance of off-balance-sheet trade financing was 464.785 billion yuan.

(2) Retail financial business

The Bank strives to build a digital retail bank, adheres to the "customer-centered" business philosophy, builds a new "hyperbolic" business development model, deepens the "first curve", gives full play to the advantages of branch outlets and full-time wealth management managers, and enhances offline production capacity; Expand the "second curve" and accelerate the transformation and upgrading of services; Strengthen digital drive, continue to deepen the comprehensive operation of retail customers, increase the total number of retail customers and improve their quality; Accelerate the structural adjustment of the debt side, increase the scale of retail deposits, optimize the structure and improve the cost; Promote the transformation of asset-side business, start intensive management, create famous products of Sunshine retail loans, support the development of inclusive finance, increase the scale of retail loans, and maintain stable asset quality; Continue to deepen the transformation of wealth management, adapt to the diversified investment needs of customers, increase product supply, and the characteristics of wealth management become more and more distinct. During the reporting period, the operating income was 33.002 billion yuan, up 1.032 billion yuan year-on-year, or 3.23%, accounting for 42.07% of the bank’s operating income, of which the net interest income from retail sales was 22.987 billion yuan, up 3.56% year-on-year, accounting for 40.56% of the bank’s net interest income. The net non-interest income of retail sales was 10.015 billion yuan, up 2.48% year-on-year, accounting for 45.98% of the net non-interest income of the Bank.

1. Retail customers and managing the total assets of customers. The Bank promotes the construction of a retail customer management system with "hierarchical grouping, data-driven, channel collaboration and transaction transformation" as the core, optimizes the organizational structure, sets up a customer operation center, and gradually realizes the online operation of all basic customers; Focus on relying on offline channels to serve high-end customers and continuously improve the level of centralized management; Establish a retail business center, cultivate digital capabilities, promote digital retail construction, reshape business processes, re-create service models, vertically empower front-line account managers, drive customers to operate in layers and groups with data capabilities, and enhance customers’ comprehensive contributions. At the end of the reporting period, there were 146,998,900 retail customers (including debit and credit card customers), and the number of middle and high-end customers with monthly average assets of 500,000 yuan or more increased by 5.93% over the end of last year; Mobile banking, Sunshine Life and Cloud Payment have accumulated 220,893,200 users, a year-on-year increase of 42.07%, of which 37,202,600 are monthly users (MAU); Aum was 2,310.267 billion yuan, an increase of 187.800 billion yuan or 8.85% over the end of last year.

2. Retail deposit business The Bank deepened the comprehensive operation of deposits, upgraded the scale, optimized the structure and improved the cost according to the high-quality development orientation; Actively expand channels such as social security and people’s livelihood, health care, business circle management, community property, transportation, cultural and educational tourism, consumer payment and Internet innovation platform, and give full play to the role of the project in obtaining customers in batches; Strengthen the coordinated development of the public-private linkage agency business, optimize the comprehensive financial service platform of "salary manager", promote the marketing activities of "full salary and sufficient benefits", and carry out the characteristic operation of the agency customer base; Increase channel linkage, actively expand the third-party fast payment card-binding business, increase the transaction volume of online platforms, and drive the settlement funds to be deposited and retained; Adhere to differentiated product marketing strategies, implement refined product management, promote digital precision marketing, and enhance customers’ comprehensive income. At the end of the reporting period, the balance of retail deposits (including the retail part of other deposits) was 949.560 billion yuan, an increase of 91.258 billion yuan or 10.63% over the end of the previous year.

3. Retail loan business The Bank actively practices the concept of "finance for the people", fully serves the national strategy of expanding domestic demand, vigorously develops inclusive finance, increases the credit supply of small and micro customers, and increases the supply of inclusive credit loans; Continue to implement fee reduction and profit-making, give customers deferred debt service support, and help customers affected by the epidemic to bail out; Actively deploy financial support measures for new citizens to enhance their sense of gain; Keep a close eye on changes in policies and market situation, and adjust the strategies of mortgage and inclusive products in a timely manner; Carry out intensive management, promote the integration of business risks, promote the construction of risk control system in the whole process of online lending, adhere to the dual improvement of business development and risk control capabilities, and achieve balanced development of scale, efficiency and quality. At the end of the reporting period, retail loans exceeded the trillion yuan mark, and the balance (excluding credit cards) was 1,029.878 billion yuan, an increase of 46.914 billion yuan or 4.77% over the end of the previous year.

4. Wealth management business The Bank firmly takes the scale of expanding AUM as the "North Star" indicator, accelerates the transformation of wealth management, comprehensively enhances the value of retail financial channels through the "hyperbolic" integrated development, and injects new kinetic energy into retail finance; Create an offline hierarchical and professional team of financial managers, build a new management model of "hall integration" in outlets, and improve the service efficiency of outlets; Gradually build an open ecosystem of online Everbright characteristic wealth management, improve the content operation system, incubate scene financial projects, and strengthen marketing innovation; Strengthen the asset allocation ability, enrich the wealth management and agency product system, adapt to the diversified investment needs of customers, accompany customers well, and promote the continuous expansion of wealth management scale and steady improvement of benefits. During the reporting period, the net income from personal wealth management fees was 4.723 billion yuan, up 5.70% year-on-year, of which the income from agency wealth management increased by 14.24%, the income from agency trust increased by 18.58% and the income from agency insurance increased by 25.43%.

5. Private Banking The Bank adheres to the customer group business model of data guide+scene acquisition+full journey companionship (DSC), strengthens the construction of data center, and conducts in-depth insight, portrait, identification and positioning of customers through data center; Go deep into the whole life cycle scenes of private customers’ socialization, wealth, life, education, healthy pension, and open up the boundaries between transactions and non-transactions, financial and non-financial, online and offline services; From the perspective of internal operation to the perspective of customer journey, we will establish the omni-channel collaborative service capability of mobile banking+video investment+offline team (OVO, online+video IC+offline), so as to realize seamless connection and full journey companionship among all channels. We adjusted the agency business structure, focused on improving the insurance contribution, and optimized the strategy and layout of public offering and private placement. The retail agency business achieved a revenue of 1.804 billion yuan, up 0.43% year-on-year, ranking among the top in the industry. Accelerate the digital transformation, the three major product channels of mobile banking realize the transformation from shelf sales to content operation mode, iterative upgrade of private special edition, online customer journey, scene finance, interactive service and intelligent recommendation; Establish a platform for private bank customers’ A-currency points to improve their rights and interests service capabilities; The cloud payment platform has fully opened up the fund and insurance trading system, and initially realized the dual-platform layout of wealth management. At the end of the reporting period, there were 53,273 private bank customers, an increase of 3,252 or 6.50% over the end of last year. Assets under management amounted to 537.076 billion yuan, an increase of 35.948 billion yuan over the end of last year.An increase of 7.17%.

6. Credit card business

The Bank firmly promoted the credit card business to return to the source of consumption, strengthened the introduction of young and high-spending customers, and launched the Yokado and Yaokado cards for young customers, with the proportion of high-quality customers increasing by 14 percentage points year-on-year; Strengthen customers’ use of cards to promote activities, and form normalized marketing activities such as "about Friday", "about dinner", "about shopping" and "about playing". During the reporting period, online transactions increased by 38.33% year-on-year, and Sunshine Life APP had 11,523,200 monthly users, ranking among the top three credit card apps; Improve the installment business management system, systematically optimize the approval, credit granting, product management and marketing promotion of installment business, and steadily increase the installment overdraft balance; Improve the response efficiency of science and technology to business, speed up the construction of a new generation of integrated business management system, and focus on promoting the construction of marketing activity operation management, integrated management of electricity and electricity; Improve the effectiveness of risk management and control, expand data sources, improve the ability to identify new customers, strengthen the normalized risk management and control of existing customers, and promote the collection and disposal of non-performing assets. The overdue rate and non-performing rate have decreased from the end of last year; Strengthen the protection of consumers’ rights and interests, improve the customer-centered whole-process service mechanism, and enhance customer satisfaction. At the end of the reporting period, there were 46,017,000 credit card customers, an increase of 1,662,000 this year; The transaction amount was 1,379.79 billion yuan, a year-on-year increase of 2.56%; The time-point overdraft balance (excluding the adjustment of in-transit losses) was 449.417 billion yuan; Realized business income of 21.488 billion yuan.

7. Digital Finance and Cloud Payment Service

The Bank continued to promote the construction of digital banking and accelerated the digital transformation of the whole bank. At the end of the reporting period, the replacement rate of electronic transactions was 99.02%. There were 55,007,500 registered users of mobile banking and 16,018,500 monthly users, up 17.42% year-on-year; There are 916,300 registered users of corporate online banking, and the transaction amount is 27.68 trillion yuan, up 28.72% year-on-year. Cloud payment continues to maintain the leading edge of China’s largest open and convenient payment platform, the number of project access continues to increase, the coverage area of collection services is further expanded, and the output channels of the platform continue to expand. At the end of the reporting period, there were 13,354 access payment projects, with an increase of 1,091 this year, an increase of 8.90%; There are 703 cumulative output platforms, with 35 new platforms this year, an increase of 5.24%; The number of payment transactions was 1.134 billion, a year-on-year increase of 21.28%; The payment amount was 247.432 billion yuan, a year-on-year increase of 25.91%; There are 123 million direct customers, with 17 million new customers this year, an increase of 16.04%; The monthly users of direct link customers were 9,660,900, a year-on-year increase of 6.17%. Strengthen the collaborative empowerment of mobile banking and cloud payment dual apps and the characteristic construction of self-operated platforms to open up the whole process experience of customers; Complete the user information integration of mobile banking, online banking and light application platform, and launch the new mode of "one-stop service for financial management, social security, payment and loan"; The cloud payment platform will accelerate the ecological construction of "life+Microfinance" and improve the ability of social security applet traffic gathering and customer conversion. Focus on scene financial construction,From the four dimensions of industry, enterprise, government affairs and (), we will provide comprehensive financial service solutions, and key businesses such as logistics and Anjutong will achieve rapid development; Logistics has accelerated the horizontal and vertical three-dimensional promotion, and has formed certain advantages in the field of road freight. There are more than 40 head cooperative enterprises, serving more than 7 million freight drivers, and the transaction amount during the reporting period is 85.489 billion yuan; Anjutong established in-depth cooperation with a number of mainstream service organizations based on the second-hand housing transaction scenario, with a transaction amount of 123.379 billion yuan during the reporting period; In terms of government affairs scenes, focusing on customs, courts, welfare lottery and other scenes, important breakthroughs have been achieved in many regions.

(III) Financial market business The Bank’s financial market business strictly implements regulatory requirements, focuses on wealth management and value creation, and continuously improves the operational level and investment and trading ability of financial market business from the perspective of serving the real economy; Strengthen inter-bank franchise management, optimize asset structure, control debt cost by using market band, and promote financial inter-bank business to improve quality and efficiency; Give full play to the role of hosting business platform, increase the integration of resources and realize the strategic value of hosting business; Continue to enrich the colorful sunshine product system, actively participate in the pilot project of old-age financial management, and create sustainable value returns for investors. During the reporting period, the operating income was 15.395 billion yuan, an increase of 1.421 billion yuan or 10.17%, accounting for 19.62% of the bank’s operating income.

1. Treasury business

Focusing on the financial origin, the Bank optimized the asset-liability structure according to the market situation, improved the refined operation level of funds, and ensured the safety of liquidity; Give full play to the advantages of forward-looking judgment in the market and continuously improve the investment and trading level of local and foreign currency bonds; In-depth service to the national strategy, help the development of the real economy, and focus on the allocation of government bonds, local bonds, policy financial bonds and high-grade credit bonds, involving rural revitalization, clean energy, common prosperity, and foreign trade security; Do a good job in product pedigree construction, actively promote interest rate and exchange rate valet business, and serve the safe-haven needs of entity enterprises; Increase the business linkage between the head office and branches, promote collaborative empowerment, and meet the needs of customers for comprehensive financial services; Bond underwriting was strengthened, and the underwriting ranking of national debt and securities debt remained at the forefront of joint-stock banks. At the end of the reporting period, the Bank’s self-operated bond portfolio was 1,148.397 billion yuan, accounting for 18.35% of the Bank’s assets, of which national bonds and local government bonds accounted for 45.40%.

2. Financial interbank business

The Bank strengthened the exclusive management of the same industry, maintained a moderate business scale, and ensured compliance and steady operation; Actively carry out market research and judgment, accelerate the transformation of inter-bank operations, continuously optimize the asset structure, and promote the quality and efficiency of inter-bank business; Enhance the ability to support the real economy, take the national strategy as the guide, increase support for manufacturing, benefiting small and micro enterprises, green finance, rural revitalization and other fields, and conscientiously implement the requirements of steady growth; Explore diversified development paths, enrich the connotation of inter-bank operation, release the efficiency of inter-bank operation, extend the boundary of collaborative service, accelerate the business development in the fields of bond, custody, wealth management and factor market, start the construction of digital integrated service platform for inter-bank institutions, and create a new starting point for inter-bank operation of "building external ecology and realizing internal synergy"; Continue to pay attention to liquidity safety and help the bank’s liquidity management; Adhere to the risk bottom line, strictly control business risks, strengthen credit risk monitoring and early warning, and maintain stable asset quality. During the reporting period, the Bank has carried out business cooperation with 3,829 peer customers. At the end of the reporting period, the balance of interbank deposits was 442.953 billion yuan.

3. Asset management business

Industry, government affairs, new industries and other four dimensions to provide integrated financial services, logistics, housing and other key businesses to achieve rapid development; Logistics has accelerated the horizontal and vertical three-dimensional promotion, and has formed certain advantages in the field of road freight. There are more than 40 head cooperative enterprises, serving more than 7 million freight drivers, and the transaction amount during the reporting period is 85.489 billion yuan; Anjutong established in-depth cooperation with a number of mainstream service organizations based on the second-hand housing transaction scenario, with a transaction amount of 123.379 billion yuan during the reporting period; In terms of government affairs scenes, focusing on customs, courts, welfare lottery and other scenes, important breakthroughs have been achieved in many regions.

(III) Financial market business The Bank’s financial market business strictly implements regulatory requirements, focuses on wealth management and value creation, and continuously improves the operational level and investment and trading ability of financial market business from the perspective of serving the real economy; Strengthen inter-bank franchise management, optimize asset structure, control debt cost by using market band, and promote financial inter-bank business to improve quality and efficiency; Give full play to the role of hosting business platform, increase the integration of resources and realize the strategic value of hosting business; Continue to enrich the colorful sunshine product system, actively participate in the pilot project of old-age financial management, and create sustainable value returns for investors. During the reporting period, the operating income was 15.395 billion yuan, an increase of 1.421 billion yuan or 10.17%, accounting for 19.62% of the bank’s operating income.

1. Treasury business

Focusing on the financial origin, the Bank optimized the asset-liability structure according to the market situation, improved the refined operation level of funds, and ensured the safety of liquidity; Give full play to the advantages of forward-looking judgment in the market and continuously improve the investment and trading level of local and foreign currency bonds; In-depth service to the national strategy, help the development of the real economy, and focus on the allocation of government bonds, local bonds, policy financial bonds and high-grade credit bonds, involving rural revitalization, clean energy, common prosperity, and foreign trade security; Do a good job in product pedigree construction, actively promote interest rate and exchange rate valet business, and serve the safe-haven needs of entity enterprises; Increase the business linkage between the head office and branches, promote collaborative empowerment, and meet the needs of customers for comprehensive financial services; Bond underwriting was strengthened, and the underwriting ranking of national debt and securities debt remained at the forefront of joint-stock banks. At the end of the reporting period, the Bank’s self-operated bond portfolio was 1,148.397 billion yuan, accounting for 18.35% of the Bank’s assets, of which national bonds and local government bonds accounted for 45.40%.

2. Financial interbank business

The Bank strengthened the exclusive management of the same industry, maintained a moderate business scale, and ensured compliance and steady operation; Actively carry out market research and judgment, accelerate the transformation of inter-bank operations, continuously optimize the asset structure, and promote the quality and efficiency of inter-bank business; Enhance the ability to support the real economy, take the national strategy as the guide, increase support for manufacturing, benefiting small and micro enterprises, green finance, rural revitalization and other fields, and conscientiously implement the requirements of steady growth; Explore diversified development paths, enrich the connotation of inter-bank operation, release the efficiency of inter-bank operation, extend the boundary of collaborative service, accelerate the business development in the fields of bond, custody, wealth management and factor market, start the construction of digital integrated service platform for inter-bank institutions, and create a new starting point for inter-bank operation of "building external ecology and realizing internal synergy"; Continue to pay attention to liquidity safety and help the bank’s liquidity management; Adhere to the risk bottom line, strictly control business risks, strengthen credit risk monitoring and early warning, and maintain stable asset quality. During the reporting period, the Bank has carried out business cooperation with 3,829 peer customers. At the end of the reporting period, the balance of interbank deposits was 442.953 billion yuan.

3. Asset management business

Focusing on the colorful sunshine smile curve and starting from the national strategy and customer needs, the Bank continuously enriched the net worth wealth management product system, and issued a number of wealth management products such as Pratt & Whitney, Common Prosperity, New Energy, Support for the Army and Regional Theme. Deeply participate in the pilot project of old-age financial management, develop a series of old-age products that meet the long-term old-age needs and life cycle characteristics, and provide diversified solutions for new citizens’ old-age services; Strengthen the systematic investment capacity building of production-research-investment, pay attention to the investment opportunities of new economy, new energy and new infrastructure, and the transformation and upgrading of traditional economy, traditional energy and traditional infrastructure to create sustainable value returns for investors; Adhere to compliance management, implement risk control responsibilities, improve the initiative and foresight of risk management and control, and escort high-quality development. At the end of the reporting period, the balance of consolidated non-guaranteed wealth management products of the Bank was RMB1,185.323 billion, an increase of RMB117.614 billion or 11.02% over the end of the previous year, of which the balance of net wealth management products was RMB1,141.141 billion, accounting for 96.27%. During the reporting period, non-guaranteed wealth management products issued a total of 2.08 trillion yuan.

Topic 1: Sunshine Wealth Management Reaches a New Level In 2004, the Bank launched RMB wealth management products for the first time in China, and Sunshine Wealth Management began to enter the public’s field of vision, becoming an indispensable financial tool for residents’ wealth management, public asset allocation and real economy services. After 18 years of accumulation, precipitation and continuous optimization and upgrading, especially since the new asset management regulations in 2018, under the vigorous promotion of the net transformation of wealth management products and the reform of corporate system of wealth management business, Sunshine Wealth Management adheres to the new development concept, comprehensively strengthens capacity building, and achieves a new level of wealth management business with a new look.

First, focus on the transformation of net worth, and the product system will reach a new level. Around the market demand and product characteristics, combined with the general trend of asset management and wealth management, upgrade and build a "colorful sunshine net worth product system"; Taking "fixed income+"as the main product line, the all-weather series products are launched. By arranging products with different risk and return characteristics, the characteristics of colorful sunshine product system are more obvious and the sunshine smile curve is more flexible. We launched the first digital RMB wealth management product in the market, the first infrastructure public offering REITs investment product, the first batch of pension wealth management products and direct equity investment products, and issued theme products such as common prosperity, rural revitalization, ESG, children’s education, concerted anti-epidemic, and military exclusivity to meet the diversified needs of different customer groups. At the end of the reporting period, the balance of net wealth management products of Sunshine Wealth Management was 1,141.141 billion yuan, accounting for 96.27% of the total scale of Sunshine Wealth Management.

Second, focus on serving the real economy, and the investment and research ability will reach a new level.

Promote the systematic investment structure of production, research and investment, actively integrate into the national development strategy, support the development of green economy, lay out key industries such as new energy, high-end manufacturing and consumption upgrading, support the financing of specialized and special new enterprises, deeply participate in public investment in REITs, and comprehensively help small and medium-sized enterprises and private enterprises to solve problems. During the reporting period, under the complicated internal and external environment, the withdrawal of Sunshine wealth management products was controllable and the fluctuation was small, showing good risk control ability and the ability to continuously create income for investors in the face of market fluctuations. Since 2004, Sunshine Financial Management has accumulated more than 410 billion yuan for investors.

Third, focus on refined management and reach a new level of comprehensive risk management and control.

Adhere to the principle of maximizing the interests of investors and prudent and steady operation, improve the risk management structure of three lines of defense, and optimize the control of credit risk, market risk, liquidity risk, concentration risk, portfolio risk and operational risk from four levels: macro, regional/industry, enterprise/project and mode; Adhere to the "combination+diversification" risk management strategy, establish an elastic combination of risks and benefits that can reflect market characteristics, ensure that the net value of wealth management products fluctuates within a reasonable range, and achieve the control goal of risk isolation, measurability and affordability; For the first time in the industry, the self-assessment of institutional money laundering risk was carried out and completed, and it was the first among the financial subsidiaries of joint-stock commercial banks to pass the internal control verification of international standards.

Faced with new opportunities such as the redistribution of residents’ wealth, the construction of the second and third pillars of old-age care, digital construction, and the universal development of wealth management, Sunshine Financial Management will shoulder the responsibility, keep its initial heart and continue to create sustainable value returns for investors.

4. Asset custody business

The Bank’s asset custody business adheres to value symbiosis, co-construction and sharing, gives full play to the role of "big platform", strengthens coordination and integration of resources in various sectors, and achieves effective growth in custody scale and custody income; In view of market changes, optimize product strategy, actively market innovative products such as public offering REITs and pension financing, broaden the types of trust custody business, strengthen annuity marketing, and lay out personal pension business; Establish business structure, sort out business sectors, strengthen system construction, optimize and improve product system and business system, and improve service capacity; Actively respond to the impact of the epidemic, start an emergency plan, and ensure the safe and continuous operation of custody. At the end of the reporting period, the after-tax income of the Bank’s custody business was 927 million yuan, and the custody scale was 7,578.448 billion yuan.

X. Business Innovation The Bank gave full play to the advantages of the special fund for financial science and technology innovation, improved the innovation management mechanism, strengthened innovation guidance and incentives, and strived to build a new pattern of hyperbolic innovation and development. By the end of the reporting period, the Bank had established 78 innovative projects, of which 23 have achieved phased results. Cloud Payment, Logistics Link and inclusive finance Cloud System were awarded "China Digital inclusive finance Innovation Achievements in 2021", and Social Security Cloud Payment won the gold medal in the 5th Digital Finance Innovation Competition; The Sunshine Supervision Platform for Medical Consumables has innovated the government’s "liquidation+supervision" process, integrated SAAS service modules to provide a full range of online financial services for the platform, serving more than 3,000 medical institutions and pharmaceutical companies.

XI. Information Technology

The Bank deepened the construction of "123+N" digital banking development system. "One Smart Brain" continues to be empowered, with over 900 training algorithm models and over 2,300 customer tags; Realize the cross application of multimodal biometrics, covering more than 500 scenes. The "two major technology platforms" accelerate self-control. The cloud computing platform 3.0 (full-stack cloud) adopts the technical architecture of "dual-stack and multi-core in one stack", providing 35 kinds of cloud services in 9 categories, and the cloud rate on business application systems is close to 90%; The total data of big data platform exceeded 11PB, increasing by 23.23% compared with the end of last year, making it the first bank in China to realize centralized localization of data warehouse platform. The "three service capabilities" focus on mobility, openness and ecology, innovate new online service models and channels, and build a digital-driven ecological service system with Everbright characteristics. The "N Digital Famous Products" include 24 items such as cloud payment, free loan and logistics, providing convenient online financial services. Outstanding achievements in scientific and technological projects, and 16 patents or soft works were obtained during the reporting period; "Distributed ledger application specification" and "mobile financial client application software specification" were selected as the "leaders" list of enterprise standards in the financial field in 2021.

Continue to increase investment in science and technology and the construction of talent team. At the end of the reporting period, the investment in science and technology was 2.138 billion yuan, an increase of 434 million yuan or 25.47%. There are 2,598 scientific and technical personnel in the Bank, an increase of 237 over the end of last year, accounting for 5.69% of the employees in the Bank. Build a 7*24-hour security operation command center, upgrade the intelligent operation and maintenance system, and carry out network security inspection, data security inspection, information system emergency drills and centralized disaster backup switching drills to ensure the stable operation of the information system and business continuity during the epidemic. Topic 2: Financial technology helps digital transformation of business. The Bank adheres to technology leadership, strengthens technology empowerment, implements technology stationing mechanism in corporate, retail and digital finance fields, and conducts two-way communication between technology and business positions in departments of the Head Office, promoting deep integration of technology and industry, responding to business needs promptly, and promoting digital transformation and development of business.

First, empower corporate finance and improve the level of customer acquisition and living.

Promote the project of "China-Taiwan for corporate customers and China-Taiwan for corporate marketing", and make efforts to build the customer system and scenario finance; Strengthen the application of data analysis, push 3.58 million pieces of information about potential customers, and open 32,000 accounts; Expand the "1+N" financial scenario of trading banks, and realize the access of large enterprise platforms, with a total of over 10,000 customers; Build products such as Sunshine "Fortune+"and cash management cloud to enhance online financial service capabilities.

2. Empowering retail finance, improving customer service and business ability, promoting the new generation of retail credit, retail customers in Taiwan, retail marketing in Taiwan and operation strategy in Taiwan, and optimizing operation tools and marketing models; A new generation of retail credit system will be launched to realize online application, automatic approval, intelligent risk control and fine management. Enrich the function of the mobile phone version of the personal account manager’s workbench to help business people "fight the epidemic" to work at home; Carry out off-line data backflow of retail financial cloud studio, and assist business personnel in customer group operation analysis; Improve the precision marketing ability, provide a list of 3 million intelligent marketing activities, and increase the number of wealth customers by 58,000.

Third, empower digital finance and improve online channel service capabilities

We will promote the open banking project and intelligent operation strategy project, continue to build a "wealth+openness" service ecosystem, and jointly build a private domain traffic operation ecosystem with cooperative institutions. Mobile banking has added a special edition for private banks and a special zone for digital RMB. The innovative R&D portal of branches is connected to 17 branches, and the service number platform is connected to 34 merchants. The customer rights platform supports many rights and interests activities such as logistics communication and the exchange of A-currency points for private banks. A total of 30 long-tail customer group data mining models have been built, and more than 7,800 new business strategies have been added.

The Bank continues to promote the reform of financial technology system and optimize the governance structure of technology. It plans to rename the Information Technology Department as the Financial Technology Department, and set up a new data asset management department, a technology research and development center and an intelligent operation center. In the future, a "two-department and two-center" financial technology system will be formed, which will promote the capacity building of business, data and technology, further strengthen technology empowerment and accelerate the pace of digital transformation.

XII. Investment Situation

(1) Foreign equity investment

At the end of the reporting period, the balance of the Bank’s long-term equity investment was 12.983 billion yuan, and other major equity investments were 1.0975 billion yuan.

XIII. During the reporting period, there was no significant equity sale of the Bank.

XIV. Major Holding Companies

(I) Everbright Financial Leasing Co., Ltd. The company was established in May 2010, engaged in financial leasing business, registered in Wuhan City, Hubei Province, with a registered capital of 5.9 billion yuan. During the reporting period, it mainly focused on public utilities, infrastructure construction, urbanization and other areas of the national economy and people’s livelihood, as well as new materials, new energy, high-end manufacturing and other national strategic emerging industries, forming a certain brand advantage in the field of aviation equipment and vehicle equipment, and actively expanding the field of wind power, covering the whole country. At the end of the reporting period, the total assets were 125.548 billion yuan, the net assets were 12.311 billion yuan, and the net profit during the reporting period was 876 million yuan.

(2) Everbright Financial Management Co., Ltd.

Founded in September 2019, the company is engaged in asset management related businesses such as issuing public wealth management products, issuing private wealth management products, wealth management consultants and consulting. It is registered in Qingdao, Shandong Province with a registered capital of 5 billion yuan. During the reporting period, we continuously enriched the "colorful sunshine" smile curve, continuously improved product lines such as retail, private banking, institutional customization, and off-bank agency sales, deepened pension financing, improved the availability of new citizen services, focused on national key strategies, and continuously increased service support for the real economy and market players. At the end of the reporting period, the total assets under management amounted to 1,185.515 billion yuan, with total assets of 7.820 billion yuan and net assets of 7.352 billion yuan. During the reporting period, the net profit was 984 million yuan.

(III) Beijing Sunshine Consumer Finance Co., Ltd. The company was established in August 2020, engaged in the business of issuing personal consumption loans, registered in Beijing, with a registered capital of 1 billion yuan. During the reporting period, we actively promoted the construction of our own scenes and the improvement of our independent risk control capabilities. At the end of the reporting period, total assets were 9.444 billion yuan, net assets were 1.144 billion yuan, and net profit was 132 million yuan during the reporting period.

(4) Guangyin International Investment Co., Ltd.

Founded in June 2015, the company is registered in Hong Kong with a registered capital of HK$ 2.6 billion, and holds business licenses for securities trading, securities consulting, financing consulting and asset management. During the reporting period, investment banking services such as sponsorship and underwriting, additional placement of listed companies and corporate refinancing were mainly carried out. At the end of the reporting period, the total assets were HK$ 11.022 billion and the net assets were HK$ 1.919 billion, with a loss of HK$ 149 million during the reporting period.

(V) China Everbright Bank Co., Ltd. (Europe) The company was established in July 2017, registered in Luxembourg with a registered capital of 20 million euros. It is a fully licensed banking institution, and its main business includes taking deposits, issuing loans, issuing bills, issuing bonds and all other businesses that can be carried out as a credit institution according to Luxembourg laws. During the reporting period, we focused on risk participation and buying. At the end of the reporting period, the total assets were 77.89 million euros, the net assets were 14.33 million euros, and the net profit during the reporting period was 810,000 euros.

(VI) Shaoshan Everbright Rural Bank Co., Ltd. This rural bank was established in September 2009 and engaged in commercial banking business such as deposits and loans. It was registered in Shaoshan City, Hunan Province with a registered capital of 150 million yuan. During the reporting period, "based on agriculture, rural areas and farmers, serving Shaoshan", we developed small and micro businesses, boosted county economy and explored financial support for rural economic development. At the end of the reporting period, the total assets were 856 million yuan, the net assets were 233 million yuan, and the net profit during the reporting period was 4.27 million yuan.

(VII) Jiangsu Huai ‘an Everbright Rural Bank Co., Ltd. The rural bank was established in February 2013, engaged in commercial banking business such as deposits and loans, registered in Huai ‘an City, Jiangsu Province, with a registered capital of 100 million yuan. During the reporting period, it served agriculture, rural areas and farmers, expanded small and micro businesses and maintained steady development. At the end of the reporting period, the total assets were 1.131 billion yuan, the net assets were 142 million yuan, and the net profit during the reporting period was 5.03 million yuan.

(VIII) Jiangxi Ruijin Everbright Rural Bank Co., Ltd. The rural bank was established in November 2018 and engaged in commercial banking business such as deposits and loans. It was registered in Ruijin City, Jiangxi Province with a registered capital of 150 million yuan. During the reporting period, we actively explored services for agriculture, rural areas and farmers and developed small and medium-sized micro-businesses. At the end of the reporting period, the total assets were 573 million yuan, the net assets were 175 million yuan, and the net profit during the reporting period was 7.18 million yuan.

XV. Structured entities controlled by the Bank The structured products in which the Group enjoys interests but are not included in the scope of consolidated financial statements mainly include special asset management plans.

XVI. Risk Management

(A) credit risk management

The Bank improved the consolidated risk management mechanism and unified management at home and abroad to ensure the effective transmission of risk policies and credit policies; Continue to strengthen the management of loan concentration and reasonably control the credit scale and proportion of a single enterprise; Carry out the risk monitoring breakthrough mechanism under the unified risk limit, include the risk customers with both general credit and interbank credit into the key monitoring scope, and implement the management of tying the mouth; Further improve the remote credit management mechanism; Promote the construction of automatic examination and approval management system and sunshine early warning platform, implement unified examination and approval management, establish a pre-trial consultation mechanism between China and Taiwan, and improve the accuracy of marketing and risk prevention and control; Strengthen the research management of credit industry and improve the pertinence of risk management policy guidance; Use big data, artificial intelligence and blockchain to transform traditional risk control technologies to improve the digital and intelligent level of risk management. The Bank actively serves market players, helps stabilize the economic market and promotes the steady growth of credit; Support major national strategies and do a good job in financing services in infrastructure construction and major projects; Support strategic emerging industries, advanced manufacturing industries and modern service industries, and increase medium and long-term loans for manufacturing industries, private enterprises and green industries; Implement the policy of delaying repayment of principal and supporting credit loans, increase financial relief efforts, and help stabilize the main body and stabilize employment; Separate the credit plan for small and micro enterprises and give special credit support to small and medium-sized enterprises; Strengthen financial services in the consumer sector and implement the policy of expanding domestic demand.

The Bank accurately classifies assets and dynamically and objectively reflects the risk status; Adhere to a prudent and prudent provision policy, and make impairment measurement and provision in strict accordance with the new accounting standards for financial instruments; Improve the whole process management mechanism of asset quality, strengthen portfolio monitoring and penetrating risk monitoring of large credit customers, and strengthen risk prevention in key areas; Increase the disposal of non-performing loans and broaden the disposal channels.

(2) Liquidity risk management

The Bank adheres to the prudent concept of liquidity risk management, maintains an adequate and steady liquidity level and strictly adheres to the bottom line of liquidity safety by implementing proactive liquidity management strategies; Closely follow the changes of economic and financial situation at home and abroad, face the uncertain factors such as epidemic situation and geopolitical conflict, make forward-looking liquidity strategy planning, and strengthen diversified debt planning; Regularly carry out stress tests and emergency plan evaluation, strictly control liquidity risk limits, and achieve a balance between liquidity, safety and efficiency; Strengthen the construction of consolidated management and governance system, and enhance the ability of bank groups to resist risks.

(3) Market risk management

The Bank closely follows the international political and economic situation and domestic and foreign markets, conducts forward-looking judgment and management on interest rate risk, exchange rate risk and liquidity, and establishes a market risk management system covering all aspects of market risk identification, measurement, monitoring and control; Strengthen the management of market risk limit; Actively promote the implementation of the Basel III market risk new standard method consulting and system construction project.

(4) Management of large risk exposure

The Bank implemented the Management Measures for Large-scale Risk Exposure of Commercial Banks (China Banking and Insurance Regulatory Commission Order No.1 of 2018), continuously strengthened the management of large-scale risk exposure, carried out the measurement, monitoring and system optimization of large-scale risk exposure in an orderly manner, and effectively controlled the risk of customer concentration. During the reporting period, all quota indicators of the Bank’s large risk exposure were controlled within the regulatory scope.

(V) Country-specific risk management

The Bank incorporated country risk management into the comprehensive risk management system, established a country risk management system suitable for the bank’s risk status and complexity, regularly monitored country risk exposure, carried out stress testing, and formulated major risk handling procedures. At the end of the reporting period, the international ratings of the countries with country risk exposure of the Bank were all above investment grade, and the country risk reserve was fully accrued according to the regulatory requirements.

(VI) Operational risk management

The Bank strengthened the dynamic identification and monitoring of operational risk management, effectively used historical data, and continued to do a good job in risk prevention, problem tracking, risk disposal and rectification; Pay attention to the trend of supervision and punishment in real time, analyze and summarize the key violations, and draw inferences from other cases to prevent the delay; Carry out risk case collection activities, and strengthen warning notification and education and training on common risks in key areas; Continue to promote consulting management projects, deepen scientific and technological empowerment, and constantly improve operational risk management and measurement systems.

(VII) Compliance risk management

The Bank keeps track of changes in external laws and regulations and dynamically optimizes the construction of internal rules and regulations; Focus on the key areas of regulatory concern, strengthen the governance of repeated investigations and repeated crimes, and improve the quality and efficiency of compliance inspections; Improve the comprehensive evaluation index system of internal control and compliance management, strengthen the early warning and reporting management of compliance risks of consolidated institutions, and build a long-term mechanism for compliance management; Establish the management mechanism of corporate lawyers and improve the echelon construction of legal compliance talents; Improve the authorization management system and strengthen dynamic adjustment; Optimize the flight inspection mechanism, continuously carry out the investigation of abnormal capital transactions of employees, and be serious and accurate in accountability.

(VIII) Reputation risk management

The Bank attaches great importance to reputation risk management, and has incorporated reputation risk management into the overall risk management system according to the management idea of "early warning, in-depth judgment and proper disposal". Further clarify the main responsibility, strengthen the regular investigation of reputation risk hidden dangers, do a good job of pre-prevention and post-evaluation and closely integrate reputation risk management with business development and customer service to effectively safeguard the good reputation and brand image of banks.

During the reporting period, the Bank did not have any major reputational risk events that caused serious harm to the bank’s reputation.

(9) Money laundering risk management

The Bank revised the anti-money laundering internal control system and improved the money laundering risk management system; Strengthen the construction of anti-money laundering talent team; Carry out the risk assessment of money laundering of legal person institutions; Investigate the money laundering risks of digital RMB and correspondent banks; Strengthen the control of high-risk customers; Optimize the function of anti-money laundering system, improve the suspicious transaction monitoring model, and develop a new generation of anti-money laundering list monitoring system; Strengthen sanctions compliance and management of overseas institutions, strictly fulfill international obligations and fully implement relevant resolutions.

(X) Credit policy in key areas The Bank complied with the regulatory guidance, increased credit support in the fields of coal, coal-fired electricity and hydropower, and ensured energy security and the stability of industrial chain and supply chain; Support the nuclear capacity increase, production expansion and new production projects of large coal enterprises in major coal producing areas such as Shanxi, Shaanxi and Mongolia, and promote the coal mines with potential for increasing production to release production capacity as soon as possible; Support the ultra-low emission reconstruction projects of large coal-fired power enterprises in areas with abundant coal resources and convenient transportation to ensure the reasonable financing needs of coal-fired power enterprises; Support coal production enterprises to save energy and reduce carbon, transform and upgrade and green development. The Bank attaches great importance to risk prevention in the real estate sector, adheres to the positioning of "housing and not speculating", implements the regulatory requirements of "two concentrations" and reasonably controls the total amount of real estate loans. Adhere to the management of customer list system for public business, and give priority to the selection of high-quality leading enterprises for cooperation; Strict project compliance management, the implementation of funds closed regulatory requirements. Retail business develops personal mortgage loans around core areas and projects, and implements differentiated mortgage and pledge rate management according to regional and project conditions; Do a good job in the access management of real estate projects, and choose developer projects with strong business ability and good financial status. Support the work of "ensuring the delivery of buildings, people’s livelihood and stability", handle risks according to the principles of marketization and rule of law, and resolve stock risks; According to the investigation results of risky buildings, the balance of overdue mortgage loans with the risk of "guaranteeing the property" is small, and the overall risk is controllable. Since the beginning of this year, the frequent spread of epidemic has caused a serious impact on the stable operation of the economy and greatly affected the consumption of residents.Credit card business development and asset quality are facing challenges. The Bank strengthened model transformation, focused on desirable customers, built a customer service ecosystem, and promoted customer structure optimization; Pay attention to the consumer service attribute of credit card business and improve the quality and efficiency of Huimin convenience service. Strengthen the construction of intelligent risk control, enhance the ability of customer risk and value identification, and provide high matching financial services; From the perspective of optimizing risk portfolio management, we will promote the optimal allocation of quotas and pricing, and enhance customer experience and contribution. Increase risk disposal, enrich the dimension of customer risk judgment, monitor the risk of existing credit card business, promote the optimization of collection management mechanism, improve the ability of independent collection and digital collection, and maintain the relative stability of credit card business assets quality. With the recovery of future economic growth and the improvement of consumption expectations, credit card business will usher in a higher quality, more standardized and healthier development stage.

XVII. Future development prospect

(a) the completion of the business plan

The Bank actively implemented regulatory requirements, made overall plans for epidemic prevention and control and business development, steadily improved its asset-liability business, and achieved business results in line with expectations, maintaining a good momentum of steady progress.

(II) Possible Risks and Countermeasures From the perspective of the international environment, the changes in the past 100 years and the epidemic in the century are intertwined, the world economic recovery is struggling, and global development has suffered serious setbacks. Some important industrial chains and supply chains have been artificially disturbed, commodity prices have fluctuated at a high level, global inflationary pressures have remained high, international financial markets have continued to be turbulent, and the momentum of world economic recovery has been weakening. From the domestic situation, China’s economic development and epidemic prevention and control have maintained a leading position in the world, with strong economic resilience, and the long-term positive fundamentals have not changed. At the same time, China’s economic development is also facing three pressures: demand contraction, supply shock and expected weakening. Competition in the banking industry will be more intense, financial technology will develop rapidly, and capital constraints will be tighter. The traditional business philosophy and model of commercial banks will face great challenges. Adhering to the strategic vision of "building a first-class wealth management bank", the Bank has firmly implemented the central decision-making and actively supported the strategy of serving the country. Second, persist in optimizing the business structure and promote high-quality development; The third is to persist in innovation-driven and strengthen scientific and technological empowerment; The fourth is to optimize customer service and safeguard consumers’ rights and interests; The fifth is to adhere to the bottom line thinking and resolutely prevent and resolve business risks.

First of all, CNN is an idiot. They commented that "forbidden kingdom" is extremely wonderful in martial arts, but the story is extremely stupid. It’s really a foolish thing to think about Huashan’s sword after learning kung fu for a few days. Associated with the recent condescending, malicious and shameless attacks on China, it makes people feel that this arrogant arrogance is rooted in extreme ignorance and self-righteousness towards the East. In the eyes of China martial arts fans who have been influenced by kung fu movies for decades, the martial arts of this film are as normal as most insiders predicted, and it is really commendable. However, the content of the film is full of new ideas, and all kinds of beauty can be understood by shameless boys such as CNN?

The main line of the film is about a child who ventured into a world made up by himself. Actually, it is not a very new theme. The earliest classic can be traced back to The Wizard of Oz, and this film does not hide the meaning of paying tribute to this classic. Jason enters a dream, and he pushes open the door to see the beautiful and magnificent scene. The lens is consistent with the design of Tao Le reaching the fairyland and pushing open the door to see the mysterious scene in The Wizard of Oz. The most recent work of this kind is Kung Fu by Stephen Chow. In fact, forbidden kingdom is quite close to Kung Fu. For the sake that the screenwriter said that he had not seen Kung Fu, I can assume that great minds think alike. Of course, the story of "forbidden kingdom" is much more straightforward than that of "Kung Fu", but there are still many wonderful designs and hints in the film, such as why Jackie Chan’s role is called "Lu Yan", because the old Jackie Chan’s shop is "Lu Yan Pawnshop", and when he meets Liu Yifei in Boston at the end, it can be understood that Liu Yifei is a girl who Jason secretly loves in his life and has been programmed into his dreams, which is the experience that most boys have had (this is the same as "Kung Fu") In the dream, Lu Yan was shot by an arrow, and Jason went to the home of the God of War alone to change the elixir. In fact, it was a projection of his remorse that killed Old Jackie Chan because of his cowardice.

In fact, all kinds of characters and story elements in the film come from China martial arts and kung fu films that he is obsessed with at ordinary times, such as the white-haired witch from bride with white hair, golden swallow from come drink with me, silent monk from Shaolin Temple, the drunken fairy from Drunk Boxing, Wuzhishan and magic generals in The Journey to the West, Shaolin Temple and the legendary Shaolin thirteen stick monks. I don’t know anything about these China movies and cultures, and I lost my childlike innocence early. I don’t understand the mood of a kung fu fan boy at all, insisting that the story of forbidden kingdom is ridiculous, but I don’t know that it is himself who is ridiculous. Of course, the adventure story of "forbidden kingdom" doesn’t have much creativity, but don’t forget that this is a little boy who has watched countless China martial arts films in which good and evil are separated to be a little naive. The world he imagined, the world of children is simple, and it would be really ridiculous if he was involved in something profound and complicated. The only thing I don’t like very much is the ending. Jason, who came back from the dreamland, suddenly had kung fu, beating the shit out of several hooligans. I think it’s quite artificial, and it also makes the movie divorced from the truth. If Jason got courage from kung fu and adventure instead of kung fu, I think the movie would be much better.

The artistic design of the film opened my eyes. The legendary Wuzhishan was made with magic and realism by special effects. The evil palace of the God of War in Yujiang was built on the mountain, and the inspiration was obviously from the Hanging Temple in Datong, China. Jason and his party headed for the territory of the God of War in Yujiang. Just like The Journey to the West and the heroic journey in The Lord of the Rings, the God of War in Yujiang finally wanted to destroy the golden cudgel in the fierce inflammation, which was inspired by the setting of destroying the Lord of the Rings in Mount Doom in The Lord of the Rings. The costumes of several main characters in the film are very wonderful, and the most amazing thing for the audience is undoubtedly Li Bingbing’s white-haired witch. It’s really white-haired and snowy, dancing in the air, and the color matching of the whole body is excellent. The makeup on the face also highlights the character Leng Yan and there is no lack of rare temperament, which is more successful than the Brigitte Lin version of the white-haired witch. Two of my favorite scenes, one is Jason practicing martial arts between waterfalls, and Jet Li explains that the essence of China Kung Fu is to let nature take its course, just like a piece of water. There is also the design of the hotel, which shows that it has been well researched. The drinkers sit on the floor at will, accompanied by singers and dancers, and are full of charm of the Tang Dynasty.

As for the film’s martial arts, the movements directed by Yuan Heping are of course standard, but they have completely lost their peak, and it’s hard to see a stroke of genius, but more of a repetition of the past. Although the film’s martial arts is also a tribute to the summary of various old China martial arts films, Jackie Chan’s drunken fist and snake-shaped tricky hand appeared, and Jet Li’s mantis fist and stick technique, but martial arts can be the same, and the movements should still be innovative. Of course, this probably has something to do with Yuan Heping’s lack of final editing rights, which once again shows that western filmmakers don’t know how much they have to do for a living, and they occupy that.

In my opinion, although this film will make many Chinese people laugh, in fact, the yearning and respect for China culture is sincere at heart, and it is also a film that introduces China culture (although it is popular and superficial) to the world. I believe more and more westerners will know that the real source of China culture is China, not Japan. The screenwriter of the film loves China philosophy and culture and is still practicing mantis boxing and Chen Taiji since he said it. Foreigners are still so, but if we China people abandon our own culture, can we not be ashamed?

　　General Secretary of the Supreme Leader pointed out that the strategic issue is the fundamental issue of a political party and a country. In-depth study, systematic research, publicity and implementation of the supreme leader’s economic thought from the dimension of strategic system is an important leading topic.

　　The "Fourteenth Five-Year Plan" period is the first five years that China has built a well-off society in an all-round way and achieved the first century-long struggle goal, and started a new journey of building a socialist modern country in an all-round way and marching towards the second century-long struggle goal, which opened a new chapter in the party’s leadership of the people throughout the country for rejuvenation, development and happiness. We must thoroughly study and implement a series of important expositions of the Supreme Leader General Secretary on comprehensively promoting socialist modernization, thoroughly implement the national development strategy system, further promote Chinese-style modernization, continuously improve the modernization level of the national governance system and governance capacity, and provide strong strategic support for comprehensively building a socialist modernized country.

　　Focus on the deployment and implementation of the national development strategy

　　Since the 18th National Congress of the Communist Party of China, the CPC Central Committee has focused on the deployment and implementation of dozens of strategies, forming an integrated national development strategy system, that is, taking the Chinese-style modernization strategy as the general leader and following the directions of innovation, coordination, green, openness, sharing and security. Focusing on developing the country through science and education, strengthening the country through talents, innovation-driven development, expanding domestic demand, rural revitalization, new urbanization, regional coordinated development, main functional areas, sustainable development, opening up, giving priority to employment, healthy China, population development, national security, and strengthening the country through culture, the development strategies of key areas and key regions will form multi-dimensional support, and the key link strategies will focus on promoting the development of key areas and key regions to achieve strategic breakthroughs and build a unified connection and cultural power. This strategic system is the concentrated expression of the supreme leader’s economic thought, which has played a decisive role in building a well-off society in an all-round way and will certainly play an important role in the new journey of building a socialist modern country in an all-round way.

　　In terms of "innovation", we will focus on improving the quality and efficiency of development and focus on solving the problem of development motivation. The specific strategies focused on research, deployment and implementation include: rejuvenating the country through science and education, international scientific and technological cooperation, strengthening the country through talents, giving priority to talents, innovation-driven development, national big data, innovative development of industrial Internet, strengthening the country through network, tackling key technologies and equipment in the field of network information, strengthening the country through intellectual property, strengthening the country through manufacturing, strengthening the country through quality, standardizing and expanding domestic demand.

　　In terms of "coordination", we will focus on continuously enhancing the integrity of development and focus on solving the problem of insufficient development imbalance. The specific strategies for key research, deployment and implementation include: rural revitalization strategy, new urbanization strategy, regional major strategy, regional coordinated development strategy, main functional area strategy, overall development strategy of philosophy and social sciences, and digital strategy of cultural industry.

　　In the aspect of "green", we should focus on improving the ecological environment and strive to solve the problem of harmonious coexistence between man and nature. The specific strategies for key research, deployment and implementation include: sustainable development strategy, active response to climate change strategy, energy production and consumption revolution strategy, etc.

　　In terms of "opening up", we will focus on achieving win-win cooperation and focus on solving the problem of internal and external linkage. The specific strategies for key research, deployment and implementation include: mutually beneficial and win-win opening strategy, excellent entry and excellent exit strategy, "going out" strategy, RMB internationalization strategy, free trade zone promotion strategy and so on.

　　In terms of "sharing", we will focus on improving people’s well-being and focus on solving social fairness and justice. The specific strategies for key research, deployment and implementation include: employment priority strategy, healthy China strategy, national fitness strategy, comprehensive prevention and control strategy of chronic diseases, medium and long-term population development strategy, and actively coping with population aging strategy.

　　In terms of "security", we should focus on safeguarding and shaping national security, and strive to solve various risks that affect China’s modernization process. The specific strategies focused on research, deployment and implementation include: national security strategy, strategy of developing the army through science and technology, strategy of strengthening the army through reform, strategy of integration of defense and civilian technologies’s development, strategy of food security, strategy of storing grain in the land for technology, strategy of ensuring important agricultural products, strategy of food security, strategy of energy security, strategy of financial security, strategy of national cyberspace security, etc.

　　Main characteristics of national development strategy system

　　Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has made a series of strategic arrangements, which not only reflects the deepening understanding of Socialism with Chinese characteristics’s development law, but also reflects the continuous enrichment and development of the Supreme Leader’s economic thought, and has the characteristics of clear goals, clear steps, overall planning and systematic deployment.

　　The goal is clear. Over the years, the CPC Central Committee has made strategic arrangements around the goal of "two hundred years". The major strategic focus of the deployment and implementation of the 18th CPC National Congress is guided by the goal of building a well-off society in an all-round way. The 19th National Congress of the Communist Party of China made a strategic arrangement from building a well-off society in an all-round way to basically realizing socialist modernization and then building a socialist modernization power in an all-round way. The Fifth Plenary Session of the 19th CPC Central Committee further focused on national modernization and deployed a series of new development strategies.

　　Clear steps. On the basis of the "three-step" strategy of the 13th National Congress of the Communist Party of China and the "new three-step" strategy of the 15th National Congress of the Communist Party of China, the 18th National Congress of the Communist Party of China put forward the grand goal of building a well-off society in an all-round way by 2020. The 19th National Congress of the Communist Party of China further proposed a "two-step" strategic arrangement for the new era of basically realizing socialist modernization by 2035 and building China into a socialist modernization power by the middle of this century, which clearly outlined the overall design, stage tasks and strategic path from a well-off society in an all-round way to building a socialist modernization power.

　　Take control of the overall situation. Since the 18th National Congress of the Communist Party of China, the CPC Central Committee has promoted the overall layout of the "five in one" and coordinated the promotion of the "four comprehensive" strategic layout. The Fifth Plenary Session of the 19th CPC Central Committee put forward the strategic layout of "coordinating and promoting the comprehensive construction of a socialist modern country, comprehensively deepening reforms, comprehensively administering the country according to law, and comprehensively administering the party strictly". The overall layout of the "Five in One" and the "Four Comprehensive" strategic layout promote each other and coordinate with each other, covering all aspects of internal affairs, foreign affairs and national defense, and managing the party, the country and the army.

　　System deployment. Focusing on the major relations, major contradictions, key areas, key issues and core links in economic and social development, the CPC Central Committee has formed a strategic promotion "construction drawing" with clear positioning, complementary functions and highly unified internal logic through a series of strategic arrangements combining "face", "block" and "line". Taking regional coordinated development as an example, from the perspective of "face", we should deploy and implement the strategy of main functional areas, and clearly outline the pattern of land space development and protection with high quality development; From the "block" point of view, the overall strategy of regional development, such as the development of the western region, the revitalization of the northeast, the rise of the central region and the first in the east, should be promoted as a whole; From the "line" point of view, promote the development of the Yangtze River Economic Belt, ecological protection and high-quality development of the Yellow River Basin; From the point of view, we will promote the coordinated development of Beijing-Tianjin-Hebei, the construction of Guangdong-Hong Kong-Macao Greater Bay Area, the integrated development of the Yangtze River Delta, and Hainan’s comprehensive deepening of reform and opening up.

　　Basic compliance with the national development strategy system

　　The CPC Central Committee with the Supreme Leader as the core plans and deploys the national development strategic system based on the new era, always regards upholding the overall leadership of the party as a political guarantee, taking upholding the people as the starting point and the foothold, taking implementing the new development concept as a fundamental requirement, taking building a new development pattern as a strategic orientation, and adhering to the systematic concept as an ideological method to effectively promote high-quality development.

　　Adhere to the overall leadership of the party. The construction and improvement of the national development strategy system always adhere to the guidance of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, adhere to the formulation of major national development strategies and medium-and long-term economic and social development plans under the leadership of the Party, and firmly establish and resolutely safeguard the authority and absolute leadership of the Party Central Committee in strategic planning, strategic decision-making and strategic implementation at the national level.

　　Adhere to the people as the center. The national development strategy system has always adhered to the people’s dominant position, the direction of common prosperity, the people-centered development thought throughout all aspects of the construction and implementation of the strategic system, the deployment and implementation of various strategies to meet people’s expectations and needs, and the continuous cohesion of the consensus of all people, the recognition of the people, and the practical enhancement of the people’s sense of acquisition, happiness and security.

　　Implement the new development concept. The national development strategy system always adheres to the core position of innovation in the overall situation of China’s modernization, and takes self-reliance and self-reliance in science and technology as the strategic support for national development; Adhere to the overall planning of urban and rural areas, regions, material civilization and spiritual civilization, development and security, and achieve coordinated development at a higher level; Adhere to the concept of "Lucid waters and lush mountains are invaluable assets", focus on environmental protection, ecological restoration, resource conservation and intensive utilization, and green economic development, and promote the modernization of harmonious coexistence between man and nature; Adhere to the overall planning of domestic and international situations, make good use of two markets and two resources, and win the initiative of international cooperation and competition with strategic initiative; Adhere to the fact that all people have more sense of gain in building and sharing development, and constantly promote the all-round development of people and the common prosperity of all people.

　　Construct a new development pattern. The national development strategy system is based on accelerating the construction of a new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promoting each other. Internally, it adheres to the strategic basis of expanding domestic demand, and relies on a strong domestic market to form a higher level dynamic balance of demand pulling supply and supply creating demand, promote a virtuous circle of the national economy, and make overall plans to fill short boards and forge long boards, thus forming a major productivity distribution system that conforms to the national strategic orientation; Adhere to open cooperation with the outside world, work together to promote the construction of a strong domestic market and a powerful trading country, form a strong gravitational field of global resource factors, accelerate the cultivation of new advantages in participating in international economic cooperation and competition, and enhance the efficiency and level of domestic macro-cycle through closer contact and interaction with the world economy.

　　Adhere to the concept of system. The national development strategy system pays attention to the bottom line thinking, resolutely safeguards national sovereignty, security and development interests, adheres to forward-looking thinking, overall planning, strategic layout and overall promotion, coordinates the two overall situations at home and abroad, pays special attention to the two major events of development and security, and gives full play to the enthusiasm of the central, local and all parties, improves the forward-looking accuracy of strategic research, strengthens the integrity and hierarchy of strategic design, and highlights the synergy and integration of strategic implementation. Improve the scientific effectiveness of strategic evaluation, give play to the leading role of key strategies, systematically sort out and optimize various strategic resources, and gradually realize the integration of national strategic layout in various fields, the integration of strategic resources, the integration of strategic forces, and the construction of an integrated national strategic system and capabilities.

　　Grasping Hands and Key Points of Implementing National Development Strategy

　　Today, the world is experiencing a great change that has never happened in a century, and China has embarked on a new journey of building a socialist modern country in an all-round way. During the "14th Five-Year Plan" and the next period, the domestic development conditions and external environment will continue to undergo profound changes. We must adhere to the economic thought of the supreme leader as the guide, identify the strategic grasp and strategic points, and further solidly promote the accurate landing of the national development strategy system.

　　Deeply implement the strategy of rejuvenating the country through science and education and consolidate the scientific and technological foundation of modernization. We should continue to implement the strategy of rejuvenating the country through science and education and the strategy of international scientific and technological cooperation that is more open, inclusive and mutually beneficial, integrate the resources and strengths of science and technology, education, culture, talents and other parties, and enhance our ability to explore the boundaries of science and technology and support economic and social development while fully carrying out international scientific and technological cooperation. At the same time, focus on achieving high-level scientific and technological self-reliance, building a strong country in science and technology, strengthening basic research, and implementing strategic scientific and technological plans and scientific projects; Focus on improving national scientific literacy, promoting scientific spirit and promoting popular science.

　　Deeply implement the strategy of strengthening the country through talents and plant "the first resource" for modernization. We should continue to implement the strategy of strengthening the country with talents and giving priority to the development of talents, make overall plans for the development and utilization of domestic and international talent resources, form an internationally competitive talent system advantage, and maximize the vitality of talent innovation and entrepreneurship. At the same time, focus on gathering high-end talents around the world and strengthening the introduction of talents; Focus on cultivating innovative, applied and skilled talents, strengthen the integration of production and education, cultivate leading talents in science and technology, and reserve young scientific and technological talents.

　　Deepen the implementation of the innovation-driven development strategy and enhance the "first driving force" for modernization. We should continue to implement the innovation-driven development strategy, national big data strategy, network power strategy, industrial Internet innovation development strategy, manufacturing power strategy, quality power strategy, standardization strategy and intellectual property power strategy. At the same time, focus on forming an industrial chain supply chain with stronger innovation, higher added value, safer and more reliable, and strengthen industrial base reconstruction, regional industrial chain supply chain layout optimization, and diversified development of industrial chain supply chain; Focus on promoting the industrialization of cutting-edge science and technology and plan and lay out a number of future industries; Focus on building a modern infrastructure system, accelerate the construction of a transportation power, and strengthen the layout of energy channels, national water networks and new infrastructure; Focus on conforming to the trend of digital economy development, further promote digital transformation, speed up the construction of digital China, vigorously develop intelligent manufacturing, and support the strategy of manufacturing a strong country.

　　In-depth implementation of the strategy of expanding domestic demand provides important support for building a new development pattern. We should continue to implement the strategy of expanding domestic demand, rely on the strong domestic market, run through all links of production, circulation, consumption and distribution, improve the adaptability of the supply system, and accelerate the construction of a new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promoting each other. At the same time, focus on breaking the blocking point that restricts the rational flow of factors, unblocking the national economic cycle, and vigorously promoting the market-oriented reform of factors; Focus on enhancing the influence and competitiveness of independent brands and strengthening brand building; Focus on improving circulation efficiency, reducing transaction costs of the whole society and improving the "big circulation" system; Focus on accelerating the cultivation of a complete domestic demand system, fully tap and give play to the advantages of ultra-large-scale markets, and accelerate the construction of a unified national market.

　　Deepen the implementation of the rural revitalization strategy and accelerate the modernization of agriculture and rural areas. We should continue to adhere to the road of rural revitalization in Socialism with Chinese characteristics and fully implement the rural revitalization strategy. At the same time, focus on improving agricultural quality, efficiency and competitiveness, and accelerate the integration of primary, secondary and tertiary industries; Focus on optimizing the ecological space of rural production and living, continuously improve the village appearance and living environment, and accelerate the construction of beautiful and livable villages; Focus on protecting traditional villages, ethnic villages and rural features, and protect and inherit rural cultural genes; Focus on improving the level of rural public services and farmers’ scientific and cultural quality, and strengthen knowledge and skills training.

　　Deepen the implementation of the new urbanization strategy and improve the quality of urbanization development. We should continue to adhere to the new urbanization road with China characteristics, further promote the new urbanization strategy with people as the core, and let more people enjoy a higher quality of urban life. At the same time, focus on improving the spatial layout of urbanization, cultivating world-class urban agglomerations, and strengthening the guidance of metropolitan areas and the support of county towns; Focus on improving the quality and attractiveness of cities and accelerate the construction of modern cities; Focus on relieving the population of megacities, coordinating the needs of water-based cities and safe development, and rationally controlling the scale of cities.

　　In-depth implementation of major regional strategies, forming a power source to lead high-quality development. We should continue to accelerate the coordinated development of Beijing-Tianjin-Hebei, comprehensively promote the development of the Yangtze River Economic Belt, actively and steadily promote the construction of Guangdong-Hong Kong-Macao Greater Bay Area, enhance the integrated development level of the Yangtze River Delta, solidly promote the ecological protection and high-quality development of the Yellow River Basin, promote regional integration and interaction, and accelerate the formation of a power source to promote the high-quality development of the country. At the same time, we will promote the integration and development of major regional strategies and other strategies, and clarify the strategic fulcrum and grasper with synergy, overall situation and symbol.

　　In-depth implementation of regional coordinated development strategy, forming a regional economic layout with complementary advantages. It is necessary to further promote the development of the western region, the comprehensive revitalization of the northeast and the rise of the central region. At the same time, focus on giving full play to the advantages of innovation elements in the eastern region and promoting the eastern region to take the lead in achieving high-quality development; Focus on better achieving land and sea planning, harmony between people and sea, win-win cooperation, and jointly promote marine ecological protection, marine economic development and maritime rights and interests maintenance, and accelerate the construction of a maritime power; Focus on building a strong sense of the Chinese nation community and promoting the development of ethnic minority areas; Focus on promoting border prosperity and enriching the people, stabilizing and consolidating the border, and promoting the development of border areas. On this basis, establish and improve mechanisms such as regional strategic planning, market integration development, regional cooperation and mutual assistance, and interregional interest compensation to ensure that the regional coordinated development strategy is solidly implemented.

　　In-depth implementation of the main functional area strategy, optimize the pattern of land space development and protection. We should continue to implement the strategy of main functional areas in depth, improve the level of urbanization in accordance with the requirements of promoting the formation of a spatial development pattern with effective main functional constraints and orderly land development, promote agricultural production to gather in grain production functional areas, important agricultural product production protection areas and characteristic agricultural product advantage areas, and optimize the ecological security barrier system. At the same time, focus on optimizing the layout of major infrastructure, major productivity and public resources, and formulate and implement the layout plan of major national productivity; Focus on adapting to the requirements of high-quality development, coordinating development and safety, taking into account the development of important power sources and enhancing the support capacity of important functional areas, clarify the optimization direction of the national spatial structure, and ensure the accurate landing of major national development strategies in space.

　　Deeply implement the strategy of sustainable development and lay a solid foundation for the survival and development of the nation. We should continue to implement the strategy of sustainable development, the strategy of actively responding to climate change and the strategy of energy production and consumption revolution. At the same time, focus on solving environmental problems with prominent contradictions between development and protection, and fight a tough battle against pollution; Focus on improving the efficiency and level of comprehensive utilization of resources and vigorously develop circular economy; Focus on promoting the deep organic integration of green industry and green industrialization, realizing the profound change of green production mode, and vigorously developing green economy; Focus on forming a spatial pattern, industrial structure, production mode and lifestyle that saves resources and protects the environment, and actively guide green production and consumption; Focus on opening up the "two mountains" conversion channel and establishing and improving the value realization mechanism of ecological products.

　　We will further implement the win-win opening-up strategy and cultivate new advantages in international cooperation and competition. We should continue to implement the win-win opening strategy, the strategy of "excellent entry and excellent exit", the strategy of "going out", the strategy of RMB internationalization, and the strategy of promoting free trade zones. At the same time, focus on promoting the coordinated development of import and export, trade in goods and services, trade and two-way investment, trade and industry, make full use of the strategic functions of important key resources, products and services, and accelerate the construction of a trading power; Focus on preventing financial risks and jointly promote the internationalization of digital currency and RMB; Focus on improving the right to speak in the formulation of international high-standard trade rules, especially in the global digital trade rules, and actively participate in the formulation of global economic and trade rules.

　　In-depth implementation of the employment priority strategy to improve the quality of employment and people’s income level. We should adhere to the people-centered development thought and continue to implement the employment priority strategy in depth. At the same time, focus on achieving the goal of common prosperity, continuously increase the income of low-income groups, expand middle-income groups, and promote the optimization and adjustment of income distribution pattern; Focus on accelerating the improvement of a multi-level social security system that covers the whole people, coordinates urban and rural areas, is fair, unified and sustainable, builds a safety net for people’s livelihood, and accelerates the improvement of the social security system covering the whole people.

　　We will further implement the strategy of healthy China and comprehensively improve the national health level. We should continue to implement the strategy of healthy China, national fitness and comprehensive prevention and control of chronic diseases. At the same time, focus on preventing and controlling major epidemics and major infectious diseases, and accelerate the construction of a strong public health system; Focus on improving mental health, enhancing happiness, promoting social psychological stability and interpersonal harmony, and implement mental health promotion actions in depth; Focus on strengthening teenagers’ physique, promoting the healthy growth and all-round development of primary and secondary school students, and thoroughly implementing health promotion actions in primary and secondary schools.

　　In-depth implementation of the medium-and long-term population development strategy to promote balanced population development. We should continue to implement the medium-and long-term population development strategy and actively respond to the population aging strategy. At the same time, focus on improving the education level of the whole people, promote the transformation of education from scale growth to quality improvement, promote the balanced development of regional, urban and rural education and accelerate the construction of an education power.

　　Carry out the national security strategy in depth and escort the socialist modernization. We should continue to implement the national security strategy, the strategy of developing the army through science and technology, the strategy of strengthening the army through reform, the strategy of integration of defense and civilian technologies’s development, the strategy of food security, the strategy of ensuring important agricultural products, the strategy of storing grain in the land for technology, the strategy of energy security, the strategy of financial security, the strategy of food security and the strategy of national cyberspace security. At the same time, focus on strengthening the safety of industrial chain supply chain and core technology, and improve the modernization level and support ability of industrial chain supply chain; Focus on strengthening the security of strategic mineral resources and enhancing the ability of sustainable and stable energy supply and risk management and control; Focus on fundamentally reversing the trend of ecosystem destruction and functional degradation, and build a national ecological security barrier; Focus on comprehensively improving the ability of biosafety risk prevention and control and governance, and strengthen biosafety construction; Focus on building an emergency management system with unified command, both specialization and routine, sensitive response and linkage from top to bottom, strengthen emergency management and improve emergency capacity; Wait a minute.

　　In-depth implementation of the strategy of strengthening the country through culture will enhance the country’s cultural soft power and the influence of Chinese culture. It is necessary to accelerate the construction of a strong socialist culture and continue to implement the overall development strategy of philosophy and social sciences and the digital strategy of cultural industries. At the same time, focus on carrying forward the socialist core values, strengthen the education of party history, the history of new China, the history of reform and opening up, the history of socialist development, and strengthen the education of patriotism, collectivism and socialism; Focus on a better understanding of the long-standing and profound Chinese civilization, and strengthen archaeological work and cultural heritage protection and inheritance; Focusing on the needs of foreign cultural exchange and multi-level civilized dialogue, we will speed up the construction of China discourse and China narrative system, and constantly enhance the influence of Chinese culture.

　　Further coordinate the implementation of the national development strategy.

　　To further coordinate and implement the national development strategy, we must strengthen strategic thinking and highlight strategic coordination, ensure that the strategic intention of the CPC Central Committee is reflected, conform to the general trend of world development and the law of human social development, and realize the people’s yearning for a better life.

　　First, handle the major relations between development and space, development and protection, development and security, development and opening up.

　　First, handle the relationship between development and space. For development, space is a carrier platform, a factor guarantee and a control constraint. Any development strategy needs to land in space, and each space unit also has its strategic positioning and strategic function. China’s national conditions determine that development must be the first priority. In the national unified planning system, it is manifested in the national development planning leading the national land space planning and the latter supporting the former. Therefore, it is necessary to establish a linking mechanism between national land space planning and national development planning, and the content of national land space planning should include the major tasks of national development planning and the space guarantee scheme of major engineering projects in the same period.

　　The second is to handle the relationship between development and protection. Protection is also a way of development, for example, for national parks and nature reserves, it is only through strict protection that the strategic function of ecological security barrier can be exerted. When there are conflicts and contradictions in the process of strategic planning and implementation of major projects, we should return to the level of national strategic interests to make overall coordination, calculate strategic accounts, conduct strategic simulation evaluation, and make strategic choices and strategic decisions on this basis.

　　The third is to handle the relationship between development and security. Under the background of the undercurrent of anti-globalization and the world entering a period of turbulent change, the security problem is more prominent. In fact, security and development are not contradictory, and safe development is the basic bottom line and basic requirement. At present and for a long time to come, it is necessary to strengthen the bottom line thinking and security awareness strategically, establish a national strategic security review mechanism, and carry out security review on the top-level design of the strategic system, strategic layout in various fields and specific strategic project planning to ensure higher quality, more efficiency, fairer, more sustainable and safer development.

　　The fourth is to handle the relationship between development and opening up. Openness is the only way to development, and promoting development through openness is an extremely important and valuable experience. At present, globalization is facing a counter-current, but mankind still faces common problems that need to be solved. At the same time, international competition is becoming increasingly fierce. In strategic planning and implementation, we should persist in fully obtaining resources and conditions for development in opening up, make strategic use of important superior resources, and comprehensively benchmark international law, international practices, international rules and international discourse system to win a more active and relaxed environment for development.

　　Second, accelerate the construction of the whole chain of national development strategy research, decision-making and implementation mechanisms.

　　First, establish and improve the strategic research mechanism. Strengthen the long-term follow-up analysis of domestic and international development strategy trends, organize specialized research forces, innovate research methods and means, sort out the list of key "stuck" areas of key industries, sort out the list of supply chains of core key industries and their leading enterprises, sort out the list of available external resources, external markets, external channels, etc., establish a development strategy decision support system platform, improve the ability of strategic judgment, deduction, operation and decision support under complex conditions, and forward-looking proposals that conform to the strategic intention of the CPC Central Committee and safeguard national strategic interests. Strengthen in-depth and continuous follow-up research on science and technology, industry, enterprises and major strategic trends in major countries around the world. Explain China’s plan around global public issues, make China’s voice heard, put forward China’s proposition around China’s major strategies, major reforms and major projects, and tell the story of China well.

　　The second is to establish and improve the strategic decision-making mechanism. Strengthen the party’s leadership, standardize the procedures of strategic research and formulation, convergence demonstration, compliance review, approval and release, as well as the name and carrier form of strategy, and improve the seriousness, authority, scientificity and coordination of strategic decision-making.

　　The third is to establish and improve the strategic implementation mechanism. It includes the strategic promotion mechanism from strategic deployment to planning, implementation plan and action plan, the strategic overall coordination mechanism of various local departments and fields, and the strategic decomposition implementation mechanism.

　　The fourth is to establish and improve the strategic evaluation mechanism. Based on big data and other technical methods, establish a tracking and monitoring platform for the implementation of national development strategies, timely and accurately identify major problems and major risks in the process of strategy implementation, assess their systematic impact on strategy implementation, and put forward strategic adjustment suggestions accordingly.

　　Third, give full play to the comprehensive platform function of the unified planning system to implement the national development strategy as a whole.

　　First, give better play to the role of national development planning in the phased deployment and arrangement of modernization strategy. In accordance with the "two-step" strategic plan put forward by the 19th National Congress of the Communist Party of China, focusing on the goal of building a socialist modern country in an all-round way, focusing on major strategies that have a bearing on the overall situation and the long term, and through the national development plan compiled every five years, especially the implementation of the "Tenth Five-Year Plan" and the long-term goal outline for 2035, we will constantly refine and materialize various strategic phased goals and specific task arrangements.

　　The second is to give full play to the role of time and space arrangement of national development planning in coordinating major strategies. To give full play to the leading role of national development planning and strengthen the overall connection between all kinds of planning and national development planning, it is necessary to clarify the tasks of key areas and key regional development strategies, implement the national development strategy system through special planning and regional planning, and clarify the spatial development pattern, the optimization direction of spatial structure and the layout arrangement of major productive forces, so as to provide space guarantee for the landing of national development strategies through national spatial planning. Implement the working mechanism of "elements follow projects, projects follow plans, and plans follow strategies" to give full play to the role of the government.

　　The third is to better promote the accurate implementation of the national development strategy system through the linkage of national, provincial, city and county development plans. Coordinate the research, deployment and implementation of the Chinese-style modernization strategic system, sort out and determine the strategic fulcrum and strategic grasp, especially the major engineering projects defined in the "14 th Five-Year Plan" and the outline of the long-term goal in 2035, clarify the space support and local responsibilities, track the implementation progress of various local departments, find major problems in time, and correct and rectify them in time. Formulate technical regulations for development planning at the provincial, city and county levels, ensure that the technical specifications, language system, goal orientation and key tasks of all levels of planning are highly unified in internal logic, and realize the working mechanism of three-level development planning to implement the national strategic system in an integrated manner.

　　(This article Source: Economic Daily Author: Development Strategy and Planning Department of National Development and Reform Commission Author: Chen Yajun Xu Ce He Shengbin)

　　

In 2023, when the new energy war is crucial, Chery, one of its own brands BIG4, has obviously fallen behind. Judging from the statistics of the Association, Chery Automobile has been left behind by Great Wall, Geely and Changan in both retail and wholesale sales, not to mention BYD, which is riding the mixed wind to the cloud. In addition, there are many independent new forces that started from new energy sources. In the era of new energy wars, Chery is under great pressure. At present, a considerable part of the heavy responsibility of Chery’s turnaround falls on its high-end brand Xingtu Xingyuan, but from the latest product planning route, Xingyuan is also slightly disappointing.

Since the exposure of the medium-sized and large-sized car in Xingyu era, it has attracted widespread attention in the market. From the design idea, this car is indeed a good new choice, but it came a little late, which may be the key factor restricting Chery’s success.

▲ New energy passenger car wholesale volume sales ranking in May 2023 (Source: Association)

Star Road Star Era recently released a roadmap for product planning. At first glance, the vehicle planning was quite exciting. The six-seat SUV, hunting SUV, MPV and four-door coupe were all arranged, and the models covered A/B/C levels, and they were all pure electric/extended-range dual-power. I thought Chery finally got the hang of it this time, so it should be no big problem to catch up with traditional brands. Then take a closer look at the listing date in the top column-oh, 2025-2026, white excitement.

▲ Star Road Star Era Product Planning

It seems that Xingyuan still can’t get rid of the problem that Chery brand has been widely criticized for a long time-new cars are always slow to go on the market. Maybe it’s not appropriate for the era of the stars to be slow and half-beat. This is no longer a problem of slow and half-beat, and it’s all about to start.

Star Era brand’s first pure electric SUV, Star Era ET, and the first pure electric car, ES, are scheduled to be released this year. Although they entered the market late, there is no cake residue left after listing. The extended-range versions of Star Era ET and ES and the pure electric/extended-range dual-power six-seat SUV will be released next year, because the corresponding market segments are not yet saturated. With the product strength of Star Era, if the price is reasonable after listing, it will certainly gain a certain market share.

▲ Star Era ET (left) and Star Era ES

However, the planned B-class pure electric/extended range hunting SUV and 2-door 4-seat sedan will be released in 2025, which is really fatal.

Star Road actually thinks very clearly, and it is also clearly written in the product planning roadmap that the two-door coupe and hunting SUV are to enhance brand tonality. This kind of planning has no problem at all. The brand is not high-end, nor is it what friends do to flaunt high-end models, but to gradually form their own brand temperament through products with characteristics.

Take Star Age for example, since the slogan of "new automobile era" has been shouted out, our eyes can’t be confined to the level that the public just needs, and we have to come up with some niche gadgets, such as hunting cars and coupes. These models are destined to be niche, and car companies can’t expect to become sales leaders through these models, but the existence of these models will invisibly enhance the brand tonality of car companies, which will eventually feed back the overall sales of brands. From this point of view, we are very pleased to see that in the era of new energy wars, there can still be a brand with some car ideals like Xingyuan.

▲ Star Era ET pure electric version

However, the problem is that the market will not give any brand a chance to grow slowly, and consumers don’t have time to wait. Even the public are anxious to put down their bodies and inject capital into Tucki. Car companies like Chery, who are used to publishing their shares one step ahead and ten steps behind, are very disadvantaged in this era. Unfortunately, after entering the new energy era, Star Road Star Era may not be able to get rid of this "fatal rhythm".

Take the hunting SUV and coupe in Star Age planning as examples. These two categories of vehicles are still new at present. It can be thought that the models on sale are Krypton 001 and Nezha GT, both of which are pure electric vehicles, which are still not very friendly to users with endurance anxiety. However, the hunting SUV and coupe in Star Age planning are pure electric/extended range dual power. Considering the appearance design, platform performance, brand tonality and It is conceivable that if the two planned models of Xingyuan can be listed in the first half of 2024, they will have a full chance to become the leaders in their respective market segments. Once this golden window is missed, it will really be gone.

▲ Star-to-Moon Extended Range Power Edition

At present, the coupe has not seen the clear plans of other brands except Nezha GT, but the hunting SUV has already been made by manufacturers. BYD Song L, which locates the B-class pure electric hunting SUV, will be released soon and will be listed this year. Earlier, in the product planning roadmap of Deep Blue Automobile, there were also suspected hunting cars, in addition to the pure electric hunting coupe pole Krypton 001 on sale. What is clear is that the category of new energy hunting will be greatly enriched next year. According to the product planning roadmap of Xingyuan, Xingyuan’s hunting SUV will not be released until 2025, and if it follows Chery’s consistent listing rhythm, Xingyuan hunting SUV may not be officially released until the second half of 2025 or even 2026. At that time, there will be many choices for hunting vehicles. What will Xingyuan, who came from behind, plan to fight with friends? Extended range power or standard air suspension?

A similar situation may happen to the coupe. The sales of Nezha GT are not bad. It can be seen that the coupe, which is not practical, also has a big market in China. Other friends should follow suit soon after market research, but I believe that no manufacturer dares to enter the market until 2025. Once Tesla, BYD, GAC Ai ‘an, Tucki and even Weilai finish the layout first, there may really be no Star Age. After all, the influence of the brand Xingtu Xingyu Era at this stage is still relatively limited. If the market popularity and brand influence cannot be rapidly improved through explosive models, the subsequent product layout will be very difficult, which will affect product development and even brand announcement.

▲ BYD Song L Hunting SUV

To put it bluntly, if Xingtu Xingyuan doesn’t adjust the pace of product release in the future, the market will give a very realistic and cruel answer, and Xingyuan may even repeat the same mistakes, which will eventually lead to the collapse of Xingyuan in the new energy war. Unfortunately, it falls on the eve of the opening of a new era of Xingtu brand imagination.

The good news is that it is not the end of July, and there are still plenty of days left for Xingyuan this year. It is the right way to promote the listing of Xingyuan ES and ET as soon as possible, and strive to launch the extended version of Xingyuan ES and ET in the first quarter of 2024, and launch the hunting SUV and coupe in the second and third quarters of 2024. If it is delayed, it will really be gone.

　　On November 17th, 2023 Guangzhou Auto Show opened. Previously, to celebrate the 60th anniversary of the establishment of the brand, three commemorative models were launched, namely, án STO, Huracán Tecnica and Huracán EVO Spyder, with a limited edition of 60 vehicles each. Among them, the limited edition of Huracan Tecnica’s 60th anniversary achieved the Asia-Pacific first show at this auto show; At the same time, Lamborghini’s first HPEV high-performance V12 hybrid super-running Revuelto and super SUV Urus were unveiled.

　　This model is a limited edition model specially designed to celebrate the 60th anniversary of Lamborghini, and only 60 models have been sold worldwide. Huracán Tecnica 60th Anniversary Limited Edition adds two unique coatings to the ordinary Huracá n Tecnica appearance.

　　One is white-green appearance and black-green interior, and the other is black-gray-red appearance and black-red interior. The white and green models displayed this time will carry out the green flower pulling to the end, with two parallel green flower pulling from the front of the car to the roof. The exterior rearview mirror and the side door of the car will also be made of green ribbon, and the large spoiler and diffuser at the rear will also be treated with flower pulling.

　　The new front diverter is equipped with a deflector, which can steering flow through the hub like the ordinary version, helping to improve the downforce and cooling effect. The brand-new 20-inch diamond-cut Damiso wheels are inspired by Vision GT models, creating a strong sports effect.

　　A striking 60-digit sign was drawn under the door, and this 60th anniversary sign also appeared on the seat. It highlights the uniqueness of the commemorative model.

　　In the interior, the sporty seat of the new car has green ribbons and green stitching, which makes people remember deeply. At the same time, carbon fiber can be seen under the seat headrest. Wide side wings can provide good lumbar lateral support.

　　In terms of power, it is equipped with a 5.2-liter naturally aspirated V10 engine, with a maximum power of 640 HP and a maximum torque of 565 Nm. The transmission system includes a 7-speed dual clutch gearbox and a four-wheel drive system. 0-100km/h acceleration time is 3.2 seconds. In addition, the new car is equipped with a re-adjusted Lamborghini LDVI vehicle dynamic control system, a variety of driving modes and specially adjusted suspension settings, which makes Huracan Tecnica have excellent performance on roads and tracks.

　　Lamborghini’s first HPEV high-performance V12 hybrid supercar, the brand-new Revuelto, has been unveiled again since its debut at the last auto show. Revuelto adopts a new design language. The new car incorporates aerospace elements, and the "Y" element appears repeatedly in the center of headlights, taillights, large-size side air intakes and instrument panels. The iconic V12 engine is exposed at the rear of the car.

　　The interior design creates an immersive driving experience of "integration of people and vehicles" for drivers. The new car also uses a brand-new monohull inspired by aviation and made entirely of carbon fiber, that is, monofuselage.

　　The power of the new car consists of a V12 naturally aspirated engine and three motors. In addition to the new 8-speed dual-clutch gearbox, there are also two oil-cooled axial flux motors installed at the front and a 25 kW rear motor integrated in the gearbox, which can output 1015 horsepower.

　　The new car adopts advanced chassis and aerodynamic design, and is equipped with 100% carbon fiber front-end structure, setting a new benchmark in performance and driving experience. This plug-in hybrid vehicle offers 13 driving modes to choose from, including pure electric driving.

　　In terms of appearance, the front face is very recognizable, the lines on the hood are smooth, and the bulges on both sides enrich the whole front face. The front face design composed of large-size air intake grille, LED daytime running lights and headlight groups highlights its sports characteristics.

　　On this side of the body, the body lines are smooth and powerful, with a three-dimensional waistline, a slip back design, and the wheel eyebrows are blackened. The lower enclosure is very thick, and the design of bilateral four-outlet exhaust pipes similar to super sports cars is adopted, which highlights the strength and dynamics of Urus S.

　　In terms of interior, the overall style combines fashion and mechanical sense, showing a luxurious and scientific design concept. Physical buttons are still used on the steering wheel, similar to the design of urban SUV, which can quickly switch between different modes. The center console uses a 12.3-inch high-definition touch screen and integrates the latest Infotainment system, providing rich entertainment, navigation and vehicle management functions.

　　The fighter-style gear handle style has a good grip. There are not many models that can have so many physical buttons now. Hexagonal irregular air conditioning vents are also ok, and they are rarely used now. In terms of details, many places are covered with soft bags and suede, which has a delicate texture and good comfort.

　　In terms of power, Urus S is equipped with a 4.0T twin-turbo V8 engine with a maximum output of 640 HP and a peak torque of 850 Nm. Matching it is the 8AT gearbox. The acceleration of 100 kilometers is 3.6 seconds, and the top speed is 305 kilometers per hour. The chassis of Urus S adopts adaptive air suspension, which can show different handling performance in STRADA (road), SPORT (sport), CORSA (track) and EGO (custom) driving modes. Urus S is also equipped with a full-time four-wheel drive system and an intelligent electronic stability control system to ensure the safety and stability of driving.

　　Sixty years ago, in the then empty rural area, Lamborghini Motor Company began to build factories. The company was founded on May 6, 1963. In the field of super sports cars, which were dominated by only a few brands at that time, ferrucio lamborghini realized his dream of becoming a super-running manufacturer. Today, Lamborghini has also become the dream cars of many people.

　　IT’S TiME is now, smart future! On May 25th, FAW Toyota’s "Smart Beauty, Bipolar" flagship sedan 2023 Asian Dragon was officially launched, the official guide price is 199,800 yuan – 279,800 yuan, the whole series includes 2.0L fuel, 2.5L fuel and 2.5L intelligent electric hybrid dual-engine three power versions, a total of 10 models, will be "intelligent electric hybrid dual-engine, T-Pilot intelligent driver assistance system, Toyota Connect intelligent interconnection" three intelligent technologies as the core, demonstrating the value model of B + class cars with bold breakthroughs and ingenuity, and bringing extreme refinement to the new urban middle class loyal to themselves. Travel life.

　　Dual up the ante flagship driving fun

　　The electrification wave of the automobile market is intensifying. With an intelligent determination that goes beyond new energy and traditional drives, FAW Toyota actively embraces change and vigorously promotes HEV models to enter more families. The 2023 Asian Dragon product lineup has also ushered in a major adjustment. Among them, 2.5L gasoline-powered models have been streamlined to 2, 2.5L intelligent electric hybrid dual-engine models have been increased to 5, and an enterprising version and 20th anniversary platinum commemorative edition have been added to meet the needs of users for green travel with a richer selection of models.

　　The 2.5L intelligent electric-hybrid dual-engine power system equipped with the 2023 Asian Dragon adopts the TNGA 2.5L DYNAMIC FORCE engine with both hot topic efficiency and high power output. It is designed in combination with the miniaturization, lightweight and high-efficiency technology of the hybrid system to achieve a maximum power of 160kW. It is matched with a high-efficiency and low-loss E-CVT gearbox with a lightweight structure to achieve a low fuel consumption performance of 4.71L/100km (WLTC operating conditions), allowing users to enjoy driving control at will while still obtaining satisfactory fuel economy.

　　Users who have a soft spot for traditional fuel power can also get a driving experience that is both power, economy and smoothness on the 2.0L gasoline version and the 2.5L gasoline version of the Asian Dragon. The TNGA 2.0L engine on the 2.0L gasoline version is light in weight, low in center of gravity and strong in power. With the Direct Shift-CVT gearbox, it is equipped with sensitive shift control to achieve a smooth and flexible driving texture. The TNGA 2.5L DYNAMIC FORCE engine on the 2.5L gasoline version is paired with the Direct Shift-8AT gearbox, which gives users the driving pleasure of human-vehicle integration and seamless switching with multi-gears, ideal gear ratio and fast gear shift time.

　　Under the support of TNGA architecture, 2.0L, 2.5L gasoline and 2.5L intelligent electric hybrid dual engine form the three power lineups of the 2023 Asian Dragon, providing users with "high energy, low consumption, surging and wanton" "flagship driving fun" for different driving habits.

　　Smart empower flagship smart fun

　　To become a flagship car with both a sense of premium and a sense of value, safety is the cornerstone of all good travel. Toyota continues to adhere to the goal of "zero casualties in traffic accidents", supported by the construction of a comprehensive safety system that integrates people, vehicles and traffic environment, and promotes the continuous improvement of intelligent driver assistance technology. The 2023 Asian Dragon is equipped with T-Pilot intelligent driver assistance system, which assists users in safe driving in complex and changeable travel scenarios through intelligent sensing, anticipation and processing technology. Among them, 2.0L XLE Premium Edition, 2.5L Touring Premium Edition, 2.5L Dual Engine XLE Premium Edition/20th Anniversary Platinum Commemorative Edition/Limited Flagship Edition are also equipped with PVM panoramic monitoring system, which can monitor the surrounding conditions of the whole car 360 degrees through four cameras located at the front, sides and rear of the car, adding another guarantee for safe travel.

　　Safety above, wisdom empowers, the 2023 Asian Dragon is equipped with Toyota Connect intelligent interconnection, which connects the vehicle to the back-end data center and call center through the in-vehicle communication module, providing users with a full range of vehicle to everything services 365 days X24 hours. Among the high-end models, digital keys are also added, and smart phones can lock, unlock, and start the car without a physical key. In addition, car owners can also share car usage rights with their family or friends’ mobile phones through digital keys, allowing them to control and use the vehicle through their mobile phones. Even if they are thousands of miles away, they can share their cars at any time and easily enjoy "flagship smart fun".

　　Comfortable upgrade, flagship luxury fun

　　As Toyota’s global flagship sedan, the Asian Dragon has been dedicated to providing luxury, comfort and convenience for new middle-class users since its inception.

　　The bold and charming, ingenious luxury design highlights the flagship positioning. The 2.0L fuel version and the 2.5L dual-engine version use the upper and lower integrated high-brightness modular front grille, which is carefully crafted and full of taste; the 2.5L fuel version uses the dot matrix mesh-shaped front grille, and the three-dimensional lines from the center to the two sides are combined with the streamlined body, revealing a unique and powerful dynamic posture. The 18-inch bright silver rims and titanium gray rims on the high-end model are equipped with two styles, either luxurious and atmospheric, or strong and powerful, adding points to the overall light luxury sports temperament of the 2023 Asian Dragon. The 2.5L dual-engine 20th anniversary platinum commemorative edition also has the exclusive logo of FAW Toyota’s 20th anniversary, which further enhances the sense of dignity and exclusivity.

　　For the interiors that accompany users every day, the Asian Dragon has always created a driving experience that is both advanced and warm through high-quality materials and rich configurations. The 2023 Asian Dragon adheres to its advantages and enjoys further upgrades. Among them, the front seats of the 2.5L Touring Premium Edition, the 2.5L Dual Engine XLE Premium Edition and above are upgraded to ventilated seats, so that drivers and passengers can enjoy a comfortable travel experience at all times.

　　In addition, the 2023 Asian Dragon high-end model will also upgrade the wiper from intermittent to rain-sensing, allowing the owner to remain calm and graceful even if the weather changes suddenly during the journey.

　　20 years of love, affectionate courtesy and easy purchase

　　FAW Toyota is user-oriented and insists on "making better cars" for users, building a base of tens of millions of users with high-quality products. Since it was first introduced by FAW Toyota in 2019, Toyota’s TNGA architecture global flagship car, the Asian Dragon, has achieved the flagship style of "Smart Beauty, Bipolar" through a bold design that refreshes cognition, fine workmanship that seeks perfection, precise control that is as satisfying as a person’s desire, and a comfortable and comfortable silent space. It has become a popular product in China’s mid-to-high-end car market. In 2021, it won the "Best Car" award at the "China Automobile Festival", which is known as the "Oscar of the automotive industry", and became the highest "pole" in China’s B + class car market in one fell swoop. Backed by FAW Toyota, it has a strong product strength and quality, and has won the reputation of users. With a 3-year value retention rate of 66.42%, Asia Dragon topped the domestic medium-sized car value retention rate list in the China Automobile Value Retention Rate Ranking of the Automotive Finance and Value Retention Research Committee released in the first quarter of this year. The strength interpretation is "strict only for thoughtfulness, high quality and excellent value escort".

　　2023 coincides with the 20th anniversary of FAW Toyota. In order to thank users, from now until May 31, FAW Toyota has prepared triple benefits for users who newly purchase Asian Dragon, including: 0 interest for 2 years, ultra-low down payment/long-term financial plan, 0 pressure easy purchase, 40% down payment 0 interest rate for purchasing double engine models; up to 6,000 yuan subsidy for replacement of gasoline version, up to 10,000 yuan gift for replacement of double engine; lifetime battery quality assurance for purchasing double engine models. Interested friends can consult local dealers for more welfare information.

　　With FAW Toyota blowing the charge for the new era of electrification and intelligence with its full-dimensional technology upgrade covering power, smart driving and human-machine interaction, the 2023 Asian Dragon of Zhiji Xinjing is fully loaded with trendy technology and comfortable configuration. It will fully implement FAW Toyota’s "IT’S TiME at the moment, smart future" new proposition, with high quality under Toyota’s QDR standard as the base color, and TNGA’s global flagship "Smart Beauty, Bipolar" as the logo, "mass production happiness" for more urban new middle-class people who pursue style and connotation. (FAW Toyota, photo provided)

Besieged by a rainstorm for 14 hours, the video was exposed, and the creator admitted that he had lingering fears

??Previously, it had been reported on the Internet that the crew of "Hongmen Banquet" was trapped in a flood during filming in Dunhuang for dozens of hours, and many actors, including Feng Shaofeng, Liu Yifei, and others, lost contact with the outside world. At the shutdown press conference of "Hongmen Banquet", the organizers released the short documentary of "Out of Aksai" for the first time, reviewing the beginning and end of the "Hongmen Banquet" crew being trapped by floods in the Aksai area and losing contact with the outside world for 14 hours.

??Speaking of this experience, Feng Shaofeng admitted that he still has lingering fears, "It was still very dangerous. At that time, we were trapped in the same place and could only rest in the car. Soon after, the director came to knock on our car door. It turned out that the director’s car had been submerged in water. Fortunately, our car was parked in a relatively high place, and then a bunch of us were crowded in the car." Liu Yifei was reported by Li Rengang that she was quite calm in the face of the flood, "She has been sleeping in the car and is not afraid at all."

Next page More wonderful pictures

"It is only with the support of the vast number of users that China’s automobile has the scale of the world’s No. 1 today, and China’s new energy vehicle is the world’s No. 1." This is a sentence said by Zhang Xinghai, chairperson (founder) of Cyrus Group, when attending the 2024 China Auto Chongqing Forum.

This sentence sheds light on the characteristics of the current new energy market. Compared with traditional fuel vehicles, which place greater emphasis on industrial attributes, smart vehicles prioritize consumption attributes. Therefore, for new energy vehicle companies, users can enjoy a larger market.

At present, not only new car manufacturers, but also traditional car companies such as Cyrus, BYD, and Changan, have begun to bring user service to the forefront in addition to making continuous breakthroughs in new car product capabilities.

As Zhang Xinghai said, as an automaker, we must "pay tribute to users and fear consumers". In fact, since the transformation, Sailis has always put users first in the development of the enterprise, and under the tenet of "wholeheartedly serving users", it has created luxury intelligent networked new energy vehicles.

In the new energy vehicle market, there are not a few companies that claim to be "user-centric", but there are very few companies that can truly draw strength from users.

However, the strong growth in sales volume means that the trust between Cyrus and its users has gradually deepened, which has promoted the development of Cyrus. It achieved double growth in revenue and net profit in Quarter 1 in 2024, with a gross profit margin of 21.5%, far exceeding the average level of 10% in China’s automotive industry and even exceeding most new energy vehicle companies.

But from another perspective, New Eye believes that when a new energy vehicle company chooses to treat "users" as the bedrock of its business, it must mean that the automaker has gone through a long process of accumulation to explosion, which must also be full of challenges and competition.

Nowadays, Cyrus has successfully reached the stage and formed a virtuous circle with users. Perhaps as a typical case, it is now possible to trace every step taken by Cyrus in the past.

01

"User-centric" is a challenge and a change

"Our country currently has about 300 million existing users, and 30 million new users are added every year, including 20 million existing users of new energy vehicles." In his speech, Zhang Xinghai gave such a set of data.

This set of data indicates that new energy vehicle users are becoming a key driving force in China’s automotive market.

At the same time, compared with traditional vehicles, new energy vehicles are transcending traditional tool attributes and becoming products that users can express their individuality. Nowadays, users place greater emphasis on the full life cycle high-value experience of products than on the product itself.

Under such a change, the interaction logic between automobile companies and users will be fundamentally changed. Roland Berger mentioned that a specific car company will adjust its user operation strategy focus accordingly at different stages of brand development.

Therefore, the current automotive industry is actively exploring a shift from "product-centric" to "user-centric", driven by user requests, and conducting positive development. Since its establishment, Cyrus has regarded users as the most important "partner" in its development. For the automotive market and users, Zhang Xinghai led Cyrus and always maintained "awe".

As Zhang Xinghai said, Cyrus insists on "serving users wholeheartedly", takes "user pride and user safety" as its corporate mission, and builds a safety system for users throughout the product life cycle. Cyrus, which regards "user-centered" as its standard, has always focused on users.

Different from the "user-centric" logic of other car companies, the service experience built by Cyrus covers the entire life cycle of the car. Through the combination of "visible" hardware matching and "invisible" service system, the whole process of "car viewing, car selection, car purchase, car use, and car maintenance" products has been optimized and innovated.

Specifically, in terms of products, the QIJI M5 series, QIJI M7 series, and QIJI M9 series have enriched the AITO QIJI product matrix and provided users with richer choices. At the same time, Cyrus is equipped with the HarmonyOS smart ecosystem, which directly enhances the user experience from the intelligent use of products.

In terms of delivery cycle, Cyrus has actually maintained a high level of service. In order to meet users’ demand for fast pickup, Wenjie has continuously increased production capacity and greatly shortened the delivery cycle of Wenjie M5, new M7 and other models.

In terms of after-sales services, according to new eyes, AITO has established a huge after-sales services network across the country, which can provide users with timely and professional services. Whether it is pre-sales consultation, car purchase service or after-sales repair and maintenance support, Cyrus Automobile can respond quickly and actively deal with it.

The personal experience of a recent M9 owner is enough to illustrate. The owner posted on social media that the owner’s family was traveling near the border with Inner Mongolia when the vehicle accidentally overturned a ravine. After the accident, the customer service of Cyrus Automobile immediately called to inform the vehicle that there was a suspected accident, and instructed the owner who was far away to get in touch with the family through the SOS emergency phone in the car. Subsequently, the after-sales coordination technician gave a precise location, and the user service center at the scene also received feedback and immediately arranged for the carousel to go to the rescue.

The car owner said afterwards, "It is the greatest luxury to explain what safety is!"

02

To "bring doctrine", but also to "surpass innovation"

China’s new energy vehicle penetration rate exceeds 30%, the war is entering the intelligent second half, and the intelligent level is a key part of the user experience, and it can even be said that the current intelligent driving has become the basic configuration of new energy vehicle users.

While China’s new energy manufacturers are fully committed to intelligence, starting in 2024, Musk has also been hinting at the possibility of FSD entering the Chinese market, first replying to comments from netizens that FSD will be brought to China as soon as possible, and then suddenly visiting Beijing. The market believes that the main purpose is to further promote the implementation of FSD in China.

As one of Tesla’s core technologies, FSD has leading advantages in hardware self-development, software algorithms, data closed-loop capabilities, and mass production scale, and has increased the upper limit of its model capabilities with end-to-end technology.

It can be said that once the entry of FSD into China has a self-evident impact on the domestic autonomous driving field, New Eyes believes that Tesla FSD will be a catfish, intensifying autonomous driving competition, but it will also further promote the development of the domestic autonomous driving industry.

Zhang Xinghai maintained an optimistic attitude towards the entry of FSD into China. He said that the introduction of Tesla FSD is not only a challenge to the existing landscape, but also a major opportunity for China’s intelligent and connected new energy vehicle industry. It will promote the transition of China’s intelligent and connected new energy vehicles from intelligent driving to autonomous driving.

Just as five years ago, Zhang Xinghai was equally optimistic that Tesla, which entered the Chinese market for the first time, not only introduced advanced technologies and concepts, but also provided impetus for the improvement of China’s new energy vehicle industry chain, which in turn promoted consumers’ awareness and acceptance of new energy vehicles.

And this is indeed the case. It is important to know that technological breakthroughs are often based on the previous generation of technology. Tesla’s FSD entry into China is a challenge for new energy vehicle companies, but it is also an opportunity. As Zhang Xinghai said, open competition will bring about a virtuous circle. But this does not mean that Chinese new energy vehicle companies can wait for change.

Zhang Xinghai’s optimism comes from the strength accumulated by Cyrus’s technical capabilities, and Cyrus has always adhered to the concept of "software-defined cars". In addition to investing more than 10% of sales revenue in innovation and R & D every year, it also has in-depth cross-border cooperation with Huawei, based on the intelligent network technology developed by Hongmeng Operating System (HarmonyOS), to elevate the "software-defined car" to a new height.

In the future, based on the application of Tesla FSD, China’s new energy vehicles will have the opportunity to promote the transition from intelligent driving to autonomous driving in China’s intelligent networked new energy vehicles under the premise of continuous innovation.

According to Lee Simpson, head of European hardware technology research at Morgan Stanley, intelligent connected vehicles will account for 90% of total vehicle production by 2029, driven by features such as navigation, infotainment, and comfort, which coincides with Zhang Xinghai’s judgment.

03

To become a new force in China’s automotive industry

China’s automotive industry is full of so-called market-for-technology memories, but today China’s automotive industry has become the largest automotive giant in the world.

There is no doubt that the construction of the Chinese path to modernization requires a strong Chinese automobile industry, and to promote the high-quality development of the automobile industry requires the cultivation of new productivity, and the new productivity with scientific and technological innovation as the core is promoting the breakthrough and leap-type development of China’s new energy vehicles.

In the context of the rapid development of new energy vehicles, more and more emerging forces have come to the fore, and Sailis is one of them. When looking back at Zhang Xinghai’s entrepreneurial journey in the past 40 years, it is also found that the strategy and spirit that Sailis has at the moment have been passed down in every stage of his entrepreneurial experience.

In 1986, at the age of 23, Zhang Xinghai founded Chongqing Baxian Phoenix Electrical Spring Factory, which mainly produces electrical springs and motorcycle shock absorbers. In 2002, Zhang Xinghai led the transformation of Cyrus into the manufacture and sales of motorcycles. Later, he joined forces with Dongfeng Motor in Hubei to cooperate on the minivan project. In 2003, Yuan Group and Dongfeng Motor officially merged, and Xiaokang Co., Ltd. was born as a vehicle manufacturer.

Every step of Zhang Xinghai is at the forefront of the development of the times and sets his sights farther. When new energy was just starting out, in 2016, Xiaokang went to the United States to establish Cyrus Automobile.

After eight years of new energy exploration, today’s Cyrus has been able to sit at the forefront of the new energy vehicle sales list. From January to May this year, Cyrus sold a total of 156,823 new energy vehicles, a significant increase of 342.35% year-on-year.

The current achievements of Cyrus can actually be traced back to its innovative and enterprising spirit, which is also the key to the rise of new forces in China’s automotive industry.

Today’s Sailis has dared to sign with Huawei the goal of 1 million units by 2026, and the market has gradually realized that this company, which has been dormant for nearly 40 years, has fully intelligent modern factories, management and sales technology in its perennial investment. Its strength is enough to be written in the long history of China’s automobile industry.

For the future of Cyrus, just as Zhang Xinghai started his business 40 years ago, it is bound to continue to explore and reform in the new energy vehicle market, and eventually stand at the commanding heights of the high-end new energy field of its own brand to achieve the revitalization and replacement of the national industry.

　　CCTV News:Henan recently suffered from extremely heavy rainfall, and the National Defense General launched a flood control level II emergency response at 3 o’clock on the 21st. Continuous heavy rainfall has caused many roads and subways in Henan to be flooded and people trapped. Firefighters around the country heard of the "flood" and rushed to Henan. Today (July 21st) afternoon, a press conference on flood control in Henan Province was held to introduce the latest situation of flood control and rescue.

　　Heavy rains in Henan have caused 25 deaths and 7 lost contact.

　　According to incomplete statistics, since the 16th, this round of heavy rainfall has caused 1,240,737 people in 560 townships in 89 counties (cities, districts) in the province to be affected, 25 people were killed and 7 people were lost.

　　Large-scale merchants in Zhengzhou are well stocked, and these supermarkets are operating normally at present.

　　At the press conference held by the Information Office of Henan Provincial Government, Wu Fumin, deputy mayor of Zhengzhou Municipal Government, said in response to a reporter’s question that up to now, 7 of the 14 stores in Yonghui Supermarket are operating normally. Four of the seven stores in Dennis Department Store are operating normally, and 260 of the 360 stores in Dennis Convenience Store are operating normally; Of the 26 stores in Dennis Supermarket, 21 are operating normally. Seven of the 11 stores in Daha Supermarket are operating normally. Eleven of the 14 stores in 711 convenience store are operating normally, and supermarket stores such as Lotus, RT Mart, Beijing Hualian and Century Lianhua are all operating normally. At present, the commercial and trade circulation enterprises in Zhengzhou are all stable at full price, and the enterprises that are not operating normally are fully restoring their business status.

　　Massive information, instant interaction, free access … Nowadays, online reading has become the first reading choice for many young people, and it has the potential to replace traditional reading. However, the lack of supervision and mixed quality are the fatal wounds of online reading materials, and the proliferation of "pornography" is an epidemic of online literature in China.

　　Pornographic novels are on the list.

　　Yesterday, the reporter saw a reading list on the "Reading" channel of the famous domestic portal "Sohu", showing the most popular works on this website, many of which are original works on the Internet. This ranking is divided into more than ten categories, such as novels, biographies, youth campus and urban romance. Surprisingly, a large number of pornographic novels with naked titles are among them, and the categories of youth campus, urban romance, fantasy and chivalry and chivalry have become the hardest hit areas. Taking "Youth Campus" as an example, the novels on the list are Sexual Desire-Erupting Campus, Mafia Students, Men’s Desire for Color Campus, Diary of the Growth of a Lost Boy, and Spirit and Body in Prostitution. "Fantasy" is also the word "color", and the works on the list include Chronicle of Affair, The Best Rogue of the Millennium, The Best Rogue of Color, The Demon Wife’s Charming Concubine, The Demon Desire, and so on. In the "urban romance", it is full of cheating, incest and other themes, such as "Widow Spring: I and Widow Landlord" and "Damn temptation-starting with my mother-in-law! "Go to bed nanny" and so on.

　　Shocking content is obscene

　　Not only are the titles of these works shocking, but when you click in, the reporter finds that their contents are completely qualified to be obscene. The brief introduction of "Sexual Desire-Erosion Campus" is: "A young child’s decadent career in college is entangled with different women, and his classmates and teachers … are entangled in bed and are caught in sexual desire." "The Romance History of the Principal" says: "Zhang Bin, the principal of a middle school, did not hesitate to let his wife put a green hat on him in order to become the principal, and then when Zhang Bin, the principal, faced one woman after another, he got lost in the rolling world of mortals, and he had sex with more and more women, and then he became more and more vicious …" In addition to pornography and obscenity, some novels also took the opportunity to promote decadent outlook on life, such as "keyboard" by the author of "Forgetting the City" Whether it’s playing flowers or wandering around the world, the gray life track is not my intention. The sky changes, the earth changes, and the mood changes. Why am I immutable … "

　　Publish online for profit

　　The reading rate of these online erotic novels is amazing, and the click-through rate reaches tens or millions of times. In order to attract readers, some works also specially indicate their "gold content", such as the novel "Xiang Yan Life" in the category of "Martial Arts Xianxia", and the article specifically declares "Absolutely Xiang Yan". Some authors are unscrupulous and even openly "seek cooperation from publishers". The reporter learned that it has become a common phenomenon for pornographic novels to "go online" at present. With the increasingly fierce competition between original literature websites, more and more websites are trying to gain popularity through pornographic novels in order to make quick profits. Online works are easy to publish, spread quickly, and difficult to supervise, which makes the perpetrators have no fear.

　　Recently, the General Administration of Press and Publication has published a "blacklist" of 40 pornographic novels on the Internet, which requires all localities to investigate and deal with them, but in fact, there are far more pornographic novels being spread on the Internet. In real life, it is worrying that the number of cases in which teenagers have taken the road of crime due to this bad influence is increasing. For the future of teenagers and the country, in addition to the relevant departments, the whole society should shoulder a long and arduous task of supervision. Our reporter Jing Li.

Editor: Xun Zhiguo