On September 20th, East China Medicine announced that its long-acting glucagon-like peptide -1(GLP-1) receptor agonist Smegrutide injection phase III clinical trial had completed the first patient enrollment and administration. This is a multi-center, randomized, open and parallel controlled phase III clinical study. The main purpose is to demonstrate the equivalence of blood glucose control between the experimental drug Smegliclade injection and the control drug Smegliclade injection (Novotel) after 32 weeks of treatment in type 2 patients with poor blood glucose control after metformin treatment. According to the Insight database, the trial registration was announced on August 2 this year.

Test registration and historical time axis

Coincidentally, on September 18th, Unacon’s Smegliptide Injection just started its clinical trial (registration number: CTR20232854).

Registration of clinical trials of stone drugs

As a super blockbuster with annual sales of more than 10 billion dollars, smeagoutide is also competing among domestic enterprises. With the continuous advancement of clinical progress, the competition pattern is becoming more and more intense. The data show that there are as many as 12 smeagoutide similar drug projects involving domestic enterprises, and 6 of them are in phase III clinical stage.

Phase III clinical phase Smegliptide biological analogues developed by domestic enterprises.

The patent of smeagoutide in China will expire in 2026. At that time, the listing of similar drugs of smeagoutide will face huge market opportunities. In addition to the diabetes market, domestic drugs are also expected to compete with the "slimming medicine" in the 100 billion blue ocean track.

01 GLP-1: Development Potential of Multiple Indications

Smegliptide has 94% sequence homology with human GLP-1, which is one of the important targets for treating diabetes. As the most eye-catching GLP-1 receptor agonist in the world at present, Novo Nordisk’s smeagoutide has achieved a total sales of over 10 billion US dollars in 2022 with its good hypoglycemic and weight-loss effects, and the total sales of smeagoutide in the first half of this year has also reached 9.23 billion US dollars. According to Jost Sullivan’s prediction, the domestic market size of GLP-1 receptor agonists for hypoglycemic is expected to reach 50.1 billion yuan in 2030.

Judging from the approved indications, smeagoutide can reduce blood sugar by stimulating insulin secretion and reducing glucagon secretion, and at the same time significantly reduce the risk of major cardiovascular events (MACE) in patients with type 2 diabetes. It has been clinically approved for blood sugar control and weight loss in patients with type 2 diabetes. In addition, smegliptide is also a heavy player in the field of weight loss. The indications for obesity or overweight of novonorgestrel injection were approved by FDA in June 2021 and EMA in January 2022. Up to now, although the indications have been declared, they have not been approved in China.

Progress in the Approval of Smegliptide in Major Regions of the World

Smegliptide has great market potential in the field of weight loss, and the sales growth rate has always doubled. According to the latest semi-annual report, the sales of the drug’s weight loss indication (Wegovy) was 12.081 billion Danish kroner (about 1.781 billion US dollars), up 367% year-on-year. Moreover, due to the shortage of production capacity, Novo Nordisk also stopped advertising some of the weight-loss products of Smeagol in the United States in May this year. From another perspective, this shows that the current achievements have not reached the real strength of Smeagol’s "full firepower".

Not only that, but also in other diseases, Smegliptide has many possibilities to explore and treat. For example, in nonalcoholic steatohepatitis (NASH), it has been found that GLP-1 can reduce hepatic steatosis, hepatocyte injury and glucose output after combining with hepatic cell receptors, and reduce the inflammatory reaction and fibrosis of hepatocytes in NASH, which has the potential to treat NASH and is expected to fill the clinical vacancy of drugs for NASH diseases. In the field of Alzheimer’s disease (AD), in recent years, it has been found that GLP-1 may enhance aerobic glycolysis and reduce oxidative phosphorylation by activating PI3K/Akt pathway, and can alleviate the decline of astrocyte glycolysis induced by Aβ, which plays a role in neuroprotection and energy regulation therapy. A corresponding phase III clinical trial is being explored (registration number: NCT05891496). The step-HFpEF trial of smegliptide in treating patients with heart failure with preserved ejection fraction (hfpef) has entered the third phase. The results show that smegliptide can significantly improve the symptoms related to heart failure and exercise ability compared with placebo. In addition, some studies have found that smegliptide has cardiovascular protection, which reduces the risk of major adverse cardiovascular events (MACE). Under the background of "involution" of hypoglycemic and weight-reducing indications, other indications of smeagoutide will be explored, and in the future, the market space of smeagoutide may usher in another outbreak.

02 East China, Cinda, Hengrui … Domestic enterprises are sprinting.

From biologically similar drugs to innovative drugs, from single target to three targets, from injection to oral administration … domestic enterprises are also blocking the potential track in all directions.

1. East China Medicine: Wide layout and fast progress.

Among domestic enterprises, the layout of East China Medicine in GLP-1 field is excellent in comprehensiveness and leadership. In the field of weight loss, GLP-1 product lines covering oral dosage forms, injections and other dosage forms, including long-acting and multi-target global innovative drugs and biologically similar drugs, have been established, including the marketed liraglutide injection. The products under research include a variety of products, such as the biosimilar drug Smegliptide Injection, the global innovative oral small molecule GLP-1 receptor agonist HDM1002, the double-target agonists HDM1005 and SCO-094, and the long-acting triple-target agonist DR10624, so as to realize the all-round layout of GLP-1 with single target, double target, triple target and oral small molecules. Based on the advantages of the existing pipeline, Huadong Pharmaceutical indicated that it will continue to explore innovative projects related to GLP-1, expand the related indications such as lipid lowering and NASH, and continue to develop innovative drugs with higher bioavailability and more clinical advantages. Liraglutide, which is the first to be listed, is a medical insurance product. According to the documents exchanged by investors, the online work in more than 20 provinces in China has been completed, and it is expected that the online work in all provinces will be completed in September. The off-campus market is also the main sales channel, and offline pharmacies are expected to achieve the coverage of more than 30,000 chain retail pharmacies in the third quarter of this year. In the research product pipeline,The clinical trial of GLP-1R/GCGR/FGF21R long-acting triple-target agonist DR10624 for weight management of overweight or obese people was approved by CDE in July. In China, East China Medicine also submitted DR10624 for IND of severe hypertriglyceridemia in August this year. Abroad, in July, 2023, DR10624 completed the first subject administration in the phase I multiple incremental dose administration (MAD) clinical trial for the treatment of obesity in New Zealand. GLP-1R/GIPR double-target long-acting polypeptide agonist HDM1005 has entered the research stage of IND. At present, the project is progressing smoothly, and it is expected to submit an IND application in early 2024. HDM1002, a small molecule GLP-1 receptor agonist, has been reported in both China and the United States. In May 2023, its indication for type 2 diabetes was approved for clinical use in China, and the first trial was completed in June. The indication for overweight or obesity of HDM1002 tablets was also approved in September in China.

2. Cinda Bio’s next performance take-off point: Masidopeptide.

As early as August 2019, Cinda reached a cooperation with Lilly, and introduced GLP-1R/GCGR dual agonist Masculitide (IBI362).

Masidopeptide equity flow chart

At present, Cinda has laid out the indications for type 2 diabetes and obesity of Masculitide in China, and both of them have been promoted to phase III clinical practice. Among similar products in China, the progress is the fastest. The results of phase II clinical study showed that among the overweight or obese subjects in China, the weight of the patients decreased by 11.57% after 24 weeks of continuous administration of 6.0mg of Mastopeptide. And compared with placebo, it can bring 12.6% weight loss. In addition, among the obese patients who need surgical treatment, after 24 weeks, the average weight loss of the group using 9mg of marsden reached 15.4% and the weight loss was 14.7kg.

Results of Phase II Clinical Trial of Masculitide

The two phase III clinical codes of type 2 diabetes are DREAMS-1 and DREAMS-2 respectively, and the latter is a head-to-head clinical trial of dulaglutide; The obesity phase III clinical trial code is GLORY-1. According to the Insight database, at present, 83% of patients in DREAMS-1 have been enrolled, while the progress of GLORY-1 has been 100%.

Phase III clinical trial initiated by IBI362

Cinda said that it is expected to submit the listing application of Mastopeptide from late 2023 to early 2024. In addition to type 2 diabetes and obesity, Masculitide has also been approved for clinical use in NASH, and the corresponding research on NASH will be started soon. The listing of Mastopeptide in China will also provide Cinda with the second performance take-off point after PD-1 cindilizumab, and support Cinda to achieve the goal of 20 billion revenue in the next 4-5 years.

3, Hengrui Pharma: dual agonists, oral small molecules, compound preparations …

At the GLP-1 circuit, Hengrui’s layout can also be described as comprehensive. According to the layout of GLP-1/GLP-1R target enterprises, Hengrui is also among the TOP5.

Number of GLP-1R domestic enterprises’ target layout projects TOP5

Screening [target] is GLP-1/GLP-1R, excluding inactive and inactive projects for more than 3 years; Only new, improved and similar drugs are counted.

With regard to the hot GLP-1 dual-target hypoglycemic agent, Hengrui is researching GLP-1R/GIPR dual agonist HRS 9531, which has just been approved for obesity clinic in May, and has started phase II clinical research and development. In addition, Hengrui also has a GCGR antibody /GLP-1 fusion protein SHR-1816, which has also progressed to clinical stage I. In the field of small molecule oral medicine, Hengrui has HRS-7535, which has started Phase II clinical practice. In the field of compound drugs, Hengrui’s HR17031 is a GLP-1/ insulin compound drug.

Hengrui GLP-1 new drug

END

Source | Insight database

　　● "Whether newspapers can read or not mainly depends on supplements", and "reading or not" refers to the cultural characteristics of supplements.

　　In the era of rapid development, supplements can’t cater to and kitsch. On the contrary, they must be responsible, responsible and conscientious.

　　● The cultural consciousness of supplement lies in providing a broad stage for people to publish excellent works and offering elegant and high-quality spiritual food for readers. Cultural self-confidence lies in inheriting excellent quality and rejuvenating creativity.

　　At present, we are not very familiar with the characteristics, discourse system and language style of network communication, and the law of network communication needs to be further understood, but we must learn to borrow from the network.

　　　　　　

　　Supplement is an important part of newspaper. In order to enhance the communication power and influence of newspapers, supplements must consciously shoulder the heavy responsibility of promoting advanced culture, spreading knowledge and enlightening thoughts. In recent years, due to many reasons, readers and authors of supplements have lost more: the diversity of cultural choices, the exclusive newspaper and the eye-catching scenery of supplements are no longer; Literature has lost its social sensational effect, and people’s enthusiasm for literature and attention to supplements have decreased; The core readers are getting older, and the supplement is still not attractive to young readers; The ranks of authors are shrinking. Due to the fierce competition in the media, the publishing threshold is lowered, and the author resources are constantly divided.

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　　Pay attention to news, jump out of news and highlight cultural characteristics.

　　The supplement has a history of more than 100 years since its publication. Although the supplement is the supplement and extension of the news magazine, since the founding of New China, the supplement has always kept pace with the society and the times, closely linked with the new life, and has a strong sense of the times and a fresh breath of life, which is deeply loved by readers.

　　In the traditional sense, supplements are mostly pure literary supplements. In recent years, in order to meet the increasing multicultural needs of readers and expand their communication power and influence, after a relatively large reform and adjustment-from literature to art to cultural field, the content of supplements has become wider and wider, and the forms have become more flexible and diverse. As far as People’s Daily is concerned, in addition to literary supplements, there are also supplements such as art, collection, reading and in-depth research, which further enhances its news, richness and readability. This is the adjustment and response made by newspaper supplements in the face of the rapid development situation, which reflects the trend of newspapers from focusing on the advantages of hard news to focusing on the advantages of soft news at the same time.

　　Of course, this adjustment also means that the newspaper has changed from focusing on the quality characteristics of the supplement to focusing on the combination characteristics of the new and the new. The so-called combination of literature and innovation is to embody both the characteristics of newsprint and the characteristics of "culture" On the one hand, close to reality, close to life, close to the masses, pay attention to major news events, major theme propaganda and social hotspots, and highlight the theme of the times; On the other hand, the theme that readers care about is expressed in the form of literature and art, which conforms to the characteristics of the supplement, so that readers can gain a deep understanding from the corresponding literary works, that is, follow the news and jump out of the news.

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　　Closely obeying the overall situation of national construction, cooperating with major theme propaganda, paying attention to social hotspots and focal points, complementing the content and form with newspaper news through literary and artistic works with individuality, and taking into account the realistic concern and literary characteristics, have become the remarkable characteristics of newspaper supplements, and are also the new reading growth points of newspapers in recent years.

　　Adhere to character, lead value, and reflect spiritual height.

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　　At present, it is also an era of rapid development. The material temptations are increasing, and people’s hearts are easy to float. Coupled with the popularity of fast food culture, the fragmented dissemination of information and the uproar in the network public opinion space, it is of great significance to build a spiritual home and stick to the supplement. A writer said that when society is confused, supplements should stay awake; When society is too utilitarian, supplements should give more dreams to life. This dream is ideal belief. Supplements can’t cater to and flatter the vulgar, especially in the historical process of building a socialist cultural power and realizing the great Chinese dream of the Chinese nation. Supplements must be responsible, responsible and conscientious, and show social integrity and transmit positive energy with works that combine ideological and literary features. The sincere and artistic expression and lofty spirit of the supplement have far-reaching significance.

　　Give full play to your advantages, feel confident, and constantly bravely surpass them.

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　　Only by recognizing the advantages can we have full consciousness and self-confidence. Mr. Fei Xiaotong pointed out that cultural consciousness means that people living in a certain cultural and historical circle have self-knowledge of their culture and have a full understanding of its development process and future. In this sense, cultural consciousness is actually the awakening, mission and responsibility of culture, and cultural self-confidence is the inheritance, development and transcendence of culture. As far as newspaper supplements are concerned, cultural consciousness lies in providing a broad stage for people to publish excellent works and offering elegant and beautiful spiritual food for readers; Cultural self-confidence lies in inheriting excellent quality and rejuvenating creativity. Supplement is an important part of China’s cultural construction, and it should be the defender, creator and disseminator of advanced culture. Cultural self-confidence will bring more development opportunities for supplements with unique advantages. While many newspaper supplements are shrinking, there are still many newspaper supplements that have remained unchanged for more than half a century, and they are constantly developing and exploring from subject matter to genre, from planning to column, from works to authors. This growing confidence comes from the recognition and inheritance of excellent cultural connotations on the basis of cultural consciousness, and it is a brave transcendence of the inherent way on the basis of cultural consciousness.

　　Innovate ideas, broaden horizons and leverage new media.

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　　Innovation must also learn to borrow from new media. At present, new media are constantly joining the news communication camp, from portals to search engines, taking advantage of the news productivity of traditional media. Supplement innovation should also learn to enhance its competitiveness with the help of the network: it can join hands with the network to promote the second and multiple dissemination of excellent works of supplements on the Internet, effectively expanding the readership and authors; The network’s attention to cultural hotspots and literary thoughts can be introduced into the innovation process of supplements, and readers’ needs can be understood through interaction with readers; Pay attention to the excellent works and authors on the internet, carefully screen, process and verify, turn network resources into supplement resources, and cultivate a group of young audiences for newspapers. At present, we are not very familiar with the characteristics, discourse system and language style of network communication, and the law of network communication needs to be further understood, but we must learn to borrow from the network as soon as possible.

　　Recognizing the advantages, defining the responsibilities and facing up to the shortcomings will help the supplement to find a correct position in the multi-culture and make a response. In today’s homogeneous newspaper news, supplement is an important embodiment of heterogeneity. When the advantage of news is weakened, news changes from fresh to fragile, but supplements may become durable goods and collectibles because of the ideological depth and cultural height of their words. At a time when the weather is myriad, the flowers are dazzling, and the new media seems to occupy many advantages, the supplement is firm, solid, rich, vivid, exquisite and elegant, which will provide people with more opportunities to nourish their body and mind and calmly think, and provide a pure land for one side to put their hearts. Supplement will be promising in the new century of cultural prosperity and development.　

　　People’s Daily (24th edition, November 29th, 2013)

BYD’s situation in 2024, I don’t think I need to introduce it to you too much. It was far ahead of other domestic car companies throughout the year and successfully ranked among the top five in the world. 2024 is so successful, what is BYD going to do in the next 2025, and what new cars will it launch? Today, Xiaobian takes you to know in advance.

summer

Features: more people-friendly and mature

The first one is BYD Summer, which will go on sale on January 8th. This car can be regarded as a more people-friendly D9.

In the design part, on the basis of "Dragon Beauty", it adds a lot of luxurious and practical elements, such as a large-area "Long Lin Armor" net, a domineering body with a length and width of 5145x1970x1805mm (wheelbase of 3045mm), a warm home interior layout, independent two-row seats and three-row seats that can be folded and leveled electrically.

In the power part, the new car is equipped with a 5th-generation DM-i plug-in system consisting of a 1.5T engine (110kW) and a drive motor (200kW), with a maximum battery life of 145km. In addition, the new car will also come standard with the "Eye of God" advanced intelligent driving assistance system. As far as strength is concerned, BYD can play well in summer. If the price (pre-sale price of 300,000 yuan) can be a big surprise when it goes public, it should be no problem to sell it.

Sea lion 07DM-i&DM-p

Features: new model, first equipped with new DM-P.

Although the name of Sea Lion 07DM-i&DM-p is similar to that of Sea Lion 07 EV, they are actually not a mixed version, but a version of BYD Tang’s Ocean Net. Of course, they can also be said to be the new frigate 07.

Sea lion 07

Frigate 07

In the front part, the new car uses the latest design of ocean series models, with rounded headlights and closed air intake grille, and the inductance is sufficient. The side shape of the car body is the same as that of the current frigate 07, equipped with a hidden door handle, except that the front fender is equipped with a side rear camera and the length of the car is increased by 60mm (the width, height and wheelbase are the same as those of the frigate 07); The tail adopts a new style of rear spoiler and rear surround design, and the taillight is also a new style.

In terms of power, the DM-i version is the same as the new Tang DM-i, using the latest 5-generation DM technology, but the DM-p version is one step ahead of BYD Tang, with the latest 1.5T engine and 200kW and 150kW motors.

It is worth mentioning that Sea Lion 07DM-i&DM-p also declared the version with unmanned engine room, and provided the watchtower lidar (optional), which means that this car is complete by land, sea and air.

It is worth mentioning that another car in BYD’s "warship" series is also going to be renamed like frigate 07, but it is merged into the family and becomes. In addition to the name change, the new car has also changed its design, using the 5 th generation DM technology, and it should be listed together with the new Qin PLUS.

Sea lion 06EV

Features: Song PLUS EV of Ocean Network?

It is a new BYD car with spy photos recently. According to the planning and naming rules of BYD’s new car, the new car is probably called Haishi 06 EV, which is the "Song PLUS EV" of Ocean Net.

Sea lion 06 EV

From the spy photos, the new car will adopt a "U" headlight design similar to the Sea Lion 07 EV, the body will be equipped with a semi-hidden door handle design, and the tail will be in line with the Sea Lion 05 DM-i with a penetrating taillight design.

In the interior part, the new car continues the family-style design style of BYD Ocean Network, and is equipped with a four-spoke steering wheel, an LCD instrument and a suspended central control panel. The central island platform adopts layered design, and the electronic gear handle is a common pick shape of the ocean network. As for power, size, etc., there is no information disclosure at present.

Compared with Song PLUS DM-i, the presence of Song PLUS EV is obviously lower, but its sales volume is also more than 10,000 units, so can it be copied successfully when it comes to Sea Lion 06EV?

Sea lion 05EV

Characteristics, marine network

Looking at the name here, do you think it is the pure electric version of Sea Lion 05DM-i? It would be a big mistake to think so. From the specific information, this car is more like the "Yuan PLUS" of the ocean network.

Sea lion 05EV

Yuan PLUS

In terms of appearance, the front face of the new car adopts a closed design, and the rounded headlights on the upper part are connected through the light strips. After matching with the vents on both sides, it looks quite fashionable. As for the side and tail of the car, it is simple, with semi-hidden door handles, wide wheel eyebrows, penetrating taillights and other elements.

It is worth mentioning that although the measurements (length, width and height) of the new car can’t catch up with Shanghai Lion 05DM-i, it is obviously superior to Yuan PLUS. In addition, it also provides more options for the power part (150kW for all the yuanplus motors), with 140kW and 160kW.

Tang l

Features: BYD Tang Chao evolution, or competition.

Although Tang L is still in the stage of spy photos, it should be impossible to go public in 2025.

Judging from the latest spy photos, the new car will probably use a more inductive Longyan design like Tang EV, but the bumper will adopt a layered design with more elements. It is worth mentioning that the new car also exposed the lidar and unmanned cabin, and the level of intelligent driving and playability should be greatly improved.

The side and tail of the car are relatively straight and wide, and the length of the car is expected to be 5 meters+level. The interior, on the other hand, is a conventional suspended layout, but the gear shift has become a design with arms. As for the power and chassis, there is not much information at present, but the E platform 3.0, the 5th generation DM, the former McPherson+the rear five-link suspension combination, and Yunqi -C should not be absent from it.

With such sufficient materials, it’s a pity that the new Tang DM-i’s "minor changes" can be made up in Tang L.

Han l

Features: BYD is completely Chinese, competing with SU7,

Although it is also a spy stage, it should be officially listed in 2025 like Tang L. Considering that the rejuvenation speed of Han is generally faster than that of Tang, Han L will be listed earlier.

Judging from the spy photos exposed, Han L is not only an enlarged version of Han, but also uses hidden door handles, large-size double five-spoke rims, ecstasy-raising waistlines, full and round body (similar), slender "Chinese knot" taillights, and sports encirclement, etc., which is more advanced.

The interior part is the family’s suspended layout, which is not amazing, but the chassis is said to use the combination of front and rear double wishbone suspension and rear five-bar suspension, and may be equipped with car refrigerator, laser radar, DiPilot 300 "Eye of God" high-order intelligent driving system and other configurations. The power, e-platform 3.0, fifth-generation DM, etc., should not be absent, and may be strengthened.

With such product strength, do you think it can be rigid and Tesla Model 3?

Han l interior spy photos

Hanneishi

Equation Leopard Titanium 3

Features: pure electric "big toy"

Different from the hard-core off-road route introduced by Equation Leopard, the new off-road route is more about pure electric home.

Pure electricity should not need to be expanded too much, just look at its dual motors (front motor 110kW, rear motor 200kW) and four-wheel drive power (000 4.9 seconds). For home use, it is more because it uses a car body than a car body with a girder. And in terms of space construction, it is also built in a big place, so that titanium 3 has a wheelbase of 2745mm (positioning medium-sized SUV) on the basis of 4605/1900/1720mm length/width/height.

As for off-road, it is mainly reflected in its very tough design. The thick bumper, compact body, external wheel eyebrows, external spare tire, etc. all make it look very simple and fighting. It is worth mentioning that the top model of titanium 3 will also be equipped with drones, providing unique aerial photography and entertainment functions, which can make the car more interesting.

Personalized pure electric square boxes are really hot recently, such as Chery’s iCAR series and the arrival of Equation Leopard Titanium 3. Is it possible to further detonate this market? It is worth looking forward to.

Tengshi N9

Features: Easy Tripartite Blessing, Shenzhen Bay

Recently, there is a stepping stone called Range Rover, and the new full-size SUV basically has to step on it! And, it is the car that is ready to do it. Its key words are easy tripartite, full-size, and the flagship of Tengshi.

Don’t think that if you use Easy Tripartite, Tengshi N9 will be very ordinary if you reuse it. Compared with Z9, if you put it in the full-size SUV market, this system can still kill most of your peers. Thousands of horsepower, compass turning around, intelligent crab walking, etc., it can be easily completed, and the overall flexibility is not inferior to that of a compact SUV.

Inside the car, it’s Tengshi’s family-style design, with low-cost materials, a sense of ceremony and high-class, refrigerators, color TVs, big sofas, etc., all of which are fully equipped, and the sense of luxury is directly full. As for the intelligent driving, it is also the same model as Tengshi Z9, with the eye of the god with laser radar.

At present, most of the self-selling 500,000-class SUVs are doing quite well. For example, now that they are coming to the N9 with more "independent" technology, the opportunity should not be small.

Look up at U7

Features: the first ride is Yunqi -Z, and the price is one million.

Equation Leopard and Tengshi brands are all new. How can we expect fewer brands? So the D-class executive car -U7 is coming.

Design this piece, different people have different opinions, but in technology this piece, it is completely far ahead. The new car not only has the unique secret of looking up-Easy Sifang (1,300 horsepower, 2.9 seconds of zero acceleration), but also is equipped with the latest Yunqi -Z developed by BYD. This system not only helps the car to realize full digital adjustment of body posture in three directions and six degrees of freedom, but also can recover energy at work and supply power for the car.

As for the size and luxury, it is completely in line with the D-class luxury car, with a length/width/height of 5265/1998/1517mm and a wheelbase of 3160mm (pure electric version); BYD’s top high-level intelligent driving; Luxurious configuration, materials, very willing to spend money.

The car is a good car, but at present, the million-class luxury car market is very lively, and there are still new cars. Can you get a piece of U7?

Write it at the end

In addition to these brand-new models, other cars sold by BYD will also be listed in 2025, such as new models and new Qin PLUS, which have all been declared.

There are many new cars, and the models are changed quickly. To what extent will BYD’s sales be hit by this wave of cars? From more than 4 million in 2024 to more than 5 million? If the hurricane continues, will Toyota, the world’s number one, be pulled down by it? It is worth looking forward to.

(This article is only the author’s personal opinion and does not represent the position of Heche Society.)

　　On November 9th, official website, the Development and Reform Commission of Xi ‘an, issued the Measures for the Administration of Property Service Charges in Xi ‘an and the government-guided price standard for property service charges. The new measures for the administration of property services will be implemented on January 1st, 2021, and Xi ‘an will formally enter the era of one-fee system for property charges. Elevator fees and pooled electricity fees will be merged into property fees, and parking service fees will be lowered.

　　Property service charges are charged according to the property service level and according to the high-rise and multi-storey buildings. The property service level standard is based on the Guiding Standard for Property Service of Ordinary Residential Areas in Xi ‘an issued by Xi ‘an Housing and Construction Bureau, and is formulated according to the principle of quality and price. If the property service fails to meet the third-class service standard, it will be charged according to the foreign standard. High-rise refers to the residence with elevator for more than seven floors (including seven floors), and the reference multi-storey charging standard for seven floors without elevator; Multi-storey refers to the residential buildings below six floors (including six floors) without elevators, and refer to the high-rise charging standard with elevators below six floors. The high-rise first-class property fee is 2.2 yuan/m2/month, and the multi-storey first-class property fee is 0.85 yuan/m2/month. Compared with the current basic property fee, shared electricity fee and elevator fee, according to the average calculation (shared electricity fee is 0.18 yuan/m2, elevator fee is 0.32 yuan/m2), the average increase of high-rise residential property fee is 7.2%, and the average increase of multi-storey residential property fee is 18.5.

　　According to the type of parking lot, the service fee for motor vehicle parking in the property management area is charged on a monthly basis, including indoor 80 yuan/parking space month, indoor 60 yuan/parking space month and outdoor 60 yuan/parking space month. Pay-per-view, day and night, continuous parking every 4 hours, indoor 2.5 yuan/parking space, 2 yuan/parking space, and outdoor 2 yuan/parking space.

　　The new measures are applicable to new towns, forest of steles, Lianhu Lake, Yanta, Weiyang, Baqiao District, high-tech, economic development, Qujiang, Chanba, international port area, space base and other residential areas within urban built-up areas. The property service fees and parking service fees of residential quarters (multi-storey, high-rise), affordable housing, housing reform housing and old houses without owners’ meeting shall be subject to government guidance prices. Property service fees, parking service fees and other service fees (special services, value-added services, etc.) that have been set up by the owners’ meeting, as well as residential and non-residential types in villas, apartments, commercial and residential buildings, etc., are subject to market adjustment prices.

　　The new measures will be implemented on January 1, 2021, with a validity period of 5 years. Before the property service enterprises implement the new property service charging standards, they should perform the price adjustment procedures according to the regulations, and the price adjustment procedures will still be implemented according to the original contract before they are completed. In addition, the "Guiding Standards for Property Services in Ordinary Residential Areas in Xi ‘an" is being stepped up and will be implemented simultaneously next year.

　　Huashang Daily reporter Li Wei

Source: Huashang. com-Huashang Daily

Related hot word search:

　　Focus on the report of the two high schools

　　What is different this year?

　　Open the two reports, prevent epidemic according to law, eliminate evil and infringe on minors … … These cases, which are highly concerned by the society and hated by the people, have become the concern of the ink.

　　A case is worth a thousand words. You are concerned about the case, how to handle it, and what is the expected goal of the next judicial step. Let’s look for different "laws" from the two high reports this year.

　　(a) epidemic prevention according to law

　　With the outbreak of epidemic in COVID-19 and the shortage of epidemic prevention and control materials, some people have "crooked brains" about masks and want to "make a fortune".

　　During the epidemic prevention and control period, Zheng Moumou in Beijing, knowing that the masks he bought were "three noes" products, still "instructed" many stores of the company to sell them to the outside world. The judiciary decisively showed a "red light" to his behavior. On March 26th, the court sentenced the defendant Zheng to two years’ imprisonment for selling goods with counterfeit registered trademarks.

　　Against the stumbling block on the epidemic road, we will never be soft. According to the report of the two high schools, 2736 cases involving epidemic diseases were concluded; From February to April this year, a total of 3,751 people were arrested and 2,521 people were prosecuted.

　　Anti-epidemic, but also in accordance with the law and regulations. The more the epidemic prevention and control is the most strenuous, the more we must adhere to prevention and control according to law.

　　During the review of the epidemic, in view of many social problems in the process of epidemic prevention and control, the relevant departments issued a number of judicial documents to punish crimes that hindered epidemic prevention and control, resolve contradictions and disputes arising from the epidemic, and ensure the orderly progress of epidemic prevention and control.

　　Li Yalan, deputy to the National People’s Congress and president of Heilongjiang Lawyers Association, said that the more special the situation is, the more we should adhere to the rule of law, fully promote the win-win situation of epidemic prevention and control and economic development, and ensure people’s life safety and health.

　　(2) eliminate evils

　　On January 20, 2020, following the execution order issued by the Supreme People’s Court, the Intermediate People’s Court of Huaihua City, Hunan Province executed Du Shaoping, a murderer in the case of burying a corpse in a playground.

　　At this point, the ghosts buried deep in the playground 17 years ago can rest in peace and the culprit can be brought to justice.

　　Sweeping out evils means sweeping away evil forces, purifying political ecology, winning the hearts and minds of the party and consolidating the ruling foundation.

　　Public security officers in Yongtai County, Fuzhou City, Fujian Province introduced the achievements of the special struggle to the masses in the publicity activities of the special struggle against evil. (Photo by Xinhua News Agency reporter Zhang Guojun)

　　In addition to major cases, the "food tyrants", "road tyrants" and "sand tyrants" entrenched around the masses control the price of vegetables, transportation and engineering costs, and the food, clothing, housing and transportation of the people are affected.

　　Severely punish according to law, strengthen the crackdown, dig deep behind the scenes, and comprehensively rectify — — The judiciary continues to exert its strength on the 16-character.

　　Combined with the voice of the masses, with the anti-corruption struggle, and with the grassroots "flying", a people’s war was launched with a thunderous momentum.

　　Judging from the reports of the two high schools, great achievements have been made in the past year: the procuratorial organs prosecuted 30,547 people involved in black crimes and 67,689 people involved in evil crimes. Digging deep into the roots according to law and prosecuting 1385 "protective umbrellas". Courts across the country have concluded 12,639 criminal cases involving black and evil, involving 83,912 people.

　　Control the right to bend the law and cut off the black hand of rent-seeking Public officials involved in Sun Xiaoguo’s case and Du Shaoping’s case of burying a corpse in the playground were all sentenced to fixed-term imprisonment. We have reason to believe in the firm determination of the judiciary to resolutely eliminate the "protective umbrella" and "network" of evil forces.

　　Liu Hongyu, a member of Chinese People’s Political Consultative Conference and the founding partner of Beijing Jincheng Tongda Law Firm, said that the special struggle against evil has had a great deterrent effect on evil forces. Sun Xiaoguo’s case and Du Shaoping’s case of burying a corpse in the playground, which are major cases of widespread concern in society, were concluded according to law, demonstrating the power of the rule of law and justice.

　　(3) "Beating tigers" and "swatting flies"

　　Corruption is a social cancer, from the huge corruption of hundreds of millions of yuan to the "fly greed" that reaches out to help the poor, which erodes the healthy body of the party and affects the relationship between the party and the masses.

　　In 2019, the judicial organs continued to maintain a high-pressure situation in punishing corruption crimes, and tried a number of major duty crimes such as Wang Sanyun and Nur Bai Keli according to law.

　　It is the inevitable destination of corruption that corrupt elements go to the dock and accept severe punishment by law.

Public officials visited the exhibition hall of "Dian Jian Xing Lian" in Changshan Qingfeng Hall, Ningbo, Zhejiang Province. (Photo by Xinhua News Agency reporter Huang Zongzhi)

　　The poverty alleviation funds that should have been obtained were intercepted and misappropriated, and the fields such as education and medical insurance were taken for granted and exploited. These cases of "micro-corruption" that happened around the masses were deeply hated by the people.

　　Fight! Punish it severely according to law, and never let the party’s policy of benefiting the people become the "Tang monk meat" in the eyes of individuals.

　　The figures in the reports of the two high schools make people applaud: last year, courts at all levels concluded 25,000 cases of corruption, bribery and dereliction of duty with 29,000 people. Procuratorial organs accepted 24,234 job-related crimes transferred by supervisory committees at all levels, up 50.6% year-on-year. 18,585 people have been prosecuted, up 89.6% year-on-year.

　　"Over the past year, anti-corruption efforts have been continuously strengthened, and the power to deter corrupt elements has also increased." Cong Bin, deputy to the National People’s Congress and vice chairman of the Constitution and Law Committee of the National People’s Congress, said that strictly administering the party in an all-round way has provided a strong guarantee for winning the battle to build a well-off society in an all-round way and fight poverty.

　　(4) Crimes against minors

　　A few days ago, Weibo, who has a record of sexual assault, was ranked first in the hot search, with 690 million readings and 1.33 million likes in half a day.

　　Liu Xiya, deputy to the National People’s Congress and principal of Xiejiawan Primary School in Chongqing, said that this fully shows that the healthy growth of minors affects the hearts of the whole society.

　　The "dam" to protect minors from crime and infringement and protect their healthy growth is being built. Some local procuratorial organs have made active explorations, and jointly established a system of inquiring about relevant illegal records before faculty members enter the job with the Ministry of Public Security and the Ministry of Education.

　　"Establish ‘ for minors in school through institutional means; Seat belts ’ Very necessary. " Liu Xiya said.

　　Severely punish crimes against minors according to law; Arrest and prosecute strictly and quickly according to law.

　　Two high report the ink is quite heavy:

　　— — Anyone who lures or forces minors to participate in organized crime will be strictly prosecuted and given heavier sentencing suggestions.

　　— — A number of criminals who sexually assaulted children, such as Zhao Zhiyong and He Long, were resolutely sentenced to death according to law.

　　Zhen Zhen, a member of the Standing Committee of Chinese People’s Political Consultative Conference, said that it is necessary to intensify the crackdown on crimes against minors, punish such crimes with just judgments and fair justice, and effectively safeguard the legitimate rights and interests of minors.

　　(5) Solve the difficulties in implementation.

　　Execution is a key link in the judicial field and an old topic.

　　The court’s decision came down, but it was too late to get the money it deserved. The closure of the case is gone, which is a thorn buried deep in the hearts of ordinary people. Ironically, those who owe money are more justified than those who borrow money.

　　Among the reports of the two high schools, two sets of data about cracking the implementation difficulties are gratifying:

　　According to the Supreme People’s Court’s work report, in 2019, courts across the country accepted 10.414 million enforcement cases, and executed 9.547 million cases, with the amount of enforcement reaching 1.7 trillion yuan, up by 17.4%, 22.4% and 10.8% respectively.

　　According to the Supreme People’s Procuratorate’s work report, 23,437 procuratorial suggestions were put forward for illegal activities in execution, and 2,318 people were arrested for refusing to execute judgments and rulings, down by 1.6% and 2.4% respectively.

　　The rise and fall of data reflects the increasing awareness of the rule of law in the whole society, which shows that the judicial organs insist on taking the voice of the people as the first signal and constantly solve the difficult and painful problems that the masses pay attention to.

　　At present, the goal of "basically solving the implementation difficulties" has been achieved as scheduled, but the examination questions are not over. In order to achieve the higher goal of "effectively solving the implementation difficulties" put forward by the Fourth Plenary Session of the Eighteenth Central Committee, the people’s courts should make unremitting efforts and make contributions for a long time.

　　"Joint punishment hit ‘ Lao Lai ’ The pain point is that we should continue to improve the construction of the social credit system and guide everyone to respect the effective judgment as much as respecting the law. " Han Deyun, a deputy to the National People’s Congress and a lawyer of Chongqing Suotong Law Firm, said that some very successful and meaningful explorations in the implementation difficulties should form a normalized system, keep the implementation work running at a high level, and constantly consolidate the achievements of "basically solving the implementation difficulties".

Tianyancha App shows that on April 27, 2025, the announcement of the procurement results of security services of GAC Hino Automobile Co., Ltd. was released. This procurement was organized by Guangzhou Zhicheng Property Service Co., Ltd., and Zhenyuan Tewei Security Group Co., Ltd. Guangzhou Branch, Guangdong Xinnuoan Security Service Co., Ltd. Guangzhou Branch and Guangdong Dedun Security Service Co., Ltd. were invited to participate in the bidding. In the end, Guangdong Dedun Security Service Co., Ltd. successfully won the bid, and the transaction amount was 979,440.00 yuan. The project is located in Guangdong Province, and the procurement content is security services.

Disclaimer: The content of this article is automatically generated by an open intelligent model for reference only.

Starting from the beginning of school this autumn, the textbooks compiled by the Ministry of Education will be used uniformly in the three subjects of Chinese, history, morality and rule of law in primary and secondary schools in the national compulsory education stage. Among the three subjects, compiling Chinese textbooks is the most concerned by the society. Here, we invite experts who participate in the compilation of teaching materials to interpret the changes for teachers, students and parents.

Change 1

Learn to read first and then learn pinyin.

When I open the Chinese textbook for the first grade of primary school, I first see the column "I went to school". After "I went to school", I arranged a literacy unit first, and then pinyin teaching. This is an important change in the compilation of Chinese textbooks, that is, the arrangement order is to learn pinyin first.

For so many years, I have been learning pinyin first and then Chinese characters. Why should we change the convention in compiling Chinese textbooks? Chen Xianyun, executive editor-in-chief of the Chinese textbook for primary schools, researcher of the Institute of Curriculum Textbooks and chairman of the Chinese Teaching Committee for Primary Schools of China Education Association, explained that the purpose of Chinese learning is to learn languages and Chinese characters, not pinyin. This change clearly defines the relationship between pinyin and literacy, that is, literacy is the purpose and pinyin is the means.

From years of practical experience, there are some problems in the teaching of primary school students learning pinyin first and then learning Chinese characters. For example, primary school students have little literacy. After learning Pinyin, they can read articles with the help of Pinyin. However, many students are lazy, and even if they can recognize many words, they are not willing to consolidate their memory, but read the pronunciation with the help of pinyin.

In fact, the language environment in our country has already changed, and literacy resources are everywhere in our life. For example, parents can teach their children to read whenever and wherever they visit the park, take the elevator or take the train. It can be said that school-age children are more familiar with Chinese characters than pinyin, and many children are already learning and using Chinese before entering school.

The survey shows that 90% school-age children know "heaven" and "man" before entering school, while 80% school-age children know "earth". Therefore, in the "literacy" unit, the first lesson presented to freshmen is to learn to recognize the words "heaven, earth, people, you, me and him" "Starting with what they are familiar with can improve their psychological acceptance, ease the pressure of learning Chinese, reduce the difficulty of learning and reduce their fear of difficulties." Chen Xianyun said.

Of course, the function of Pinyin cannot be ignored. Students in the lower grades have a small amount of literacy, so they can read long articles with the help of Pinyin, especially in some dialect areas, and Pinyin is particularly important for learning Putonghua. In addition, students come from different families. Although they know some Chinese characters before entering school, they don’t necessarily understand the meaning of the words. They need to look up the words in the dictionary with the help of Pinyin, and they can’t throw away this crutch until they gain a certain language ability. Therefore, the role of Pinyin is very important and should be studied.

Change 2

A large number of ancient poetry articles have been added

The Chinese textbook for compulsory primary schools is an important carrier for inheriting the excellent traditional culture of the Chinese nation. According to the requirements of the Chinese Curriculum Standard for Compulsory Education (2011 Edition) and the spirit of the Ministry of Education’s "Guiding Outline for Perfecting Chinese Excellent Traditional Culture Education", the unified compilation of Chinese textbooks for primary schools has made some efforts and attempts in promoting excellent traditional culture.

A total of 129 ancient poems were compiled in the Chinese textbook compiled by primary schools, accounting for about 30% of the total number of articles. Among them, there are 112 ancient poems, 14 classical Chinese and 3 classical masterpieces. In addition to ancient poems, ancient fables, myths and legends, and historical stories, we also select the contents that are in line with the characteristics of today’s times and have positive significance from traditional enlightenment reading materials such as San Zi Jing, Hundred Family Names, Qian Zi Wen and Di Zi Gui. There are 132 ancient poems in junior high school, which is slightly more than before. From The Book of Songs to poems in Qing Dynasty, from essays of various schools, historical essays, ancient prose in Tang and Song Dynasties to essays in Ming and Qing Dynasties, they are all presented.

Some of the ancient poems in primary schools are required to be recited by the curriculum standards, and some are already known by children when they read the vernacular. For example, since the third grade, textbooks have been compiled in classical Chinese every semester, such as Sima Guang, Waiting for the Rabbit, and Contradictions. Students are already familiar with the vernacular of these texts, so they will not have much difficulty in understanding them. Moreover, the length of the selected classical Chinese is short and the text is concise. Sometimes there are only three or five sentences in a text, so primary school students will not feel hard to learn.

Different from the past, the compilation of Chinese textbooks in primary schools has greatly strengthened the accumulation of ancient poetry. It is understood that in addition to the 75 ancient poems recommended in the Chinese curriculum standard, more than 540 ancient poems suitable for primary school students to read and recite are also selected in the textbook. Most of these ancient poems did not appear in the form of texts, but were added to the column of "Accumulate over a long period" after class. The teaching requirement of this column is for students to recite and accumulate, but the understanding of the meaning of the poem and the feelings expressed by the poet are not required. When students reach a certain age, they will understand their own meanings and use them freely in life and work.

The study arrangement of classical Chinese has also been adjusted. Take the Chinese textbook for primary schools published by People’s Education Press as an example. In the past, classical Chinese was compiled from the second volume of the fifth grade of primary schools, while the unified textbook advanced the teaching of classical Chinese to the third grade of primary schools. With the increase of grade, the difficulty and quantity gradually increase.

In addition, many idioms, famous sayings and epigrams, couplets, riddles, proverbs, two-part allegorical sayings, ignorant reading materials, cultural common sense and other contents have been added to the Chinese textbook compiled by primary schools, in order to help students lay a good foundation for traditional culture by accumulating a certain amount of traditional culture. The comprehensive learning in junior high school has designed a series of special activities around traditional cultural keywords such as "friends", "faithfulness" and "harmony".

At 8: 00 am Beijing time on October 31, the second press conference in autumn was held as scheduled. In just 30 minutes, Apple released the latest products of the Mac series, including the MacBook Pro with M3 series chips and the 24-inch iMac.

Compared with the amazing experience when using M-series ARM architecture chips for the first time, today’s M3 chip MacBook is more like a routine update. Although everyone knows that the new product performs better in terms of computing power and energy consumption, it seems that there is no particularly eye-catching selling point that can make people feel the urge to buy immediately.

As predicted by the outside world, the update of Mac is more boring than that of iPhone 15, mainly due to the improvement of some performance indicators.

First of all, Apple released three M3 series chips, namely M3, M3 Pro and M3 Max, all of which adopt a 3-nanometer process and support a brand-new GPU architecture, grid shading, ray tracing and dynamic caching. According to Apple’s official test, its rendering speed can reach 2.5 times as fast as M1 series chips.

Among them, M3 chip is equipped with 8-core CPU, including 4 performance cores, 4 energy efficiency cores and 10-core GPU；. M3 Pro is equipped with 12-core CPU, including 6 performance cores, 6 energy efficiency cores and 18-core GPU；. M3 Max is equipped with 16-core CPU, including 12 performance cores, 4 energy efficiency cores and 40-core GPU.

According to Apple, M3′ s CPU high-performance core and energy-efficient core are 30% and 50% faster than those in M1, and the neural network engine is 60% faster than those on M1 series chips.

When the power consumption is halved, it can provide multithreading performance equivalent to M1, and it can achieve 35% performance improvement at peak power consumption. However, M3′ s GPU can achieve the same performance as M1 when the power consumption is halved, and the performance can be improved by 65% at peak power consumption.

In addition, the memory capacity supported by M3 chip can reach up to 128GB, and Apple said that AI developers can now run a larger Transformer model with billions of parameters. The enhanced neural network engine introduced can be used to accelerate the machine learning model.

Compared with M1 series chips, the new neural network engine can increase the speed by up to 60%, and the "scene editing detection" function in Adobe Premiere and the "smart matching" function in Final Cut Pro can be accelerated. In addition, M3 series chips also support the new version of the media processing engine, adding support for AV1 decoding, which can improve the energy efficiency and quality of this format video in play online.

On the product level, compared with the MacBook equipped with M1 and M2 series chips, the new MacBook did not change the mold, but only replaced the latest M3 chip and added a brand-new deep space black color scheme. Still equipped with Liquid retina XDR display, built-in 1080p camera and six-speaker audio system, the battery life can be up to 22 hours.

In terms of selling price, the starting price of the 14-inch MacBook has dropped from the original $1,699 to $1,599, and the entry product is equipped with 8GB of memory and 512GB of storage space. The starting price of the Bank of China is 12,999 yuan, and the starting price of the 16-inch MacBook Pro remains unchanged at $2,499, and the starting price of the Bank of China is 19,999 yuan.

In terms of home computers, Apple also updated the 24-inch iMac this time, all of which were replaced with M3 series chips, and no new color scheme was added. Equipped with a 24-inch 4.5K retina display, it supports more than 1 billion color displays, and integrates a camera, a speaker and a microphone. The price of the Bank of China starts at 10,999 yuan, but the basic model is only equipped with 8GB of memory and 256GB of storage space, which is a bit shabby.

There are indications that Apple’s update is more like a helpless move due to sluggish sales and competitive pressure. In the past three quarters, although Apple was still the fourth largest PC manufacturer in the world in terms of shipments, according to IDC data, its shipments decreased by 23.1% month-on-month, far greater than the 7.6% decline of the whole market.

Earlier, Guo Ming, an analyst at Tianfeng International Securities, pointed out that the demand for the new 15-inch MacBook Air released by Apple in June dropped sharply, and the shipment volume has dropped by about 20% or more this year. Since the back-to-school day, students’ demand for laptops has gradually decreased, which may be one of the reasons for the decline in sales of 15-inch MacBook Air.

On the other hand, during the Snapdragon Summit on October 25th, Qualcomm also launched a new Snapdragon X Elite for PC, which adopts the same ARM architecture as Apple’s M-series chips. Besides the traditional application track, Qualcomm also hopes to achieve "overtaking in corners" in the PC field by arranging AI in advance, which may be another reason for Apple to release a new generation of Macs.

It is understood that Snapdragon X Elite processor adopts 4nm process technology, and the CPU part is based on self-developed Oreon core, including 12 Oryon CPU cores with a main frequency of 3.8GHz, supporting dual-core turbo frequency to 4.3GHz, with a total cache of 42MB. According to the data released by Qualcomm, compared with Intel’s 12-core i7-1360P and 10-core i7-1355U processors, the CPU performance of Qualcomm Snapdragon X Elite is improved by 2 times, but the power consumption is reduced by 68%.

In terms of system optimization, Qualcomm’s ARM processor has also been helped by Microsoft. The latest Windows 11 description interface explicitly mentions the related contents of Windows based on ARM, including information on how to run Windows applications on ARM and development tools, which shows that Microsoft is promoting the compatibility of ARM processors at the system level. In addition, Qualcomm also emphasized the deployment of Snapdragon X Elite processor in AI, which was used in the chip war with Intel and Apple.

According to the latest test in geek bay, Snapdragon X Elite has been able to surpass the performance of M2 Max chip in some test items. It should be said that the power consumption performance of Snapdragon X Elite processor, Microsoft’s continuous optimization of ARM chips and the addition of AI have made Apple feel "unable to sit still".

Apple needs to recognize the fact that the entire PC industry is in a downturn compared with the glory when the M1 chip was released. Home office and online office caused by the epidemic have overdrawn most consumers’ demand for changing machines in a few years. There is no "big move" that makes people shine. No matter how brilliant Apple’s M3 chip is, I am afraid it is difficult to reverse the situation.(This article is the first titanium media App author/Wu Honglei editor/Zhong Yi)

　　Xinhua News Agency, Beijing, May 15th Title: Give a heavy blow to financial fraud and unswervingly promote capital market reform — — China and Yi Huiman, Chairman of China Securities Regulatory Commission respond to hot issues in the capital market.

　　Xinhua News Agency reporter Li Yanxia

　　Financial fraud in the capital market has been repeatedly banned. How can the hand of supervision exert its strength? What breakthroughs will be made in the reform of basic systems such as the registration system? How to give full play to the hub function of capital market? Yi Huiman, Chairman of China Securities Regulatory Commission, China, responded to these hot issues at the May 15th National Investor Protection Publicity Day in 2020.

　　Maintain "zero tolerance" for vicious illegal acts such as financial fraud.

　　Yi Huiman said that vicious violations of laws and regulations such as financial fraud, insider trading and market manipulation have occurred frequently, which not only destroyed the market ecology, but more importantly affected investors’ confidence. In this regard, we must use heavy punches and heavy codes, resolutely eliminate the black sheep and effectively protect the legitimate rights and interests of investors.

　　He said that at present, the epidemic situation has an impact on the operating performance of some listed companies. I believe that the market and investors can understand the normal performance fluctuations, but they must never tell lies, make up stories or make false accounts, and they must not take a big bath or speculate in the name of the epidemic situation.

　　"It is necessary to highlight the key points of law enforcement, concentrate superior resources to investigate and deal with major cases such as financial fraud, promote more investigations in one case, and strictly deal with relevant listed companies, intermediaries and individuals." Yi Huiman said that at the same time, it is necessary to classify policies, distinguish between substantive violations and formal flaws, and distinguish between being affected by the epidemic and taking the opportunity to falsify.

　　"By promoting the construction of an authoritative and efficient capital market law enforcement system with self-discipline management, daily supervision, inspection and punishment, criminal accountability, class action and civil compensation, the market discipline is serious, the market order is maintained, and the capital market is clear." Yi Huiman said.

　　Improve market activity and smooth the channels for medium and long-term funds to enter the market.

　　Yi Huiman said that enhancing market activity includes not only promoting more active transactions, but also attracting more investors, especially institutional investors, to improve the investor structure, and establishing an open, fair and just market order to win the trust of the market.

　　"We will base ourselves on enhancing activity, optimizing transaction supervision, enhancing transaction convenience and greatly enhancing the transparency of transaction supervision. At the same time, actively create conditions to smooth all kinds of funds, especially medium and long-term funds entering the market. " He said.

　　Yi Huiman said that it is necessary to further develop and strengthen the team of managers in Public Offering of Fund; Promote the relaxation of the proportion and scope of all kinds of medium-and long-term funds entering the market, and promote the implementation of the Public Offering of Fund policy of individual pension investment as soon as possible. Promote the activity of equity investment in wealth management products of commercial banks; We will promote the improvement of supporting policy arrangements such as taxation, performance evaluation and accounting for institutional investors, and strengthen the concept of value investment and long-term investment.

　　According to reports, since last year, by promoting the reform of Public Offering of Fund’s access system, the market vitality has greatly increased. In the first four months of this year, the amount of equity Public Offering of Fund raised was 430 billion yuan, 3.8 times that of the same period last year.

　　Unswervingly promote the reform of the capital market

　　Yi Huiman said that the more severe and complicated the situation, the more we must unswervingly deepen reform, and the direction and determination of the capital market to promote reform and open wider to the outside world will not change because of the epidemic.

　　He said that the reform of the registration system is the general outline of this round of capital market reform, and it must be carried out step by step, especially with the active participation and joint promotion of all parties in the market. "We have already piloted the incremental registration system reform in science and technology innovation board and accumulated some experience. At present, we are piloting the registration system reform of the stock market on the Growth Enterprise Market. The next step will be to steadily realize the registration system reform goal in stages in the whole market on the basis of summary and evaluation."

　　Regarding the refinancing system, he said that the next step would be to focus the refinancing audit on key issuance conditions, issue guidelines for refinancing audit in a timely manner, enhance market predictability, and promote the classified review of refinancing.

　　Yi Huiman said that through repeated research and demonstration, a phased reform plan was formed. On the one hand, we will continue to strictly regulate the reduction of controlling shareholders, actual controllers and directors; On the other hand, for venture capital funds, private enterprise bail-outs, and other appropriate openings, give policies.

　　In terms of delisting system, Yi Huiman said that since last year, a total of 18 companies have achieved a smooth exit, a record high. It is necessary to further improve the multi-delisting mechanism of marketization and rule of law, improve the delisting standards, simplify the delisting process, and resolutely delist those who touch the mandatory delisting standards.

　　Promote the function of capital market hub

　　Stability is an important prerequisite for the reform and development of capital market. Yi Huiman said that the CSRC insisted on respecting the law and trusting the market, resolutely refrained from administrative intervention, actively strengthened communication with the market, and strengthened policy coordination in all aspects, thus realizing the normal opening and normal operation of A-shares after the Spring Festival, and the market toughness was obviously enhanced. Risk prevention and disposal in key areas such as stock pledge, bond default and private equity funds have achieved remarkable results and generally converged.

　　He said that in the current situation of increasing external uncertainties and unstable factors, it is necessary to strengthen the bottom line thinking, enhance the sense of urgency, focus on the prevention of input and cross risks, improve the response plans in various scenarios, and strive to achieve a stable and healthy development of the capital market. At the same time, we will continue to do a good job in risk prevention and disposal in key areas.

　　Yi Huiman said that at present, on the one hand, we should actively respond to severe and complicated internal and external risk challenges and strive to achieve stable and healthy market development; On the other hand, we should be proactive, strengthen countercyclical adjustment and promote market function. We should continue to make efforts to support economic recovery and development, to promote the implementation of the new securities law, to comprehensively deepen the reform of the capital market, to optimize the combination of liberalization and management and to improve services.

　　It is understood that in the first four months of this year, IPO, refinancing and exchange bond market financing maintained rapid growth; The amount of M&A and restructuring transactions was 1.2 times that of the same period last year.

　　Yi Huiman said that the capital market, as a "barometer" of the national economy, should not only be a "thermometer" but also a "booster", and actively play an important role as a hub for factor resource allocation, policy transmission, risk prevention and resolution, and expected guidance, so as to inject new kinetic energy into the entity enterprises to overcome the impact of the epidemic and achieve quality improvement and efficiency improvement.

　　The picture shows that during the assembled building vocational skills competition in Anhui Province last year, the contestants held a practical competition in the assembled building industrial base in Jin Peng, Nanqiao District, Chuzhou City.

　　Photo by Ji Chengjun (People’s Vision)

　　Beijing, 8 Feb (Reporter Liao Ruiling) The Ministry of Housing and Urban-Rural Development recently issued the Construction Industry Development Plan during the 14th Five-Year Plan (hereinafter referred to as the Plan), proposing that by 2025, prefabricated buildings will account for more than 30% of new buildings; The discharge of construction waste on the construction site of new buildings will be controlled below 300 tons per 10,000 square meters, the market mechanism for the treatment and reuse of construction waste will be initially formed, and a number of green construction demonstration projects will be built.

　　In recent years, the role of the construction industry as a pillar industry of the national economy has been continuously enhanced. During the "Thirteenth Five-Year Plan" period, the reform and development of China’s construction industry achieved remarkable results. The added value of the national construction industry increased by 5.1% annually, accounting for more than 6.9% of GDP. In 2020, the total output value of the national construction industry will reach 26.39 trillion yuan, with an added value of 7.2 trillion yuan, accounting for 7.1% of the GDP, with a housing construction area of 14.947 billion square meters and 53.66 million employees in the construction industry. However, while making achievements, there are still problems of low development quality and efficiency in the construction industry, which are mainly manifested in extensive development mode, low labor productivity, high energy consumption and high emissions, and irregular market order.

　　In order to further promote the transformation and development of the construction industry, the Plan puts forward the main tasks such as accelerating the coordinated development of intelligent construction and new building industrialization, improving the operation mechanism of the construction market, improving the organization mode of engineering construction, cultivating the workers in the construction industry, improving the engineering quality and safety guarantee system, steadily improving the earthquake resistance and disaster prevention ability of the project, and accelerating the pace of "going out" of the construction industry.

　　It is mentioned that the application of prefabricated buildings should be vigorously promoted, the construction of high-quality steel structure residential buildings should be actively promoted, and public buildings such as schools and hospitals should be encouraged to give priority to the use of steel structures. Cultivate a number of prefabricated building production bases. Encourage construction companies, Internet companies and research institutes to cooperate and strengthen the integration and application of next-generation information technologies such as the Internet of Things, big data, cloud computing, artificial intelligence and blockchain in the construction field.

　　According to the Plan, by 2025, a high-quality development system framework for the construction industry will be initially formed. The industrialization, digitalization and intelligence of buildings have been greatly improved, and the green transformation of construction methods has achieved remarkable results, accelerating the transformation of the construction industry from large to strong, providing strong support for forming a strong domestic market and building a new development pattern.