Source: First Electric Network

On June 23rd, the Nanjing Municipal Government issued the Financial Implementation Rules for the Promotion and Application of New Energy Vehicles in Nanjing in 2017. According to the plan, in the promotion and application plan of new energy vehicles in Nanjing in 2017, the total number of new energy vehicles in Nanjing is 2,500, and the total number of new energy vehicle charging facilities construction plans is 3,000, including 1,770 AC piles and 1,230 DC piles.

In terms of subsidy standards, except for special vehicles for new energy, they are all subsidized by the state at 1:0.5 times, and the total amount of provincial subsidies and urban subsidies does not exceed 60% of the car price after deducting state subsidies.

Subsidy for the construction of new charging facilities: financial funds will subsidize the construction and operation units of charging facilities in public areas according to the charging power of charging piles, with 600 yuan per kilowatt for AC charging piles and 900 yuan per kilowatt for DC charging piles. The total subsidy for a single charging station or charging pile group shall not exceed 1.8 million yuan.

Subsidy for the operation of new charging facilities: According to the statistics of the municipal charging facilities supervision platform, if the average monthly charging time of a single pile reaches 20 hours in 2017, the newly-built charging facilities that have passed the acceptance in 2017 will be subsidized according to 200 yuan per kilowatt of AC charging piles and 300 yuan per kilowatt of DC charging piles.

The original text of the announcement is as follows:

Notice on Printing and Distributing the Detailed Rules for the Implementation of Financial Subsidies for the Promotion and Application of New Energy Vehicles in Nanjing in 2017

The District (Development Zone) Finance Bureau, the lead unit for the promotion and application of new energy vehicles, and the relevant departments of the city:

According to the spirit of the Provincial Department of Finance and the Provincial Economic Information Commission’s Notice on Doing a Good Job in Local Financial Subsidies for the Promotion and Application of New Energy Vehicles in 2017 (Su Cai Gong Mao [2017] No.13), and with the consent of the municipal government, the Detailed Rules for the Implementation of Financial Subsidies for the Promotion and Application of New Energy Vehicles in Nanjing in 2017 are hereby printed and distributed to you, please follow them.

Nanjing Finance Bureau Nanjing New Energy Automobile Promotion

Office of the leading group for application work

June 22, 2017

Attachment:

Detailed rules for the implementation of financial subsidies for the promotion and application of new energy vehicles in Nanjing in 2017?

?????According to the spirit of the Notice on Adjusting the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles (Cai Jian [2016] No.958) issued by the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and the Development and Reform Commission, and the Notice on Doing a Good Job in the Local Financial Subsidy for the Promotion and Application of New Energy Vehicles in 2017 (Su Cai Industry and Trade [2017] No.13) issued by the Provincial Department of Finance and the Provincial Economic and Information Commission, combined with the new energy in our city,

First, the financial subsidy object

The financial subsidy targets are the buyers of new energy vehicles and the construction and operation units of charging facilities in the public service field in this city.

(1) Subsidized models and requirements of new energy vehicles

New energy vehicles refer to automobiles (inclusive) and automobiles that are included in the National Catalogue of Recommended Vehicles for the Promotion and Application of New Energy Vehicles. Among them: private consumers are limited to buying new energy passenger cars.

The types of subsidized vehicles are as follows:

1. Bus

(1) Buses: buses purchased by public transport enterprises with the consent of the urban people’s government, including city buses, town buses and vehicles engaged in public transport operations through leasing;

(2) Other buses: including road passenger vehicles and enterprise-owned vehicles. Road passenger vehicles refer to buses that transport passengers, provide services to the public and have commercial road passenger activities, including shuttle buses (overtime buses), chartered buses and tourist buses; Enterprise-owned vehicles refer to vehicles purchased by enterprises for commuting and business reception of employees.

2. Special purpose vehicle

(1) Postal and logistics vehicles: refer to vehicles that have obtained the qualification of road freight transportation and provide goods transportation;

(2) Municipal, sanitation, engineering vehicles, etc.: vehicles that provide urban roads with cleaning, sanitation, industrial protection, patrol and other purposes.

3. Passenger cars

(1) Taxi: a vehicle with taxi operation qualification and providing city taxi service;

(2) Private and enterprise vehicles: vehicles purchased by private consumers or enterprises for their own use;

(3) Official vehicles: official vehicles of administrative institutions;

(4) Rental vehicles: vehicles that are applied in the mode of vehicle rental or vehicle sharing.

The purchase of new energy vehicles by wholly state-owned or state-controlled enterprises at the provincial level shall be implemented in accordance with relevant provincial regulations. If financial funds are used to purchase new energy vehicles, provincial and municipal finance will no longer give car purchase subsidies.

(2) Requirements for subsidies for the construction of charging facilities in the field of public services

The construction and operation units of charging facilities in public areas meet the requirements of Jiangsu Province’s measures for the construction, operation and management of charging facilities for new energy vehicles in public areas, Jiangsu Province’s detailed rules for the acceptance of charging facilities for new energy vehicles in public areas and Nanjing’s relevant management measures. The construction of charging facilities meets the relevant planning standards of provinces and cities.

New energy vehicles and charging facilities that are included in financial subsidies must meet the technical requirements stipulated by relevant departments at all levels.

?Second, the financial subsidy policy

(a) vehicle purchase financial subsidy standards:

See Annex 1 for the purchase subsidy standards of various new energy vehicles. The total financial subsidy shall not exceed 60% of the selling price of the car after deducting the state subsidy (subject to the sales invoice).

(two) the standard of financial subsidy for the construction (operation) of charging facilities:

The financial subsidy for the construction of charging facilities consists of subsidies for the construction of new charging facilities and subsidies for the operation of new charging facilities.

1. Subsidies for the construction of new charging facilities:

The financial funds will subsidize the construction and operation units of charging facilities in public areas according to the charging power of charging piles, with 600 yuan per kilowatt for AC charging piles and 900 yuan per kilowatt for DC charging piles. The total subsidy for a single charging station or charging pile group shall not exceed 1.8 million yuan.

2. Operating subsidy for new charging facilities:

According to the statistics of the municipal charging facilities supervision platform, if the average monthly charging time of a single pile reaches 20 hours in 2017, the newly-built charging facilities that have passed the acceptance in 2017 will be subsidized according to 200 yuan per kilowatt of AC charging piles and 300 yuan per kilowatt of DC charging piles.

(3) Relevant subsidy policies

1. According to the promotion and application plan of new energy vehicles in Nanjing in 2017, the total number of new energy vehicles promoted in the city is 2,500, and the subsidized vehicles are planned to enjoy financial subsidies according to the vehicle registration time.

2. In 2017, the total planned construction of new energy vehicle charging facilities in our city is 3,000, including 1,770 AC piles and 1,230 DC piles, and the finance will give subsidies according to the total amount and types of charging piles.

Three, the financial subsidy funds declaration and disbursement process

(1) The financial allocation shall be declared at different levels: all enterprises, institutions and mass organizations that purchase and use new energy vehicles shall apply for financial subsidy funds according to the principle of territorial registration in industrial and commercial registration. Private passenger cars apply for financial subsidy funds according to the principle of the location of the consumer’s household registration or residence permit. Charging facilities shall apply for financial subsidy funds according to the principle of construction location.

1. Consumers in the field of public service of new energy vehicles shall apply according to the lead unit for the promotion and application of new energy vehicles in the local area. Private consumers of new energy vehicles shall apply to the lead unit for the promotion and application of new energy vehicles in the district by the automobile sales organization (4S shop). The subsidy funds for charging facilities shall be applied to the lead unit for the promotion and application of new energy vehicles in the district where the charging facilities are located by the contractor service operation unit. Consumers of provincial state-owned enterprises or state-holding enterprises and municipal public transport enterprises directly apply to the Office of the Leading Group for the Promotion of New Energy Vehicles.

The lead unit for the promotion and application of new energy vehicles in the district, and the district financial audit summary shall be reported to the office of the leading group for the promotion and application of new energy vehicles in the city and the Municipal Finance Bureau.

2. If a private consumer purchases a new energy vehicle, the automobile sales organization (4S shop) shall settle the account with the private consumer at the price after deducting the subsidy. If the automobile sales organization (4S shop) fails to implement this regulation, it will be disqualified from applying for financial subsidies for new energy vehicles in the next year after verification. The processing result shall be copied to the vehicle manufacturer and announced to the public.

(II) Procedures for financial subsidy declaration: All declarations are made online. The specific steps are as follows:

1. The applicant shall register an account with the website of the new energy vehicle information management platform (website address: http://221.226.86.226:9012/nyqc/);

2. After the registered account has been approved by the leading department for the promotion and application of new energy vehicles in the district, the reporting unit can log on to the website for daily reporting (the daily reporting is not limited by the reporting date);

3. The platform will open the declaration channels from July 1 to 15 (the first batch), September 1 to 15 (the second batch), November 1 to 15 (the third batch) and January 1 to 15 (the fourth batch) of the following year. Enterprises must declare within the declaration date, and the overdue declaration channels will be automatically closed. A declaration period can be declared once. If the application materials do not meet the requirements, they can be returned for correction. If they still fail to meet the requirements at maturity, this batch will not be declared, but can be declared in the next batch. The fourth batch of applications that fail to pass and fail to report within the time limit will no longer be accepted.

4. The applicant shall provide three copies of paper application materials (with watermark) printed from the platform to the District New Automobile Office within 10 working days after the examination and approval at the district and municipal levels, and affix the official seal (signature).

The Finance Bureau of each district and the lead department for the promotion and application of new energy vehicles shall, within 15 working days after each declaration, submit to the Municipal Finance Bureau and the Office of the Leading Group for the Promotion and Application of New Energy Vehicles a report on the application for disbursement of funds in this region, a summary of the application for financial subsidies for the promotion and application of new energy vehicles (vehicle purchase) (Table 2-1), a summary of the application for financial subsidies for the promotion and application of new energy vehicles (Construction of charging facilities) (Table 2-2) and related application materials, as well as an arrangement plan for financial subsidies in this region.

(three) the allocation of financial subsidies

The financial subsidies for consumers of new energy vehicles are allocated by the district finance.

The financial subsidy funds for charging facilities shall be allocated by the local financial department to the construction service operation unit.

The financial subsidies of provincial wholly state-owned or state-controlled enterprises and municipal public transport enterprises shall be allocated by the municipal finance to the group company or the competent department of the enterprise.

Subsidy funds are planned to be issued at the end of August, the end of October, before the end of December and after the liquidation with the province in the following year. According to the batch and order of subsidy declaration, the municipal finance will allocate provincial and municipal subsidy funds to all districts. Each district will distribute the subsidy funds (including the supporting parts of the district) in place within 15 working days after receiving the funds.

Four, the financial subsidy application materials

1, consumers in the public sector to apply for financial subsidies for the purchase of new energy vehicles, the need to submit a summary of the application of financial subsidies for the promotion and application of new energy vehicles (vehicle purchase) (Table 2-1) and the following materials:

(1) Application form for financial subsidy funds for the promotion and application of new energy vehicles (vehicle purchase) (Annex 3-1);

(2) A copy of the business license, organization code and tax registration certificate of the enterprise;

(3) Copies of vehicle purchase and sale contracts, purchase and sale invoices and other vouchers;

(4) A copy of the vehicle registration certificate and driving license issued by the public security department at the place of registration;

(5) Qualification certificates related to vehicle use and vehicle operation;

(6) the authenticity of the submitted materials and the commitment not to transfer the vehicle within 5 years;

(7) Commitment to ensure the normal operation of vehicles;

(8) Vouchers and explanatory materials such as vehicle catalog batch, technical parameters, after-sales service capability and warranty commitment (to be stamped by the manufacturer);

(9) Enterprises engaged in vehicle leasing business shall provide relevant qualification certificates, and ensure the normal and safe driving of new energy vehicles used for leasing.

(10) If a wholly state-owned or state-controlled enterprise purchases a new energy vehicle, it shall be submitted by the provincial first-class group company or the competent department to the relevant municipal departments.

(11) Other materials that need to be explained.

2. When an automobile sales organization (4S shop) applies for financial subsidy funds for the purchase of new energy passenger cars in the private sector, it is required to submit the application summary of financial subsidy funds for the promotion and application of new energy vehicles (vehicle purchase) (Schedule 2-1) and the following materials:

(1) Application form for financial subsidy funds for the promotion and application of new energy vehicles (vehicle purchase) (Annex 3-1);

(2) A copy of the business license, organization code and tax registration certificate of the sales organization (4S shop);

(3) Copies of vehicle purchase and sale contracts, purchase and sale invoices and other vouchers;

(4) A copy of the motor vehicle license plate, registration certificate and driving license issued by the public security department at the place of registration;

(5) Copy of the ID card, residence booklet or residence permit of the car buyer (proof of payment of social insurance fund in Ning for more than one year is required for non-local household registration);

(6) Vouchers and explanatory materials such as vehicle catalog batch, technical parameters, after-sales service capability and warranty commitment (to be stamped by the manufacturer);

(7) the authenticity of the submitted materials and the commitment not to transfer the vehicle within 5 years;

(8) Other materials that need to be provided.

3. The construction and operation unit applying for financial subsidy funds for the construction of charging facilities shall submit the application summary table of financial subsidy funds for the promotion and application of new energy vehicles (construction of charging facilities) (Table 2-2) and the following materials:

(1) application form for financial subsidy funds for the promotion and application of new energy vehicles (construction of charging facilities) (table 3-2)

(2) Business license, organization code and tax registration certificate of the enterprise as a legal person;

(3) A copy of the approval document for project filing;

(4) Project construction and operation plan;

(5) Construction cost budget, purchase contract and invoice of relevant equipment, project construction entrustment contract, etc.;

(6) The project acceptance materials provided by the relevant inspection agencies entrusted by the lead department of the promotion and application of new energy vehicles in the city and district;

(7) Other materials that need to be provided.

4. The above materials shall be scanned and uploaded according to the format specified on the declaration platform, and the original shall be kept for future reference.

?V. Other requirements

(a) to enjoy the financial subsidy funds of new energy vehicle buyers registered in the city, non registered private consumers to buy new energy passenger cars to apply for financial subsidy funds, need to pay social insurance funds at the place of registration for more than one year; In principle, the charging facilities in the public service sector that enjoy financial subsidies shall not be removed. If it is really necessary to remove them due to planning adjustment and other reasons, it shall be reported to the office of the coordination group for the promotion and application of new energy vehicles in the city and district for the record, according to the "Measures for the Construction and Operation Management of New Energy Vehicle Charging Facilities in the Public Sector of Jiangsu Province (Trial)".

(II) All vehicles enjoying financial subsidies shall not be transferred within 5 years. If the purchaser really needs to transfer due to bankruptcy and other special reasons, it shall be reported to the office of the coordination group for the promotion and application of new energy vehicles in the city and district for the record, and it can only be transferred within the scope of registration.

(3) All subsidized vehicles are not allowed to operate outside the scope of Nanjing. If violations are found, the relevant departments have the right to stop the disbursement of subsidies or request the return of subsidized funds. If it is found that the new energy vehicles applying for subsidies are idle or "fraudulently compensated", all subsidies will be stopped. If subsidies have been paid, the reporting unit must return the subsidy funds. If the circumstances are serious, the responsibility will be investigated according to law.

(IV) From January 1, 2017, all newly-produced new energy vehicles will be equipped with on-board terminals. New energy vehicle manufacturers will monitor and manage the operation safety status of key systems such as complete vehicles and power batteries through the enterprise monitoring platform, and upload the vehicle-related safety status information in the public service field (except privately-purchased passenger cars) to the Nanjing monitoring platform according to the requirements of the national standard Technical Specification for Remote Service and Management System of Electric Vehicles (GB/T 32960). For the new energy automobile products that have been sold, the whole vehicle enterprise shall provide the upgrade and transformation services of related monitoring systems such as vehicle terminals and communication protocols free of charge in accordance with the requirements of national standards, promptly notify users to explain the necessity of remote safety monitoring, and incorporate them into the monitoring platform before the end of September 2017.

(V) Charging facilities construction and operation enterprises should establish and improve enterprise monitoring platform, monitor the safety status of charging facilities in real time, and in accordance with the requirements of the Technical Specification for Monitoring System of Intelligent Charging and Switching Service Network Operation of Electric Vehicles (NB/T33017), charging facilities that declare subsidies must upload their relevant data to Nanjing monitoring platform.

(six) new energy vehicle manufacturers should ensure the safety and reliability of products, with the ability to ensure the normal use of new energy vehicles after-sales service. For vehicles applying for financial subsidy funds for new energy vehicles in our city, vehicle production enterprises shall have more than one vehicle service station in our city, and be responsible for providing quality assurance to consumers and recycling and disposing of waste batteries in accordance with the requirements of the national Catalogue of Recommended Vehicles for Promotion and Application of New Energy Vehicles. Enterprises or units that purchase new energy buses or special vehicles should have the ability to use the relevant vehicles normally and use them properly and reasonably, and ensure the safe operation of the vehicles; Operating vehicles shall comply with the relevant provisions of the Regulations of Jiangsu Province on Road Transportation. The construction and operation units of charging facilities in the public service field shall ensure the normal and safe use of charging facilities.

Six, apply for financial subsidies for new energy vehicle buyers, sales agencies, public service charging facilities construction and operation units responsible for the authenticity of the application materials submitted; Those who cheat financial subsidy funds by providing false information, failing to guarantee the normal operation of new energy vehicles, and failing to meet the requirements of vehicle technical parameters will recover the subsidy funds, cancel the subsidy qualification, and be punished in accordance with the Budget Law of the People’s Republic of China, the Regulations on Penalties and Punishment for Financial Violations, and the Measures for Financial Supervision of Jiangsu Province.

Seven, the detailed rules for the implementation by the Municipal Finance Bureau, the office of the leading group for the promotion and application of new energy vehicles is responsible for the interpretation, during the implementation period, such as the introduction of new policies by the state and province, according to the new policy. These Measures shall be valid until December 31, 2017.

Attachment:

1. Financial subsidy standards and product technical requirements for the promotion and application of new energy vehicles in 2017.

2-1 Summary of Financial Subsidies for the Promotion and Application of New Energy Vehicles (Vehicle Purchase)

2-2 Summary of Financial Subsidies for the Promotion and Application of New Energy Vehicles (Construction of Charging Facilities)

3-1. Application Form for Financial Subsidies for the Promotion and Application of New Energy Vehicles (Vehicle Purchase)

3-2. Application Form for Financial Subsidies for the Promotion and Application of New Energy Vehicles (Construction of Charging Facilities)

4, unit load mass energy consumption evaluation index

5. Contact Table for Promotion and Application of New Energy Vehicles in Various Districts

Financial subsidy standards and products for the promotion and application of new energy vehicles in 2017technical requirement

I subsidy standards and technical requirements for new energy buses

(A) new energy bus subsidy standards

1. Subsidy amount for new energy buses = vehicle power consumption x subsidy standard for unit power consumption x adjustment coefficient (adjustment coefficient: system energy density/charging rate/fuel saving level), as follows:

• Subsidy standards for other new energy buses

(2) Technical requirements for new energy buses

1. Energy consumption per unit load (Ekg) is not higher than 0.24 Wh/km kg.

2. The continuous driving mileage of buses (excluding fast-charging and plug-in hybrid buses) shall not be less than 200 kilometers (constant speed method).

3. The proportion (m/m) of the total mass of the battery system to the whole vehicle kerb mass is not higher than 20%.

4. The energy density of battery system of non-fast charging pure electric bus is higher than 85Wh/kg, the fast charging rate of fast charging pure electric bus is higher than 3C, and the fuel saving rate of plug-in hybrid bus (including extended range) is higher than 40%.

Two, new energy passenger car subsidy standards and technical requirements

(1) The subsidy standards for the promotion and application of new energy passenger cars and plug-in hybrid (including extended range) passenger cars are as follows:

(II) Technical Requirements for New Energy Passenger Cars

1. The maximum speed of a pure electric passenger car for 30 minutes is not less than 100 km/h.
2. The mass energy density of the power battery system of the pure electric passenger car is not less than 90Wh/kg, and the subsidy is 1.1 times higher than 120Wh/kg.
3. For pure electric passenger car products, according to the different kerb mass (m) of the whole vehicle, the power consumption (y) per 100 kilometers under working conditions should meet the following requirements: when m≤1000kg, y ≤ 0.014× m+0.5; When 1000<m≤1600kg, y ≤ 0.012× m+2.5; When m>1600kg, Y≤0.005×m+13.7.
4. The fuel consumption of plug-in hybrid passenger car in state B (fuel consumption excluding electric energy conversion) with pure electric driving range less than 80km is less than 70% compared with the corresponding limit in the current national standard for conventional fuel consumption. The plug-in hybrid passenger car with pure electric driving range greater than or equal to 80km, its A-state 100 km power consumption meets the same requirements as pure electric passenger cars.

Three, pure electric trucks and special vehicles subsidy standards and technical requirements

(1) Pure electric trucks and special purpose vehicles shall be subsidized by the way of over-regressing in sections, based on the total storage capacity of power batteries providing driving power, as follows:

(2) Technical requirements for new energy trucks and special vehicles

1. The mass energy density of the power battery system is not less than 90Wh/kg.
2. The energy consumption per unit load (Ekg) of pure electric trucks and transport special vehicles is not higher than 0.5 Wh/km kg, and the power consumption per ton of other pure electric special vehicles (according to the test quality) is not more than 13kWh.

Four, fuel cell vehicle subsidy standards and technical requirements

(1) The subsidy standards for the promotion and application of fuel cell vehicles are as follows:

(2) Technical requirements for fuel cell vehicles

1. The rated power of the fuel cell system is not less than 30% of the rated power of the driving motor and not less than 30kW. Fuel cell passenger cars with rated power of fuel cell system greater than 10kW but less than 30kW will be subsidized according to the rated power of fuel cell system of 3,000 yuan /kW.

2. The driving range of fuel cell vehicles with pure electricity shall not be less than 300 kilometers.

V. Technical Requirements for Power Battery

The power battery used in new energy vehicles shall meet the following standards:

1. Energy storage devices (monomer, module): zinc-air battery for electric road vehicles (standard number GB/T 18333.2-2015, article 6.2.4/article 6.3.4 will not be implemented for the time being), vehicle supercapacitor (standard number QC/T 741-2014), cycle life requirements and test methods of power battery for electric vehicles (standard number QC/T 741-2014) 6.5 Cycle life under working conditions will not be implemented for the time being), safety requirements and test methods of power storage batteries for electric vehicles (standard numbers GB/T 31485-2015, 6.2.8 and 6.3.8 are not implemented for the time being).
2. Energy storage devices (battery packs): lithium-ion power battery packs and systems for electric vehicles Part 3: Safety requirements and test methods (standard number GB/T 31467.3-2015).

Guangdong Provincial People’s Government on Accelerating the Construction of General Artificial Intelligence

Suggestions on the implementation of industrial innovation leading place

Yue Fu [2023] No.90

People’s governments at the local and municipal levels, departments and institutions directly under the provincial government:

　　In order to implement the spirit of the series of important expositions of the Supreme Leader General Secretary on artificial intelligence, implement the decision-making arrangements of the country to develop a new generation of artificial intelligence, seize the major strategic opportunity for the development of general artificial intelligence, give full play to Guangdong’s advantages in computing infrastructure, industrial application scenarios, data elements, etc., and accelerate the construction of a leading place for industrial innovation of general artificial intelligence, we hereby put forward the following opinions.

　　First, the overall goal

　　By 2025, the scale of intelligent computing power will be the first in the country and the world’s leading, the innovation system of general artificial intelligence technology will be relatively complete, the high-level application scenarios of artificial intelligence will be further expanded, the scale of core industries will exceed 300 billion yuan, and the number of enterprises will exceed 2,000. Guangdong will be built into a national leading place for innovation of general artificial intelligence industry, and a national intelligent computing hub center, Guangdong-Hong Kong-Macao Greater Bay Area Special Data Zone and national demonstration highland for scenario application will be built to form "computing power interconnection, algorithm open source and data".

　　Second, build a national intelligent computing hub center

　　(1) Create a general artificial intelligence computing ecology.

　　Research and develop high-end training and reasoning chips with versatility and programmability, and multi-modal and multi-precision computing power chips, and explore a new architecture that integrates reconfiguration, computing and storage. Develop efficient and easy-to-use open source artificial intelligence chip compilers and tool chains and other basic software, support the adaptation of independent artificial intelligence chips and domestic general-purpose servers, and build a perfect independent controllable artificial intelligence software and hardware ecosystem. (led by the Provincial Department of Industry and Information Technology, coordinated by the Provincial Development and Reform Commission, the Science and Technology Department, Guangzhou, Shenzhen and other municipal governments at or above the prefecture level)

　　(2) Building a national computing network hub node.

　　Play a central role in building the "China Computing Network" and realize the interconnection of large heterogeneous computing centers such as the national public computing open innovation platform and the intelligent computing center. Promote the National Computing Power Dispatching Center and Guangdong-Hong Kong-Macao Greater Bay Area Computing Power Dispatching Center to speed up their landing in Shenzhen and Shaoguan. Do a good job in publishing and sharing computing resources in Guangdong Province, form a significant advantage in the scale of intelligent computing power, and serve the development of the national digital economy and the major strategy of "East Counting and West Counting". (Led by the Provincial Development and Reform Commission, the Network Information Office of the Provincial Party Committee, the Provincial Department of Science and Technology, the Department of Industry and Information Technology, the Government Service Data Administration, the Energy Bureau, and the municipal governments at or above the prefecture level such as Guangzhou, Shenzhen and Shaoguan cooperate)

　　(3) Build a city-level computing platform that is in line with international standards.

　　Support local cities to build computing platforms in accordance with national and provincial data center planning and layout requirements, relying on research institutions, universities, leading enterprises, etc., effectively integrate computing resources in cities, integrate with the most advanced international computing products and computing frameworks, and build city-level computing scheduling platforms to achieve resource sharing and optimal allocation. Support the construction of a new generation of national artificial intelligence public computing power open innovation platform to meet the needs of scientific research and innovation. (The municipal governments at or above the local level take the lead, with the cooperation of the Provincial Development and Reform Commission, the Department of Science and Technology, the Department of Industry and Information Technology, and the Government Service Data Administration)

　　Third, strengthen the technical innovation ability of general artificial intelligence

　　(four) to strengthen the key technology research of large model.

　　Focusing on infrastructure, training algorithm, tuning and alignment, reasoning and deployment, a general large-scale artificial intelligence model with hundreds of billions of parameters is developed, and a complete technical system of autonomous and controllable large-scale model is formed. Focus on industry innovation scenarios such as intelligent economy and intelligent society, develop large vertical domain models with multi-modal data and deep integration of knowledge, and support industrial applications with multi-task and complex scenarios. (led by the Provincial Science and Technology Department, with the cooperation of relevant provincial units and municipal governments at or above the local level)

　　(5) Strengthen the research on cutting-edge and common key technologies.

　　Support cutting-edge and subversive technology research, carry out research in the direction of swarm intelligence, brain-like intelligence, embodied intelligence, human-computer hybrid intelligence, and strengthen the research on common key technologies such as unsupervised natural language processing, autonomous unmanned intelligence technology in groups, and artificial intelligence security technology, so as to form breakthrough and original achievements. (led by the provincial science and technology department, with the cooperation of municipal governments at or above the local level)

　　(six) to strengthen the research on evaluation and guarantee technology.

　　Encourage research on content generation, model evaluation, risk assessment, monitoring and early warning of general artificial intelligence, study multi-dimensional evaluation methods applicable to general artificial intelligence, and conduct research on the credibility and safety of large models to ensure the accuracy, creativity, robustness and safety of large model output. Build a digital government big model evaluation system, strengthen the application of evaluation results, and provide support for all localities, departments and industries to use big models. (led by the Provincial Government Service Data Management Bureau, supported by the Network Information Office of the Provincial Party Committee, the Provincial Department of Science and Technology, the Department of Industry and Information Technology, the Public Security Department, and the Communications Management Bureau, with the cooperation of municipal governments at or above the local level)

　　Fourth, build a trusted data integration development zone in Greater Bay Area.

　　(7) Make great efforts to build a special data zone in Guangdong-Hong Kong-Macao Greater Bay Area.

　　Accelerate the construction of "Digital Bay Area" and explore the cross-border two-way circulation mechanism of data. Give full play to the policy advantages of Hengqin in Zhuhai, Qianhai in Shenzhen, Hetao in Shenzhen, Nansha in Guangzhou and other regions, explore the creation of "Guangdong-Hong Kong-Macao Greater Bay Area Special Data Zone", and strive to open up business chains, data sharing and data circulation. Give full play to the advantages of Hong Kong and Macao’s systems and resources, establish a data circulation rule system and operation mechanism in the Bay Area, rely on the superior institutions in the Bay Area to integrate resources, build and share a trusted data circulation infrastructure, and provide services such as storage, sharing and trading for data compliance and effective circulation. Make full use of overseas high-quality data, establish a sample data fusion training mechanism, and promote the artificial intelligence innovation scene in the data special zone to try first. (Led by the Provincial Administration of Government Affairs Service Data, supported by the Network Information Office of the Provincial Party Committee, the Provincial Development and Reform Commission, the Science and Technology Department, Guangzhou, Shenzhen, Zhuhai and other municipal governments at or above the prefecture level)

　　(8) Focus on building high-quality multimodal Chinese data sets.

　　In-depth implementation of Guangdong’s second round of public data resources survey, gathering high-quality and highly available Chinese data, and carrying out public data labeling and tackling key actions. Create a common space for public and public welfare data, build an industry-oriented high-quality Chinese corpus database, and promote the collection, access, sharing, processing and use of typical industry data. Based on privacy computing, it supports the circulation security of sample data, and builds a trusted data labeling and model training environment. Encourage data circulation and trading in legally established data trading institutions, and promote cross-domain and cross-industry data integration. Build a high-quality data set and a refined labeling platform, promote the establishment of a data labeling alliance, form an industry standard for data labeling, establish a list of artificial intelligence industry data resources, pool industry data resources, and improve the scale and quality of artificial intelligence data labeling libraries. (led by the Provincial Government Service Data Management Bureau, the Department of Industry and Information Technology, the Provincial Science and Technology Department, and coordinated by the municipal governments at or above the local level)

　　(9) Efforts should be made to improve a credible and controllable digital security system.

　　Strengthen the construction of artificial intelligence endogenous security, firewalls, etc., enhance the ability of data security, establish a data classification and classification protection system, support service-providing enterprises and network service providers to develop traceability tools such as metadata tags, signatures, watermarks, etc., and do a good job in labeling. Give full play to the advantages of digital government’s basic ability of security, controllability and predictability, and improve the data monitoring, early warning and emergency response system. (led by the Network Information Office of the Provincial Party Committee, coordinated by the Provincial Department of Industry and Information Technology, the Public Security Department, the Government Service Data Administration and the Communications Administration, and the municipal governments at or above the local level)

　　Fifth, build a general artificial intelligence industry cluster

　　(10) Continuously optimize the layout of regional development.

　　We will build a regional development pattern with Guangzhou and Shenzhen as the main engines, the Pearl River Delta as the core, and the cities in eastern, western and eastern Guangdong cooperating with each other. High-level construction of Guangzhou and Shenzhen National New Generation Artificial Intelligence Innovation and Development Experimental Zone and National Artificial Intelligence Innovation and Application Pilot Zone, with institutional mechanism reform and innovative application as the traction, exploring new development modes and paths of general artificial intelligence, and creating the forefront of industrial science and technology innovation. Support the construction of artificial intelligence headquarters and professional parks in Hetao area, and accelerate the construction of artificial intelligence and digital economy research and development industrial parks. Give full play to the advantages of industrial resources agglomeration in the Pearl River Delta region and form a number of strategic industrial clusters with international competitiveness. Support the construction of computing infrastructure in eastern and western Guangdong, and provide support for computing services in Guangdong. (led by the Provincial Department of Science and Technology, the Department of Industry and Information Technology, and coordinated by the municipal governments at or above the local level)

　　(eleven) continue to promote the construction of artificial intelligence industry base.

　　Accelerate the strategic and overall layout of large-scale industrial clusters and professional parks. Support the existing provincial-level artificial intelligence industrial parks to improve quality and efficiency, encourage the parks to increase services in talent introduction, intellectual property protection, investment and financing, listing counseling and docking, vigorously introduce related projects, and accelerate industrial agglomeration. Relying on the carriers such as central city science and technology city, high-tech industrial park, economic and technological development zone, characteristic industrial park, characteristic town and integration of defense and civilian technologies industrial base, we will build an artificial intelligence industrial agglomeration and application demonstration park to realize cluster development. Support Shaoguan to build an artificial intelligence industrial park by relying on the data center cluster of Guangdong-Hong Kong-Macao Greater Bay Area national hub node of the national integrated computing network, and give full play to the advantages of computing power and production factor cost of Shaoguan computing network hub node, actively connect Guangzhou and Shenzhen, explore the construction of an artificial intelligence industrial enclave, and promote the coordinated development of artificial intelligence industry in the province. Build an "industrial number chain" and create a virtual industrial cluster with data as the core. (led by the Provincial Department of Industry and Information Technology, coordinated by the Provincial Department of Science and Technology, Guangzhou, Shenzhen, Shaoguan and other municipal governments at or above the prefecture level)

　　(twelve) continue to cultivate leading enterprises with international competitiveness.

　　Support leading enterprises to become bigger and stronger around the long-term layout of general artificial intelligence, rapidly improve the level of leading product research and development and industry empowerment, and accelerate the construction of world-class artificial intelligence enterprises. Encourage leading enterprises to build overseas R&D centers, strengthen exchanges and cooperation with foreign advantageous enterprises, and use international talents, technology and other resources to carry out offshore innovation. Accelerate the cultivation of benchmark enterprises in the artificial intelligence industry, support small and medium-sized enterprises to accelerate their development through listing, mergers and acquisitions, and build a number of leading enterprises in the field of artificial intelligence segmentation to support the development and growth of the artificial intelligence industry. (led by the Provincial Department of Industry and Information Technology, coordinated by the Provincial Department of Science and Technology and the Department of Commerce and the municipal governments at or above the local level)

　　(thirteen) continue to play the leading role of artificial intelligence platform carrier.

　　Give full play to the role of a number of strategic scientific and technological forces such as Pengcheng Laboratory, Laboratory of Artificial Intelligence and Digital Economy Province, strengthen the construction of high-level innovation research institutes and new R&D institutions, actively carry out the introduction and layout of high-end innovation resources, and strengthen joint innovation with R&D institutions in Hong Kong and Macao. Strengthen the capacity building of a new generation of artificial intelligence open innovation platform, integrate the upstream and downstream resources of the industry, and increase support for advanced algorithm research, hardware product research and development, and industry application empowerment. Encourage platform institutions to cooperate with other enterprises, lower the threshold of technology and resource use, and guide more small and medium-sized enterprises and industry developers to innovate and start businesses. (led by the provincial science and technology department, with the cooperation of municipal governments at or above the local level)

　　(fourteen) continue to support the innovation of software and hardware products.

　　Relying on Guangdong’s advantageous industries, support key enterprises to integrate large model technology into terminal products, reconstruct system resource scheduling and various application calling methods, and create a new intelligent operating system. Support the original design and manufacturing enterprises to introduce large model technology to develop products with artificial intelligence application functions. Support software companies to strengthen the research and development of large model plug-ins, develop commercial software that integrates artificial intelligence applications, and create an "intelligent assistant+software" ecosystem. (led by the Provincial Department of Industry and Information Technology, coordinated by the Provincial Department of Science and Technology and municipal governments at or above the local level)

　　(fifteen) continue to accelerate the application of technological innovation scenarios.

　　Strengthen the deep integration of technology with economic, social and scientific fields, create a typical application scenario with strong instruction model, wide driving force and high display, and promote relevant enterprises and research institutions to form industry alliances. Through scene innovation, the key technologies of general artificial intelligence will be iteratively upgraded, and the continuous innovation of the interactive evolution of technology supply and scene demand will be formed, which will promote the development level of manufacturing, medical care, education, finance, scientific research and other fields. Joint leading enterprises set up a joint laboratory of government affairs model, co-ordinate the construction of a digital government artificial intelligence operation platform, and regularly publish a list of artificial intelligence scenarios. (led by the Provincial Department of Industry and Information Technology and the Government Service Data Administration, with the cooperation of relevant provincial units and municipal governments at or above the local level)

　　Sixth, build a general artificial intelligence innovation ecosystem

　　(sixteen) to strengthen the supporting role of technology and finance.

　　Support local cities to formulate special support policies for artificial intelligence in line with regional characteristics, give play to the guiding role of policy funds such as industrial development funds and innovation and entrepreneurship funds, coordinate and integrate fund resources, and build a 100 billion-level artificial intelligence fund group. (led by Provincial Development and Reform Commission, Science and Technology Department, Industry and Information Technology Department, and coordinated by Provincial Department of Finance and Local Financial Supervision Bureau)

　　(seventeen) increase the intensity of open cooperation.

　　Strengthen inter-provincial cooperation, enhance industrial and innovation capabilities, and realize complementary advantages. Hold high-level forums and international conferences, and use large-scale activities such as Greater Bay Area Science Forum, Digital Bay Area Development Conference and China International Hi-tech Fair to enhance international exchanges and cooperation. Give full play to Guangdong-Hong Kong-Macao Greater Bay Area’s unique advantages, explore innovative modes of joint project support, joint talent training and joint capital investment with Hong Kong and Macao, form a new innovative consortium of Guangdong, Hong Kong and Macao, and explore new modes and paths of artificial intelligence development in terms of computing power supply and technology complementarity. (Led by the Provincial Development and Reform Commission, the Provincial Department of Education, the Science and Technology Department, the Department of Industry and Information Technology, the Department of Finance, the Department of Commerce, the Government Service Data Administration, the Hong Kong and Macao Affairs Office, and coordinated by municipal governments at or above the local level)

　　(eighteen) the construction of computing algorithm trading platform.

　　Integrate the computing power resources of leading enterprises’ commercial data centers, study and formulate the measurement standards of computing power resources, and classify and classify the computing power products. Guide leading enterprises to open up existing cloud computing resources, integrate and build Guangdong "AI Cloud", support the call of large models of all parties, advocate the mode of "model is product, model is service", realize customers’ selective access to different cloud resources as needed, and establish an interconnected computing power, large model and algorithm transaction service system. (led by the Provincial Department of Industry and Information Technology, the Government Service Data Administration, the Provincial Development and Reform Commission, and coordinated by municipal governments at or above the local level)

　　VII. Safeguard measures

　　(nineteen) to strengthen organizational leadership.

　　Establish a collaborative promotion mechanism of Guangdong General Artificial Intelligence with the participation and coordination of relevant departments to jointly promote innovation and development. Promote the construction of high-end think tanks for general artificial intelligence, conduct research on forward-looking and strategic major issues, and provide consultation and evaluation for major decisions on innovation and development. (led by the Provincial Department of Science and Technology, coordinated by the provincial development and Reform Commission, the Education Department, the Department of Industry and Information Technology, the Finance Department, the Department of Commerce, and the Government Service Data Administration)

　　(20) Give play to policy synergy.

　　Relevant policies and measures have been introduced in tackling key problems in scientific research, building a "digital bay area" and credible products to form a multi-dimensional policy support system. Implement the flagship project of "New Generation Artificial Intelligence", accelerate the formulation of the action plan for the construction of "Digital Bay Area", study and promote the formulation of relevant laws and regulations on the supply of trusted artificial intelligence products and services, form a joint policy force, and win the initiative of strategic development. (The Provincial Department of Science and Technology, the Department of Industry and Information Technology, and the Government Service Data Administration are responsible for the division of responsibilities)

　　(twenty-one) to build a high-level talent gathering place.

　　Take advantage of Guangdong-Hong Kong-Macao Greater Bay Area’s location, speed up the introduction of global high-end talents, and optimize overseas talents’ settlement and service guarantee measures. Strengthen talent exchange and joint education with institutions of higher learning and scientific research in Hong Kong and Macao, and accelerate the cultivation of compound talents. Give play to the talent gathering role of laboratories, high-level innovation research institutes, new research and development institutions, leading enterprises and other institutions, and introduce and cultivate technical and industrial talents at all levels. Give play to the role of all kinds of innovation and entrepreneurship competitions in talent introduction and project landing, hold high-quality, high-standard artificial intelligence algorithm competitions, attract outstanding teams from all over the country, and accelerate the introduction of all kinds of innovative and entrepreneurial young talents. Improve the evaluation system of professional titles of engineering and technical personnel such as artificial intelligence and big data. (Provincial Department of Education, Department of Science and Technology, Department of Industry and Information Technology, Department of Human Resources and Social Security, and Government Service Data Administration are responsible for the division of responsibilities, with the cooperation of municipal governments at or above the local level)

　　(22) Explore and create an inclusive and prudent regulatory environment.

　　Explore the innovation of artificial intelligence supervision mode, implement hierarchical, classified and differentiated supervision according to different sub-sectors of artificial intelligence and specific situations such as risk level, application scenarios and scope of influence, and adopt different supervision modes for high, medium and low-risk applications. Build an artificial intelligence anti-fraud platform and strengthen the promotion of new artificial intelligence fraud. Scientific monitoring, early warning and evaluation of risks and disasters caused by general artificial intelligence technology and its application, promoting collaborative governance, and responding to various problems in the application of artificial intelligence in a timely manner. Focusing on technical ethics, employment, data privacy protection, moral awareness and other fields, we will study and formulate safety norms, carry out theoretical research, and promote the docking of international standards and participate in the formulation. (led by the Network Information Office of the Provincial Party Committee, with the cooperation of the Provincial Department of Industry and Information Technology, the Public Security Department, the Department of Human Resources and Social Security, the Government Service Data Administration, the Communications Administration and the Market Supervision Bureau)

people’s government of guangdong province

November 3, 2023

Some time ago, a media report triggered a heated discussion among the public-a university in Guangxi received 131 million yuan in research funding, implemented 862 research projects, and realized zero results transformation. The data comes from the list of the management and use of special funds of nine district-administered universities from 2020 to 2022 published by Guangxi Audit Office.

Hundreds of millions of scientific research funds, the conversion rate of results is 0? The huge digital contrast makes the topic of difficult transformation of scientific and technological achievements in China become the focus again.

What is behind the 0 conversion rate? For Hangzhou and universities, how to do a good job in accelerating the transformation of scientific and technological achievements?

How to calculate the account with a conversion rate of "0"

The low conversion rate of scientific research achievements has always been a "long-standing problem" in domestic universities.

Take the key output of scientific research and innovation "invention patent" as an example. According to China National Intellectual Property Administration’s Patent Investigation Report of China in 2022 (hereinafter referred to as "Report"), the implementation rate of invention patents in China universities is 16.9%, of which the industrialization rate is only 3.9%. According to a report in Beijing Daily, the conversion rate of American colleges and universities’ achievements is about 50% according to relevant research calculations. Compared with developed countries, there is still a lot of room for improvement in the ability to transform achievements in Chinese universities.

As far as the whole society is concerned, a report entitled "Analysis Report on the Transformation Prospect of Scientific and Technological Achievements in Strategic Emerging Industries" shows that only 10%-30% of China’s cutting-edge scientific and technological achievements have been applied to actual production, and only 20% of them can truly form industries. The report pointed out that in the transformation of scientific and technological achievements, the institutional and institutional obstacles of "what to turn", "how to turn" and "who will turn" still exist.

The conversion rate of scientific research achievements is 0, does it mean that the scientific research funds hit Shui Piao?

Deng Haijian, chief expert of the network education teacher studio of the Ministry of Education of Hangzhou Dianzi University, thinks that it should be dialectically viewed from three levels.

From the total amount, 131 million yuan is indeed a large number, but it is spread evenly over 862 projects, with an average of only 150,000 yuan per project. Therefore, it is inevitable that some people will vomit. These expenses may not be enough for scientific research. How to realize the transformation of results? "Of course, the accounts are not calculated in this way. The projects are heavy and light, and the budget is large and small. What we have to focus on are those projects that should have been transformed but the results have not been transformed."

Judging from the standard of measuring scientific research work in colleges and universities, the conversion rate of achievements is not the only standard. There are many kinds of scientific research, which can be divided into basic research, application, technology development and so on. "Basic research is not about transformation, or it can’t be considered by transformation. Therefore, when evaluating scientific research, it is necessary to classify and analyze specific problems. What needs serious accountability should be a project that was originally directed at transformation, but the result was to fish in troubled waters. "

Deng Haijian feels that from the perspective of researchers themselves, we must be highly alert to this set of figures. "The urgent task is to do pragmatic scientific research, not to do scientific research for scientific research, or to do scientific research for topics, but to do more scientific research projects closely related to people’s lives and production."

The road to science and technology innovation in colleges and universities is difficult in two key "one kilometer"

What are the reasons why scientific and technological achievements are difficult to get out of the ivory tower? Perhaps it can be analyzed from the relationship between "scientific research", "scientific and technological innovation" and "innovation and entrepreneurship"

Professor Zhang Yu, Executive Dean of School of Life and Health Sciences, Hangzhou Institute of Advanced Studies, University of Chinese Academy of Sciences (Hangzhou High Court, National University of Science and Technology), has been deeply involved in scientific research for many years. In her view, the whole science and technology innovation chain can be compared to three stages-

"Scientific research" is like a process from 0 to 1, "scientific and technological innovation" is from 1 to 100, and "innovation and entrepreneurship" is constantly expanding from 100 to 10000. On the surface, the whole process seems to be the relationship between "scientific research" at the forefront and "innovation and entrepreneurship" at the end, which is separate. "But to maintain a long-term virtuous circle, the whole chain is mutually reinforcing, and all three links are inseparable from the practical exploration of related industries."

Zhang Yu’s point of view has been recognized by another senior researcher, Professor Yang Wei, Dean of the Institute of Basic Medical Innovation of Zhejiang University. He vividly compared the relationship between the three to three intertwined rings. "The three overlap and influence each other. It is not so much a science and technology chain, but actually more like a Ke Zhang network. A net, a chess game, a careless game will lose. "

If the relationship between the three is clarified, the crux can be found.

During the two sessions of the National People’s Congress this year, "scientific research" was frequently mentioned and became a hot topic. Liu Qiang, member of Chinese People’s Political Consultative Conference and member of the Standing Committee of 301 Science and Technology Committees of China Academy of Aerospace Science and Technology, said: "China’s scientific and technological circles are facing a relatively prominent common problem, that is, the original and leading scientific and technological research results are insufficient."

The source innovation ability is insufficient, and the "from 0 to 1" is lacking. The "first mile" on Kechuang Road has a difficult start. This difficulty also makes other institutions and units in the chain feel helpless. In a media interview, Hu Xiaowei, general manager of Paifu Intellectual Property Investment and Operation Company, pointed out: "There may be hundreds of colleges and universities working on the same subject and in the same direction, but the things they make are very general. The source is not good, how to transform it? "

Not only that, but the "last mile" problem on Kechuang Road has attracted more and more attention. Academician Shi Yigong, President of West Lake University, once said to the media: "The last straw to crush camels is to encourage scientists to start businesses."

It is understood that technology transfer and transformation needs compound professionals with backgrounds in intellectual property, law, management and industry, but there has been a lack of professionals and service institutions in this field in China. Colleges and universities are subject to institutional mechanisms and lack such talents. Most colleges and universities are responsible for transfer and transformation management, and most of them are part-time.

Will this source innovation incubation model bring "ice-breaking" effect?

Faced with the "two kilometers" problem, some forces are seeking a breakthrough.

In 2019, a brand-new innovative incubation model of medicine source was born in the Institute of Basic Medical Innovation of Zhejiang University. The Institute, jointly established by Zhejiang University and Hangzhou Linping Economic and Technological Development Zone, is an innovative platform led by basic medical disciplines and aimed at transforming the source of high-level original academic achievements.

Dean Yang Wei introduced that under the pressure of "generic drugs come quickly", "follow-up innovation" and "lack of innovative drugs with the first target", the institute focused on the field of biomedical source innovation and strived to incubate several innovative drugs and new medical devices with the first target in the world in China.

In other words, the first thing that the institute solves is the "first mile" problem of medical innovation. Therefore, a special incubation fund for innovative medicine is set up every year to collect high-level research results with transformation value for universities, scientific research institutions and medical institutions. At present, four rounds of global solicitation for innovative scientific research projects have been completed, and more than 100 million yuan of incubation funds have been invested to provide industrial incubation funds for more than 50 selected projects from Peking University, Zhejiang University, Xiamen University and China Pharmaceutical University. "Even if the result is only a paper, as long as it has the value of medical innovation and transformation, we are willing to give it the first bucket of help." Yang Wei told reporters.

In the "last mile" of the transformation of scientific research achievements, the institute also provided a new model-the "housekeeper" of the whole project. To put it simply, it is to let "professionals do professional things" and equip each project with a project management team, which is composed of project leaders, project management department personnel and industry experts in related fields, to control the progress of project implementation throughout the process and provide multi-level and three-dimensional results transformation services such as intellectual property consultation, commercialization strategy, project investment and financing docking, cooperation and docking of pharmaceutical companies, and assisting enterprises in industrial and commercial registration. At present, the Institute has successfully landed nine funded projects in project companies, and is promoting the incubation in a market-oriented way, and it is expected that 8-9 will land in the near future.

The reporter learned that among the top 50 universities that have entered the contract value of scientific and technological achievements transformation for five consecutive years, Zhejiang University has always ranked second in the country. Linping District regards biomedicine as one of the three leading industries and anchors the goal of "80 billion biomedical industry cluster". "Our ultimate goal is to become a world-class platform for incubating the results of medical sources, incubating the world’s first innovative target drugs for major disease interventions, medical devices and diagnostic products with independent property rights, helping the high-quality development of Linping biomedical industry and contributing to Zhejiang’s biomedical industry highland." Yang Wei also expressed the hope that the incubation model of the research institute can play more exemplary and leading roles in the innovation field of domestic pharmaceutical sources.

　　On the evening of April 25th, a number of listed companies in Shanghai and Shenzhen issued announcements for investors’ reference:

　　Major events > > >

　　Universal Scientific Industrial Co.，Ltd.: Invested 60 million US dollars in the Mexican factory of its subsidiary for the construction of new factory projects.

　　() It was announced in the evening that according to the development plan of the wholly-owned subsidiary Universal Scientific Industrial de Mé xico S.A.de C.V. (hereinafter referred to as "Mexico Factory") and the customer’s demand, the company plans to build a second factory in Tonala, near the Mexican factory. In 2022, the Mexican factory completed the land purchase of the new factory and signed a construction contract. The total investment of the new factory is 67.498 million US dollars. The company plans to raise 60 million US dollars (equivalent to 412 million yuan) to increase the capital of the Mexican factory through its wholly-owned subsidiary Huanhong Electronics Co., Ltd.. This capital increase for the new factory project in Mexico will help to take advantage of Mexico’s geographical advantages, increase production capacity to meet the needs of North American customers, improve the operation scale and production efficiency of the Mexican factory, enhance its profitability and market competitiveness, and consolidate and enhance its position in the industry. At the same time, the company disclosed a quarterly report, and achieved operating income of 12.998 billion yuan in the first quarter, down 6.85% year-on-year; The net profit was 277 million yuan, a year-on-year decrease of 36.79%; The basic earnings per share is 0.13 yuan.

　　Xinhuadu: It is estimated that the total amount of daily related transactions with Alibaba Group in 2023 will not exceed 828 million yuan.

　　() It was announced in the evening that the total amount of daily related party transactions between the company and Alibaba Group in 2023 will not exceed 828 million yuan, and the total amount of daily related party transactions between the company and Alibaba Group in January-April 2024 will not exceed 330 million yuan.

　　Shaanxi Energy: It is planned to invest 500 million yuan to establish an integrated joint venture company with Yuneng Group.

　　() Announced in the evening, the company plans to cooperate with Yuneng Group to set up an integrated joint venture company to plan, construct and operate the supporting power supply project of Shaanxi Power Transmission and Henan Power Transmission Project in an integrated way of scenery, fire and storage, and to start the preliminary work of Zhao Shi Pan Power Plant Phase II (2×1000MW) project and Hengshan Power Plant Phase II (2×1000MW) project in advance. The registered capital of the joint venture company is 1 billion yuan, and the company has subscribed to contribute 500 million yuan, holding 50% of the shares.

　　Century Tianhong: At present, the company does not have the related technology of artificial intelligence big model.

　　() Announced the change, the company does not have the technology related to artificial intelligence big model for the time being, and has not carried out the training of artificial intelligence bottom big model at present, and has not generated relevant income.

　　China Pharmaceutical Co., Ltd.: Doxycycline hydrochloride for drug injection of its subsidiary passed the consistency evaluation of generic drugs.

　　() It was announced in the evening that its subsidiary, Hainan General Kangli Pharmaceutical Co., Ltd., received a Notice of Approval for Supplementary Application of Doxycycline Hydrochloride for Injection approved and issued by National Medical Products Administration, and the drug passed the consistency evaluation of generic drug quality and efficacy. Doxycycline hydrochloride for injection is a tetracycline antibiotic, which is suitable for infections caused by various microorganisms, gram-negative bacteria and gram-positive bacteria. According to the third-party database PDB, the sales of this product in domestic sample hospitals in 2022 was about 11.87 million yuan, and the sales of Kangli Pharmaceutical in 2022 was about 2.46 million yuan (unaudited).

　　China Kechuan: At present, it has not invested in generating artificial intelligence related business.

　　() Disclosure of serious abnormal fluctuations in stock trading The announcement stated that the company has not invested in the business related to generative artificial intelligence at present. The company has not found other mainstream media reports about our company that may have a significant impact on our stock trading price.

　　Performance > > >

　　Kweichow Moutai: The net profit in the first quarter was 20.794 billion yuan, a year-on-year increase of 20.59%.

　　() Announcement, the net profit in the first quarter was 20.794 billion yuan, a year-on-year increase of 20.59%.

　　Yiling Pharmaceutical: The net profit in the first quarter increased by 148.29% year-on-year.

　　() Announcement, the net profit in the first quarter of 2023 was 1.203 billion yuan, a year-on-year increase of 148.29%; In 2022, the net profit was 2.36 billion yuan, up 75.75% year-on-year, and it is planned to send 10 schools to 5 yuan.

　　Zhongke Shuguang: Net profit in the first quarter increased by 19.92% year-on-year

　　() Announcement, the operating income in the first quarter was 2.298 billion yuan, a year-on-year increase of 5.39%; The net profit was 131 million yuan, a year-on-year increase of 19.92%; The basic earnings per share is 0.09 yuan.

　　Renhe Pharmaceutical: In 2022, the net profit decreased by 13.62% year-on-year, and it is planned to send 10 2 yuan.

　　() The annual report was disclosed in the evening, and the operating income in 2022 was 5.153 billion yuan, a year-on-year increase of 4.41%; The net profit was 574 million yuan, down 13.62% year-on-year; The basic earnings per share is 0.41 yuan; The company plans to distribute a cash bonus of 2 yuan (including tax) for every 10 shares.

　　Tianlong shares: the net profit in 2022 increased by 25.4% year-on-year.

　　() The annual report was disclosed in the evening, and the operating income in 2022 was 1.254 billion yuan, a year-on-year increase of 5.87%; The net profit was 123 million yuan, a year-on-year increase of 25.4%; The basic earnings per share is 0.62 yuan; The company plans to distribute a dividend of 1.3 yuan (including tax) for every 10 shares. At the same time, the company announced that Zhejiang Antai Holding Group Co., Ltd., which holds 48.35% of the shares, and Zhang Yihua, which holds 10.17% of the shares, intend to reduce the shares of the company by no more than 3,977,700 shares and 7,955,400 shares respectively, that is, no more than 2% and 4% of the company’s current total share capital respectively.

　　Xinhuanet: In 2022, the net profit increased by 15.03% year-on-year, and it is planned to send 10 yuan to 1.87 yuan.

　　() The annual report was disclosed in the evening, and the operating income in 2022 was 1.941 billion yuan, a year-on-year increase of 12.56%; The net profit was 242 million yuan, a year-on-year increase of 15.03%; The basic earnings per share is 0.47 yuan; The company plans to distribute a cash dividend of 1.87 yuan (including tax) for every 10 shares.

　　YTO Express: In 2022, the net profit increased by 86.35% year-on-year, and it is planned to send 10 2.5 yuan.

　　() The annual report was disclosed in the evening, and the operating income in 2022 was 53.539 billion yuan, up by 18.57% year-on-year; The net profit was 3.92 billion yuan, up 86.35% year-on-year; The basic earnings per share is 1.14 yuan; The company plans to pay a dividend of 2.5 yuan (including tax) for every 10 shares. At the same time, the company disclosed a quarterly report, and achieved operating income of 12.914 billion yuan in the first quarter, up 9.19% year-on-year; The net profit was 906 million yuan, a year-on-year increase of 4.08%; The basic earnings per share is 0.26 yuan. The increase in net profit during the reporting period was mainly due to the increase in express delivery business.

　　Rongjie Health: The net profit in the first quarter was 11.1895 million yuan, up 116.73% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 158 million yuan, a year-on-year increase of 28.43%; The net profit was 11.1895 million yuan, a year-on-year increase of 116.73%; The basic earnings per share is 0.01 yuan.

　　Digital authentication: the net profit in the first quarter was 3,162,300 yuan, up 51.21% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 165 million yuan, a year-on-year increase of 16.12%; The net profit was 3,162,300 yuan, a year-on-year increase of 51.21%; The basic earnings per share is 0.01 yuan.

　　Xinyuanwei: Net profit in the first quarter increased by 103.55% year-on-year.

　　Xinyuanwei disclosed a quarterly report in the evening, and achieved an operating income of 288 million yuan in the first quarter, a year-on-year increase of 56.89%; The net profit was 65,977,400 yuan, a year-on-year increase of 103.55%; The basic earnings per share is 0.71 yuan. During the reporting period, the prosperity of the semiconductor equipment industry continued, and the company’s revenue scale continued to grow; The company’s sales revenue increased and the tax refund for embedded software products increased.

　　Degut: The net profit in the first quarter was 20,421,100 yuan, up 278.03% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 91,451,500 yuan, a year-on-year increase of 74.73%; The net profit was 20,421,100 yuan, a year-on-year increase of 278.03%; The basic earnings per share is 0.14 yuan.

　　Paineng Technology: The net profit in the first quarter was 462 million yuan, up 355.86% year-on-year.

　　Paineng Technology disclosed a quarterly report in the evening, and realized an operating income of 1.841 billion yuan in the first quarter, a year-on-year increase of 126.07%; The net profit was 462 million yuan, a year-on-year increase of 355.86%; The basic earnings per share is 2.74 yuan. During the reporting period, the sales volume of the company’s products increased significantly compared with the same period of last year; At the same time, the increase in sales price and the optimization of product structure have brought about a substantial increase in operating income.

　　CNOOC Development: Net profit in the first quarter increased by 37.25% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 9.538 billion yuan, a year-on-year increase of 16.37%; The net profit was 413 million yuan, a year-on-year increase of 37.25%; The basic earnings per share is 0.04 yuan.

　　Consistent with national medicine: the net profit in the first quarter was 362 million yuan, up 43.53% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 18.687 billion yuan, up 8.96% year-on-year; The net profit was 362 million yuan, a year-on-year increase of 43.53%; The basic earnings per share is 0.85 yuan. In this period, the sales scale will be expanded, and the business structure will be optimized to achieve an increase in gross profit margin and drive profit growth.

　　Wind language building: the net profit in the first quarter was 44,116,900 yuan, up 379.49% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 422 million yuan, a year-on-year increase of 74.78%; The net profit was 44,116,900 yuan, a year-on-year increase of 379.49%; The basic earnings per share is 0.07 yuan. The increase in net profit was mainly due to the increase in completed projects in this period.

　　North Beijing: The net profit in the first quarter was 61.2916 million yuan, up 152.59% year-on-year.

　　() Revealing a quarterly report in the evening, achieving an operating income of 1 billion yuan in the first quarter, a year-on-year increase of 20.05%; The net profit was 61,291,600 yuan, a year-on-year increase of 152.59%; The basic earnings per share is 0.19 yuan. This year, the business has fully returned to normal and the company’s business scale has continued to grow.

　　Sinopharm Hyundai: Net profit in the first quarter increased by 130.87% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 3.417 billion yuan, a year-on-year increase of 5.33%; The net profit was 179 million yuan, a year-on-year increase of 130.87%; The basic earnings per share is 0.15 yuan. During the reporting period, the increase in sales of some key APIs and preparation products led to a year-on-year increase in revenue of 5.33%; The company actively complied with the implementation of various medical reform policies, continuously optimized the marketing model, actively promoted quality improvement and efficiency improvement, and reasonably controlled various costs and expenses. The three expense rates decreased by 5.45 percentage points year on year.

　　Seven wolves: the net profit in the first quarter was 88.9743 million yuan, up 96.63% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 909 million yuan, a year-on-year increase of 2.75%; The net profit was 88.9743 million yuan, a year-on-year increase of 96.63%; The basic earnings per share is 0.13 yuan.

　　Shuanghui development: the net profit in the first quarter was 1.488 billion yuan, up 1.9% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 15.666 billion yuan, a year-on-year increase of 13.83%; The net profit was 1.488 billion yuan, a year-on-year increase of 1.90%; The basic earnings per share is 0.43 yuan.

　　Aimeike: The net profit in the first quarter was 414 million yuan, up 51.17% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 630 million yuan, a year-on-year increase of 46.30%; The net profit was 414 million yuan, a year-on-year increase of 51.17%; The basic earnings per share is 1.91 yuan.

　　Yiwei lithium energy: the net profit in the first quarter was 1.14 billion yuan, up 118.68% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 11.186 billion yuan, a year-on-year increase of 66.11%; The net profit was 1.14 billion yuan, a year-on-year increase of 118.68%; The basic earnings per share is 0.56 yuan. On the same day, the company announced that it plans to use its own funds of no more than US$ 228 million to increase the capital of its subsidiary Yiwei Asia Co., Ltd. for Yiwei Asia’s capital contribution to its joint venture company Hua Fei Nickel Cobalt (Indonesia) Co., Ltd. in accordance with the Joint Venture Agreement of Indonesia Huayu Nickel Cobalt Laterite Nickel Mine Wet Smelting Project.

　　Shanghai Electric: The net profit in the first quarter was 367 million yuan, up 2,802.32% year on year.

　　() A quarterly report was disclosed in the evening, and the net profit in the first quarter was 367 million yuan, a year-on-year increase of 2802.32%; The basic earnings per share is 0.02 yuan. During the reporting period, by strengthening cost control, the gross profit margin of some subordinate enterprises increased compared with the same period of last year; At the same time, benefiting from the economic recovery, the investment income and fair value change income in this period increased compared with the same period of last year.

　　Huada Gene: The net profit in the first quarter was 41.3488 million yuan, down 87.49% year-on-year.

　　() A quarterly report was disclosed in the evening, and the operating income in the first quarter was 954 million yuan, down 33.31% year-on-year; The net profit was 41.3488 million yuan, down 87.49% year-on-year; The basic earnings per share is 0.09 yuan. During the reporting period, the net profit decreased year-on-year, mainly due to the end of the global public health incident and the fading of the surge in market demand for related businesses at home and abroad. At the same time, after the contraction of unconventional business, the related cost adjustment will take a certain period, and the company will continue to strengthen internal lean management, optimize the organizational structure, and reduce marketing expenses.

　　Increase or decrease holding > > >

　　Xin Pengwei: The big fund plans to reduce its holdings by no more than 2%.

　　Xinpengwei announced that the National Integrated Circuit Industry Investment Fund Co., Ltd. intends to reduce its holdings by no more than 2%.

　　Advanced Datacom: Shareholder Han Yanying intends to reduce 1.49% of the company’s shares.

　　() It was announced in the evening that Han Yanying, a shareholder holding 1.49% of the shares, plans to reduce his holding of 4,596,400 shares of the Company (accounting for 1.49% of the total share capital of the Company).

　　Zhibang Home Furnishing: Anhui Jinzhi Enterprise Management Co., Ltd. plans to reduce its shareholding by no more than 1%.

　　() It was announced in the evening that Anhui Jinzhi Enterprise Management Co., Ltd., a shareholder holding 2.57% of the shares, intends to reduce the company’s shares by centralized bidding or block trading, with a total of no more than 3,118,200 shares, accounting for 1% of the total share capital.

　　Sign a big bill > > >

　　Otway: Obtained the bid-winning notice of Longji Green Energy Component Project.

　　Aotewei announced in the evening that the company has obtained the bid-winning notice of "() Technology Co., Ltd. Component Project", with a total bid-winning amount of about 310 million yuan (the specific amount is subject to the officially signed contract). The impact of the winning project on the performance in 2023 is uncertain, which will have a positive impact on the company’s operating performance in 2024.

　　Xiangdian shares: jointly won the bid of 209 million yuan.

　　() Announced in the evening, the company and () Nanjing Control System Co., Ltd. became the winning bidders for the procurement project of synchronous motors, frequency conversion devices and ancillary equipment of water source pumping stations of Yunnan Central Water Diversion Project, with the winning bid amount of 209 million yuan, and the planned delivery date is from the third quarter of 2023 to the second quarter of 2025.

Full text10074Words, reading takes abouttwentyminute

Macro Team of Wencaixin Research Institute

Wu Chaoming and Hu Wenyan　

Core view　

How will the domestic interest rate, especially the yield of ten-year treasury bonds, be interpreted in the future? The market has little disagreement on the medium and long-term trend. Most people think that the interest rate will follow the shift of GDP, especially the nominal GDP growth rate, and show an overall downward trend. However, the market has great differences and different judgments on the short-term trend in the next few quarters.

1. China’s interest rate analysis framework: fundamental factors such as economic growth and inflation dominate the direction of interest rate change, while other factors such as financial supervision policies and exchange rates affect the fluctuation range of interest rates.One isIn the medium and long term, the yield trend of domestic ten-year government bonds is basically consistent with the growth rate of nominal GDP and the running trend of inventory cycle, indicating that the trend of domestic interest rates is mainly dominated by fundamental factors such as economic growth and prices.The second isAfter the international financial crisis in 2008, the goal of financial stability has also become an important factor affecting interest rates. In the cycle of stable economic growth, especially economic recovery, strict supervision and the policy tendency of reducing leverage will lead to a significant increase in market interest rates.The third isInterest rates will also be affected by exchange rates, supply and demand of funds and other factors. For example, the continuous interest rate hike by the Federal Reserve will restrict the domestic monetary easing space, and the demand for funds exceeding supply will also raise the level of interest rate centers.

Second, the trend of domestic interest rates in the next few quarters: it is expected that the fluctuation will bottom out first, and then the probability of recovery will be too high.

First, from the perspective of interest rate analysis framework, the yield of 10-year government bonds may bottom out first and then rise.First,The probability of weak economic recovery in the second half of the year is too high, which determines that it is difficult for interest rates to rise sharply in the short term, or to bottom out first, but after the economy is confirmed to stabilize and rise, interest rates will tend to rise;Secondly,Affected by factors such as the resonant upward trend of pig grain price, high oil price, recovery of consumer demand and abundant liquidity, it is expected that CPI will continue to fluctuate around or even above 3% from the second half of this year to the first half of next year, which will support the upward trend of interest rates;Third,The continuous upside-down spread between China and the United States and the transformation from a wide currency to a wide credit will also increase the upward pressure on domestic interest rates.

Second, from a quantitative point of view, the current yield of ten-year government bonds is lower than the desired interest rate, and it is only a matter of time before it gradually converges upward in the future.

Third, based on the historical experience in 2012 and 2019, the interest rate cut on the eve of economic recovery will help the interest rate to decline slightly in the short term. However, if there is no unexpected impact, after the interest rate cut boots land and the economic confirmation stabilizes, the interest rate will enter the recovery channel.In July this year, the domestic economy recovered weakly, which led the central bank to cut interest rates unexpectedly in August. If the real estate recovery continues to fall short of expectations, the possibility of cutting interest rates again will not be ruled out. However, with the steady growth policy taking effect, the probability of China’s credit demand bottoming out and economic recovery improving in the future is increasing, and the trend of interest rate bottoming out in the next few quarters is more clear.

Risk warning:Real estate recovery continued to fall short of expectations, and the overseas economy went down more than expected.

main body

Since the beginning of this year, the domestic market interest rate has experienced two obvious downturns: First, in April-May, 2022, in the face of the severe impact on the economy brought by the conflict between Russia and Ukraine and the rebound of the epidemic, the central bank greatly increased the liquidity supply to boost the demand for entity financing and support the economic recovery as soon as possible. The domestic short-term market interest rate DR007 dropped from about 2.1% in the first quarter to around 1.5%, which was about 60BP lower than the policy interest rate in the same period (see Figure 1). Second, from July to August, due to the unexpected economic recovery, especially the overall weakening of financial and economic data in July, and the prominent problem of insufficient effective social demand, the central bank unexpectedly cut interest rates in mid-August, pushing the interest rate of DR007 down from about 1.9% at the end of June to the historical low of 1.3% during the outbreak of the epidemic in 2020, and the yield of 10-year government bonds also broke through the low point in the same period to further open up the downside (see Figure 1-2).

Looking forward to the future, the market has little difference on the medium and long-term trend, and most people think that the interest rate will follow the shift of GDP, especially the nominal GDP growth rate, showing an overall downward trend, but the market has great differences and different judgments on the trend in the next few quarters. Therefore, based on the interest rate analysis framework and quantitative analysis, this paper studies the trend of domestic interest rates in the next few quarters.

First, China’s interest rate analysis framework

(1) The interest rate level is mainly dominated by fundamental factors such as economic growth and prices.

According to the People’s Bank Law, the ultimate goal of China’s monetary policy is to "maintain the stability of the currency and promote economic growth". As a big country economy, China’s monetary policy is dominated by me. Interest rate is one of the key tools to achieve the goal of monetary policy, so the formulation of domestic interest rate policy and the trend of interest rate level mainly depend on economic fundamental factors such as economic growth and prices in the medium and long term.

First, the trend of domestic interest rate is basically consistent with the growth rate of nominal GDP and the running trend of inventory cycle.Inventory cycle describes the periodic change of enterprise inventory for about 40 months, which can be used to help judge the strength of economic growth because of its strong correlation with nominal economic growth (see Figure 3). Since 2003, China has experienced a total of five complete inventory cycles, and is currently in the sixth cycle of the inventory cycle (see Figure 4). Generally speaking, the upward cycle of inventory often corresponds to the recovery stage of interest rate, that is, the bear market in the bond market, and vice versa. However, it is worth noting that the peak and trough of interest rate and inventory cycle are only similar at the time point, but not completely consistent. In most cases, interest rate is slightly ahead of the latter to peak or bottom. On the one hand, this stems from the fact that the growth rate of inventory lags behind the economic growth slightly (see Figure 3), and on the other hand, it is also related to the interest rate being affected by other factors such as investors’ expectations. In addition, there is no fixed proportional relationship between interest rate fluctuation range and inventory fluctuation range, and they only have the same trend, indicating that economic growth is not the only factor determining interest rate.

Second, there is a strong correlation between interest rate trend and inflation gap in history, but the correlation tends to weaken in recent years.In order to stabilize inflation and its expectation, China will put forward this year’s CPI growth target in the government work report every year. If the price deviates far from the above target value, monetary policy will take effective measures to promote the price to return to the target center. From the practical experience, before 2013, the yield of domestic ten-year government bonds and the inflation gap (CPI growth rate-government target growth rate) basically changed synchronously, and the correlation between them was very strong (see Figure 5). However, after 2013, due to the obvious reduction of domestic CPI fluctuation, the inflation gap basically fluctuated around 0, the monetary policy was weakened by price constraints, and the correlation between the inflation gap and the yield of 10-year government bonds was also obviously weakened. If we consider the relationship between the comprehensive inflation index weighted by CPI and PPI and the yield of 10-year treasury bonds, the correlation between the two has also weakened after 2013, and the peaks and valleys of the two are close at the time point but no longer completely consistent (see Figure 6). On the whole, when the inflationary pressure is high, the interest rate is more constrained by the price, which is more consistent with the price trend, and vice versa, which shows that inflation is one of the important factors in determining the interest rate.

(B) After the international financial crisis in 2008, financial stability has also become an important factor affecting interest rates.

After the financial crisis in 2008, the major central banks in the world learned the lesson that monetary policy only focused on inflation targets and paid insufficient attention to financial stability, and began to focus on improving the financial regulatory framework and strengthening macro-prudential management, and their attention to financial stability targets increased significantly. In terms of macro-prudential management framework construction, the Bank of China is at the forefront of global central banks, and further accelerates the improvement of the dual-pillar regulatory framework of monetary policy and macro-prudential policy after the crisis. Among them, the former focuses on maintaining economic and price stability, while the latter focuses on maintaining financial stability. Under the background of resolving financial risks and maintaining the stability of macro leverage ratio, financial regulatory policies have also become an important factor affecting the level of domestic interest rates. During the period of steady economic growth, especially during the economic recovery cycle, strict supervision and the policy tendency of reducing leverage will lead the market interest rate to rise. For example, in 2013-2014 and 2016-2018, two rounds of domestic interest rates went up, and the tightening of financial supervision was one of the main reasons.

First, the above two rounds of interest rate hikes are in the rising stage of inventory cycle and nominal GDP growth rate (see Figure 4), indicating that economic stabilization and recovery is an important prerequisite for interest rate hikes.However, if we look at the constant price GDP growth rate and CPI growth rate indicators, they have basically changed little during the period (see Figure 7), reflecting that there is no overheating risk in the economy, and fundamental factors are not enough to support a sharp rise in interest rates. The central bank’s working paper "Natural Interest Rate in China" has also reached a similar conclusion, that is, except for a slight decline around 2015, the domestic output gap in 2012-2019 is close to zero (see Figure 8), indicating that the economic operation is generally stable.

Second, the rapid rise of interest rates in mid-2013 and the end of 2016 is closely related to the shift of monetary policy to deleveraging to prevent risks and the tightening of regulatory policies.During the above two rounds of interest rate hikes, the growth rate of leverage ratio in the financial sector declined (see Figure 9). Among them, in 2013, in order to strictly control banks’ off-balance-sheet loans (such as trust loans) to promote the disorderly expansion of non-standard assets (see Figure 10), and to prevent the rapid growth of interbank business from idling funds within the financial system and increasing the risk of maturity mismatch, the regulatory authorities issued a series of regulatory measures, such as the Notice on Regulating the Investment Operation of Commercial Banks’ wealth management business (referred to as Circular No.8), which forced financial institutions to strengthen liquidity management and added a "default door" for a bank. In 2016, as the economy entered a new round of upward channel, and there were many problems of leverage and capital idling in the financial market, the primary goal of domestic monetary policy gradually shifted from steady growth to risk prevention. At the same time, the 19th National Congress of the Communist Party of China took preventing and resolving major risks as the first of the three tough battles. In October 2016, the Politburo meeting clearly put forward "focusing on curbing asset bubbles and preventing economic and financial risks". In November 2017, new regulations on asset management were introduced, which started the domestic financial deleveraging campaign, and the leverage ratio growth rate of financial institutions increased from 20 in early 2016.

Looking back at the above two rounds of interest rate upward cycles, it is inseparable from the tightening of financial supervision policies. The deep-seated reason behind it is that when the economy is under great downward pressure, the central bank will often implement a loose policy of "releasing water to raise fish" to stimulate the economic recovery. At that time, the market liquidity is abundant but the return of the real economy is low, and the phenomenon of "asset shortage" is prominent, resulting in excess funds speculating on various virtual assets, chasing high-term spread assets, amplifying financial leverage and pushing up financial risks. However, when the economy starts to stabilize and rebound, the regulatory authorities will take the initiative to tighten monetary policy, resolve the risks bred in the early stage and reduce the policy sequelae, thus pushing interest rates upward. Therefore, the interest rate recovery is often in the period after the growth rate of social financing has recovered for a period of time or at the stage of bottoming out, that is, after the economy has stabilized and recovered, the convergence of liquidity at this time will also lead to the bottoming out of credit spreads (see Figure 11).

(3) The interest rate level will also be affected by other factors such as exchange rate, capital supply and demand.

First, monetary policy should not only achieve internal balance, but also take into account external balance, especially with the continuous improvement of China’s capital market opening level, it is necessary to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, so exchange rate factors have certain constraints on the central bank’s interest rate policy, although this constraint tends to weaken with the increase of exchange rate flexibility.According to "impossible trinity" theory, monetary policy must give up some independence when allowing capital to flow freely and keeping the exchange rate relatively stable. For example, when the Fed enters the interest rate hike cycle, the US dollar index strengthens, attracting international capital to return; If other economies do not follow the tightening of monetary policy, they will often face greater capital outflow and exchange rate depreciation pressure, thus aggravating the domestic capital market turmoil.

From the domestic practical experience, from 1989 to 2019, the Federal Reserve started four interest rate hike cycles, in which the domestic interest rate increased in different degrees three times, and only in 1999-2000 did China keep the interest rate unchanged (see Figure 12).The main reason why the interest rate did not move was that the GDP growth rate dropped from 9.1% in the fourth quarter of 1989 to 6.7% in the fourth quarter of 1999, and the sharp economic downturn did not support monetary tightening. In 2022, the Federal Reserve started the interest rate hike cycle again, and the domestic monetary policy was "I-oriented", which lowered interest rates, partly due to the increase in exchange rate flexibility, which improved the flexibility and operational space of monetary policy, but this did not mean that domestic monetary policy was not affected and constrained by the Fed’s interest rate hike.

Second, the supply and demand of funds will have an impact on the short-term fluctuation of interest rates.If the money supply and social financing scale represent the macro-level social capital supply and demand respectively, then the difference between the growth rate of social financing and money supply indicates the relative change of capital demand and supply. The bigger the difference, the more the demand for funds exceeds the supply, the more obvious the tension of funds in the market, and the more the interest rate of funds will rise, and vice versa. Empirical data does confirm this point. Since 2015, the difference (social financing growth rate -M2 growth rate) and the yield of 10-year government bonds have fluctuated obviously and have a high correlation (see Figure 13).

An interesting phenomenon is that since 2011, the 10-year bond yield has a high linkage with social financing, but the correlation with the change of money supply has obviously decreased (see Figure 14).Theoretically speaking, the growth rate of M2 should be inversely related to the interest rate, but this relationship is obviously weakened after 2011. The main reasons behind this are as follows: On the one hand, with the acceleration of domestic interest rate marketization, coupled with the rapid development of financial innovation and disintermediation, China’s monetary control mode is gradually shifting from monetary quantity control to price control, which leads to the weakening of the correlation between money supply and economic growth and interest rate level; On the other hand, the money supply M2 reflects more how strong the countercyclical policy is than the growth of the real economy. Different from M2, the yield of 10-year treasury bonds is consistent with the growth rate of social financing, which reflects that the domestic interest rate depends more on the financing demand of the real economy, and the financing demand is behind the growth of the real economy, especially the strong and weak changes of domestic demand. In the final analysis, economic growth is still the decisive force leading the trend of medium and long-term interest rates.

(4) Summary

To sum up, the domestic interest rate level is determined by the multiple objectives of monetary policy, but the core factors that affect our interest rate level at present are still economic growth and inflation, and with the obvious slowdown of domestic price fluctuations in recent years, the former plays a leading role in determining the direction of interest rate changes. In addition, factors such as financial stability and exchange rate can not dominate the direction of interest rate changes, but will strengthen the trend of interest rate changes and increase its fluctuation range. When the economy is in the recovery channel, financial risk prevention and other goals will push interest rates up; When the economy is in a downward cycle, financial risk prevention, exchange rate stability and other goals need to make way for economic growth, and interest rates generally fluctuate and fall.

Second, the short-term trend of domestic interest rates: first, the fluctuation bottomed out, and then the probability of recovery was too high.

(A) Based on the interest rate analysis framework: the yield of 10-year treasury bonds may bottom out first and then rise.

1. The probability of weak economic recovery in the second half of the year is too high, which makes it difficult for interest rates to rise sharply in the short term.

Whether the PPI price index has dropped first or the current replenishment time has reached the highest level in history, it is a high probability event for China to enter a new round of destocking cycle in the future (see Figure 15). What needs to be pointed out here is that since 2021, the growth rate of domestic inventory has been greatly deviated from the growth rate of GDP and the trend of interest rate level, that is, while enterprises replenish inventory, the economic growth rate has dropped rapidly and sharply, and the interest rate has also dropped (see Figure 16). The reason is that the macro-and micro-policies have been tightened simultaneously in 2021, which has led to the rapid and substantial reduction of the leverage ratio of entities (see Figure 17). Coupled with the epidemic disturbance this year, demand has shrunk rapidly and inventory has been passively improved. Therefore, to judge the future trend of economy and interest rate, we need to comprehensively consider many factors such as inventory cycle, epidemic situation and counter-cyclical policy, and we can’t just observe one indicator of inventory cycle.

It is expected that the probability of weak economic fundamentals in the second half of the year is too high, which makes it difficult for interest rates to rise sharply.First, with the marginal alleviation of the short-term impact of the epidemic, the recovery of people flow and logistics, and the slight stabilization and recovery of the growth rate of social integration, the leading indicator of the economy (see Figure 18-19), the marginal recovery of the domestic economic growth rate in the second half of the year can be expected from the "deep pit" of 0.4% (constant price) in the second quarter. Second, the inventory cycle has entered a new round of decline channel, which will inevitably restrict the economic recovery. Third, although the growth rate of domestic social integration has stabilized and rebounded, the structure mainly relies on the financial front, and the credit growth rate is still falling, reflecting that the problem of insufficient effective social demand is severe and the economic recovery should not be overestimated. Looking at the extended cycle, China’s credit growth has been difficult in recent years, mainly due to the weakening trend of infrastructure and real estate, which used to have a large credit demand (see Figure 20), while the demand for other loans with relatively small volume is difficult to make up for the credit demand gap, which leads to the decline or normalization of China’s credit growth rate during the shift of new and old kinetic energy, which also means that the mode of stimulating economic growth by financial expansion is unsustainable, and it is necessary to cultivate new kinetic energy and new social purchasing power, create new credit demand, and smoothly spend the shift of growth rate.

2. Short-term inflationary pressure rises, which supports the upward trend of interest rates.

According to historical experience, when the domestic prices of pigs, oil and grain rise in resonance, the inflationary pressure tends to be greater (continuously exceeding the inflation target of 3%). On the contrary, if the prices of pigs and oil hedge each other and the food price is moderate, the inflation risk is relatively small and the time for the price to continue to rise is relatively short (see Figure 21).

Looking into the future, influenced by factors such as the resonant upward trend of pig food prices, the high oil prices, the recovery of consumer demand and abundant liquidity, it is expected that CPI will continue to fluctuate around 3% or even above 3% from the second half of this year to the first half of next year, which will support the upward trend of interest rates.

First, a new round of "pig cycle" has been launched, and this round of pig price increase is second only to the African swine fever period in 2019.Historical experience shows that each round of "pig cycle" in China lasts about four years, and the first 1.5-2 years are the upward period of prices. In April this year, the domestic pork price went down to the stage low point, which is about four years from the starting point of the last cycle. Since May, the pig price has continued to rise, indicating that a new round of "pig cycle" has started, and it may usher in an upward period of more than one year in the future. Judging from the increase of this round of pig cycle, due to the weak demand recovery and the slow speed of supply, it is expected that the increase of pig price in this round will hardly exceed that of African swine fever in 2019. However, at the end of July, the average price of pork in 22 provinces and cities has risen to 29 yuan/kg, and extreme weather may have a certain negative impact on the supply of pigs. In the future, the pig price will probably continue to rise moderately (see Figure 22), and the increase is expected to exceed several rounds of pig cycles that began in 2006, 2010 and 2014.

Second, the rise of international food prices is superimposed on extreme weather, and the risk of food price fluctuation in China may increase in the future.Benefiting from the low dependence of China’s three staple foods on foreign countries and sufficient domestic stocks, the increase in international food prices in the first half of the year has relatively little impact on China, which mainly drives domestic CPI through cost channels. However, two factors may increase the risk of food price fluctuation in China in the future. First, the negative impact of the Russian-Ukrainian conflict on global food prices, such as reduced grain production, rising grain production costs and slowing food trade, has yet to be revealed. In addition, the rise of food protectionism (the number of countries that issued food export bans in 2022 was as high as 24, second only to the 28 in 2008 food crisis), it is hard to say that the warning of future global food crisis has been lifted. Second, the impact of extreme weather on the global and China’s food prices may have increased: on the one hand, according to the statistics of the United States Oceanic and Atmospheric Administration, July this year was the second hottest July in the world since statistics were available in 1880, and China also ushered in the hottest summer since statistics were available in 1961. It is expected that the negative impact of high temperature and dry weather on food production will gradually emerge; On the other hand, the US Oceanic and Atmospheric Administration predicts that there is a 60% probability that La Nina will continue from December 2022 to February 2023, which means that a rare "triple" La Nina climate event may occur this year, and the world will face the test of cold winter, or further push up the global and Chinese food prices (see Figure 23-24).

Third, international oil prices may continue to fluctuate at a high position, and China’s imported inflationary pressure still exists.For example, geopolitical conflicts and global energy transformation will restrict the improvement of this round of crude oil supply, and the cold winter weather is expected to partially hedge the impact of the decline in crude oil demand brought about by the global economic downturn. It is expected that oil prices will fluctuate at a high position in a high probability during the year.

Fourth, abundant domestic liquidity and improved consumer demand will also support the rise of CPI center. On the one hand,Economic recovery after the epidemic is conducive to reducing the unemployment rate and increasing residents’ income, thus boosting residents’ consumption ability and willingness. In addition, after the epidemic is controlled, the consumption scene has improved, and residents have accumulated rich savings in the early stage (see Figure 25), which has accumulated energy for future consumption demand recovery.On the other hand,Since the second half of last year, the domestic money supply has been loose, and the growth rate of M2 has increased from a low of 8.2% in August last year to 12% in July this year, which is much higher than the nominal GDP growth rate, setting a new high since the outbreak, and will also support the rise of CPI center.

3. The continuous upside-down spread between China and the United States and the transformation of wide currency into wide credit will also increase the upward pressure on interest rates.

First, the spread between China and the United States may remain upside down for a long time, which will increase the upward pressure on interest rates through exchange rate channels.Affected by high inflation, the Fed has raised interest rates four times during the year, raising the target interest rate of the federal funds from 0-0.25% to 2.25-2.5% (see Figure 26), and the Fed is still on the way to continue raising interest rates during the year. During the same period, the pressure of steady growth of domestic economy was great, and interest rates were cut twice during the year. The dislocation of financial cycles between China and the United States deepened, and the yields of 10-year government bonds of the two countries continued to be upside down. This trend will continue in the short term. According to historical experience, the falling or even upside-down spread between China and the United States will increase the depreciation of the RMB exchange rate and the pressure of capital outflow (see Figure 27). In order to take into account the external balance, domestic monetary policy easing will be restrained to some extent.

Second, with the transformation from a wide currency to a wide credit, it will also restrict the downside of interest rates.Since the beginning of this year, domestic real estate-related credit has shrunk sharply, and the proportion of new real estate loans to all new credit has turned negative in the second quarter (see Figure 28), indicating that the repayment scale of residents and housing enterprises has exceeded the amount of real estate loans lent by banks. Affected by this, the transmission of domestic wide money to wide credit has been impeded. In July, the difference between the growth rate of social financing and the growth rate of M2 hit a new low since statistics were available (see Figure 14). However, in the future, the positive factors have increased significantly. For example, after the 5-year LPR interest rate was lowered by 15BP again on August 22, the domestic personal housing loan interest rate may have been lower than the 2016 low, only slightly higher than that after the 2008 financial crisis. Generally speaking, the mortgage interest rate is about 6 months ahead of the growth rate of real estate loans. Since the beginning of this year, the domestic mortgage interest rate has continued to fall rapidly, which indicates that the growth rate of real estate loans is expected to gradually stabilize and pick up in the future (see Figure 29). With the gradual recovery of real estate credit from a very low position and the continuous efforts of "one city, one policy", the transformation from wide currency to wide credit is expected to accelerate, which will restrict the downward space of interest rates in the future.

To sum up, the economic recovery is weak and the regulatory policies are difficult to tighten, but the inflationary pressure is increasing, the spread between China and the United States continues to be upside down, and the wide currency is transformed into wide credit. It is expected that the interest rate will have limited room for further decline in the current position. In the next few quarters, the domestic 10-year national debt income will be the first to oscillate and bottom out, and the probability of rising later is too high.

(B) Based on quantitative analysis: the current yield of 10-year treasury bonds is lower than the desired interest rate, and the high probability gradually converges upward.

In the medium and long term, the market interest rate should be equivalent to the desirable interest rate level that can not only ensure the economic operation at the potential output level, but also achieve the goals of price stability, full employment and financial stability. In this paper, the general Taylor rule method is used to measure the desirable interest rate level in China, and it is compared with the market interest rate to see whether there is overshoot at present, and thus to judge the future market interest rate trend.

According to Taylor rule, the interest rate level is mainly determined by inflation gap and output gap. With the diversification of the central bank’s monetary policy objectives and the development of financial markets, we add exchange rate and social financing scale factors to the basic Taylor rule to fit and measure the current acceptable level of China’s 10-year national debt yield. Taylor’s rule regression equation shows that the current yield level of ten-year treasury bonds is obviously lower than the desired interest rate level (see Figure 30), which means that the interest rate level is lower than the desired interest rate level that matches the current economic growth, prices, exchange rate and liquidity. According to past experience, when the interest rate gap (market interest rate-desirable interest rate) falls below -0.4%, the probability of market interest rate converging upward to desirable interest rate is greater, and it is only a matter of time before the market interest rate rises in the future.

(3) Based on historical experience: If there is no unexpected impact, the interest rate will fall first and then rise after the interest rate cut boots land.

No matter from the economic fundamentals or quantitative point of view, we all think that the interest rate will converge marginally in the future with a high probability, but the market is still skeptical about whether the interest rate will really go up. There is an important reason behind it, that is, the economic data in July was significantly less than expected, and after the loan suspension risk incident, the central bank unexpectedly lowered the policy interest rates of MLF and OMO on August 15, which rekindled the market’s expectation of starting a new round of interest rate reduction cycle in China.

Historical experience does show that after the central bank cuts interest rates continuously, the market interest rate will tend to decline in the short term, but it also shows that as long as the credit data improves and the economy gradually stabilizes after the interest rate cut, the yield of 10-year government bonds will open the recovery channel after the interest rate cut boots land. For example, in 2012 and 2019, there were unexpected interest rate cuts, but after that, interest rates rebounded with the improvement of the economy, rather than falling. Therefore, there is great uncertainty about whether to continue to cut interest rates after cutting interest rates, depending on the marginal changes in economic fundamentals.

1. In 2012, interest rates were cut twice in a row: the yield of ten-year government bonds only dropped by 14BP, and then the journey of recovery began.

After the second quarter of 2011, the domestic economy continued to slow down. However, because the CPI has been above 3%, the central bank is cautious in cutting interest rates, mainly by lowering the RRR to hedge the downward pressure on the economy (see Figure 31-32). Until mid-2012, with the CPI growth rate falling below 3%, coupled with the superimposed influence of the economic downturn, repeated wide credit (see Figure 33) and the further intensification of the European debt crisis caused by bank runs in overseas Greece, the central bank cut interest rates twice in June and July respectively (see Figure 32). After two interest rate cuts, the cumulative maximum downward rate of 10-year treasury bond yield is about 14BP. However, as the credit growth rate announced after the interest rate cut returned to the upward trend, the economy gradually confirmed its stabilization, and the yield of 10-year government bonds began to turn upside down, starting an upward cycle (see Figure 32-33).

2. Unexpected interest rate cut in 2019: The yield of ten-year government bonds fell by about 9BP, and the downside was reopened after the outbreak of the epidemic.

After the second half of 2018, the domestic economy continued to slow down, and the CPI growth rate was less than 3% in the same period (see Figure 34). In order to prevent financial risks, the central bank was more cautious about interest rate cuts, and also chose to lower the RRR first to hedge the downward pressure on the economy (4 RRR cuts in 2018 and 5 RRR cuts in 2019), which promoted the growth rate of domestic social integration and credit to continue to rise to March 2019. However, due to the escalation of trade friction and the occurrence of risk events such as Baoshang Bank, the domestic credit contraction pressure increased significantly in 2019, and the credit growth rate dropped again after the first quarter of the same year. At the same time, the PMI index was below 50% of threshold for six consecutive months, and the downward pressure on the economy increased (see Figure 35-36). Therefore, although the CPI growth rate broke through 3% from September to October in 2019 (the soaring pork price increased the structural inflationary pressure), after the PMI fell to 49.3% in October, hitting an eight-month low, the central bank cut the MLF interest rate by 5BP in early November (see Figure 35). After the interest rate cut, the yield of 10-year treasury bonds dropped by about 9BP, and then gradually stabilized. At the end of December, the COVID-19 outbreak broke out in China, which further reopened the downward space of interest rates (see Figure 35).

To sum up, during the economic downturn in 2012 and 2019, the central bank was cautious about cutting interest rates at first. However, due to some unexpected risk events, continuous credit contraction and sustained downward pressure on the economy, the central bank still took interest rate cuts at the end of the economic downturn, and the timing of interest rate cuts exceeded market expectations. Both rounds of interest rate cuts pushed interest rates down slightly in the short term, but in 2012, as the economy stabilized, interest rates quickly turned upward, and the outbreak of the epidemic in 2019 further opened up the downside of interest rates.

Similar to 2012 and 2019, in 2022, the central bank was also cautious about comprehensively lowering the policy interest rate. For example, after the interest rate was cut by 10BP in January 2022, despite the unexpected rebound of domestic epidemic in the second quarter, the central bank did not immediately reduce the policy interest rate. It was not until July that the economy turned downward again on the way to recovery and there were twists and turns in credit easing that the central bank cut interest rates again beyond expectations (see Figure 37-38). According to the experience of two rounds of interest rate cuts that exceeded expectations in 2012 and 2019, if the domestic economy gradually stabilizes in the short term, the transformation from wide currency to wide credit accelerates, and the yield of 10-year government bonds drops slightly, the recovery channel will be gradually started; If there is an unexpected risk event, such as the real estate recovery continues to be less than expected, the risk spreads to other fields or even systemic risks, it is also expected that the central bank will cut interest rates quickly, continuously and substantially, and the interest rate center is expected to drop significantly again until the economy stabilizes, but at present, this probability is too small.

(4) Summary

Based on the analysis of the above three perspectives, it is estimated that the yield of domestic 10-year government bonds will probably bottom out first and then rise in the next few quarters:1）The weak recovery of domestic economy does not support a sharp rise in interest rates in the short term, and even does not rule out the possibility of cutting interest rates again. However, with the increasing pressure to stabilize prices and exchange rates, the constraints on monetary easing are also obvious. In addition, with the transformation from a wide currency to a wide credit, the probability of China’s credit demand bottoming out and economic recovery improving in the future will increase. It is only a question of whether the recovery speed or slope can be as expected, and the trend of interest rate recovery is relatively clear.2）At present, the domestic market interest rate has been much lower than the desired interest rate level, and it is only a matter of time before it converges upward;3）Historical experience shows that the interest rate cut on the eve of economic recovery will help the interest rate to decline slightly in the short term, but if there is no unexpected impact, after the interest rate cut boots land and the economy is confirmed to stabilize, the interest rate will open a recovery channel.

In addition, the current real interest rate level in China is not high, and monetary policy is constrained by insufficient demand. The effect of monetary easing on stimulating economic growth is limited, but it may bring more sequelae. Unless it encounters extreme unexpected shocks, it is not necessary to continue to loosen the currency substantially. First, China’s real interest rate (nominal interest rate minus inflation rate) has been continuously lower than the actual economic growth rate. Governor Yi Gang of the Central Bank pointed out in the article "Interest Rate System and Interest Rate Marketization Reform in China" that the real interest rate R after inflation adjustment should be equal to the real economic growth rate G. However, most of the time, the real interest rate in China is lower than the actual economic growth rate, which tends to distort the allocation of financial resources and bring about inflation, asset price bubbles, idle funds and other problems. At present, the real interest rate of RMB loans in China has been at a low level below 1.5% for five consecutive quarters (see Figure 39), and the growth rate has been lower than the real GDP except for the second quarter of this year. Second, the core contradiction facing China’s economy at present is insufficient effective demand. Monetary easing is constrained by banks’ reluctance to borrow and enterprises’ reluctance to borrow, and it is difficult for monetary policy to promote the "soft rope". Therefore, fiscal policy needs more efforts. Monetary policy should cooperate with fiscal policy to provide suitable liquidity and financing environment, and blindly easing will not help accelerate the optimization and adjustment of the current economic structure.

　 　This article was first published on WeChat WeChat official account: Seeing the Macro. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.

　　People’s Daily Online, Beijing, December 13 (Reporter Sun Hongli) Today, the joint prevention and control mechanism of the State Council held a press conference on health management of key populations and answered questions from reporters.

　　At the meeting, a reporter asked, some elderly people think that it is a little late to vaccinate COVID-19 vaccine. How long can I produce antibodies after vaccination?

　　In this regard, Wang Huaqing, chief expert of immunization program of China CDC, said that the elderly who have not completed vaccination should be vaccinated as soon as possible. It does take some time to have a protective effect after vaccination. Generally, it takes one to two weeks to produce antibodies after vaccination, but if a relatively high level of antibodies is to be produced, it will take about four weeks after full immunization. However, sometimes it is necessary to carry out intensive immunization. After intensive immunization, the time to produce antibodies is faster and shorter, and the level of antibodies produced is higher.

　　"Therefore, those who have not completed vaccination should be vaccinated as soon as possible, and those who have not completed strengthening should be strengthened as soon as possible, so as to play a better protective role." Wang Huaqing said.

Starting from 2023, after the New Year, BYD will usher in a wave of collective new product release, and the price will be reduced. The former champion version and glory version have led the trend of the automobile industry throughout the year. This feeling of rushing away from friends is really tense, but we can also see BYD’s attitude as a new energy guide in China.

Recently, BYD launched a new car named e7, with an official guide price of 103,800-115,800 yuan and a limited time price of 98,800-110,800 yuan. BYD has Dynasty series models and ocean series models, but in fact, E series models are rarely concerned, because most of these cars are oriented to the field of online car rental, but it is these cars that are more outstanding in many aspects, and even can be called the king of cost performance.

The first is the space performance. The starting price is less than 100,000 yuan, but the length, width and height are 4,780/1,900/1,515 mm, and the wheelbase is 2820mm, so it is positioned as a medium-sized car. Compared with BYD and New Energy, it has more space, and it makes up for the product gap between Hehan series models. In addition, the endurance performance must be solid and reliable, and its CLTC pure electric cruising range is 450 km and 520 km, and the whole system comes standard with heat pump air conditioning. The top model also has driver’s seat heating and ventilation, and the central control adopts a 15.6-inch display to support OTA upgrade, navigation and voice control.

BYD e7 is not specially designed for the network car market, but this kind of cost-effective model is more suitable as a network car, and it is also more suitable for ordinary family users to choose. After all, it can bring more comfort to family members in terms of space performance. Even the online car rental market is actually a huge potential market. There are countless models competing in this market, but at the practical level, facing the mileage of hundreds of kilometers every day, everything about the products will be exposed, so the products in this market are more competitive, while BYD has been rushing to friends in various fields.

Accurate market positioning and rich product lines are also the key to BYD’s success. BYD has launched a variety of models for different market segments, from high-end luxury brand-looking, to cost-effective E-series, to mainstream dynasty and ocean series, covering all price ranges and consumer groups. Take e7 as an example, it is precisely positioned in the online car and sinking home market. By providing products that meet the needs of these two markets, it quickly opened up the market situation. In other market segments, BYD also launched models that meet the needs of consumers through in-depth market research and analysis, thus occupying a large share in the overall market.

AM mirror summary:

The listing of BYD e7 once again shows BYD’s strong market competitiveness and innovative ability. With its cost-effective product advantages, it is expected to achieve excellent results in these two market segments by accurately cutting into the network car and sinking the home market. BYD can continue to lead the development of the industry, thanks to its strong technology research and development strength, perfect industrial chain layout, accurate market positioning and good brand reputation. In China’s new energy industry, BYD has brought profound changes from market structure, technological innovation to industrial chain construction, and has become an important force to promote the development of China’s new energy automobile industry. It is believed that in the future, BYD will continue to maintain the spirit of innovation and enterprising, bring more high-quality new energy automobile products to consumers, and make greater contributions to the development of China’s new energy automobile industry.

　　On March 26,

　　The top ten scientific rumors list in 2022 was released.

　　Among them, vegetarians will not get fatty liver,

　　Ten widely circulated rumors, such as O-type blood attracts mosquitoes,

　　Selected as one of the top ten scientific rumors of the year.

　　In the newly released top ten scientific rumors list in 2022,

　　Are there any rumors that you have been "cheated"?

　　Let’s take a look

　　Myth 1-Vegetarian won’t get fatty liver.

　　People who are vegetarian for a long time, malnourished and excessively lose weight may also get fatty liver. The metabolism of fat needs apolipoprotein as a "vehicle". When protein’s intake is insufficient, there is not enough apolipoprotein in the body, and the liver cannot transport excess fat, which accumulates in the liver and leads to fatty liver.

　　Proverbs 2-It’s "faster" to get an injection after a child gets sick than to take medicine.

　　Most oral drugs will be eliminated by the first pass of the liver, and the effect will be relatively gentle, and the risk of drug resistance and adverse reactions will be reduced. However, injected drugs directly enter the human body, and the risk of adverse reactions increases. Usually, when it is not suitable for oral administration, injection will be chosen for administration.

　　Myth 3-After eating oranges, you will be positive for antigen or nucleic acid test.

　　Eating oranges is difficult to affect the test results. If the antigen is detected correctly, the sampling site is the nasal mucosa, and there will be no contact with food. Covid-19’s nucleic acid detection determines the result by amplifying Covid-19’s nucleic acid, which needs to be eluted and purified, and impurities have little influence on the detection result.

　　Proverbs 4-Potatoes germinate, and you can eat them by cutting them off.

　　Solanum nigrum is toxic. After potatoes germinate, its solanum nigrum content will be greatly increased. Ingesting 200mg solanum nigrum at a time, which is equivalent to about 30g of potatoes that have turned green or germinated, can make people toxic and even fatal. Potatoes with severe germination or unable to judge the degree of germination should never be eaten.

　　Myth 5 ——O-type blood attracts mosquitoes more

　　Mosquitoes identify the odor emitted by human body through tentacles, and choose the biting object through odor. The smell of people is mainly determined by genes, and this difference has nothing to do with blood type. People who recruit mosquitoes can generally adopt physical protection and chemical mosquito repellent methods.

　　Myth 6-Honey and garlic can treat Helicobacter pylori infection.

　　Internet-transmitted "sterilization artifacts" such as honey and garlic cannot treat Helicobacter pylori infection. Although bacteria will die because of water loss in honey, honey will be diluted when it enters the stomach, which can not achieve sterilization effect. Although allicin contained in garlic can inhibit the growth of bacteria, it will decompose after entering the human body, and it is difficult to play a bactericidal and bacteriostatic role.

　　Proverbs 7-After COVID-19 is infected, it is better to use drugs comprehensively.

　　This practice may be life-threatening. Each drug has strict usage and dosage, and taking multiple drugs without authorization can easily lead to repeated medication and overdose, which is harmful to human health. Patients who are treated at home are advised to use drugs according to the guidelines of the Health and Health Commission for home treatment, and do not use drugs in combination.

　　Myth 8-Myopia can be cured by surgery.

　　Myopia is irreversible. The cause of myopia is that the axial length of the eye becomes longer. At present, any means, including surgery and wearing glasses, can only correct vision, but can’t shorten the axial length and restore it to its original state, and can’t prevent complications caused by high myopia. Therefore, myopia prevention is more important.

　　Proverb 9-You can lose weight by eating only fruit.

　　Eating only fruit is difficult to lose weight and unhealthy. Protein, fat, carbohydrates, vitamins, minerals and other nutrients are needed to maintain health. Eating only fruit for a long time will lead to malnutrition, and some fruits have high sugar content, and excessive consumption will even increase weight.

　　Rumor 10-It is dangerous to have a substation near your home, so you need to move.

　　The AC frequency of China Substation is 50Hz, which is extremely low in the field of electromagnetic radiation, and the radiation range is very small, so residents need not worry. At the same time, the substation has a certain coverage area, that is, the power supply radius. If it exceeds the power supply radius, it can’t guarantee effective power supply, so the urban substation can’t stay away from residential areas at will.

　 　 　 　On November 28th, the public welfare film "Little Boy with Reunion Dinner" produced by Ningxia Zhongshi Film Co., Ltd., Tianjin Xinyue Culture Media Co., Ltd., Fujian Zhongwei Media Co., Ltd. and Henan Jintongxiang Culture Communication Co., Ltd., jointly produced by Shaanxi Yuchun Film Culture Media Co., Ltd. and Shenzhen Yichen Film Technology Co., Ltd. and publicized by Shenzhen Yichen Film Technology Co., Ltd. was released nationwide a few days ago.

　 　 　 　It is reported that the creative team of the film "Little Boy with a Reunion Dinner" visited many families in the early stage of creation, and found that parents had different degrees of "lack of companionship" in the process of children’s growth. They chose the most representative family and the most grounded and touching details to create, which finally touched many people, and almost everyone who watched the film was deeply touched and moved to tears.

　 　 　 　The film tells the story of four children from three families who, in order to have a reunion dinner with their parents, traveled for 500 kilometers after two days of ice and fire, and finally reunited with their parents. At the script seminar, the propaganda minister of Hebi Municipal Committee and a member of the Henan Provincial Inspection Team of the Communist Party of China said: "China’s rapid development is due to Chinese’s diligence. In order to develop, parents have reduced their time with their children, and both parents and children have patience and dedication. It is well known that China has made great contributions to the development of the world, so the world should thank China and China’s parents and children."

　 　 　 　After attending the international film festival, the film "Little Boy with a Reunion Dinner" aroused widespread resonance and response. Up to now, it has been nominated for the best costume design, the most talented new director, the jury award, the best foreign language film actor and the best foreign language film at the 17th London World Film Festival. Won the best children’s film at Tagore International Film Festival; Best film at Drucker International Film Festival; Best Photography Award, Best Supporting Actress Award and Most Potential Actor Award in the 5th Golden Elephant Children’s Film Week. 　 　

　 　 　 　In addition, the film has been shortlisted for 12 international film festivals, including South Africa International Film Festival and Bristol International Film Festival, and has been shown and exchanged in London, Johannesburg, South Africa, Delhi, Sweden, Moscow, Russia, Bristol, Turkey, Istanbul, Bhutan and Ukraine, making it an excellent children’s film undertaking international cultural exchanges.

　 　 　 　After the filming was completed, Golden Boy Elephant Children’s Film Week proposed to set November 20th as "International Companionship Day" every year, so as to let the heart return and love go home.　

On March 7 th, the progress of Tesla FSD (fully autonomous driving) has always been a point of great concern to the outside world. Now, more news about the landing of FSD Beta has been revealed. According to related news, Tesla FSD will land in the European market in 2025, and it is also advancing rapidly in China, and it is expected to be released this summer.

It is pointed out that the European Union adopted relevant new regulations at the just-held World Vehicle Regulations Coordination Forum, and according to this new regulation, it is confirmed that Tesla FSD European version will land in the European market in 2025, and in October this year, Tesla FSD Beta test will start testing in the European Union.

In China, the China version of Tesla FSD Beta is also advancing rapidly. It is reported that the goal is to be officially released this summer. In November last year, four ministries and commissions jointly issued a notice to deploy and carry out the pilot work of intelligent networked vehicle access and road traffic. At that time, Tesla FSD was considered to have entered the countdown stage.

Earlier, in May last year, Chen Kele, deputy director of the Intelligent Manufacturing Promotion Department of Shanghai Economic and Information Committee, said: In the next stage, Shanghai will further deepen its cooperation with Tesla, promote the layout of functional sectors such as autonomous driving and robots in Shanghai, and jointly build a technology industry cluster with core technological advantages and facing the global market. This also makes us believe that the landing of Tesla FSD in China is indeed just around the corner.

Tesla FSD, the full name of which is Full Self-Drive, means fully automatic driving. At present, Tesla has launched three assisted driving products, namely AP, EAP, and FSD, among which AP is the most basic and EAP is to enhance assisted driving, which can provide intelligent calling, automatic parking, NOA and other functions. These two functions can be used in China at present.

As Tesla’s highest-level assisted driving ability, FSD can provide navigation-assisted driving, automatic lane change, automatic parking, intelligent calling, traffic signal recognition and other functions. Up to now, only the Beta version has been provided in North America. But in fact, these capabilities are already possessed by major domestic new energy brands and have been used on the road. In this respect, Tesla is indeed a little behind. I believe that Tesla is also actively responding to ensure the early landing of FSD in China, which will also bring new revenue to it. We will continue to pay attention to this.