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　　Source: Yema Finance

　　What happened to "the first share of new energy garden machinery"?

　　The first report card after listing made investors very dissatisfied.

　　On January 31, 2024, Gree Bo released a performance forecast, saying that the company expects its operating income to be 4.6 billion yuan to 4.7 billion yuan in 2023, down 9.8% to 11.7% in the same period; It is estimated that the net profit returned to the mother will be a loss of 370 million yuan to 430 million yuan, a year-on-year decrease of 239.1% to 261.7%; It is estimated that the non-net profit will be a loss of 300 million yuan to 360 million yuan, down 235.7% to 262.9% year-on-year.

　　The year of listing was a huge loss, which immediately attracted the attention of Shenzhen Stock Exchange. On February 6, Shenzhen Stock Exchange sent a letter of concern to Gree Bo, asking Gree Bo to explain the specific impact of downstream retailers’ destocking on the company’s income; Rationality of the decline in gross profit margin; The reason and rationality of the increase in sales expenses.

　　Source: Screenshot of Gree Bo Announcement

　　In this regard, many investors said that "listing will be a huge loss, a problem company!" "It’s been falling every day this month, but it’s still falling and not rebounding", "Doubtful life of falling", etc., and some investors questioned Gree Bo’s "fraud".

　　Source: screenshot of the stock bar

　　Moreover, according to the statistics of the media "Deepwater Finance and Economics", among the 1,072 listed companies that have issued advance notices, only 10 will be listed in 2023, of which 3 will reduce losses and 5 will increase losses. Among the 2 pre-losses, except those listed on the North Stock Exchange,(830809.BJ), Gree Bo is the only company that lost money in the first year of listing.

　　In 2019 and 2020, Gree Bo also has a net profit growth rate of over 200%; A year ago, with the aura of "the first share of new energy garden machinery", Gree Bo successfully went public with a gross profit margin and price-earnings ratio much higher than that of the same industry. What happened to Greebo in just one year?

　　Where is the loss?

　　In fact, Greebo’s losses have long been warned.

　　On February 8, 2023, Greebo successfully landed on the founding board. The first quarterly report after the listing of Greebo showed a decline in revenue and net profit. In the first quarter of 2023, Greebo’s operating income was 1.551 billion yuan, a slight decrease of 0.77%. The net profit of returning to the mother was 87 million yuan, down 40.78% year-on-year.

　　By the second quarter, Greebo directly turned into a loss. According to the semi-annual report of Gree Bo in 2023, in the first half of 2023, the company achieved an operating income of 2.581 billion yuan, down 18.79% year-on-year, and the net profit attributable to the mother was a loss of 54 million yuan, down 121.24% year-on-year.

　　In this regard, Gree Bo explained that the main reason is that retail wholesalers gradually turned to the active destocking stage, which slowed down the procurement pace of suppliers and the sales of the company’s products declined. Moreover, in order to go out of stock, Greebo stepped up product promotion in stages and lowered the prices of some old products through discounts and other means. In the first half of 2023, the gross profit margin of Gree new energy garden machinery products was 25.26%, down 1.17% year-on-year.

　　Even if the demand of downstream suppliers weakens, it is necessary to go to stock by promotion. But Greebo still believes that this is a good time to grab the market.

　　"In order to seize the favorable position in the market and strive for greater profits in the future, the company increased its sales investment. In the first half of the year, the company continued to increase its brand building, the sales staff increased, the marketing expenses increased, and due to the increase of the company’s scale and inventory goods, the storage expenses also increased significantly year-on-year."

　　According to the semi-annual report of 2023, the sales expenses of Gree Bo were 398 million yuan, up 40.93% year-on-year.

　　Although Greebo spent a lot of sales expenses, it still failed to stop the downward trend of performance. By the third quarter of 2023, Greebo’s losses were further aggravated, with revenue of 3.468 billion yuan, down 16.93% year-on-year; The net profit of returning to the mother was-175 million yuan, down 186.58% year-on-year.

　　The trend of "falling endlessly" still failed to stop in the fourth quarter. The operating income in 2023 is expected to be 4.6 billion yuan to 4.7 billion yuan, down 9.8% to 11.7% year-on-year; It is estimated that the net profit returned to the mother will be a loss of 370 million yuan to 430 million yuan, a year-on-year decrease of 239.1% to 261.7%.

　　According to Greebo’s disclosure, the reasons for the decline in performance are similar to those in the first three quarters. Including: due to the destocking of downstream retailers, the company’s operating income decreased by 9.8% ~ 11.7% year-on-year; The decline in operating income and gross profit margin affected the company’s gross profit by 190-210 million yuan; Sales expenses, research and development expenses and management expenses increased by 270-290 million yuan year-on-year; Due to the sharp year-on-year decrease in exchange income, the company’s financial expenses increased by about 130 million yuan in 2023.

　　Is the loss reasonable?

　　The huge difference before and after listing has made many investors question whether Greebo is "fraudulent".

　　Source: screenshot of the stock bar

　　First of all, the "destocking" mentioned by Gree Bo in the financial report is indeed the key word of the whole industry of lithium battery OPE in 2023.

　　"After two consecutive rounds of restocking, the channel inventory of retailers in Europe and the United States reached a historical high, and the demand side began to cool down under the influence of the Fed’s continuous interest rate hike. Therefore, since 2022Q3, retail began to enter the destocking cycle, and the order placing speed slowed down, which was reflected in the decline in the order growth rate of domestic agents and brands at the upstream production end." Ji Xiangyang, a researcher at China Merchants Household Appliances, said.

　　However, knowing that downstream suppliers have gone to their own inventory and there is no high consumer demand, Gree Bo still chooses to spend a lot of sales expenses.

　　According to the semi-annual report of 2023, among the sales expenses, all the detailed items of sales expenses of Gree Bo almost doubled. Among them, wages and salaries rose from 75.47 million yuan to 97.49 million yuan, advertising and marketing expenses rose from 109 million yuan to 128 million yuan, and storage expenses rose from 41.68 million yuan to 87.66 million yuan.

　　Source: screenshot of annual report

　　Although on the record sheet of investor relations activities on September 4, Greebo said that there were three major sales expenses in the first half of the year, namely, personnel salary, marketing and warehousing. With the decline of inventory level, warehousing expenses will decline in the second half of the year.

　　However, in the third quarterly report, Greebo’s sales expenses increased by 26.66% year-on-year, due to the increase of sales channels, storage fees and brand building and marketing.

　　Unsurprisingly, the money was spent and failed to bring corresponding returns. In 2023, Gree Bo’s revenue, net profit and gross profit margin declined across the board.

　　In this regard, Gree Bo still blames the downstream suppliers. "Due to the destocking of downstream retailers, the company’s related investment did not achieve the expected revenue growth. In 2023, the company’s own brand business revenue was basically the same as that in 2022."

　　It is worth noting that before listing, Gree Bo’s sales expense ratio was lower than that of its peers, and its gross profit margin was higher than that of its peers, which shows that Gree Bo can obtain higher sales revenue and profits at a lower cost. However, after listing, this advantage of Greebo suddenly disappeared, which increased the sales expenses, but the gross profit margin fell to the average level of peers. From 2019 to 2022, and from January to June in 2023, the comprehensive gross profit margin of Gree Bo was 34.49%, 35.10%, 27.5%, 25.72% and 25.26% respectively.

　　Source: Screenshot of Prospectus

　　"If a company’s gross profit margin is high, it means that the competitiveness of its products is stronger than that of other companies in the same industry, and the company should have certain negotiating advantages in product sales. It can be inferred that the company’s sales expenses will not account for a high proportion of operating income. If the gross profit margin of the company is much higher than that of the same industry, and its sales expense ratio is also lower than that of the same industry, it is unreasonable; Similarly, if the company’s gross profit margin is much lower than that of the same industry and its sales expense ratio is higher than that of the same industry, it is equally unreasonable. " Ma Jinghao, an expert in finance and taxation, said.

　　On March 22nd, 2023, just one month after the listing of Gree Bo, Kelvin Cui, then the company’s chief financial officer, and Ji Zhenghua, the secretary of the board of directors, left their posts. Among them, Kelvin Cui has served as the chief financial officer, director and chief financial officer of Gree Bo since November 2018; Since December 2018, Ji Zhenghua has served as assistant to the chairman of Gree Bo and secretary of the board of directors of Gree Bo.

　　As of February 8, 2024, Gree Bo’s share price closed at 11.35 yuan/share, which was 63.21% lower than the issue price (30.85 yuan/share). The total market value has shrunk to 5.553 billion yuan.

　　Source: screenshot

　　The stock price fell to "knee"

　　Can the Master of Returnees "pull back a city" by increasing their holdings?

　　According to the Prospectus, Gree Bo was established in 2002, and has been engaged in research and development, design, production and sales of new energy garden machinery since 2007. It is one of the leading enterprises in the global new energy garden machinery industry.

　　The company mainly sells its own brands, and its products can be divided into lawn mowers, lawn mowers, cleaning machines, hair dryers, pruning machines, chain saws and intelligent mowing according to their uses., intelligent mounted mowing vehicle, etc. At present, there are brands such as greenworks and POWERWORKS under the company flag (Jin Qilin analyst).

　　The actual controller of the company is Chen Yin, the co-founder and chairman, who was born in 1973 and is 51 years old.

　　Chen Yin has rich working experience in foreign-funded enterprises. He studied in England and got a master’s degree. After that, he successively served as the product manager of Shanghai Biocy Gas Co., Ltd., a foreign-funded enterprise, and the general manager of Shanghai Star Jack Power Tools Department, a foreign-funded enterprise. Later, he also served as the general manager of the Asia-Pacific procurement center of Fiskars Group in Finland.

　　In 2016, Chen Yin, who has a foreign working background, also introduced an external investor from Germany-STIHL to Greebo. STIHL is a manufacturer of garden machinery and a customer of Greebo.

　　In 2020, Greebo was changed into a joint-stock company, and on May 21, 2021, it submitted the Prospectus on the Growth Enterprise Market of Shenzhen Stock Exchange. After nearly three years, Greebo went public on February 8, 2023. At that time, it was called "the first share of new energy garden machinery" by the outside world.

　　After listing, the performance of Greebo’s share price rose all the way. Its listing price was 30.85 yuan/share, the highest price reached 41.82 yuan/share on the first day of listing, and finally closed at 38.3 yuan/share, with a total market value of 18.62 billion yuan.

　　According to the third quarterly report in 2023, Chen Yin holds about 56.32% of the shares in Gree Bo. Based on this calculation, Chen Yin is worth 10.487 billion yuan.

　　Who knows, Greebo’s share price peaked when it went public. Only one month later, it "showed its original shape" and then it "sat on the slide" all the way. On March 14th, 2023, Gree Bo’s share price fell below the issue price, and the lowest price on that day was 29.17 yuan/share.

　　Chen Yin’s worth has also shrunk. According to the Hurun Report, Chen Yin made his debut in the 2023 Hurun Report with a net worth of 5.5 billion yuan.

　　Source: screenshot of Hurun Report

　　Galaxy Securities said that the deduction of new shares breaking tide is directly related to the price-earnings ratio of initial public offering. According to the Prospectus, the initial price-earnings ratio of Gree Bo is over 63 times, which is significantly higher than the industry’s price-earnings ratio of 33 times. According to wind data, as of February 7, 2024, the static P/E ratio of Gree Bo was 18.09 times.

　　Source: screenshot of straight flush

　　Faced with this situation, on February 6, 2024, Gree Bo released an increase plan. According to the announcement, GHHK, the controlling shareholder of the company, or Chen Yin, the chairman of the company, intends to increase the company’s shares within six months. The planned amount of this increase is between 25 million yuan and 50 million yuan.

　　However, can Chen Yin, a master of returnees, "stop" the falling stock price by increasing his holdings?

　　What do you think of Greebo’s "performance change" in its first year of listing?

　　New pollutants endanger the ecological environment and human health, which is one of the global environmental problems. The CPC Central Committee and the State Council attached great importance to the treatment of new pollutants. Recently, the General Office of the State Council issued the Action Plan for the Treatment of New Pollutants (Guo Ban Fa [2022] No.15, referred to as the Action Plan), which pointed out the direction for the treatment of new pollutants in the future. The Action Plan embodies China’s idea of actively participating in global environmental governance, which is of great significance for building a beautiful China and building a community of life on earth.

　　Democracy is the common value of all mankind and an important concept that the people of the Communist Party of China (CPC) and China have always adhered to. Report to the 20th CPC National Congress, the Communist Party of China, regards the development of whole-process people’s democracy as one of the essential requirements of Chinese modernization, profoundly revealing the great significance of developing whole-process people’s democracy in the new journey of building a socialist modernized country in an all-round way. Chinese modernization contains a brand-new concept of democracy, which enriches the theory and practice of realizing democratic values and makes important contributions to promoting the progress of human political civilization.

　　The whole process of people’s democracy is the most extensive democracy.

　　Democracy is a political form formed by human society after thousands of years of exploration, which has played an important role in the process of human development. Democracy is historical, concrete and developing, and there is no one form of democracy in the world. The key to judging a form of democracy depends on whether it adapts to its own history and culture, conforms to its actual national conditions, can bring about political stability, social progress and improvement of people’s livelihood, can win the support and support of the people, and can make contributions to the cause of human progress.

　　In November 2019, General Secretary of the Supreme Leader put forward the important exposition that "people’s democracy is a whole-process democracy" for the first time during his inspection tour in Shanghai, which profoundly expounded the characteristics and advantages of China’s socialist democracy. At the celebration of the centenary of the founding of the Communist Party of China (CPC), General Secretary of the Supreme Leader further emphasized that "people-centered development thought should be practiced to develop people’s democracy in the whole process". The historical resolution adopted by the Sixth Plenary Session of the 19th CPC Central Committee included "developing people’s democracy in the whole process" as the important content of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era in the "Ten Clarities". Report to the 20th CPC National Congress, the Communist Party of China, explicitly wrote "developing people’s democracy in the whole process" into the essential requirement of Chinese modernization, and further proposed that "the people’s democracy in the whole process will be more perfect" by 2035. During the two sessions of the National People’s Congress in China this year, "upholding and developing people’s democracy in the whole process" was written into the Legislative Law of People’s Republic of China (PRC).

　　Erik Bigon, editor of Kenya Broadcasting Corporation, noted that among the delegates of the National People’s Congress in China, there are workers from various industries, such as couriers, farmers, teachers, doctors and journalists. "In many other countries, it is difficult for people in some industries to get similar opportunities.".

　　Mahmoud hassan Khan, director of the Center for South Asian and International Studies in Islamabad, Pakistan, believes that at the National People’s Congress in China, the deputies reflected the opinions and suggestions of people from all walks of life in various fields, vividly demonstrating the connotation of people’s democracy in the whole process.

　　Harold, Zimbabwean Permanent Representative in Geneva, believes that the Greek word "democracy" originally means "people’s power", and "China’s democratic practice is closer to the original spirit and connotation of this concept".

　　True democracy, good democracy, to make the people the masters of the country, the people not only have the right to vote and vote, but also have the right to participate extensively; Not only can you express your wishes, but you can also achieve them effectively; Not only promote national development, but also share the fruits of development. In the whole process, people’s democracy truly adheres to the people’s dominant position, and everything is for the people and everything depends on the people.

　　At the National People’s Congress in China in 2021, Zhou Yizhe, a representative who has been a forestry worker for decades, put forward some suggestions such as appropriately increasing the proportion of cost subsidies for the pilot construction of universal telecommunications service in forest areas. Nowadays, the coverage rate of public network communication in key state-owned forest areas in Daxing ‘anling has increased from 10% to 50%, and forestry workers basically don’t have to "run all over the mountain to search for a network signal".

　　Robert kuhn, chairman of the American Kuhn Foundation, commented that Chinese-style democracy is not a castle in the air, but includes various feedback and interaction mechanisms, especially people’s congresses at all levels, whose main goal is to ensure a good life for all people. Tan Zheli, a senior researcher at the Mbeki Institute of African Leadership of the University of South Africa, believes that the whole process of people’s democracy in China "aims at serving the fundamental interests of the overwhelming majority of the people and bringing tangible benefits to the people".

　　Yi Si, chairman of the Royal Institute of East-West Strategy, was a special member of the Changchun CPPCC and a consultant of the Shanghai CPPCC. He personally participated in the practice of Chinese-style democracy and is currently writing a book on democracy in China. He learned that CPPCC members come from all walks of life, and most of the proposals are "very practical and grounded." In his view, "the Communist Party of China (CPC) attaches importance to the differences in conditions, customs and practices between the eastern and western parts of China and between urban and rural areas, and has made great efforts in balancing representation. Democracy in China is worth learning from. "

　　Martinez, a British social activist, believes that in China’s democratic system, people enjoy democratic rights at all social levels, not just during the election period. The elected deputies can hear the opinions, needs and expectations of the broad masses. "After the COVID-19 epidemic, China has made prevention and control of the epidemic, protection of the health and safety of the general public, and protection of people’s lives a priority. This is people’s democracy, and this is socialist democracy."

　　The whole process of people’s democracy is the most real democracy.

　　From "small courtyard chamber" to "house forum", from offline "round table" to online "discussion group", from NPC deputies insisting on asking for the needs of the people and asking for the people, to CPPCC members participating in grassroots consultations to solve urgent problems … … Complete institutional procedures and participation in practice make the whole process of people’s democracy change from value concept to institutional form, governance mechanism and people’s lifestyle rooted in China. China develops people’s democracy in the whole process based on its national conditions, which not only has distinctive China characteristics, but also reflects the common pursuit of democracy by all mankind. It not only promoted the development of our country and national rejuvenation, but also enriched the form of human political civilization.

　　"China’s unique road to modernization and development shows that every country and its people have their own unique insights, strength and imagination, and can explore and use their own history and reality to establish a system and promote the national development process." Charles Onunaiju, director of the China Research Center in Nigeria, said in an article published in Nigeria’s Blueprint.

　　Yu Deshuo, deputy mayor of Bath, England, who has conducted extensive research in rural areas of China, attended the democratic forum in Wenling, Zhejiang. The villagers sat around the big tree with small benches, and the scene of speaking freely about the development of the village impressed him deeply. "The participation of the people is related to the degree of democracy and affects the expression of decision-making will. In this sense, China’s whole process of people’s democracy has richer and deeper connotations. "

　　Kuhn believes that China strives to improve the living standards of all its people, which involves reform, rule of law, public participation, human rights protection and other aspects. "More than 1.4 billion people in China have truly become masters of their own affairs and explored new paths for the development of human democracy. This is China’s great contribution to human political civilization."

　　The whole process of people’s democracy broke the hegemony of western democratic discourse. Martin jacques, a British scholar, believes that in the eyes of western countries, democracy originated from western polity and will gradually expand into a universal system for all mankind. This view lacks historical common sense and does not respect cultural differences. "Western countries account for less than 15% of the global population, but they think that their own systems should be accepted by all mankind, and all regimes that do not conform to the Western system are incorrect. Successful governance is not to copy the system and rules of one country to other countries, especially when the national conditions of the two countries are completely different. Democracy means respecting a country’s cultural traditions and allowing the country’s governance model to bear fruit in its own environment. "

　　Whether a country in the international community is democratic or not should be judged by the international community together, not by a few self-righteous countries. "The rich and diverse civilizations in the world are full of vitality, and the rich diversity of civilizations, especially political civilizations, means that there is no single model of democracy that can be mass-produced." Jin Ping, director of the Institute of International Relations of the Royal Cambodian Academy of Sciences, believes that only by respecting the diversity of civilizations and enhancing inclusiveness can we promote and consolidate regional and even global peace and harmony, and promote the building of a community of human destiny in which no one is left behind.

　　People’s democracy is the most effective democracy in the whole process.

　　"The rule does not have to be the same, and it is expected to benefit the people." Democracy is not an ornament, not for decoration, but for solving problems that people need to solve. In the final analysis, the evaluation of a form of democracy depends on whether it can make the people live a good life.

　　Jonny miller, Executive Chairman of the US-China Cooperation Foundation — White once wrote that China has successfully practiced the whole process of people’s democracy, a unique form of democracy, and proved to the world that Socialism with Chinese characteristics’s democratic system can create enormous economic and social benefits for all people.

　　In the decade of the new era, China has completed the historical task of getting rid of poverty and building a well-off society in an all-round way, and the cause of the party and the state has made historic achievements and changes, pushing forward a new journey of building a socialist modern country in an all-round way. These achievements fully show that the continuous enrichment and development of people’s democracy in China can stimulate the infinite initiative and creativity of the people of China and promote the all-round promotion and progress of Chinese modernization.

　　Ma Yijun, a senior researcher at the Globalization Think Tank, believes that the true meaning of democracy is to serve the people, and China’s democracy is well deserved. "The China government has responded to the people’s call and made efforts to improve people’s lives and livelihoods. Before legislation, China will announce the draft law to the public and solicit opinions. This is a big example. "

　　Chinese modernization is a comprehensive and free development modernization, and it is a five-in-one modernization of economic construction, political construction, cultural construction, social construction and ecological civilization construction. Among them, the fundamental task of political construction is to continuously develop socialist democratic politics, continuously build high-quality Chinese-style democracy, and constantly ensure that people’s rights as masters of their own affairs are implemented.

　　In Yi Si’s view, the practice of Chinese-style democracy can solve practical problems. "This is achieved through consultation at every level of the administrative department in a wide range of society and full discussion within the party."

　　The people’s congress system in China embodies the superiority of the socialist system. While ensuring that the party and the state can hear the voices of the people in all aspects of decision-making, implementation and supervision, it also ensures that the decision-making is far-sighted and can be implemented efficiently. Martin jacques believes that only a very confident political party with a solid mass base can successfully make long-term policy adjustments when necessary.

　　Igor Maximtsev, president of St. Petersburg State University of Economics, believes that the whole process of people’s democracy in China adheres to the people-centered, conforms to China’s national conditions and reality, and contributes China’s wisdom to human political civilization. Countries should respect each other’s democratic model, strengthen exchanges and mutual learning, and jointly promote the continuous development of human civilization.

　　The Communist Party of China (CPC) insisted on coming from the masses and going to the masses, was good at constantly summing up the wisdom and experience of the people, and concretely and realistically reflected the people being the masters of the country in the policies and measures of the party’s governance, so that the party’s theory and decision-making have the source of practice and keep the vitality of innovation.

　　Onunaiju said that China’s modernization process does not directly copy the experience of other countries in the world. On the contrary, it absorbs foreign experience on the basis of its own national conditions, combines it organically, and has been tested by practice. The national consensus formed in consultation and cooperation integrates all different viewpoints and visions into the macro road map of national development, and condenses the consensus and will of the whole society.

　　China’s concept of democracy comes from the fertile soil of Chinese modernization in practice, which will be enriched and developed with the advancement of Chinese modernization, and will contribute more China wisdom to the progress of human political civilization.

Knowing a thousand miles, the whole family can cure sores.

Home has Sanguisorba bark, not afraid of burning and peeling.

If you have Sanguisorba charcoal at home, you are not afraid of skin burning.

Liu sent slaves at home, not afraid of beheading with a knife.

…

A catchy Chinese medicine jingle

Seemingly easy to understand

But it embodies countless philosophical wisdom of the ancients.

Chinese medicine is the traditional medicine of our Chinese nation.

Compared with western medicine

Has the advantages of low price, small side effects and the like.

Loved by everyone

But nowadays, we often see that some drugs or health care products are declared as "natural preparations and pure Chinese medicine preparations", which are non-toxic and have no side effects.

In fact, it is a misunderstanding that "Chinese patent medicine is non-toxic". If it is not used properly, Chinese patent medicine can also cause toxic and side effects like western medicine.

Why is the saying that "Chinese medicine is nontoxic" so deeply rooted in people’s hearts?

According to the current situation, the research on the effective components and pharmacological effects of most traditional Chinese medicines is not as thorough as that of western medicines. Long-term and large-sample clinical trials are needed before western medicines are put on the market. The adverse reactions are fully studied, and the corresponding parts in the instructions are clearly written, and their shortcomings are unambiguous. This actually gives patients full right to know and protects them to the maximum extent. However, there is a lack of research on the adverse reactions of traditional Chinese medicine, especially Chinese herbal medicine, which is mostly used by experience. The analysis of effective components of many drugs is still under exploration, let alone the study of side effects.

For some Chinese patent medicines, the relevant research data is also very scarce, and the corresponding parts in the instructions are either simply described or omitted, which misleads patients and thinks it is very safe. In addition, the media often deliberately emphasize "pure Chinese medicine preparation" in propaganda, which actually plays a misleading role in fueling the "non-toxic Chinese medicine".

Therefore, if Chinese patent medicine is improperly applied,

Will cause toxic side effects like western medicine.

It can delay the illness, but it is life-threatening.

Here are some commonly used Chinese patent medicines.

Let’s talk about their side effects

Liushen Pill contains toxic components such as bufogenin and realgar. Some people take Liushen Pill because of sore throat, resulting in itchy skin, irritability, pale face, nausea and vomiting, drowsiness and coma, dyspnea and arrhythmia.

Liushen pill

Jinkui Shenqi Pill, also known as Bawei Dihuang Pill, is often used to treat waist soreness, leg weakness, acute abdominal pain, polydipsia, insomnia, dysuria or frequent urination. However, some people will have skin rashes, nausea, abdominal pain, diarrhea, edema, headache, rising blood pressure and rapid heartbeat after taking the medicine.

Jinkui Shenqi Pill

Xiaohuoluo Pill has been reported to have taken this medicine because of traumatic scapulohumeral periarthritis or lumbar sprain. As a result, symptoms such as chest tightness, dyspnea and itchy skin appeared, and the symptoms disappeared after treatment. The reason may be related to the allergic reaction caused by the animal protein contained in the earthworm (earthworm) in the prescription.

Xiaohuoluo pills

Xiaoyao powder is mainly used to treat headache, dizziness, fatigue and fatigue. However, it has been reported that after taking the medicine for trigeminal neuralgia, the whole body appeared punctate pink papules, edema of face and lower limbs, aversion to cold and high fever, and head swelling and pain after stopping treatment.

Xiaoyaosan

Sanxiandan, Angong Pill and Zhusha Anshen Pill all contain cinnabar, that is, mercury sulfide, which can be poisoned if taken for a long time.

Classified traditional Chinese medicine containing cinnabar

Improper use of Xiaoke Asthma can lead to arrhythmia; Taking Fuzi Lizhong Pill improperly will cause tongue curl and shortness of breath; Abuse of Bupleurum injection and pilose antler essence injection can cause anaphylactic shock.

In recent years, the frequent adverse reactions of traditional Chinese medicine injections have pushed the safety of traditional Chinese medicine to the forefront. In order to avoid the above-mentioned adverse reactions when taking medicine, we should closely observe the reactions after taking medicine during the period of taking medicine. Once there is any abnormality, we should stop taking medicine immediately and go to the hospital for treatment.

Other drugs

Source: National Medical Products Administration.

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CCTV News:On September 28th, the People’s Bank of China said that it would set up a special re-loan for equipment renovation to support financial institutions to provide loans to manufacturing, social services, small and medium-sized enterprises, individual industrial and commercial households and other equipment renovation at an interest rate not higher than 3.2%.

The amount of special refinancing for equipment renovation is more than 200 billion yuan, with an interest rate of 1.75%, with a term of one year, which can be extended twice, and each extension period is one year. The recipients include 21 financial institutions such as China Development Bank, policy banks, state-owned commercial banks, China Postal Savings Bank and joint-stock commercial banks, and financial support is provided according to 100% of the loan principal that meets the requirements issued by financial institutions.

The special re-loan support areas for equipment renovation include education, health, cultural tourism and sports, training base, charging pile, urban underground utility tunnel, new infrastructure, digital transformation of industry, energy-saving and carbon-reducing renovation and upgrading in key areas, and waste household appliances recycling and treatment system.

Special re-loans are granted on a monthly basis through a direct mechanism of "lending first and then lending".

On November 21st, HarmonyOS Zhixing Zunjie brand announced that the appearance of its first luxury car will be publicly unveiled at the Huawei Mate 70 series mobile phone conference on November 26th. Yu Chengdong, managing director of Huawei, chairman of BG, and chairman of BU, a smart car solution, announced today that the size of the first car in Zunjie is about 5.5 meters.

Yu Chengdong said that the size of the first car in Zunjie may exceed 99.99% of the cars on the road, which is definitely "heroic atmosphere" and "more internal space". HarmonyOS Zhixing "Zunjie" was jointly built by JAC and Huawei. At present, the appearance of the new car has not been announced yet, and we will follow up the follow-up news.

For reference, the Golden Sunflower Guoya ultra-luxury executive sedan sold by FAW Hongqi at this year’s 2024 Guangzhou Auto Show starts at 1.4 million yuan and has a length of 5353mm (over 5.3 meters). In other words, the first car in Zunjie is longer than the size of Guoya.

In recent years,Large and medium-sized cars are gradually gettingThe favor of the market, especiallyNew energy vehicles,This model has large space, comfortable ride and outstanding intelligence. Recently,On December 2024, four models were officially launched, and the official guide price was 265,800-400,800 yuan. Let me take Aouita 12 2024 700 three-laser rear-drive smart edition as an example to talk about this car in detail.

The appearance of the car still uses the family-style design style, and the front face is also very sleek. C-shaped lights are also designed on both sides, and black lines are added at the edges to make the front face look more intelligent.The air intake grille also has an active closing function, and the front looks fashionable and sporty.

Aouita 12 has a length, width and height of 5020/1999/1460mm and a wheelbase of 3020mm. The lines at the top slowly slide down to the tail, and the sides are designed to be full of atmosphere. A 20-inch multi-frame wheel hub shape is also designed.

On the tail side, it gives people a broad sense of design. The tail also has a lifting function. It adopts a split taillight, with black lines at the edge and a black surround at the bottom. The tail is still very recognizable.

In terms of interior, the interior design is very simple and atmospheric, with an embracing design style and a 35.4-inch 4K.Full LCD instrument panel,The 15.6-inch central control panel is designed with a sense of intelligence and technology.In-vehicle intelligent system supports navigation system, navigation road information display, service and vehicle networking., 5G network, OTA upgrade, facial recognition, etc., support voice recognition control, we directly say "small tower" in the car, which can let the voice assistant open the window, air conditioner, map and so on.

The 2024 model was used.The front seat is comfortable to ride. Aouita 12 2024 700 three-laser rear-drive intelligent version, the front seat supports the heating function and the main driver supports the memory function. As an entry-level model, this seat configuration is enough. If you want to have the functions of front massage and rear heating, you can choose a higher model.

The capacity of the front luggage compartment is65L，The space in the trunk is not small, and the volume reaches after opening.490L，The seats in the second row also support the reclining function, so that the space in the trunk is more plentiful.

Aouita 12 2024 700 Three-laser Rear Drive Smart Edition, equipped withAnti-lock braking and brake assistLane departure warning、Forward collision warning、Rear collision warning, reversing car side warning、DOW opening warning、Active braking, parallel assist, front parking radar and rear parking radar.、、360 panoramic image、Full speed adaptive cruise、park assist vision, L2 intelligent assisted driving, 11Outside camera, 2Inside camera, 12Ultrasonic radar, 3millimeter-wave radar, 3Wait.

Aouita 12 2024 700 Three-laser Rear Drive Smart Edition, equipped withPermanent magnet/,using rear single motor,The maximum power is 230 kW, 370,The official acceleration time of 100 kilometers is 6.7s, and the power consumption of 100 kilometers is 15kWh/100km. In terms of batteries,It takes 0.33 hours to charge the battery from 30% to 80%, and the battery life is 700 kilometers.

Recommended model

I recommend.Aouita 12 2024 700 three-laser rear-drive smart edition, which is an entry-level model, and the price range is.265,800 yuan, the car’s appearance is fashionable and sporty, the configuration is also very rich, the power performance is abundant, and the overall performance is still good. If you want to buy a medium-sized and large car, you may wish to take a look at this car.

　 　 　 　Since the 18th National Congress of the Communist Party of China, the Hunan Provincial Party Committee and the provincial government have always adhered to the working principle of sharing the people’s legacy with the people, and adhered to the protection concept of "seeing people, seeing things and seeing life". In accordance with the unified deployment of the Ministry of Culture and Tourism, Hunan plans have been continuously launched, Hunan characteristics have been highlighted, Hunan voices have been made, Hunan brands have been formed, and a colorful and charming picture scroll of Hunan’s legacy has been laid out, which has become an important source of preserving Hunan spirit and a deep foundation for nourishing Hunan culture.

　　First, build a working system and open up a "new world" for the protection of intangible heritage

　　The first is to improve the protection laws and regulations.In June 2016, the second local regulation in Hunan’s cultural field and the first local regulation in the field of intangible cultural heritage, the Measures for Implementing the People’s Republic of China (PRC) Intangible Cultural Heritage Law, was promulgated. In 2014, the Provincial Party Committee Propaganda Department and the Provincial Department of Education jointly issued the Notice on Further Promoting the Work of Intangible Cultural Heritage in Campus. From 2019 to 2021, the relevant departments jointly issued the Plan for Revitalizing Traditional Crafts in Hunan Province, the Plan for Inheriting and Developing Quyi in Hunan Province and the Measures for the Administration of Provincial Cultural and Ecological Protected Areas in Hunan Province, and released the Catalogue for Revitalizing the First Batch of Traditional Crafts in Hunan Province, which fully played the role of laws and regulations in the protection, inheritance and innovation of intangible cultural heritage.

Miao Xiu creative training base

　　The second is to improve the four-level directory system.Hunan is rich in intangible cultural heritage resources, and the national, provincial, municipal and county-level directory system is well established, with a total of 5,254 projects in 10 categories, including 137 national intangible cultural heritage representative projects, 410 provincial intangible cultural heritage representative projects, 4,707 municipal and county-level intangible cultural heritage representative projects, 121 national inheritors, 304 provincial inheritors and 4,416 municipal and county-level inheritors. Kunqu opera, shadow play, the custom of Dragon Boat Festival along the Guluo River and the 24 solar terms are listed in the representative list of intangible cultural heritage of mankind. Three projects, namely, making skills of Qianliang tea, making skills of Fuzhuan tea and making skills of Junshan Yinzhen tea, were included in the list of representative works of human intangible cultural heritage by the Ministry of Culture and Tourism. In 2021, it took the lead in the protection of red intangible cultural heritage in China, and included red intangible cultural heritage items such as Chaling Red Story, Shaoshan Red Story, Cai Hesen’s revolutionary story and the story of the Red Army’s Long March in Xinhua into the provincial intangible cultural heritage list, so that red culture could be integrated into the inheritance pedigree of Chinese excellent traditional culture.

　　The third is to establish a non-legacy protection mechanism.The province has set up a provincial-level intangible cultural heritage protection center, 14 cities and states have set up 8 intangible cultural heritage departments (offices), 6 listed, 7 independent intangible cultural heritage protection centers and 7 listed; In 127 counties and cities in the province (including 4 local economic development zones), 19 independent intangible assets were set up and 108 were listed, and 33 independent intangible protection centers were set up and 92 were listed, achieving full coverage of the specialized institutions for intangible protection at the provincial, city and county levels, realizing the historical development of intangible protection forces from scratch. 18 departments, including the Propaganda Department of the Provincial Party Committee, the Provincial Development and Reform Commission, and the Provincial Department of Finance, established a joint conference system for the protection of provincial intangible heritage. Seven departments, including the Provincial Administration of Traditional Chinese Medicine, carried out collaborative protection of traditional medicine non-legacy departments, and the Hunan Provincial Department of Culture and Tourism became the first provincial-level cultural tourism department in China to implement collaborative protection of traditional medicine departments.

　　Second, connect with modern life and open the "activation code" for intangible protection.

　　The first is to create a cultural and ecological protection zone and build a Hunan model.Actively promote the construction of national-level Tujia and Miao cultural and ecological protection zones in Wuling Mountain Area (Xiangxi), explore a "four-in-one" construction model that insists on combining intangible heritage protection with cultural relics protection, project construction, cultural tourism industry and rural revitalization, and formulate more than 20 supporting local laws and policies on cultural and ecological protection, with a special investment of 1.057 billion yuan, and the investment and management level are in the leading position in the country. In 2019, Xiangxi Ecological Zone became one of the first seven national-level cultural and ecological protection zones in China. In 2021, the national cultural and ecological protection zone experience exchange activities were held in Xiangxi, and the Hunan practice of "four combinations" was promoted throughout the country.

　　The second is to promote the deep integration of non-legacy and tourism.Intangible cultural heritage is the most dynamic, potential and suitable field for the integration of literature and tourism. After the central government put forward the development strategy of cultural tourism integration, in order to speed up the two-way journey between poetry and distant places and embrace each other deeply, in 2019, the Hunan Provincial Department of Culture and Tourism and Yueyang Municipal Government held a series of activities, including a traditional craft exhibition and a tea fair in a 5A-level scenic spot, an intangible theme evening with Yueyang Tower as the background, a collection of outstanding papers on intangible heritage and tourism, and an academic forum on intangible heritage and tourism. In 2020, the launching ceremony of the first Hunan Intangible Cultural Heritage Shopping Festival will be held on May 19th China Tourism Day and in Taohuayuan, a 5A-level scenic spot. In 2021, the main event of "Cultural and Natural Heritage Day" publicity and display will be placed in Nanyue Scenic Area. In 2021, the first batch of 10 non-legacy theme (research) tourist routes, such as the tour around the lake with plenty of rice, the tour of the Xiangjiang River with a thousand miles to explore the source of the non-legacy and the tour of the mysterious Xiangxi, were released, covering 100 counties (urban areas) in 14 cities (states), connecting 156 heritage sites in series and involving 367 non-legacy projects. In 2022, the United Provincial Administration of Traditional Chinese Medicine planned the trip of Chu Yun Hu Xiang to nourish the spirit, the trip of magical Xiang Dong to nourish the lungs, and the paradise.Six excellent routes of TCM health tourism, such as the journey of nourishing the heart, have evaluated a number of demonstration bases of TCM health tourism experience, and the degree of integration between intangible heritage and tourism has been continuously strengthened, and the integration effect has been continuously improved.

　　The third is to implement the "non-legacy into campus" brand project.Thirty-three primary and secondary schools, including Mingde Tianxin Middle School in Changsha, and five universities, including Hunan Institute of Science and Technology, were identified as the intangible cultural heritage inheritance schools and practice bases in Hunan Province. More than 300 sets (volumes) of non-legacy teaching materials (readers) have been compiled, involving nearly 400 non-legacy representative projects such as Qi Opera and Huagu Opera. Local non-legacy knowledge has been integrated into "local teaching materials" and "school-based teaching materials", and the interest of "knowing hometown, loving homeland, understanding non-legacy and passing on culture" has been developed to help primary and secondary school students accept the nourishment of Chinese excellent traditional culture. In recent years, more than 13,000 non-legacy activities have been carried out on campus through non-legacy exhibition activities, covering 486 non-legacy projects such as Peking Opera, Flower Drum Opera, Changsha Tanci and Changde Sixian, covering nearly 800 schools of various types, benefiting more than 5 million primary and secondary school students, and promoting the formation of two brand activities, namely "drama animation enters the campus" and "small non-legacy inheritor". Hunan’s experience in non-legacy campus was presented at the national symposium on non-legacy protection.

　　Third, serve economic and social development and enhance the "contribution rate" of intangible cultural heritage protection

　　The first is to promote the revitalization of traditional crafts.Implement the traditional craft revitalization plan, set up the second national traditional craft workstation in Xiangxi, and realize the "four ones" goal of "exploring a basic way for traditional crafts to integrate into modern life, forming a research and development mechanism based on the design strength, brand image and market channels of the station-based units, cultivating a group of practitioners with high quality and wide coverage of traditional crafts, and launching a group of creative brands with Xiangxi as the core". Completed the implementation plan of 7 traditional craft projects such as beachhead woodblock New Year pictures, guided the establishment of 12 traditional craft project trade associations such as Hunan cuisine, organized the province to carry out 42 traditional craft revitalization trainings with more than 2,600 person-times, and established 5 traditional craft related majors and trained more than 1,300 graduates relying on Hunan Arts and Crafts Vocational College and other universities. Held the "Hunan Traditional Craft Revitalization and Development Forum" for two consecutive sessions, launched the online Hunan Traditional Craft Network, and released the "Blue Book of Hunan Traditional Craft Revitalization". Hunan Traditional Craft Expo was held for five consecutive years, and it was the first in the country to create a non-legacy museum on the cloud. In cooperation with the high-end aviation magazine "Zunpin", the special issue of "To Be Intangible and Respect for Ingenuity" was launched, with a circulation of 100,000 copies, and the revitalization of traditional crafts in Hunan was full of vitality.

　　The second is to serve the country’s major strategy.Since 2018, we have continued to promote intangible assistance for precise poverty alleviation. In 51 poverty-stricken counties in the province, 152 workshops for intangible assistance for poverty alleviation have been set up, involving 194 intangible projects and 129,000 people, which has driven 72,000 people to work at home and helped 68,000 people get rid of poverty. Hunan’s experience of "intangible assistance+poverty alleviation" is a typical promotion in the country. In Xiangxi, relying on Miao Xiu, Miao costumes and other projects, we launched the "Let Mom Go Home" non-legacy poverty alleviation program, set up more than 20 training bases in Miao Xiu, and trained more than 6,000 embroidered mothers. The brand "Let Mom Go Home" was praised by name at the press conference held by the State Council Office to help the poor through culture and tourism, and was repeatedly reported by authoritative media such as Xinhua News Agency and China Central Radio and Television General Station, and its experience made a typical speech in the country three times. At present, intangible cultural heritage is being promoted to help rural revitalization. A total of 255 intangible cultural heritage workshops have been established in the province with a total investment of 2,169,451,500 yuan. At the beginning of this year, we took the lead in establishing provincial demonstration sites for non-legacy workshops, non-legacy villages and towns, and non-legacy blocks in China, and introduced relevant support measures to award 50 demonstration non-legacy villages, towns, blocks and workshops. Recently, the Ministry of Culture and Tourism entrusted five provinces in China with the pilot task of helping rural revitalization, and Hunan became one of the pilot provinces.

Feiyi poverty alleviation workshop

　　The third is to hold the Hunan Intangible Cultural Heritage Shopping Festival.In recent years, in view of the normalization of epidemic prevention and control and the reduction of personnel gathering, Hunan Intangible Heritage Shopping Festival has been held online and offline for three consecutive times in conjunction with Alibaba, Pinduoduo, JD.COM, Tik Tok and other national e-commerce platforms, which has driven intangible heritage enterprises, time-honored brands and inheritors to fully enter the e-commerce field. At the "Hunan First Intangible Shopping Festival and online celebrity Live Delivery Competition" held in Changde Taohuayuan Scenic Area, relying on Taobao, Pinduoduo and JD.COM, three "Hunan Intangible Heritage Museums" were opened, providing professional service for product exhibition and sales of 152 poverty alleviation and employment workshops, 139 intangible heritage projects and 259 inheritors in the province. More than 50 central and provincial mainstream media reported that active communication’s total exposure exceeded 400 million, driving the sales turnover of intangible products to exceed 600 million.

　　Fourth, tell the story of Hunan well and expand the "circle of friends" for non-legacy protection.

　　The first is to build a media communication matrix.Efforts will be made to build a "four-in-one" non-genetic broadcasting matrix covering TV, paper media, network and new media platforms, and a strategic cooperation will be reached with Beijing ByteDance, becoming the first provincial-level non-legacy administrative department in Tik Tok, and the coverage rate of non-legacy projects above the provincial level in Tik Tok is over 86.7%; Cooperate with Hunan Jingshi and China Communications Broadcasting to launch the columns of "Not Left in Hunan" and "Not Left on the Road", and broadcast a total of 320 programs; During the epidemic, the columns of "On the Cloud, Xiang Encountered Intangible Heritage", "Open Class of Intangible Heritage", "Learning Arts on the Cloud" and "Picking up Heritage on the Cloud" were launched, which were well received by netizens. During the "Cultural and Natural Heritage Day" this year, the propaganda film "Furong Guoli Xiang Encountered Intangible Heritage" was released, and three special programs with the theme of "Invisible Heritage Tourism is on fire", "Intangible Heritage Cross-border Tide" and "Intangible Heritage is alive" were planned and launched in the column "Jingshi Observation" of Hunan Jingshi, widely publicizing that intangible heritage helps tourism development, promotes rural revitalization and endowments.

　　The second is to innovate and hold brand activities.In recent years, we have innovatively carried out a series of activities, such as "Culture enters every family, the Year of Hometown Live by Video" and "Cultural and Natural Heritage Day". We have successively held more than 40 special activities, such as Hunan Traditional Craft Expo, Hunan-Hubei-Jiangxi-Anhui Intangible Heritage Exhibition, and "BMW China Cultural Tour", which has guided various localities to carry out intangible heritage activities for more than a thousand times every year. Make full use of major node events to hold publicity and exhibition activities. In 2019, the 70th anniversary of the founding of the People’s Republic of China was jointly held with Yueyang City to hold the publicity and exhibition activities of Hunan’s intangible heritage, and in 2021, the centenary of the founding of the Party was successively held with "Greeting the centenary of the founding of the Party with outstanding achievements" — — The skills exhibition and exchange of national and provincial representative inheritors in Hunan Province, the invitation exhibition of Chinese embroidery art with the red theme of "Looking Back for a Hundred Years" and the series of exhibition activities of "Red Classics and Non-genetic Inheritance" in Hunan Province have greatly aroused the enthusiasm of the broad masses of the people for loving the party, patriotism and traditional culture.

Miao Xiu state-level inheritors guide embroidered mothers to embroider.

　　The third is to widely spread the intangible sound.Organize and participate in China International Import Expo, China Chengdu International Intangible Cultural Heritage Festival, China Intangible Cultural Heritage Expo, "Xinjiang is a Good Place" and other major global and national exhibitions. It has organized more than 100 non-legacy projects and more than 300 inheritors to visit more than 20 countries and regions, such as the United States, Britain and Germany, and participated in foreign cultural exchange activities such as "Happy Spring Festival", "Perceiving China" and "Huxiang Fenghua", showing the people of the world the profound heritage and unique charm of Huxiang culture. Organized the "Hunan-Poland-Czech Intangible Heritage Exchange Week" in Eastern Europe, which attracted more than 20 local mainstream media to report and reached millions of people, expanding the international communication and influence of Huxiang culture.

　　Everything in the past is a preface. Hunan will continue to seriously study and thoroughly implement the spirit of the important exposition of the Supreme Leader General Secretary on the protection of intangible cultural heritage. With a broader vision, greater efforts and stronger measures, we will effectively regard intangible cultural heritage as an important window to show cultural self-confidence, an important starting point to implement cultural empowerment, an important carrier to promote cultural benefits and an important medium to promote cultural inheritance. We will do a good job in all work, continuously enhance the vitality, influence and reputation of Hunan’s excellent traditional culture, and continuously enhance people’s pride, happiness and sense of acquisition.

　　(Author: Vice Minister of Propaganda Department of Hunan Provincial Committee of the Communist Party of China Li Aiwu, Party Secretary and Director of Hunan Provincial Department of Culture and Tourism)

　　China Securities Journal

　　The supply and demand structure has improved, and the core CPI rebounded significantly in March.

　　According to the data released by the National Bureau of Statistics on April 10th, in March, the consumer price index (CPI) decreased by 0.4% month-on-month and 0.1% year-on-year. The PPI of industrial producers decreased by 0.4% month-on-month and 2.5% year-on-year. "This is mainly affected by seasonality and international import factors." Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, said that from the perspective of marginal changes, policy effects such as boosting consumer demand have further emerged, the core CPI has rebounded significantly, rising by 0.5% year-on-year, the supply and demand structure has improved, and prices have shown some positive changes.

　　Exploring China International Medical Device Expo "Show Muscle" and "AI+ Medical" products of medical device enterprises are in full bloom.

　　From April 8 to 11, the 91st China International Medical Device Expo (CMEF) was held in Shanghai. It is reported that nearly 5,000 enterprises from more than 30 countries and regions around the world competed on the same stage, and tens of thousands of new scientific and technological products were unveiled. It is noteworthy that "AI+ medical care" has become the focus topic at the exhibition site. The reporter actually explored the "medical robot area" specially set up by CMEF this year. The new products such as orthopedic intelligent surgical robots and single-hole laparoscopic surgical robots with "smart brains", "smart eyes" and "smart hands" were quite eye-catching at the exhibition.

　　Send 23 yuan for every 10 shares! A shares are now paying large dividends.

　　On the evening of April 10th, a number of A-share listed companies disclosed the large dividend plan for 2024. Among them, () it is planned to distribute 23 yuan (including tax) for every 10 shares. According to the data, as of 22: 00 on April 10th, a total of 1,091 A-share listed companies plan to pay cash dividends in 2024, and 64 of them have a dividend exceeding or reaching the 1 yuan (including tax) per share, and the industry head companies have become the main force of large dividends.

　　A number of banks have taken active actions to support listed companies to buy back and increase their holdings.

　　A number of banks have recently disclosed the latest development of stock repurchase and loan increase. According to the data, as of April 10th, since the establishment of stock repurchase and refinancing, more than 450 listed companies have been supported by bank stock repurchase and refinancing loans, with the maximum loan amount exceeding 90 billion yuan. A number of banks said that they will continue to increase the promotion of this business to help maintain the smooth operation of the capital market.

　　Shanghai Securities News

　　The energy storage industry has entered a commercial turning point, and enterprises have taken many measures to meet the challenges.

　　On April 10th, the 13th International Summit and Exhibition on Energy Storage (ESIE 2025) opened in Beijing. As one of the largest energy storage industry exhibitions every year, the hot topic of ESIE 2025 has become a window to observe the key trends of the energy storage industry. The reporter learned at the scene that the year 2025 will be a turning point from the stage of large-scale development to the stage of full commercialization in China’s energy storage market. Overseas, China energy storage enterprises have to face the grim situation of international trade friction.

　　Gold trading in the storm of "reciprocal tariff"

　　The US "reciprocal tariff" policy has three levels of influence on gold: First, because this policy makes it clear that the price difference between COMEX-LBMA (the New York Mercantile Exchange Gold Futures and London Gold and Silver Market Association spot gold) is rapidly converging outside the scope of goods subject to reciprocal tariff; Second, the risk aversion is strengthened by the unexpected tariff center and unexpected tariff calculation method; Third, the market generally expects that the United States will face a more serious prospect of stagflation. At present, gold is still the "king of risk aversion" among all kinds of assets, and it may open up further.

　　The total salary of Dong Jiangao decreased by 33.12%, and the synergistic effect between Bishuiyuan and CCCC was gradually released.

　　On the evening of April 10th, () disclosed the annual report, and in 2024, the salary of directors’ supervisors decreased by 33.12% compared with that in 2023. In 2024, the total pre-tax remuneration received by Bishuiyuan Dong Jiangao from the company was 7,856,600 yuan, a decrease of 3,891,200 yuan compared with 11,747,800 yuan in 2023.

　　Head brokers, rushing in.

　　At the important moment when the US tariff policy disturbed the market, a number of brokers actively shot and used real money to boost investor confidence by repurchasing shares. Among them, the head brokers have taken the lead and entered the market for repurchase at the first time when the plan was released. On the evening of April 10th, Guotai Haitong Securities disclosed the announcement of repurchasing A shares of the company for the first time. On the same day, the company repurchased 3,003,500 shares of the company, with a repurchase amount of 50,003,563 yuan and a repurchase price range of 16.49 yuan/share-16.72 yuan/share. It is worth noting that just the day before (April 9), Guotai Haitong just reviewed and approved the repurchase plan.

　　Securities Times

　　American tariffs disrupt the global supply chain, electronic enterprises, internal and external markets, and grasp both.

　　The 13th China Electronic Information Expo (CITE 2025) was held in Shenzhen as scheduled, despite the so-called "reciprocal tariff" in the United States. The Securities Times reporter saw at the scene that compared with previous years, the number of overseas exhibitors with different skin colors increased significantly this year. The exhibition also set up a theme forum on going to sea, and opened the "Taiwan, China Science and Technology Museum" for the first time, showing the latest achievements and innovative technologies of Taiwanese enterprises in the fields of AI intelligent driving assistance, innovative semiconductor testing, AI medical system and electronic components.

　　The appearance of new catalytic materials for photolysis of water helps the development of hydrogen energy industry.

　　According to the Institute of Metals of Chinese Academy of Sciences, Chinese researchers have successfully prepared a new catalytic material for photocatalytic water decomposition-rutile titanium dioxide by using rare earth element scandium. Under simulated sunlight, its hydrogen production efficiency is 15 times higher than that of the reported titanium dioxide, creating a new record for this material system. If the material is made into a 100-square-meter photocatalytic plate, the hydrogen generated in one day’s illumination time can drive a hydrogen-powered car for 68 kilometers. Related research results were published in the Journal of American Chemical Society on April 8th.

　　The tariff policy triggered the "earthquake" of US debt, and US dollar assets were re-priced by the market.

　　After the epic sell-off of US debt, the US government announced that it would suspend the implementation of "reciprocal tariffs" for some countries for 90 days. Research institutions believe that the direct trigger of the US debt crisis is the collapse of the basis transaction, but behind it is the capital market’s "no" vote on the US tariff policy, which has opened a systematic storm of "three kills of shares and debts".

　　High-purity Shi Ying mine has become a new mineral in China, and many companies have layout.

　　The Ministry of Natural Resources issued an announcement on April 10th, and with the approval of the State Council, the newly discovered high-purity Shi Ying mine in China is now announced. The name of this mineral is high-purity Shi Ying mine, which is mainly used in high-tech industries such as semiconductors and photovoltaics, and has become the No.174 mineral in China. With the establishment of No.174 mineral, it will strongly promote the exploration and exploitation of this strategic resource and ensure the safety of the two high-tech supply chains of semiconductors and photovoltaics.

　　Securities daily

　　The first batch of Public Offering of Fund’s first quarterly report was released, and the performance of humanoid robot products was outstanding

　　On April 10th, the first quarterly report of Public Offering of Fund was released. Huafu Technology Kinetic Energy Hybrid Securities Investment Fund (hereinafter referred to as Huafu Technology Kinetic Energy Hybrid) under Huafu Fund Management Co., Ltd. (hereinafter referred to as Huafu Fund), Huafu CSI Artificial Intelligence Industry Trading Open Index Securities Investment Fund (hereinafter referred to as Huafu CSI Artificial Intelligence Industry ETF) and its connecting funds, and Ping An Advanced Manufacturing Theme Stock Initiated Securities Investment Fund (hereinafter referred to as Ping An Fund) under Ping An Fund Management Co., Ltd.

　　The third "national name" nuclear power giant in A-share market is ready to come.

　　The great integration of nuclear power assets of central enterprises has ushered in new progress, and the third "national name" nuclear power giant in the A-share market is ready to emerge. On April 10th, the State Power Investment Group Industry and Finance Holding Co., Ltd. (hereinafter referred to as "()") announced that the company had recently been approved by the State-owned Assets Supervision and Administration Commission of the State Council and agreed in principle to the company’s major asset replacement and supporting financing plan.

　　Strong alliance Focus Media plans to acquire trendy media.

　　On the evening of April 9th, () Information Technology Co., Ltd. (hereinafter referred to as Focus Media) announced that the company intends to issue shares and pay cash to purchase 100% shares of Chengdu Xinchao Media Group Co., Ltd. (hereinafter referred to as Xinchao Media) held by 50 counterparties, including Zhang Jixue, Chongqing Jingdong Haijia E-Commerce Co., Ltd. and Baidu Online Network Technology (Beijing) Co., Ltd.. After the completion of this transaction, Xinchao Media will become a wholly-owned subsidiary of Focus Media.

　　In the first quarter, the economy improved in a new direction, and the macro-policy reserve tools were more active and promising.

　　On the afternoon of April 9th, Premier Li Qiang of CPC The Politburo Standing Committee (PSC) and the State Council hosted a symposium of economic situation experts and entrepreneurs (hereinafter referred to as "the symposium") to listen to opinions and suggestions on the current economic situation and the next economic work. Li Qiang emphasized that in the face of new changes at home and abroad, it is particularly important to do a good job in economic work in the second quarter and the next step, and all work should continue to be strengthened and strengthened.

　　The original Expo center created by Puyuan Sweater Innovation Park. Our reporter Li Zheshe

　　Corner of Puyuan Sweater Innovation Park. Our reporter Li Zheshe

　　The car stopper operates an integrated seamless machine in the intelligent weaving workshop. Our reporter Li Zheshe

　　Reading tips

　　Not long ago, the United States imposed new tariff measures on Chinese exports, including the textile industry. As an "ancient" traditional industry, the profit margin of textile industry is limited. Does the increase of tariffs have a great impact on enterprises? In Zhejiang Jiaxing Puyuan Sweater Innovation Park, a number of foreign trade enterprises not only solved the risks caused by tariff increase, but also gained more customers and orders by enhancing product competitiveness, expanding new global markets and improving their service capabilities to customers. Please follow the Economic Daily reporter into Puyuan Sweater Innovation Park to find out.

　　On the morning of September 8, there was a long queue in front of the omelet window of the cafeteria in the hotel of the town industrial park, among which there were many businessmen who spoke Japanese and Korean. Puyuan Town, a famous town of woolen sweaters in China, located in Jiaxing, Zhejiang Province, ushered in the purchasing season of woolen sweaters early.

　　A "small goal" of 100 million yuan

　　Products are competitive, and there is no business to do.

　　"My goal is at least 100 million!" Liang Wenmei is not Wang Jianlin. Four years ago, she just received her first foreign trade order — — 500 sweaters. For two years before, her foreign trade company didn’t make a penny. But in Liang Wenmei’s eyes, the company’s annual turnover reaches 100 million yuan, which is only a small goal.

　　More than 20 years ago, Liang Wenmei and Su Mingyuan, who just got married, left their hometown in Sichuan for Guangzhou with 300 yuan money, and began to struggle. They have knitted sweaters in factories, played with looms in rented houses and opened stalls in wholesale markets.

　　In 2005, Liang Wenmei was keenly aware that a group of customers suddenly appeared in the Guangzhou market. They spoke the same accent and picked up an amazing number of goods. After several inquiries, Liang Wenmei first heard the name of "Puyuan", a small town in Zhejiang. She immediately decided to leave the old market Guangzhou and go to the new market Puyuan to make a breakthrough in the world.

　　After opening a store in Puyuan for several years, Liang Wenmei, who loves tossing, has a new idea — — I want to do global business and sell sweaters to foreign countries. In 2013, Liang Wenmei took out all her possessions and established Zhejiang Kangying Clothing Co., Ltd., which specializes in foreign trade business.

　　However, Liang Wenmei, who has no foreign trade experience, has been drinking the northwest wind for two years.

　　The turnaround occurred in 2015. "I want to thank my first customer, who taught me how to do foreign trade business." At the Canton Fair that year, Liang Wenmei received the first order from Canada, 500 sweaters, amounting to more than 20,000 yuan. Liang Wenmei, who used to be a self-employed, didn’t know what a proforma invoice was and had never seen any formal forms. "I quickly save every email and every form sent by Canadian customers, and learn according to the appearance. This is how business is learned." Liang Wenmei said.

　　Soon, Liang Wenmei made her business in America. "In 2015, I received an order from American TJX company, which was also 500 pieces. This is a big brand. Later, we cooperated more and more. Now they give me large orders of more than 100,000 pieces a year, and the volume will definitely continue to increase in the future. " Liang Wenmei told reporters that since then, she has done more and more business with American customers. In the company’s turnover of 16 million yuan last year, American orders accounted for 60%.

　　When the reporter asked if he was worried about the customer’s stability and profit prospects in the face of the tariff increase, the hearty Liang Wenmei said loudly: "It doesn’t matter much to me to increase taxes, and I’m not worried. First of all, my products are unique in style, and I spend a lot of money on style development every year. It is difficult for Southeast Asian countries to make these styles, and American customers can’t change suppliers. "

　　It is precisely because her products do not follow the homogenization route and have strong competitiveness that Liang Wenmei has a strong voice when negotiating with customers. "Why don’t I worry? The second point is because all my foreign trade orders are based on ‘ FOB ’ Make a deal. In other words, I only need to send the goods to the port in Shanghai to complete the task. Prices such as freight and customs duties outside Shanghai port have nothing to do with me. " Liang Wenmei said.

　　So, who will bear the new tariff cost? Will American merchants reduce their orders for the coming year because of lower profits? "They had to raise prices, and finally American consumers bought the bill for tariffs." Liang Wenmei told reporters that her American customers have not only lost one, but also added a lot. In the first half of this year, her company even achieved an impressive performance of 80% year-on-year.

　　On August 13th, at the clothing exhibition in Las Vegas, Liang Wenmei gained unprecedented benefits. "Merchants are very interested in my products. There are many customers who place orders and take samples on the spot. My email response rate has reached 50% for the first time. It is expected that five or six companies will be transformed into long-term customers." Liang Wenmei said with a smile: "When I was working in a bank this morning, I received a phone call from the United States, saying that I would come to our company to see the products in October, which is very promising for cooperation."

　　In this regard, Liang Wenmei, who loves tossing, is not satisfied, and the new plan has broken ground. In order to get closer to customers, Liang Wenmei just registered a branch in Los Angeles last month, so that she can open up a bigger market in the United States.

　　"The market is so big, no matter what friction happens, as long as the products are good and there is no business to do. I believe that the small goal of 100 million yuan can be achieved in a short time. " Liang Wenmei laughed and told reporters: "Everything is just the beginning!"

　　Three Japanese customers came in a week.

　　Open up new markets and take the brand development route.

　　A sweater, tossed and turned, can’t find a seam. In the sample room of Jiaxing Gorgeous Sweater Technology Development Co., Ltd., the reporter found that the sweater here can be worn on both sides, because there are no seams on the inside and outside of the clothes.

　　Walking into the intelligent weaving workshop of Puyuan Sweater Innovation Park, the reporter understood the reason. "In traditional knitting, two sleeves and front and back are knitted by a flat knitting machine, and then the four sweater pieces are sewn up by the looper manually, and naturally there will be seams. With the most advanced integrated seamless machine, as long as the plate maker writes the program and the wool is connected, the machine can weave a complete sweater without a seam. After ironing the packaging, it can be shipped directly. " Shen Xiaoqi, general manager of Gorgeous Sweater Company, told the reporter.

　　The absence of seams is just one of the advantages of this machine. "Because of the elimination of manual looping, the use of all-in-one machine can save labor costs, shorten production time, and more importantly, avoid the impact of manual operation on quality uniformity, and the added value of products can be increased by about one-third." Shen Xiaoqi pointed to the sweaters in the sample room and said, "The sweaters produced by these all-in-one machines can sell for more than 1,000 yuan or even more than 2,000 yuan in shopping malls."

　　Good machines, naturally good prices. The price of this German brand all-in-one machine is as high as 580,000 yuan. Coupled with the high salary introduction and training of plate makers and car stoppers, a large-scale workshop needs at least tens of millions of yuan of investment.

　　"This investment is very worthwhile. My new clothes are very popular in the Japanese market and have received many orders." Shen Xiaoqi told reporters that in a few days, she will take these samples to Europe to see the market reaction.

　　Shen Xiaoqi, with a baby face, has entered the sweater foreign trade industry for almost 10 years. In the first few years, the orders she received were mainly from American supermarkets such as Wal-Mart, and most of them were "running orders". These orders were large in quantity, thin in profit and very sensitive to price. Later, with the increase of domestic labor costs and raw material prices, such orders were gradually transferred to Bangladesh, Vietnam, Cambodia and other countries.

　　In 2015, Shen Xiaoqi began to set up an R&D team, recruited designers and invested in established houses, bid farewell to the era of "price war" and turned to make a fuss about product quality. While slowly giving up the "running order" in the United States, Shen Xiaoqi has won many "small but refined" high-quality orders in new markets such as Japan and Italy, and the profit margin has also been improved.

　　"At present, the proportion of American orders of our company has dropped to more than ten percent. The increase in tariffs in the United States this time has an impact on us, but it can be tolerated. " Shen Xiaoqi told reporters that after learning the news of the tariff increase, she communicated with American customers, but the result was not satisfactory, and the other party asked her to bear most of the tariff costs.

　　"Fortunately, we have already begun to transform, upgrade product grades and develop emerging markets. Just this week, three Japanese customers came to our company to choose samples, and all of them were interested in products with higher added value. " According to Shen Xiaoqi, the turnover of Gorgeous Sweater Company was about 60 million yuan last year. Although some orders will be affected by the US tariff increase this year, fortunately, the share and profit margin of other markets are constantly improving, so it is expected that the operating income this year will not fall, but will be the same as last year.

　　While constantly developing new foreign trade markets, Shen Xiaoqi also turned his eyes to China. "The domestic market and the foreign trade market are completely different. To do foreign trade OEM, it is only necessary to produce according to the requirements of the order, and there is no need to directly face consumers. Doing domestic sales puts higher demands on brand, design and service capabilities. " Shen Xiaoqi said that with the transformation experience in previous years, she became more and more confident in her products. Last year, she registered two brands and was ready to start to deepen the domestic market and take the brand development route.

　　At lunch time, Shen Xiaoqi was not idle. She and her sister who came back from studying in Milan, Italy, kept pointing at the screen of their mobile phones and studied how their online stores could be improved to impress consumers with their products and brands.

　　"I won’t do it at this price."

　　Role change brings about the improvement of discourse power and bargaining power.

　　Near noon, Shen Qiang sat in the boss’s chair and looked out. The floor-to-ceiling window was bright and open, and his mood was more comfortable. In 2016, he founded Tongxiang Xindishang Fashion Co., Ltd., with a turnover of 11 million yuan in that year, which soared to 43 million yuan in the second year and doubled again in the third year, reaching 97 million yuan. In the first eight months of this year, the company’s revenue has already exceeded 100 million yuan.

　　This "rocket-like" performance is really surprising. With questions, the reporter walked into Shen Qiang’s company. The open space is full of plastic models dressed in fashion and design drawings on the wall, revealing a strong fashion atmosphere.

　　"Market fluctuations are not so terrible, and we have the strength to choose quality customers." Shen Qiang told reporters that before 2016, when he worked in other foreign trade companies, he mainly received low-priced orders from the United States, and the gross profit margin was even as low as 5%. "At that time, the company lacked the ability to develop products, and completely produced according to the order. In order to earn 50 cents more and 1 yuan money, it took huge risks, and it was possible to do business at a loss with a little trouble. If there is trade friction at that time, there must be many bankrupt companies. "

　　Seeing this, when he set up his own company, Shen Qiang resolutely refused to accept low-quality orders, but relied on "directional design". Different from the original design, "directional design" emphasizes more on the service ability to customers.

　　"For a big customer, we will have a team of at least 10 people. As long as the customer puts forward the directional demand, we will combine the latest fashion trends and propose a variety of design schemes, including styles, colors and materials selection. " Shen Qiang said that they extended from the downstream production link to the field of market research and design, so that they became not only a simple OEM role, but also a partner of customers.

　　The foundry can be replaced at any time, and the partner is not easy to find. The change of role has brought about the improvement of the right to speak and bargain. "The original way of sampling, proofing, quotation and production is completely in the hands of customers. Now, we have become participants in many links, and the right to speak has naturally improved. If the other party gives me a lower price, I can say rudely: ‘ I won’t do it at this price ’ 。” Shen Qiang told reporters.

　　Apparel industry seems to be traditional, but it requires quick response and innovation most. Fashion styles are fleeting, and the update speed is extremely fast. If you can’t respond quickly in design and production, you can’t talk about competitiveness. "Take my customer ZARA as an example. It is a typical example of fashion and quick sales. If it takes a month or two to make a sample dress like in the past, all the trends have passed, and the price is lower, the other party will not cooperate." Shen Qiang said that relying on the local complete industrial chain and strong service ability, his company can produce sample clothes for customers to choose within one day at the earliest.

　　"Unlike Chinese enterprises, the production cycle of enterprises in Southeast Asian countries is relatively long. First of all, in terms of raw materials, Southeast Asian countries generally only prepare conventional yarns, and most of the yarns, especially fashion yarns, have to be imported from China, which will increase a lot of transportation time. Secondly, the management level and worker efficiency of our company are significantly higher. " Shen Qiang said that this is also an irreplaceable important reason for China’s textile industry.

　　Practice your own skills and turn risks into invisibility. "The advantage of our company is here, and the country’s tax reduction and fee reduction are also great, and Sino-US economic and trade frictions have little impact. The original delivery date of the American order was September. After receiving the news of the tariff increase, the customer informed us to deliver the goods in advance, instead of shipping by sea, the extra freight was borne by the other party. In the end, it is still American consumers who pay this money. It is estimated that clothes that originally sold for $10 will rise to $11. " Shen Qiang said.

　　"But for ordinary processing plants that fight price wars, the impact will be great, and they can’t afford the new tariffs. If American importers are hit by tariffs to poor management or even bankruptcy, resulting in malicious discounts or cancellation of orders, the risk is even greater. " Shen Qiang believes that this is actually a reshuffle and a wake-up call to the industry. If backward production capacity with poor management, high energy consumption and no core competitiveness is eliminated, the whole industry will embark on a higher quality development path.