gzxq

[trend of individual stocks]

27 February-3 March

Last week, the S&P 500 rose 1.9%, the Nasdaq Composite Index rose 2.58% and the Dow Jones Industrial Average rose 1.75%.

Baidu’s US stocks rose 15.81% last week.Last week, the total turnover was 2.871 billion US dollars. As of last week’s close, the US stock price was 153.46 US dollars. The cumulative increase of US share capital is 11.45% per month, 34.17% this year and 4.21% in the past 52 weeks.

Last week, the Hang Seng Index rose by 2.79% and the Hang Seng Technology Index rose by 5%.

Baidu Group -SW Hong Kong stocks rose 13.7% last week.Last week, the total turnover was HK$ 10.533 billion. As of last week’s close, the stock price of Hong Kong stocks was HK$ 14.940 and the market value was HK$ 412.991 billion. Hong Kong stocks rose 10.83% this month, 33.75% this year and 0.27% in the last 52 weeks.

[Company comparison]

[Related News]

() Became the first batch of ecological partners of Baidu ERNIE Bot.

According to the Securities Times, a few days ago, the Provincial Broadcasting Group reached a cooperation with Baidu, officially becoming the first batch of ecological partners of ERNIE Bot, and will fully access and use ERNIE Bot’s wisdom through Baidu marketing. Being the first batch of eco-partners in ERNIE Bot this time represents that Shengguang Group can apply Baidu’s leading intelligent dialogue technology achievements in the field of full-link marketing, which indicates that Shengguang will get the blessing of leading AI technology first.

Baidu search integrates ERNIE Bot’s new progress: it has registered trademarks such as Searchat or provided various search generation capabilities such as voice and image.

According to science and technology innovation board Daily, the reporter learned from China Trademark Network that Baidu has recently submitted several trademark names for registration, such as Searchat, Baidu Baixiaosheng, Baidu Xiaosou and Chatflow, which is suspected to be related to Baidu’s plan to integrate its search products into ERNIE Bot. According to relevant sources close to Baidu, Baidu search may provide multi-modal search capabilities such as text, voice and images and AI generation capabilities after it is integrated with ERNIE Bot. In addition, according to the registered name, this product upgrade may be equipped with the digital person Xiaoxiao previously launched by Baidu APP to provide smarter AI conversational search.

(): WEB3.0 content production engine has been launched. The company is the first batch of ecological partners of Baidu ERNIE Bot.

Zhongke Jincai said on the interactive platform that the company has launched Zhongke Jincai intelligent customer service robot, RPA robot, WEB3.0 content production engine, and multi-modal surreal digital intelligence. At the same time, the company has become the first batch of ecological partners of Baidu ERNIE Bot, and the company will actively use its existing business, customers and technical advantages to accelerate the research and development of its own business model and technology.

Baidu plans to hold a press conference on March 16th with the theme of ERNIE Bot.

Baidu plans to hold a press conference in Beijing headquarters at 14: 00 on March 16th, with the theme of ERNIE Bot. Li Yanhong, founder, chairman and CEO of Baidu, and Wang Haifeng, chief technology officer of Baidu, will attend.

Baidu Radish ran faster than 100 unmanned vehicles landed in Wuhan, and the order volume exceeded 2 million.

According to Apollo’s intelligent driving officer, Baidu’s self-driving travel service platform "Radish Run" announced that its unmanned fleet in Wuhan has exceeded 100 vehicles, with more than 750 kilometers of operational roads, covering 530 square kilometers of Wuhan, which can provide fully unmanned self-driving travel services for nearly 1.5 million people in the operating area. At the same time, the data of the 2022 financial report released by Baidu recently showed that as of the end of January 2023, the cumulative order volume of Radish Fast Run exceeded 2 million, making it the largest self-driving travel service provider in the world.

Baidu sprint ChatGPT：CTO Wang Haifeng is the chief commander, discussing two product directions.

According to 36Kr, Baidu’s team preparing for the "ERNIE Bot" is mainly coordinated by TPG (Technology China Taiwan Business Group) and MEG (Mobile Ecology Business Group). The former is responsible for technical attack, while the latter undertakes search and content product undertaking. Wang Haifeng, CTO of Baidu, is the chief commander of the project, and other leading executives include Wu Tian, vice president of Baidu Group (who is also the deputy director of the National Engineering Research Center for Deep Learning Technology and Application), and Wu Hua, chairman of Baidu Technical Committee. A number of Baidu employees revealed that Baidu has discussed two schemes, one is to launch an independent entrance; The other is to emulate Microsoft Bing’s "New Bing" after accessing ChatGPT, that is, to get through with the existing Baidu search portal.

Baidu Group: Yu Zhengjun resigned as Chief Strategy Officer.

Baidu Group announced on the Hong Kong Stock Exchange that Yu Zhengjun had resigned as the company’s chief strategy officer for personal reasons, which took effect on March 1, 2023. Yu Zhengjun will assist the company to complete the smooth transition of its job responsibilities. Yu Zhengjun’s resignation was not due to any dispute or disagreement with the company.

Baidu flying paddle and Wenxin big model appeared in GAIDC 2023, explaining the technology and application of big model in detail for developers.

According to the Shanghai Stock Exchange, Baidu was deeply involved in the 2023 Global Pioneer Conference for Artificial Intelligence Developers (GAIDC) held in (). Among them, Baidu Feipaddle and Shanghai Artificial Intelligence Industry Association hosted the forum of "Leading the Future: Big Model Technology and Application", and Ma Yanjun, general manager of Baidu AI Technology Ecology, delivered a keynote speech at "New Programmer: New Decade Forum of Artificial Intelligence". Many Baidu engineers gave speeches in sub-forums, and the conference also set up a Wenxin Pavilion and Feipaddle AI Studio Market to join hands with developers to pursue the forefront of the AI industry.

[US stock rating]

On February 28th, Susquehanna gave Baidu a positive rating with a target price of $175.00.

[Hong Kong stock rating]

On February 28th (), Baidu Group -SW was given a buy rating with a target price of HK$ 162.00.

This article comes from the theme of Hong Kong-US Datalink. Click to read more about Hong Kong-US companies > > >

　　Guangming net news(Reporter Yang Yanan) On August 10th, the joint prevention and control mechanism of the State Council held a press conference on the prevention and control of the recent epidemic situation. Mi Feng, spokesperson of the National Health and Wellness Commission and deputy director of the Propaganda Department, said that since the issuance of the notice to promote the national mutual recognition of Covid-19’s nucleic acid test results, all localities have quickly organized and implemented it. Some places have innovated and explored some ways of mutual recognition to further facilitate the use of the masses. For example, in some places, the function of querying the results of nucleic acid testing in other provinces and cities and uploading them to Health Treasure has been added, some have online related services of nucleic acid information, and some can switch the nucleic acid testing databases in the province and the whole country at any time. These practices are all for the convenience of the masses, and now they are progressing smoothly.

　　Next, we will further improve the timeliness of information sharing, optimize and improve the management of health codes, and more. If there is no mutual recognition of nucleic acid test results, you can reflect it through the joint prevention and control mechanism in the State Council and public message boards set up in various places.

　　Nowadays, in Japan, South Korea, Southeast Asia and many other places, you don’t need to exchange foreign currency. You can scan the code with WeChat and Alipay, and you can automatically convert it into RMB payment according to the exchange rate of the day. The scope of mobile payment is constantly expanding. WeChat recently announced that Amsterdam Airport in the Netherlands has become the first WeChat smart flagship airport in Europe to support WeChat applets to book duty-free goods. Users can purchase goods in the applet before arriving at the airport, and after arriving at the airport, they can scan the code to pay for the delivery at the "WeChat delivery point". At present, more than 80% merchants in Amsterdam Airport Schiphol have opened WeChat payment.

　　Why do mobile payment companies compete in the sea? Besides competing for China tourists’ mobile payment wallets, what are the strategies for localization?

　　Cross-border trade demand "forced" mobile payment to go to sea

　　Mobile payment is accelerating the pace of overseas development. Alipay’s overseas offline payment has covered more than 40 countries and regions, and has access to hundreds of thousands of overseas merchant stores including eating, drinking, and transportation. More than 149 overseas international airports around the world have access to WeChat, which supports payment in 13 currencies. As of April 2019, the number of merchants covered by WeChat payment in Europe increased by 3.5 times compared with last year.

　　The overseas development of mobile payment generally begins with "forced by demand". Alipay and WeChat payment cover many merchants in China. With the continuous expansion of "overseas purchase", many overseas merchants also hope to access mobile payment services for China tourists. At this time, third-party payment providers need to help these merchants solve problems such as information and capital circulation, and enhance the overseas consumption experience of Chinese people.

　　According to the White Paper on the Development and Trend of China Mobile Payment Overseas Tourism Market in 2018, the transaction volume of outbound tourists in China accounted for 32% of the total transaction volume, surpassing cash payment for the first time, and nearly 70% of China tourists have become accustomed to using mobile phones to pay overseas.

　　"We have seen the rapid growth of Alipay used by residents in third-and fourth-tier cities and middle-aged and elderly people abroad, which shows that overseas mobile payment is rapidly spreading." Chen Jiayi, director of Alipay International Business Department, said.

　　Fan Wei, senior director of WeChat payment, said that the greatest value of mobile payment is not to reduce the payment speed from a few seconds to a few milliseconds, but to turn a payment into a future sale, and to associate the user’s purchase behavior with the sales data. These are what overseas businesses want.

　　In addition to WeChat and Alipay, UnionPay is gradually increasing the pace of international cooperation by virtue of its channel and cooperation advantages. In November 2018, unionpay international cooperated with Malaysian Axiata Telecom Group to realize its wallet product Boost supporting UnionPay QR code payment service through electronic card issuance. At present, consumers in Singapore, Thailand, Vietnam and other places have been able to bind the locally issued UnionPay card on the mobile payment client and scan the code for payment in the global UnionPay QR code merchants.

　　Lowering service threshold and promoting the development of local inclusive finance.

　　In a report on the domestic third-party payment industry, Analysys International mentioned that the domestic third-party payment market, especially in first-and second-tier cities, tends to be saturated, and the upper limit is obvious. The giants have both certain technology accumulation and external expansion needs; As the first entry point of business closed-loop and user’s financial behavior, mobile payment is the "bridgehead" of the company’s outward development and an important part of the global strategic layout of the giant; From the perspective of payment service chain, with the prosperity of cross-border trade and the increasing demand for export consumption, both B-end merchants and C-end users have great market potential.

　　However, the mobile payment has also moved to inclusive finance from improving the overseas consumption experience of Chinese people, and promoted the competitiveness of mobile payment in neighboring countries.

　　According to the data of the World Bank, there are still 2 billion people in developing countries who do not have bank accounts, only 10% of them hold credit cards, and only 21% of those who need loans get loans through formal financial institutions.

　　Ant Financial found that in the densely populated countries along the "Belt and Road", although the economy is on the rise, the financial system is developing slowly and unevenly, and the cost for ordinary people to obtain financial services is very high. Helping local people build local wallets can not only promote the development of local e-commerce and Internet economy, but also greatly lower the threshold for ordinary people to obtain financial services.

　　For example, in India, Thailand, the Philippines and other countries and regions, Alipay has landed nine "Alipay" belonging to local people. Among them, Paytm, which is built in cooperation with India, can charge phone bills, pay water and electricity bills, transfer money, and purchase goods and services online. Half of PayTM’s 250 million users come from second-tier cities and rural areas in India, which has promoted the development of inclusive finance in India.

　　Wang Zhimin, director of the Institute of Globalization and China Modernization of the University of International Business and Economics, said: "Countries are not only strict in financial supervision, but also very sensitive to foreign companies entering the financial industry, and it is also difficult for the people to accept it. Building a local brand e-wallet can promote the process of local digitalization and effectively solve this problem. "

　　The regulatory systems of various countries are not unified or become the biggest obstacle.

　　At a time when the domestic scene has been fully excavated and solidified, mobile payment going to sea is the first choice to expand the transaction scene and increase the transaction scale, but there are some discordant voices. On May 21st, according to Nepal’s Himalayan Times, the Central Bank of Nepal announced that it would ban the use of WeChat payment and Alipay in Nepal, saying that because China tourists illegally used these payment applications, the money never passed through Nepal’s banking channels, which made it impossible for Nepalese authorities to register the consumption of China tourists as overseas income.

　　In 2016, the Bank of Thailand issued a warning to merchants in the country, reminding merchants in scenic spots in Thailand to pay attention to the risks brought by using "foreign payment platforms" that are not officially authorized; Vietnam also unilaterally announced that foreign electronic payments such as Alipay and WeChat payment are "illegal payment settlement" in Vietnam, and their use is prohibited.

　　Although the relevant payment platform responded that its overseas business has always followed local laws and regulations, it called on users to standardize the use of bar code payment services according to the "Collection Code Agreement". However, Douglas Warner, a professor at the University of Hong Kong, believes that the disunity of regulatory systems in various countries may be the biggest obstacle for China’s mobile payment enterprises to expand overseas markets. From the security of fund settlement to big data processing, it must conform to the different regulatory systems of countries and regions.

　　In addition to different regulatory systems and foreign countries’ emphasis on personal consumption privacy, the international payment market has been monopolized by several international payment giants such as VISA and MasterCard for more than half a century, mainly in the form of credit card payment. And at this stage, in Europe, America and other countries, credit card payment is still the main payment method for its residents.

　　He Qiang, a professor at the Central University of Finance and Economics, said that mobile payment is an important part of Internet finance. At present, there are obstacles in China’s mobile payment abroad, mainly because financial organizations such as VISA have formulated "Western standards" for mobile payment in the form of alliances, which are difficult to be compatible with China standards.

　　In addition to the consideration of financial security in various countries, infrastructure is also a factor that can not be ignored whether mobile payment can be used. According to statistics, at present, China has more than 5 million base stations, while the United States only has more than 200,000. By 2018, there are 5 million 4G base stations in the world, of which China has more than 3 million, and other 4G base stations are owned by more than 190 countries and regions such as the United States.

　　He Qiang believes that China’s mobile payment industry should be encouraged to continue to develop at home, and the "China standard" for mobile payment should be established as soon as possible in the international field. At the same time, it is necessary to speed up the integration of different mobile payment standards in Guangdong-Hong Kong-Macao Greater Bay Area and establish a world benchmark for regional mobile payment interconnection. (Reporter Li He)

　　Optimize automobile purchase restriction, distribute consumption subsidies, facilitate second-hand car trading, and strengthen the construction of charging facilities … … Recently, the central and local governments have introduced a number of measures to promote automobile consumption, starting from various aspects, to promote the further development of the domestic automobile industry market. According to industry insiders, the central government has repeatedly emphasized the promotion of automobile consumption, and local governments have also taken diversified measures, reflecting that China’s automobile industry has great development potential at the current stage of transformation and upgrading, and a number of policies have further promoted the automobile consumption market, which will help to play its role in driving the macro economy.

　　The reporter learned from the National Development and Reform Commission that in order to thoroughly implement the strategy of expanding domestic demand and give full play to the basic role of consumption in economic development, the National Development and Reform Commission issued the Measures on Restoring and Expanding Consumption, proposing measures such as optimizing the management of automobile purchase and use and expanding the consumption of new energy vehicles. In addition, the National Development and Reform Commission and other 13 departments jointly issued "Several Measures on Promoting Automobile Consumption" (hereinafter referred to as "Measures"), and also deployed to further stabilize and expand automobile consumption from various aspects such as optimizing automobile purchase restriction management policies and strengthening the construction of supporting facilities for new energy vehicles.

　　Chang Tiewei, deputy director of the Employment Department of the National Development and Reform Commission, said that since the beginning of this year, the retail sales of automobile products in the first half of the year reached 2,240.9 billion yuan, a year-on-year increase of 6.8%, driven by various consumption promotion policies, automobile marketing activities and a large number of new models.

　　"At present, China’s automobile consumption recovery trend is stable and positive, and the consumption and export scale of new energy vehicles are outstanding, but there is still room for further tapping potential and upgrading automobile consumption. In view of the outstanding problems found in a large number of investigations, we put forward more pragmatic and effective measures. Including the policy of optimizing the management of purchase restriction, and encouraging the increase of annual car purchase indicators according to local conditions; Promote the rational renewal of vehicles; Reduce the use cost of new energy vehicles and optimize the use environment. " Chang Tiewei said.

　　Li Chunlin, deputy director of the National Development and Reform Commission, mentioned at the routine briefing of the State Council policy held recently that more popular and inclusive support policies will be studied and optimized for the automobile consumption market segment, so as to better meet the people’s multi-level and diversified consumption needs and promote the high-quality development of related industries. "Whether it is automobile consumption or other consumer goods consumption, we must first adapt to changes in demand and create new demand through supply-side structural reforms. At the same time, we will continue and optimize the policy of vehicle purchase tax reduction and exemption for new energy vehicles, and propose that by the end of 2025, vehicle purchase tax will be exempted; It will be halved in 2026 and 2027. "

　　The Ministry of Commerce has also promoted measures to improve the charging infrastructure and support new energy vehicles to go to the countryside, and organized activities such as the "100-city linkage" automobile festival and the "thousand counties and thousands of towns" new energy vehicle consumption season, and launched the national comprehensive information service platform for used cars. Xu Xingfeng, director of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, pointed out that in the next step, the Ministry of Commerce will focus on optimizing the consumption environment and implementing the policy of downsizing.

　　Various places have also come up with "real money and silver" to support automobile consumption.

　　The relevant person in charge of the Guangdong Provincial Department of Commerce said that in the second half of the year, we will focus on mass consumption, cultural tourism consumption, sales leaders and county consumption. At present, Guangdong is promoting the relaxation of "restricted cards" in Guangzhou and Shenzhen; Support Guangzhou, Shenzhen and other automobile major cities to implement car purchase subsidies, trade in old vehicles for new ones, and expand the sales of new energy vehicles.

　　The Jiangxi Provincial Department of Commerce said that in the second half of the year, the province will focus on holding more than 50 car promotion activities such as the "100-city linkage" car festival. Carry out green smart home appliances to the countryside and trade-in promotions. Further implement the policy of canceling the restrictions on the relocation of used cars, promote the convenient measures of "inter-provincial handling" of used cars, build a platform for inquiring about used car trading information, and accelerate the activation of the used car market.

　　With the support of relevant policies, car companies have also responded positively to jointly promote the growth of the industrial market.

　　In an interview with reporters, GAC Ai ‘an said that the current policies have brought great opportunities to the automobile industry, especially new energy vehicle companies. In addition to the consumption of new energy vehicles mentioned in the policy, Ai ‘an also actively responded to the new energy going to the countryside and the construction of charging infrastructure mentioned in the measures, and is formulating relevant preferential policies for rural vehicles.

　　"The favorable policies issued by the state this time will inevitably open the door of new energy vehicles in the county and township markets and sell new energy vehicles to a wider area. BYD launched a variety of models matching the county and township markets on the product side for new energy going to the countryside, and continuously expanded the county and township market layout to enhance the consumer experience. " The relevant person in charge of BYD said.

　　"Automobile and gasoline consumption account for about 40% of the total retail sales of consumer goods above designated size, and are the pillars of consumption." Cui Dongshu, Secretary-General of the National Passenger Car Market Information Association, believes that cities with less than 4 million cars suggest to release the purchase restriction, which can effectively promote the consumption potential, especially in cities where some purchase restrictions lead to the serious backwardness of urban car ownership, and there is a large room for consumption growth.

　　Ji Xuehong, a professor from north china university of technology, also said in an interview that the recent introduction of a number of automobile consumption promotion policies will help the automobile industry to play an economic role.

　　"China’s automobile industry is in the stage of rapid transition from traditional fuel vehicles to intelligent electric vehicles. The multi-level consumption promotion policies introduced by the central and local governments will help further help the industrial transformation and upgrading and realize the self-reliance and autonomy of China’s automobile industry." Ji Xuehong said, "On the other hand, the automobile industry chain is long and large, and various stimulus policies can play a good role. At the same time, it can also strengthen the linkage between the upstream and downstream industry chains and promote the stable economic growth as a whole."

　　At the same time, Ji Xuehong also pointed out that the promotion of policies needs to further implement the details. "In terms of finance, we can consider moderately relaxing interest rates and reducing the down payment ratio. In terms of products, the continuous development of new energy vehicle technology requires the government to provide more authoritative and reliable data and evaluation to help consumers establish objective and positive cognition and establish the excellent reputation of domestic brands. "

Basic research is the main switch of scientific and technological innovation and the source of all science and technology. In recent years, with the advent of a number of major scientific and technological achievements, China’s science and technology has changed from following to running and leading in some fields, and some fields have even taken the lead in "no man’s land", which puts higher demands on China’s basic research.

Talent is the key to achieve a breakthrough in high-quality basic scientific research. In reality, due to the long period of basic research, many uncertain factors, slow production and difficult transformation of results, how to evaluate and test the training effectiveness and actual contribution of basic research talents has become a major problem that puzzles people.

Under the background of "breaking the four virtues", what problems remain to be solved for talents to engage in research calmly? Especially the assessment, evaluation and incentive mechanism, where should we go?

The charm of basic research lies in the infinite possibilities behind uncertainty.

A few days ago, Pan Leiting, a professor at the School of Physical Sciences of Nankai University, just accepted the mid-term assessment of the school’s talent plan. In the assessment, how many articles have been published, how many projects have been completed, how many students have been taken, what innovations have been made in discipline construction, and what contributions have been made to social services … A series of indicators cover scientific research achievements, teaching effects, social services and other aspects, which are not comprehensive.

"Now the whole country is emphasizing’ breaking the four virtues’, and all units are formulating new evaluation methods. The overall orientation is to evaluate more comprehensively and stereoscopically." Pan Leiting said, "But in practice, some quantitative indicators are intuitive and there is no dispute in judging; Other non-quantitative indicators are relatively vague and difficult to judge. "

For example, the contribution to the discipline construction of the school. "Scholars go out to make a report, is it a contribution? What is the contribution? What is the measure? " In Pan Leiting’s view, these are still unclear places.

"In fact, compared with applied and engineering research, one of the most important forms of basic research, especially theoretical research, is the paper." Wang Chuanyi, deputy director of Tsinghua University Graduate Education Research Center, came straight to the point. "Therefore, the reform of evaluation mechanism requires’ not only papers’, but’ only’ instead of’ papers’."

Wang Chuanyi has been engaged in the research on the effectiveness evaluation of "double first-class" construction and the evaluation of teachers’ scientific research. He feels that over the years, the state has paid more and more attention to basic research and invested more and more. But although everyone has reached a consensus on the importance of basic research, it is still not easy to attract more people to really devote themselves to it. It is recognized as a "long-standing problem" that basic research results are difficult to evaluate and researchers are not motivated enough.

In addition to the fact that the effectiveness of many studies is difficult to be measured by indicators, the scientific effectiveness of an evaluation mechanism is closely related to the characteristics of the subject.

Uncertainty is a key word accompanying basic research. Not every research assumption is absolutely correct, every experiment is sure to be successful, and every subtle research direction will have output. Pan Leiting can’t remember clearly how many twists and turns he and his team have encountered in large and small experiments.

"Many applied research goals are very clear, but basic research is often not. Therefore, it is difficult to do top-level design. " But in Pan Leiting’s mind, the greatest charm of basic research lies precisely in the infinite possibilities behind this uncertainty.

"Many subversive and original research results are often produced inadvertently. The stories of some Nobel Prize winners are the most vivid examples. Therefore, is it appropriate to’ guide’ our research with a set of framed assessment and evaluation mechanisms? " Pan Leiting said.

How to measure the hard work and contribution of scientific research?

Wang Shuangyin, a professor at the School of Chemistry and Chemical Engineering of Hunan University, always remembers an experience many years ago. At that time, he was a postdoctoral fellow in the United States. When the US Department of Energy accepted a project of his tutor, besides the results, it also paid special attention to the number of students trained through the project and the quality of students’ training.

This had a great influence on him. "Basic research projects should focus on the process, and the results should be natural." He believes that some original basic research, in particular, often has a considerable risk of failure. Sometimes, even if it fails, the students’ ability to carry out original research is exercised during the research process, and their scientific research literacy is improved.

Wang Shuangyin himself had this experience. "An experiment didn’t succeed as expected, but it unexpectedly opened up a new perspective. Students may have different surprises and gains in this direction. "

Not every scientific research is so lucky. "In fact, in the process of cultivating a basic research talent, it is normal for three years and five years to produce no results." Wang Chuanyi said frankly.

He also observed that under the current evaluation mechanism, there is indeed a phenomenon that academic circles blindly pursue hot spots and rely on "short, flat and fast" to produce results. "To do popular research, on the one hand, it is easier to publish papers; on the other hand, there are more people engaged in it, and the probability that the results will be cited is greater. The result is a large number of high-impact articles that lack original innovation and cannot meet the needs of the country. "

At the same time, those "unpopular" fields that are difficult to produce results quickly or directly contain the most subversive innovation possibilities, but researchers often retreat from difficulties.

Faced with such a situation, how to measure the "hard work" and "credit" in basic research?

"There are also many scientific workers who treat academic research very responsibly. On the one hand, they are doing projects with fixed time limits and can produce results on schedule. On the other hand, they are constantly accumulating for their long-term academic career." Liu Xiaomin, a research librarian at the Literature and Information Center of the Chinese Academy of Sciences, believes that basic scientific research calls for more evaluation mechanisms and systems that combine long and short.

Wang Shuangyin’s feeling is that "hard work" in basic research is more about "emphasizing originality" and "whether to observe new phenomena, reveal the essence of phenomena, develop new methods to explore the essence and guide applied research". Accordingly, the evaluation mechanism should also be close to this aspect.

"Basic research should not blindly pursue hot spots, even if it is a hot spot direction, it needs an unpopular perspective." Adhering to this concept, Wang Shuangyin and his team opened up the research field of defect chemistry of electrocatalysts, and carried out a series of research at three levels: recognizing defects, constructing defects and utilizing defects, thus forming their own research characteristics.

Fault-tolerant mechanism, a test of wisdom and courage

"The time to study for a doctor is generally five years. It doesn’t look short, but it’s really not long. " A "double first-class" university professor with 10 students shook his fingers and counted. "In the first year, I studied basic knowledge, and in the second and third years, I started to do research in the laboratory. In the fourth and fifth years, I will consider graduation. If the research is not successful, graduation may be delayed. Do you still dare to let him engage in those’ unscientific’ but exploratory research? "

This is a common problem faced by basic researchers, and it is called "not only testing students, but also testing teachers" by many tutors. In order to make students graduate smoothly, many tutors will make careful plans according to their own conditions: let some students with graduation pressure engage in "short-term and quick" research, while others will study more challenging "big problems".

A few years ago, the requirements for doctoral graduation in colleges and universities rose. In recent years, with the growing voice of breaking the "five talents", many universities in China have gradually relaxed the requirements for doctoral graduation, which has relieved many people. But another common voice is that a fault-tolerant mechanism that encourages innovation and tolerates failure is too necessary.

In January 2018, the State Council’s Opinions on Strengthening Basic Scientific Research in an All-round Way clearly stated that "a fault-tolerant mechanism should be established to encourage innovation and tolerate failure, and researchers should be encouraged to explore boldly and challenge the unknown".

"Until now, the fault-tolerant mechanism in the evaluation system is still very difficult to achieve." Many experts and scholars said in the interview.

"This incident is a great test of the wisdom, courage and pattern of managers." Gao Yingshuang, deputy director of the Institute of Higher Education of China Academy of Social Sciences, said.

The reality is that when the fault tolerance or accountability of scientific and technological innovation subjects is specifically identified, there is still a lack of clear definition standards and corresponding institutional arrangements on which faults can be tolerated and which faults cannot be tolerated, and there is still no small difficulty in scientifically defining the "faults" that can be tolerated.

Secondly, due to the long-term, exploratory, professional and cutting-edge characteristics of basic research, it is difficult for non-professionals to track and judge all the activities of scientific and technological innovation subjects in the process of coordinating and promoting fault tolerance and strengthening scientific and technological innovation management.

"In this regard, we still need to continue to explore." Gao Yingshuang introduced that because of the epidemic situation, many projects involving extensive field investigation were forced to press the "pause button", but most schools and research institutes will try to make an objective and scientific assessment of the projects according to the actual situation.

No matter how the assessment is made, it is necessary for people to concentrate on scientific research.

The central government clearly put forward that it is important to cultivate and select talents not only by "hats" but also by papers, but it is not easy to do so. A large number of disorderly competitions not only waste scientific research funds, but also hinder the healthy growth of scientific research talents.

"The reality is that there is no’ hat’, and the actual treatment is too different." A vice president of a well-known domestic research institute told reporters frankly. He has seen many people get the "hat" without academic breakthrough and care for the elderly with peace of mind. He has also seen many people get discouraged and enter the state of "muddling along" because they have not got the "hat" within a certain number of years.

In addition, according to the data of a survey of basic research talents, 68.9% of the researchers said that "there are too many chores such as meetings, study and administration, which occupy my research time", and 24.1% of them said "very much agree". There are still many researchers who believe that they spend more time on scientific research management such as project application, mid-term inspection and conclusion, as well as reimbursement of project funds.

To build a team of young scholars who are obsessed with science and have no distractions, it is necessary to create a carefree research environment, release and promote more and stronger creativity. In the interview, experts and scholars issued such an appeal-

"We always yearn for a world that accommodates free exploration." Wang Shuangyin said.

"We should make it clear that the assessment, evaluation and incentive mechanism is to serve researchers in the final analysis, rather than mechanically manage researchers." Gao Yingshuang said.

"We should respect the laws of basic research and build a more systematic, inclusive, flexible and flexible organization from the policy orientation." Pan Leiting said.

"Scientific and reasonable evaluation is needed, but we can’t be led by the so-called’ evaluation’, but let basic research talents rely on their own interests and face the major development needs of the country to explore their own world." Wang Chuanyi said.

"We should encourage more talents, let basic research open a door for international cooperation and exchange, and let our scientific research output lead the world and contribute to human development." Liu Yimin said. (Liu Meng Liu Meng, Yang Sa, Cui Xingyi, Jin Haotian, Chen Peng)

　　The Work Plan for Improving Medical Services in Beijing in 2024 was recently released. In 2024, the city will realize the direct connection between more than 200 second-and third-grade hospitals and the unified platform of the city’s appointment registration. At the same time, tertiary hospitals or core hospitals of medical associations are encouraged to delegate a certain proportion of appointment examination authority to family doctors.

　　Encourage the delegation of appointment examination rights to family doctors.

　　In 2024, non-emergency medical institutions above the second level will implement a comprehensive appointment, and the appointment time will be accurate within 30 minutes; Optimize the unified platform for appointment and registration in the whole city and the appointment and registration service of secondary and tertiary hospitals, and realize the direct connection and information sharing between more than 200 secondary and tertiary hospitals and the platform number sources. Second-and third-tier hospitals should publicize the appointment registration process through multiple channels, display the real-name information and professional expertise of visiting experts, and provide online intelligent or manual consultation services to facilitate patients to accurately select registration departments; Optimize the registration process and simplify the operation links such as binding identity information; In the corresponding treatment unit, do a good job in interpreting the results after the patient’s examination results are returned.

　　Two weeks before the hospital’s regular numbering cycle, 22 municipal hospitals reserved the numbering sources for patients from other places who came to Beijing and made appointments for referral between clinics, and then put all the available outpatient numbering sources into regional medical centers and community health service institutions through the grassroots appointment referral platform, so as to fully guarantee the demand for family doctors to make appointments for referral. This Municipality encourages tertiary hospitals or core hospitals of medical associations to delegate a certain proportion of the authority of appointment examination to family doctors, and give play to the role of family doctors in appointment examination.

　　Promote online inquiry of waiting order.

　　Combined with the characteristics of clinical specialties and patients, second-and third-grade hospitals will carry out fine classification management on patients who see a doctor during normal hours, who are late for the number, and who continue to see a doctor after receiving the test results, and constantly improve the scientific and reasonable waiting and calling rules. In more than 30 hospitals, online query of waiting queue and call order can be realized.

　　Third-level hospitals will enrich the business scope of outpatient "one-stop" service centers, integrate the service functions such as stamp review, consultation and guidance, manual appointment, and convenience equipment rental, and strive to achieve "one cabinet for all"; Strengthen the management system of day surgery, continuously increase the proportion of day surgery to elective surgery, and reduce the burden of hospitalization needs; Continue to open a green channel for daytime surgery for primary medical and health institutions.

　　Medical institutions will pilot the management of "one bed in the whole hospital". The Municipal Health and Wellness Committee encourages qualified hospitals to conduct centralized management and unified deployment of beds in the whole hospital. Second-and third-level hospitals will comprehensively promote the mutual recognition of inspection results and the sharing of electronic medical records. More than 170 second-and third-level hospitals will realize online inquiry of inspection reports and medical images.

　　Update and release the map of rare disease diagnosis and treatment institutions.

　　The city will promote second-and third-grade hospitals to access the city’s Internet hospital service platform, and expand the connotation of Internet diagnosis and treatment services, from traditional diagnosis and treatment services such as online follow-up, appointment registration, prescription, drug distribution, inspection and appointment inquiry, and payment, to full-process services such as health management before diagnosis, health consultation, health assessment, disease screening, patient follow-up after diagnosis, and chronic disease management.

　　The coverage of the use of electronic bills for financial medical charges will be broadened, and the full coverage of the application of electronic bills for financial medical charges issued by patients with special diseases (emergency) and observation in municipal hospitals will be gradually realized; Gradually promote hospitals to provide patients with electronic bill printing services for financial medical charges through self-service equipment, artificial windows and other different ways.

　　In addition, the relevant departments will conduct a survey on the diagnosis and treatment capacity of medical institutions within the jurisdiction of this Municipality according to the second batch of rare diseases catalogue, synthesize the list of the first batch of rare disease diagnosis and treatment institutions and departments, update the list of rare disease diagnosis and treatment institutions and departments in this Municipality, and publish a map.

　　[car home Technical Information] On April 24th, Huawei held a smart car solution conference in Beijing, and released a brand-new smart car solution brand-Huawei Gankun with smart driving as the core, and brought solutions such as Gankun ADS 3.0, Gankun Vehicle Control and Gankun Che Yun. In addition, the new generation of HarmonyOS cockpit has evolved again, integrating Qianwu engine, Gankun audio and brand-new car ecology, so let’s take a quick look at it.

● Gankun ADS 3.0 is a key step to realize high-order intelligent driving.

　　Based on GOD (Universal Obstacle Recognition) network, Gankun ADS 3.0 has realized the progress from simply recognizing obstacles to deeply "understanding driving scenes", and completely abandoned BEV (Aerial View) network, which further improved the safety and driving experience of intelligent driving.

　　The new architecture of ADS 3.0 integrates pre-decision and planning by using PDP (Predictive Decision Planning and Control) network, so that the trajectory and mode of vehicle driving are closer to real people’s driving, and the traffic efficiency is also improved a lot, among which the pass rate of complex intersections can exceed 96%.

　　In addition, relying on Huawei Cloud’s powerful base capability, the system’s capability can also be rapidly iterated, and finally it can reach 3.5FLOPS.. At present, the amount of training data has reached 30 million kilometers per day, and the model can be iterated every five days. The feedback to the performance of the car is getting better and better.

　　In terms of active safety, ADS 3.0 goes further, in which the omni-directional anti-collision system CAS 3.0 enhances the forward active safety capability and also has a good performance in case of emergency when turning. When the automatic emergency braking distance is not enough, the system will control the vehicle to borrow from other lanes to avoid obstacles under the premise of absolute safety. The recognition ability of this system has also been enhanced, such as oblique crossing and crossing vehicles, bicycles and electric vehicles.

　　In terms of lidar, in order to cope with intelligent driving above L3 level, Huawei’s lidar will have all-weather adaptability, even in rainy and foggy days. Moreover, the brand-new 4D millimeter-wave radar will meet us soon, with the detection distance increased by 35% and the time delay increased by 65%, which also makes us look forward to the performance of this radar system after getting on the bus.

　　After upgrading to ADS 3.0, the vehicle will also have the intelligent navigation NCA function from parking space to parking space, which can realize the whole scene from the open road to the park park and even to the underground parking space, which can be said to make it convenient in one step.

　　The intelligent parking system under ADS 3.0 has also been upgraded again to support leaving the car. Unlike parking service, which was advertised by the bus companies, this system is not based on route memory, but can be used in any parking space anywhere, as long as the car feels that it can enter almost any position, and it can easily revitalize the extremely narrow parking spaces against the wall and pillars. At present, Huawei’s smart parking driver has been commercialized in the whole scene, and will support 100 commercial parking lots and 2,000 community and office parking lots by the end of this year.

　　In addition to the high-end Gankun ADS 3.0 version, Huawei also launched the ADS SE version, which you can simply and rudely understand as the SE version of Apple’s mobile phone, supporting high-speed NCA and smart parking, in order to let more users enjoy equal rights in technology.

　　On the HUD head-up display, Huawei Gankun HUD 2.0 has also become more user-friendly. It has the highest brightness of 15000nit in the industry, which can make driving at noon clearly visible, and driving at night is not too heavy. Thanks to the AR composition engine, the performance in anti-shake is also very good, and driving for a long time will not make the driver feel dizzy. It is worth mentioning that this HUD will also remind the ghost probe in real time.

　　On the headlight module, Huawei brought the XPIXEL megapixel intelligent lighting module-P800 Pro, which is simply an upgraded version of "Audi Matrix Headlights". The light can intelligently avoid the front car and the opposite car, making the high beam utilization rate exceed 90%. Through the expression of lights, we can also interact with other traffic participants, so that the other party can better understand our driving intentions.

● Another layer of protection besides Gankun Vehicle Control and Che Yun Intelligent Driving.

　　Gankun Vehicle Control launched iDVP 2.0 digital platform for smart cars and released the first five-in-one vehicle control module, which has five advantages, such as high integration, high performance, low delay, zero packet loss and high security. XMOTION body motion collaborative control has also ushered in the second generation. In the scene of high-speed tire puncture, it can effectively suppress instability, such as narrow road steering, parallel parking, potholes and even motion sickness.

　　In terms of car cloud service, Huawei brought Gankun car cloud service 3.0, in which Yunque big model can help users realize automatic diagnosis of the whole process; The digital key supports IOS, Android and HarmonyOS, and it is equipped with star flash technology, so the mobile phone can unlock the vehicle without power and internet. In-vehicle communication released Huawei HiFin in-vehicle communication system, the signal strength is 2.8 times of the industry average, the network recovery speed is reduced to 3 seconds, and the use experience is better.

● Upgrade the HarmonyOS cockpit to make the car know you better.

　　Huawei’s new generation HarmonyOS cockpit has introduced a large model of Qianwu engine, which can clearly perceive every occupant in the car and accurately push the preference function. Qianwuhongwa can quickly memorize the specified voice within 10 seconds, and can use this voice to tell stories for children or calm their emotions.

　　Knowing the car is the instruction manual of the vehicle. If you don’t know anything, you can ask directly, even the fault lights of the instrument can be accurately answered and maintenance suggestions are put forward, which is very intimate. Qianwu helps you to realize cross-seat and cross-device voice functions. For example, you can directly say that you can navigate to the location just sent by XXX WeChat, and the car navigation will quickly identify and start navigation. Finally, Qianwu Vision can identify the driver and automatically adjust the position of the driver’s seat, steering wheel and rearview mirror, such as sunshade, door and air conditioning wind direction, which can be controlled by waving a hand.

　　In the audio-visual part, the car has 200+ commonly used apps, such as the mainstream map navigation, music and other apps in the market. With them, the car can easily become a cockpit concert hall and a mobile e-sports room, making the entertainment experience in by going up one flight of stairs.

　　Huawei also brought Gankun Audio, which has dynamic series, excellent series and extraordinary series. The extraordinary series just released this time has the technology of moving with the sound and independent sound zone, which can not only enjoy the feeling of blockbusters when watching movies, but also realize the isolation of sound shields in the front and rear rows, so that singing K in the front row and watching videos in the back row do not interfere with each other. In addition, the system can also interact with the fragrance system according to the music rhythm.

　　In terms of smart screen, Huawei has brought smart super-resolution technology, which can not only optimize low-resolution video, but also bring a new viewing experience through 16.5-inch smart screen, 40-inch light field screen and 140-inch smart lighting module.

Write at the end.

　　The above is the dry goods content of Huawei’s new product launch conference. According to Jin Yuzhi, CEO of Huawei’s smart car solution BU, 2024 is the first year of Huawei’s smart driving scale. Huawei will join hands with Dongfeng, Chang ‘an, Guangzhou Automobile, Beiqi, Celeste, Chery and Jianghuai to bring consumers a more intelligent driving experience. So do you expect Huawei’s new generation of smart driving? Welcome to leave a message in the comments section. (Photo/Text car home Zheng Chen)

　　The 2019 NFL drama "Super Bowl" will be held in Atlanta, USA at 7: 30 am on New Year’s Eve, Beijing time. In addition to the wonderful explanation directed by Xiao in the ecological circle, Mr. Guo Aibing, a senior media person, also brought you the most wonderful first-hand reports as a special correspondent of the ecological circle.

　　In the fourth part of the series "Love to Watch the Super Bowl", Mr. Ai Bing brought back all-round warm-up from the front line this time. Atlanta is ready-are you ready for the 53rd Super Bowl?

　　Text | Guo Aibing

　　Senior media person, American professional sports expert

　　The countdown to the Super Bowl is one day. Sponsor representatives and fans have arrived, and they have been busy for a week. All major media seats have been withdrawn, the main streets in the city center have been closed, and the police and police dog explosion-proof brigade are ready.

　　From the game itself, the Super Bowl is a 60-minute game with four quarters, and less than 80 people playing on the field. The participation of advertisers has forcibly extended 60 minutes to about 200 minutes. After all, the first necessity of sports entertainment programs is to sell advertisements.

　　After all, the better you play, the more advertisements are more expensive, and the more expensive the advertisements are, the more money the league will make, the higher the profits allocated to the team, and the better the team will develop. It is such an upward spiral of business and sports that has pushed the Super Bowl, the NFL finals, to the crown position of professional commercial sports in the world.

　　At noon today, NFL China invited reporters to cover the Super Bowl to have a New Year’s Eve dinner in advance. Because the Super Bowl is played on the morning of the 30th lunar month in China, most China journalists are either on the plane back to China or on the way to the airport on New Year’s Eve.

　　NFL China thanks everyone for coming to interview the Super Bowl, but also apologizes for many poor arrangements for hospitality. I hope you will forgive me. The difficulty of NFL lies in that there are many requests from sponsors to media to fans, but limited by manpower, there are very few things that can be solved in time and can be solved well.

　　"I hope you understand our difficulties. As far as income is concerned, our annual income is more than that of the five major European leagues combined. You can imagine how huge the demands for the Super Bowl are. And every year, when you think that the size of the Super Bowl will not get bigger, it will actually grow. "

　　The NFL is not too big. From a direct sensory point of view, it is hard to say how much crazier the NFL fans are than the Bundesliga Spanish League, but the commercial operation of the NFL has developed the commercial value of the event itself to the extreme. The four major television stations in the United States that broadcast NFL games, including NBC, CBS, Fox and ESPN, pay the league $5 billion a year for the broadcast fee alone. This industry can make money faster than robbing banks.

　　The NFL’s total revenue last year was $15 billion, and it did not include overseas income such as the London Games. With the internet giants including Amazon and Google joining the communication ranks, and a new broadcast contract will be signed in 2022, it is entirely possible to realize the NFL’s previous plan of reaching 25 billion yuan a year.

　　The NFL brand is so hard that sponsors dare not run, because as long as they are not careful, they will never catch the NFL express again. Last year, Papa Johns, the pizza sponsor, angrily launched the NFL sponsorship contract because of the NFL players’ protests on the field. How does the NFL respond? It took less than a week to sign Pizza Hut as a new sponsor, and the signing amount increased significantly.

　　The NFL has become a veritable giant in the commercial sports circle in the United States. This commercial express will stop for one minute after it enters the station. If you are willing to get on, hurry up, hesitate a little. I’m sorry, the bus waits for no one. You don’t buy a seat ticket. At the next stop, even the hanging tickets are sold out.

　　I have been in Atlanta for nearly a week, and I am deeply impressed by the publicity and organization of the whole Super Bowl Week. They did set up a Super Bowl Organizing Committee, but the work of the Organizing Committee is more about soy sauce and coordinating government relations, and there are very few activities that really need them to organize.

　　Media coverage is the highlight of the Super Bowl, which is handled by the NFL. Venue reservation, channel debugging, technical support, logistics guarantee, these are the resources that NFL hopes to grasp in its hands. The media is not easy to deal with. As long as they can work normally. But once the arrangement goes wrong, several media say that your organization is chaotic, and the image of the whole league will be affected, so this kind of thing is handled by the NFL personally to try to reduce negative news.

　　Therefore, the arrangement of the team’s press conference, the NFL gave the media several times the interview window of the regular season. From Monday to Thursday, group interviews were arranged every day, which made the players finally have nothing to say. Talib of Ram said in public, "You are the problem of wheels these days, and I just answer it again and again. Tell me the truth. Is this interesting?"? Can someone ask me a question I haven’t asked?

　　I do. When is the Spring Festival in China? Talib said he didn’t know. Then I’m telling you, it’s Super Bowl day. By the way, can you take this opportunity to congratulate the fans in China for a happy Spring Festival? I recorded a lot of interviews with players who were happy during the Spring Festival, and they were all so deceived and gave a routine.

　　? ? NFL Super Bowl Stars Happy New Year!

　　In the promotion of sponsors, the NFL is basically laissez-faire, as long as it is not stipulated in the contract. If you have the resources, you can promote it. If you don’t, we can’t help it. We have too many customers to take care of.

　　Atlanta’s grass fields in the sky and underground are covered with propaganda machines by sponsors. Banners are pulled by planes in the sky, the windows of buildings are marked by advertisers, and cars and motorcycles on the ground run around with banners. There are also sponsors who hire people to pretend to be trees, squatting on the edge of the grass to scare people, screaming and screaming with prizes.

　　These marketing methods certainly have nothing to do with the NFL, and they don’t have time to think about it. Since sponsors have spent a lot of money, they can’t be stingy at this time. They must try their best to take a ride in the Super Bowl and do a good job in sponsorship activation.

　　What the government and the organizing committee can do is to coordinate hotel taxis, so that all the people who win can go to the city, and there must be a place to live if they are willing to pay a lot of money. Security is the place where the city spends more energy, but it was signed with the NFL when it applied for the bid. No matter how much time and energy it takes, it must be done according to the contract.

　　It is said that CBS, the main broadcaster, made the most money on the day of the Super Bowl, earning about 400 million dollars a day, and selling more than 100 million dollars in 30 seconds of TV commercials, which also looks like printing money.

　　It stands to reason that the second most profitable city is the Super Bowl host city, and millions of people will definitely stimulate the local economy. The Atlanta Chamber of Commerce’s estimate is the most optimistic, saying that the Super Bowl can bring economic promotion of 500 million US dollars to the city, and the organizing committee’s estimate is less than 200 million US dollars. Of course, there are also many pessimists who say that economic promotion may be zero. After all, local taxpayers paid more than 700 million US dollars and built the Meiben Center to attract the Super Bowl. These upfront investments, no matter how calculated, are much less than the money earned during the Super Bowl.

　　All kinds of estimates have their basis, and there are also many loopholes. It can be said that the public is right and the old woman is right. But judging from the naked eye senses wandering in the street, at least there are many locals wearing falcon players’ uniforms in the crowd. Falcon jerseys also occupy an overwhelming advantage among the queues in various NFL game portals. In the live broadcast of major TV stations, Falcon fans are quite stunned.

　　Unable to enter the Super Bowl, Falcon firmly occupied the front page of the Super Bowl with the support of fans. From the fans’ point of view, before the Super Bowl, it was a Super Bowl belonging to Falcon and Atlanta. This sense of city honor may be a golden opportunity to build a harmonious society.

　　Editor: Guo Yang

　　Scan the QR code, or click "Read the original" to listen to Xiao Shen’s "War and Sports" NFL Super Bowl special.

This article first appeared on WeChat WeChat official account: Sports Industry Ecosphere. 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.

Produce a tiger sniffing car group

Author Xiao Man

Toutu, vision china

From brand release to IPO, it took 37 months; It takes less than 12 months from listing to planned delisting.

On May 7th, Geely Automobile Holdings Co., Ltd. (hereinafter referred to as "Geely Automobile") announced that it planned to acquire all the issued shares of Extreme Krypton Intelligent Technology Co., Ltd. (hereinafter referred to as "Extreme Krypton"), and the suggested purchase price was $2.57 per extreme Krypton share or $25.66 per American Depositary Share.

Geely Automobile currently holds about 65.7% of the shares of Extreme Krypton. If the transaction is completed, Extreme Krypton will be completely merged with Geely Automobile, and Extreme Krypton will become a wholly-owned subsidiary of Geely Automobile, privatize and delist from the NYSE.

Quitting from the market and returning to Geely is the strategic need to implement "One Geely" and the key to help Kykrypton with blood transfusion.

"One Geely" is imperative.

The acquisition of Krypton is a continuation of Geely’s strategic integration.

Geely explained that Geely Automobile’s acquisition of Krypton is "an important step to further implement the Taizhou Declaration, focus on the main automobile industry, improve the efficiency of resource utilization and deepen brand collaboration", which can promote the deep integration and efficient collaboration of internal resources, eliminate repeated investment, reduce costs and improve the competitiveness of enterprises.

Since the publication of Taizhou Declaration, Geely has carried out a number of business integration adjustments. In November 2024, it adjusted and optimized the shareholding structure of Krypton and Lectra-Krypton invested 9 billion yuan to acquire 50% equity of Lectra, and Krypton invested 367 million yuan to subscribe for the newly-increased registered capital of Lectra, making Lectra a non-wholly-owned subsidiary. The equity delivery took only three months. In February this year, Extreme Krypton Technology Group was established, forming a business positioning division of "extreme Krypton is upward, and the leader is wide".

The planned acquisition of Kykrypton will further promote Kykrypton Technology Group to gather in Geely as the center and deepen the strategic focus of "One Geely".

This integration focuses more on the focus of the business layer. On the technical level, "one Geely" is already very obvious. In March of this year, Geely announced that it would unify the all-brand line intelligent driving scheme into a "thousands of miles" system, and unified the intelligent driving scheme and technical route.

Geely has tasted the advantages and sweetness of integration. An Conghui once said that after the merger of Link and Krypton brand, R&D investment is expected to decrease by 10%-20%, supply chain cost will decrease by 5%-8% due to scale effect, and capacity utilization will increase by 3%-5%.

Help krypton transfusion

There are quite realistic considerations behind Krypton’s plan to withdraw from the US stock market.

A market analyst told Tiger Smell Automobile: "It is extremely short of money. At present, the market value is low and the liquidity is poor. It is difficult to further dilute the financing. Geely privatized it, and it is extremely difficult to continue to cope with market competition."

Krypton has been mired in the whirlpool of losses. From 2021 to 2024, the net loss of krypton was 4.514 billion yuan, 7.655 billion yuan, 8.264 billion yuan and 5.79 billion yuan respectively, which has reached 26.223 billion yuan.

In order to finance and maintain operations, the valuation of Krypton was almost halved when it went public-the valuation of Krypton in the previous round of listing had reached 13 billion US dollars, while the market value at IPO was only 5.2 billion US dollars, shrinking by nearly 60%.

The shareholders of Krypton are unwilling to sell too many shares at a discount of 60%, which leads to the limited number of tradable shares that Krypton can issue when it goes public and does not raise enough money. Krypton originally planned to raise $1 billion, but in the end it only raised less than $500 million.

After the listing, the market value of Krypton did not rise back to the level of A-round financing, which means that if Krypton wants to continue financing, its shareholders must accept the discount.

There are only two solutions to this situation. One is to make the market value of krypton rise to a price that shareholders can make money. The other is that Geely will pay for privatization. Geely chose the latter to be able to transfuse blood for krypton more quickly.

Under the dual-brand strategy of "Extreme Krypton Car+Link Car", extreme Krypton needs to increase investment. According to the plan, Lectra will launch two brand-new models this year (one of which is the six-seat SUV Lectra 900) and three brand-new models will be launched in the second, third and fourth quarters of this year. Among them, the luxury hunting wagon 007GT was released in the second quarter, the full-size flagship SUV was released in the third quarter, and the large luxury SUV was released in the fourth quarter.

The overseas market is also in the expansion stage. Linksys and Krypton plan to build more than 200 stores overseas. Linksys 08 EM-P and Krypton’s first "800-volt global car" will be officially launched overseas.

Extreme Krypton Technology Group plans to sell 710,000 vehicles this year. To achieve this goal, these measures and inputs are necessary conditions. However, in the face of continuous losses and the dilemma of capital market financing, Extreme Krypton will only have enough bullets to cope with market competition if it returns to Geely’s system.

On February 28,Country GardenAn inside story was announced on the Hong Kong Stock Exchange, that is, Ever Credit Limited Company filed a lawsuit against the Hong Kong High Court yesterday (February 27th).Country GardenThe liquidation petition. The contents of the petition are related to the petitioner (lender) andCountry GardenUnpaid term loans with principal of about HK$ 1.6 billion and accrued interest between (borrowers).

According to section 182 of the winding-up ordinance, ifCountry GardenThe final liquidation by petition is made on or after the commencement date without the approval order of the High Court.Country GardenThe transfer of shares will be invalid.

In this regard,Country GardenIt is said that the company will strongly oppose the petition. The submission of the petition does not mean that the petitioner can successfully liquidate the company. On the date of the announcement, the Hong Kong High Court did not issue a liquidation order to liquidate it. The company will seek legal advice and take all necessary actions to actively and properly defend it with the consulting team.

According to the announcement, the Hong Kong High Court has set May 17, 2024 as the date for the first hearing of the petition.

Affected by this message,Country GardenOn the 28th, the Hong Kong stock market opened sharply, and once fell more than 12% in intraday trading. As of midday, its share price fell to HK$ 0.63 per share, with a market value of HK$ 17.633 billion.

According to the inquiry, Ever Credit Limited (Forever Credit Limited) was established in 2009, and it is a Hong Kong company that has obtained a money lender license under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong). Its parent company is Jiantao Group.

Jiantao Group is an investment holding company mainly engaged in manufacturing and selling copper-clad panels.Country GardenOne of the shareholders of.

According to the announcement issued by the group in August 2023, Ever Credit Limited worked with it on December 1, 2021.Country GardenA financing agreement was concluded and a term loan of HK$ 1.88 billion was lent. At that time, both parties agreed to repay the loan by installments.

“Country GardenThe debt amount of the Jiantao Group involved is very low in the overall interest-bearing liabilities abroad, and the radical action of a single creditor will not have a significant impact on the company’s security, normal operation and overall restructuring of overseas debts. "Country GardenAspect to interface news representation.

Insiders pointed out that,The petition for liquidation is the right of every creditor, and any creditor can apply for it, but the application does not mean that it will be liquidated.Referring to other cases of listed real estate enterprises in default in the industry, it is more common for individual creditors to apply to the Hong Kong court for company liquidation.

Since the liquidity crisis appeared in August last year,Country GardenA series of measures, such as salary reduction for senior executives, reducing administrative expenses and selling back domestic bonds, have been implemented to "save themselves" to alleviate the liquidity pressure at this stage.

In terms of debt handling, as of now,Country GardenNine domestic bond extensions have been completed, involving a total principal of about 14.7 billion yuan, and the maturity has been extended by three years as a whole. This isCountry GardenIn a short period of time, it eased some debt pressure.

In terms of overseas debt,Country GardenAt present, there are 15 public dollar bonds with a principal of about 9.3 billion US dollars. Last October,Country GardenAccording to the company, the company has started the restructuring of overseas debts, and hired CICC and Hualian Nuoji (China) as financial consultants to help assess the company’s capital structure and liquidity and formulate overall solutions.

In addition to the debt crisis, it is currentlyCountry GardenGenerally speaking, it is still more important to ensure delivery and operation.

according toCountry GardenThe latest disclosure in January, January-December 2023,Country GardenMore than 600,000 houses have been delivered, with a total delivery area of 71.62 million square meters, involving 249 cities in 31 provinces.

By 2024,Country GardenThe estimated delivery volume of will exceed 480,000 sets, according toCountry GardenYang Huiyan, Chairman of the Board of Directors, said earlier that,Country GardenThe delivery challenge of has entered the "deep water area" this year.

With the gradual landing of the "white list" of real estate projects and the continuous optimization of real estate financing policies,Country GardenofThe financing situation also ushered in a new situation.

according toCountry GardenInsiders recently revealed that at presentCountry GardenThere are 135 projects approved to enter the "white list", and these shortlisted "white list" projects will receive financing support, which will help alleviate.Country GardenAt present, the financial pressure is pushing forward the guarantee of delivery, asset revitalization, and improving the sustainable operation ability of the project.