分类： spa

　　[Interpretation of car home’s New Technology] On August 26th, US time, Tesla CEO elon musk personally experienced the latest driver assistance system software equipped with FSD V12, during which the video was broadcast live for about 45 minutes. According to reports, the FSD V12 software will adopt an end-to-end neural network algorithm, no longer relying on map data. With the destination coordinates, the vehicle will automatically navigate and drive past. The new version of the software is also expected to be installed on the newly released new model (|), which is very worth looking forward to. Let’s take a look at Tesla FSD V12 software and see why it is so amazing!

● Model S with FSD V12 software installed.

　　The vehicle in the live broadcast is a Model S equipped with HW3(Hardware 3.0) driver assistance hardware system, on which the latest version of FSD V12 software is installed. This HW3 hardware is made of FSD chip independently developed by Tesla, manufactured by 14 nm process, with a single chip computing power of 72TOPS. Each HW3.0 hardware is equipped with two FSD chips, with a total power of 144TOPS and a total power consumption of 200W W.

　　The latest version of FSD V12 software does not use the newly released HW4.0 hardware with further improved performance. This aspect reflects that the FSD V12 software is now developed based on HW3.0 hardware, and the computing power of HW3.0 hardware can fully meet the requirements of FSD V12. In the future, it is only a matter of time before this software algorithm is transplanted to HW4.0 with stronger computing power.　

● What is the biggest upgrade of FSD V12 software?

　　The biggest upgrade of FSD V12 software is to adopt a set of end-to-end algorithm scheme. Speaking human words is,The driver assistance system inputs the image data obtained by the camera into the neural network, and the network can directly output vehicle control instructions (such as steering, acceleration, braking, etc.)..

　　Neural network algorithm is composed of several interconnected artificial neurons, which are arranged in a hierarchical structure. Through repeated iterative training, the neural network can automatically learn the features and patterns of input data, and make accurate prediction or classification on unknown data. This makes the neural network algorithm widely used in image recognition, speech recognition, natural language processing, recommendation system and other machine learning tasks.

　　In contrast, the traditional vehicle control decision-making and route planning algorithms are realized by logical control programs, that is, codes written by programmers. Tesla’s latest end-to-end scheme also gives the function of this part of logic control code to the neural network model, which is also the most innovative place of FSD V12 software.

　　Compared with human flesh navigation, the high-precision GPS, compass, wheel speed sensor and other equipment in the car can help this driving assistance system with end-to-end scheme to achieve more accurate route planning, greatly reducing the occurrence of "passing" and "turning wrong".

　　Musk said that HW3.0 hardware equipped with FSD V12 software can process the data of eight cameras at 36FPS at present (HW3.0 hardware performance can support 50FPS, but camera specifications limit the improvement of frame rate), and the system power consumption is only 100 W (rated power of HW3.0 is 200W), which reflects the high efficiency of HW 3.0 and the fact that FSD V12 software does not require very much computing power.

　　All these vehicle control decisions are not obtained by traditional logic algorithm, but by neural network reasoning. Does it sound like a human being? When driving, human beings are often based on intuition, and intuition is produced by the neural circuits of the brain.

● How did the neural network of FSD V12 software come from?

　　At present, most neural network algorithms are composed of learning and reasoning. The driver assistance system obtains a neural network with optimized parameters by learning videos of various road conditions. The optimized neural network is deployed on HW3.0 hardware, and the vehicle control decision is obtained by reasoning according to the image obtained by the vehicle camera.

　　It is said that the decision-making of Tesla’s intelligent driving system has changed from programming logic to neural network algorithm since 2020. In fact, technological changes have already begun, but most ordinary consumers are only aware of it.

　　Musk also bluntly said: "This is also the reason why the V12 version of the software has not really been released publicly." At present, the V12 software also needs to optimize various Conner Case. Simply put, let the system watch more videos, conduct reinforcement learning, and further optimize the neural network architecture and network parameters.

● The popularity of end-to-end algorithms has strengthened the right to speak in computing power.

　　If the end-to-end algorithm is to be useful, it is necessary to constantly "feed" videos to the neural network, so that it can continuously learn and optimize its parameters. And the whole learning process is greatly dependent on the computing power of the training server. With the popularity of end-to-end algorithms, whoever has a powerful training server will have an absolute say in the field of autonomous driving.

　　Affected by the U.S. export ban on China, it seems more difficult for China enterprises to buy the latest high-end accelerator cards in NVIDIA in large quantities. At present, although China enterprises can also produce AI acceleration chips, compared with NVIDIA, which has been deeply involved in the AI market for many years, there is a big gap in application ecological construction and chip performance, and there is still a long way to go.

　　With the rise of AI technology, the computing power it relies on has become an important target for technology companies to invest. Funds have been invested in the construction of intelligent computing centers, making the AI industry gradually become a heavy asset industry. To put it bluntly, whoever spends money on computing power will have good model performance, and the products will be able to launch and occupy the market faster.

　　If China autonomous driving companies want to be hard with Tesla on the pure vision+end-to-end algorithm track, the chances of winning are not high; It is better to further develop the technology route of sensor fusion +V2X vehicle-road coordination, and perhaps find an automatic driving road suitable for China.

　　In terms of hardware, according to the information circulating on the Internet, the new Model 3 will adopt the HW3.5 version of hardware configuration, which can meet the FSD V12 version of software in terms of computing power. In other words, in the future, the new Model 3 may be expected to obtain all the functions of the FSD V12 version software through OTA upgrade, so that the vehicle intelligent driving system will enter the era of pure vision and end-to-end algorithm.

● China is entering the era of urban navigation-assisted driving.

　　Since the second half of last year, urban navigation assisted driving functions, represented by Tucki NGP and Huawei NCA, have gradually landed, and gradually unlocked the right to use more and more cities.

　　Supply chain enterprises are also gearing up, and companies such as Xiaoma Zhixing, Haomo Zhixing and Wen Yuan Zhixing are also actively providing the latest intelligent driving solutions for the main engine factory. It is foreseeable that the number of vehicles equipped with urban driving assistance functions will usher in a wave of outbreaks in 2023.

　　Users only need to train the vehicle on a fixed route for 1-3 weeks, and they can realize autonomous driving of the vehicle on the daily commuting route with little manual intervention.

　　I believe that in the future, more car companies and technology companies will "roll" the commuter navigation assistance function, further intensifying the survival of the fittest in the industry and promoting the progress of automobile intelligent driving technology.

● Full text summary:

　　Judging from the live video, the FSD V12 version of the software using the end-to-end neural network algorithm does have a relatively good urban navigation-assisted driving ability, but this is based on the measured performance of American roads. Compared with the road conditions in China, the road conditions in the United States are obviously simpler. Whether the FSD V12 version can withstand the hellish challenge of the road conditions in China has yet to be verified.

　　2023 is considered to be the first year of urban navigation-assisted driving in China, and also the beginning of the second half of driving assistance system competition. Whether it’s a mule or a horse, we have to pull it out to see. We expect Tesla’s urban NOA to land in China as soon as possible, so that we can have a chance to see how high the real strength of pure vision+end-to-end algorithm is! (Photo/Text/car home Chang Qinglin)

　　Hold high the banner of thought and condense the power of forging ahead.

　　Commentator of Qiushi magazine

　　The historical clock points to 2022, and the dawn of the new year shines on the land of China. On January 5th, the National Conference of Propaganda Ministers was held in Beijing. The meeting stressed that we should adhere to the guidance of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, strengthen the "four consciousnesses", strengthen the "four self-confidences" and achieve the "two maintenance", closely focus on the main line of welcoming, publicizing and implementing the 20th Party Congress, do a solid job in propaganda and ideological work, and provide strong ideological guarantee and strong spiritual strength for forging ahead in the new journey and building a new era.

　　Since the 19th National Congress of the Communist Party of China, the General Secretary of the Supreme Leader has delivered a series of important speeches and made a series of important instructions on upholding integrity and innovation and doing a good job in propaganda and ideological work, answering in depth the directional, fundamental and strategic questions related to propaganda and ideological work, which has provided fundamental guidance for doing a good job in propaganda and ideological work in the new era.

　　In China in the new era, the Party’s innovative theory is more deeply rooted in people’s hearts. The spiritual pedigree of the Communist Party of China (CPC) people, with the great spirit of party building as its source, has aroused more active spiritual strength. The socialist core values and Chinese excellent traditional culture have been widely promoted, the mainstream ideological opinion has been continuously consolidated and expanded, cultural self-confidence has been fully demonstrated, and the influence of Chinese culture has been greatly enhanced. All the people are closely United in ideals, beliefs, values and moral concepts, which has provided a strong impetus for the development of the cause of the party and the country.

　　History is like a giant pen, leaving a colorful chapter in 2021, stirring the hearts of the people of China. This year, whether in the history of communist party, China or in the history of the Chinese nation, is a landmark year. The propaganda and ideological front regards studying, propagating and implementing the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era as the primary political task, and solidly fulfills the glorious mission of "holding the banner, gathering people’s hearts, cultivating new people, rejuvenating culture and displaying image", playing a strong voice of the times of unswervingly listening to the party and unswervingly following the party, and creating a strong impression of remembering the party.

　　Every step forward in theoretical innovation, theoretical armed forces follow closely. On the land of China, the upsurge of in-depth study of theory is surging. Since its publication in February, 2021, Questions and Answers on Socialism with Chinese characteristics’s Thought Learning of the Supreme Leader in the New Era have reached record highs in circulation. It is "very kind and reads like a face-to-face conversation", and readers express their love for this book with simple words. General Secretary of the Supreme Leader’s works, such as On the History of communist party in China, On Adhering to the People Being the Masters of the Country, and other reading materials, such as The Learning Outline of the Supreme Leader’s Diplomatic Thought and The Learning Outline of the Supreme Leader’s Thought of Rule of Law, have attracted increasing attention from readers. Printing and distributing the Opinions on Strengthening the Construction of Marxist Colleges in the New Era, and establishing the second batch of seven supreme leaders’ Socialism with Chinese characteristics Thought Research Centers in the New Era … … The propaganda and ideological front has made theoretical study go deeper, deeper and deeper with innovative methods and measures.

　　Think from the past and learn from the past. On the morning of June 18th, 2021, communist party History Exhibition Hall was officially opened. Since then, our party has a permanent and comprehensive exhibition hall of party history, an authoritative system and a solemn hall of party history education, and a new red landmark that shows the party’s magnificent struggle in an all-round, whole-process and epic way. During the study and education of the history of the Party, many people walked in here, feeling the brilliant achievements of the party’s century-long struggle in pictures, cultural relics and scenes, and strengthening their historical confidence in moving forward. Over the past year, people have further understood why the Communist Party of China (CPC) can and why Socialism with Chinese characteristics is good, in the final analysis, because of Marxism, and further strengthened their political consciousness of unifying thoughts, wills and actions with the Party’s innovative theory.

　　The power of thought is the deepest and most lasting. Since the 18th National Congress of the Communist Party of China, the historic achievements and changes have taken place in the cause of the Party and the country. The most fundamental reason lies in the fact that General Secretary of the Supreme Leader is at the helm as the core of the CPC Central Committee and the core of the whole party, and in the scientific guidance of Socialism with Chinese characteristics Thought in the new era of the Supreme Leader.

　　The picture scroll of history is spread out in the process of tempering; The Hua Zhang of the times is written in the continuous struggle. In the past 100 years, the Communist Party of China (CPC) has handed over an excellent answer to the people and history. Now, the Communist Party of China (CPC) unites and leads the people of China to embark on a new road to achieve the goal of the second century’s struggle, and the responsibility of propaganda and ideological front is more important and the mission is more glorious.

　　— — Highlight the decisive significance of the "Two Establishments" and continue to exert our efforts around the primary task of studying, propagating and implementing Socialism with Chinese characteristics Thought of the Supreme Leader in the new era.The deeper you grasp the law, the more active you will be in grasping the future. The Party’s third historical resolution scientifically and profoundly explained the decisive significance of the Party’s "Two Establishments" and further concisely summarized the core connotation of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era with "Ten Definitions". The propaganda and ideological front must continue to deepen propaganda, research and interpretation, and guide the broad masses of party member cadres and masses to profoundly understand that "two establishments" determine the direction of the road, the success or failure of the cause, the rise and fall of the party, and the future and destiny of the country and the nation, and truly transform supporting "two establishments" into political consciousness, ideological consciousness and action consciousness; Persevere in arming the mind, guiding practice and promoting work with the Party’s innovative theory, deeply understand its core essence, spiritual essence, rich connotation and practical requirements, and deeply understand its significance of the times, theory, practice and world, so as to know its meaning better, know its nature better and know why, and consciously be a firm believer and loyal practitioner of the Party’s innovative theory.

　　— — Deeply understand the great significance of doing a good job in propaganda and ideological work this year, and plan and promote it closely around the main line of welcoming, publicizing and implementing the 20 th National Congress of the Communist Party of China."Propaganda and ideological work must focus on the center and serve the overall situation as its basic duty," General Secretary of the Supreme Leader stressed. In 2022, our party will hold the 20th National Congress. This is a very important congress held at an important moment for our party to enter a socialist modern country in an all-round way and March into a new journey towards the goal of the second century. It is a major event in the political life of the party and the country. The propaganda and ideological front must "keep the overall situation in mind, grasp the general trend and focus on major issues", identify the starting point and focus of work, and persist in striving for progress while maintaining stability and innovation; Do a good job in news propaganda, literary propaganda, social propaganda, external propaganda, etc., and create a strong atmosphere for maintaining a stable and healthy economic environment, a social environment for the country and the people, and a clean and honest political environment; Vigorously publicize that under the guidance of the supreme leader’s economic thought, China’s economic development has been playing new cadenza movements and singing "China’s theory of economic brightness"; Increase the supply of high-quality cultural products and services to provide more and better spiritual food for the people; Strengthen party building on the propaganda and ideological front and implement the party’s leadership in all aspects of work.

　　— — Pass on the enthusiasm of loving the party, patriotism and socialism inspired by celebrating the centenary of the founding of the party, and further invigorate the spirit of the whole party and society.Spirit is the soul for a nation to survive for a long time. Only when the spirit reaches a certain height can this nation stand firm in the torrent of history. Our party has formed a series of great spirits based on the great spirit of party building in the hundred years’ struggle, which has provided rich nourishment for building, rejuvenating and strengthening the party. As a valuable experience of the party’s struggle for a hundred years, "persisting in daring to struggle" is an invincible and powerful spiritual support for the party and the people. The propaganda and ideological front must continue to deepen the summarization, study, education and propaganda of the Party’s history, better grasp and apply the historical experience of the Party’s century-long struggle, guide the broad masses of cadres and masses in party member to keep the revolutionary spirit and struggle spirit forever, summon up the spirit of marching into a new journey and forging ahead into a new era, and constantly write new spiritual epics of the Communist Party of China (CPC) people with high spirits.

　　China in the new era has a magnificent country, heroic people and a bright future. Only by holding high the banner of thought, gathering the strength to forge ahead, cultivating the soul of a powerful country, consolidating the foundation of security, and playing the strong voice of China, can we better shoulder the glorious mission entrusted by the new era by propagating the ideological front with vigorous efforts and perseverance.

　　On the verge of entering the 16-year-old flower season, life has played a joke on Xiao Fang (a pseudonym) — — Fall from the high and low bed in the school dormitory, lumbar fracture, nerve injury, incontinence. On the 10th, the reporter learned that after nearly two years’ waiting, Xiao Fang finally got the judgment of the second instance: she took 55% responsibility and the school took 45% responsibility.

　　Go to the toilet late at night and fall from the upper berth.

　　The lumbar fracture was discovered the next day.

　　Two years ago, Xiao Fang entered a vocational middle school in Caidian to read Grade One. One night, she wanted to go to the toilet when she slept in the upper bunk. When she got out of bed, she accidentally fell and fell heavily on the ground with her back down. With the help of her roommate, after applying her feet, she continued to rest on her classmate’s bed in the lower bunk. Early the next morning, Xiao Fang asked the teacher for leave and went to the hospital to check his foot injury. After coming back from the hospital at noon, Xiao Fang still felt very uncomfortable all over. At this time, the class teacher called Xiao Fang’s mother to tell her about the child’s injury.

　　In the afternoon, accompanied by her mother, Xiao Fang rushed to a public hospital. At this time, it has been 15 hours since the accident happened. Xiao Fang was diagnosed with lumbar fracture, cauda equina nerve compression and multiple soft tissue injuries. The doctor advised her to rest for three months.

　　It is understood that the bunk bed in Xiao Fang is made up of two wooden boards, and the bunk bed is not equipped with handrails. At the same time, the corridor corresponding to Xiao Fang’s dormitory is not equipped with lighting lamps, and the windows of the dormitory are not equipped with curtains. In order to keep out the light, the students in the dormitory put up window paper by themselves.

　　"At that time, the school had turned off the lights, there was no light in the room, and there was no light in the corridor." Xiao Fang said that he was too anxious to go to the toilet at night, and his foot was empty, thinking that he would be fine in a few days, but he didn’t expect to be so seriously injured.

　　Two hospitalizations cost nearly one hundred thousand yuan.

　　The injured girl sued the school for huge compensation.

　　Xiao Fang was hospitalized for nearly a month. The following summer, Xiao Fang was hospitalized again because of lumbar discomfort, and lived for more than ten days. Xiao Fang’s mother said that the two hospitalizations before and after cost more than 100,000 yuan, and she was also identified as a level 5 disability.

　　Afterwards, the school organized teachers and students to raise money for Xiao Fang, totaling more than 10,000 yuan, but the school refused Xiao Fang and his family’s claim for compensation.

　　In 2017, Xiao Fang took the school to court, demanding compensation of more than 600,000 yuan for medical expenses, nutrition expenses and disability subsidies. In the court, the two sides held their own words and the debate was fierce. Xiao Fang and his family believe that there are defects in the equipment and facilities of the school dormitory, and they did not take corresponding rescue measures in time afterwards, and they did not carry out the necessary safety and self-care and self-help education on a daily basis. There are obvious faults and they should bear the responsibility.

　　The school believes that Xiao Fang is 15 years old, has certain judgment, and has obvious negligence. Afterwards, the school was not informed of the physical injury accurately and timely, which made the injury worse.

　　The plaintiff challenged the division of responsibilities and appealed.

　　The Intermediate People’s Court upheld the original judgment and assumed 55% responsibility.

　　In the first instance, the court found that there was an educational relationship between Xiao Fang and the school, and the school was responsible for the education, management and protection of Xiao Fang. In this case, both the school and Xiao Fang were at fault. Judging from the division of accident liability, there is a close relationship between the fault of both parties and the damage result. However, Xiao Fang has reached the age of 15 and is a person with limited capacity, so he should bear the main responsibility for the injury. Therefore, the judgment found that Xiao Fang’s responsibility ratio was 55%, and the school compensated Xiao Fang for various expenses of more than 200,000 yuan.

　　Xiao Fang and his family felt very wronged by the verdict, so they appealed to the Wuhan Intermediate People’s Court. A few days ago, the judgment of the second instance upheld the original judgment, holding that the facts of the original judgment were clear, the evidence was sufficient and the division of responsibilities was reasonable, and the appeal request was rejected.

　　Xiao Fang was puzzled by such a verdict. She told reporters that she was going to apply for a retrial with her family. (Reporter Yan Shanshan)

　　[Key points of law]

　　1. Q: How much responsibility should the school bear when students are injured at school?

　　A: Article 39 of the Tort Liability Law: If a person with limited capacity for civil conduct suffers personal injury during his study and life in a school or other educational institution, and the school or other educational institution fails to perform its education and management duties, he shall bear the responsibility.

　　2. Q: Should the donations raised by the school be deducted from the compensation?

　　A: Collecting money for the plaintiff by organizing donations from teachers and students at school is the responsibility of the school to protect the legitimate rights and interests of underage students, actively help the injured students and help their physical and mental health development, and it is not a civil liability, so the donation amount should not be deducted from its commitment.

"China’s pharmaceutical industry is rapidly approaching mature markets, and I wouldn’t be surprised if there are 10 to 20 such large-scale mergers and acquisitions in the next year or two. Because of consistency evaluation, drug varieties will play an increasingly important role in the logic of mergers and acquisitions. " A few days ago, Lin Jianghan, a partner of Roland Berger’s pharmaceutical and medical business, said in an interview with China Business News.

In the past week, three large-scale pharmaceutical mergers and acquisitions came to an end. Behind these three mergers and acquisitions of giant pharmaceutical companies, the desire of local pharmaceutical companies for large varieties of high-quality drugs jumped to the paper, followed by the annual increase in transaction volume and the rising transaction price.

Throw out 3 billion a day

On May 21st, Shanghai Pharmaceutical (601607.SH) (hereinafter referred to as "Shanghai Pharmaceutical") announced that it had invested 144 million US dollars (equivalent to about 915 million yuan) to acquire 100% equity of Takeda Chromo Beteiligungs AG, a wholly-owned Swiss subsidiary of Takeda, thus indirectly holding 26.34% equity of Guangdong Tianpu Biochemical Pharmaceutical Co., Ltd. After the completion of this transaction, the equity of Tianpu held by Shanghai Pharmaceutical Co., Ltd. will rise from 40.80% to 67.14%, achieving absolute control. On the same day, the reorganization plan of Hainan Haiyao (000566.SZ), another pharmaceutical listed company, was officially released. The company plans to purchase 100% shares of Qili Pharmaceutical at a price of more than 2.1 billion yuan.

In just one day, 3 billion funds were thrown out and two pharmaceutical companies were merged.

In fact, since May, the number of large-scale mergers and acquisitions in the pharmaceutical industry has surged. On May 18th, China Resources Pharmaceutical (03320.HK) Group announced that it would realize the absolute control of Jiangzhong Pharmaceutical (600750.SH) by purchasing part of the equity and increasing capital by cash or assets. According to the 2017 annual report of Jiangzhong Pharmaceutical Group, Jiangzhong Pharmaceutical achieved annual revenue of 1.747 billion yuan, a year-on-year increase of 11.83%; Among them, the over-the-counter drug business revenue was 1.457 billion yuan, accounting for 83.4%. In the product layout of Jiangzhong Pharmaceutical, Jiangzhong Compound Caoshanhu Buccal Tablets, Jiangzhong Jianwei Xiaoshi Tablets and Jiangzhong Liangsheng Tablets are its fist products, and the market share of Jianwei Xiaoshi Tablets reaches 70%, ranking first in the industry. According to the analysis of insiders, China Resources will not only obtain several high-quality varieties, but also further enhance the regional advantages of self-operated products in Jiangxi.

"In the future, the pharmaceutical industry in China will be further integrated, and the window of mergers and acquisitions will be opened. Such large-scale mergers and acquisitions will continue to occur." Lin Jianghan said, "On the other hand, the strong alliance between local pharmaceutical companies is also becoming a new trend."

In his view, in this wave of mergers and acquisitions, the subject of high-quality varieties has become a hot spot for competition. An insider of Shanghai Pharmaceutical Co., Ltd. previously revealed to the First Financial Reporter that in recent years, according to Shanghai Pharmaceutical Co., Ltd.’ s current strategy of focusing on large varieties, mergers and acquisitions will still focus on varieties. "The main thing is to see how valuable this variety is in its field, such as whether it is an exclusive variety, whether there are opportunities in this field of the whole market, how much market share it occupies, and whether it is growing well." The insider revealed.

Taking the acquisition of Tianpu by Shanghai Pharmaceutical Co., Ltd. as an example, Tianpu’s two core products "Tianploan" and "Kailikang" are large varieties with sales scale exceeding 1 billion and 300 million years respectively. At present, there are 28 products with annual sales revenue exceeding 100 million, including one with sales revenue exceeding 800 million and five with sales revenue exceeding 400 million. The addition of Tianpu will directly promote the birth of over 1 billion varieties of Shanghai medicine.

On the same day, Qili Pharmaceutical, the target of Hainan Haiyao’s merger and acquisition, also has an attractive drug variety line: it includes 108 drug varieties with a total of 216 drug production approval numbers, and 184 products listed in the national or local medical insurance catalogue, including 135 products listed in the national medical insurance catalogue.

"Consistency evaluation will further promote the integration between pharmaceutical industries, and many of these integrations occur through mergers and acquisitions, resulting in stronger ones." Lin Jianghan said, "Some powerful enterprises such as China Resources, Shanghai Pharmaceutical and Sinopharm can expand their product lines through mergers and acquisitions. For example, China Resources’ acquisition of Jiangzhong can further consolidate its product line of proprietary Chinese medicines and improve its health care products."

In Lin Jianghan’s view, in the past two years, the competition in the domestic pharmaceutical market has been fierce, and many factors, including consistency evaluation and medical insurance price reduction, have had a serious impact on pharmaceutical companies in the short term. The days of relying on a single variety to achieve substantial profits are gone forever, so domestic pharmaceutical companies are aiming at overseas mergers and acquisitions in the hope of broadening their profit channels.

Variety competition spread overseas

In the eyes of Sun Chao, PwC’s partner in Eliot’s medical business, this case with the logic of variety competition for M&A does not only occur in the mutual M&A between local pharmaceutical companies, but also in overseas markets. Good varieties have also become the object of competition among major local pharmaceutical companies. In his view, some products that are at the back end of the product line in multinational pharmaceutical companies still have a lot of room for development when they are placed in China.

"Foreign pharmaceutical companies have products in their hands, but sometimes these products are not in key areas. For them, marketing also needs resources, and the cost of simply developing channels in the China market is not small. Local pharmaceutical companies have the ability to sell drugs in China. After the varieties are bought back, the value of these drugs can be redeveloped, and the value can be reflected. " Sun Chao said.

On May 8th, Luye Pharmaceutical (02186.HK), a Hong Kong-listed company known as the "global buyer" in the local pharmaceutical circle, announced that it had obtained the license rights of AstraZeneca and Sruikang sustained-release tablets for US$ 546 million (about RMB 3.477 billion). Sirecan and Sirecan sustained-release tablets are atypical antipsychotic drugs with antidepressant properties developed by AstraZeneca. They were first listed in Britain in July 1997, approved by FDA in the United States in September of the same year, and listed in China in 2001. According to public information, Serricone was once AstraZeneca’s second best-selling drug. At present, it has been listed in more than 80 countries around the world, with more than 10 million prescriptions.

In fact, although Sirecan was once one of AstraZeneca’s best-selling drugs with a prescription of more than 10 million, as a mature variety, its sales decline was almost inevitable after losing patent protection. However, in the view of Luye, Siruikang entered the national medical insurance catalogue in 2009, and its sustained-release tablets entered the national medical insurance catalogue through negotiations in 2017. Although the patent of Siruikang ordinary tablets has expired, the sustained-release tablets are still exclusive varieties in some areas and are still in the patent protection period in some markets. More importantly, the sustained-release tablets have barriers to preparation process and clinical data protection period, and have maintained a good market structure even in the market that has lost patent protection.

According to the data provided by AstraZeneca, the total sales of Siricon series products in 51 designated countries and regions acquired by Luye Pharmaceutical is about 148 million US dollars, and the operating profit after deducting manufacturing costs and sales expenses is about 110 million US dollars. Among them, the sales of Siruikang ordinary tablets in 2017 was about 85 million US dollars, and the sales of sustained-release tablets were about 63 million US dollars.

"Based on the operating profit of 110 million yuan last year, the transaction consideration is less than 5 times and the valuation is very reasonable." Jiang Hua, vice president of Luye Pharmaceutical, said in the subsequent investor exchange conference call, "AstraZeneca’s strategic focus shift has led to its marketing expenses in Siruikang not being active, and the potential of some markets has not been tapped. We believe that as a first-line drug for schizophrenia, Siruikang still has good growth prospects in the future. "

For Luye Pharmaceutical, the central nervous system is one of the four key areas of its business layout. At present, this area contributes more than 10% of the company’s sales. After the acquisition of Siruikang, it can further enrich the existing central nervous system product portfolio of Luye Pharmaceutical, not only occupying the China market, but also entering the broad international market, which is expected to make central nervous system drugs account for 30% of the group’s income.

In 2017, Sanpower Group made a sensation by announcing the acquisition of 100% equity of Dendreon, an American biopharmaceutical company. Dendreon is the owner of Provenge, the world’s first cellular immunotherapy for prostate cancer. Although Sanpower Group is not a pharmaceutical company, it is the first time that a China company has acquired an original American drug, and the acquisition amount of 819 million US dollars (about 5.7 billion yuan) is also a record for a China company.

"China local pharmaceutical enterprises ‘ Go to sea ’ The upsurge of product acquisition will continue, especially for those products that have passed the patent protection period. Such product acquisition can make up for the shortcomings of its own product line relatively quickly. After all, relying on its own research and development is not so effective. " Sun Chao said, "Whether it is a local enterprise or a multinational group, focusing on the core treatment field has almost become the common choice and investment logic of pharmaceutical giants in the context of the decreasing input-output ratio of innovative drugs."

Consistency evaluation into a merger booster

"There are too few good varieties on the market. Who doesn’t want good varieties and who wants to sell them? Considering the company’s own positioning and development needs, it is more difficult to find suitable varieties. Sometimes, the more mature the company, the more difficult it is to receive good varieties, and it depends on opportunities. " Previously, the R&D director of a large pharmaceutical company complained to the First Financial Reporter.

In fact, the logic of merger and reorganization oriented by variety acquisition has been recognized by domestic pharmaceutical companies in recent years, especially in the context of slow drug review, long research and development cycle of new products, high investment and high risks. Direct acquisition of ready-made varieties has become a shortcut for enterprises to enrich their product lines and integrate industry resources. However, many insiders revealed that a few years ago, the willingness to "sell themselves" was not strong, but in the past two years, with the implementation of the new GMP certification and the continuous promotion of consistency evaluation, many small and medium-sized pharmaceutical enterprises have struggled to survive, and more and more companies with high-quality varieties have begun to waver.

In November, 2015, china food and drug administration published "Opinions on Carrying out Consistency Evaluation on the Quality and Efficacy of Generic Drugs (Draft for Comment)" (hereinafter referred to as "Opinions"), which stated that some generic drugs need to complete consistency evaluation before the end of 2018, and those who fail will be cancelled the approval number of drugs.

The vice president of a well-known domestic generic pharmaceutical company revealed to CBN that due to the consistency evaluation, the enterprise has to go through all the procedures when applying, and each drug is equivalent to reapplying for a document number. According to the current situation, the average capital consumption of each variety is not less than 3 million, which is a huge challenge for pharmaceutical companies, both in terms of manpower and financial resources.

"For some companies that are not strong but have good varieties, it is possible to choose to sell at this time." Lin Jianghan, partner of Roland Berger’s pharmaceutical and medical business, revealed.

The resulting number of pharmaceutical mergers and acquisitions is increasing year by year. According to the previous statistics of Zero2IPO Group, among the 222 M&A cases from 2011 to December 31, 2017, the number of M&A cases increased significantly after 2015, reaching a new high in 2017, with 56 M&A cases in the pharmaceutical circle. In terms of the amount of mergers and acquisitions, it also showed a significant growth trend after 2015. In 2017, the amount of mergers and acquisitions involved reached 12.709 billion yuan.

Many people in the industry said that through mergers and acquisitions, becoming bigger and stronger as a group leader, or taking the road of internationalization through import registration, "exporting to domestic sales" will become a one-time evaluation opportunity for the industry leaders such as Sinopharm, Shanghai Pharmaceutical and Fosun.

"In the domestic pharmaceutical circulation industry, Sinopharm, Shanghai Pharmaceutical Co., Ltd. and China Resources are in a three-legged position, but at present, their net profit margins are all low, so they usually act as agents for the products of some pharmaceutical companies for integrated marketing, and the best solution to improve the net profit margin is to directly expand their own product lines." Wang Xin, President of Jost Sullivan Greater China, said in an interview with China Business News.

Therefore, out of the desire for good products, consistency evaluation brings opportunities for deep cooperation between Chinese and foreign enterprises on the other hand.

"For pharmaceutical companies in China, if a foreign-funded original drug research company is willing to provide information on drug ingredients, production processes and preparations, it is equivalent to getting ‘ Secret recipe ’ . China generic drug production has been ‘ Imitate medicine only, not the process, process and crystal form ’ Difficult problems, although we know the chemical composition information of the original drug, we don’t pay enough attention to the key technical nodes such as excipients, production technology, quality control process and compound crystal form. For foreign-funded enterprises, it is not easy to sell generic drugs into hospitals in China, which requires resources accumulated by local pharmaceutical companies for a long time. " Shi Lichen, founder of Beijing Dingchen Management Consulting Co., Ltd. analyzed, "Foreign-funded original drug research enterprises can exchange data information for shares, and local enterprises are responsible for production and sales, so that foreign-funded enterprises can still share the China market, and local enterprises can also get learning and production opportunities."

"I believe that such mergers and acquisitions will rise in the order of magnitude in the future. There are 5,000 pharmaceutical companies in China, including 3,000 chemical medicine companies and 2,000 Chinese patent medicine companies, among which there is a lot of room for mergers and acquisitions. Among them, small enterprises with weak strength will face the risk of being shut down and annexed, and large-scale regional mergers and acquisitions such as China Resources’ acquisition of Jiangzhong Pharmaceutical will certainly happen in the future. " Lin Jianghan said.

CCTV News: Rowing originally existed as a mode of transportation in ancient Egypt, Greece and Rome. Rowing became a competitive sport mainly from the 17th century to the early 18th century. In 1829, Oxford and Cambridge universities began to hold rowing competitions that attracted worldwide attention.

Project rules

In rowing, athletes push the boat forward by rowing fixed blades. Different from other events, rowers have to cross the finish line with their backs to the forward direction.

The rowing track is 2000 meters long, and the number of people on the boat can be single, double, four and eight. Rowing competition can be divided into double oars and single oars. Single paddle competition, that is, athletes hold one paddle in both hands, while double paddles hold one paddle in each hand. The eight-person race will be equipped with a helmsman who is responsible for controlling the ship and giving orders to the crew. One person in the team can steer the rowing boat through the pedal.

Olympic history

Except for the 1896 Athens Olympic Games, rowing was not absent from any Olympic Games. In fact, rowing was also an Olympic event at that time, but due to the weather, the organizing Committee had to cancel the competition. Women’s rowing made its Olympic debut at the 1976 Montreal Olympics.

The United States ranked first in the Olympic rowing medal list with 89 medals, including 33 gold medals. In the history of Olympic rowing, Sir steven redgrave (5 gold and 1 bronze) and Elizabeth Lipper (5 gold, 2 silver and 1 bronze) are recognized as the greatest male and female rowers.

November 15-24, 2024,The 22nd Guangzhou International Automobile ExhibitionWill be inChina Import and Export Fair Exhibition HallHeld. The exhibition is expected to attractMore than 1,000 car brands from around the worldExhibiting the latest automotive cutting-edge technologies, products and industrial supporting services, covering the whole industry chain of vehicles, parts, vehicle to everything technology and modified vehicles.

The exhibition will cover all kinds of automobiles, including passenger cars, new energy vehicles, modified vehicles (original modified vehicles, modified vehicles with royal brands), commercial vehicles (buses, trucks, special vehicles) and parallel imported vehicles, concept cars, etc. In addition, auto parts, assemblies, modules and systems will also be exhibited, such as engine systems, chassis systems, braking systems, driving systems, steering systems, body systems, cooling systems, exhaust systems, automotive electrical, automotive glass, tires, wheels, etc.

The exhibition will also showcase advanced automotive manufacturing equipment and process equipment, such as 3D printing technology, industrial robots, automotive equipment, automotive coating industrial technology, automotive design and informatization, automotive engine industry and reengineering, industrial assembly and transmission technology, etc. In addition, the exhibition will focus on automotive lightweight materials, including body lightweight materials, other automotive materials, material technology, lightweight material connection technology, etc.

Intelligent networked vehicle parts and core technologies are also an important part of the exhibition, including on-board intelligent hardware, body electronic control devices, intelligent on-board equipment, vehicle to everything related products, automotive safety systems, intelligent networked core, etc. At the same time, the exhibition will also showcase new energy vehicle technologies and products, including vehicle bus and control system, hydrogen fuel cell, various power battery and management system, motor electronic control system, charging device, energy storage device, energy management system, vehicle optimization design and hybrid power.

The exhibition has also been arrangedVehicle modification display, including various original modified vehicles at home and abroad, modified vehicles of royal brands, various sports versions, off-road versions, performance versions, and competitive vehicles for various events at home and abroad. In addition, intelligent driving systems and products are also important display content of the exhibition, bringing visitors the most advanced technical experience.

This exhibition will provide a platform for automotive enthusiasts and industry professionals to learn about the latest automotive technologies, products and services, and will surely inject new vitality into the development of the automotive industry.

　　Frequency of high-frequency words in the Fifth Plenary Session of the 19th Central Committee

　　Source: Xinhua News Agency, soochow securities Institute.

　　The just-concluded Fifth Plenary Session of the 19th CPC Central Committee deliberated and adopted "the Central Committee of the Communist Party of China’s Proposal on Formulating the 14th Five-year Plan for National Economic and Social Development and the Long-term Target for the Year 2035", which is an important document that affects the development direction of China in the next five years and also touches the nerves of the capital market.

　　From the communiqué of the Fifth Plenary Session of the 19th Central Committee, the main line of industrial policy emerged during the 14th Five-Year Plan period. A number of brokers and investment institutions said that in the medium and long term, "technology+consumption" is still the main line of the market and is expected to give birth to more investment opportunities. Among them, consumer, science and technology, medicine, new energy and other tracks are quite concerned by the market.

　　The main line of "double circulation" runs through

　　Tap domestic demand and consumption potential

　　The data shows that during the implementation of the previous five-year plan, key strategic industries will perform better relative to the overall market situation, and this correlation is still increasing with the development and perfection of the capital market. According to the data of CICC, during the Eleventh Five-Year Plan period, electrical equipment, mechanical equipment and medical biology greatly outperformed the market; During the "Twelfth Five-Year Plan" period, the cultural media industry, which was planned as a pillar industry, led the market significantly, with an increase of 213%, while the Shanghai Composite Index rose only 33% in the same period. During the "Thirteenth Five-Year Plan" period, under the guidance of the goal of building a well-off society in an all-round way, as of October this year, people’s livelihood-related industries such as food and beverage, household appliances and leisure services have greatly outperformed the market.

　　The plenary session put forward the guiding ideology and principles that must be followed in the economic and social development during the 14 th Five-Year Plan period, in which it was clearly stated that "we should accelerate the construction of a new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promoting each other". Some insiders pointed out that under the new development pattern of "double cycle", "giving full play to the growth potential and strengthening the domestic market" is particularly worthy of attention, and a strong domestic market will become the key to the construction of the domestic and international "double cycle" system.

　　In terms of expanding domestic demand, the plenary session proposed to adhere to the strategic basis of expanding domestic demand and accelerate the cultivation of a complete domestic demand system. It also proposed that it is necessary to smooth the domestic cycle, promote the domestic and international double cycle, comprehensively promote consumption and expand investment space. Specifically, it includes the ideas of "building a high-standard market system", "giving priority to the development of agriculture and rural areas, and comprehensively promoting rural revitalization" and "adhering to the implementation of regional major strategies, regional coordinated development strategies, and main functional areas strategies".

　　Chongyang investment pointed out that China’s economy and residents’ income have been cultivated by years of high-speed growth, and the conditions for boosting domestic demand have been met. Moreover, the start of the "double-cycle" system and the deepening of supply-side structural reform also need the cooperation of a strong domestic market to form an effective closed loop.

　　With the continuous upgrading of consumption structure, the potential of domestic demand will be continuously explored. China Merchants Securities pointed out that residents’ needs are not only satisfied with basic daily consumption such as "filling their stomachs", but also have more diversified needs for the quality, style and function of consumer products. Guotai Junan emphasized that the policy of "promoting consumption in an all-round way" is no longer a demand-side force like "home appliances going to the countryside", but a "high-quality supply", which brings opportunities for the rise of local and national brands and their substitution for overseas high-end brands.

　　CICC pointed out that at present, the international situation is complex and changeable, and the large consumption sectors that mainly rely on domestic demand may have a more stable performance in the next five years, such as the typical "pure domestic demand" sectors, including building materials, food and beverage, and local transportation. In addition, Northeast Securities believes that combined with the aging population trend, the demand for medical consumption will continue to be released in the future.

　　The "new economy" is accelerating.

　　Scientific and technological innovation to build the core thread

　　The communique of the plenary session listed "achieving a major breakthrough in key core technologies and entering the forefront of innovative countries" as the long-term goal of basically realizing socialist modernization in 2035, which attracted the attention of all parties in the market.

　　The reporter of the Economic Information Daily saw on the interactive platform of investors such as Interactive Exchange of Shenzhen Stock Exchange that after the announcement of the plenary session, a number of listed companies in software and information technology services were asked whether their projects or products involved the Tenth Five-Year Plan and "what plans and layouts are there for self-reliance and self-reliance in science and technology".

　　Chen Li, chief economist of Chuancai Securities, said that at present, China’s technological kinetic energy continues to upgrade, and strategic emerging industries and high-tech industries have become new driving forces for economic growth. The plenary session proposed to adhere to the core position of innovation in the overall situation of China’s modernization drive and take self-reliance and self-reliance in science and technology as the strategic support for national development. It is expected that the "new economy" represented by digital economy, new energy, 5G and industrial Internet will accelerate during the Tenth Five-Year Plan period.

　　Xie Chunsheng, an analyst at Huatai Securities, said that the core essence of technological self-improvement is the autonomy of core IT technologies, which includes several aspects: First, the autonomy of IT basic software and hardware, including the autonomy of core components such as chips, operating systems, databases, middleware and servers; Second, the autonomy of industry application software forms an IT autonomous ecosystem with the underlying software; Third, industrial software autonomy, which was neglected in the independent core technology in the past. Science and technology and innovation are expected to promote the rapid development of independent IT technology in China, and the localization of various IT links and application fields is expected to provide rare historical development opportunities for IT enterprises in China.

　　It is worth noting that the Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Improvement of the Socialist Market Economic System in the New Era, issued in May this year, proposed to compile a new round of national medium-and long-term scientific and technological development plans.

　　Citic Securities pointed out that enterprises are the main body of scientific and technological innovation, and promoting the upgrading of industrial base and the modernization of industrial chain will further improve policies such as "first set", fiscal and taxation incentives, government procurement and financial support. The national medium-and long-term science and technology development plan (2021-2025) may be published at the end of this year or early next year, and it is expected to formulate a new batch of major national science and technology projects, and systematically sort out the strategic emerging industries and frontier fields that are supported by the key.