At the beginning of July, with the endorsement of Premier Li Keqiang, the State Council issued "Guiding Opinions on Actively Promoting the internet plus Action" (hereinafter referred to as "Guiding Opinions"), which is an important measure to promote the expansion of the Internet from the consumption field to the production field, accelerate the upgrading of industrial development level, enhance the innovation ability of various industries, and build new advantages and new kinetic energy for economic and social development.

The Guiding Opinions put forward that we should adhere to the basic principles of openness and sharing, integration and innovation, transformation and transformation, leading by leaps and bounds, security and order, give full play to the scale advantages and application advantages of China’s Internet, adhere to reform and innovation and market demand orientation, and vigorously expand the breadth and depth of integration between the Internet and economic and social fields. By 2018, the integration and development of the Internet and various fields of economy and society will be further deepened, and the new format based on the Internet will become a new driving force for economic growth. The role of the Internet in supporting mass entrepreneurship and innovation will be further enhanced, and the Internet will become an important means of providing public services. The development pattern of collaborative interaction between the network economy and the real economy has basically taken shape. By 2025, a new economic form of "internet plus" will take shape, and "internet plus" will become an important driving force for China’s economic and social innovation and development.

Standing at the height of the overall situation and grasping the pulse of the times, the Guiding Opinions put forward to promote the "internet plus", deeply integrate the innovation achievements of the Internet with various economic and social fields, promote technological progress, efficiency improvement and organizational change, enhance the innovation and productivity of the real economy, and form a broader new form of economic and social development with the Internet as the infrastructure and innovation elements.

　"internet plus" action force

After a long period of brewing, this "Guidance Opinion", which had long been expected in the industry, finally came to the stage from behind the scenes. Compared with the "internet plus", which was only a concept in the past, the "Guidance Opinion" has clear content and direction, practical operational action requirements and detailed key action plans, so that everyone can see the determination of the country to use the Internet to promote economic development.

The Guiding Opinions put forward 11 specific actions around the areas where the task of transformation and upgrading is urgent, the characteristics of integration and innovation are obvious, and the people are most concerned about: First, the "internet plus" entrepreneurial innovation, giving full play to the supporting role of the Internet in entrepreneurial innovation, promoting the gathering, opening and sharing of various factor resources, and forming a strong atmosphere of mass entrepreneurship and innovation. Second, "internet plus" collaborative manufacturing, actively develop intelligent manufacturing and mass customization, improve the level of networked collaborative manufacturing, and accelerate the service transformation of manufacturing industry. The third is "internet plus" modern agriculture, building a new agricultural production and management system relying on the Internet, developing precise production methods and cultivating diversified network service modes. The fourth is "internet plus" smart energy, which promotes the intelligentization of energy production and consumption, builds a distributed energy network, and develops communication facilities and new services based on power grid. Fifth, "internet plus" inclusive finance, exploring and promoting the construction of Internet financial cloud service platform, encouraging financial institutions to use the Internet to broaden service coverage and expand the depth and breadth of Internet financial service innovation. Sixth, the "internet plus" benefits the people, innovates the government’s networked management and services, and vigorously develops online and offline emerging consumption and emerging services such as medical care, health care, pension, education, tourism and social security based on the Internet. Seventh, "internet plus" efficient logistics, building a logistics information sharing and interoperability system, building an intelligent warehousing system, and improving the intelligent logistics distribution and deployment system. Eighth, "internet plus" e-commerce, vigorously develop rural e-commerce, industry e-commerce and cross-border e-commerce.Promote innovation in e-commerce applications. Nine is "internet plus" convenient transportation, improve the level of Internet of transportation infrastructure, transportation tools and operation information, and innovate convenient transportation services. The tenth is the "internet plus" green ecology, which promotes the deep integration of the Internet and the construction of ecological civilization, strengthens the dynamic monitoring of resources and environment, and realizes the interconnection and open sharing of ecological environment data. Eleventh is "internet plus" artificial intelligence, which accelerates the breakthrough of core technologies of artificial intelligence, fosters the development of emerging industries of artificial intelligence, promotes the innovation of intelligent products, and improves the intelligent level of end products.

Among the 11 specific actions, the National Network Information Office is responsible for five, namely, internet plus inclusive finance, internet plus Yimin Service, internet plus Efficient Logistics, internet plus E-commerce and internet plus Artificial Intelligence.

"The Internet is the general trend of industry development in the future. It is not difficult to see from the development process of various developed countries that the development of many industries relies on the big platform of the Internet. In China, the Internet has a huge mass base and market. Once this market is well utilized, it will be a breakthrough and innovation for all industries in China. " Zhao Bo, an analyst at Guodu Securities, said, "Focusing on innovation is suitable for China’s national conditions." China’s economy has entered a new normal, and it needs strong and lasting support to smoothly pass through the transition period of old and new industries and kinetic energy. To seize the commanding heights of the economy, promote mass entrepreneurship and innovation, and improve the level of public services, we must take the road of Internet integration and innovation.

　"internet plus" support force

Some experts believe that the Guiding Opinions conform to the development trend of the times, which is conducive to promoting mass entrepreneurship and innovation, and accelerating the formation of new kinetic energy for economic development. However, the development of "internet plus" is not smooth sailing, and there are still many practical difficulties. Therefore, the State Council put forward seven safeguard measures to promote "internet plus" in "Guiding Opinions": first, lay a solid foundation for development; second, strengthen innovation drive; third, create a relaxed environment; fourth, expand overseas cooperation; fifth, strengthen intellectual construction; sixth, strengthen guidance and support; and seventh, do a good job in organization and implementation.

The seven safeguards are further refined into 25 points, with the National Network Information Office taking part in 18 items and the Ministry of Industry and Information Technology taking part in 16 items.

Among them, ensuring the security foundation is the top priority, which requires the National Network Information Office to take the lead and be responsible together with the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Security, the General Administration of Quality Supervision, Inspection and Quarantine, etc. The Guiding Opinions require the formulation of the development timetable and roadmap of core technologies and equipment in the national information field, the enhancement of Internet security management, situational awareness and risk prevention capabilities, and the strengthening of information network infrastructure security protection and user personal information protection. The Guiding Opinions will implement the national information security project, demonstrate the application of network security, and improve the security core technology and product level of internet plus. In accordance with the requirements of information security level protection system and national standards for network security, strengthen the security of important information systems in key areas of internet plus. Build and improve the network security monitoring and evaluation, supervision and management, standard certification and innovation capability system. Pay attention to the security risks brought by convergence, improve the security management and technical measures such as network data sharing and utilization, explore the establishment of a data security flow authentication system based on administrative evaluation and third-party evaluation, improve the data cross-border flow management system, and ensure data security.

Experts said that the Guiding Opinions covered many social and economic fields in China. It is no exaggeration to say that once it is successfully implemented, the whole society will enter an "Internet revolution".

Better control: strength is consistent with image.

　　　 Since it is a coupe SUV, the dynamic performance of the vehicle should naturally be emphasized. Our test drive model is 2.5L automatic four-wheel drive version, and the power system is our familiar Chuangchi Blue Sky Series 2.5L engine and 6-speed automatic manual transmission. Needless to say, the performance of this power system has been well received on CX-5 and Artz before.

　　　 The most fascinating thing about this power system is the good feedback it gives you. The response speed of the throttle is very fast, and the power output is very linear. How much throttle is stepped on and how much power is output is completely under control. However, compared with good feedback, the power at full throttle is still slightly insufficient, and it is difficult to compete with turbocharged models.

How to choose and eat edible oil? What’s the difference between different varieties of edible oil? Which oil is better? Can you only eat one kind of oil for a long time? Let’s answer these questions one by one.

How to choose different edible oils?

1. Soybean oil

Advantages: it is rich in vitamin e, vitamin d and lecithin, which is very beneficial to human health and the price is the cheapest.

Disadvantages: easy to be oxidized and rancid, and the longest shelf life is only one year.

Suitable for: stewing and cooking.

Not suitable for: high-temperature stir-frying and frying.

2. Corn oil

Advantages: It is rich in vitamin E, carotene, sitosterol and phospholipids, which has a certain auxiliary effect on the prevention and treatment of "three highs" and complications, and the price is relatively cheap.

Disadvantages: poor heat resistance.

Suitable for: stewing and cooking.

Not suitable for: high-temperature stir-frying and frying.

3. Peanut oil

Advantages: It has unique peanut fragrance and rich contents of vitamin E, choline, sterol and phospholipid, and can prevent chapped skin aging, improve blood cholesterol metabolism, prevent thrombosis, prevent atherosclerosis and coronary heart disease, improve memory and delay brain function decline.

Disadvantages: It is easy to be polluted by aflatoxin, which is toxic to human body. The content of aflatoxin in peanut oil squeezed by indigenous method is easy to exceed the standard.

Suitable for: daily cooking, stewing, cold salad and short-time frying.

Not suitable: frying for a long time.

4. Rapeseed oil

Advantages: It has a unique fragrance and is rich in vitamin E, carotene, phospholipids, etc., and has certain functions of softening blood vessels and delaying aging.

Disadvantages: it may contain a certain amount of erucic acid, which is a toxic toxin to human body. Priority should be given to buying rapeseed oil without erucic acid or with erucic acid content below 3.0%.

Suitable for: daily cooking and stewing.

Not suitable: high-temperature stir-frying and long-time frying.

5. sunflower seed oil

Advantages: Rich in vitamin E and chlorogenic acid with antioxidant effect.

Disadvantages: it is not heat-resistant, and it is easy to produce harmful substances after frying or repeated heating.

Suitable for: stewing and cooking.

Not suitable for: high-temperature stir-frying and frying.

6.olive oil

Advantages: The monounsaturated fatty acid content is very high.

Disadvantages: But the content of polyunsaturated fatty acids is very low and the price is very expensive.

Suitable: refined olive oil is suitable for cooking and stewing, and virgin olive oil is suitable for cold salad.

7.sesame oil

Advantages: strong fragrance, and natural antioxidants such as sesamol and sesamin.

Disadvantages: the aroma cannot withstand high temperature heating.

Suitable for: cold salad, dipping, or adding a few drops when making soup.

Not suitable for: stewing, stir-frying, high-temperature stir-frying and frying.

On the whole, each variety of vegetable edible oil has its own unique nutritional value, so it is necessary to change the edible oil and not eat the same one for a long time.

Cooking oil selection and cooking remember these things.

1. When purchasing edible oil

(1) Look at the quality level

Edible oil is divided into four grades: Grade I, Grade II, Grade III and Grade IV (olive oil is a special case, which is divided into virgin olive oil: extra-grade, intermediate, refined and mixed). No matter which grade of oil it is, it can be eaten normally as long as it meets the national standards.

First-and second-grade edible oils have high purity, few impurities, clear color, light fragrance and taste, and less oil smoke when cooking, which is suitable for high-temperature stir-frying and deep-frying. But the disadvantage is that the degree of refining is too high, resulting in the loss of nutrients in oil.

Third-and fourth-grade edible oils are just the opposite. They are low in purity, rich in impurities, dark in color or moderately turbid, strong in flavor and taste, and have large oil smoke when cooking, which is more suitable for low-temperature cooking. But their advantage is that they retain the nutrients in the oil to the greatest extent.

(2) Look at the processing technology

Many people like to squeeze oil and think it is healthier; I don’t like leaching oil, and I think it will leave chemicals. In fact, don’t worry too much. As long as it is edible oil that meets the national standard, it is safe to eat if you choose a big brand of regular supermarkets.

Don’t buy bulk oil of unknown origin, and don’t choose oil squeezed by local methods in small workshops.

(3) Look at the production date and shelf life.

The closer the production date is, the better the shelf life is. Generally, the shelf life of edible oil is 18-24 months, and it should be stored in a cool, dry, dark and sealed place.

(4) Try to buy small packages.

After the cooking oil is opened, it will undergo oxidation reaction with air, which will accelerate the deterioration of the oil. So try to buy small bottles of cooking oil, cover it every time you run out of oil, and it is best to use it within 3 months after opening.

2. When cooking with edible oil

(1) control the total intake

Dietary Guidelines for China Residents (2022 Edition) recommends that the daily edible oil intake of residents should be controlled between 25 and 30 grams.

(2) control the cooking oil temperature

Don’t wait until the oil smokes before putting ingredients into cooking, because some edible oils, such as soybean oil, corn oil, rapeseed oil, sunflower oil, extra virgin olive oil, walnut oil, sesame oil, linseed oil, perilla oil and grape seed oil, are not suitable for high-temperature cooking.

(3) Control the cooking mode

Use less cooking methods such as frying and frying. Cooking methods should be based on steaming, boiling, stewing, stewing and frying, with less frying and frying, and air fryer can be used instead of frying.

(4) Use new oil every time.

Many families will save the oil after frying food and continue to fry other foods or use it for cooking. However, repeatedly fried oil is easy to produce carcinogens, such as trans fatty acids, benzopyrene, acrylamide, heterocyclic amines, etc., and long-term consumption will bring health hazards. No matter what cooking method is used, oil is only recommended to be used once, and new oil should be used every time.

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In 2023

China Women’s Daily and China Women’s Movement.

Source/Popular Science China, Health Times

Picture/photo network

Original title: "Peanut oil, olive oil, sunflower oil … What kind should I eat? Make it clear in one article! 》

Read the original text

Recently, old photos about Dylan and Esther Yu have once again become the focus of hot discussion among netizens. In these photos, the two sometimes took photos together, sometimes holding hands and interacting closely, which triggered netizens to dig deeper into their early scandals.

Some netizens exposed a group of old photos of Dylan and Esther Yu on social media, which were allegedly taken at a party a few years ago. In the photo, they are wearing fashionable clothes, smiling brightly and interacting closely. Some photos show that the two men hugged each other tightly when taking a group photo, and even photos show that they are suspected of kissing. Once these photos were exposed, they immediately attracted the attention and heated discussion of netizens.

Some netizens think that these old photos imply that Dylan and Esther Yu had been in contact long before their love affair was exposed, but they have never publicly acknowledged it. Netizens have speculated about the old gossip of the star couple, wondering whether they have ever kept a secret relationship. For a time, there was a hot discussion about their early feelings on the Internet.

However, some netizens questioned these old photos. They think that this is just an ordinary friend interaction, which does not necessarily mean that the two have had a relationship. Some people think that this is just an ordinary party. Dylan and Esther Yu may just have a close interaction on the spot, but it doesn’t necessarily mean that they have had a relationship.

So far, Dylan and Esther Yu have not responded to these old photos. However, this series of events has once again aroused the attention and discussion of the entertainment circle and fans, and netizens are full of curiosity and concern about their early feelings and relationships.

Generally speaking, the exposure of old photos of Dylan and Esther Yu once again triggered speculation and discussion among netizens about their early scandals. No matter what their past, I hope they can be happy in their relationship and find a balance between their career and their feelings. Everyone is also looking forward to their future development and performance.

Editor in charge:

　　Wuliangye

　　()-deepening reform, value first.

　　Value first, () quite a price is imperative. From 1218, 2023 to the present, a series of price-fixing combination punches such as reduction, price increase, goods control, and channel arrangement have gradually become clear: 1) The planned amount of dealer contracts in 2024 will be reduced by 20% on the basis of 2023; 2) From February 5, 2024, the ex-factory price of Puwu increased by 50 yuan, from 969 yuan to 1019 yuan; 3) After the Spring Festival in 2024, the company suspended delivery, mainly to digest channel inventory; 4) Make efforts to organize channels and mobilize dealers to rectify low-priced goods in the market. Under this set of combination boxing, the market supply has shrunk obviously, the channel inventory is controlled at a relatively low level, and dealers generally have confidence and form strong support for the approval price. The upward trend of comprehensive goods acquisition cost may still have upward potential in the short term, and it is expected to straighten out the relationship between volume and price in the medium and long term and gradually get out of the dilemma of volume and price game.

　　Marketing reform has entered the deep water area, laying the foundation for price control. In the history of Wuliangye, relying on the big commercial system, it constantly attacked the city and gained the initial rapid growth, but at the same time it also left many disadvantages such as weak channel control, separation of production and marketing, brand dilution and so on. After 2017, we launched a second venture, carried out drastic reforms in the marketing system, and improved the marketing system construction through a series of measures such as flat organization, flat channels, terminal system construction, and digital marketing, which laid the foundation for the company to enter a stable and high-quality growth stage. Judging from the history of price increase, it is normal for Puwu to raise prices under the environment of upside-down price approval, and the trading means are becoming more accurate and steady. On the basis of continuous deepening of marketing reform, the price plate maintains an upward momentum, and it is expected to continue to witness Wuliangye enter a smoother positive cycle of quantity and price in the future.

　　The product system is constantly optimized, and there is still potential beyond the fifth year plan. Wuliangye has formed a product matrix of main brand "1+3" and series wine "4+4". We believe that Wuliangye’s collateral product strategy is becoming clearer and clearer, and it is expected to make up for the growth with relevant marketing measures: 1)1618 strives to become the first brand with a banquet at a price of 1,000 yuan, and low-grade Wuliangye conforms to the trend of low-grade, and both of them increase the fee and scan code rewards to enhance the channel thrust; 2) Brand promotion and consumer cultivation of classic Wuliangye will help enhance the brand value of Wuliangye; 3) Improve the product matrix, and introduce 45-degree and 68-degree products to make up for the differentiated demand; 4) Non-standard and Wenchuang wines further enrich the product system and accelerate the cultivation and construction of the aged wine market; 5) Series wines will continue to focus on the strategy of big single products, increase brand promotion and cultural marketing, and further promote the construction of classified and graded markets.

　　Investment suggestion: The company will maintain the double-digit revenue growth target in 2024, and inject a booster into the market in the environment of reducing the quantity of goods and controlling the short-term performance expectations. We believe that in addition to the "price first" in the General Five-Year Plan, the increase in quantity can still be achieved through multiple efforts of products and channels. With the deepening of marketing reform, the medium and long-term strength is expected to gradually form. Optimistic about the stability of the company’s short-term performance and the growth certainty under the optimization of the long-term volume-price relationship. At present, the company’s valuation is at a relatively low level in history, superimposed with the characteristics of high dividends and high dividend yield, and the allocation value is prominent. It is estimated that the company will realize a net profit of 337.2/377.9/42.13 billion yuan in 2024-2026, up by 11.6%/12.1%/11.5% year-on-year; The corresponding PE is 17.3/15.4/13.8 times. Maintain "overweight" rating.

　　Risk warning: the repair of consumption scenes is less than expected; Food safety risks; The price increase was less than expected.

　　Poly development

　　Haitong Securities-Comments on the company’s quarterly report: The drop in carry-over affects profits, and the sales scale keeps leading the industry.

　　Carry-over and declining equity ratio affect profits. In the first quarter of 2024, the company achieved operating income of 49.748 billion yuan, up+24.51% year-on-year; The net profit was 3.983 billion yuan, up +0.44% year-on-year, and the net profit attributable to the mother was 2.224 billion yuan, down -18.28% year-on-year. The main reason for the decline was the gross profit margin carried forward by the project and the decline in equity ratio. On the other hand, the company continued to pay close attention to the return of sales funds, achieving a sales return of 57.651 billion yuan in the first quarter, with a comprehensive return rate of 91.53%; The balance of monetary funds at the end of the period was 129.554 billion yuan. By the end of the first quarter of 2024, the company’s total assets were 1,424.356 billion yuan, which was -0.87% compared with the end of 2023. The net assets attributable to shareholders of listed companies were 200.030 billion yuan, which was +0.75% compared with the end of 2023. The asset-liability ratio was 75.88%, down 0.66 percentage points from the end of 2023. The high base affects the year-on-year decline in sales, and the scale remains the industry leader. In the first quarter of 2024, the contracted amount of the company was 62.984 billion yuan, up -44.81% year-on-year, and the contracted area was 3,668,700 square meters, up -41.84% year-on-year. We think it was mainly influenced by the high base in the same period in 2023. According to the monthly sales list of top 100 real estate enterprises published by Kerui, the company’s full-caliber sales amount from January to March 2024 was 62.90 billion yuan, which continued to be the first in the industry; The sales amount of equity caliber is 47.80 billion yuan, ranking second in the industry.With the main tone of the continuous easing of real estate policies set by the two sessions and the Political Bureau meeting unchanged, restrictive policies such as purchase restriction and price restriction in first-tier cities are expected to be fully adjusted, and the overlapping real estate financing coordination mechanism and the "old-for-new" policy support the replacement and improvement of demand. We believe that industry sales are expected to pick up, and we will continue to be optimistic about the company’s sales scale and maintain its leading position in the industry. Maintain the strength of investment and focus 100% on the core 38 cities. In the first quarter of 2024, the company expanded four new real estate projects, with a new floor area ratio of 590,000 square meters and a total acquisition cost of 5 billion yuan, all located in 38 core cities; The newly started area is 2.83 million square meters, up+42.9% year-on-year; The completed area was 5.42 million square meters, up +5.0% year-on-year. By the end of the first quarter of 2024, the company had 635 projects under construction, with an area of 81.5 million square meters under construction and an area of 57.58 million square meters to be developed. Investment suggestion: maintain the "better than the market" rating. Considering that the company’s various businesses are solid and steady, actively promoting the repurchase of major shareholders and increasing the cash dividend ratio, which reflects shareholders’ confidence in the company’s future development and recognition of long-term investment value, we give the company an EPS of 1.07 yuan in 2024, 10-12 times PE valuation, corresponding to a market value range of 128-153.6 billion yuan and a reasonable value range of 10.69-12.83 yuan per share. Risk warning: the market repair is less than expected. Risk warning: the market repair is less than expected.

　　Zhongwei company

　　Changjiang securities ——2024Q1 Comments: The competitiveness of etching equipment is outstanding, and the development of thin film equipment has achieved results.

　　Event description

　　In Q1, 2024, the company realized operating income of 1.605 billion yuan, with a year-on-year increase of +31.23%, net profit attributable to the mother of 249 million yuan, with a year-on-year decrease of -9.53%, and net profit attributable to non-mother of 263 million yuan, with a year-on-year increase of +15.40%.

　　Event review

　　The growth of etching equipment sales revenue drives the overall revenue growth. The company’s etching equipment has been continuously recognized by more customers at home and abroad, and the new shipment of high-end products aimed at the key etching process in advanced logic and memory device manufacturing has been significantly improved. In 2024Q1, the revenue of etching equipment was 1.335 billion yuan, up by about 64.05% year-on-year, and the revenue proportion of etching equipment increased from 66.55% in the same period of last year to 83.20% in this period. The MOCVD equipment was affected by the fluctuation of the terminal market. In 2024 Q1, the revenue of MOCVD equipment was about 38 million yuan, down by 77.28% year-on-year. Due to the fluctuation of capacity utilization rate of downstream customers of semiconductors, the income from spare parts and services in this period was about 232 million yuan, down by about 4.38% compared with the same period of last year.

　　Non-recurring profit and loss losses are mainly affected by changes in the value of stocks held. The non-recurring profit and loss in Q1 of 2024Q1 was RMB 14 million, which was about RMB 61 million lower than the profit of RMB 48 million in the same period of last year. The changes in non-recurring gains and losses are mainly as follows: (1) Due to the decline in the stock price in the secondary market in 2024Q1, the fair value of equity investment measured at fair value held by the company decreased by about RMB 41 million in the current period; (2) The government subsidy income included in non-recurring gains and losses in this period is RMB 14 million, which is about RMB 23 million lower than RMB 37 million in the same period of last year.

　　The increase in inventory is caused by the increase in orders, production and raw materials purchased by the company. In addition, the increase in production machines and delivery machines to customers also led to the increase in the part of goods issued in the inventory balance. The above inventory changes are expected to support the company’s long-term growth. In 2024Q1, the company’s etching equipment output increased significantly. By the end of 2024Q1, the balance of goods issued by the company was 1.923 billion yuan, an increase of 1.055 billion yuan compared with the opening balance of 868 million yuan.

　　Etching equipment continues to invest in research and development, and its competitiveness is outstanding in advanced chip manufacturing. The company has invested in the research and development and verification of key etching equipment in advanced chip manufacturing technology. At present, a number of equipment for the most critical etching process in logic and memory chip manufacturing have been verified on customer production lines. The Bevel etching equipment for wafer edge has been developed and will be verified by customers soon. The company’s TSV silicon via etching equipment is also increasingly used in advanced packaging and MEMS device production.

　　Through self-research and investment to form a platform layout, the development of thin film equipment has achieved remarkable results. At present, the company has a variety of equipment products entering the market, some of which have received repeated orders, and other key film deposition equipment research and development projects are progressing smoothly. The company’s tungsten series thin film deposition products can cover all tungsten applications of memory devices, and have completed the verification of CVD/HAR/ALDW tungsten equipment by many logic and storage customers, and obtained customer orders. Recently, the company has planned a variety of CVD and ALD equipment to increase the coverage of thin-film equipment and further expand the market.

　　It is estimated that in 2024-2026, the company will realize a net profit of RMB 20.17/26.01/3.282 billion, corresponding to PE41/32/25 times, and maintain a "buy" rating.

　　Risk warning

　　1. Restrictive policies further aggravate risks;

　　2. The recovery of the prosperity of the semiconductor manufacturing end is less than the expected risk;

　　3. The verification progress of the company’s etching equipment and new process is not up to the expected risk.

　　BYD

　　Guojin Securities-Qin L/ Seal 06 DM-i released: the pricing greatly exceeded expectations, and the leading position was stable.

　　On the evening of May 28th, () held a press conference to officially release BYD DM-i5.0 technology and BYD Qin L/ Seal 06DM-i two new cars, and the pricing exceeded expectations:

　　1. DM-i5.0 technology: equipped with a 1.5L plug-in special engine, the power is 74kw, and the thermal efficiency is increased to 46.06%, and equipped with a plug-in special power blade battery, with an energy density of 115wh/kg and a charge of 10.08/15.87kwh respectively. NEDC consumes 2.9L/100km of electricity, CLTC consumes 10.7kwh/100km of electricity, accelerates 7.5s per 100 km, and has a battery life of 2,100 km with full oil and electricity, with the longest measured exceeding 2500km.

　　DM-i5.0 embodies the new trend of hybrid technology: compared with DM-i4.0, the new technology engine is further lightweight and the power is reduced, but the breakthrough of thermal efficiency is achieved by increasing the compression ratio; The peak torque decreases but the motor power increases; At the same time, the fuel tank capacity was increased from 48L to 65L.

　　2. New models: Among them, Qin L has a body size of 4830/1900/1495mm and a wheelbase of 2790mm, both higher than Qin PLUS；; Seal 06DM-i has a body size of 4770/1900/1660mm and a wheelbase of 2810mm. The pure battery life of the two new cars is 80-120km, and the pricing is 998-139800 yuan, which greatly exceeds expectations.

　　1. The company’s dominant position has become more and more stable. This new car pricing exceeded expectations, highlighting the company’s excellent cost control capabilities. At present, BYD has a strong performance in the low-end market. After the price reduction in February, the company’s pricing power was highlighted, and the sales volume in March/April exceeded 300,000 continuously.

　　We believe that the main competitors of the new car are Wuling Xingguang PHEV/ Changan Qiyuan A07/ Geely Yinhe L6, etc. Oil trucks are mainly Nissan Sylphy/Volkswagen LaVida/Toyota Corolla, etc. The new car pricing/size/space/intelligence is superior to the traditional oil car/tram competing products, which will become the next generation of explosions, further consolidating the company’s dominant position in the market segment.

　　2. The new car cycle leads the optimization of vehicle structure, and the gross profit is expected to continue to improve. Since February, Qin PLUS and other glory new cars have been listed. After the price reduction, the company has vacancies in some price bands. The listing of Qin L/ Seal 06DM-i has opened a new round of new car cycle in the low-end market, filling the original price range and leading the company to bicycle ASP and gross profit margin.

　　3. Looking forward to 24 years, the company will remain strong. 1) The company is in the new car cycle, and the appearance of Tengshi/Wangwang/Equation Leopard’s new car at Beijing Auto Show will drive the company to continuously hit the high-end market. With the improvement of scale effect & optimization of vehicle structure, the company’s net profit is expected to usher in an inflection point in Q2-Q3. 2) The company’s overseas performance is strong. In 24 years, it entered the Mexican market and continued to increase its volume in Thailand, Brazil, Israel and other countries. In 24 years, the export may exceed expectations. With the increase of vehicle supply & overseas factories put into production, it is expected to be mass-produced overseas in 26 years. At present, the electrification strength of overseas car companies is weak, and the company’s overseas market space is broad.

　　As a global leader in trams, BYD has experienced an upward product cycle in 24 years, accelerated overseas markets, and accumulated intelligence, with obvious cost advantages under the scale effect. Combined with the continuous promotion of the company’s new car cycle and sea strategy, we maintain the company’s forecast of net profit of 35.5.3/44.0.6/53.09 billion yuan in 24-26 years, corresponding to 18.1/14.6/12.1 times PE. Maintain the "buy" rating.

　　Competition in the industry has intensified, and the market demand is less than expected.

　　Dongfang electric cable

　　Guotai Junan-Full orders in hand, benefiting from the start of sea breeze.

　　Introduction to this report: the construction of sea breeze is gradually started, and the industry boom continues to rise. The company is full of orders in hand, optimistic about the company as a submarine cable leader, and continue to benefit from the high growth of sea breeze. Investment points: Maintain the "overweight" rating. Due to the delay of the sea breeze project in the wind power industry, the EPS forecast of the company in 2024-2025 was lowered to 1.93(-0.58) and 2.77(-0.52) yuan, and the EPS forecast in 2026 was increased by 3.40 yuan. At present, the sea breeze construction has been gradually started. Considering that the company has full orders in hand and obvious competitive advantages, it will give 22 times PE in 2025 and raise the company’s target price to 60.94(+6.72) yuan. Sea breeze construction started gradually, and the industry boom continued to rise. Recently, the public service platform of Jiangsu Province issued () the construction, construction and installation of wind turbines for Dafeng 850,000 kW offshore wind power project (Bid Ⅰ), the construction, construction and installation of wind turbines and the construction, construction and installation of substructure of offshore booster station (Bid Ⅱ), the construction, construction and installation of wind turbines (Bid Ⅲ). The start and completion time of this bidding plan are all ahead of schedule, which indicates that Jiangsu Haifeng construction has started gradually and the prosperity of Haifeng industry is expected to continue to rise. The order in hand is full, and the bid for the order is progressing smoothly. By April 25, 2024, the company had orders of 7.137 billion yuan, including 2.580 billion yuan for submarine cable system, 3.682 billion yuan for land cable system and 875 million yuan for ocean engineering.220kV and Shanghai cables and umbilicals account for nearly 30% of the total orders in hand. The company has further strengthened its strategic cooperation and market development in the fields of electric power construction, rail transit, offshore wind power, offshore oil and gas, etc., and won the bid for the bidding project of the main and distribution network material framework of China Southern Power Grid Corporation in 2023, with nearly 90 million cables for rail transit and 1.7 billion yuan for the land cable system. The EPC general contracting project of Huaneng Yuhuan No.2 offshore wind power project won the bid of about 328 million yuan, the 400MW offshore photovoltaic project of CGNPC Yantai Zhaoyuan was 89 million yuan, and the 1# offshore wind farm of Guodian Xiangshan was about 700 million yuan. Catalyst. Sea breeze project started and new production capacity was put into operation. Risk warning. Risks such as intensified competition in the industry and lower-level demand than expected.

　　Tuopu group

　　Open source securities-in-depth report of the company: high-quality customer structure, moving towards Tier0.5 platform supplier.

　　The company has been in the field of auto parts for 40 years, realizing the leap from single product leader to platform company.

　　"Increasing the value of bicycle accessories+expanding customers" is the core logic of the growth of platform companies. In terms of bicycle value, with the gradual mass production of thermal management, suspension, IBS, cockpit and other products, the company’s highest bicycle supporting value reached 30,000 yuan. On the customer side, the company and Tesla have steadily cooperated in products such as lightweight chassis, interior system and thermal management system, and expanded into the field of humanoid robot actuators. In addition, the company is deeply involved in the design and research of Geely and other automakers, and actively promotes the cooperation mode of Tier0.5. Based on the company’s annual report in 2023, combined with the judgment of the company’s production pace, we lowered the profit forecast for 2024 and 2025 and added the profit forecast for 2026. It is estimated that the net profit returned to the mother in 2024-2026 will be 3.030/39.54/4.924 billion yuan (the original value is 3.450/4.248 billion yuan), and the corresponding EPS will be 2.61/respectively. The current share price is 21.8/16.7/13.4 times of PE in 2024-2026, respectively. Based on the fact that the company is a leading platform supplier, it has maintained close business cooperation with automakers such as Tesla and () and maintained a "buy" rating.

　　Deepen the Tier0.5 cooperation model, and "Tesla+new domestic forces" continue to inject vitality into development.

　　The company implemented the "big customer" strategy to realize the transformation of the largest customer from SAIC-GM to Geely and then to Tesla, and the customer matrix continued to expand. The company is the core supplier of Tesla’s interior decoration, thermal management, lightweight chassis and other fields. In 2022, about 40% of its revenue will be contributed by Tesla. In addition to Tesla, the company also provides corresponding supporting facilities for Geely, BYD, Huawei and other independent brands. The company has cooperated with Geely for more than 10 years, supporting the extremely explosive model series, and growing together with the OEM. In terms of new forces, the company provides auxiliary frames, thermal management, chassis lightweight and other parts for the M5/M7/M9 series vehicles, and the demand for intelligent replacement of parts opens.

　　Chassis, thermal management to build growth momentum, force wire control, air suspension, robots, open the growth ceiling.

　　The company has a profound technical accumulation in the materials and technology of lightweight chassis, and has raised funds for three times to expand production and increase production capacity. Relying on the electronic control and precision manufacturing ability formed on the basis of IBS, the company has developed a thermal management system horizontally. The first generation products are supplied to Tesla in bulk, and the second generation products have been developed. The company simultaneously lays out One-Box and Two-Box products on the brake-by-wire system. Under the trend of intelligent driving, air suspension has gradually become the standard of high-end models. The company plans to invest 300 million yuan in the intelligent driving R&D center project, mainly to develop the steering-by-wire system and air suspension system. In addition, the robot linear actuator and rotary actuator developed by the company have been sent to customers many times, and it is planned to invest 5 billion yuan to build a production base for robot core components in Ningbo.

　　Risk warning: raw material price fluctuation, fierce competition in the industry, and the risk that the Mexican factory is not progressing as expected.

In the test drive experience of Tesla Huan’s new version, I mentioned that the overall product strength of Model 3 Huan’s new version has increased compared with the old one, but I highly recommend this car because of the cancellation of the turn signal lever. Using the turn signal lever to operate the turn signal can be said to be a muscle memory engraved in human genes, and that’s what we learned in driving school. Changing the position of the turn signal switch not only requires a lot of learning cost, but also may lead to safety accidents if it is operated incorrectly!

In North America, many people also spit out this "brain-dead" design! Recently, I saw a China brand new car with a similar design, which is.

What kind of car is it? Maybe there are still many friends who haven’t heard of this brand.

Extreme Yue, originally called Jidu, was later renamed Extreme Yue. It is a brand that cooperates with Geely, a pure electric brand that uses Geely’s SEA architecture, and it is also one of the few brands in China that use pure visual driving assistance solutions. When it comes to pure vision, can you think of it?

Oh ~ I feel that the case has been solved. The new version of Tesla’s Model 3 Huan doesn’t have a turn signal lever. Instead, it has two virtual buttons on the steering wheel. In fact, it is not only newly developed, but also similar designs.

In addition, the shift mode, Extreme Yue 07 also follows the rhythm of the new version of Tesla Model 3-screen sliding shift; The steering wheel is also equipped with a half-width steering wheel as standard. Not only that, but the two models of Extreme Vietnam even have door handles! No! Yes! If you want to open the door, you can use voice control or use the small buttons in the window area to control it. ……

This design is really novel, but is it really useful? We haven’t used it frequently for a long time and have no right to speak. But I know one truth-the simpler the structure, the more reliable it is! The car door is usually a barrier to the outside world, and it is an escape route in case of danger. Although Ji Yue claims that all four doors have independent standby power supply, … it still seems that people are not so practical. After all, those cases where the hidden door handle is stuck and delays the rescue happen from time to time. You don’t even have a handle directly, which is this. ……

In fact, despite these controversial designs, I like this car extremely much! Among the designs made by a number of male models, the design of Extreme Yue 07 is so unique, but it is not exaggerated. The temperature is very good! I also know that Jiyue defines herself as "",which is the kind of smart and intelligent car. However, some details should not be "designed for design’s sake". No matter how smart a car is, it can’t be separated from people’s control at present! Therefore, it is a good car if people get used to it and use it smoothly.

**B9: Enjoy genuine products, pioneer of the times * *

In the bustling city street scene, a car gracefully shuttles between traffic, which is Volkswagen Magotan B9. As the flagship car of the brand, B9 not only inherits Volkswagen’s consistent exquisite craftsmanship, but also shows its unique charm and taste in details.

From the appearance, the design of Magotan B9 is simple without losing the atmosphere. Streamlined body lines, with sharp headlights and wide air intake, show a dynamic posture. The waistline on the side of the car body has been extended to the taillights from the past, creating a sense of strength that is ready to go. The design of the rear of the car is equally brilliant. The exhaust layout and exquisite taillight design of both sides make people feel the extraordinary temperament of Magotan B9 at a glance.

Entering the car, the interior of Magotan B9 is also eye-catching. High-quality materials and fine workmanship make people feel the public’s ultimate pursuit of details. The design of the center console is simple without losing the sense of technology. The large-size touch screen and humanized operation interface make it easy for drivers to control the functions in the car. The comfort of the seat has also been carefully adjusted to provide the best ride experience for drivers and passengers, whether it is long-distance travel or daily commuting.

As a flagship car, Magotan B9 is equally excellent in power performance. It is equipped with advanced power system, which can provide stable and abundant power output whether accelerating or cruising. At the same time, Magotan B9 is also equipped with an advanced driver assistance system, which allows drivers to enjoy driving pleasure while ensuring driving safety.

Volkswagen Magotan B9 is not only a high-quality car, but also a reflection of life attitude. It represents the pursuit of quality life and the yearning for future technology. Whether traveling for business or family, Magotan B9 can provide you with the most comfortable and safest driving experience. Accompanied by Magotan B9, let’s control the future together and have a good time.

In previous years, ordinary gold bars rose by 10 million yuan from 100,000 yuan, and the "National Treasure Panda Gold Bar" bearing in mind eight major events in China increased even more.

Ordinary gold bars in previous years have amazing investment returns every year. The "national treasure panda gold bar" is different from the general investment gold bar. It belongs to the "panda collection" of the world’s five major investment categories and has
A clear theme, bearing in mind eight major historical events in China, and recording eight glorious times of China, has special commemorative significance and value, and being honored as a national treasure means that her gains will be even greater in the future!

A set of panda coins for a BMW! Eight complete sets of "National Treasure Panda Gold Bars" will not be worth it if you change to another suite in the future.

In the field of collection, the emphasis is on complete sets. According to the report of Investment Express in 2006, a company in China once organized an activity. As long as all the panda coins in the past 25 years were collected, a BMW car would be given.
The "National Treasure Panda New Year Gold Bar" issued in 2011 is recognized as the most complete set and the highest specification panda collection in contemporary China precious metals, and its collection value will definitely double. It is also possible to change to a suite in the future.

International gold and silver prices have soared, constantly hitting record highs. The "National Treasure Panda Gold Bar" is cost-effective and will definitely appreciate during the issuance process.

According to China News Network, the international gold price has recently hit a new high every day, reaching 18%, and the domestic jewelry brand gold has risen to 382 yuan/gram. Just as gold hit a new high, silver also hit a 30-year high.
In just three months, the price of silver rose by 70%, and the average price of domestic silver jewelry was more than 20 yuan/gram. The "National Treasure Panda Gold and Silver Bar Full Set" is even lower than the gold and silver prices in major shopping malls, and it is truly worth the money. It will be issued soon.
Appreciation in the process.

The so-called MT, AT and CVT all refer to the types of automobile transmissions. The transmissions in automobiles can be roughly divided into two categories: manual transmissions and automatic transmissions. Automatic transmission can be subdivided into hydro-mechanical automatic transmission (AT), continuously variable transmission (CVT), dual clutch transmission (DCT) and automatic clutch transmission (AMT). The so-called automatic manual transmission only adds a manual mode to the automatic transmission.

MT is the abbreviation of Manual Transmission. It is necessary to move the transmission lever by hand to change the gear engagement inside the transmission and change the transmission ratio. Its advantages are simple structure, low manufacturing cost and maintenance cost, high reliability, fuel saving and high transmission efficiency; The disadvantage is that the operation is more complicated, requiring higher driving skills and greater labor intensity.

AT is the abbreviation of hydraulic mechanical Automatic Transmission, which is what we often refer to as automatic transmission. Its advantages are simple operation, automatic speed change and torque change according to road conditions, effective avoidance of engine overspeed and overload work, high reliability and mature technology; Disadvantages are complex structure, high precision, troublesome maintenance, relatively low transmission efficiency, relatively high fuel consumption, and relatively high price of models equipped with AT gearbox.

CVT is the abbreviation of Continuous Variable Transmission, and its biggest feature is that it can realize the continuous stepless change of transmission ratio. Its main advantages are good driving comfort, enabling the engine to always work in the most economical speed range, good fuel economy and relatively simple structure; The disadvantage is that the transmission steel belt of CVT can bear limited torque, so it is not suitable for intense driving and extreme off-road, and the maintenance is difficult and the cost is high.

The so-called automatic manual transmission is not a type of transmission, but a manual mode is added to the automatic transmission, so that the driver can choose the gear independently according to the engine speed and speed, which can not only increase some driving pleasure, but also increase the power when driving on a slope and accelerating overtaking, making the car more maneuverable. All automatic transmissions can be made into automatic manual transmission, but its essence is automatic transmission.

The article is provided by the author of Easy Car Number.

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The front face design of Xuanjie car is very personalized, and the air intake grille is streamlined with sharp headlights, showing a sporty and dynamic style. The overall lines are simple and smooth, and the body lines are tough and powerful, creating a strong sense of modernity and strength. Dazzling cars are not only eye-catching in appearance, but also pay attention to the handling of details to create a unique visual effect.

Xuanjie has a compact body size, with a length * width * height of 4400*1831*1653mm and a wheelbase of 2632mm. The side lines of the vehicle are smooth, and the wheel tracks are 1551mm for the front and 1563mm for the rear respectively. Hyun Jie is equipped with 16-inch wheels and 215/65 R16 tires, showing its fashionable and dynamic appearance style.

Xuanjie’s interior design is simple and stylish, and the center console is equipped with a 10.25-inch touch screen, which provides drivers with rich multimedia functions and convenient operation experience. The steering wheel is made of plastic, although it is slightly ordinary in touch, but the design of manual up-and-down adjustment can meet the needs of drivers of different heights. The seat is made of fabric, which provides good support and comfort. The main and auxiliary seats support front and rear adjustment and backrest adjustment, and the rear seats can be laid down in proportion, which provides convenience for the storage of luggage. On the whole, the interior configuration of Hyun Jie is practical and intimate, which can meet the various needs of daily driving.

Xuanjie’s engine is 1.5L 116 horsepower L4, with a maximum power of 85kW and a maximum torque of 143N m.. With a 5-speed manual transmission, it provides a strong power output and a smooth driving experience for the vehicle.

Car home car owners have a unique view on the appearance of Hyun Jie. He thinks that the design conforms to personal aesthetic standards. Although it is not as delicate as PLS, it can still meet his expectation of car value.