[US stocks close]

　　Before the US stock market opened yesterday, the US non-agricultural report was released! The data shows that the number of non-agricultural employees increased by 209,000 in June, which was less than the expected increase of 230,000.

　　However, the average hourly wage in the United States in June increased by 4.4% year-on-year, higher than the expected 4.2%; The hourly wage increased by 0.4% from the previous month, which was also higher than the expected 0.3%; The unemployment rate dropped by 0.1 percentage point from the previous month to 3.6%, which was the same as expected.

　　After the non-agricultural report was released, the market thought that the possibility of the Fed raising interest rates by 25 basis points at the end of July was as high as 92%, which was roughly the same as before the non-agricultural announcement.

　　The faster-than-expected growth rate of hourly wages strengthened the Fed’s expectation of raising interest rates in July, and US stocks closed down across the board. At the close, the Dow Jones index fell 0.55%; The S&P 500 index fell by 0.29%; The Nasdaq index fell 0.13%.

　　The three major US stock indexes all recorded declines this week, with the S&P 500 index down 1.16%, Nasdaq down 0.92% and Dow down 1.96%.

　　Large technology stocks in the United States were mixed, with the semiconductor sector performing relatively strongly, while NVIDIA and TSMC both closed up. Among FAANMGT’s seven technology stocks, only Amazon closed red.

　　Popular Chinese stocks generally rose, with Nasdaq China Jinlong Index rising by 3.19%, Alibaba rising by 8%, Tencent ADR rising by 4.10%, and other Chinese stocks also floating across the board.

　　[futures closing]

　　The US dollar index fell sharply on Friday, boosting commodity prices. Metal futures generally rose, and silver rose by nearly 2%.

　　In terms of energy and chemical industry, only natural gas futures fell by nearly 2%, and the rest of the varieties were all red.

　　Agricultural futures are mixed. Cotton and sugar receive red; Soybean, corn and wheat, the three staple food varieties, closed down across the board.

　　In terms of financial futures, short-term US bonds closed up, while 10-year and long-term US bonds closed down.

　　[Economic data]

　　The United States’ non-agricultural production in June was less than expected, but the hourly wage growth rate exceeded expectations, which was difficult to stop the Fed from raising interest rates.

　　Under the continuous aggressive interest rate hike by the Federal Reserve, the signs of a slowdown in the US job market are gradually emerging.

　　According to data released by the Bureau of Labor Statistics last night, there were 209,000 new non-agricultural employees in June, the smallest increase since December 2020, which was lower than the market expectation of 240,000. At the same time, the number of non-agricultural new jobs in April and May was also revised downwards. The latest revised data shows that in the past six months, the average monthly employment increased by 278,000, far below the monthly average of 399,000 in 2022.

　　In June, new jobs in non-agricultural sectors mainly came from government, medical and health care, social assistance and construction.

　　However, it is worth noting that the average hourly wage in the United States in June increased by 4.4% year-on-year, higher than the expected 4.2%; The hourly wage increased by 0.4% from the previous month, which was also higher than the expected 0.3%; The unemployment rate dropped by 0.1 percentage point from the previous month to 3.6%, which was the same as expected.

　　What do analysts think?

　　Analysts generally believe that although the new employment slowed down in June, the unemployment rate is still at an extremely low level, the wage growth rate of workers exceeded expectations, and the Fed’s interest rate hike in July was almost "nailed".

　　"The labor market in the United States is slowing down, but the possibility of a sharp deterioration seems unlikely, and there are cracks in the job market. However, we believe that the risk of a sharp decline in the employment situation is low. Most leading indicators show that the current pace of employment growth is positive, but it is still far above the sustainable level." Aichi Amemiya, a senior American economist at Nomura, said, "As long as the overall employment remains high, the Fed may think that the risk of insufficient interest rate hikes is greater."

　　"Enterprises tried to correct the problem of over-recruitment during the epidemic by laying off employees, but by May this year, this trend seemed to be stable. The high-profile layoffs in the technology industry in the first half of this year did not point to broader signs of recession. In the past six months, we have not seen layoffs spread to other sectors of the economy. However, in view of the decrease in available funds, enterprises may continue to make personnel adjustments. " Layla O’Kane, a senior economist at Lightcast, a job market analysis agency, said.

　　"The slowdown in recruitment in June and the downward revision of employment in the past few months are not enough to reassure the Fed. Although the supply and demand of labor are tending to be balanced, the monthly increase of hourly wages and working hours has aggravated the inflation impulse. In view of the Fed’s concern about the inflation of’ super core services’, it is necessary to further raise interest rates to curb strong inflation. Bloomberg economists Stuart Paul and Eliza Winger analyzed.

　　[Financial News]

　　Specializing in head iron! Us short sellers lost $122.1 billion in the first half of the year.

　　A report released by S3 Partners Research, a financial data company, on July 7th shows that American technology stocks have risen sharply this year, which has brought huge losses to short sellers.

　　Ihor Dusaniwsky, managing director of S3 Partners, said that by the end of June, the short position of American stocks had climbed from $864 billion at the end of 2022 to $1.001 trillion. This is largely driven by hedge funds, which are hedging their long stock bets while increasing the leverage of their portfolios.

　　It is reported that in the first half of this year, short sellers lost a total of $122.1 billion, including nearly $30 billion in Tesla, NVIDIA and Apple.

　　The day after the establishment of "No Price Reduction Alliance", car companies cut prices, and SAIC Volkswagen ID.3 dropped by 23% at the highest.

　　Only one day after the establishment of the "No Price Reduction Alliance" of major car companies, some car companies have reduced their prices again.

　　On July 7, SAIC-Volkswagen officially announced that its ID.3 model was reduced in price, with the highest drop of 37,000, and the starting price dropped from 162,900 yuan to 125,900 yuan, a drop of 23%. SAIC Volkswagen said that as of July 31, the number of this promotion was only 7,000.

　　The United States plans to purchase an additional 6 million barrels of crude oil to replenish its strategic oil reserves.

　　The United States announced on Friday that it will purchase an additional 6 million barrels of crude oil to replenish its strategic oil reserves and continue to slowly replenish its emergency reserves. This procurement is planned for October and November.

　　Due to the conflict between Russia and Ukraine, the United States historically used 180 million barrels of strategic oil reserves, and other stocks authorized by Congress were released, which led to a 40-year low in the size of US crude oil reserves.

　　The U.S. Department of Energy said it would buy more oil as a reserve if market conditions allowed.

　　The large model standardization group was established, and Baidu, Ali and Huawei joined the team.

　　On July 7th, at the 2023 World Artificial Intelligence Conference (WAIC 2023), the National Artificial Intelligence Standardization General Group under the guidance of the National Standards Committee announced the leader of China’s first large-scale model standardization special group, which was jointly held by Shanghai Artificial Intelligence Laboratory and 360 Group, Baidu, Huawei, Ali and other enterprises, and issued certificates on the spot and officially started the formulation of national standards for large-scale model testing.

　　This is also the latest progress after the country started the standardization of large models in May this year, the General Group of Artificial Intelligence Standardization set up a large model special group, started the declaration of the group leader and deputy group leader of the large model special group, and suggested topics for the large model standardization research.

　　[Company News]

　　Zuckerberg: Threads has over 70 million registered users.

　　On Friday (July 7th) local time, Mark Zuckerberg, CEO of Meta, said on Threads: "As of this morning, the registered users of Threads website reached 70 million, far exceeding our expectations."

　　Threads is an independent application launched by Meta based on Instagram and competing with Twitter, which was officially launched recently.

　　In the early stage, Apple Vision Pro only accepts appointment purchase.

　　According to a source quoted by the Securities Times, Apple plans to launch its Vision Pro head-mounted display device in the US market early next year, but in the early sales stage, it only accepts pre-arranged purchases.

　　To this end, Apple does not expect to cooperate with third-party distributors to sell Vision Pro at least until 2025. Due to the limited supply and the high cost of equipment, most stores may only provide one or two demonstration equipment at first.

　　Apple plans to give priority to sales of Vision Pro in stores in big cities such as new york and Los Angeles, and then promote it to 270 Apple stores in the United States.

　　Mercedes-Benz joins Tesla North America Super Charging Network.

　　Mercedes-Benz, a well-known luxury car brand, announced on July 7 that from 2024, Mercedes-Benz owners can use Tesla super charging piles in North America.

　　Mercedes-Benz will establish its own charging network by the end of this decade, with more than 400 charging centers, including more than 2,500 high-power chargers.

　　Globally, Mercedes-Benz plans to establish more than 2,000 charging centers in other core markets such as North America and Europe by the end of this decade.

　　Musk responded to monopolizing the rocket launch market: SpaceX’s mission is to make life multi-planetary.

　　Recently, there is market news that SpaceX has a monopoly position in the field of rocket launch.

　　In this regard, SpaceX CEO Musk said on Friday that "the goals of the country and the company are too low. Lack of ambition is their weakness. SpaceX’s mission is to make life multi-planetary. Even a little success in this goal will bring very good performance to Earth orbit. "

　　[Financial Outlook]

　　Next week, China-US CPI hits, and the US stock market earnings season is about to kick off.

　　Next week, the two major economies of China and the United States will release June CPI data. In addition, the second quarter earnings season of U.S. stocks will also kick off, with Pepsi firing the first shot and bank stocks following suit.

In appearance, the 2020 FAW-still maintains its original design, and the overall look is very atmospheric. The front face is a family-style design style of Volkswagen. The middle net is decorated with chrome-plated material, and it is perfectly integrated with the long and narrow shapes on both sides. The shape of the headlight group is very sharp. On the side of the car body, the lines of FAW-Volkswagen-Volkswagen cc look very smooth, chrome-plated strips are used for decoration under the window, and with the sharp waistline design, the overall visual effect is very good and looks very beautiful. In the tail part, the shape of the taillight group is very beautiful, and it also has a good echo effect. The exhaust layout of the two sides at the bottom further enhances the sporty atmosphere of the whole vehicle.

In terms of interior, the interior of the new car continues the design of the current model. In terms of configuration, the new car has added a usb interface on the ceiling, a panoramic sunroof, and a three-zone automatic air conditioning screen. In addition, the maximum power of the 2.0t high-power engine is 220kw(299ps) and the peak torque is 400nm. The transmission system is matched with a 7-speed dual-clutch gearbox.

The length, width and height are 4869×1870×1459mm respectively, and the wheelbase has reached 2841 mm. In the same class, the wheelbase of FAW-Volkswagen CC ranks ninth. As a medium-sized car, its body size does not occupy much advantage in its class, and its internal seating space is only basically enough. After all, it is limited by the length and shape of the body. The skylight of the 380TSI Hunting Edition of FAW-Volkswagen CC Hunting Car provides a wider view, which can create a better visual environment and good sensitivity for the rear passengers and increase the light intake for the whole vehicle. Among the models of the same price and class, the trunk volume of FAW-Volkswagen CC ranks second. It can basically meet the luggage space for family travel. But there is no extra hidden storage space.

Volkswagen FAW-Volkswagen CC is equipped with a combination of 2.0 turbocharged engine (direct injection) and wet dual clutch (DCT). It will definitely bring unforgettable control charm. FAW-Volkswagen CC’s official measured acceleration score is 7.9S, ranking 14th among 180,000-250,000 medium-sized car models.

The active/passive safety configuration of FAW-Volkswagen CC is complete, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

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

In order to get a more comprehensive and objective understanding of FAW-Volkswagen CC, you can go to the FAW-Volkswagen CC forum and browse the messages of users who have purchased the car in history.

To better stimulate the consumption potential and do a good job of replacing old appliances with new ones, we should base ourselves on the present situation, make full use of various preferential policies, mobilize the enthusiasm of all parties, unblock and solve the difficulties, give full play to the leading role of standards, and let good policies play a good role.

Recently, with the promulgation of the Action Plan to Promote Large-scale Equipment Renewal and Trade-in of Consumer Goods, various forms of home appliance trade-in actions have been kicked off in various places and achieved good results. In the future, how to further release the consumption potential of the home appliance market through trade-in is worthy of attention.

As the main durable consumer goods in China, household appliances have a long industrial chain, a large market volume and a strong driving role. At present, a considerable number of household appliances have great potential for upgrading due to their long service life, hidden dangers in quality and safety, and relatively high energy consumption. Implementing the trade-in of household appliances can effectively activate the consumption potential of household appliances, help improve the quality and expansion of consumption, provide demand support for the smooth supply and demand cycle, and then promote the overall economic recovery.

At the same time, China has the largest consumer market of household appliances in the world, with a huge stock of household appliances, and there is a lot of room for energy saving, carbon reduction and resource conservation. Accelerating the green and low-carbon transformation and recycling of household appliances is an inevitable choice to achieve sustainable development. Implementing the trade-in of household appliances is conducive to promoting the recycling of resources. The data shows that an ordinary refrigerator can recycle 9 kilograms of plastic, 38.6 kilograms of iron, 1.4 kilograms of copper and other resources. In addition, new household appliances are often better than old ones in terms of energy efficiency, and energy conservation and carbon reduction can be greatly promoted by replacing old ones with new ones.

Trade-in of home appliances is not a simple replacement of similar products, but an upgrade to a higher-end, smarter and more environmentally friendly product, so that energy-saving, environmentally friendly and intelligent high-quality home appliances can enter thousands of households, which is conducive to enhancing consumers’ sense of acquisition, happiness and security. This move can also promote the development of home appliance manufacturing, retail, logistics, after-sales, recycling and dismantling, and play a certain role in increasing residents’ employment and income.

In the future, in order to better stimulate the consumption potential and do a good job of replacing old appliances with new ones, we should make full use of all kinds of preferential policies based on the present, unblock and solve the difficulties, and let good policies play a good role.

Overall coordination, fully mobilize the enthusiasm of all parties. Trade-in of household appliances involves a wide range, involving many localities and departments, as well as different links such as production, circulation, consumption and recycling. Therefore, we should pay attention to the linkage between departments and localities, make overall plans to support all links in the whole chain of household appliances production, sales, recycling and utilization, and realize the collaborative linkage between government, enterprises and people, upstream and downstream, and online and offline. Optimize the design of policy mechanism, benefit all stakeholders in the whole chain, fully stimulate the enthusiasm of manufacturers, sellers, recycling enterprises, dismantling enterprises, consumers and other parties, and promote good policies to be effective.

Comprehensive policy, get through the old-for-new plugging points of home appliances. Trade-in of household appliances involves a long chain and many links, and there are still some difficulties in the whole cycle of production, circulation, consumption and recycling. Only by effectively solving the outstanding shortcomings can we fundamentally release the policy effect and stimulate the consumption potential of the household appliances market. Do a good job in recycling waste household appliances, and build a closed loop of the whole chain of "replacement+recycling" by opening up recycling and replacement channels, so as to realize the integration of sending new products and collecting old ones, thus forming a strong traction for the trade-in business and better promoting the consumption of household appliances. Further improve relevant supporting facilities, strengthen the planning and construction of urban professional distribution centers, e-commerce logistics nodes and terminal distribution outlets, and focus on strengthening rural logistics infrastructure and sales and recycling outlets.

Give consideration to the long-term and give better play to the leading role of standards. What kind of standards have what kind of quality, and the level of standards directly determines the strength of product competitiveness. Reasonable standards are conducive to improving product quality and promoting the healthy development of the industry. For example, the energy consumption standard of household appliances directly affects the green development level of the whole industry. In the process of replacing old appliances with new ones, we should focus on making good use of the "baton" of standards, give play to the leading role of standards in the fields of energy saving, low carbon, health and safety, promote product upgrading and consumption upgrading, guide quality consumption, and let more high-quality household appliances enter residents’ lives. Maintain the dynamic update of household appliance standards, steadily improve the standard level, do a good job of effective connection with sales preferential policies, and give full play to the effectiveness of policies.

In order to achieve practical results, we should actively use all kinds of preferential policies. In the process of replacing old appliances with new ones, many places often introduce corresponding preferential policies. Accurate and effective financial support policies are conducive to stimulating residents’ willingness to buy, leading to the upgrading of household appliances consumption, and forming a virtuous circle of mutual promotion between supply and demand. It is necessary to be convenient and affordable, flexibly use policy tools such as consumer subsidies, consumer vouchers, and interest discounts on consumer loans, simplify the application process for preferential policies, give full play to the advantages of Internet platforms, and create a market atmosphere of enthusiastic consumption. Do what you can, reasonably determine the scope of financial support, and at the same time guide the business entities to make a balanced calculation according to the sales quantity, pricing and profit, and promote household appliances to be replaced with new ones through flexible price adjustment to ensure a reasonable profit space. (Shen Li)

CCTV News:According to the Announcement of WeChat official account of the National Development and Reform Commission, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Commerce and the General Administration of Market Supervision (hereinafter referred to as the Announcement), it is emphasized that operators such as hotels and restaurants should comply with the same regulatory requirements as other operators such as Shangchao when processing, making and selling moon cakes.

　　In recent years, many hotels and restaurants have launched their own moon cake products during the Mid-Autumn Festival, providing consumers with more diversified and personalized choices and enriching the holiday market. However, a few high-end hotels and restaurants have become important channels for selling "sky-high" moon cakes. On the one hand, these enterprises use rare and precious ingredients, tie or mix high-priced goods, and over-luxury packaging, and create luxury goods in moon cakes with the help of brand advantages; On the other hand, the price of moon cakes is included in accommodation and meals to facilitate corruption.

　　According to the requirements of the Announcement, hotel and restaurant operators are not allowed to use wild protected animal ingredients as mooncake fillings, tie or mix mooncakes with other commodities, or violate the mandatory standards of over-packaging. At the same time, if mooncakes are required to be settled together with accommodation fees and meals, the unit price and quantity of mooncakes should be listed separately. Relevant departments will focus on high-end hotels and restaurants, and carry out all-round supervision and inspection. Once violations of laws and regulations are found, they will be severely punished according to law.

　　Xinhua News Agency, United Nations, October 21st (Reporter Wang Jiangang) Geng Shuang, Deputy Permanent Representative of China to the United Nations, said on the 21st that China welcomed the unanimous adoption of Security Council resolution 2653 on sanctions against gangs in Haiti, and stressed that Haitian political factions should reach a consensus on the national political structure and transitional arrangements as soon as possible.

　　In his explanatory speech after the Security Council voted on the draft resolution on sanctions against Haiti, Geng Shuang said that the Security Council unanimously adopted resolution 2653, imposing sanctions on gangs in Haiti, such as travel restrictions, asset freeze and arms embargo, and turning the consensus on curbing violent crimes by gangs, protecting the Haitian people and restoring security and social order in Haiti into practical actions. China welcomes this.

　　Geng Shuang said: China hopes that Resolution 2653 will send a clear signal to gangs in Haiti, urging them to immediately stop doing evil and harming the people and stop eroding Haiti’s economic, social and security foundations. China hopes that resolution 2653 will send a clear signal to Haitian political factions, demanding that they immediately stop their ties with gangs, immediately stop their party struggles, put the interests of the country and the people first, and reach a consensus on the national political structure and transitional arrangements as soon as possible. China also hopes that resolution 2653 will send a clear signal to the Haitian people, indicating that the Security Council has been paying attention to their situation and will try to help them eradicate the scourge of gangs and remove the mountains that weigh on them.

　　Geng Shuang stressed that Haiti is on the verge of collapse and needs the help of the international community. The Security Council will continue to pay attention to the development of the situation in Haiti after the adoption of resolution 2653. China hopes that the Security Council will continue to adhere to the spirit of full consultation and unity, the principle of results-oriented and practical results, and the practice of overall consideration and careful decision-making in the next stage of its deliberations on Haiti. China is willing to continue to play an active and constructive role in this regard.

Party’s leadership: a main thread that runs through the overall situation — — A Review of the 13th Changchun CPPCC Upholding and Strengthening the Party’s Leadership over the CPPCC Work

In June 2017, Qi Yuanfang, chairman of Changchun CPPCC, led some CPPCC members to visit Sanxingqiao, the upstream tributary of Xinlicheng Reservoir in Changchun City, to inspect environmental protection work.
According to the report of the 19th National Congress of the Communist Party of China, in China’s political life, the Party is in a leading position. Strengthening the centralized and unified leadership of the Party and supporting people’s congresses, governments, CPPCC, courts and procuratorates to perform their functions, carry out their work and play their roles according to the regulations are unified.

2017 is the year of the 19th National Congress of the Communist Party of China and the opening year of the 13th Committee of the CPPCC. Under the correct leadership of the Municipal Party Committee, the leading group of the CPPCC adheres to and strengthens the leadership of the Party over the work of the CPPCC, which runs through the whole situation, adheres to great unity and unity, and conveys the Party’s ideas to the democratic parties and all walks of life, so that the CPPCC can implement the major principles, policies and important arrangements of the Party, the country, provinces and cities without discount or distortion, and achieve breakthrough results and changes.

The development of the CPPCC cannot be separated from the leadership of the Party.

Party, government, military and civilian studies, east, west, north and south, the party is the leader of everything. The 19th National Congress of the Communist Party of China has profoundly expounded the improvement of the system of people being masters of their own affairs and the development of socialist democratic politics, especially "giving full play to the important role of socialist deliberative democracy". In the view of the leading group of Changchun CPPCC, the exposition of the work of the CPPCC by the Supreme Leader General Secretary is the general program followed by the work of the CPPCC and an important document for developing socialist democratic politics. After the 19th National Congress of the Communist Party of China, the CPPCC held the first party group (enlarged) meeting to convey the spirit of studying and implementing the 19th National Congress of the Communist Party of China.

"The new situation and new tasks have put forward new requirements and given new missions to the work of the CPPCC. It is necessary to realize the economic magnitude, urban energy level, improvement of people’s livelihood, social governance and ecological civilization ‘ Five upgraded versions ’ And achieve economic development, cultural prosperity, excellent rule of law, perfect functions, first-class ecology and people’s happiness ‘ Six goals ’ The CPPCC has a great responsibility. " In January last year, the first session of the 13th session of the Changchun CPPCC closed. In an exclusive interview with reporters, the newly elected chairman of the 13th CPPCC Committee, Qi Yuanfang, said that he would lead the new CPPCC in Changchun to consciously shoulder this responsibility and do his best to fulfill it.

In the past year, the CPPCC carried out 11 key surveys and 28 surveys and inspections, held 2 special standing committees, 2 special discussion meetings and 7 special consultation forums, formed 94 research reports, submitted 2 proposals, filed and submitted 356 proposals, collected 171 pieces of social conditions and public opinion information, and members participated in their duties for more than 1,100 people, making positive contributions to promoting the comprehensive revitalization and development of Changchun.

"In the past year, the CPPCC has been able to innovate its work because there is a main line that runs through the overall situation and runs through it, and that is to uphold the leadership of the Communist Party of China (CPC)." Cai Yanbin, secretary-general of the CPPCC, said that in the past year, under the leadership and guidance of the Municipal Party Committee, the CPPCC actively explored the organization, system and negotiation issues, and achieved remarkable results in making good use of the CPPCC’s right to speak.

The leadership of the Party is the guarantee for the development of the CPPCC.

Adhering to the leadership of the party is the fundamental guarantee for the development of the CPPCC. In the past year, where the central work of the municipal party Committee was, the CPPCC insisted on where the central work pointed; Where is the overall situation defined by the municipal party Committee, the CPPCC insists on where the work focuses. Focusing on the main line of helping to promote the comprehensive revitalization and development of Changchun old industrial base put forward by the working meeting of the CPPCC of Changchun Municipal Committee of the Communist Party of China, the CPPCC has carried out extensive consultations and discussions, solicited opinions and gathered wisdom, and achieved good results.

Grasping innovation means grasping development, and seeking innovation means seeking the future. The Municipal Party Committee proposed that Changchun should build a national innovative city, and the CPPCC quickly identified "implementing the innovation-driven strategy and building a national innovative city" as the annual key negotiation topic, conducted in-depth research and held a meeting of the Standing Committee. The 13th Party Congress proposed that the development zone should be the "vanguard" of transformation, upgrading, innovation and development. In order to assist the Municipal Party Committee to do a good job in this big article, members and experts such as Li Zhenhui and Wang Shuhong visited Changchun New District and other places for many times, and held special discussion meetings to provide useful reference for giving full play to the main battlefield role of economic construction in the Development Zone.

Focus on promoting the structural reform of agricultural supply side, and solve problems and find good strategies for the city to take the lead in realizing agricultural modernization; Closely follow the construction of famous historical and cultural cities, help the protection and inheritance of "non-legacy" projects, and promote the protection and utilization of railway remains; Closely follow the people’s livelihood and make suggestions for a happy Changchun construction … … In the past year, under the correct leadership of the Municipal Party Committee, CPPCC leaders from all walks of life performed their duties more solidly, took the initiative to play a more obvious role, and performed their duties for the people more grounded. The CPPCC has not only become a good assistant of the Party, but also a trusted organization of the people.

The correct leadership of the party has brought a vivid situation to the work of the CPPCC.

"The work of the CPPCC is always inseparable from the leadership of the municipal party Committee." Not long ago, the Changchun Municipal Committee of the Communist Party of China held a forum to listen to the opinions and suggestions of the democratic parties and the Federation of Industry and Commerce, and seek common prosperity and development of Changchun in an all-round way. At the symposium, Wang Junzheng, member of the Standing Committee of the Provincial Party Committee and secretary of the Municipal Party Committee, put forward five requirements on thoroughly studying and implementing the spirit of the 19th CPC Congress and giving full play to the role of democratic parties in participating in and discussing state affairs: unswervingly studying and implementing the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, unswervingly implementing the socialist deliberative democratic system, unswervingly serving the overall economic and social development of Changchun, unswervingly implementing the people-centered development thought, and unswervingly creating a harmonious and stable development atmosphere.

At this symposium, representatives of the Municipal Committee of the Revolutionary Committee of the Communist Party of China, the Municipal Committee of the Democratic League, the Municipal Committee of the Democratic National Construction Association, the Municipal Committee of the Democratic Progressive Party, the Municipal Committee of the Agricultural Workers’ Party, the Municipal Committee of the Jiu San Society and the Municipal Federation of Industry and Commerce made speeches respectively, focusing on the topics of intelligent networked automobile industry, the combination of medical care and "Made in China 2025" pilot demonstration city construction, and made suggestions for doing a good job in Changchun.

Member Jin Yuhui believes that "after the 19th National Congress of the Communist Party of China, the CPPCC accurately grasped its position as an important channel of socialist deliberative democracy and a specialized consultation institution, and achieved remarkable social effects by increasing the consultation density and improving the consultation timeliness with the Changchun Municipal Committee of the Communist Party of China." At the same time, CPPCC members from other sectors attending the meeting said that it was the leadership of the Changchun Municipal Committee of the Communist Party of China that enabled them to comprehensively, systematically and comprehensively reflect the demands of all sectors of society and realize the democratic rights of the overwhelming majority of the people.

Ask where the canal is so clear, because there is flowing water from the source. Where does the source of the development and progress of the CPPCC come from? The answer is to uphold the leadership of the party!

New Practice of Consultative Supervision in Changchun — — Summary of the 13th Changchun CPPCC Building a New Pattern of Consultation and Deliberation

According to the report of the 19th National Congress of the Communist Party of China, the work of the CPPCC should focus on the central tasks of the Party and the state, focus on the two themes of unity and democracy, and put deliberative democracy through the whole process of political consultation, democratic supervision and participation in and discussion of state affairs, improve the content and form of deliberation and discussion of state affairs, and strive to enhance consensus and promote unity.

In the past year, the CPPCC has always held high the banner of patriotism and socialism, firmly grasped the two themes of unity and democracy, developed with the times, and strived together with Changchun to find the greatest common denominator and draw the most beautiful concentric circles in the new practice of consultative supervision.

Real negotiation, real supervision, real work

Party committees and governments attach great importance to the work of the CPPCC and support the work of CPPCC members, political parties and organizations, all walks of life, groups and special committees, which is the basis for the CPPCC to carry out consultation and deliberation. In 2017, the Municipal Party Committee held a working meeting of the CPPCC and issued the "Implementation Opinions on Strengthening and Improving the Democratic Supervision of the CPPCC", clearly listing proposal supervision as one of the forms of democratic supervision of the CPPCC. Wang Junzheng, member of the Standing Committee of the Provincial Party Committee and secretary of the Municipal Party Committee, stressed that all localities, departments and units should attach great importance to the handling of CPPCC proposals, and earnestly put the good opinions and suggestions put forward by CPPCC members into practical work in a timely manner.

In 2017, the leaders of the municipal party Committee and the municipal government directly led 13 key proposals. Driven by these proposals, some difficult problems related to Changchun’s economic and social development have been gradually solved, and remarkable results have been achieved in building a safe Changchun, tackling poverty and developing vocational education.

Protect the "big water tank" and build a "happy city"

The 13th Party Congress of Changchun proposed to adhere to quality guidance and accelerate the construction of a new green and livable city. Around the decision of the municipal party Committee, the CPPCC inspected the city’s environmental protection work many times last year and constantly promoted the construction of ecological civilization. In June 2017, Qi Yuanfang, Chairman of CPPCC, led the inspection team of "Environmental Protection Work" of CPPCC, and made a special trip to the upper reaches of Xinlicheng Reservoir to inspect the garbage cleaning situation, entrusting the accompanying members to make full use of the right to speak of CPPCC and jointly shoulder the heavy responsibility of environmental protection.

Under the appeal of CPPCC members, several "big water tanks" in Changchun have been protected. Two large-scale farms in the first and second protected areas of Shitoukoumen water source were closed according to law, and all five sand farms in the first protected area were banned.

In the past five years, every September, the CPPCC has organized CPPCC members, democratic parties, federations of industry and commerce, county (city) district CPPCC, and specially invited experts to make suggestions and suggestions for the preparation of the next year’s Happy Changchun Action Plan. At the same time, on the CPPCC consultation platform, members are invited to comment and make suggestions on the implementation of people’s livelihood. In the past five years, the CPPCC has collected 412 opinions and suggestions, and the conference has made 99 key speeches. Many constructive, targeted and operable opinions and suggestions have been adopted in the process of government administration and transformed into pragmatic actions to promote the improvement of people’s livelihood in the city.

Business is for the same purpose.

Democratic supervision is an important content of socialist deliberative democracy construction and an important way to help the party and the government improve their work. In the past year, the CPPCC has made concerted efforts and taken various measures, practiced the concept of consultation, enhanced the effectiveness of deliberation, and reached broad consensus.

Focus on inspection and supervision, and the CPPCC will carry out inspections on major economic projects, key urban construction projects, long-term investment enterprises of Hong Kong, Taiwan and overseas Chinese businessmen, subway construction and trial operation of Line 1; Pay close attention to the implementation of follow-up inspections, improve the follow-up inspection mechanism for consultation issues, and carry out follow-up inspections on the implementation of suggestions on consultation issues determined in the previous year’s consultation work plan; Pay attention to practical results, carry out proposal supervision, use three-dimensional thinking, and constantly expand the "length, width and height" of proposal handling … …

In Changchun, "consultation" and "democracy" are becoming hot words in the major decision-making of the city, and they are mentioned more and more times and are more and more innovative. Some new formulations, new viewpoints and new ideas are not only the inherent requirements of the CPPCC’s deliberative democracy, but also the direction of the CPPCC’s efforts.

New Action of CPPCC in the Construction of Happy Changchun — — Scanning the highlights of the 13th Changchun CPPCC’s attention to people’s livelihood.

The people’s yearning for a better life is the direction of the CPPCC’s performance. Let the CPPCC work be closer to the people! Closer!

Since 2017, the CPPCC has expanded its work radius in an all-round way, carried out its duties for the people in all its work, adhered to the people-centered principle, adhered to the mass line, and sank its body to the grassroots level and its heart to the masses. Practice shows that the work of the CPPCC can also make the people feel that the CPPCC is close to them.

Ju Li Jing Jing poverty alleviation

"In recent years, the days of ordinary people have become more and more prosperous, and the CPPCC has also built a new house for my family. I really thank them!" Liu Qingcheng, an 85-year-old party member living in Mu shihe town, Jiutai District, Changchun City, used to be the secretary of the Party branch of Huashu Village. Although the labor force at home is small and life is difficult, with the help of the CPPCC, the family’s life has become better and better. This is just a microcosm of the CPPCC’s poverty alleviation work throughout the year.

According to the requirements of the Central Committee of the Communist Party of China and the provincial municipal committee for accurate poverty alleviation, members of the CPPCC Chairman’s Meeting visited many poverty-stricken villages such as Buhai Village in dehui city, Baojia Village in yushu city and Guangsheng Village in Shuangyang District, and made overall plans at a high level, and coordinated to raise funds of 76.13 million yuan to help build 54 kilometers of "Tuntuntong" roads and drinking water facilities, implement 9 poverty alleviation industrial projects and transform 37 dangerous houses, thus achieving tangible results in tackling poverty.

The CPPCC has also comprehensively strengthened the management of poverty alleviation projects, established and improved systems for equipment management and maintenance, income distribution, etc., to ensure that poverty alleviation projects mainly serve poor households, and the income is mainly used for poverty alleviation of poor households. In 2017, the agricultural machinery cooperative that helped to build completed the free turning and sowing of the land of poor households, cultivated 80 hectares outside, and rented 15 farmers’ markets, increasing the income of the village collective by 150,000 yuan.

Work together and create a better life

"Suggestions and suggestions for building a happy Changchun" is the key negotiation "prescribed action" and brand for discussing politics in 2017. The CPPCC launched a special solicitation activity, collected 125 opinions and suggestions, and held a special standing committee meeting, especially focusing on the protection of empty nesters in rural areas, early screening intervention for infants and young children, and installation of elevators in old buildings. Liu Changlong, the mayor, specifically instructed in the Special Report of the Chinese People’s Political Consultative Conference that it should be studied and absorbed when formulating the action plan of Happy Changchun.

The Fourth Session of the Standing Committee of the 13th CPPCC National Committee held on September 26th, 2017 once again held a special discussion on "making suggestions and suggestions for building a happy Changchun". After listening to the members’ speeches, Liu Changlong said with emotion, "The members’ speeches are accurate in topics, practical in tricks and deep in feelings, which fully reflects everyone’s political enthusiasm, ability to perform their duties, work level and feelings for the people." At the same time, he hopes that the CPPCC will further conduct in-depth research and suggestions on all aspects of Changchun’s economic and social development, and help the government find problems, solve problems and promote work.

Help the development of special education

The issue of promoting the development of special education in Changchun was approved by the Standing Committee of the Municipal Party Committee and included in the 2017 annual consultation work plan of the Changchun CPPCC. The CPPCC used four months to organize members and experts to conduct in-depth research on the shortcomings of the city’s special education system construction, security mechanism, education quality, and the combination of medicine and education. On May 24, 2017, the CPPCC held a special discussion meeting to form a proposal report based on the opinions and suggestions of members and experts.

Focusing on promoting the development of special education in the city, the CPPCC organized a research group to investigate schools and hospitals in three districts and one county, and held a special discussion meeting. Members and teachers, doctors and parents’ representatives discussed and exchanged in depth, and put forward suggestions on strengthening system construction and improving security level. The targeted suggestions all contain the painstaking efforts and wisdom of CPPCC members, which have explored the direction for the development of special education in Changchun.

Q 1: What are the main changes between the face of electronic special VAT invoice and the paper special VAT invoice?

Answer: The special electronic VAT invoice further simplifies the invoice face style, replaces the original special invoice seal with electronic signature, simplifies the column name of "name of goods or taxable services and services" to "project name", and cancels the original column name of "seller: (seal)", which makes the issuance of special electronic VAT invoice easier.

Q 2: What kinds of invoices can newly-established taxpayers who implement electronic VAT invoices issue after receiving tax UKey?

A: After receiving the tax UKey and verifying the corresponding ticket types, the newly-established taxpayers who implement the electronic VAT special invoice can issue VAT paper ordinary invoices, VAT electronic ordinary invoices, VAT electronic special invoices, paper unified invoices for motor vehicle sales and paper unified invoices for used car sales.

Q 3: What business do newly-established taxpayers need to handle before issuing special electronic VAT invoices?

Answer: Newly-established taxpayers can issue special electronic VAT invoices after they have approved the ticket types, approved the maximum invoicing limit of special VAT invoices (VAT tax control system), received free tax UKey, downloaded and installed VAT invoice invoicing software (tax UKey version).

Q 4: How to download and install the billing software?

Answer: Log on to the website of Hunan Provincial Taxation Bureau in State Taxation Administration of The People’s Republic of China (http://hunan.chinatax.gov.cn) for free download, click "Related Download", find the billing software column, click "VAT Invoice Billing Software (tax UKey version)" and "VAT electronic invoice reader" to download, save it on the computer desktop, decompress it and install it.

Q 5: How does the billing software log in?

Answer: The first installation and use of tax Ukey requires software initialization, which mainly includes the following aspects:

1. Verify and modify the password of the digital certificate: after the system is installed, insert the tax Ukey, run the billing software, and the tax Ukey password input box pops up. Enter the tax Ukey password (the initial password is 8 8) to set the password. The initial password of digital certificate is 8 8 (which must be modified). If the password is locked, it needs to be unlocked and reset by the competent tax authorities. The initial password of the administrator is empty, and taxpayers can choose whether to set the administrator password according to their own needs. In the future, State Taxation Administration of The People’s Republic of China will optimize the password, and the digital certificate and tax Ukey will be simplified into one password.

2. Set and improve the basic information of the enterprise: set the basic information of the enterprise and click "Next" to enter the parameter setting. For the VAT invoice invoicing software (tax Ukey version) downloaded from the website of Hunan Provincial Taxation Bureau in State Taxation Administration of The People’s Republic of China, the system has automatically configured the IP address as fpdk.hunan.chinatax.gov.cn, set the port number as 8069, and set the link address as/AcceptFramework/UniacceptService. Click "Next" after verification, and wait for the initialization to be completed.

3. Confirm the invoice uploading address and port: After the corresponding configuration is completed, the user can send the electronic invoice to the e-mail address of the payee. Enter the main interface, click "System Settings/System Parameter Settings/Parameter Settings/Electronic Invoice Configuration", and download the VAT invoice invoicing software from the website of Hunan Provincial Taxation Bureau in State Taxation Administration of The People’s Republic of China. The system will automatically configure the format file server address: fpdk.hunan.chinatax.gov.cn, and the format file server port: 8068, without modification; After entering the email address used to send the electronic invoice, the system will automatically bring out the email server address and email server port;

Obtaining smtp authorization code of mailbox: Taking QQ mailbox as an example;

(1) Log in to QQ mailbox and click the "Settings" button at the top of the page to enter the mailbox settings page.

(2) Click the "Account" button to slide down to the module of "POP3/IMAP/SMTP/Exchange/Carddav/Caldav Service", find the SMTP service, and click the "Open" button to perform SMS verification.

(3) After the verification, there will be an authorization code box.

(4) Copy the authorization code obtained in the previous step into the text box of smtp authorization code in the mailbox.

Question 6: How to issue a special electronic VAT invoice in VAT invoice software (tax UKey version)?

Answer: Log in and click "Invoice Management-Invoice Management Home Page-Invoice Filling" in turn. When the electronic special VAT invoice is issued for the first time, you need to set the directory and specify the storage directory of invoice documents. Check the confirmation tax method according to the actual situation. Fill in the column of purchasing unit, and manually enter the information of purchasing unit in the interface. Name: the full name of the company (no missing words or typos). Taxpayer identification number: unified social credit code. Address and telephone number: registered address (non-business address) and telephone number registered with tax authorities. Bank and account number: basic deposit account bank and account number of the enterprise. In the name column of goods or taxable services, double-click to select the corresponding commodity code to display the information of the goods to be issued, fill in the quantity and unit price, generate the amount, select the value-added tax rate that is consistent with the actual business, and generate the tax amount. If you need to issue more than one commodity, click the Add Line button above to add the commodity line. Fill in the notes according to the actual situation and the requirements of invoice filling. Select or fill in information such as payee and reviewer, in which the name of the drawer is automatically generated according to the logged-in operator account and cannot be changed. Finally, confirm that the ticket information is correct, and click the Issue button at the bottom of the interface to complete the invoice issuance. According to the actual needs, you can choose a QR code or send an email to deliver the issued invoice to the buyer.

Question 7: How to collect electronic special tickets?

A: It is faster to collect electronic special tickets. Taxpayers can choose tax service hall, electronic tax bureau and other channels to collect electronic special tickets. By visiting https://etax.hunan.chinatax.gov.cn/wsbs, Hunan Electronic Taxation Bureau, you can apply for electronic special tickets online by entering the "invoice collection" function module to realize "immediate use".

Q 8: How should taxpayers issue special electronic invoices for red-ink value-added tax?

Answer: After the taxpayer issues the electronic special ticket, it can issue the red-ink electronic special ticket in case of sales return, wrong invoicing, suspension of taxable services, sales discount, etc. Compared with the red-letter VAT paper special invoice issuing process, taxpayers do not need to recover the blue-letter electronic special ticket when issuing the red-letter electronic special ticket, which is simple and easy to operate. Specifically, the process of issuing scarlet letter electronic special tickets can be mainly divided into three steps.

The first step is that the buyer or seller taxpayer fills in the Information Form for Issuing Special VAT Invoices in Red Letter (hereinafter referred to as the Information Form) in the VAT invoice management system (hereinafter referred to as the Invoice Management System). According to whether the buyer has used the electronic special ticket to declare the deduction, there are two ways to issue the Information Form. The first category is the Information Form issued by the buyer. If the buyer has used the electronic special ticket to declare deduction, the buyer will fill in and upload the Information Form in the invoice management system. In this case, it is not necessary to fill in the corresponding blue electronic special ticket information in the Information Form. The second category is the Information Form issued by the seller. If the buyer does not use the electronic special ticket to declare deduction, the seller will fill in and upload the Information Form in the invoice management system. In this case, the corresponding blue electronic special ticket information needs to be filled in the Information Form.

The second step is the automatic verification of the information system of tax authorities. The tax authorities receive the Information Form uploaded by taxpayers through the network, and after the system automatically checks it, it generates the Information Form with the number of the red-ink invoice information form, and synchronizes the information to the taxpayer’s system.

The third step is for the seller’s taxpayer to issue a red-letter electronic special ticket. The seller can issue a red-ink electronic special ticket after querying the verified Information Form in the invoice management system. The scarlet letter electronic special ticket should correspond to the Information Form one by one.

It should be noted that in the case that the buyer has used the electronic special ticket to declare the deduction, there may be a certain time lag between the issuance of the Information Form by the buyer and the issuance of the red-ink electronic special ticket by the seller, so the buyer should temporarily transfer the value-added tax amount listed in the Information Form from the current input tax amount, and after obtaining the red-ink electronic special ticket issued by the seller, it will be used as the accounting voucher together with the Information Form.

Q 9: How do taxpayers check the special electronic VAT invoices?

A: According to the Announcement of State Taxation Administration of The People’s Republic of China on Issues Related to the Implementation of Electronic Special VAT Invoices among Newly-established Taxpayers (State Taxation Administration of The People’s Republic of China Announcement No.22, 2020), units and individuals can check the information of electronic special invoices through the national VAT invoice inspection platform (https://inv-veri.chinatax.gov.cn); You can download the VAT electronic invoice format file reader through the national VAT invoice inspection platform, check the electronic special ticket and verify the validity of the electronic signature.

Question 10: How do taxpayers who have obtained special electronic VAT invoices check and confirm the invoices?

A: According to the Announcement of State Taxation Administration of The People’s Republic of China on Relevant Matters Concerning the Implementation of Electronic Special VAT Invoices among Newly-established Taxpayers (State Taxation Administration of The People’s Republic of China Announcement No.22, 2020), if the drawee obtains an electronic special ticket to declare the deduction of VAT input tax or apply for export tax refund or tax refund on behalf of the taxpayer, he should log in to the VAT invoice comprehensive service platform to confirm the invoice purpose, and the login address is https://fpdk.hunan.chinatax.gov.cn/.

Source: Hunan Taxation

Original title: "Answers to Frequently Asked Questions on Electronic Special VAT Invoice"

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　　Just now, there was a rare scene in A shares!

　　Today, it is rare for A shares to connect with four hot searches in Weibo. The A-share market is so hot, I am afraid it is still due to its limit adjustment. On January 22nd, less than 200 stocks rose in the whole market, more than 5,000 stocks fell, 100 stocks fell, and the mood was depressed.

　　So, what’s the downside? On January 22nd, there was a rumor that the famous actor Jiang Shuying’s snowball exploded. Subsequently, some people rumored. However, some sources said that if there is a problem with the snowball option, it may trigger bearish sentiment in the market. In addition, the failure to cut interest rates as scheduled today may also be a reason for short selling.

　　Is there any chance in the follow-up market? Analysts believe that, historically, counter-attacks will often be ushered in after the extreme fall. At present, the valuation of the whole market has reached a historical low. There was a rush to raise funds in the late auction of northbound funds, with a net purchase of 1.047 billion yuan throughout the day, ending the net selling trend for six consecutive days. These may all be positive signals.

　　A rare scene of A shares

　　On the hot search in Weibo, it is rare for A shares to have four hot searches.

　　Today, for the investors of the whole A-share market, it should be a painful day. At the close, the Shanghai Composite Index closed down 2.68%, and the whole A fell 3.68%. Shenwan’s industries are all green, and the media, social service, computer, environmental protection and light industry are among the top losers; A total of 105 stocks fell, with 1,322 stocks falling by more than 7% and 3,470 stocks falling by 3%-5%.

　　Judging from the pattern of the index, the pattern of SSE 50 is slightly stronger, but it also fell in the end, and the decline of CSI 500 and CSI 1000 was very large. The Shanghai and Shenzhen 300 is slightly stronger than the Shanghai Composite Index. It is worth noting that this is a volume-killing. Today, the whole market turnover exceeded 800 billion yuan, much higher than last Friday’s turnover, but still weaker than last Thursday’s turnover.

　　So, what is the reason for the recent decline? China Merchants Securities believes that there are several influencing factors: Trump won the first primary election of the Republican Party in the US presidential election, and some investors expressed concern about it; Northbound capital outflow has negative feedback on the market; The situation in the Red Sea has escalated and geopolitics continues to affect the market.

　　In addition, some institutions believe that the recent market volatility has a certain relationship with snowball options. This afternoon, Jiang Shuying, a well-known movie star, screened the WeChat circle of friends and posted it online because of the snowball option. But afterwards, someone said on the Weibo: Don’t spread the story that Jiang Shuying’s snowball exploded and ran to the agency headquarters. In the photo, people are obviously filming.

　　However, whether it is true or not, small and medium-sized stocks fluctuate greatly, which is obviously related to derivatives.

　　According to the previous calculation of Cinda Metalworking Team, the concentrated knock-in range of snowball products linked to CSI 500 and CSI 1000 is below 4,800 and 5,200. In this range, the average drop of every 100 points leads to about 10 billion CSI 500 snowballs and 13 billion CSI 1000 snowballs.

　　There is still room for the second round of concentrated tapping: at present, the snowballs linked to CSI 500 have entered the tapping range one after another, and will start to accelerate tapping when they continue to descend below 4,800 points. At present, there is still 8% room, and then the tapping scale increment will reach the peak one after another.

　　It is worth noting that the adjustment of Hong Kong stocks today is also very large. Both the Hang Seng Index and the State-owned Enterprises Index once fell close to 3%.

　　Where is the support?

　　So, where is the support of the whole market?

　　First, the support may still come from the funds of the national team. Today, the turnover of the top four Shanghai and Shenzhen 300ETFs remained strong, with the turnover of Huatai Bairui Shanghai and Shenzhen 300ETF, Yifangda Shanghai and Shenzhen 300ETF, Huaxia Shanghai and Shenzhen 300ETF and Harvest Shanghai and Shenzhen 300ETF reaching 15.113 billion yuan, 9.201 billion yuan, 6.741 billion yuan and 6.682 billion yuan respectively, with a total turnover of 37.737 billion yuan.

　　Since the beginning of 2024, ETF’s continuous net inflow has contributed the main incremental funds to A shares, with a total net subscription of 35.7 billion copies in the first three weeks, corresponding to a net inflow of 62.1 billion yuan. China Merchants Securities believes that the medium and long-term fund placement ETF sends a positive signal to the market, which is conducive to the repair of short-term market sentiment and the improvement of risk appetite. Looking back, it is expected that with the improvement of A-shares, emerging industries and theme ETFs may still be important tools for investors to participate in structural opportunities under the conditions of increasing corporate profit differentiation and structural market; In addition, in the volatile market, ETF is often a tool for investors to contrarian layout and band operation. Under this circumstance, ETF is still expected to maintain its expansion trend.

　　Second, there is an obvious change today. There was a rush to raise funds in the late auction of northbound funds, with a net purchase of 1.047 billion yuan for the whole day, ending the net selling trend for six consecutive days, of which Shanghai Stock Connect bought 739 million yuan; Shenzhen Stock Connect bought a net of 309 million yuan. Previously, northbound funds continued to be sold, and the pressure on A-shares was relatively high. The late rush to raise funds was an opportunity to ease market pressure.

　　Third, the current index price-earnings ratio (PE-TTM) has been lower than the bottom of the bear market in 2008 and 2016, and the long-term allocation value of products such as Shanghai and Shenzhen 300ETF E Fund has attracted market attention. In addition, the CSI Hong Kong Stock Connect Internet Index has gathered a number of Internet giants such as Tencent Holdings and Meituan. The current P/E ratio is less than 18 times, and the valuation has been at a very low position since the index was released in 2021.

　　() It is believed that from the history of A-shares, the rapid adjustment caused by funds and emotions is often the last drop in the market. It is worth noting that some high-frequency economic data have picked up recently, and once it is favorable for catalysis, the market may pick up at the same time.

On April 12, Baojun officially released the world’s first intelligent electronic architecture Tianyu architecture defined by people’s needs, and also listed two new cars under the new architecture-Baojun Yueye PLUS and Baojun Yueye.

Both new cars are available in two configurations: the flagship version and the intellectual version. The official guide price of Baojunyue 2024 is 80,800 yuan and 90,800 yuan respectively, and the official guide price of Baojunyue Plus is 93,800 yuan and 103,800 yuan respectively. In addition, you can also enjoy the six gifts of financial discount, replacement subsidy, sun protection and cooling, charging, three-electricity quality assurance and flow.

Before the Baojun Yueye family, Tianyu Architecture, a subsidiary of SAIC-GM-Wuling, was first released.

This architecture is a collection of brand-leading electrification and intelligent technologies, which can cover products from A00 mini-cars to C-class medium and large-sized cars, and provide users with full-scene travel solutions. According to the needs of different users and groups, Tianyu architecture can be divided into three platforms: S, M and D.

Among them, the S platform focuses on the personalized small-scale transportation market with a size of 2500-3500mm, which is specially designed for young users and focuses on commuting and urban social entertainment.

The M platform mainly promotes the mainstream medium-sized models with the size of 3,500-4,600 mm, faces young families, aims at picking up and dropping off children, going out in the suburbs, shopping at home and other scenes, takes economy as the core feature, and provides a cost-effective travel experience with sufficient space, enough endurance, more storage and good motivation.

Platform D is for full-scene family cars, focusing on the size range of 4600-5000mm, creating luxury products with large space and long battery life. Besides daily commuting, it can also meet the needs of long-distance travel and outdoor camping.

The release of Tianyu architecture will undoubtedly give Baojun and the whole SAIC-GM-Wuling a platform-based product advantage, which will further accelerate the product layout. This brand-new Yue PLUS was born on the M platform of Tianyu architecture, and Yue was also built on the S platform of Tianyu architecture.

In addition, the first five-seat full-scene intelligent SUV on platform D will be launched in the third quarter of this year, and the first six-seat full-scene intelligent SUV will be launched in the fourth quarter. Four new cars are planned to be released throughout 2024.

Previously, Yueye PLUS has been officially announced. This new member of Yueye family is equivalent to the five-door version of Yueye, so it is nothing more than we call it Yueye PLUS.

The design language of "Square Box+" is exactly the same as that of Yue, and the whole still continues the iconic square shape. The front of the car is still black closed grille and four-point daytime running lights. Because it is a five-door version, the wheelbase of Yueye PLUS has been greatly increased to 2560mm, and decorative plates have been added between the C-pillar and the D-pillar. Compared with Yueyue, the "small schoolbag" has been cancelled at the rear of the car, and the classic side door design has been adopted to increase the high-position brake lights at the rear.

Compared with the three-door version of Yue, in addition to being more hard-core and personalized, the interior space is greatly increased, and the five-door version is naturally more practical. Baojunyue PLUS has made targeted optimization for the interior space of the car. The maximum head space of the front and rear rows is 1043mm and 1061mm respectively, the front leg space is 913mm, the rear leg space is 870mm, and there are as many as 28 smart storage spaces in the car. The trunk has a volume of 385L, and the rear seats support 5/5 ratio reclining, and the maximum volume can reach 1715L after all reclining.

Born in Tianyu architecture, Baojun Yueye PLUS uses a single front motor with the maximum power of 75kW, the maximum torque of 180Nm, the maximum speed of 150km/h, and the pure electric cruising range of CLTC can reach 401km, and it will be equipped with the only city memory navigation aid delivered in mass production within 200,000, which can be used in one study, and can memorize up to 10 routes, each with the longest length of 100km.

If Bao Junyue is like a big toy, it can let you go out to play as much as you like, then Yue PLUS can let you play with your family. From "me" to "us", being alone is not as good as being happy with others. Compared with Bao Junyue, it has improved a lot in power and endurance, and is suitable for more long-distance and multi-person travel scenes.

Moreover, Yueye PLUS, like Yueye, provides a wealth of official modified parts, retaining the fine tradition of Yueye before.

Compared with the previously estimated price of more than 100,000 yuan, Yueye PLUS is more pleasantly surprised to directly hit the starting price to 93,800 yuan, the Zhizun version has just passed 100,000 yuan, and the five-door version has remained at the price of 100,000 yuan. At this price, Bao Junyue PLUS can be said to be the only existence, and it is the only "square box" with fun trends below 100,000.

Since its listing last year, Baojunyue has gained the love of 20,000+self-lovers, and this time we also saw a brand-new 2024 Baojunyue. It is still a small and square shape that we are familiar with, and the design and Yue PLUS are exactly the same family design. As a small three-door car, Yue has always had a symbolic trend design, especially the wide wheel eyebrows and side skirt pedals are more recognizable on this car.

The 2024 new car has added a practical front-row eight-in-one central armrest box and the only 35L front compartment in its class. At the same time, on the basis of sunrise orange, early morning green and deep space black, it has added three new colors, namely sea of clouds white, mountain fog gray and glow blue, and highlighted black wheels. The brand-new color matching makes Yueye’s visual effect richer and more in line with the fashion and exquisiteness that young people like.

Yueye comes standard with LED front and rear light sets, automatic headlights, roof rack, advanced fog cover interior, 10.25-inch double screen, 6-way electric adjustment of main driving seat, 5/5 independent reclining of rear seat, automatic air conditioning, automatic wiper, one-button lifting of the whole car window, keyless entry, non-inductive start and other rich configurations, and is equipped with the only high-level intelligent driving assistance system at the same level, which can turn on intelligent driving, chaotic lane line response, and so on with one button.

Yueye’s body size is still 3381×1685×1721mm, the wheelbase is 2110mm, it is equipped with a 50kW front motor, and the maximum torque is 140Nm. The lithium iron phosphate battery pack of 28.1kWh can provide the maximum pure electric endurance performance of 303km. At the same time, based on the full investigation of the user’s usage scenarios, Bao Junyue also specially optimized the paved roads in 2024, and upgraded the comfortable suspension adjustment in the whole department to create the king of the urban area in the hard-core pure electric SUV.

Bao Junyue released last year can also be said to be an explosive product. Its design is completely different from that of most similar models such as BYD Seagull and Wuling Bingo. Especially, it has gained a lot of exposure and popularity through a variety of rich modification cases, and it has also brought the popular and trendy square box products to a more introductory level of 80,000, which is the first to provide such a fun model in the market of mini-cars and small cars.

It can be said that the appearance of Yueye pioneered the personalized and fun products in the market below 100,000 yuan. Now Yueye PLUS continues the popularity of Yueye, and on the basis of retaining its trendy and fun attributes, it has expanded a more practical and family-oriented product for us, which can meet the needs of many family trips while being fun. Now, the whole entry-level electric vehicle market is no longer just a means of transportation, and the whole market is more diversified with the emergence of Yueye family. As consumers, we also have more flexible choices. So are you interested in such a "big toy"?

　　Kelu Electronics (002121.SZ), which planned to change hands, quickly found the takeover party.　

　　Kelu Electronics announced on the evening of May 23rd that it intends to raise no more than 1.386 billion yuan from Midea Group (000333.SZ) in its non-public offering of shares. After the issuance, Midea Group will take over from Shenzhen Capital Operation Group Co., Ltd. (hereinafter referred to as "Shenzhen Capital Group") and become the controlling shareholder of Kelu Electronics.　

　　Midea Group’s total increase in Kelu Electronics in 2022 is mainly due to the consideration of overweight energy management and energy storage industry. The home appliance giant with a market value of 370 billion entered the house, and the market sentiment responded enthusiastically. On May 24th and 25th, Kelu Electronics (002121.SZ) won the daily limit for two consecutive days, and its share price rose from 4.13 yuan/share before suspension to 4.99 yuan/share.　

　　However, from the current point of view, the subscribed Kelu Electronics has a poor color, which not only has sustained losses in the past five years, but also accumulated as high as 4.064 billion, and the debt ratio remains high.　

　　In this regard, in Midea’s group stock bar, there are many complaints from minority shareholders: "The acquisition of Kelu Electronics is pure love, knowing that the next winter is still a loss-making garbage?" "Why don’t you spend more money to buy back your own stock and cancel it?" "What company vision! Bad reviews should deduct the management KPI. "　

　　In the secondary market, on May 24th and 25th, Midea Group closed down for two consecutive days. As of May 25th, the closing price was 53.4 yuan/share, with a market value of 373.6 billion yuan.　

　　The insiders believe that in the context of the household appliance industry entering the stock market, giants need diversified development, and new energy is one of the high-quality tracks.

　　Midea’s sweeping increase, taking over the Shenzhen SASAC.　

　　Kelu Electronics’ plan for non-public offering of A shares in 2022 involves three companies.　

　　First of all, Midea Group signed an agreement with Kelu Electronics to fully subscribe for the company’s 2022 non-public offering of shares in cash, and the number of shares issued shall not exceed 30% of the company’s total share capital before this issuance, that is, no more than 423 million shares (inclusive). The issue price of this non-public offering of shares is 3.28 yuan/share, and the total amount of funds to be raised does not exceed 1.386 billion yuan.　

　　Midea Group not only covered the fixed increase of Kelu Electronics in 2022, but also signed an agreement with Shenzhen Capital Group, the controlling shareholder of Kelu Electronics, which intends to transfer its 126 million shares of Kelu Electronics (accounting for 8.95% of the company’s total share capital on the date of signing the agreement) to Midea Group at a price agreement of RMB 6.64 per share. In addition, Shenzhen Capital Group has the right to choose to continue to transfer some of its shares to Midea Group at the same price.　

　　As of the announcement date, Shenzhen Capital Group holds 342 million shares of Kelu Electronics, with a shareholding ratio of 24.26%. According to the upper limit of the issuance, Midea Group will hold 29.96% of the shares and voting rights of Kelu Electronics, the controlling shareholder of the company will be changed from Shenzhen Capital Group to Midea Group, and the actual controller of the company will be changed to He Xiangjian, the actual controller of Midea Group. However, the shareholding ratio of Shenzhen Capital Group became 11.78%, relegating to the second largest shareholder.

　　Image source: Kelu Electronic Announcement　

　　According to public information, Kelu Electronics was founded in 1996 and listed on the Shenzhen Small and Medium-sized Board in 2007. Rao Lu Hua, its founder and former actual controller, was listed on the Hurun Rich List in 2018 for 3.9 billion yuan.　

　　In August 2018, Shenzhen Capital Group began to invest in Kelu Electronics. Shenzhen Capital Group, wholly owned by Shenzhen State-owned Assets Supervision and Administration Commission, is a state-owned auxiliary performance platform and a professional platform for state-owned capital operation specially established in Shenzhen. Its main businesses are mergers and acquisitions, equity investment, industrial funds and market value management.　

　　On June 19th, 2019, after Shenzhen Capital Group increased its holdings by 1,012,900 shares through centralized bidding, its total shareholding reached 24.26%, surpassing Rao Lu Hua, the original actual controller of the company, and became the largest shareholder.　

　　In May 2021, almost all of Rao Lu Hua’s shares in Kelu Electronics were pledged and frozen, and he gave up control of the company. On June 5 of the same year, the controlling shareholder and actual controller of Kelu Electronics were officially changed to Shenzhen Capital Group.　

　　Originally, Shenzhen SASAC intends to continue to hold Kelu Electronics. On December 29, 2021, Kelu Electronics released the plan for the non-public offering of A shares in 2021. At that time, Shenzhen Capital Group planned to participate in the issuance and subscription with no more than 540 million yuan in cash.　

　　However, just as Kelu Electronics announced the non-public offering of A shares in 2022, it also announced the termination of the non-public offering of shares in 2021, and reached an agreement with Shenzhen Capital Group to terminate the original Share Subscription Agreement. According to the agreement of equity transfer price, Midea Group needs to pay 837 million yuan to Shenzhen SASAC to acquire 126 million shares, adding 1.386 billion yuan, and Midea may spend at least 2.223 billion yuan to gain control of Kelu Electronics.　

　　"Arm wrestling" with Gree　

　　In recent years, Kelu Electronics has poor management and high asset-liability ratio, and has continued to lose money since 2017.　

　　From 2017 to 2019, Kelu Electronics deducted non-net profit of-122 million yuan,-1.241 billion yuan and-1.781 billion yuan respectively, down by 283.07%, 919.96% and 43.48% year-on-year. From 2020 to 2021, Kelu Electronics still lost money, but the range narrowed, and the non-net profit deducted was-320 million yuan and-600 million yuan respectively.　

　　From 2017 to 2021, Kelu Electronics accumulated losses as high as 4.064 billion yuan. What does Midea Group take a fancy to Kelu Electronics?　

　　Midea Group said that Kelu Electronics, as a leading integrated service provider in the energy field in China, has a solid technical foundation and market foundation, and has great development potential. Midea Group hopes to gain control of Kelu Electronics based on its good development prospects and the vision of promoting the development of China’s new energy industry.　

　　Midea also said that with the further development of national energy transformation and power system reform, under the goal of "double carbon", the new power system with new energy as the main body will be the core component of the future energy system.　

　　In fact, in the field of new energy, Gree Electric (000651.SZ), as one of the "home appliances giants", has already run ahead.　

　　In 2016, Dong Mingzhu invested RMB 1 billion from his own pocket as a natural person in Zhuhai Yinlong New Energy Co., Ltd. (hereinafter referred to as "Zhuhai Yinlong"). Zhuhai Yinlong is mainly engaged in the research, development, production and sales of lithium titanate materials, lithium titanate power batteries, core components of electric vehicles, complete electric vehicles and charging equipment for electric vehicles. In recent years, it has developed rapidly in the new energy industry and electric vehicle industry.　

　　By August, 2021, through judicial auction in Gree Electric and the voting rights corresponding to the equity entrusted by Dong Mingzhu, Gree Electric totally controlled 47.93% of the voting rights of Yinlong New Energy (formerly Zhuhai Yinlong) and officially obtained the control rights of Yinlong New Energy.　

　　At that time, Gree Electric said that through the core technology of lithium titanate battery mastered by Yinlong New Energy, Gree could quickly cut into the field of new energy electric vehicles and, more importantly, make great achievements in the energy storage business. Compared with the stock competition in the home appliance market, the energy storage business in the trillion market will be a new kinetic energy for Gree’s growth.　

　　In November 2021, Gree acquired a 29.48% stake in Dunan Environment (002011. SZ), a leading enterprise in the global refrigeration component industry.　

　　Relatively speaking, Midea He Xiangjian entered the new energy track late.　

　　On February 16th this year, the signing and foundation laying ceremony of the new strategic base for new energy auto parts of Anqing Weiling Auto Parts Co., Ltd., a subsidiary of Midea Group, was held in Anhui. It is reported that the total investment of the project is about 11 billion yuan, of which the investment in fixed assets is about 6.5 billion yuan, which is one of the largest projects invested by Midea Group.　

　　The business related to new energy vehicles is a major direction for Midea Group in the future. In order to cooperate with the strategic adjustment, Midea Group has previously made a number of mergers and acquisitions.　

　　In March 2020, Midea acquired 18.73% of the shares of Hekang Xinneng for 743 million yuan. The company has the industrial chain business of new energy vehicles and their charging piles; In December 2020, Midea acquired Hitachi compressor in Thailand and incorporated it into the unified management of the group’s electromechanical business group; In February, 2022, the groundbreaking ceremony for the new strategic base of new energy auto parts of its subsidiary Anqing Weiling Auto Parts Co., Ltd. was held in Anhui, with a total investment of 11 billion yuan.　

　　However, Liu Buchen, a senior observer in the home appliance industry, said that these actions of Midea involve the driving motor and auxiliary driving of new energy vehicles, not energy.　

　　"The acquisition of Kelu Electronics by Midea is mainly for the layout of smart grid, new energy and comprehensive energy service tracks. On the sooner or later, Gree comes first. Midea had basically no layout in the new energy track before, starting with the acquisition of Kelu Electronics. " Liu Buchen told Time Finance.　

　　According to public information, Kelu Electronics’ core business is smart grid business, and it is the mainstream supplier of State Grid and China Southern Power Grid. At the same time, Kelu Electronics is also one of the earliest enterprises in China to enter the field of energy storage system integration, and also carries out new energy business including energy storage business, new energy vehicle charging and operation business, and comprehensive energy services.　

　　The home appliance giant with a market value of 370 billion entered the house, and the market sentiment responded enthusiastically. On May 24, Kelu Electronics had a daily limit within a few minutes after the opening, and sealed the daily limit until the close. On May 25th, Kelu Electronics continued its upward trend, winning a word board and closing at 4.99 yuan/share.　

　　On the same day, Time Finance called Kelu Electronic Securities Department, and its staff said that the non-public offering plan was only a pre-plan at present, and it was still in the initial stage, and it would take some time before it landed. The specific landing plan involved many departments and had to be approved by the CSRC.　

　　However, the shareholders of Midea Group do not buy it. In Midea’s group stock bar, there are many complaints from minority shareholders: "Buying Kelu Electronics is pure love, knowing that it will be a cold winter and buying a loss-making garbage?" "Why don’t you spend more money to buy back your own stock and cancel it?" "What company vision! Bad reviews should deduct the management KPI. "　

　　On May 25th, Midea Group fell slightly by 0.73% to 53.4 yuan/share. Regarding the acquisition of Kelu Electronics, Time Finance called Midea Group for an interview, but as of press time, he could not get through.