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.

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.

[car home Lianyungang Preferential Promotion Channel] Recently, a large-scale preferential activity was ushered in in Lianyungang, with the highest preferential amount reaching 70,500 yuan. At present, the minimum starting price of this model is 399,400 yuan. If you are interested in BMW i4, you might as well seize this opportunity and click the "Check Car Price" button in the quotation form to get a higher discount.

The exterior design of BMW i4 embodies the consistent sports and elegant style of BMW brand. The front face adopts a unique closed kidney-shaped air intake grille, which further highlights its electric identity. The LED headlights on both sides of the front of the car have sharp shapes, which echo the front grille and enhance the visual impact of the whole car. The body lines are smooth, and the side waistline extends from the front fender to the taillights, creating a posture of sprinting forward. On the whole, the appearance of BMW i4 not only keeps the design language of BMW family, but also injects a sense of futurity and technology, showing its unique charm as an electric vehicle.

The body size of BMW i4 is 4785 * 1852 * 1455mm, and the wheelbase is 2856mm. The body lines are smooth and dynamic. The front tread is 1601 mm and the rear tread is 1630 mm, which ensures the stability and handling of the vehicle. Equipped with 18-inch rims, the front tyre size is 245/45 R18, and the rear tyre size is 255/45 R18, showing a unique sports style.

The interior design of BMW i4 shows the perfect combination of luxury and technology. The center console is equipped with a 14.9-inch high-definition touch screen, which provides an intuitive operation interface for drivers. The steering wheel is made of high-grade leather, and the manual up-and-down and forward-and-backward adjustment function ensures the best driving experience. The car is also equipped with a variety of interfaces, including USB and Type-C, which is convenient for passengers to connect devices. In addition, the front seats support heating function, and the driver’s seat also has electric memory function, ensuring personalized comfort experience. The seat materials of BMW i4 are various, including imitation leather, genuine leather and fabric/suede mix, which meet different needs and preferences. The rear seats can be laid down in proportion, which increases the flexibility of storage space.

The BMW i4 is equipped with a powerful electric engine with a maximum power of 250 kW and a maximum torque of 430 Nm, which brings excellent power performance and driving experience to drivers.

The sound insulation effect of BMW i4 is highly praised, and it is considered that its power is strong, its exterior design is king, and the volcanic red interior is even more impressive, and it is considered that Mercedes-Benz is not lost.

As long as you are not Fujiwara Takumi, in fact, most of the vehicle power is enough for your daily use. As a compact suv, there are many highlights. Let’s take a look at it together.

Let’s take a look at the appearance of KIA EV5. The front style of KIA EV5 is very elegant and looks very full. Combined with the headlights, it looks very sporty as a whole. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4615MM*1875MM*1715MM. The car adopts simplified lines, and the side circumference looks very fashionable and simple. With large-sized thick-walled tires, smooth lines run through the whole car side. Looking back, the rear of the car looks very capable, the taillights look very avant-garde, and the whole looks very delicate.

When I came into the car, the interior style was very sporty, which was very in line with the tastes of young consumers. The steering wheel of the car is very in line with the interior style, and it is made of imitation leather, which is full of design. Let’s take a look at the central control panel, which is decorated with a 5-inch central control panel, making the interior design quite layered and in line with the mainstream aesthetics. Let’s take a look at the dashboard and seats again. The car is equipped with a stable dashboard, which highlights the trendy temperament. The car adopts imitation leather seats, and the seat wrapping is in place, and the overall comfort and wrapping are not bad.

Kia EV5 is 160KW, with a total torque of 310N.m and a maximum speed of 185 km/h..

The conventional space performance of KIA EV5 trunk is quite satisfactory, and there is no problem in daily use. In addition, the car is equipped with fatigue warning, anti-lock braking (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), brake force distribution (EBD) main driver airbag, co-pilot airbag, side airbag curtain, front side airbag and other safety configurations.

This car performs well in terms of space and configuration. As for the design, everyone has everyone’s aesthetics. You can learn more about what you like!

For most car buyers, the new price of 88,800 yuan is relatively close to the people. It is favored by consumers for its German quality and excellent performance, and it is also the first choice for many consumers when buying a car. This article will introduce this model from the aspects of appearance, performance and interior.

Dynamic appearance shows more personality style.

The new Jetta VS7 model continues the family style in design, but offers a variety of colors to choose from. In addition to pale Bai Qing, polar white, Milky Way grey and manganese stone black, a new "starry sky blue" car paint was added, which was inspired by the deep night sky and the shining stars. Using the "Boundless Star River" lattice grid, this design gives the new car a more eye-catching appearance. In terms of body size, the length and height of the new Jetta VS7 are 4624mm and 1624mm respectively, and the wheelbase is 2730 mm.. The enclosed design of the new Jetta VS7 dome, with lines twisting the outline, echoes before and after, and has distinct levels, which condenses the atmosphere of modern cities, is unbounded and inclusive, and covers the future. The strong lower guard plate design at the bottom shows a superior and confident expression. The new Jetta VS7 hood has a sculptural characteristic line, which leads the visual center of gravity to the new LOGO, with strong lines and forge ahead. The side skirt with the same color on the body of Wings of the Wind, the side wall and the overall color of the body are coordinated and unified, which highlights the smooth appearance, beauty and integrity.

Excellent power to meet travel needs

In terms of power performance, the new Jetta VS7 is equipped with Volkswagen EA211 1.4T high-power engine, with a maximum power of 110 kW and a peak torque of 250 Nm. Its excellent power performance has long been recognized by users. At the beginning, the brand-new Jetta VS7 can get a brisk lifting experience. When overtaking on the expressway or expressway, the engine can also generate strong explosive force, making the overtaking action easier to complete. It can be seen that the new Jetta VS7 power can meet the needs of young consumers in their daily lives, and they can also meet loose sand and gravel, slippery mud and abrupt soil slopes during the journey, thus making the trip of walking away an indispensable part of young consumers’ lives.

Comfortable interior has a sense of technology.

In terms of interior, the new Jetta VS7 basically continues the family style in design, and the new brown and black color matching scheme can show a stronger texture visually. The newly added suede microfiber coating material and diamond-shaped luxury quilting technology used in seats, door panels and other positions are not only more advanced, but also bring users a more comfortable and atmospheric experience in terms of touch. The new Jetta VS7 has also been upgraded in configuration. The new car is equipped with J-Connect intelligent travel system, and its processing capacity has been significantly improved. In addition to practical functions, the new Jetta VS7 also has a variety of entertaining functions. In addition to car KTV, various audio-visual entertainment applications can be downloaded through the applet center, which can bring users a higher quality audio-visual experience and enjoy themselves on the road. In terms of interior modification, car owners can start with seats, central control, audio and other aspects to make travel more comfortable and comfortable. Linked with the locomotive, real-time and abnormal tire pressure alarm can be realized at the locomotive end, which will protect the driving safety. The active system can not only find the abnormal tire pressure in time, but also clearly display the specific tire pressure through the built-in tire pressure monitor, and the tire pressure is fed back to the vehicle display screen in real time. Users can directly locate abnormal tires in the vehicle and read the tire pressure, which is convenient for accurately replacing abnormal tires and effectively solving potential safety hazards.

It can be seen that the performance of the new Jetta VS7 is quite good in all aspects. If you are also very excited about this car, you might as well try it quickly.

1905 movie network news The 2021 Shanghai International Film and Television Festival (hereinafter referred to as the Film and Television Festival) is about to open. On June 1st, the organizing committee held a pre-holiday press conference to announce that the preparations for the 27th Shanghai TV Festival, sponsored by the State Administration of Radio and Television, China Central Radio and Television Station and Shanghai Municipal People’s Government, and the 24th Shanghai TV Festival, directed by the State Film Bureau and sponsored by China Central Radio and Television Station and Shanghai Municipal People’s Government, were basically ready. The Shanghai International Film and Television Festival, held on the eve of "July 1st" in the birthplace of the Party and the place of origin, will consciously undertake the mission and responsibility of celebrating the centenary birthday and creating a festive atmosphere. The press conference introduced the highlights of the 27th Shanghai TV Festival and the 24th Shanghai International Film Festival, and announced the list of the Golden Goblet Awards jury of the 24th Shanghai International Film Festival and the first batch of Golden Goblet Awards films.

Pay tribute to the founding of the party for a hundred years and focus on the main theme

Shanghai is the birthplace of the party and the birthplace of its initial heart. The Shanghai International Film and Television Festival held on the eve of July 1st is of great significance. The theme of celebrating the centenary of the founding of the Party will not only be the highlight of the opening ceremony of the Shanghai TV Festival, the "Magnolia Bloom" award ceremony, the Jin Jue Grand Ceremony of the Shanghai International Film Festival and the Golden Goblet Awards award ceremony, but also run through the Magnolia TV Forum and the Jin Jue Film Forum, the Magnolia International TV Program Exhibition and International Film Exhibition, the TV market and film market, the Internet Film Summit and other activities. For example, the special unit of "Hundred Years’ Journey Red Light and Shadow" in the film festival screening section will focus on many excellent domestic films that the Communist Party of China (CPC) led the people of China from standing up, getting rich and becoming strong; The Magnolia TV Forum and the Jin Jue Film Forum discuss how film and television people can choose the right theme and tell good stories to promote the high-quality development of China film and television with the themes of "the new trend of the creation of fine TV dramas in the new era" and "the exploration of the marketization of main melody movies". The film market "red light and shadow, pay tribute to the centenary" celebrates the film poster exhibition of the founding of the Party, and together with the TV market "Ideal Shines on China", it shows the pattern of Chinese film and television creation and production in the new era in another way. "China Film Night"With the theme of "Brilliant 2021", the series of activities look back on the achievements in the field of film and television in 2020 and show the trend of film and television industry in 2021. A group of works and filmmakers praising the new era gathered in Shanghai in June to sing a high-spirited melody praising the founding of the party for a hundred years.

Give full play to the value of the platform and enhance the cohesion of the film and television festival

As the only international A-class film festival in China, the Shanghai International Film Festival bears the spirit of China’s strong recovery and leads the world, and its platform value is increasingly recognized by all parties. This year’s film and television festival will enhance the gathering power of the film and television festival by launching the support plan for young filmmakers, further improving the talent cultivation system, and deeply integrating online and offline.

The Shanghai International Film Festival, with the theme of "basing itself on Asia, paying attention to the Chinese language and supporting new people", will continue to improve the mechanism for finding and supporting talents. The "SIFF YOUNG Shanghai Young Filmmaker Support Program" jointly sponsored by Shanghai Film Bureau, Shanghai International Film Festival and Cannes Film Market will make its debut. This plan will not only give outstanding young filmmakers in China a chance to show their talents and creativity on a larger stage, but also give the international market a more comprehensive and true understanding of the new development of China films.

In 2020, Shanghai International Film and Television Festival faced the challenge brought by the global outbreak of COVID-19 epidemic, and turned it into an opportunity to hold successfully through the innovation of finding a breakthrough online, which provided a reference and demonstration for the holding of global film and television festivals. This year, the film and television festival will further sort out the idea of digital transformation, resume the offline TV market and film market, retain the international film and television cloud market that will open up film festivals and TV festivals, and complete the transformation from "online auxiliary offline" to "online and offline dual platforms". This year, there are nearly 170 registered exhibitors in the TV market, nearly 200 registered exhibitors in the film market, and 401 registered exhibitors in the international film and television cloud market. After the weight reduction, there are 750 exhibitors at home and abroad this year, exceeding the nearly 600 exhibitors in the TV market and film market in 2019. At the same time, overseas exhibitors accounted for 53.4% this year, which was higher than that in 2020. In the future, the market model of online and offline dual platforms will become the new normal.

The film school of Shanghai International Film Festival, relying on the profound resources accumulated by the film festival over the years, invites famous Chinese and foreign filmmakers to share their creative experience with practitioners in the form of master classes to dispel doubts and doubts for fans. This year’s master class will still be conducted in an online and offline way that breaks the boundaries of time and space, allowing Chinese and foreign film masters to communicate on the cloud and present the "ongoing" filmmakers to the majority of practitioners and fans. The online screening of this year’s film festival will present more than 10 new films in Migu Video and bestv.

In order to promote the coordinated development of the city’s film and television industry, Shanghai actively promotes the urban linkage mechanism, creating more entry points and integration points for the film and television industry to obtain social support. Shanghai International Film and Television Festival is a boosting platform for the linkage of the two levels of film and television industries in the urban area. At the press conference, the responsible persons of Songjiang District, Pudong New Area, Putuo District and Lingang New Area introduced the response to the linkage mechanism of Shanghai film and television industry and the experience, plans and ideas of promoting the development of film and television industry in this region through participating in the film and television festival. At the Internet Film and Television Summit jointly organized by Shanghai International Film and Television Festival and Putuo District, China Audio-visual New Media Development Report (2021), 2020 Online Drama Original Program Development Analysis Report and China Online Video Quality Research Report (2021) will be released. During the film festival, Shanghai Science and Technology Film Capital located in Songjiang District will also release China Film Capital Competitiveness Index (2021) and a number of key film and television industry projects. Through the release of authoritative reports, we will further establish the industry vane.

From five new cities to the Yangtze River Delta Film Festival, the radiation power has been further improved

The Shanghai International Film Festival, which is always talked about by fans, has spread from the central city to five new cities: Jiading, Qingpu, Songjiang, Fengxian and Nanhui this year, empowering the new cities to build a quality life for citizens and further enhancing the radiation power of the Shanghai International Film Festival. In cooperation with Lingang New Area, the "Video Drip Lake 48-hour Challenge" was launched for the first time. With the new international popular 48-hour creative video competition, it used the lens of young filmmakers to show the livability and career suitability of Lingang New Area.

In order to further implement the national strategy of promoting the integration and higher quality development of the Yangtze River Delta, this year’s Shanghai International Film and Television Festival has strengthened the linkage between the Yangtze River Delta region and planned a series of activities related to the Yangtze River Delta film industry, such as the "Yangtze River Delta Film Theme Pavilion" in the film market, the promotion and negotiation of film companies and film shooting bases in the Yangtze River Delta, the joint promotion of key films produced in the Yangtze River Delta during the centenary of the founding of the Party, the Yangtze River Delta Film Cooperation Forum, and the Yangtze River Delta screening of the "Belt and Road" film week. Among them, the "Belt and Road" film week pushed the screening activities to Nanjing, Suzhou, Hangzhou, Ningbo and Hefei for the first time. This is the first time that the Shanghai International Film Festival held a film exhibition in a city outside Shanghai during the film festival.

This year, the number of registered films in countries along the "Belt and Road" is 1,136. After the film selection, the outstanding films will meet the audience in various units of the film festival. Relying on the Belt and Road Film Festival Alliance, the Propaganda Department of Pudong New Area District Committee (District Cultural and Sports Tourism Bureau) and the Shanghai International Tourism Resort Management Committee, 20 excellent films were selected from the new films recommended by member institutions of various countries to meet fans with the theme of "opening the heart world", among which 6 films from different countries will be shown in 6 theaters in the Yangtze River Delta region, so that fans in the Yangtze River Delta region can share ". The "Belt and Road" movie night will be held at Shanghai Shendi Cultural Center on the evening of June 16th.

Excellent masterpieces have distinctive features. The registered films have been the most in the past.

Over the years, Shanghai TV Festival and Shanghai International Film Festival have made unremitting efforts and innovations, winning the trust of Chinese and foreign film and television people and film and television institutions. At the same time, the brand’s professionalism, internationality and influence have all jumped to a new high level, and it has become a big platform for Chinese and foreign film and television cultural exchanges and mutual learning, and the people’s achievements in share the world’s film and television civilization. The 2021 Shanghai International Film and Television Festival, held under the background of epidemic prevention and control, actively responded to the challenges brought by the global epidemic and sought opportunities in exchange for the attention and positive feedback from the global film and television industry.

The Magnolia Award of the 27th Shanghai TV Festival received nearly 900 entries from 40 countries and regions. As a professional platform for China TV drama industry to lead the wind and inspire creation, Magnolia Award has always been recognized as a weather vane in the industry. The 10 works shortlisted for the "Best China TV Series" this year are all masterpieces of realism, and 6 of them are dramas with major themes. These masterpieces on the screen show the distinctive characteristics of the times, such as prominent main melody melody and strong positive energy, and create a strong screen atmosphere for the centenary of the founding of the Party.

The 24th Shanghai International Film Festival received a total of 4,443 registered films from 113 countries and regions, and the number of works increased by 750 compared with 2020 and 479 compared with 2019, the highest ever. Of the more than 400 films shown, 73 premiered in the world, 42 premiered internationally, 89 premiered in Asia and 99 premiered in China, totaling 303.

A grand event of the film and television industry and a festival of the people.

Shanghai International Film and Television Festival practices the important concept of "People’s cities are built by the people, and people’s cities are for the people" and adheres to the purpose of being professional, international and benefiting the people. As an important part of the 27th Shanghai TV Festival, "Magnolia Award International TV Program Exhibition" will show 37 excellent international TV programs with a total of about 80 episodes on four channels of Shanghai Radio and Television Station, namely ICS Foreign Language, Oriental Film and Television, Documentary Humanities and Haha Xuandong. Among them, the cartoon exhibition includes the sequel "Shukebeta (Season 2)" which is close to teenagers’ aesthetic interest, and 16 films such as "Douluo Continent" which has a huge fan base on various social media platforms; Overseas dramas include Kiss on the Face, Beethoven the Genius, which depicts the ups and downs of musician Beethoven’s life, and Leonardo’s first season, a biographical work that traces the inner world of painter and scientist Leonardo da Vinci. There are 9 documentaries, including Little Boys, which records China children who are obsessed with nature, science and technology, art, sports and other different fields and their unique growth stories.

In order to expand the coverage of public cultural services of the Film Festival, film screening and TV Festival Huimin screening have entered the "five new cities". Among them, the offline Huimin screening of the 27th Shanghai TV Festival will start on June 6th, with a total of 14 and 25 outstanding TV works at six screening points, namely, Binhai Commercial Center, Jinqiao International Commercial Plaza, Shangbin Life Plaza, Songjiang Yunjian Granary Wenchuang Garden, Fengxian District Museum and Jiading Xiyun Building. The films shown by Huimin are rich in types and themes. The documentary "Little Boys" crew will also hold an audience meeting at Fengxian District Museum and Jinqiao International. From June 3rd, tickets for the Huimin screening of this TV Festival will be reserved free of charge in the "Cultural Cloud" WeChat official account and the official WeChat WeChat official account of each venue.

During the film festival, Huimin screening includes the global port in addition to the above six screening spots. From June 11th to 20th, more than 20 films will be shown.

Tickets for the 24th Shanghai International Film Festival will still be sold online according to the epidemic prevention and control regulations, and the ticket sales rate for each event will not exceed 75%. This year’s film festival will be invoiced at 8:00 am on June 5.The film schedule was released on the evening of June 3.

[car home Handan Preferential Promotion Channel] Recently, a large discount was ushered in in Handan area, with a maximum cash discount of 28,000 yuan and a minimum starting price of 74,900 yuan. For consumers who are interested in buying Roewe RX5, now is a good time to start. Please click "Check the car price" in the quotation form to get a higher discount.

The exterior design of Roewe RX5 is full of modernity and strength. The front face adopts the family-owned Ronglin Xingyao grille design, with sharp LED headlights and a sporty front enclosure, showing a youthful and fashionable atmosphere. The body lines are smooth, and the waistline extends from the front of the car to the rear of the car, highlighting the sense of movement and muscle. The rear design is simple and exquisite, and the LED taillights are unique in shape, echoing the headlights, and the overall style is fashionable and atmospheric, which meets the aesthetic needs of young consumers.

Roewe RX5 has a length, width and height of 4655*1890*1664mm and a wheelbase of 2765mm, which provides spacious space for the car. The side lines of the car body are smooth, with 18-inch wheels, and the tyre size is 215/60 R18, showing a dynamic and fashionable appearance style.

The interior of Roewe RX5 adopts a simple and fashionable design style, creating a comfortable and technological driving atmosphere. The steering wheel is made of leather, which provides a good grip and supports manual adjustment up and down and back and forth to meet the needs of different drivers. The center console is equipped with a 12.3-inch central control screen, which supports the voice recognition control of multimedia system, navigation, telephone, air conditioner and skylight, greatly improving the convenience of operation. In addition, the car is equipped with USB and Type-C interfaces, two in the front row and two in the back row, which is convenient for passengers to charge and connect external devices. The seat is made of imitation leather. The main driver’s seat has the functions of front and rear adjustment, backrest adjustment and height adjustment (2-way), while the co-pilot seat supports front and rear adjustment and backrest adjustment. The rear seat can be laid down in proportion, providing passengers with more flexible seating space.

Roewe RX5 is equipped with a 1.5T 188-horsepower L4 engine with a maximum power of 138kW and a maximum torque of 300 N m. With the 7-speed wet dual-clutch gearbox, it provides a strong power output and a smooth shifting experience for the vehicle.

To sum up, Roewe RX5 has won the love of many car owners with its atmospheric design, as the car owners in car home said: "First of all, it looks very big, not a little bit bigger than the car, the color velvet silver looks good, drop-dead gorgeous! The side is very beautiful, especially the concave shape of the waistline, which is very beautiful and the front face is domineering! ！”

I’ll bring this one to you today. Not much to say, let’s take a look.

First of all, from the appearance, the front face of Crown Lu Fang looks more fashionable and elegant. At the same time, the headlight presents a sharp design style, and the design looks very soft. The car is equipped with LED daytime running lights, front fog lights, automatic opening and closing, adaptive far and near light and so on. Coming to the side of the car body, the size of the car body is 5015MM*1930MM*1750MM. The car uses sharp lines, which gives people a very elegant feeling. With large-sized thick-walled tires, the shape is eye-catching. In the rear part, the rear looks sporty, the taillights are very deep, and the whole looks very simple.

Coming to the Crown Lu Fang car, the interior looks very avant-garde and the overall shape is remarkable. The car looks very good outside the steering wheel, equipped with the functions of manual steering wheel up and down+front and rear adjustment, steering wheel heating and so on, and the grip performance is good. Let’s take a look at the central control, decorated with a 12.3-inch central control screen, which makes the interior design quite layered and looks quite fashionable and simple. Finally, let’s look at the dashboard and seats. The dashboard of this car presents an exquisite design style, giving people a very clean feeling. The car adopts imitation leather seats, which are wrapped in place and have good overall comfort.

Crown Lu Fang is equipped with car networking, driving mode selection, remote control keys, Bluetooth keys, rear wipers, interior atmosphere lights and other configurations, which can be said to be quite satisfactory.

After reading the above introduction, let’s make a summary. Many people buy SUVs because of their stronger passability. The car is practical and fully equipped, and it is a good helper for home travel.