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Gu’ an this decade ｜ Decoding Gu’ an property market： 80% of buyers are from Beijing, and residential products are iteratively upgraded.

After the opening of the Double Eleven, the year 2020 is coming to an end. Huang Xiaoping has no rest and is very busy every day. Speaking of sales, he said, "It has really sold well recently." Huang Xiaoping is a salesperson of a real estate in Gu ‘an, and has sold the house in Gu ‘an for 6 years. He thought it was interesting to sell the house, and many of the customers who clinched the deal became his friends.
"Most people who come to buy a house come from Beijing, after all, it is close to Beijing. The down payment for a house in Beijing can be paid in full in Gu ‘an. " Huang Xiaoping’s remarks revealed the reasons for the strong demand in Gu ‘an real estate market in the past decade.
At the beginning of this year, affected by the epidemic, the property market temporarily stopped. However, the demand for buying a house has not decreased. Since the second half of the year, the property market in Gu ‘an has become lively again, as major properties have launched new products one after another.
House prices "turn around" and return to rationality
As the "first city in the south of Beijing", Gu ‘an’s real estate market is the epitome of the property market around Beijing. As early as 2010, new residential buildings in Gu ‘an were more than 5,000 yuan/square meter. Today’s price is around 15,000 yuan/square meter, which has tripled in 10 years.
During this period, it is worth noting that in 2017, the highest house price in Gu ‘an. Because of the continuous emergence of foreign investment demand, the volume and price of Gu ‘an real estate market have risen rapidly, becoming the most eye-catching area around Beijing after the "three northern counties". In 2017, the house price in Gu ‘an reached about 20,000 yuan/square meter.
Feng Kun is a native of Gu ‘an, born and raised in Gu ‘an. He said that the price was really high at that time, and not many locals could afford it.
Under the pressure of rising house prices, in March 2017, Langfang City introduced a loan restriction policy, requiring non-local household registration to limit purchases, with a down payment ratio of not less than 50%; Local household registration is limited to two sets, and the first down payment ratio is not less than 30%. In June of the same year, Gu ‘an’s purchase restriction was upgraded again. The most stringent one was that non-registered residents in this city had to provide local social security certificates or tax payment certificates for three years or more, and one set was restricted.
With the escalation of Gu ‘an’s purchase restriction, investment demand has been suppressed, and the volume and price of the real estate market have fallen. Since then, Beijing, including Gu ‘an, has had to face the coming of real estate winter.
In this regard, Zhang Dawei, chief analyst of Zhongyuan Real Estate, believes that the Beijing-Tianjin-Hebei metropolitan area headed by Beijing has the strongest regulatory policy in China. As an area around Beijing, Gu ‘an’s housing price has dropped from more than 20,000 in the past to about 14,000 now, and the housing price has basically eliminated the bubble.
Relaxation of settlement conditions helps the market recover smoothly
Looking back at the trend of the real estate market in Gu ‘an, Kerry analysts believe that the real estate market in Gu ‘an developed rapidly from 2003 to 2009, from the first half of 2017 to the peak period, to the cliff-like decline in the second half of 2017, and then to the market recovery in 2019, the real estate market gradually returned to rationality. In 2020, affected by the epidemic, the property market almost stopped in the first quarter. However, driven by Gu ‘an’s policy of letting talents settle down, the market has gradually recovered.
Gu’ an talent policy began in December 2019, when Gu’ an issued the "Implementation Measures for Further Simplifying the Settlement Procedures for College Graduates (Trial)", and the settlement conditions were relaxed to college and vocational college graduates. In April this year, Langfang issued "Opinions on Further Deepening the Reform of the Household Registration System (Trial)", which mentioned that Gu ‘an, as a town around the capital, has been employed for six months and has continuously paid the endowment insurance for urban workers for more than six months. People can also settle down.
At that time, Zhang Dawei predicted that the registered population of Gu ‘an County is expected to increase, the potential demand for house purchase is expected to increase, the Gu ‘an property market will benefit, and house prices are expected to be bottomed out.
Facts have also proved that the Gu ‘an property market has recovered smoothly since then. According to the statistics of Beijing Zhongyuan Market Research Department, in July this year, the average transaction price of Langfang City, Gu ‘an, Shijiazhuang, Zhangjiakou and other four areas around Beijing increased month-on-month, among which Gu ‘an’s transaction price increased the most, with an average transaction price of 12,300 yuan/square meter, up 7% month-on-month.
However, affected by the epidemic, it is also true that the number of transactions in Yanjiao, Gu ‘an, Xianghe and other regions decreased month-on-month. Among them, in July, Yanjiao experienced the largest decline, down 62% month-on-month. In contrast, there were 502 sets of transactions in Gu ‘an, and the number of transactions decreased by 37% from the previous month.
By August, with the recovery of the market, the Gu ‘an property market had a significant improvement. According to the data of World Bank, it sold 374 sets in the month, up 74% from the previous month. The average transaction price was 17,466 yuan/square meter, up 22% from the previous month. While the volume of transactions has increased significantly, the price has also increased compared with July.
Driven by factors such as Gu ‘an’s policy of letting talents settle down, the heat of Gu ‘an property market has gradually recovered. Figure /CFP
Local and Beijing customers account for "28 points"
From the perspective of buyers, the Gu ‘an property market has also changed a lot in the past decade. At the earliest, it was mainly from local customers to Beijing investment customers. Later, due to restrictions on purchases, Beijing customers began to decrease, and the proportion of local customers just needed increased. However, with the loosening of the settlement policy, the opening of Daxing new airport and the promotion of Jingxiong intercity railway, the proportion of Beijing passengers is picking up.
Compared with the past, Huang Xiaoping believes that the housing prices in Gu ‘an are relatively stable now. At least those who come to buy houses now, and those who have little investment, are mainly self-occupied. This is completely different from the situation that investors flocked to the south to buy a house before the purchase in 2017.
Huang Xiaoping said that among the buyers he contacted in Gu ‘an, most of them worked in Beijing. Because now with the development of traffic, distance is no longer a problem. In addition, the wages of the "Northern drifters" did not rise as fast as house prices, so it is not easy to take root in Beijing. In contrast, Gu ‘an is a good choice.
"There are still many people who come to Gu ‘an to buy a house because Gu ‘an has a unique geographical advantage and perfect supporting facilities. Moreover, the quality of housing here has been greatly improved compared with previous years. If some projects are placed in the Fifth Ring Road in Beijing, they are definitely luxury homes. " Huang Xiaoping said.
In recent years, many new quality discs have emerged in Gu ‘an. The picture shows Peacock City Great Lake. Image source enterprise for the picture
According to a survey conducted by Beijing Kerui, among the people who buy houses in Gu ‘an, local customers account for 20%, while Beijing customers account for 80%, among which 55% of non-Beijing customers work in Xihongmen, Xinfadi, Yuquanying and other places because they have no "room ticket" in Beijing or are squeezed by high housing prices in Beijing. They usually choose to commute between Beijing and Gu ‘an, or pick up their parents to live in Gu ‘an and go back to Gu ‘an to reunite with the elderly on weekends.
The functions of the plate are clear, and the northern new city just needs to undertake the spillover from Beijing.
In Feng Kun’s view, Gu ‘an was mainly in the south at first, and then gradually developed to the north city. At present, Gu ‘an property market has developed into a functional sector to undertake different home buyers. The characteristics and functional positioning of each plate are different, and the prices are also different.
According to the survey of Beijing Kerui, the northern new city is adjacent to Beijing Daxing and Airport Expressway, and it mainly undertakes the customers just needed by Beijing spillover because of its proximity to Beijing. As a new district in Gu ‘an County, the northern new town is currently in the stage of development and construction, and it is also in the "first echelon" of Gu ‘an residential products. The price of ordinary houses is 15,000-17,000 yuan/square meter, which is the highest in Gu ‘an. Hot spring new town attracts Beijing’s old-age holiday customers because of relying on hot spring resources. The price of ordinary houses is 9,000-13,000 yuan/square meter, and Beijing customers account for more than 80%.
Because of its close proximity to Beijing, Gu ‘an North New Town has undertaken a lot of Beijing spillover demand.
The central urban area is where the old city is located, and its living facilities are perfect. However, due to the influence of regional development planning and layout, it is mainly just-needed products. The price of ordinary houses is 14,000-15,000 yuan/square meter, and the proportion of Beijing customers is also above 70%. The purpose of home purchase is mostly just-needed.
With the gradual expansion of the property market in Gu ‘an, since Peacock City took the lead in Gu ‘an, major brand housing enterprises have successively entered, including Jiantou, Zhongnan and Shimao. In addition, in the first half of 2020, Joy City and Greenland also entered Gu ‘an for the first time.
With the promotion of major brand housing enterprises, regional human settlements products have been continuously upgraded. In particular, Peacock City, which was the first to enter Gu ‘an, has an absolute advantage in regional market share because of its deep cultivation for many years. Moreover, after 17 years of continuous exploration and innovation of regional human settlements products, Peacock City’s local human settlements quality has also been continuously upgraded with Peacock City’s projects, from a county’s human settlements level to a level comparable to that of Beijing and other first-line human settlements. This is also one of the reasons for attracting many Beijing spillover demands.
At present, there are various types of houses in Gu ‘an. Among them, the residential products of hot spring new town plate are mainly pension and holiday products. As the northern new city with strong spillover demand, it mainly promotes functional three-bedroom and improved mansion. It is worth mentioning that there is a well-known landmark project in the northern new town-Peacock City Great Lake, which is also the frontier work of human settlement in the current Gu ‘an property market. Peacock City Great Lake, based on the water mirror square in Bordeaux, France, has created a fan-shaped water system landscape. This vast lake of 130,000 square meters has become the focus of community life, creating a romantic life atmosphere together with French gardens.
If the Great Lake of Peacock City has built a new city in the north area of Gu ‘an, then the appearance of Park Yue House of Peacock City is to build an oriental house in the north for those who have Jiangnan complex, which condenses the nine famous gardens in China and builds the Master’s Garden in the original; Adopt the facade of urban modern glass fence, and adopt the first-line high-end project with the same product and standard.
Looking at the Gu ‘an property market for ten years, the change of house prices is the most obvious. However, with the purchase restriction, house prices have gradually become more rational, and the buyers have also changed from local self-occupation demand to Beijing self-occupation and leisure pension demand. Such changes in the population have also heated up the new town in the north of Gu ‘an, an emerging property market plate in recent years. Although the housing price in Gu ‘an is still in the stage of "standing still", its residential products have changed with each passing day, and the living comfort and regional value have been recognized by more and more people, and it is becoming a typical livable area around Beijing.
Beijing News reporter Yuan Xiuli
Editor Yang Juanjuan proofreads Li Xiangling.
Reporting/feedback

The overpass collapsed by a truck in Hangzhou has been moved away from the scene to resume traffic.

　　Zhongxin. com, Hangzhou, May 19 (Guo Qichen, Zhang Yuhuan) On the evening of the 18th, with a loud noise, a pedestrian overpass in Hangzhou was hit by a truck and collapsed. For a time, it was hit by the overpass and the road was "stopped". Fortunately, there were no casualties at the scene. On the 19th, Hangzhou Public Security Bureau announced that as of 6: 50 on May 19th, the scene of the accident at Qiutao intersection of Qingchun Road was cleared and traffic resumed. At present, the accident is under further investigation.

The picture shows the scene of the accident. Wang Gang

　　On the evening of 18th, Hangzhou Public Security Bureau issued a police report saying that at about 22: 26 on May 18th, when Ma Moumou (male) was driving a large truck named Anhui SB62** in Qiutao North Road in Hangzhou from south to north passing through Qingchun East Road, the southeast side of the footbridge collapsed due to the collision of vehicles with high loads. Up to now, there have been no casualties. After the accident, the public security organs and rescue forces immediately rushed to the scene for disposal. The driver of the accident has been under the control of the police.

The picture shows the staff carrying out on-site repair and cleaning. Wang Gang

The picture shows the scene of the accident. Wang Gang

　　At 23: 30 on the 18th, the reporter rushed to the scene of the incident, and the bridge body of the collapsed part of the footbridge was still pressed at the end of the red truck. According to a taxi driver who was passing by at that time, two large trucks passed by the road section at the time of the incident, and the cargo was of arched steel frame structure, and the cargo height was significantly higher than the height limit of the overpass. "The first big truck made a loud noise when it passed the overpass. I didn’t expect the second car to hit it directly. At that time, the speed was not fast."

　　Witnesses at the scene told reporters that after the front part of the big truck passed through the overpass, the super-high part of the cargo was pushed to the overpass, and the bridge collapsed and pressed the vehicle after violent vibration.

　　Witnesses recalled that two cars just passed by at that time, but fortunately, the vehicles directly passed through the gap between the bridge and the truck, causing only a slight rub.

The picture shows the scene of the accident. Wang Gang

The picture shows the scene of the accident. Wang Gang

　　Afterwards, the traffic police implemented bayonet diversion measures on the surrounding road sections. The reporter learned from the traffic police at the scene that in order to resume traffic as soon as possible, the scene is being actively repaired and several engineering repair vehicles have arrived at the scene. "But the difficulty is that there is a viaduct above the pedestrian overpass, so the crane can’t lift the collapsed overpass smoothly, and it is difficult to repair it."

　　After a night of accident treatment, the bridge was finally hit and transported away from the scene by a trailer. As of 6: 50 on the 19th, the scene of the accident was cleared and traffic resumed. (End)

The national tide is luxurious and the price is one million-level red flag sunflower Guoya writes a new chapter in luxury cars.

What kind of brand can be called a luxury brand and what kind of car can be called a luxury car?

Body size, configuration and price may all be the elements, but compared with these "hard configurations", brand connotation and culture may be the most important places to open the gap.

After all, to build a luxury brand will not happen overnight. In any market, cars are not only means of transportation, but also an important carrier of cultural heritage. Just like BBA, we can see the rigor of the German nation, Cadillac, and Lexus, we can see the ingenuity of Japan.

Then, when we return to China, which brand has luxurious connotation, can represent culture and inheritance, and can be branded with a five-star red flag in the hearts of the market and consumers?

Speaking of which, I think most people will think of a name-red flag.

In fact, since it came out in 1958, the red flag has always been a symbol of the national image and culture. It was born with a great mission. With its high-end positioning and unique design, it has become the symbol of the national leader’s special car, and it also carries the pride and dreams of countless people. Even after so many years, the red flag still represents the pride made in China and a symbol of the feelings of home and country.

At last year’s Shanghai Auto Show, Hongqi released a brand-new sub-brand, Golden Sunflower, and said that it would represent the integration of the top craftsmanship of Hongqi and the Millennium civilization of China, and the positioning of Hongqi Golden Sunflower Guoya, a luxury executive car, is the best carrier to carry this high hope.

In order to complete the mission of integrating history into design, the elegant appearance of Hongqi sunflower is fully influenced by China traditional culture. The headlights with bright front face draw lessons from the way of heaven and earth, and cooperate with the straight waterfall grille to present the elegance and grandeur of Chinese aesthetics, and also inherit the charm of the first generation parade car CA72; In order to highlight the dignity, the front of the car is also equipped with an automatic lifting flag that is rare in the market, and it is tilted forward by 23.5 degrees, always pointing to the North Star, which has a profound meaning.

The length, width and height of the new car are 5353/1998/1511 mm and the wheelbase is 3260 mm respectively. Therefore, on the side of the car body, there is not only the "oppressive feeling" brought by the large size, but also the smooth car body lines show a unique oriental aesthetic feeling, and the trend of high before and low after makes the car body look imposing, like a flag flying when the breeze blows.

The lines at the rear of the car are simple and substantial, and the horizontal chrome-plated decorative strips run through the rear of the car, adding a sense of solemnity. The effect of the taillights is very unique after lighting, and the modeling is inspired by the traditional "palace lanterns", showing the effect of radioactive light sources like wings. The embellishment of "Guoya" Chinese characters highlights vehicle positioning and cultural self-confidence. On the whole, every detail of the new car can withstand scrutiny, and it has also been polished by both design and technology, which reflects the pursuit of quality by the sunflower brand and the temperament that matches the luxury car.

When you open the car door, the central axis design is also full of solemnity and luxury, and the materials are exquisite. The matching of leather seats and solid wood decorative boards makes the whole space look luxurious and elegant. In order to better integrate the sense of science and technology with China elements in the car, in addition to auspicious clouds decoration and classical lines, Hongqi Sunflower Guoya is equipped with a scroll-type central control panel, a fan-shaped full LCD instrument, and AR-HUD, an electronic pocket guard, an atmosphere light, and wireless charging of mobile phones.

Of course, for such an ultra-luxury executive-class vehicle, the rear row space will naturally get more consideration. Under such a body size, setting up a four-seat version itself is "luxury", not to mention that Hongqi Golden Sunflower Guoya has also realized the penetration of the front and rear row central passages, optimizing the overall spatial layout and making the rear row spacious and transparent. The control screen of "controlling the whole situation" is also integrated on the central armrest of the rear seat. At the same time, a series of configurations such as mobile phone wireless charging and small table board are also integrated into it, which is convenient to use and brings the highest sense of dignity.

As for the power, whether it is the pursuit of the brand brought by the cylinder or the convenient experience brought by the new energy, the new car can meet the requirements. The high-standard 4.0T oil-electric hybrid system plus the 3.0T oil-electric hybrid system can cover almost all the needs of the intended customers, of which the maximum power of the 3.0T engine can reach 394 horsepower; The 4.0T engine shows amazing performance, and its maximum power is as high as 490 horsepower. Both engines are equipped with advanced HEV technology, intelligent four-wheel drive system and smooth 8AT transmission, which ensures smooth and efficient power transmission and quiet operation.

The innovative structures, such as "9H4M" cage safety design, CBS fiber reinforced structure design and 20m3/h(-250Pa) air tightness, three-point integrated magnesium alloy dashboard beam, double-W self-developed thermoformed aluminum door crash beam, penetrating aluminum profile threshold, super sound insulation double-layer firewall, three-layer thermoformed steel B-pillar and frame skylight bracket, highlight the vehicle’s dedicated pursuit for ultimate safety. No matter from which angle,

Perhaps it is destined to be owned by only a few people, but it deserves our attention.

The appearance of Red Flag Sunflower Guoya indicates that China automobile industry has found a new balance between inheritance and innovation. As a member of the State Guest Team, it not only bears the feelings of home and country, but also shows the confidence and elegance of China to the world. Every trip is a spread of China culture and shows the strength and charm of China automobile manufacturing. It bears the weight of history, shows the elegance of modern times, and becomes the pride of every China person.

A great country, a country of etiquette, is the first to greet guests and greet all directions. Let’s look forward to Red Flag Golden Sunflower Guoya continuing to compose brilliant music of China Automobile in the future journey. Through its excellent performance, luxurious configuration and intelligent technology, Hongqi Sunflower Guoya will surely set up a new monument in the global automobile market and become a symbol of national self-confidence and feelings of home and country.

Behind the suspension of many bilibili UP owners： What should content producers do in the era of streaming media stock competition？

"I want to tell you one thing here, that is, we will stop for a while from today."

Recently, many users in bilibili were surprised to find that many UP owners who have been concerned for a long time have released videos that have temporarily stopped updating, indicating that no new content will be uploaded in the short term. In terms of the reasons for stopping the update, two up owners clearly stated that it is difficult to balance the income and expenditure, which is the main reason for stopping the update. At the same time, Nancai reporter learned that the more intuitive factor for the middle and tail up owners is the decline in platform revenue.

The other side of the decline in revenue of UP owners is that the total amount of video incentives given by bilibili to UP owners has reached a new high. On March 30th, bilibili released its annual results for 2022. The financial report showed that the content share of bilibili in 2022 reached 9.1 billion yuan, up 17.9% year-on-year.

Rui Chen, Chairman and CEO of bilibili, said in the earnings conference call that increasing revenue and reducing losses and healthy growth of DAU (daily active users) are still the two most important things in bilibili in 2023.

A number of up owners announced that they would stop working.

Nancai reporter noted that although there were up owners in bilibili who stopped the update actively or passively for various reasons, it was rare for many UP owners to publicly announce the suspension of update intensively. According to incomplete statistics, those who announced the suspension this time include well-known suspense reasoning bloggers, top 100 UP owners in bilibili in 2019 @ Weird Jun (2.65 million fans), well-known game area blogger @ Xu Dawang (3.85 million fans), @-LKS-(3.11 million fans) who just won the top 100 UP owners in bilibili in 2022, and several middle-waist UP owners with hundreds of thousands to tens of thousands of fans.

The timeline has been extended. From mid-2022 to the first quarter of 2023, many UP owners have voluntarily announced that they have stopped watching or never made new videos, including many well-known UP owners, such as @ Explorers Taro, @ Detective Tang Renjie, @ Douchuan kshadow and so on.

The reasons listed by the UP owners who announced that they would stop working are different. For example, -LKs- means that they want to rest more, but most UP owners mentioned the same reason — — Decline in income: Weird Jun said during the live broadcast that the account team was dissolved mainly for economic reasons; King Xu, who relies on his face to eat, admits that making videos does not make money or even lose money, relying on the dividend support of platform development in the early days.

For the head UP owners, the platform incentive is only a part of the income source, and its main income also includes the advertisement of receiving orders, live broadcast of goods or paid realization of knowledge, but for the middle and tail UP owners, the platform incentive accounts for the vast majority of creative income.

"The reward mechanism in bilibili has been greatly adjusted this year." An UP owner who has tens of thousands of fans in bilibili told Southern Finance all-media reporter that a video content with little difference in data from last year, bilibili may only give the creator 1/3~1/2 of last year’s income.

The revenue here mainly refers to the "bilibili Creative Incentive Plan" launched by bilibili in January, 2018, which will evaluate the value of video traffic according to the data such as video playback volume, likes, coins and collections, and give cash rewards to UP owners according to the rules.

However, in recent years, with bilibili’s sustained losses, the amount of incentives in bilibili has also continued to decline. In May, 2021, the official customer service in bilibili replied to the question about the decrease of UP’s creative incentive, saying that the incentive income was being adjusted recently: a variety of assessment indicators including broadcast channels and verification after user conversion were newly introduced, and the weights of different indicators were adjusted to some extent, and finally the actual incentive income was subject.

In March, 2022, bilibili UP owner Midu Dzg released bilibili’s dynamic statement that "bilibili’s creative incentives were revised, which directly reduced by 80%". Later, several UP owners released similar contents indicating that the creative incentive income decreased by 50%-80%. According to the reply from bilibili customer service, the revised creative incentive plan has indeed been launched.

The outdoor UP owner "Xu Yun Wandering in China", who relies on bicycle travel to gain widespread attention, has publicly released his gains before. At that time, he had released 240 videos in bilibili, with a total broadcast volume of 180 million and a total income of only 170,000 yuan.

Some insiders also speculate that bilibili’s adjustment of creative incentives is not uniform, but based on the number of fans and divisions, different types of UP owners are piloted, and the reward coefficient is adjusted to a middle value that balances the cost and the creator’s incentives, and then promoted horizontally.

The above-mentioned 10,000-powder UP owner also told reporters that she had received a survey call from a staff member in bilibili at the beginning of this year, and the other party’s main question was "If the reward amount is reduced, will it affect its update speed on the platform?".

However, the UP owner also mentioned that compared with other similar platforms, bilibili’s content revenue is still at a relatively advanced level, even if it is not the highest. For example, Xiaohongshu has no platform incentives at present, and bloggers mainly rely on advertising to get revenue.

Bilibili in a dilemma

It is worth noting that although the video revenue obtained by UP owners in recent years has been continuously reduced with the adjustment of bilibili’s policies, the total amount of dividends distributed to UP owners in bilibili has been increasing year by year. On March 30th, bilibili released its annual results for 2022. The financial report showed that bilibili’s content share in 2022 reached 9.1 billion yuan, up 18% year-on-year, which accounted for half of bilibili’s total operating costs in 2022.

One of the reasons for this situation may be that the rapid growth of short video content in bilibili in recent years has raised the overall traffic pool. In 2021, bilibili launched Story-Mode, a short video with vertical screen mode. In the financial report of the first quarter of 2022, the proportion of vertical screen video broadcast in bilibili has exceeded 20%.

On the other hand, the growth rate of operating income in bilibili failed to keep UP with the overall traffic growth rate, and the income of UP owners was diluted to some extent — — According to the financial report, in 2022, the monthly users in bilibili increased by 25.9% year-on-year, and the average daily usage time of each active user increased by 46.7% year-on-year. Under the superposition of the two, the traffic growth rate is much higher than the growth rate of the creator’s share, and the dividend amount per unit traffic naturally decreases.

For a long time, bilibili UP owners spontaneously produced and uploaded video content for their own interests and love, and described it as "power generation with love", which is also an important reason why bilibili can maintain the content and community activity. However, for most individual UP owners, long-term "power generation for love" will eventually run out of electricity.

Hua Fu Securities Research Report pointed out that the long-term "power generation for love" will lead to the decrease of the creative enthusiasm of UP owners, thus reducing the video output, and the promotion of business orders is the main income source of UP owners. However, due to the number of fans, the tonality of content, the individual differences of UP owners and other reasons, bilibili UP owners have formed a big two-level difference in the income of business orders, which has aggravated the loss of creative enthusiasm of the tail UP owners.

As a video platform that is highly dependent on private domain operation, bilibili’s video traffic largely comes from the private domain distribution of UP to fans, which also brings the advantages of high user penetration, strong stickiness and high proportion of medium and long tails in bilibili. Correspondingly, from the head UP to the middle end UP, choosing to stop or even withdraw from the station due to the decline in income will firmly shake the basic content of bilibili.

In order to solve this problem, bilibili has also expanded the revenue sources of platform content producers by introducing and strengthening the flow realization modes such as knowledge payment, live broadcast with goods, and developing content product placement advertising operations.

In addition, bilibili is constantly adjusting the data dimension to measure the value of video content. In March this year, bilibili held an exchange meeting with more than 100 UPs at the Shanghai headquarters to discuss "which broadcast indicators can objectively reflect the quality of manuscripts". It was reported that bilibili had decided to change the broadcast volume data at the front desk to broadcast duration data.

In this year’s earnings conference call, bilibili Chairman and CEO Chen Rui once said that increasing income and reducing losses and healthy growth of DAU (daily active users) are still the two most important things for bilibili in 2023.

Under the background that the overall flow of streaming media platform in China has almost peaked, high-quality content producers are not only precious high-quality assets in the stock competition, but also a source of cost that cannot be ignored in the operation of the platform. Under the development strategy of further reducing costs and increasing efficiency and accelerating commercialization in bilibili, how to keep and even stimulate the content productivity of UP owners again remains to be answered by bilibili.

Toyota Crown high-performance sports SUV released overseas in the second quarter

　　Toyota’s new Crown Sport model is about to be officially released overseas. The new car, as a Crown high-performance sports SUV, is expected to be officially released in the second quarter of this year and may be introduced into China.

Toyota Crown high-performance sport SUV released overseas in the second quarter _fororder_image001

　　The new car continues the latest design language of the Toyota family, incorporating more trendy design elements on this basis, and looks more like a crossover SUV model. The front face adopts a semi-closed design, and the air intake grille is blackened. With split LED headlights on both sides, the entire front face has a strong visual impact.

Toyota Crown high-performance sport SUV released overseas in the second quarter _fororder_image002

　　The side is not embellished with too many redundant lines, and the smooth and simple waist line gradually extends back, outlining a sleek concave design. The effect of light and shadow brings a strong sense of rhythm, which is in line with the aesthetic trend of many young consumer audiences in modern times. In addition, the large-scale back shape also further highlights the positioning of the new crossover SUV. The length, width and height of the new car are 4710/1880/1550mm respectively, and the wheelbase is 2770mm.

Toyota Crown high-performance sport SUV released overseas in the second quarter _fororder_image003

　　The rear part of the car is very simple. Although the taillight group does not adopt the popular through-type design, it is connected with blackened trim in the middle to widen the visual width of the tail, and the sense of unity is instantly revealed. The lower part is equipped with a spoiler design, which brings a touch of movement and helps to reduce the wind resistance coefficient during the driving of the vehicle.

Toyota Crown high-performance sport SUV released overseas in the second quarter _fororder_image004

Toyota Crown high-performance sport SUV released overseas in the second quarter _fororder_image005

　　The interior of the new car is made up of a 12.3-inch central control screen and an LCD instrument screen on one side to form a dual-screen design. The shift lever adopts the latest electronic gear lever similar to Lexus. The center console, center armrest, door trim and other places are wrapped in a lot of soft materials and high-grade leather where the skin touches, and the overall sense of high-end and atmosphere is quite good.

Toyota Crown high-performance sport SUV released overseas in the second quarter _fororder_image006

　　The new car is equipped with a plug-in hybrid system composed of a 2.4T turbocharged engine and an electric motor, matched with a 6-speed manual transmission, and equipped with a DIRECT 4 four-wheel drive system, with a maximum horsepower of 345Ps.

　　The new car is expected to cost about 450,000 yuan and will compete with BMW X3, Audi Q5L and other similar models. (Toyota, for pictures)

Five key questions of AI big model： which potential application scenarios need to be focused on？ Does the ＂Thousand Models War＂ mean that every company can make a big model？

　　In the recent communication with investors, we found that some investors have some differences on several key issues related to the big model, so this paper hopes to talk about our understanding on these issues.

　　Question 1: Which scenarios will be the potential application scenarios that we need to focus on?

　　Looking for the native application in the era of big model.At present, the way to find the landing scene of a large model in the market is basically based on the linear extrapolation of previous scenes, that is, "how to do what you can do better." But in fact, every technological innovation in the past eventually brought some "original" product forms and landing scenes. We believe that the greater value of the big model may lie in helping us solve some problems that could not be solved before (including those that could not be solved before due to technical or cost reasons). Just like the killer applications of the mobile Internet are "native" in the new era, not migrated from the PC Internet.

　　Five key problems about AI big model | monarch computer

　　In the process of waiting for the big model business to land, we don’t have to be too pessimistic.There is no doubt that the commercial landing of any technology is not achieved overnight. Unlike some investors, the development of large models this month will directly generate income next month. In this process, the "slower than expected" of the big model actually comes from the change of our own mentality. As we often hear a saying: "When a technology is born, we tend to overestimate its short-term impact and underestimate its long-term impact." After the initial overexcitation, we are often too pessimistic about the landing prospect of technology.

　　In the report "What is the methodology for finding potential application scenarios of AI technology?",we have given the methodology to find the potential landing scene of AI, which will not be repeated here. Just make a supplementary discussion on an interesting question.

　　In the previous report, we divided the scenarios from two dimensions: "the size of business value" and "the difficulty of data acquisition", and pointed out that for general companies (compared with Internet giants such as BAT and vertical giants such as Iflytek), the potential opportunities may come from the long tail scenarios.

　　Five key problems about AI big model | monarch computer

　　So what kind of scene is the better potential direction for the second quadrant, that is, the closed scene-long tail scene quadrant and the third quadrant, that is, the open scene-long tail scene quadrant? We think it is the second quadrant. The reason is:

　　The "closed" feature of the second quadrant means that data acquisition ability is more important than model ability, and the owners of channel and industry corpus will have a stronger voice.For an open scene, big model manufacturers have more say. In this kind of scenario, the "empowered enterprise" can maintain its competitiveness only by constantly generating new application ideas, otherwise it risks being eaten by large model manufacturers or facing homogenization competition of similar products in the market. It is obviously not easy to continuously generate new ideas.

　　Five key problems about AI big model | monarch computer

　　Question 2: Is the main significance of the big model to improve the accuracy of problem solving?

　　Relatively speaking, improving the accuracy of solving single-point problems may be a "less important" improvement brought by large models.Because both the large model and the scene model are still based on the statistical framework, the unexplained problem of AI ability cannot be completely solved for the time being, which means that it will still be very limited in some sensitive scenes of corner case. Because in essence, this is a technical and ethical issue, and there is no essential difference between 98% accuracy and 95% accuracy in this kind of scene.

　　So, in addition to improving accuracy, what are the potential of large models?

　　First, the big model can help us solve some single-point problems that could not be solved before.This has been discussed above and will not be repeated here.

　　Second, the big model is expected to completely change the IT development paradigm and enhance the standardization of vertical products.In many vertical scenarios, although customers’ needs are generally similar, there are still some differences, such as customers’ own business processes, or the focus of IT construction. This leads to a lot of customization work when building IT capabilities for these customers, which greatly reduces the scale effect of IT vendors. With the landing of the big model, the data of subsequent customers may be connected to the big model through the plug-in mode, and the overall interaction of the front end can be realized directly through natural language, which means that the standardization of some vertical domain software is expected to be greatly improved.

　　Five key problems about AI big model | monarch computer

　　Question 3: Does the "Thousand Models War" mean that every company can make a big model?

　　In recent exchanges with investors, we found a very interesting point: with more and more press conferences related to big models, some investors intuitively think that every company can make big models.

　　In our opinion, the situation is not what everyone thinks.There are still many barriers to building a good big model, including but not limited to:

　　Capital expenditure: This is the most obvious barrier.As we all know, training a large model with tens of billions of parameters requires hundreds of GPU cards, each of which is 70 thousand, which means that the cost of building a cluster is tens of millions to hundreds of millions of yuan. If you are training a model with hundreds of billions of parameters, you need a kilocalorie cluster. Obviously, not every manufacturer has the strength to invest in this area. Moreover, the call of cloud resources in the training process will also consume a lot of costs.

　　Engineering ability:At present, the research foundation of GPT series models is mainly based on a paper by Open AI on Instruct GPT. In GPT-3, instruction GPT and previous versions, Open AI is completely open source for GPT technology, and the published papers are very detailed, including the idea of making GPT model, what data set is used and so on. However, since the Da Vinci model (Code-Davinci-002, around Q1, 2022), the GPT series has moved towards a closed source. Technically speaking, Open AI has disclosed its main ideas before, so why haven’t other manufacturers achieved a complete re-enactment yet? One of the important reasons is that Open AI does not disclose its data engineering information, such as how to obtain data, how to do data training, how to feed it into the model and so on. Therefore, although the model itself is not so strong, how to train and process data contains a lot of technological skills, which is the engineering ability we often mention.

　　Question 4: Will the trend of "technology popularization" brought by the big model make the leading players in the scene model era be quickly subverted?

　　We don’t think so.

　　From a technical point of view, "model fine-tuning" actually includes two connotations.

　　The first layer is to use SFT data to do fine-tune, where SFT data are those question-and-answer pairs. In this process, what the model acquires is actually not the in-depth knowledge of a certain industry, but a kind of answer mode that is more in line with human expectations. In this process, the number of question-and-answer pairs we need is often not very large. According to the results of our industry research, training a brand-new ability basically requires only a thousand questions and answers.

　　The second layer is in the process of pre-training, feeding a large number of corpus of an industry to further train the model. In this process, in order to make the model master the industry knowledge in this field, we need to feed a large number of corpus in the corresponding field for training, and at the same time, we need to ensure the quality of the fed corpus, otherwise it will also affect the effect of model distillation.

　　"Model distillation" still needs a certain volume of industry data.According to the results of our industry research, it is necessary to use the above two methods at the same time in order to obtain better results in the process of "distilling" large models into industry models. This means that the process of "model distillation" will still have a large demand for industry data.

　　Obviously, not every industry corpus is easy to obtain.In our previous report, this problem was attributed to the problem of "scene openness" (see the report "Digital Compass in the Age of AI Navigation" for details), and we will only make a brief statement here.

　　In the open scene, the data needed for "model distillation" can be obtained by public means.Including various applications derived from traditional or emerging consumer electronics items, such as ecological software on mobile phones, software on smart speakers and so on. These are typical "open scenes". After the user uses a product, the data is directly deposited in the product terminal or background.

　　In a closed scene, data is deeply bound to a specific type of mechanism, and the data needed for "model distillation" is not easy to obtain. Data and channels are more important than the model capability itself.2B or 2G, many subdivided tracks are "closed scenes", such as medical care, education, politics and law, industry and so on. In this kind of scenario, data is deeply bound to a specific type of institution, so that it is very difficult for new entrants to obtain data, and it is difficult to build a trust relationship with customers in a short time. "Data acquisition ability and channel advantages" dominate, and the leaders in the small model era have a higher probability of using large models to achieve "self-iteration".

　　Question 5: What are the advantages of a company with both large model and vertical scene data?

　　When we discuss the empowerment of the big model to the industry, we naturally divide the company into two categories: big model manufacturers and empowered manufacturers. However, we believe that companies with large models and numerous vertical scene data may be more scarce, and their competitive advantages come from at least the following aspects:

　　First, the advantage of cooperation.

　　We believe that although the big model is still in the stage of "thousand-model war", with the passage of time, most manufacturers will withdraw from the competition, and the big model will eventually remain a game of giants. This means that there are not many large models that can be selected in the end.

　　At this stage, large model manufacturers have established many barriers such as ecology, technology and cost, and the right to speak has risen accordingly. In this case, it is unrealistic for a specific vertical customer to expect large model manufacturers to "distill" and train their models.

　　Here, an example of the autonomous driving industry can be introduced for analogy. In the era of ADAS, Mobileye occupies the vast majority of the world’s share, which means that it needs to serve many OEMs around the world at the same time, and it is difficult to cooperate with each OEMs in time and effectively, both subjectively and objectively. It can be said that Mobileye has gradually declined in recent years because of its strength in the last stage.

　　At this time, for companies with both large models and vertical industry scenes, the cooperation between the two teams belongs to the internal resource scheduling of the company, and the difficulty of resource allocation is obviously smaller.

　　Five key problems about AI big model | monarch computer

　　Second, the advantages of iterative efficiency.In the process of distilling the large model to obtain the industrial model, there is a certain degree of "coupling" between the large model and the industrial model. That is to say, when the basic big model is updated, if the industry model is not iterated again, the final effect may be worse in turn due to the upgrade of the big model. For companies with both large models and vertical industry scenarios, it has obvious advantages in iterative efficiency.

　　Third, the advantages of differentiated competition.There is a saying often mentioned by investors: "When all companies benefit, it means that no company may really benefit." In the initial stage, the comparison of product competitiveness of different companies in a vertical scene may change because of their different acceptance and access speed to the big model. However, in the long run, the influence of big models on the industry structure may tend to weaken when the technology of several big model manufacturers who finally win is not replaced by others. That is, the ultimate beneficiaries may be large model manufacturers and end consumers, but vertical manufacturers may not necessarily benefit from business. For companies with both large models and vertical industry scenarios, there will be no need to face the problem of homogenization competition.

This article comes from: Selected research reports of securities firms.

Authors: monarch computer Li Muhua and Qi Jiahong

Reporting/feedback

Heze Taxation： Improving the Efficiency of Tax Administration and Accelerating the ＂Heze New Breakthrough＂

Exploring reasoning law enforcement, initiating the "responsibility system from beginning to end" for export tax rebates, establishing a "credit+risk" dynamic supervision mechanism, and building a "government+tax" dual-grid mechanism … Since the publication of the Opinions on Further Deepening the Reform of Tax Collection and Management, Heze City, State Taxation Administration of The People’s Republic of China has firmly grasped the core essence of the Opinions, promoted the practice with deep learning, and actively promoted information integration, intelligent data analysis and convenient service.
Relying on the sound sharing mechanism, promote the integration of information intelligence and enjoyment
With the deepening of the application of big data tax, the tax department has a huge amount of data resources and has become a unique "golden hill treasury" for the tax department. The "Opinions" pointed out that it is necessary to take tax big data as the driving force to promote the construction of smart taxation, and strive to promote the convergence of internal and external tax-related data, online and offline organic communication, drive tax law enforcement, service, regulatory system innovation and business transformation, and further optimize the organizational system and resource allocation.
Heze City Taxation Bureau strengthens the co-construction, sharing and sharing of third-party tax-related information, actively promotes the convergence and open sharing of tax data based on the working mechanism of tax protection, deeply excavates the value of tax-related information, actively constructs a new pattern of sincere tax co-governance, enhances the tax governance ability, and realizes the new act of "ruling taxes by numbers". Establish and improve the sharing and exchange mechanism of tax-related and fee-related information, form a joint working group with finance, big data and other departments, and directly connect with administrative examination and approval, resource planning, housing construction and other multi-department docking implementation systems by holding symposiums and field research, promote the upgrading and transformation of tax-related information collection mode, promote the normalization and institutionalization of direct data collection, automatic collection and efficient sharing, ensure the acquisition of necessary data related to tax-related fees, and meet different query, analysis and application needs inside and outside the tax system. Strengthen the application of tax-related information collection, upload the collected tax-related information to the big data management platform of the provincial bureau, actively promote the integration of all kinds of data into the big data platform and standardize management, lay a good foundation for the next step of intelligent analysis and application, enhance the effect of "ruling taxes by numbers" and achieve a new breakthrough in tax governance.
Promote intelligent data analysis by deepening the application of technology.
In the era of big data, data is a factor of production and a basic element of national governance. Smart taxation, driven by tax big data, can reveal the relationship that is difficult to show by traditional technical methods, promote data fusion and resource integration, further promote precise law enforcement, fine service, precise supervision and sincere co-governance, and provide strong support for the modernization of tax governance system and governance capacity. The Opinions emphasize that it is necessary to strengthen the analysis of intelligent tax big data and continuously strengthen the deep application of tax big data in the fields of economic operation and social management.
Heze City Taxation Bureau actively innovates the working mechanism, relies on modern information technology, improves the quality and efficiency of tax-related information collection, analysis and application in an intelligent and all-round way, deeply digs into the potential tax value in the massive third-party tax-related information, makes the data alive, moves and speaks, and gives full play to the supporting role of data in government governance, economic transformation and public services. Promote the normalization of internal and external tax-related information analysis and application, establish a multi-dimensional index model, give priority to high-risk and key tax source industries, organize the compilation of third-party tax-related information risk analysis model and intelligent application scenarios, realize the automatic correlation comparison between third-party tax-related data and taxpayer declaration information, improve the quality of risk analysis and response, and form a risk index model and application scenario template for commercial housing online signing information, motor vehicle detection information and other application scenarios, so as to promote the construction of a multi-dimensional intelligent analysis and application system covering all industries and taxes, in order to strengthen industry tax supervision. Establish a feedback evaluation mechanism, organize special work research around data exchange, analysis and application, collect application feedback and opinions and suggestions extensively, revise relevant indicators according to index verification, and constantly improve optimization parameters and caliber, so as to provide a powerful starting point for solidifying tax source management experience and improving data application quality and efficiency, and better serve government macroeconomic decision-making and social management.
Take the opportunity of process innovation and reengineering to improve the convenient and intelligent service
With the increasing demands of taxpayers on the advanced, convenient, friendly and stable user experience, tax authorities need to constantly innovate and upgrade the concepts and methods of tax payment services, pay more attention to system concepts and problem-orientation, focus on solving the problems of insufficient effectiveness, convenience and refinement of tax payment services, meet taxpayers’ tax demand under the information society, continuously improve the quality and efficiency of tax payment services, and continuously promote the construction of "smart tax". The "Opinions" put forward that it is necessary to effectively reduce the burden of tax payment, actively collect data through information systems, strengthen data sharing among departments, focus on reducing taxpayers’ repeated submission, and continuously expand "non-contact" and "no-meeting" tax payment services.
Taking the opportunity of process innovation and reengineering, Heze City Taxation Bureau has been exploring and integrating multi-department and multi-link matters. In view of the problems such as long-term running, complicated processes and repeated submission of information in the process of tax collection, Heze City Taxation Bureau has carried out extensive research, developed and applied the "new enterprise tax smart pass" platform according to the principle of "the simplest procedures, the least links, the lowest cost and the highest efficiency", and continued to deepen its application and upgrading. Open up the information sharing channel with the market supervision department, form an intelligent handling mechanism for tax-related matters of enterprises, and realize the "full-time online handling" and "automatic second handling" of many tax-related matters, such as confirmation of registration information, distribution of competent tax authorities and branches (sub-bureaus), identification of tax (fees), verification of invoice types, approval of the maximum invoicing limit of special VAT invoices, registration of general VAT taxpayers, automatic synchronization of change information, filing of financial accounting system and automatic matching and filling of investor information. We will further improve the survival management and exit mechanism of market entities, implement the "full-cycle" supervision service reform of the tax registration household management system, optimize and upgrade the business such as intelligent cancellation registration to the "tax smart platform", establish a new mechanism of multi-sector market entities’ linkage supervision, create a new model of intelligent, ecological and full-cycle supervision service, loosen and reduce burdens for market entities, comprehensively improve convenient and intelligent services, create a better and better tax business environment, and further enhance taxpayers’ satisfaction and sense of acquisition.
Take the strategy of departmental cooperation and joint governance, and strengthen the key intellectual control of supervision.
In recent years, tax-related crimes such as "fake enterprises", "fake exports" and "fake declarations" have occurred from time to time, which has put forward higher requirements for the tax authorities to accurately enforce the law. While strengthening risk prevention and control in key areas, tax authorities should improve the tax supervision system and improve the efficiency of tax governance with new ideas, technologies and methods based on smart taxation. The "Opinions" clarify that it is necessary to strengthen the judicial guarantee of taxation. Judicial departments, such as the Public Prosecution Law, are a powerful line of defense to protect the national tax security and the legitimate rights and interests of taxpayers, and also a key link in the pattern of tax co-governance. This requires the tax authorities to continuously strengthen the cooperation between police and tax, tax inspection, and the benign interaction between administration and justice, continuously promote tax compliance, and create a fair and competitive tax environment.
Heze City Taxation Bureau has continuously strengthened departmental cooperation and co-governance, expanded the pattern of tax co-governance, established and improved the multi-directional cooperation mechanism of "public, procuratorial, legal, departmental and tax" on the basis of continuously strengthening the substantive operation of joint police and tax enforcement, deepened information sharing, strengthened judicial and tax cooperation, strengthened judicial guarantee, promoted the pattern of tax co-governance, and continuously improved the accuracy of tax enforcement. Relying on the Police-Tax Joint Law Enforcement Center, we will continue to give full play to the investigation advantages of the public security department, the professional advantages of the tax department, the intelligence advantages of the customs department and the data advantages of the People’s Bank of China, strengthen data sharing and information joint research and judgment, and achieve a precise crackdown on tax-related crimes. Strengthen the cooperation of tax courts and reach a consensus on tax-related and law-related issues such as enterprise bankruptcy, judicial auction, assistance in trial execution, coordination of tax collection and enforcement. Strengthen cooperation with procuratorial organs in public interest litigation, jointly carry out work, form a joint effort, and create a fair and just legal environment for promoting tax administration according to law and effectively protecting taxpayers’ legitimate rights and interests.
In the next step, Heze City Taxation Bureau will continue to practice the people-centered development thought, take the opportunity of deepening the reform of tax collection and management and optimizing the tax business environment, accelerate the innovation of management service methods, provide taxpayers and payers with more intelligent, convenient and efficient tax experience, better serve the development of market players and accelerate the "new breakthrough in Heze". (Contributed by Heze City Taxation Bureau)
Reporting/feedback

The two departments issued the Notice on Matters Related to Overseas Loan Business of Banking Financial Institutions.

　　On January 29th, the website of China People’s Bank reported that the People’s Bank of China and the State Administration of Foreign Exchange jointly issued the Notice on Matters Related to Overseas Loan Business of Banking Financial Institutions (Yinfa [2022] No.27), the details of which are as follows.

　　In order to promote the formation of a new development pattern with domestic macro-cycle as the main body and domestic and international dual-cycle promoting each other, give full play to the role of cross-border business in serving the real economy and promoting trade and investment facilitation, and further support and standardize domestic banking financial institutions (hereinafter referred to as banks) to carry out overseas loan business, relevant matters are hereby notified as follows:

　　1. The term "overseas loan business" as mentioned in this Notice refers to the behavior that domestic banks with the ability of international settlement business directly issue local and foreign currency loans to overseas enterprises within the approved business scope, or indirectly issue local and foreign currency loans to overseas enterprises for more than one year (excluding one year, the same below) by lending funds to overseas banks.

　　The term "overseas enterprises" as mentioned in this Notice refers to non-financial enterprises legally registered outside People’s Republic of China (PRC) (including Hongkong, Macau and Taiwan Province).

　　Second, domestic banks should, in accordance with the principle of prudent operation, comprehensively consider various factors such as assets and liabilities and currency structure, coordinate the development of domestic and overseas businesses, independently carry out overseas loan business within the upper limit of overseas loan balance, and encourage overseas enterprises with actual needs to give priority to RMB loans.

　　3. The balance of overseas loans of domestic banks (referring to the drawn outstanding balance, the same below) shall not exceed the upper limit, that is, the balance of overseas loans ≤ Upper limit of overseas loan balance.

　　Upper limit of overseas loan balance = net Tier-1 capital of domestic banks (calculated by working capital of domestic branches of foreign banks) × leverage ratio of overseas loans× macro-prudential adjustment parameters.

　　Balance of overseas loans = balance of overseas loans in local and foreign currencies+balance of overseas loans in foreign currencies × exchange rate risk conversion factor

　　The balance and ceiling of overseas loans are calculated in RMB, and the balance of foreign currency overseas loans is converted at the exchange rate on the date of withdrawal. Trade financing handled by domestic banks based on real cross-border trade settlement is not included in the balance management of overseas loans. The net Tier-1 capital or working capital shall be subject to the latest audited financial report (using the caliber of bank legal person). The People’s Bank of China and the State Administration of Foreign Exchange dynamically adjust the leverage ratio, macro-prudential adjustment parameters and exchange rate risk conversion factor of overseas loans according to the macroeconomic situation and cross-border capital flows.

　　Domestic banks should plan and manage overseas loan business to ensure that the loan balance does not exceed the upper limit at any time. If the balance of overseas loans exceeds the upper limit due to the adjustment of the bank’s net Tier 1 capital (working capital), leverage ratio of overseas loans or macro-prudential adjustment parameters, the bank shall suspend the new overseas loan business until the balance of overseas loans is adjusted to the upper limit.

　　Four, domestic banks to carry out overseas loan business, should fully understand the international business rules and risk management, establish a sound business operation procedures and internal control system, reported to the People’s Bank of China, the State Administration of Foreign Exchange or its branches for the record before implementation. The filing materials submitted include but are not limited to loan process management, professional staffing, risk control system, etc.; In cooperation with overseas banks to carry out overseas loan business, credit responsibility, management and risk sharing mechanisms should also be established.

　　5. Domestic banks may open bank settlement accounts for overseas enterprises in accordance with the current system, or handle overseas loans through accounts opened by overseas enterprises in overseas banks.

　　Six, the loan interest rate should be consistent with commercial principles, determined within a reasonable range.

　　7. Overseas loans issued by domestic banks shall, in principle, be used for related expenses within the business scope of overseas enterprises, and shall not be used for securities investment and repayment of overseas debts under domestic insurance loans, fictitious trade background transactions or other forms of speculative arbitrage transactions, and shall not be used by transferring funds to China or making equity investments. If overseas loans are used for overseas investment, they shall comply with the provisions of relevant domestic authorities on overseas investment. Domestic banks should strengthen the real compliance audit of the debtor’s subject qualification, the use of funds, the expected source of repayment funds and the relevant transaction background of overseas loan business, conduct due diligence on whether it complies with relevant laws and regulations at home and abroad, strictly review the credit standing of overseas enterprises, and supervise overseas enterprises to use loan funds according to their stated purposes. If a domestic bank indirectly issues loans in local and foreign currencies to overseas enterprises for more than one year by lending funds to overseas banks, it shall, in principle, require overseas banks and other direct creditors to refer to the provisions of this article.

　　Eight, overseas loan business involves cross-border guarantee, should be in accordance with the relevant provisions, distinguish between domestic and overseas creditors (beneficiaries) to submit cross-border guarantee related information, domestic banks’ foreign claims arising from guarantee performance should be included in their overseas loan balance management.

　　Nine, domestic banks overseas loan repayment currency should be consistent with the loan currency in principle. If overseas enterprises do not have RMB income to repay overseas RMB loans of domestic banks, domestic correspondent banks or overseas RMB clearing banks and participating banks can handle RMB purchase and sale business for cross-border RMB settlement needs arising from overseas enterprises repaying overseas RMB loans of domestic banks. Domestic banks can provide foreign exchange risk hedging and foreign exchange settlement services for cross-border RMB settlement needs arising from overseas enterprises repaying their overseas RMB loans.

　　Ten, domestic banks should be in accordance with the relevant data reporting requirements will be overseas local and foreign currency loans, cross-border revenue and expenditure, accounts and other information were submitted to the People’s Bank of China, the State Administration of foreign exchange, and within five working days at the beginning of each month, the bank’s overseas loan balance changes at the end of last month and other statistical information reported to the People’s Bank of China, the State Administration of foreign exchange. All overseas loan business materials are kept for future reference, and the retention period is 5 years from the date of the end of the overseas loan business.

　　11. When handling overseas loan business, domestic banks shall abide by national laws and regulations and the provisions of relevant competent departments, follow the principles of legal compliance, prudent operation and risk control, and earnestly do a good job in risk management of overseas loan business; Should be in accordance with the "People’s Republic of China (PRC) Anti-Money Laundering Law" and other relevant provisions, and earnestly fulfill the anti-money laundering, anti-terrorist financing, anti-tax evasion obligations.

　　12. Overseas loans of development policy banks and banks in the Pilot Free Trade Zone shall be managed in accordance with this circular, and the balance of overseas loans issued by domestic banks shall be included in the balance management of overseas loans stipulated in this circular. Loans issued by domestic banks to overseas sovereign institutions shall be implemented with reference to the provisions of this Notice and shall be included in the balance management of overseas loans. Loans issued by domestic banks to overseas enterprises through the sub-account accounting unit of free trade accounts shall be handled in accordance with the relevant provisions of free trade accounts (loans issued by overseas enterprises using RMB funds allocated by the head office of domestic banks shall be included in the balance management of overseas loans). Overseas loans issued by domestic banks through offshore account shall be handled according to the relevant regulations of offshore bank, and shall not be included in the balance management of overseas loans.

　　13. The People’s Bank of China and the State Administration of Foreign Exchange exercise unified management over the overseas loan business of 27 banks, while the branches above the sub-provincial city center branch of the People’s Bank of China and the branches of the State Administration of Foreign Exchange manage the overseas loan business of banks other than 27 banks according to the principle of territorial management. Banks engaged in overseas loan business shall report the latest audited capital data, the development of overseas loan business in the previous year and this year’s plan to the People’s Bank of China, the State Administration of Foreign Exchange or its branches before June 30th each year.

　　Fourteen, this notice shall come into force as of March 1, 2022. The Notice of the People’s Bank of China on Issues Related to Policy Banks Handling RMB Loans and Currency Swaps for Qualified Foreign Institutions (Yinfa [2007] No.81) and the Guiding Opinions of the People’s Bank of China on RMB Loans for Overseas Projects of Domestic Banking Financial Institutions (Yinfa [2011] No.255) shall be abolished simultaneously.

With the sales volume of 700,000 MPVs as the anchor point, the preface of comprehensive transformation was unveiled.

Driven by the process of electrification transformation and intelligence, the automobile industry is undergoing a once-in-a-century great change, and the transformation has become an unavoidable topic. Standing at this key transformation node, GAC Chuanqi needs to maintain a solid business foundation and actively transform into a new energy technology brand to ensure its future market competitiveness.

As a national team player, Chuanqi’s "stability" and "change" are particularly important. On the one hand, GAC Chuanqi, which has 700,000 users, needs to consolidate its advantages in the MPV field and provide stable income support for the overall business; On the other hand, in the face of the growing demand for new energy in the market, the pace of product innovation and technology iteration is also accelerating, in order to win more market opportunities in the new track.

spell over70ten thousandMPVThe user’s choice is more expected in the future.

In today’s increasingly "involuted" automobile market, the competition in MPV field can be described as "fierce". For consumers, this means more choices and higher quality products. As the common choice of 700,000 users, GAC Chuanqi’s position in the MPV market is not accidental. Why do consumers trust Chuanqi? The answer is actually very simple: understand users, understand the market, and understand technology.

In 2024, Chuanqi ushered in the "big year" of technological innovation. The newly upgraded i-GTEC2.0 technology platform and full-stack R&D integrating chassis, intelligent system and new energy technology keep Chuanqi in the leading position in the market. Not only that, Chuanqi has also introduced the super hybrid technology that attracts much attention, and its performance is eye-catching. The fuel consumption of the luxury MPV with a surface temperature of more than 2.2 tons is only 5.2L/100km in the Flame Mountain where the surface temperature is close to 80℃, which can be described as oil and electricity.

This summer, China Automobile Center transported the Chuanqi M8 (parameter picture) super hybrid version equipped with Chuanqi super hybrid system to Turpan for testing. The measured result is 5.2L/100km, and the energy consumption per kilometer is only 0.39 yuan (calculated according to 92 gasoline 7.5 yuan/liter)! Chuanqi super hybrid technology can still bring efficient energy-saving performance in extreme environment.

The combination of Chuanqi Super Hybrid System 2.0T engine and 2-speed DHT gearbox solves many pain points of single-speed DHT hybrid high-speed power and high acceleration noise, and also fills in the shortcomings of PHEV plug-in hybrid feed with weak power and high high-speed energy consumption.

As of November 2024, the cumulative sales volume of Chuanqi MPV has exceeded 700,000 vehicles, and this is the only brand MPV in China. While the sales volume keeps soaring, Chuanqi’s MPV preservation rate also keeps topping the list. Its M8, M6 and other models have been ranked first in the multi-platform independent brand MPV preservation rate for many times in a row, which shows that users fully recognize Chuanqi’s MPV and are well-deserved MPV experts in China.

What is new? New Chuan Qi’s "New Action"

In the wave of great changes in the automobile industry, how to transform is a problem that all car companies are thinking about. Guangzhou Automobile Chuanqi’s answer is: backed by solid technology, guided by users’ needs, and seize the future with innovation.

2025 will be a year of comprehensive breakthrough in Chuanqi’s intelligent driving technology. Intelligent driving and vehicle system represented by ADiGO PILOT and Huawei HarmonyOS Intelligent Cabin will make Chuanqi enter the first echelon in the field of intelligent driving in China. More importantly, these technologies are not on paper, but are actually meeting the needs of consumers.

At the same time, Chuanqi also launched a brand-new EV+ new energy platform, which further reduced the fuel consumption by 15% and improved the battery life by 12%. Consumers no longer have to struggle between insertion and extension, but can switch flexibly according to actual needs. Chuanqi’s new technology gives pragmatic and innovative answers to the common problems of "high-speed endurance anxiety" and "inconvenient charging".

It is worth mentioning that Chuanqi always insists on "quality first". In this era of rapid development of intelligence and electrification, quality is the foundation, which is "1", and the additional function of intelligence and electrification is "0". Only when the "1" is firmly laid, the "0" behind it makes sense.

Chuanqi understands the market logic of "fast fish eat slow fish". From research and development to production to market response, Chuanqi is accelerating its pace. Whether it is the user’s demand for car purchase or the iterative speed of new energy technology, Chuanqi is using "fast" to win the initiative. In this market with limited tables, we must seize the opportunity to master the right to speak.

From price war to value war, how does Chuanqi win with users?

At present, the "price war" in the automobile market is in full swing, but the price reduction alone cannot win the hearts of consumers. GAC Chuanqi knows that real competition still needs to return to product value and user experience.

In order to give back to users, GAC Chuanqi launched M8 limited-time pet powder benefits in December: up to 35,000 yuan of over-value rejuvenation gift (national trade-in subsidy of 15,000 yuan+Chuanqi overweight replacement subsidy of up to 20,000 yuan) and up to 15,000 yuan of over-value subsidy gift, which can get up to 50,000 benefits after superposition. In addition, if you buy Chuanqi M8 at the end of the year, you only need to pay 1999 yuan to get full insurance! For consumers who have plans to change cars, this is undoubtedly an opportunity not to be missed.

Where is the way out for domestic beauty products that are difficult to sell at high prices？

Image source @ vision china
After eight days, Hua Xizi finally spoke.
However, the statement did not respond to the high-priced controversy, but reiterated its brand vision as a domestic beauty brand "promoting the beauty of the East and casting a century-old national makeup".
Whether this statement can satisfy consumers who have previously felt "backstab" or not. It is almost a consensus that it is not so easy for "all girls" to buy it.
More and more rational, they are using actions to announce the failure of their price and sentiment cards to the brand.Since the price dispute, they have been saying, "Who is not a domestic product? Who will feel sorry for me?" Take off the emotional binding, while comparing the domestic make-up with the gold price, and measure the cost performance with the accurate price comparison method.
At the same time, it is obvious that Li Jiaqi has had a hard time recently.
Being questioned and apologizing twice failed to quell dissatisfaction. It seems that this matter can’t pass if the powder continues to fall, the topic is constantly derived, and the heat persists for a long time.
Image source @ Little Red Book Davidkwok
Looking back from the time corridor, on the one hand, Li Jiaqi, who has grown into the "first brother" by virtue of his low price advantage and high emotional value, and on the other hand, the light of domestic products, which embodies consumers’ feelings and high cost performance expectations.The rise and fall of the two are so similar and intertwined.
Now, the other side of Li Jiaqi being questioned is the dilemma of domestic beauty cosmetics.
01 domestic beauty cosmetics are "more and more expensive", who should take the blame?
More and more consumers are beginning to feel that domestic products are becoming more and more expensive. They show their feelings and seek resonance by taking screenshots of their past orders on social media.
Image source @ Xiaohongshu Xiao Lv’s embarrassing life
Is this really the case?
Take shanghai jahwa, which owns well-known brands such as Liushen, Meijiajing, herborist, Qichu and Yuze, as an example. According to the announcement of its main business data, the average price of skin care products in the first half of this year and the second quarter of this year increased by 50.42% and 20.16% respectively compared with the same period of last year, which helped its skin care products achieve positive revenue growth.
Image source @ shanghai jahwa’s main business data announcement in the first quarter of 2023
Image source @ shanghai jahwa main business data announcement in the second quarter of 2023
Look at Polaiya, the parent company of Polaiya, Yuefushan and Caitang. In the first quarter of 2023, the skin care products and beauty cosmetics products of Polaiya increased by 21.69% and 23.28% respectively.
Image source @ Proya’s main business data announcement in the first quarter of 2023
In addition, in the first and second quarters of 2023, the average selling price of Marubi skin care products increased by 39.76% and 14.83% respectively, and the average selling price of beauty products increased by 27.22% and 15.90%. In the first half of 2023, the price of skin care products increased by 5.6% and the price of cosmetics increased by 4.9%.
Image source @ Betani 2023 semi-annual report
It can be seen that the price increase that consumers feel is not groundless.
From the main cost performance to "more and more expensive", the rising price of raw materials may be the reason that cannot be ignored.
At present, the key raw materials used by domestic skin care and beauty enterprises mainly rely on imports from the United States, Germany, Japan, South Korea and other countries, such as surfactants for cosmetics, thickeners, high-performance oils and fats, and high-safety preservatives. Therefore, the fluctuation of the supply price of upstream raw materials will indeed greatly affect the beauty and skin care brands.
Since the epidemic, the price increase of some basic raw materials, such as glycerol, has been particularly obvious.
Recently, many giants such as Dow Chemical, Japan PE Co., Ltd., Japan PP Co., Ltd., Sanyo Chemical, Longbai Group, etc. also announced price increases ranging from 5% to 23%, involving cosmetic raw materials such as silicone, surfactant, PMMA, PP, PE and titanium dioxide used as a physical sunscreen, and the price per ton directly exceeded 1,700 yuan.
Polaiya also said in the announcement that the prices of its main products, ruby and active substances with strong efficacy, have increased significantly-the average unit price in the first quarter of 2023 increased by 305.85/kg, an increase of 116.05%.
With the rising cost of raw materials, it is not only domestic brands that raise prices. However, the price increase of international big brands is much milder.
For example, the financial report of consumer goods giant Unilever shows that the price of beauty and health care products rose by 7.5% in fiscal year 2022.
Estee Lauder Group has also raised the price of its products twice in 2023, involving many of its star products, but the increase is relatively limited except Clinique Little Daisy Blush.
Data Source @ Official Flagship Store, Cartography @ Titanium Media APP
In this way,The rising cost caused by the rising price of raw materials is not enough to explain why domestic brands have changed from "flat replacement" to "expensive replacement".
The huge marketing expenses, including the commission of the anchor with goods, are another main reason.
According to the financial report data released by various companies, the sales expenses of various beauty products accounted for about 45% of the revenue in the first half of this year, and the parent company of Perfect Diary, Yixian E-commerce, had the highest proportion, accounting for 61.69%.
Image source @ 么么么么么么么么么么么么么么么么么么么么
Comparing the marketing expense rate of international brands such as Estee Lauder, Shiseido and L ‘Oreal, which is around 30%, we can see that domestic beauty brands are highly dependent on marketing.
This is actually related to the growth experience of domestic beauty brands.
A few years before the flood of new domestic brands emerged, the grass planting economy was just emerging and the online traffic cost was still relatively low. At that time, most of the new beauty brands were established in a short time, with small capital scale, and their ability to lay offline sales channels was limited. Therefore,In the early days of its establishment, online became the main position for the marketing and sales of domestic beauty brands.
At that time, an unwritten explosive formula was popular in the industry: "5,000 little red books+2,000 Zhihu questions and answers+head anchor with goods = a new brand".Seize the user’s mind and achieve explosive growth through marketing, which has almost become the standard of new brands of domestic beauty.
Take Huaxi Zi in this storm as an example. Founded in 2017, it is experiencing a channel dilemma when it comes into contact with the live broadcast room in Li Jiaqi in 2018. At that time, Li Jiaqi had just defeated Ma Yun in the Double Eleven PK selling lipstick, and began to emerge in the field of e-commerce live broadcast.
Looking back on the five years when Hua Xizi and Li Jiaqi were deeply bound, many sales miracles occurred at this time: in 2019, "double 11" sold 700,000 boxes of loose powder of Hua Xizi; In 2020, "618" Hua Xizi became the first in the turnover list of domestic beauty products with GMV of 235 million yuan, and its revenue jumped from 10 million to several billion. According to the quality statistics, from January to February, 2020, 40% of the sales of Huaxizi flagship store came from the live broadcast room in Li Jiaqi.
Hua Xizi’s growth experience is only a typical representative of domestic beauty, and there are also perfect diaries, orange blossoms, Yuze and so on.
Over-reliance on online marketing has made many domestic beauty products form a revenue-driven growth model.
Take Yixian E-commerce, the parent company of Perfect Diary, which was listed on the US stock market only three years after its birth, as an example. According to its announcement data, from 2018 to 2020, Yixian E-commerce spent 309 million yuan, 1.251 billion yuan and 3.412 billion yuan on sales and marketing respectively, with the highest proportion accounting for 65.2% of the total revenue. With the rising marketing expenses, its scale has also been rapidly expanded.
However, with the contraction of marketing expenses by Perfect Diary, its operating income is also affected simultaneously: in the first quarter and the second quarter of this year, the proportion of marketing expenses of Yixian e-commerce decreased by 7.9% and 2.5% respectively compared with the same period of last year, and the total net income decreased by 14.1% and 9.8% respectively.
More seriously, with the surge in online traffic costs,Many domestic beauty brands are caught in the "strange circle" cycle of exchanging marketing for revenue.That is to say, if marketing is reduced, revenue may decline, but if marketing is maintained, high traffic cost will cause losses, and even it may fall into a negative cycle of more money burning and more losses.
In this way, the price increase has become a natural choice in the dilemma of domestic beauty.
02 price increase or disappearance, where is the way out for domestic beauty?
At the same time of rising prices,A large number of domestic beauty brands are disappearing in invisible places.
According to incomplete statistics, from June 2022 to now, there are about 12 cutting-edge makeup brands that have declared bankruptcy/clearance/suspension. Among them, there are some brands that have exploded, such as floating Fomomy and Kale said Colorpedia, which shows that the market competition is fierce.
Cartography: titanium media APP
Consumers’ enthusiasm for buying domestic beauty brands has also begun to cool down.
In this year’s TOP20 of Tmall’s 618 beauty industry, only four domestic brands entered the list, namely Polaiya, Winona, Fumei and Shuguang, and the corresponding rankings were TOP4, TOP9, TOP13 and TOP19.
Image source @ tmall beauty cosmetics
Looking back at the development of domestic beauty brands in the past ten years, the market share has increased from 15% in 2012 to 28.8% in 2021.
However, while we are excited about this, we should also see the fragility of relying on short-term marketing strategies and transferring costs through price increases.
Cosmetics, as a complex mixture of various raw materials, as the core active ingredient and the production technology such as fermentation and synthesis technology, are the key to build its core competitiveness.
In the process of the rise of international beauty products, many brands rely on core ingredients and production process barriers to build a protective city. Take L ‘Oré al’s self-developed Bose factor as an example. Since the successful research in 2000, helena rubinstein, Lancome, Xiuliko, YSL and Yuxi have all participated in Bose factor, occupying the forefront of the anti-aging category. The unique fermentation process of the core ingredient Pitera in the immortal water also helped SK-II build its core competitiveness.
However, R&D capability and core production capability are the disadvantages of domestic brands.
According to the statistics of Dongxing Securities, as of 15th, 2022, the number of patents of Procter & Gamble and Unilever reached 177,154 and 86,074 respectively, and mainly concentrated on inventions with higher gold content and longer patent protection period.
Image source @ Dongxing Securities
According to the data of Tianyancha, the number of patents of shanghai jahwa, Betani, Marubi, Huaxi Bio and Yixian E-commerce are 1650, 244, 396, 646 and 174 respectively, and among the patents in shanghai jahwa, the design category with relatively low gold content accounts for 80.24%; By 2022, Yixian e-commerce has 174 patents worldwide, of which 43 are invention patents.
Image source @ Tianyancha
Image source @ Tianyancha
In addition, domestic beauty products mostly adopt OEM OEM mode, lacking the ability and technology of self-built factory production.
Under this model, the upstream foundry masters the core production technologies such as raw material extraction and preparation, synthetic biotechnology, etc., while the brand side is often caught in homogenization competition, making it difficult to build a brand moat.
Take the category of freeze-dried mask. As a rapidly growing sub-category in recent years, there have been many explosive products. For example, in 2020, the SKU of Yuze freeze-dried mask will reach 2 billion; In 2021, Winona’s double eleven pre-sale freeze-dried mask products were pre-sold in three seconds.
But in fact, these explosions, such as Yuze Centella asiatica reassuring repair mask, Winona soothing repair freeze-dried mask, and Appropriate Herbal Gentian reassuring repair freeze-dried mask, were all made by the same foundry that mastered the core freeze-dried mask technology-Weibo Haitai.
According to the information, Weibo Haitai has cooperated with many brands to list dozens of masks and essence products of herborist, Yuze, L ‘Oreal, Ke Beili, Yiyibucao, Winona, Royal Nifang and Liangliang.
Under such fierce competition of homogeneous products, it is difficult to impress today’s consumers only by fighting for low prices and "selling badly"It has become an industry consensus to improve R&D capability, increase investment in innovation and improve product quality.
In the first half of this year, the proportion of research and development expenses of domestic beauty cosmetics has increased to varying degrees. Huaxi Bio invested 187 million yuan in research and development in the first half of 2023, accounting for more than 6%; Betani’s R&D investment accounted for more than 4%, up 33.58% year-on-year; The R&D expenses of Giant Bio increased year-on-year, reaching 80.75%.
Image source @ 么么么么么么么么么么么么么么么么么么么么
In addition to research and development, domestic beauty brands are also making up for shortcomings.
For example, in August this year, the first factory of Yixian E-commerce was put into operation, integrating R&D, manufacturing and quality control, trying to build a moat through self-built factories; Winona gradually diversified her own sales channels, vigorously added more offline, and tried to get rid of single dependence.
Some domestic beauty products have gone abroad and started to show their strength on the international stage.
According to public data, Hua Xizi has been sold to Japan, the United States, Europe and other countries and regions; And relying on "girl’s heart" to win Lolita’s favorite flower knowledge has also caused repercussions in the Japanese market.
The process of the rising of domestic beauty products is doomed to be not smooth sailing. Only by reducing the low cost and increasing the consumption of feelings, a stable and far-reaching brand is bound to fail.
With the continuous evolution of these brands, more possibilities will be created in the future. May a hundred flowers blossom and domestic products become stronger.(This article is the first titanium media APP, written by Yuan Ning, edited by Zhao Hongyu)
references
Q2 Skin Care Products’ Restorative Growth, Focus on Performance Repair and Omni-channel Development of Key Brands in the Future-china galaxy Securities Research Institute
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