At 9: 30am on July 22nd, the first batch of 25 science and technology innovation board stocks started trading on the Shanghai Stock Exchange, and science and technology innovation board officially opened.

　　Chen kangliang

　　2019 is a "big year" for China’s capital market reform, including the establishment of science and technology innovation board and the pilot registration system, and many other heavy reforms have been carried out one after another, which not only achieved phased results, but also triggered the market’s expectation on how to "continue to reform" in the next step. In this regard, the Central Economic Work Conference, which closed in Beijing on December 12th, gave the answer.

　　The meeting proposed to speed up the reform of the financial system, improve the basic system of the capital market, improve the quality of listed companies, improve the exit mechanism, and steadily promote the reform of the Growth Enterprise Market and the New Third Board.

　　Dong Dengxin, director of the Institute of Finance, Wuhan University of Science and Technology, said that the Central Economic Work Conference made clear four requirements on how to reform the capital market in China in the next step, among which "improving the basic system of the capital market" was the first one, which was the requirement of clearly promoting the modernization of the capital market governance system and governance capacity from the height of top-level design, and was in line with the spirit of the Fourth Plenary Session of the 19th CPC Central Committee.

　　Dong Dengxin further pointed out that as far as the development of China’s capital market is concerned, in the past 30 years, it has focused on the expansion of scale, from scratch, from small to large, and paid relatively little attention to the improvement of the basic system. However, it should be noted that institutional advantage is the greatest advantage and institutional development is the greatest development. It is of great significance to improve the basic system of the capital market, especially considering that China’s capital market should achieve high-quality development.

　　"Relevant systems, including information disclosure system, IPO (initial public offering) system, delisting system, etc., all need to be further improved, and the direction is to realize the marketization, legalization and internationalization of the capital market." Dong Dengxin said.

　　In order to improve the quality of listed companies, Zhang Yuewen, director of the Corporate Finance Research Office of the Institute of Finance of China Academy of Social Sciences, said that listed companies are the foundation of the capital market, and the long-term healthy development of the capital market can only be guaranteed if there are high-quality listed companies. However, in the current China capital market, the quality of some listed companies is worrying, and there are still big problems, including the decline in comprehensive financial quality and the increase in asset-liability ratio; There are defects in corporate governance, and the relationship between controlling shareholders and minority shareholders is alienated; The quality of information disclosure is not high; The protection of investors’ rights and interests is not paid enough attention, and it needs to be reformed urgently.

　　To this, Dong Dengxin also agreed. He said that in the past, market players and regulators paid insufficient attention to improving the quality of listed companies, but this year, the attention of all parties has been continuously strengthened. A few days ago, the China Securities Regulatory Commission issued the "Action Plan to Promote the Quality Improvement of Listed Companies", striving to greatly improve the overall appearance of listed companies through three to five years’ efforts. This indicates that the special reform to improve the quality of listed companies has moved from blueprint planning to construction, and the next step is to implement it, including improving the delisting mechanism.

　　Zhang Lichao, a senior researcher at Guosen Securities, also said that improving the delisting system of listed companies and strengthening delisting efforts are important components of multi-level capital market construction, which plays an important role in optimizing resource allocation, promoting the survival of the fittest, improving the quality of listed companies and protecting the legitimate rights and interests of investors. The remarkable increase of delisting companies since this year shows that the export of A-share market is gradually smooth. Only by making the delisting channels smooth can the capital market become an organic system with normal metabolism, which will also objectively promote the improvement of the quality of listed companies.

　　Li Zhan, chief economist of zhongshan securities, believes that the diversified delisting mechanism of China’s capital market will be accelerated in the future, including both compulsory delisting and active delisting, as well as restructuring delisting methods such as absorption and merger, clearing assets replacement and selling shells, and gradually converge with developed capital markets such as the United States.

　　Pan Xiangdong, chief economist of New Era Securities, said that this is an important area for deepening the reform of China’s capital market, especially the conditions surrounding the reform of the pilot registration system of GEM have become more and more mature. Growth Enterprise Market will take over from science and technology innovation board and become the main battlefield of China’s registration system reform in the future.

　　In fact, the top-level design to promote the reform of the registration system of the Growth Enterprise Market was published nearly four months ago. In August, the Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Shenzhen to Build a Pilot Demonstration Zone in Socialism with Chinese characteristics proposed that we should study and improve the GEM listing, refinancing, mergers and acquisitions, and create conditions to promote the reform of the registration system.

　　Pan Xiangdong further pointed out that encouraging science and technology enterprises to list on the GEM will help to further lower the threshold for science and technology enterprises to enter the capital market; GEM and science and technology innovation board will form an organic supplement to further improve the construction of multi-level capital markets; The implementation of the registration system for GEM enterprises can encourage more high-quality operating assets such as small and medium-sized enterprises to enter the GEM, improve the capital market structure of the GEM, and promote the healthy development of China’s capital market.

1905 movie network news Directed by Qiu Litao, supervised by Andy Lau, and starring Liu Qingyun and NiNi, the film has exceeded 400 million at the box office and achieved excellent results in the first weekend. It was released for 4 days, and won the box office and film arranging champion for 4 consecutive days, and broke through the box office of 100 million in a single day. The super reputation of the film continues to ferment, and the audience’s enthusiasm for watching movies is quite hot, which also makes the film’s next film arrangement and pre-sale rank first.

From the first film to Shock Wave 2, the explosion scene has always been the highlight of the film. In this movie, not only the "sum of all fears", which is rare in Chinese movies, appeared, but also the explosion scene was more realistic. The opening minute was the airport explosion, followed by a bomb attack that was more explosive than the last one. At the end, the shocking picture of the Tsing Ma Bridge being blown into two parts also made the audience feel, "Dismantling the nuclear bomb and bombing the bridge, the hairs were blown up, which is simply a famous scene of the year." A few days ago, the film also exposed an "explosion special" to reveal how the explosion scene in the film was shot.

　

The visual layers are overweight, and the explosion scene is thrilling.

Audience: Just the scene can be recorded in a Chinese film.

After the film was released, the audience mentioned the most audio-visual feeling as "explosion", and they were particularly impressed by the explosion in the film and were quite satisfied. Some viewers said, "visually, the layers are overweight, and the opening brings a climax. The explosion fragment of the airport was absolutely amazing, the fire was sky-high, and the plane was instantly reduced to ashes, and the effect was too shocking. " At the same time, some viewers said that whether it is the blasting of a big scene or the dark battle of a small pattern, "it is full of tension and extremely shocking in audio and video."

In addition to the audio-visual impact brought by the big scene, the audience felt that "the scene alone can be recorded in a Chinese film", and the story of the film was also well received by the audience. "Multi-angle narration makes the story thick, the memory complex and changeable, and also makes the characters have complex humanity." Some viewers also said, "Imagination is very bold, not only explosive drama, action drama, but also literary drama. It is a real, flesh-and-blood story."

　

The bomb becomes a nuclear bomb, and the difficulty is fully upgraded.

Even the actors felt "too shocked" when shooting.

In Shock Wave 2, the explosion scene is more spectacular than the first one, and the bomb is also upgraded to a "nuclear bomb". A few days ago, the "explosion special" revealed how the "explosion scene" that left a deep impression on the audience and received constant praise was filmed. In order to give the audience a stronger shock, the director and the whole crew made a lot of preparations, such as conceiving the fresh link of setting up the bomb, and planning the distribution map of "sum of all fears" in the film in detail.

Previously, when it was released, the big explosion in Hung Hom Tunnel left a very deep impression on the audience. In Shock Wave 2, there are more real-life shots, and they really entered the Airport Railway Station connecting Tsing Ma Bridge and Chek Lap Kok Airport. In the special edition, even the actors themselves felt that "it was really shocking to push a car full of bombs."

　　Cctv newsAccording to "Sanya Released" WeChat WeChat official account News, at about 11: 22 on January 17th, Haitang Branch of Sanya Public Security Bureau received instructions from the command center of the Municipal Bureau, and people smashed mass vehicles at the east-west Sanya Tengqiao Interchange of G98 Expressway. After receiving the report, the police immediately intervened in the investigation, and on the morning of January 18, they arrested the illegal personnel Li (male, 40 years old) and Li Mouyuan (female, 42 years old) suspected of causing trouble.

　　After investigation, on the same day, when a car driven by the masses Zhuang was slowly passing through the Tengqiao Interchange section of the G98 Expressway in the east to the west of Sanya, Li drove a blue car without a motor vehicle number plate to the emergency lane on the right side of his vehicle, trying to overtake, which caused Li and his fellow driver Li Mouyuan to be unhappy, and took the opportunity to overtake from the emergency lane into the driveway and park the vehicle in front of the car driven by Zhuang. Subsequently, Li got off the bus and knocked on the door and window of a vehicle in Zhuang. Li Mouyuan smashed the door, window and left and right side mirrors of a vehicle in Zhuang and fled.

　　At present, Haitang Branch of Sanya Public Security Bureau has imposed administrative detention on Li and Li Mouyuan for 15 days and imposed a fine of 1,000 yuan. The traffic police detachment of Sanya Public Security Bureau punished Li for three traffic violations, namely, failing to hang the motor vehicle number plate (pro), driving in the emergency lane in non-emergency situations and illegally parking in the expressway lane.

CCTV News:Yesterday (October 4th), the reporter learned from China Railway Kunming Bureau Group Co., Ltd. that China-Laos Railway has sent 7.39 million passengers and transported 8.51 million tons of goods, including 1.54 million tons of cross-border goods. In September, 1.25 million tons of goods were transported, breaking the monthly record, and the number of goods increased from more than 100 in the early days to more than 1,200.

On October 3rd, China-Laos Railway "Lanmei Express" international freight train broke through 200 trains. The "Lan-Mei Express Line" has been favored by many cross-border enterprises since it was launched. It has expanded from an initial on-demand operation to a fixed operation at least three times a week, and the cargo transportation has covered Laos, Thailand, Myanmar, Malaysia, Cambodia and Singapore.

Since the Eighth Five-Year Plan, the Tobacco Monopoly Bureau of Hanshou County, Changde has actively explored and innovated the ways, contents and forms of popularizing the law, carried out in-depth publicity for consumers, retailers and minors, and promoted the effectiveness of tobacco publicity and education under the rule of law.

Explain the law to consumers and improve the awareness of consumer rights protection.

(The staff of Hanshou County Bureau introduces the identification skills of true and false cigarettes to consumers)

"This is a fake cigarette? What do you think is no different from real cigarettes? How can you tell? "

As soon as the publicity booth of Hanshou Tobacco Monopoly Bureau was set up, enthusiastic people gathered around to ask questions. The staff of the county bureau gave patient answers to the preaching, while making detailed comparisons with the real and fake cigarette exhibits, and carefully answered the knowledge points of identification of real and fake cigarettes for the onlookers by means of "you ask me and answer me".

Over the years, Hanshou County Bureau has taken various effective forms to carry out regular publicity on legal popularization. In 2024 alone, it has held similar legal popularization activities for more than 10 times, distributed more than 300 tobacco monopoly legal popularization brochures printed by the county bureau, such as "Quick Identification of True and False Cigarettes", "How much do you know about the harm of fake cigarettes? Stay away from new disguised drugs-"E-cigarettes on the top ",and printed QR codes on brochures and exhibition boards to realize the popularization and dissemination of legal popularization audiences.

Send it to French retailers to improve the standard operation level.

(The staff of Hanshou County Bureau gives publicity to retailers)

"Grandma Liu, you are going to be demolished here. I have prepared some materials to facilitate your application!" Xiao Xie, a monopoly worker of the county bureau, walked into Grandma Liu’s shop and said enthusiastically.

Hanshou County Bureau earnestly implements the responsibility system of "whoever enforces the law will popularize it", integrates the popularization of law into market inspection and daily visits, turns static popularization of law into dynamic popularization of law, and turns the law on paper into a sensible law. The county bureau integrates law enforcement with service, and inspectors and city managers walk into cigarette retailers’ shops to carry out face-to-face publicity and one-on-one explanation on the legal issues involved in the standardized operation of retailers, so as to popularize the law in real time and accurately. To explain the case, publicize the tobacco monopoly law and its implementation regulations, help retailers to calculate the "legal account" and "economic account", warn retailers with real cases in their jurisdictions, and advise retailers to operate in good faith and abide by the law, and not to sell cigarettes and e-cigarettes to minors. Using online forms such as WeChat group and Tencent conference live class, the common illegal acts of tobacco monopoly law are interpreted for retailers in easy-to-understand language, so that retailers can understand the law and know awe, keep the "high-voltage line" of standardized cigarette operation, enhance the pertinence and effectiveness of law popularization, and maintain the market order of standardized cigarette operation.

Popularize law into campus and care for students’ healthy growth

(Hanshou County Bureau staff carry out activities of popularizing law into campus)

Hanshou Tobacco Monopoly Bureau strengthens the propaganda of tobacco hazards, makes great efforts to build a smoke-free campus environment, and forms the joint efforts of the whole society to protect the healthy growth of minors. Union County Education Bureau and Market Supervision Administration went into primary and secondary schools to carry out legal publicity activities with the theme of "protecting the future with children". By playing warning videos and explaining in kind, the staff preached to primary and secondary school students the dangers of traditional tobacco products, e-cigarettes and new illegal e-cigarettes such as "milk tea cups" and "coke cans", and resolutely resisted the temptation of tobacco. Combined with the recent popular "cigarette card" game among primary school students, the potential harm of "cigarette card" is emphasized, and students are warned not to be curious, not to follow the trend, not to be contaminated with tobacco, to stay away from Internet cafes, bars, KTV and other entertainment places that are not suitable for minors to enter, and to resolutely say "no" to cigarettes, e-cigarettes, etc. Widely publicize and publish the telephone number of complaints about selling cigarettes to minors, encourage teachers and students to actively report relevant information clues, and guide all sectors of society to protect the physical and mental health of minors.

In the next step, Hanshou County Bureau will normalize, institutionalize and carry out long-term publicity of law popularization, promote the effectiveness of the eighth five-year plan, and hand over socially satisfactory answers.

(Image courtesy of Cao Libin Guan)

The above contents are promotional information, and the contents involved do not represent the views of this website, and do not constitute investment suggestions or consumption suggestions.

1905 movie network news The movie Korea is scheduled for March 6, and the Korean poster is released at the same time. The film, directed by and starring, will be exclusively shown at Lotte Cinema in Korea. The film was released in mainland China on July 28th, 2023, with a total box office of 913 million yuan, becoming the domestic sports film box office champion in China film history.

Enthusiasm tells the story of Ding Lei (Bo Huang), a hip-hop coach, and Chen Shuo (YiBo), who loves hip-hop, overcoming various difficulties and leading the dance troupe "exclamation mark" to win the national competition. There are not only a lot of high-burning street dance scenes in the film, but also spiritual dialogues about youth, growth and dreams, which bring a journey of laughter and tears to the audience.

　　On the afternoon of March 30th, the 2022 excellent network audiovisual works selected by the State Administration of Radio and Television were announced at the 10th China Network Audiovisual Conference. As a comprehensive selection activity for the whole industry, the "National Excellent Network Audio-visual Works Selection Activity" aims to play a leading role in demonstrating excellent network audio-visual works, better meet the new expectations of the people for a better audio-visual life, and gather together the majestic power of struggling for a new era and forging ahead in a new journey.

　　中央广播电视总台央视网共10部作品入选，分别是特别节目《最高领袖与乡村振兴的故事》；网络综艺节目《中央广播电视总台2022网络春晚》；短视频《最高领袖擘画的现代版“富春山居图”》《家风世泽长》《跟着习主席看世界｜最高领袖“典”亮命运共同体》《2021年版清明上河图 藏了一年的彩蛋》《熊猫终极治愈行为大赏》《以梦为马》《好久不见！沉浸式重温70、80、90回不去的童年》;网络直播节目《“中国比利时两国共庆旅比大熊猫双胞胎三岁生日”主题直播》。

特别节目

《最高领袖与乡村振兴的故事》

　　党的二十大召开前夕，乡村振兴战略实施五周年之际，央视网策划推出系列时政微纪录片《最高领袖与乡村振兴的故事》(全5期)，以“山、河、湖、海”作题眼，立足中国版图，围绕最高领袖跨越山海、关心农业农村发展的足迹，展现新时代乡村振兴战略实践成果。尤其《在希望的田野上》一集，采用一镜到底的创意表达，带领观众展开一场穿越之旅，打开振兴之门，看见希望的田野。

Network variety show

CCTV 2022 Network Spring Festival Gala

　　With the theme of "youth is just right, when it is new", the 2022 Internet Spring Festival Evening at the reception desk vividly shows the youthful style and struggle story of the "net-born generation" with the expression of networking and youthfulness, and gathers youthful strength. The party will be broadcast simultaneously through CCTV-1 integrated channel and new media matrix of CCTV, CCTV news, CCTV video, CCTV finance, CCTV literature and art, etc., to achieve cross-circle communication effect.

　　The number of TV viewers reached 143 million, the number of live broadcasts of related content and new media matrix was 150 million, and the number of video broadcasts was 1 billion. It triggered 260 hot topics in the whole network, including 151 hot searches in Weibo.

short video

The modern version of "Fuchun Shan Jutu" painted by the Supreme Leader.

　　General Secretary of the Supreme Leader used the modern version of "Fuchun Shan Jutu" as a metaphor to describe the beautiful vision of rural revitalization in the new era. Based on Fuchun Shan Jutu, CCTV copied and innovated, drew a 6-meter long scroll of traditional Chinese painting, and launched a heavy micro-video, showing the rural butterfly changes under the guidance of the Supreme Leader’s New Era Socialism with Chinese characteristics Thought.

Family style is long.

　　Deze has a long history and a long family tradition. General Secretary of the Supreme Leader emphasized that "family is the first classroom in life, and parents are the first teachers of children". Xi’s family style, adhering to "keeping the family in order" and then "governing the country", comes down in one continuous line and is dedicated to the people. CCTV plans to launch "Family Style and Prosperity" and feel the general secretary’s fiery national conditions.

《跟着习主席看世界｜最高领袖“典”亮命运共同体》

　　2013年，最高领袖主席首次提出人类命运共同体的理念。如今，该理念已成为引领人类文明进步潮流的旗帜。央视网推出微视频，通过VR绘画，带领网友品读习主席阐释命运共同体理念时引用的典故，感悟其中蕴含的中国智慧。

《2021年版清明上河图藏了一年的彩蛋》

　　该片将2021年众多瞬间和元素以彩蛋的形式藏在全图，彩蛋包括人物形象、声音素材、关键物件等，据统计超过200个。彩蛋元素从二次元到三次元，从游戏、动漫、电影、热梗到时政新闻均有涵盖，正如网友评论这是最用心最贴近当代年轻人的一版年终盘点。

《熊猫终极治愈行为大赏》

　　2022年10月27日国际大熊猫日，央视网推出混剪短视频《熊猫终极治愈行为大赏》，记录整合萌宠界各大“顶流”熊猫高萌瞬间，画面更具喜感和萌感，广受海内外网友的喜爱。

《以梦为马》

　　香港回归25周年之际，央视网推出原创动画《以梦为马》，通过举世闻名的“人骑图”和“狮子玉”两匹马从北京南下香港的一路见闻，轻松幽默传播中华传统文化，进而增强文化自信，增进民族认同感。

The miniature scene freeze-frame short film | Long time no see!Immerse yourself in reliving the childhood that you can’t go back to in 70, 80 and 90.

　　The so-called growing up is a journey with no return. In order to welcome the arrival of Children’s Day in 2022, CCTV and the post-1995 miniature landscape creators spent two months recreating the childhood scenes of three generations with a scale of 1:20, and launched a creative miniature scene stop-motion short film "Long time no see! Immerse yourself in reliving the childhood that you can’t go back in 70, 80 and 90.

Webcast program

"China and Belgium celebrate the third birthday of the giant panda twins".

　　On the occasion of the 51st anniversary of the establishment of diplomatic relations between China and Belgium, CCTV Panda Channel, together with many authoritative organizations, launched the world’s first live broadcast of the theme of "China and Belgium celebrate the third birthday of the giant panda twins", and the overseas connection for the celebration of the giant panda’s birthday caused a topical discussion, which set a new high in the live broadcast effect of the overseas account of Panda Channel in 2022. This live link between China and Belgium shows a colorful and vivid image of China, and promotes cultural and cultural exchanges between China and Belgium.

　　Guided by the spirit of the 20th National Congress of the Communist Party of China, CCTV, the General Station of Central Radio and Television, will always take innovation as the main theme, vigorously promote the integrated communication of "thought+art+technology", and strive to create more excellent network audio-visual works with both positive energy and large flow, serving the country’s governance, a better life and economic and social development.

　　Recently, the General Office of the Guangdong Provincial Committee of the Communist Party of China and the General Office of the Guangdong Provincial People’s Government issued the Notice on Doing a Good Job during the Spring Festival of New Year’s Day in 2024, requiring all localities and departments to conscientiously implement it. The full text is as follows.

　　The year 2024 is the 75th anniversary of the founding of People’s Republic of China (PRC), so it is very important to do all the work well during New Year’s Day and Spring Festival. All localities and departments in the province should adhere to the guidance of Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and the Second Plenary Session of the 20th Central Committee, conscientiously implement the requirements of the Notice of the General Office of the General Office of the Central Committee of the CPC and the State Council on Doing a Good Job during the Spring Festival of New Year’s Day in 2024, implement the "1310" specific deployment of the provincial party committee, and earnestly do a good job in the work during the festival from the political height of adhering to the "two establishment" and "two maintenance" to ensure that the people spend a happy and peaceful time.

　　First, increase assistance and care for people in need.Hold fast to the bottom line of basic livelihood security, and pay basic pension, unemployment insurance, subsistence allowance, destitute support and basic living allowance for orphans (in fact, there is no one to raise children) on time and in full. Where conditions permit, the relief funds during the "two festivals" can be paid in advance or a one-time living allowance can be added. We will do a good job in helping the needy people in send warm, increase visits, condolences and assistance to the homeless and beggars, the disabled, all kinds of children in distress and other special hardship groups, strive to solve the production and life problems of the urban and rural needy people, and send the care and warmth of the party and the government to the hearts of the needy people. In-depth visits to party member, old party member, veteran cadres and retired military cadres, Red Army veterans, old demobilized soldiers, disabled soldiers, families of martyrs, etc. Solidly carry out the special campaign to eradicate wage arrears in winter, strengthen the classification, verification and disposal of clues reflecting the platform problems of the national wage arrears, and quickly check and settle the discovered wage arrears clues to protect the legitimate rights and interests of migrant workers. All localities should strictly implement the assistance system for families living on the edge of subsistence allowances and families with expenditure difficulties, strengthen active discovery, monitoring and early warning, promptly accept and respond to people in need for help, and do urgent things for the newly verified minimum living allowances, increase the intensity of temporary assistance, and timely solve the sudden and urgent basic living difficulties encountered by urban and rural people.

　　Second, strengthen market price stability and supply to meet holiday consumption demand.Strengthen the protection of important living materials, strengthen the dynamic monitoring of the supply and demand of coal, electricity, oil and gas transportation, scientifically dispatch resources, enhance the peak power generation capacity, and compact the main responsibility and territorial responsibility of the enterprise to ensure the stability of power supply and gas supply. We will implement the responsibility of the party and government for food security and the mayor’s responsibility system of "vegetable basket", do a good job in ensuring the supply and price stability of important livelihood commodities such as grain, oil, meat, eggs, milk, fruits and vegetables, strengthen the connection between production and marketing, inventory scheduling and logistics distribution, and ensure that the supply of daily necessities is not out of stock. Formulate emergency supply plans for daily necessities, closely track daily supply and prices, strengthen market price inspections on holidays, and increase reserves in a timely manner. Standardize the market order of cultural tourism holidays, strengthen price supervision in key areas of people’s livelihood such as catering accommodation, scenic spot tickets and parking fees, and promptly investigate and deal with illegal acts such as price gouging, price collusion and price fraud. Standardize promotional activities, urge online trading platforms to implement the main responsibility, strengthen online trading and service supervision, and safeguard the legitimate rights and interests of consumers. Strictly implement the "four strictest" requirements of food safety, continue to promote the work of fasting wild animals, and ensure "safety on the tip of the tongue".

　　Third, enrich the spiritual and cultural life of the masses and actively create a festive atmosphere.Focusing on the full implementation of the spirit of the 20th National Congress of the Communist Party of China and the Second Plenary Session of the 20th Central Committee, we will strengthen publicity and guidance with strong confidence as the focus, organize various cultural and artistic activities with rich connotations, arouse the enthusiasm of the broad masses for loving the Party, the motherland and socialism, consolidate and expand the mainstream ideological public opinion in the new era, carry forward the main theme, and gather the powerful forces of unity and forge ahead of the whole society. Do a good job in the free opening and service of public cultural places such as libraries, cultural centers, museums and art galleries. Vigorously carry forward the socialist core values and Chinese excellent traditional culture, eulogize the new era, and constantly meet the spiritual and cultural needs of the people.

　　Four, do a good job in Spring Festival travel rush security, to ensure the safe and orderly travel of the masses.Make a service guarantee work plan for Spring Festival travel rush as soon as possible, and do a good job in Spring Festival travel rush. Analyze and judge the changing trend of passenger and freight flow, strengthen the propaganda and guidance of off-peak travel, and optimize the transportation capacity for key periods such as college students’ school holidays and migrant workers’ return to their hometowns, as well as key areas such as passenger hubs, railway stations, port passenger stations, airports and tourist attractions, so as to improve the passenger collection and distribution capacity. Cooperate to promote cross-transport mode cohesion organizations, strengthen the overall arrangement of different modes of transport such as roads, railways, civil aviation and waterways, strengthen coordination and cooperation between intercity transport and urban public transport, improve coordination and liaison mechanisms, broaden information exchange channels, and promote open sharing of resources. Strengthen the operation and management of expressway service areas, improve the quality of services such as charging, dining and going to the toilet, strictly implement the policy of free passage of minibuses during the Spring Festival holiday, further sort out easy-to-block sections and expressway toll stations, and implement anti-blocking measures in advance. Strengthen road network operation monitoring, optimize dispatching management, strengthen on-site duty, and strengthen on-site guidance and special handling. Strengthen the smooth transportation and logistics, and ensure that the transportation services of important materials such as energy, food and medical care are not interrupted. Carefully formulate emergency plans to deal with emergencies, actively guard against the surge in passenger flow, freezing rain and snow, etc., strengthen inspection and control of key sections in mountainous areas of northern Guangdong, Qiongzhou Strait, inland river routes, etc., and do a good job in emergency rescue preparations and emergency material support. Strengthen departmental cooperation and regional joint law enforcement, severely crack down on acts such as overloading and speeding, illegal operation, illegal manned vehicles and trucks, and prevent serious traffic accidents.Ensure the safety of people’s travel.

　　Fifth, strengthen the investigation and rectification of potential risks and resolutely hold the safety bottom line.Adhere to the people first, life first, strictly implement the safety production responsibility and management system, pay close attention to various control measures, strengthen the investigation and rectification of key safety hazards, compact the main responsibility of enterprises, and resolutely curb the occurrence of serious accidents. Pay close attention to safety precautions in key industries, strengthen safety supervision of special equipment, construction, dangerous chemicals, non-coal mines, metal smelting, town gas, fireworks and firecrackers, fishing vessels, offshore wind power, religious places, and solidly carry out special actions on fire prevention in winter and spring for large-scale complexes, high-rise buildings, restaurants, "three small" places, and self-built commercial houses. Strengthen the deployment of low-temperature freezing safety precautions, encrypt meteorological monitoring and forecasting, and release early warning and forecasting information such as extreme weather, freezing frost and road icing. Strengthen the safety improvement of all dangerous operation links of dangerous projects, as well as limited space, temporary electricity consumption, cross-fire and other operations. Strictly prevent and strictly control forest fire risks, fully implement the work measures of "covering the mountain, guarding the intersection, focusing on key points, signing responsibilities, and fighting early and small", strictly control the fire sources such as returning home people entering the mountains to sacrifice graves, setting off fireworks and firecrackers, and burning in the wild to warm up, strengthen mountain patrol and forest protection, and improve the ability of monitoring and extinguishing. Closely combined with the characteristics of social security at the end of the year and the beginning of the year, we will severely crack down on "pornography, gambling and drugs", "robbery and fraud" and prominent illegal crimes in the fields of telecommunication network fraud, black and evil, food and drug environment, and strictly examine and approve large-scale activities such as New Year’s Eve, fireworks parties and temple fairs, and monitor the flow of people, so as to prevent major public safety incidents and earnestly safeguard the overall harmony and stability of society.

　　Six, strengthen the prevention and control measures of infectious diseases, and effectively protect the health of the people.Coordinate the prevention and control of respiratory infectious diseases such as COVID-19 and influenza, increase the overall planning of medical resources, enrich the medical strength of key departments such as outpatient, emergency, pediatric, respiratory and severe diseases in medical institutions, strengthen the preparations for commonly used drugs, testing reagents, medical equipment and beds in medical institutions, optimize the diagnosis and treatment process, shorten the waiting time and reduce cross-infection. Continue to strengthen the monitoring of the diagnosis and treatment of respiratory diseases and the judgment of the situation, do a good job in epidemic monitoring, early warning and risk assessment, strengthen epidemic reporting, and release information in a timely manner. Scientifically publicize the knowledge of prevention and treatment of acute respiratory infectious diseases, continue to strengthen vaccination work, and advocate people to wear masks, do personal protection and maintain good hygiene habits.

　　Seven, advocate thrift and civilized holidays, adhere to the rectification of the "four winds".Persevere in implementing the spirit of the eight central regulations and their implementation rules, grasp the changes and trends of the "four winds" during the holiday season, strictly investigate the problems of illegal eating and drinking, illegal receiving and delivering gifts and gifts, illegal use of buses, public travel, etc., vigorously rectify the phenomena of high-end tobacco, alcohol, tea, "luxury New Year’s Eve", excessive packaging of festivals and gifts, and invisible variation behaviors such as express gift giving, receiving and delivering electronic red-envelope, "not eating public money to eat the boss" and using private cars for public support, and severely punish outstanding subsidies and subsidies. Keep a close eye on the formalism and bureaucracy that increase the burden on the grassroots, resolutely correct and punish the random assignment of tasks to the grassroots in the name of summing up and promoting the work, and set up video conferences with the same theme at different levels. Many people repeatedly ask for materials and fill out forms, supervise and check too much, leave too many marks, and engage in "formalism at the fingertips". Vigorously correct the problems of inaction and chaos in people’s livelihood security, assistance and relief, and safety in production, and promote the solution of the people’s urgent problems. Adhere to and carry forward the fine traditional style of the Chinese nation, solidly promote the change of customs and traditions, strictly educate family members, oppose bad habits such as ostentation and extravagance, showing off wealth by comparison, extravagance and waste, and advocate good social customs. Strengthen pre-warning, in-process supervision, and after-the-fact investigation, increase the investigation and exposure of violations against the wind, and create a festive atmosphere.

　　Eight, do a solid job on duty, to ensure the orderly operation of all work.Strictly implement the system of 24-hour special personnel on duty and leading cadres taking classes on the job and going out to report. Strictly implement the system of asking for instructions and reporting, and in case of sensitive incidents, serious emergencies or other important emergencies, ask for instructions and report at the first time and properly dispose of them in time. Emergency rescue teams should always be in an emergency state and preset rescue forces in advance to ensure timely and effective handling of emergencies. Units that directly serve the masses should reasonably arrange duty during the festival to ensure the quality of service. Strengthen the judgment of government affairs in public opinion monitoring, be good at capturing "weak signals" and strengthen information submission.

　　All localities and departments should improve their political positions, strengthen their organization and leadership, carefully and orderly do all the work during the Spring Festival on New Year’s Day, and ensure that the central decision-making arrangements and the implementation of the spirit of this notice are in place.

In March 2021, when the financing was announced, media reports showed that there were more than 1 million riders in the flash.

Just over three years later, the flash prospectus shows that there are 2.7 million registered riders, an increase of nearly 1.7 million.

However, during this period, the revenue of flash delivery only increased by about 50%, far less than the growth rate of riders.

The result can only be the compression of delivery time and the decline of revenue per order.

Just needed, small track

Express delivery, logistics, take-out and instant delivery are essentially the exchange of money and time. It takes some people’s time to help others complete time-consuming and labor-intensive things.

Express delivery and logistics are long-distance delivery, take-out is short-distance delivery, and running errands and the same city are in between. Flash is located on this track. Because Dada occupied the "first share of instant retail" and SF City became the "first share of third-party instant delivery", Flash delivery had no chance to become the "first share", so it was necessary to emphasize its uniqueness, so it became the "largest independent on-demand delivery service provider".

The so-called on-demand courier service is one-to-one express delivery, and the flasher only serves one customer at a time from picking up to delivery, and delivers it point to point. In this mode, flash has several core advantages.

First of all, one-to-one service, each important document has a direct person in charge, and there are almost no problems such as lost parts and damage. The flash prospectus shows that in 2023 and the first half of this year, its loss rate is very low, only 0.01%.

Secondly, compared with other distribution, one-to-one service naturally costs more. According to the prospectus, customers are willing to pay a high price for the service experience. According to iResearch, the average price per order in the first half of the year was 16.5 yuan, which is a significant premium compared with other major participants in the on-demand distribution industry.

Third, just need. In the case of safety requirements, one-to-one distribution is naturally more secure than centralized distribution, especially for items with strong timeliness and great importance. For first-tier cities, although such scenes do not often appear in work and life, most people will have demand more or less.

The story of "saving" the marriage between Justin and Zhang Xinyi is often mentioned. In 2016, Zhang Xinyi and Justin will hold a wedding in Germany. At the airport, because Zhang Xinyi forgot to bring his mobile phone and wedding veil, thanks to the timely delivery of the younger brother, the trip was not delayed. This aspect reflects the value of instant delivery.

According to the prospectus, on this track, flash has occupied 33.9% market share. However, this is not a big track. In 2023, the revenue of flash delivery was 4.5 billion. From this calculation, the whole market was only 13.2 billion, and it was a small track with a very obvious ceiling.

Focus is the key to the success of flash.

The flash startup team lacks "star flavor". Founder Xue Peng graduated from the School of Science of North China University of Science and Technology in 2005, majoring in information and computing science, and then went to the Royal holloway College of University of London to study for a master’s degree. He has very little information. It is reported that his family conditions are good, and his family involves many enterprises such as real estate, taxis and driving schools, but this low-key "rich second generation" finally chose to start a business. In 2007, Xue Peng returned to China to start a business and founded an integrated service platform for express logistics-Easy Post.

In contrast, Kuai Jiaqi, founder of Dada Group, graduated from Massachusetts Institute of Technology. He holds a bachelor’s degree in logistics engineering from Tongji University and a master’s degree in logistics engineering from Massachusetts Institute of Technology.

However, Flash finally broke through in the fierce competition and once became the "leader" of the industry. It has successively completed 11 rounds of financing, attracting many well-known investment institutions such as Lei Junshun Capital and Jingwei Venture Capital, and Pusi Capital, a subsidiary of Wang Sicong, has also participated in the investment for two consecutive rounds.

Listing is capital.

Flash delivery has always been the main on-demand mail service, and today, it still maintains a good development situation.

According to Xue Peng’s understanding, once the city-wide real-time distribution mode from person to person forms a scale, it will form a strong competitive advantage and the entry threshold is relatively high. Flash delivery has indeed built a certain industry barrier for itself. For example, there are 2.7 million registered riders, 88.9 million users, more than 270 million orders a year, and higher customer unit prices in the industry. In terms of rider and user scale, brand awareness, customer consumption willingness, etc., flash delivery does have a good accumulation.

In terms of performance, the development of flash delivery is in good condition. The overall order volume of flash delivery keeps increasing. The orders in 2021-2023 and the first half of 2024 were 159 million, 213 million, 271 million and 138 million respectively. With the increase of orders, the revenue also keeps growing, which is 3 billion yuan, 4 billion yuan, 4.5 billion yuan and 2.3 billion yuan respectively. Under normal circumstances, it is highly probable that this year’s growth will continue to be positive, but the growth rate continues to slow down.

Flash also maintained a stable profit. In 2023, the profit was 110 million, and in the first half of this year, the profit was 120 million, which had the effect of government subsidies, but it was still profitable if this factor was excluded. In contrast, Dada Group has never made a profit, losing 600 million yuan in the first half of this year.

Cash flow has also steadily turned positive in the last year and a half. The inflow was 45.71 million yuan in 2023 and 20.67 million yuan in the first half of this year. Cash increased from 690 million in the same period last year to 710 million in the middle of this year, which has increased steadily in recent years.

As early as 2020, Flash executives said in an interview with the media that the company may go public soon. At that time, Flash was in a state of loss, and perhaps it really needed listing financing, but the financing was received in the following year, and it was profitable again in 2023. Flash has entered a relatively positive track, and the urgency of the company’s listing financing is not strong, more like listing to meet the requirements of the capital side.

In mid-2020, Dada Group became the first share of instant delivery. After more than four years, its share price has shrunk by 90%. At the end of 2021, SF Express, an independent company, went public in Hong Kong, and its share price was slightly better, shrinking by 30%.

With the previous reference, Flash was broken on the second day of listing and once fell to $11.47, which was not sought after by the market.

The problems faced by flash at this stage make the future more unknown.

Struggling 2.7 million riders

Focus is the key to the listing of Flash, but it is also the reason why Flash can’t open the situation.

There are few companies that don’t make any kind of distinction between revenues, and flash delivery is one of them. A single business is closely bound to the order volume, and the revenue will increase when the order volume is high. After 10 years of development, the on-demand courier service has entered a gentle development period, which is also the reason why there has been no financing for flash delivery in the last three years. If you want to increase orders, you need to reduce prices and expand the market.

According to the order volume and revenue, the average revenue per order in 2021-2023 and the first half of 2024 was 19.12 yuan, 18.79 yuan, 16.71 yuan and 16.55 yuan respectively. In a state of continuous decline.

In addition to price reduction, flash delivery is also increasing consumption scenarios. At first, the main scenes were urgent matters, important documents, etc. Later, Flash began to provide expedited delivery services for customers of local restaurants, flower shops and bakeries, and to distribute valuable electronic products to consumers.

The expansion of the scene will indeed increase the order volume, but as mentioned above, the space in this market is too small. Instant delivery can be divided into four categories, namely, food and beverage takeout represented by Meituan and Hungry, which is high frequency, strong demand and most valuable. Fresh home delivery and Shangchao, represented by Dada, are equally high-frequency and just needed, but to a lesser extent than takeout. The logistics in the same city, represented by SF Express, is not high-frequency, but it faces more scenes and has stronger carrying capacity. Finally, there is the running errands represented by flash, and the demand frequency is lower than other modes.

Without the high-frequency feature, flash can’t use full-time riders like Meituan and Hungry, so it can only adopt crowdsourcing mode. Therefore, there are a large number of riders, with 2.7 million riders far exceeding 1.2 million in Dada Group and 950,000 in Shunfeng City, almost reaching the scale of being hungry. But obviously, the presence of the flash rider is far lower than that of hungry.

The advantage of flash delivery is that the customer unit price is high, and there is a lot of room for operation. However, crowdsourcing riders are not loyal, and they often take orders from multiple platforms at the same time, resulting in high personnel mobility. This requires flash delivery to benefit riders as much as possible. In 2021-2022, the salary and reward paid by flash delivery will exceed 90.5% of the revenue. However, the flashing needs to be profitable, and it has to be directed at the rider. In 2023 and the first half of this year, the proportion dropped to 85.4%.

To sum up, on the one hand, it is necessary to reduce the price and increase the order, on the other hand, it is necessary to maintain a high share for the rider, and on the other hand, it is necessary to consider its own operation and reduce the cost from the rider as much as possible. According to the scale of 2.7 million riders, combined with revenue, order volume and unit price, in 2023, there will be 740,000 orders per day, generating revenue of 12.41 million yuan, and the reward allocated to riders will be 10.9 million yuan. By this year, although there are 770,000 orders every day, the reward allocated to riders is only 10.84 million, with the increase of orders and the decrease of rewards.

At the same time, the prospectus shows that in 2021-2023 and the first half of this year, the average delivery time of orders was 35 minutes, 31 minutes, 29 minutes and 27 minutes respectively, which has been compressed, and the delivery pressure of riders continues to increase.

The rider’s income drops, the pressure of order limitation continues to increase, the competition becomes cruel, and the living environment is very difficult. At the present stage, it is no problem for riders to increase their income sources, but after all, they can’t keep the platform running by squeezing riders.

Of course, rider ecology is not a serious problem, and the real challenge comes from the external environment.

Small and beautiful, false proposition

Without backing the giants, the most well-known employer is Shunwei Capital of Xiaomi, accounting for only 7.8% of the shares. Although it is known as the largest on-demand delivery service platform, the scale of flash delivery is only half that of Dada and less than 40% of that of SF. Such a "small but beautiful" platform is often difficult to maintain for a long time in China Internet market.

The so-called moat flashing is more relative to the start-up platform. At this stage, it is not a small platform that competes with flash. Meituan’s errands, hummingbirds, SF Express and Dada are all backed by super platforms, and the order volume is incomparable. These platforms are involved in the field of flash, which is just a supplement to the business. Taking SF City as an example, getting involved in the same city business is only to supplement the short-distance delivery business and improve the choice of customer unit price, which can increase the income of the courier brother, and also expand the fresh home delivery, Shangchao and even take-away business when necessary, and improve the human efficiency without harm.

Giants not only have traffic, brands, service guarantees, but also the ability to price war. Previously, SF executives in the same city mentioned that the price is expected to fall this year, and the price is its core competitiveness. There is no doubt that in the face of price war, flash has basically no ability to parry. Flash delivery has almost no counter-ability, and it can be said that it is difficult for flash delivery to enter the take-away and logistics markets.

In fact, flash delivery is in a state of being a fish. In 2021, after the D2 round of financing, the flash valuation reached 2 billion US dollars. In 2024, the Hurun Global Unicorn List, the flash valuation was 7.1 billion yuan. After listing, the market value of Flash is only $1.07 billion. The downward adjustment of the flash valuation in the capital market has already explained many problems.

Flash delivery is actually a microcosm of the economic development of the Internet platform. Small and beautiful is a false proposition. If the scale is not reached, it will be impossible to compete with the giants. We can only pray that the giants will despise the "fly legs". An action of a giant that is often completely irrelevant may directly determine the life and death of a platform.

References:

1. A single income in 16 yuan, 2.7 million riders sent to the market, source: fixed focus.

2. Before going to the US IPO, flash to deal with the "same paragraph" problem of SF. Source: Wall Street.

3. Flash IPO to the United States: the price of a single customer has been declining year after year, and the unicorn valuation is "big waist" | BUG, source: Sina Technology

[car home Electric Vehicle Technology] Recently, BYD iTAC (Intelligent Torque Adaptation Control) was officially released. Car home has the opportunity to test-drive a test car equipped with this technology first. What is the use of this innovative intelligent torque control system? What is the working principle behind it? Let’s take a look at it together.

● What functions does ITAC realize?

ITAC is based on the extremely fast response speed of motors, which can adjust the output torque of each motor in real time, minimize the dynamic change of vehicles, and greatly improve the safety, comfort and handling of vehicles.

For example, when starting on a slope with low adhesion, iTAC system can accurately control the output torque to avoid wheel slip caused by excessive torque; At the same time, on the ramp (for example, when the front of the vehicle points to the top of the slope), the load on the rear axle is greater, and the rear wheel has greater grip, so the system will distribute more torque on the rear wheel, thus improving the starting and driving efficiency of the vehicle on the ramp.

When the driver suddenly steps on the accelerator to accelerate, the center of gravity shifts backward, the load on the front axle decreases, and the load on the rear axle increases. The system will distribute more torque on the rear wheel, which will improve the speed-up performance and driving efficiency of the vehicle.

For example, when the vehicle has the trend of understeer, the system will appropriately reduce the torque output of the front axle and increase the torque output of the rear axle, so that the cornering characteristics of the vehicle tend to neutral steering and improve the maneuverability and safety of the vehicle; When the vehicle tends to oversteer, the system will appropriately increase the torque output of the front axle and reduce the torque output of the rear axle, so that the cornering characteristics of the vehicle tend to neutral steering. The following official video briefly introduces iTAC technology and recommends you to watch it.

More exciting videos are all on the car home video platform.
"BYD iTAC Technology Introduction Video"

● Where is the innovation of ITAC technology?

The innovation of iTAC technology is not in the logic of torque distribution control, because some of the working logic mentioned above has been very common in mainstream four-wheel drive systems. Whether it is a pure electric four-wheel drive vehicle or a fuel four-wheel drive vehicle, the torque distribution of the front and rear axles also follows the above basic logic.

This involves the resolver sensor which can improve the output frequency and accuracy of motor speed signal and the motor with faster torque response than the traditional fuel engine.

The larger minimum scale of the rotation angle means that the angular resolution of the traditional wheel speed sensor is low. At the same time, the wheel speed can be calculated by using the time difference between two adjacent pulse signals of the wheel speed sensor. Therefore, the higher the wheel speed, the higher the frequency of wheel speed information output by the electronic control unit.

When the vehicle starts, when the wheel speed is very low, the frequency of the wheel speed signal is also low, which makes the electronic control unit judge the wheel slip rate at a low frequency, and can’t keenly identify the wheel slip trend. As a result, when the wheel slips, the response of ESP to intervene in controlling the wheel slip is slow, and it is often necessary for the wheel to intervene to brake the slipping wheel when it is obviously slipping and idling, resulting in unnecessary energy loss.

At the same time, according to the signal of the resolver sensor, the electronic control unit can calculate the wheel speed at a frequency exceeding 200Hz, and can keenly identify the wheel slip trend, and predict the wheel speed change more than 50ms earlier than before.

Compared with the traditional ESP hydraulic control method to brake the slipping wheels, the speed of reducing the motor output torque by using the electronic control system is much faster, and the control speed is more than 10 times faster. Therefore, the model equipped with iTAC system can effectively avoid wheel idling and slipping, reduce energy loss and improve the driving efficiency of the vehicle.

● Relationship between ITAC and dTCS

DTCS(distributed TCS) previously announced by BYD is simply a part of ESP electronic body stability program. The innovation of dTCS is to simplify the electronic and electrical architecture, achieve lower traction control delay and optimize the system performance.

ESP mainly improves the driving stability of vehicles by reducing the torque and braking. iTAC can not only reduce the torque, but also dynamically adjust the torque distribution of front and rear axles, which contributes to the driving stability, handling, safety and energy saving level of vehicles.