Beijing, June 28th (Leng Yuyang), the client of Zhongxin. com, what changes will be ushered in in the coming July? If we want to sum up a keyword from it, then "money" is bound to be a topic that cannot be avoided. The reporter found out that from July 1 ST, pensions, imported goods, mobile phone fees, etc. will all usher in good news, which is related to your "money bag".

China News Service reporter Li Bo photo

　　Pension will be adjusted centrally.

　　For a long time, "a sense of security for the elderly" is not only a thousand-year-old virtue inherited by China, but also the expectation of every Chinese. From July, pensions will undergo major changes, and the timely and full payment of pensions in various places will be more secure.

　　On June 13th, the State Council issued the Notice on Establishing the Central Adjustment System of the Basic Endowment Insurance Fund for Enterprise Employees, and decided to establish the central adjustment system of the endowment insurance fund, which will be implemented on July 1st, 2018.

　　The "Notice" clarifies that on the basis of the current provincial-level overall planning of basic old-age insurance for enterprise employees, a central adjustment fund for old-age insurance will be established to appropriately adjust the old-age insurance funds in various provinces to ensure that basic pensions are paid in full and on time.

　　You Jun, deputy director of the Ministry of Human Resources and Social Security, explained that due to the difference in population dependency ratio and other reasons, the problem of fund imbalance between provinces has become more and more prominent. However, it is difficult to solve this problem by provincial overall planning, so it is necessary to improve the overall planning level and make appropriate adjustments to the fund nationwide.

　　What netizens are most concerned about is whether this will affect their treatment after retirement. You Jun also hereby reminds: "This fundraising policy will not increase the burden on enterprises and individuals, will not increase the contribution ratio of endowment insurance, and will not affect the treatment of retirees."

　　China News Service reporter Zhang Yunshe

　　These tariffs will be lowered.

　　While the pension is more secure, there is also good news for hands-chopping people.

　　According to the announcement issued by the the State Council Customs Tariff Commission on May 22, since July 1, 2018, the tariffs on automobiles with tax rates of 25% and 20% will be reduced to 15%, with tax reductions of 40% and 25% respectively; The tariffs on auto parts with tax rates of 8%, 10%, 15%, 20% and 25% will be reduced to 6%, with an average tax reduction of 46%.

　　In addition to cars, the drop in import tariffs on some daily necessities will make everyone happy to "buy in buy buy".

　　On May 31, the State Council Customs Tariff Commission announced that the MFN tariff rate of some consumer goods will be reduced from July 1, 2018, involving 1,449 tax items, and the average tariff rate will be reduced from 15.7% to 6.9%, with an average decrease of 55.9%.

　　Specifically, the average import tariff rate of clothing, shoes and hats, kitchens and sports and fitness products has dropped from 15.9% to 7.1%; The average import tariff rate of household appliances such as washing machines and refrigerators was reduced from 20.5% to 8%; The average import tariff rate of processed foods such as aquaculture, fishing aquatic products and mineral water decreased from 15.2% to 6.9%; The average import tariff rate of washing products, cosmetics such as skin care and hairdressing, and some medical and health products decreased from 8.4% to 2.9%.

　　In this regard, there is a voice saying that lowering tariffs will reduce the import cost to a certain extent, which will generally help reduce the price in the domestic market. This also means that domestic consumers are expected to buy more imported consumer goods with good quality and low price.

　　Mobile phone traffic roaming fee will become history.

　　From July, when you are on a business trip or traveling in other places, you can also save a mobile phone traffic fee.

　　On June 22nd, China Mobile, China Unicom and China Telecom announced that they would cancel the roaming fee for domestic mobile phone traffic from July 1st, and the provincial traffic of mobile phone users would be upgraded to domestic traffic (excluding Hong Kong, Macao and Taiwan traffic).

　　So, who will benefit? Mainly users who used to use local packages. After the roaming fee is cancelled, as long as there is traffic in your package, you can use it safely wherever you go in China.

　　However, campus packages, community packages, subway traffic packages and airport traffic packages are not within the scope of this adjustment.

　China News Service reporter Yin Liqin photo

　　Some high-speed rail fares should be discounted and the extended version of "Fuxing" will start.

　　You can also save money by taking the high-speed rail! After the railway map adjustment on July 1, people will not only have a greater chance to take the extended version of Fuxing, but also some high-speed trains will be discounted by 6.5%!

　　From 0: 00 on July 1, 2018, the national railway will implement a new train diagram, and 16 long-formed "Fuxing" EMUs will be put into operation for the first time. The daily number of the national railway "Fuxing" EMU will increase from 114.5 pairs to 170.5 pairs, which can reach 23 municipalities, provincial capital cities and autonomous region capitals.

　　In addition, from July 5th, China Railway Corporation will only announce the fares of the high-speed train emus with an operating speed of 200-250km/h on the six sections of lines opened earlier, namely Hefei-Wuhan, Wuhan-Yichang, Guiyang-Guangzhou, Liuzhou-Nanning, Shanghai-Nanjing, and Nanjing-Hangzhou, for optimization and adjustment.

　　This time, it is clear that the published fare is the highest price limit. Railway-related enterprises can lower the fare within the price limit by season, time, seats and sections according to the passenger flow, with a maximum discount of 6.5%. Compared with the current situation, the adjusted executive fare has generally increased and decreased.

　　There is no need to pay for academic degree certification.

　　For job seekers, many people will be asked to certify their academic degrees, and the fees they need to pay will soon become history.

　　On June 27, the Ministry of Education and other three departments issued a notice, deciding to completely cancel the fees for domestic higher education degree certification services from July 1 this year.

　　After the cancellation of the domestic higher education academic degree certification service fees, the academic degrees that have been registered in the relevant databases of college students’ academic information management system and degree information management system will be subject to online inquiry and electronic certification in principle.

　　Writing online novels to earn milk powder money, thinking that he wrote social novels rather than officialdom novels, has been transferred to the vice chairman of the Federation of Literary and Art Circles.

　　Text/Figure Guangzhou Daily reporter Zhang Dan

　　Zhang Bing, 46, stood in front of the reporter, glowing with the brilliance of a mature man.

　　From 2010 to 2012, for three consecutive years, under the pen name "Xiaoqiao Laoshu", he won the list of rich writers through royalties of more than one million yuan per year. In 2010 and 2011, Hou Weidong’s Notes on Officialdom was selected into the China Book Power List selected by Guangzhou Daily twice. In 2012, Notes on Hou Weidong Officialdom won the Bronze Award of the West Lake Type Literature Biennial Award jointly selected by Zhejiang Writers Association and China Literature and Art Newspaper.

　　Zhang Bing modestly told the Guangzhou Daily reporter that he was not even an "official", but a "petty official" at best. He prefers to call his novels "social novels" rather than "officialdom novels".

　　Recently, Zhang Bing is rushing around Beijing and other major cities for his new book "The Past of Bazhou". At this time, his identity is a best-selling novel writer on the Internet. And his other little-known identity is a place class cadre. Zhang Bing used to be a member and deputy director of the Municipal Garden Administration Bureau of Yongchuan District, Chongqing, and now he is a member and vice chairman of the local Federation of Literary and Art Circles.

　　On famous novels

　　Struggle is the hero’s way to success.

　　Guangzhou Daily: You are famous for Notes of Hou Weidong Officialdom. What do you think of this novel?

　　Zhang Bing: The so-called officialdom novels are classified for the purpose of sales. In essence, I feel that I am only writing a social novel. Just because the protagonist is a civil servant, the name of the novel is called "Official Notes". In fact, the characters involved in the novel are all kinds of people, including farmers, entrepreneurs, pyramid schemes and all professions.

　　Guangzhou Daily: Was there a similar novel on the Internet at that time?

　　Zhang Bing: No. At that time, many of the online "officialdom novels" were written in the way of crossing. For example, the author crossed back into the officialdom and used his later knowledge to change his fate. This is the mainstream. The novel I wrote is a purely documentary theme, without any trace of fantasy. To put it more professionally, there is no "golden finger" in the novel that changes the protagonist’s fate, and struggle is his way to success.

　　Guangzhou Daily: It is called a must-read novel for civil servants, even a "textbook". What do you think?

　　Zhang Bing: I think it’s not just a textbook for civil servants, but a textbook for all young people. Because all "shopping malls", "officialdom" and other industries have the same cultural genes, the same ideas and methods of doing things, but each has its own geographical and industrial characteristics. It solves the problems that young people encounter when they enter the job, and these problems are common.

　　On novel creation

　　It’s time to change.

　　Guangzhou Daily: There have been media reports before that you originally wrote online novels to earn money for children’s milk powder?

　　Zhang Bing: Yes. After graduating from college, my wife was assigned to Beibei District, and I was assigned to Yongchuan District. There was a two-hour drive between them. Because of the separation between the two places, she resigned and came to my side, but she lost money in business and was pregnant with a child. I was working in a government office, and my monthly salary was only 13,400 yuan. There was a child who was eating milk powder, and his wife was breastfeeding, so she couldn’t go out to work. What should I do with this income?

　　I just want to make money legally. At that time, I saw that a novel website advertised that an online writer could earn one million yuan a year writing novels, so I moved my mind to write online novels. This money is unimaginable in government agencies.

　　Guangzhou Daily: What office were you working in?

　　Zhang Bing: I was in the Political and Legal Committee, and then I went to the Bureau of Landscape Architecture. Before that, I also stayed at the grassroots level.

　　Guangzhou Daily: How much can you earn every month by writing online novels?

　　Zhang Bing: At that time, I was still at work, and I couldn’t guarantee to update my novels every day, so I didn’t subscribe much, but I still got three or four thousand yuan a month. This is much higher than my salary. I was late in writing novels, and I was older. I was 35 years old. I have never worked in writing before, but I have come into contact with a lot of people and things, and I have a certain life experience, which has become my advantage.

　　In addition, my writing experience is consistent with the development of online novels. I entered from the development stage of novel websites, when there were subscriptions online, and novels could be supported by online fees. Since then, the novel website has entered the capital stage. After a large amount of capital enters, it is accompanied by IP fever.

　　Guangzhou Daily: What was the theme of your first novel?

　　Zhang Bing: The first novel is a travel novel, which is called "Yellow Sand Wears Golden Armor in Hundreds of Battles". Later, I found that although time-travel novels were not my specialty, they were still rated as one of the more representative time-travel novels in those years.

　　The novel I wrote was in a relatively cold dynasty, and people’s understanding of this history in the late Tang Dynasty and the early Song Dynasty was not high.

　　On the Novel’s "Big Sale"

　　It’s true, not a "trick"

　　Guangzhou Daily: When did Hou Weidong’s Notes on Officialdom become popular?

　　Zhang Bing: After I wrote Notes on Hou Weidong Officialdom for a year and a half, I found that this novel has become popular. At that time, it was 2010, and the search engine would publish the search list of online novels, and "Hou Weidong" had already ranked in the top ten. It is actually a novel that changes the fate of the protagonist. Changing the fate is a problem facing many young people. If you want to survive, you must change your destiny.

　　Guangzhou Daily: Your brushwork is still very delicate.

　　Zhang Bing: My mother is a Chinese teacher. When we were young, the most annoying thing she said was that no matter where we went to play, she would definitely say, "Watch carefully and write a diary when you come back." At that time, I hated this sentence most, which made us have no fun.

　　But in retrospect, diary writing at that time still played a certain role in later novel creation.

　　Guangzhou Daily: Why do you think your novels stand out among many online novels?

　　Zhang Bing: True.

　　Because I have rich grassroots experience, the stories I write are those things that happened at the grassroots level. Everyone likes it because it is true. I didn’t judge it. I just told it out, which is relatively objective.

　　My book is about the changes of the times and the fate of characters. Therefore, I have always denied that this is an "official novel". It is about an era, but the character is a civil servant.

　　Many of the things I wrote are "officials" and can’t reach "officials". Many people read my novels, and they must feel the fate of the characters before they like them. Everyone is very supportive of my "entrepreneurship"

　　On Cultural "Matrix"

　　This is the limitation of every author.

　　Guangzhou Daily: When did you go to college?

　　Zhang Bing: In 1992, so the background of all the protagonists in my novels was in the early 1990s. At that time, it happened to be my youth, and it was the time when my work began. Every author has certain limitations in time and space, which cannot be avoided.

　　In other words, every author has a "matrix" of writing, which is composed of time and space, and is both a "matrix" and a limitation. Every author has his favorite place and time. If the author can completely transcend the place and time, he must be a great writer, which is rare.

　　It should be said that "Bashu" is my cultural "matrix".

　　Guangzhou Daily: When you first joined the civil service, was it what you imagined?

　　Zhang Bing: My father works in a prison. I know that it is impossible for a civil servant to make a fortune. What I am thinking about is that I can change my family’s situation by legal and proper means and with my own ability. I thought of writing in my spare time. Fortunately, I succeeded as soon as I wrote it.

　　Guangzhou Daily: If you write "Hou Weidong" now, will you still be able to achieve the success of the past?

　　Zhang Bing: This is not a question of the times, but a question of people. After so many years, I can’t write the same works as at that time. It may be better or worse than at that time. If the writing is the same, in this era, I think the work will still be successful. The gene of culture goes deep into people’s bone marrow, and people may not realize it themselves.

　　Guangzhou Daily: Do you always write after you get home from work?

　　Zhang Bing: All of them. I spend all my spare time writing. I don’t play cards, dance, sing, smoke or keep mistresses. I have no time. My spare time life is writing life.

　　Guangzhou Daily: Did the unit know that you were writing a novel?

　　Zhang Bing: I didn’t know that before. But in 2010, I was on the list of rich writers, and the unit knew.

　　On the Transfer of Literary Federation

　　I volunteered to go there.

　　Guangzhou Daily: Does it affect you if the company knows that you write novels?

　　Zhang Bing: It doesn’t have much impact. Now it is a pluralistic society, and people are already very inclusive. They are more appreciative of my "entrepreneurship" and won’t think I am eccentric.

　　Guangzhou Daily: What is the reason why you transferred from the deputy director of the Bureau of Landscape Architecture to the Federation of Literary and Art Circles?

　　Zhang Bing: I went to the Federation of Literary and Art Circles to be a member of the leading group, vice chairman, and also a deputy division level, which is a level tone. This is my decision to combine my personal wishes with organizational needs.

　　In fact, the main reason for the transfer is that I applied for it myself. Because in the functional department, things are too complicated, which takes up a lot of my time. Personally, I feel that I am a very mediocre deputy director, but as an author who specializes in writing novels in Bayu area, I am excellent. I think I should be put in a place of greater value.

() The business review of the Board of Directors in the first half of 2022 is as follows:

　　I. Description of the industry and main business of the company during the reporting period.

(A) the macroeconomic situation in the first half of 2022

1. The global economic situation in the first half of 2022

In the first quarter of 2022, affected by the recurrent COVID-19 epidemic and other factors, the global imbalance between supply and demand intensified, the growth rate of goods trade slowed down, the inflation level increased significantly, and the economic recovery process slowed down. In the second quarter of 2022, both the global supply side and the global demand side faced downward pressure. The growth rate of industrial production, enterprise investment, household consumption and international trade slowed down, the economic growth rate dropped significantly, and the inflation level rose in an all-round way. The international financial market continued to be turbulent, the Federal Reserve initiated a radical interest rate hike policy, the US dollar index rose strongly, major stock markets fluctuated and fell, and commodity prices continued to weaken.

2. Domestic economic situation in the first half of 2022

In the first half of 2022, China’s economy faced unprecedented challenges, especially since March, due to the unexpected factors such as the new round of COVID-19 epidemic in China, the conflict between Russia and Ukraine and its sanctions, the downward pressure on China’s economy has obviously increased, which has a certain impact on the normal growth of the macro economy. With the easing of the epidemic, combined with the comprehensive efforts of macro-policies and the repair and adjustment of market players, China’s economy rebounded, with GDP growth of 2.5% in the first half of the year, and the economy stabilized and rebounded.

(II) Changes in the US dollar index and exchange rate

From January to June, 2022, the highest dollar index was 105.7913, the lowest was 94.6269, and the average value from January to June was 99.7205, which was 9.57% higher than the average value from January to June, 2021. At the end of June 2022, the closing index was 104.7057, which was 13.36% higher than the closing price at the end of June 2021. (Source:)

From January to June, 2022, the highest value of USD against RMB was 6.8150, and the lowest value was 6.3048. The average value from January to June was 6.4829, which was 128 basis points lower than the average value from January to June, 2021, with a depreciation rate of 0.20%. The closing price at the end of June 2022 was 6.6943, which was 2,331 basis points lower than that at the end of June 2021, with a depreciation rate of 3.61%.

(III) Market situation of nonferrous metals and precious metals where the company is located

In the first half of 2022, the price of non-ferrous metals rose first and then fell. From the beginning of the year to the end of April, driven by energy worries and the supply shortage caused by the Russian-Ukrainian war, non-ferrous metals rose strongly under the influence of inflation expectations and macro-emotions; Subsequently, the American hawkish action was expected to strengthen and the global economic growth rate was lowered. Since the end of April, non-ferrous prices have been under pressure. During this period, the US dollar dominated the rhythm of its volatility and retreated all the gains in the first half of the year.

1. Prices of nonferrous metals and precious metals products.

(1) Copper

From January to June, 2022, the highest price of LME-3M copper contract was $10,845/ton, and the lowest price was $8,123/ton. The average price from January to June was $9,755/ton, which was 7.35% higher than that from January to June, 2021. From January to June, 2022, the highest price of Shanghai copper main contract of Shanghai Futures Exchange was 77,270 yuan/ton, and the lowest price was 61,620 yuan/ton. The average price in January to June, 2022 was 71,536 yuan/ton, which was 7.11% higher than that in January to June, 2021.

In the first half of 2022, the overall copper price rose and fell. In the first half of the year, there were inflation expectations in the global economy. In February, the conflict between Russia and Ukraine caused the prices of crude oil, natural gas and other energy sources to rise sharply. At the same time, the extreme long-term crowding caused by the nickel incident in March further stimulated inflation speculation, so the copper price fluctuated sharply from January to April. In late April, the Federal Reserve started to raise interest rates in response to inflation, and constantly accelerated the pace of raising interest rates, which tightened the liquidity of funds. In addition, investors expected the economic recession in Europe and the United States, and copper prices entered a rapid downward trend.

(2) Zinc

From January to June 2022, the highest price of LME-3M zinc contract was USD 4,896/ton, and the lowest price was USD 3,136/ton. The average price in January to June 2022 was USD 3,799/ton, which was 33.36% higher than that in January to June 2021. From January to June, 2022, the highest price of the main contract of Shanghai Zinc in Shanghai Futures Exchange was 28,995 yuan/ton, and the lowest price was 25,525 yuan/ton. From January to June, 2022, the average price was 25,843 yuan/ton, which was 19.74% higher than that in January and June, 2021.

In the first half of 2022, the price of zinc rose first and then fell. Among them, Shanghai zinc reached a 15-year high of 28,995 yuan/ton, and fell sharply to a new low this year. Similarly, Lunzinc broke through a record high of 4,896 US dollars/ton in March and was under pressure.

(3) Lead

From January to June 2022, the highest price of LME-3M lead contract was $2,700/ton, and the lowest price was $1,883/ton. From January to June 2022, the average price was $2,265/ton, which was 8.72% higher than that in January to June 2021. From January to June, 2022, the highest price of Shanghai lead main contract in Shanghai Futures Exchange was 16,465 yuan/ton, and the lowest price was 14,680 yuan/ton. The average price in January-June, 2022 was 15,323 yuan/ton, which was 0.70% higher than that in January-June, 2021.

In the first half of 2022, the Russian-Ukrainian conflict, the European energy crisis, high inflation in overseas developed economies and the China epidemic led to limited economic activities in some areas, and the global financial market fluctuated violently. The major economies were "stock and debt bears", and commodities peaked and fell back after high shocks. The drag of the big environment led to the fall of colored high levels and the shock of lead prices. In the first half of 2022, the overall lead price showed a low volatility trend.

(4) Gold

From January to June, 2022, the highest price of COMEX gold was $2,079/ounce, and the lowest price was $1,781/ounce. From January to June, 2022, the average price was $1,877/ounce, which was 4.03% higher than the average price from January to June, 2021.

From January to June 2022, the highest price of spot gold 9999 in Shanghai Gold Exchange was 416.18 yuan/gram, and the lowest price was 368.42 yuan/gram. The average price from January to June 2022 was 391.94 yuan/gram, which was 3.59% higher than that from January to June 2021.

In the first quarter of 2022, due to the sudden escalation of geopolitical tensions between Russia and Ukraine, risk aversion rose sharply, and the sharp rise in energy prices once again ignited inflation expectations. With the double boost of safe-haven demand and inflation worries, the gold price, the US dollar index and the US bond yield rose simultaneously. Subsequently, due to the staged easing of the situation in Russia and Ukraine, the Federal Reserve started this round of interest rate hike cycle, and the price of gold fluctuated at a high level. Until mid-April, due to inflationary pressure from overseas economies, off the charts, the Federal Reserve turned completely into an eagle, and its determination to curb inflation was firm. As a result, the pace of interest rate increase by the Federal Reserve continued to exceed expectations, and the real interest rate in the United States began to rise, from negative to positive, thus suppressing the price of gold.

(5) Silver

From January to June 2022, the highest price of COMEX silver was $27/oz, and the lowest price was $20/oz. The average price from January to June 2022 was $23/oz, which was 11.79% lower than the average price from January to December 2020. From January to June 2022, the highest price of Huatong Platinum Silver 1# silver was 5313 yuan/kg, and the lowest price was 4490 yuan/kg. The average price from January to June 2022 was 4856 yuan/kg, which was 10.42% lower than that from January to June 2021. (Source: Huatong Baiyin Net)

In the first half of 2022, silver followed the trend of gold price as a whole, but the overall performance of silver was weaker than that of gold because of the double negative effects of financial and commodity attributes.

2. Output of nonferrous metals and precious metals products

According to the National Bureau of Statistics, in the first half of 2022, the industrial added value of non-ferrous metals industry increased by 5% year-on-year. The output of ten kinds of non-ferrous metals was 32.83 million tons, up by 1% year-on-year. Among them, the output of copper, aluminum and lead increased by 2.5%, 0.7% and 3.1% respectively, and the output of zinc decreased by 1.7%.

According to the latest statistics of () Association, in the first half of 2022, the domestic raw material gold output was 174.69 tons, an increase of 21.93 tons compared with the first half of 2021, and a year-on-year increase of 14.36%. Among them, 139.15 tons of gold minerals and 35.53 tons of non-ferrous by-product gold were completed.

3. Profits of non-ferrous metal mining, smelting and rolling processing industries

According to the data of National Bureau of Statistics, from January to May, 2022, the mining industry realized a total profit of 708.27 billion yuan, up 130.9% year-on-year, and the non-ferrous metal smelting and rolling processing industry realized a total profit of 29.77 billion yuan, up 54.2% year-on-year.

4. Investment in non-ferrous metals industry

From January to May 2022, investment in mining industry increased by 17.3% year-on-year, and investment in nonferrous metal smelting and rolling processing industry increased by 14.1% year-on-year. Overall, the revenue of industrial enterprises rebounded in 2022. Driven by the gradual recovery of production logistics and the smooth supply chain of industrial chain, the sales situation of industrial enterprises has improved. (Source: National Bureau of Statistics)

(4) Main business of the company

The company’s main business is the mining, smelting, processing and trade of copper, lead, zinc, gold, silver and other non-ferrous metals and precious metals. Its business covers the whole industrial chain of non-ferrous metal exploration, mining, mineral processing, smelting and processing, involving domestic and foreign regions. It is a large-scale non-ferrous metal and precious metal enterprise with deep industry accumulation and initially formed an international layout.

(five) the company’s main products and their uses

The cathode copper produced by the company is widely used in various fields such as electricity, light industry, machinery manufacturing, construction industry, etc. The downstream customers and enterprises further process the cathode copper to form deep-processed products such as copper rods, copper wires, copper plates, wires and cables. Electric lead is mainly used to manufacture lead storage batteries and anti-corrosion equipment. Zinc is mainly used for electroplating zinc, alloy manufacturing, casting of precision castings and zinc compounds and salts; Precious metal gold and silver are widely used in daily necessities plating and jewelry industries except for some exports.

In 2021, the company ranked 333rd among the top 500 enterprises in China, 22nd among non-ferrous industries and 97th among the top 100 multinational companies in China.

(VI) Business model of the company

During the reporting period, the company’s main business model has not changed significantly.

1. Production mode

In the first half of 2022, the company mainly produced copper, zinc, lead, gold and silver, and comprehensively recovered copper, zinc, lead, gold, silver, nickel, tellurium, selenium, platinum, palladium, indium, rhenium, bismuth and other rare precious metals and sulfuric acid. The company’s main products were organized and produced by international standards.

In copper smelting, the company adopts the smelting process of "flash furnace system flash smelting furnace" which has reached the world advanced level.

In the field of lead and zinc, the company adopts low-pollution jarosite wet zinc smelting process and ISP zinc smelting process, with advanced technology and obvious complementary advantages.

In production management, the company relies on the continuous and effective operation of the three systems of GB/T19001-2016 quality management, GB/T24001-2016 environmental management and GB/T45001-2020 occupational health and safety management to ensure that the product quality is strictly controlled, and the main economic and technical indicators have reached the domestic advanced level.

Adhering to the development path of innovative economies of scale, the company continued to vigorously carry out technological innovation, made new breakthroughs in independent innovation of core technologies, steadily advanced the upgrading of production technologies, comprehensively improved the level of comprehensive utilization of resources, gradually formed a new format of circular economy, made new progress in green sustainable development, made solid progress in industrial upgrading, integrated development of resources and international operation, and continuously improved the company’s profitability and competitiveness.

2. Purchasing mode

The company’s procurement mode is mainly divided into domestic raw materials and imported raw materials procurement.

Domestic raw material procurement is divided into two modes: mine direct procurement and trader procurement. According to geographical advantages, mine direct supply is preferred, followed by traders with stable supply and large supply, and the mode of combining long orders with spot procurement is adopted.

The procurement of imported raw materials is mainly based on land transportation concentrate procurement, supplemented by sea transportation concentrate procurement, and sea transportation ore is mainly used for winter raw material reserve.

In the process of purchasing raw materials, the company gives full play to the advantages of production technology, purchases raw materials with price advantages and high added value, and avoids price risks through raw material hedging.

3. Sales model

There are two main ways to sell company products.

First, the local sales of silver are mainly aimed at the local sales of sulfuric acid, slag materials and waste materials.

Second, through the centralized trading of Silver Headquarters, Shanghai Honglu International Trading Co., Ltd., a wholly-owned subsidiary of the company, is used as a platform to realize the sales of main products of copper, lead and zinc, form a sales network in different places, and set up a warehouse in different places according to market demand.

The sales network can not only directly face the market, grasp the local market demand, but also know the customer information in time and provide good after-sales service. The company adjusts the sales price and sales strategy daily according to market conditions at any time to effectively cope with market changes.

Second, the discussion and analysis of the business situation

(1) Production situation

In the first half of 2022, the company’s mining and dressing system produced 123,500 tons of copper, lead, zinc and molybdenum concentrate, an increase of 3,200 tons, or 2.66%, compared with the same period of last year, of which 30,800 tons of concentrate contained copper, or an increase of 6,300 tons, or 25.71%. The concentrate contains 80,100 tons of zinc, which is 5,500 tons less than that of the same period of last year, with a range of 6.43%. The concentrate contains 12,500 tons of lead, an increase of 24,000 tons over the same period of last year, with a range of 23.76%; The concentrate contains 92 tons of molybdenum, an increase of 15 tons over the same period of last year, with a range of 19.48%. The main reasons for the increase of copper, lead and zinc metal in the concentrate produced by the company’s mining and dressing system compared with the same period of last year are: the change of ore grade of Peru tailings and the improvement of mineral processing technology.

The smelting system produced 125,900 tons of cathode copper, an increase of 24,100 tons over the same period of last year, with a range of 23.67%; The production of electrical lead was 0.83 million tons, a decrease of 0.23 million tons compared with the same period of last year, with a range of 21.7%; The production of zinc products was 200,900 tons, an increase of 24,900 tons over the same period of last year, with a range of 14.15%; It produced 4,843 kilograms of gold (including 1,272 kilograms of gold produced by the first gold), an increase of 1,317 kilograms over the same period of last year, with a range of 37.35%; The production of silver was 96.1 tons, an increase of 9.6 tons or 11.1% over the same period of last year; The production of sulfuric acid was 737,800 tons, an increase of 53,500 tons or 7.82% over the same period of last year. The year-on-year increase of non-ferrous metal cathode copper and by-products of gold, silver and sulfuric acid was mainly due to the adjustment of production mode of copper smelting and electrolysis process, and the output of non-ferrous metal products and by-products increased compared with the same period of last year; The main reason for the year-on-year decrease of electric lead is that the production of electric lead decreased year-on-year due to the maintenance of production system; The main reason for the year-on-year increase of zinc products is that the effective production time in the first half of the year of Chengzhou Zinc Smelter under the company increased compared with the same period of last year, and the output increased year-on-year.

(II) Construction of key projects

The 6.8 million tons/year tailings comprehensive utilization expansion project of Shouxin Peru Company is implementing civil engineering and steel structure engineering, and the overall project progress is 82%; The green mineral processing reagent project started construction at the end of April 2022; The upgrading and transformation project of copper smelting technology was completed; Baiyin furnace’s technological innovation and upgrading project is undergoing the main civil engineering construction, and some long-term equipment has been ordered; The comprehensive recovery and harmless treatment project of zinc hydrometallurgy slag has been completed and is currently in the trial production stage; The ultra-fine wire rod capacity improvement project for intelligent equipment is under process equipment installation and is expected to be put into production at the end of the year; Xinjiang Company’s 3# open pit infrastructure stripping project started construction in May 2022.

(III) Technological innovation

The company vigorously expanded external collaborative innovation and deepened the cooperation of "Industry-University-Research", and completed three provincial-level science and technology plan projects in the first half of the year; The company and china environmental science Research Institute jointly declared the "Tenth Five-Year Plan"-the key project of "Key Technologies and Equipment of Circular Economy"-"Real-time Monitoring of the Whole Process of Wet Smelting and Control Technology for Reducing the Source of Anode Mud Hazardous Waste"; Jointly declare the 2022 provincial science and technology major project "R&D and industrialization of high-purity rhenium for aero-engine turbine blades" with the Research Institute of Resources and Environment Technology; Together with Lanzhou University and Lanshi Zhongke, we jointly declared the 2022 provincial science and technology major project "High-value Utilization of Lead-zinc Smelting Tailings"; In close contact with the research and development institutions of "One Institute and Three Institutes" of Chinese Academy of Sciences, we have successfully undertaken the project of "Key Technology Research and Industrialization Experiment of Electrolytic Copper Quality Improvement" funded by the central government to guide local scientific and technological development in 2022 with Lanzhou Institute of Chemistry of Chinese Academy of Sciences, and are currently carrying out preliminary research.

Focusing on the newly promulgated "Measures for the Management of Scientific Research Projects of Revealing the List and Leading the Team", a number of "stuck-neck" technical key projects that can significantly improve indicators and reduce costs in the process of production and operation are condensed. The 173 technical key projects that were signed for docking were all implemented as planned, and nearly 40′ stuck’ technical problems, such as’ research on comprehensive utilization technology of complex lead and zinc resources’ and’ tackling key problems of improving Fe/SiO2 _ 2 technology of flash furnace slag’, have made key breakthroughs, gradually opened up production processes and carried out on-site industrial production. The company gives full play to the role of innovation platform and cultivates leading talents in scientific and technological innovation, in order to create an innovative atmosphere within the company, stimulate the innovation vitality of the company, and ensure that under the guidance of high-quality development, the innovative atmosphere is continuously enhanced and the scientific and technological innovation ability is steadily improved. Up to now, relying on the national enterprise technology center, the company has set up an academician expert workstation and 17 technological innovation platforms, including 2 national, 11 provincial, 4 enterprise-level and 7 subordinate high-tech enterprises.

(IV) Construction of internal control

In the first half of 2022, we will continue to optimize and improve the internal control system based on the company’s articles of association in combination with the relevant requirements of the company’s three-year reform and the construction of the internal control system, so as to effectively improve the company’s governance level, management efficiency and risk prevention and control capabilities. Formulated the Work Arrangement for Improving the Two-level Internal Control System in 2022, and compiled the Internal Control System (Revision) Plan; We revised and improved the Articles of Association and related systems for regulating the construction of the company’s board of directors, and comprehensively completed the phased work of combing and integrating internal control systems that meet the operational requirements of state-owned assets supervision and listing norms in business areas such as scientific and technological development, budget and marketing. Up to now, 29 internal control systems have been newly built, 40 internal control systems have been revised, 73 internal control systems have been abolished, and 401 internal control systems covering 198 key business management processes in 10 categories covering all businesses and management have been established and improved.

（五）安全环保情况

安全方面，公司围绕年度安全生产和职业卫生工作目标，持续推进各项重点工作的开展，通过扎实推进三年专项整治巩固提升，持续强化外包工程单位安全监管，全面开启安全生产标准化提质升级建设，强化安全监督管理，持续开展常态化和专业化的风险隐患排查治理，持续开展全员安全教育培训，加强职业病危害源头治理和应急救援能力建设等重点工作的落实，持续提升公司安全生产治理能力和治理水平。

环保方面，公司立足实际，深入落实习近平生态文明思想，把思想和行动统一到中央和省、市决策部署上来，以实现减污降碳协同增效为总抓手，以制度管理、项目实施为手段，坚持“源头控制、规范治理”的原则，积极探索、多途径寻求生态环境治理新方式，保障环保投入，保证环保设施运行效果，构建主体产业清洁生产，夯实环保基础管理。狠抓环保设施运行管理，废水、废气连续稳定达标排放，各类固体废物均进行合规处置，全面排查整治环境隐患，不断完善各单位区域性风险防控体系，持续推进环境治理，坚决打赢污染防治攻坚战。

（六）党的建设情况

2022年上半年，公司党委深入贯彻新时代党的建设总要求、习近平总书记关于国资国企改革发展和党的建设的重要论述、省第十四次党代会精神，紧紧围绕发展要务，把增强“四个意识”、坚定“四个自信”、做到“两个维护”，体现在坚决贯彻党中央决策部署的行动上，体现在履职尽责、做好本职工作的实效上，体现在讲责任讲担当的日常言行上，一以贯之通过贯彻落实党的理论和路线方针政策来把准企业改革发展的正确方向，通过深化董事会职权改革来提升公司治理能力、激发企业动力活力，通过党管干部党管人才与市场化选聘相结合来建强领导班子和职工队伍，通过发挥基层党组织战斗堡垒作用和党员先锋模范作用来推动各项工作任务落实，通过全面从严管党治党来一体推进三不机制取得更大成效，为企业高质量发展提供坚强党建保障。

（七）履行社会责任情况

The company gives full play to the advantages of party building, ideology and politics, innovation and creation, organization and management of large state-owned enterprises, and actively carries out consumer assistance. In the first half of 2022, it invested 1.48 million yuan in helping Huining County and Chengxian County, mainly for rural revitalization and enriching people’s industries; The company organized to invest 3,819,200 yuan in consumer assistance funds to help solve the problem of difficult sales of agricultural products in poverty-stricken areas; The company strives for 150,000 yuan from send warm, Gansu Provincial Federation of Trade Unions, and helps 124 people in difficulty; Strive for the Baiyin City Federation of Trade Unions to help fund 687,650 yuan and help 99 employees with difficulties. During the period of epidemic prevention and control, the company organized more than 1,000 employees to donate blood for free in stages and batches, and 192 employees have actively participated in voluntary blood donation. At the same time, the company sent anti-epidemic materials and food to the frontline workers at the grassroots level to convey positive energy, establish a new fashion, and fulfill corporate political and social responsibilities with high pattern, high standards and high goals.

Major changes in the company’s operation during the reporting period, as well as matters that have a significant impact on the company’s operation during the reporting period and are expected to have a significant impact in the future.

Third, possible risks

1. Market environmental risks. Non-ferrous metal industry is a basic raw material industry in the fields of national economy, people’s daily life and national defense industry. It belongs to a typical cyclical industry and is closely related to the macroeconomic operation. Macroeconomic fluctuations have a great impact on the prices of non-ferrous metal products. By strengthening the research and analysis of macro-economy, government policies and industry development, the company makes timely countermeasures for possible risks.

2. Industrial policy risks. With the deepening of domestic supply-side reform and the rising competition threshold, head enterprises will accelerate the integration of factor resources, focus on solving the key challenges faced by the industry in terms of resources, energy and technology, and store energy for future industrial development, which will accelerate the reorganization and integration of superior resources, promote the improvement of industry concentration and promote the optimization and upgrading of industrial structure. The company will take advantage of the great opportunity of the state to promote the reform of state-owned capital, actively strive for the policy support of the state and Gansu Province, continuously optimize the industrial layout and improve the conditions for industrial development.

3. Political risks. South Africa and Peru, the main investment places of the company, have good political relations with the government of China, and both countries are countries with low political risks. With the deepening of economic cooperation between China and the two countries, the investment risks are controllable. At the same time, the company’s local management personnel actively pay attention to political trends and maintain a high degree of contact with the embassy, and report the relevant situation to the company in time to ensure that the risks are controllable.

4. Domestic and foreign legal risks. The legal risks faced by the company are mainly litigation and arbitration risks, and the laws of the countries where overseas investment is made are different, so it is necessary to face a large number of legal contracts and related legal issues cautiously. The company will do a good job in relevant legal work, continue to improve the legal risk prevention system at home and abroad, establish and improve the legal risk prevention system at home and abroad, safeguard the legitimate rights and interests of the company to the maximum extent, provide professional services and legal advice by hiring a professional team of lawyers, and participate in the transaction process, thus providing a strong guarantee for controlling legal risks.

5. Environmental risks. With the continuous improvement of environmental protection requirements for comprehensive management of ecological environment in the upper reaches of the Yellow River and the goal and vision of peak carbon dioxide emissions and carbon neutrality put forward by the state, it has become an important task for mining and metallurgy enterprises to carry out green manufacturing at present. Facing the increasingly severe environmental pressure, the company will strengthen the analysis of industry policies, formulate reasonable production and management strategies, strengthen environmental protection, promote the application of energy-saving and environmental protection technologies, and realize green development.

6. Product price risk. The prices of the company’s main products such as copper, zinc, lead, gold and silver are mainly determined with reference to domestic and international market prices. The domestic and international market prices of these metals are not only affected by changes in supply and demand, but also closely related to the development of macroeconomics and downstream related industries. Great changes in the global economic environment, market supply and demand, industry development policies, tariffs and exchange rates will have a great impact on product prices and aggravate the fluctuation range and frequency of non-ferrous product prices. By making full use of risk hedging means, the company standardizes hedging to minimize the adverse impact on the company’s operations.

7. Raw material procurement risk. The price of raw materials is closely related to the prices of basic metals such as copper, zinc and lead. The price of base metals is not only affected by changes in supply and demand, but also by the development of macro-economy and downstream related industries. In addition, the epidemic situation will also have an impact on the supply of non-ferrous materials and the price of non-ferrous metals. In the first half of 2022, the epidemic situation occurred repeatedly at home and abroad, which affected the procurement of raw materials at home and abroad to varying degrees. The transportation was blocked and the planned arrival was delayed, which had a certain impact on the production of enterprises. The conflict between Russia and Ukraine led to an increase in oil prices and freight rates, which led to an increase in procurement costs and production costs of enterprises. If the above factors lead to the continuous decline in the price of basic metals, it will reduce the selling price of the company’s products, which will adversely affect the company’s operating performance.

Measures to deal with the risk of raw material procurement: keep a close eye on the changing factors such as market price, exchange rate, demand, processing fee and supply, keep abreast of the production situation of smelters and mines at home and abroad, and formulate procurement strategies and modes according to market information, inventory situation and production situation; Increase the proportion of mine procurement at home and abroad, and sign long-term strategic cooperation agreements with mining enterprises to ensure long-term stable supply. Dig deep into the market potential, graft the trading platform of subsidiaries, give full play to the channels and advantages of subsidiaries, increase the market share, and enhance the market control ability and raw material guarantee ability. Fine management, standardize the procurement process, optimize the management mode of procurement funds, speed up capital turnover, and improve the level of risk prevention and control.

8. Trading risks of financial derivatives. The financial derivatives transactions conducted by the company are mainly hedging business. Hedging can help enterprises to transfer and avoid price risks, but at the same time, they have to face various risks brought by hedging transactions. The main risks are divided into compliance risk, market risk, cash flow risk, liquidity risk, basis risk, credit risk, operational risk and agreement legal risk. The company will strictly implement the business rules of the futures exchange and the relevant systems of the company’s hedging business to effectively prevent trading risks.

Iv. analysis of core competitiveness during the reporting period

(A) scientific and technological innovation

The company leads technological innovation and management innovation with concept innovation, and continues to carry out technological research and development and tackle key problems, and its technical support role is increasing day by day. In the first half of 2022, the company applied for 154 patents, including 60 invention patents; 64 patents were authorized, including 22 invention patents; Completed 3 patents in Gansu Province and published 33 scientific papers; 198 technical research and R&D projects were carried out, 4 national provincial science and technology projects were declared, and 2 Baiyin science and technology projects were declared.

(2) Information on domestic and overseas resources

Domestic resources: The company has mine resources, with 7,983,300 tons of copper, lead and zinc, including 248,200 tons of copper, 1,578,000 tons of lead and 6,157,100 tons of zinc. The amount of gold metal is 14.56 tons, the amount of silver metal is 1,817.35 tons and the amount of molybdenum metal is 14,500 tons.

Overseas resources: Shouxin Peru Company, a holding subsidiary established by the company in Peru, has achieved a production capacity of 6.8 million tons/year for copper, iron, gold, silver and other polymetallic ores.

As of June 30, 2022, the gold resources of First Gold, a wholly-owned company of the company, were 29.03 million ounces, about 902.9 tons, and the gold reserves were 556,000 ounces, about 17.3 tons; Don Giza Company, a wholly-owned company of the company, controls+infers the amount of gold and metal of 1.5317 tons (about 4.9245 million ounces), including 1.2166 tons (about 3.9116 million ounces) of gold and metal of control level and 31.51 tons (about 1.0131 million ounces) of gold and metal of inferred level.

(C) Circular economy

The company has the key technology of comprehensive utilization of complex and refractory copper smelting slag resources in baiyin furnace, and comprehensively recovered valuable elements such as copper, gold and silver from copper smelting slag.

It has a production line with an annual processing capacity of 1.4 million tons of copper smelting slag, with an annual comprehensive recovery capacity of 22,000 tons of copper, and the comprehensive recovery of copper metal is equivalent to a medium-sized mine.

With the smelting technology of low-sulfur and high-lead secondary copper materials, the efficient separation of copper, lead, zinc, precious metals and impurities has been realized.

Has the key technology of multi-source solid waste collaborative utilization in copper, lead and zinc smelting.

It has a new technology of efficient separation and comprehensive recovery of copper, cadmium and cobalt from zinc smelting purification slag.

It has the technology of efficient and controllable recovery of copper and rhenium from copper smelting acid system.

It has the technology of separating zinc and lead from hard zinc and extracting indium to enrich precious metals.

It has a complete set of technology and production line for treating 140,000 tons of zinc hydrometallurgy slag every year.

(D) A variety of complementary processes

The company is a comprehensive production base of various non-ferrous metals in China, with an annual production capacity of 200,000 tons of copper, 400,000 tons of lead and zinc, 15 tons of gold and 500 tons of silver. It has the unique advantages of comprehensive development of copper, lead, zinc, gold and silver, and the industrial chain is connected and matched, with obvious complementary and synergistic advantages.

In the field of copper smelting, the company’s "Silver Copper Smelting Method" smelting process is the only copper smelting technology with independent intellectual property rights in China. Through years of technical research and development, the overall process and supporting technology of "New Silver Copper Melting Tank Melting Furnace" have been innovated and won the second prize of national invention and the first prize of national scientific and technological progress, with strong applicability of raw materials and unique advantages of technology. At present, the flash furnace system of the upgrading and transformation project of copper smelting technology has reached the production standard, which indicates that the flash furnace will realize a strong alliance with the only new baiyin furnace with independent intellectual property rights in China, and the comprehensive competitiveness of silver nonferrous copper smelting will be greatly enhanced through the substantial improvement of raw material applicability and the complementarity of process comparative advantages.

In the field of lead and zinc, the company adopts the new jarosite wet zinc smelting process and the improved ISP fire zinc smelting process. The 152㎡ fluidized roaster is the first roaster with the largest hearth area in the world, forming a new generation of zinc metallurgical technology with independent intellectual property rights in China, and its energy consumption and environmental protection level have reached the highest requirements of the industry, creating a low-cost green and low-carbon development road for the industry. ISP pyrometallurgical zinc smelting process is the only smelting process in the industry that can realize the mixing of copper, lead and zinc, and has outstanding advantages in comprehensive utilization of resources. It can treat all kinds of low-grade lead and zinc mixed ores, lean ores, refractory ores and secondary oxidized materials containing lead and zinc, and maximize the enrichment and recovery of the associated valuable metals in raw materials. The pyrometallurgical zinc smelting and wet contact process have obvious complementary advantages.

Precious metal treatment system, the Caldo furnace process introduced by OutotecAB, has the production capacity of comprehensively processing 4000 tons of copper-lead anode slime, recovering 15 tons of gold and 500 tons of silver, and producing refined selenium, platinum, palladium, tellurium and other products.

By giving full play to the complementary and synergistic advantages of the process, the associated valuable metals and rare elements in the concentrate can pass through the corresponding smelting process, and the comprehensive utilization of resources can be realized to the greatest extent. It has the annual comprehensive recovery capacity of 6,500 tons of copper metal and about 750 tons of associated and rare metals such as selenium, cadmium, rhenium, tellurium, bismuth, antimony, indium, platinum, palladium, cobalt and nickel.

(E) Extension of high-end industrial chain

The company has a production capacity of 200,000 tons of copper smelting, which has laid a solid foundation for further extending the downstream processing and manufacturing industry chain of the copper industry, optimizing the industrial structure and enhancing the systematic competitiveness of the whole value chain of the company’s copper industry sector.

Changtong company, a subsidiary of the company, is a key high-tech enterprise in the national torch plan. The leading products are high and low temperature superconducting cables; Fine and ultra-fine electromagnetic wire; Power cable; Cables, overhead conductors and special cables for electrical equipment. The products are used in major projects at home and abroad, such as Jiuquan Satellite Launch Base, Tiangong-1, Shenzhou series, State Grid Project, large-scale hydropower, wind power, photovoltaic power generation project, high and low temperature superconducting cables for national science projects and international cooperation projects, and many other fields. 40 superconducting cables with a total length of 30 kilometers have been provided for the international thermonuclear fusion experimental reactor and the China fusion experimental reactor project. Up to now, Changtong Company has built a production base of 16,000 square meters of micro electromagnetic wires, forming a production capacity of 10,000 tons of micro electromagnetic wires of various models and specifications, realizing the extreme manufacturing of ultra-micro electromagnetic wires (0.012mm), and the technical level has reached the leading position in China. Simultaneously carry out the capacity expansion project of micro electromagnetic wire, further improve the production capacity of micro electromagnetic wire to 20 thousand tons/year, and lay a good foundation for deepening the development of micro electromagnetic wire market and exerting scale effect.

The Silk Road Big Data Co., Ltd., in which the company shares, further relies on the advantages of shareholders, based on the new platform, and creates new breakthrough points and growth points; Gansu Defu New Materials Co., Ltd. is a manufacturer of battery-grade high-grade copper foil. Electrolytic copper foil for high-grade lithium batteries is a key component of lithium-ion batteries, which is at the front end of the new energy industry chain, and is the basis for the development of end products in the fields of information communication, consumer electronics, household appliances, automotive electronics, energy-saving lighting, industrial control, aerospace, military industry and so on. The construction of electrolytic copper foil project for high-grade lithium batteries is a powerful measure for the company to promote the transformation and upgrading of traditional industries, extend the industrial chain, optimize the industrial layout and improve the market competitiveness. By the end of June, 2022, Gansu Defu New Materials Co., Ltd. has formed a production capacity of 30,000 tons, and is accelerating the implementation of the third phase of 40,000 tons and subsequent capacity expansion projects. After the overall project is completed, it will further exert the scale effect and enhance economic benefits.

(6) Procurement of raw materials

The main competitiveness of the company’s domestic mine procurement is reflected in its regional advantages. Through the nearby procurement in Gansu, Shaanxi, Qinghai, Tibet, Xinjiang, Inner Mongolia and other places, the price advantage is obvious.

The procurement of imported minerals is mainly based on signing long-term contracts with foreign mining enterprises to ensure stable supply and reduce logistics costs; At the same time, constantly standardize the contract terms, improve the performance service ability and reduce the procurement risk.

Make full use of the rich mineral resources in Central Asia and the advantages of the national "Belt and Road" strategic policy, strive for national policy support, strengthen project cooperation with foreign mines, logistics groups and border ports along the route, maximize import efficiency, improve customs clearance timeliness and convenience, and reduce import costs.

(VII) Product sales

The company’s main products, copper and zinc, are sold at the spot price of copper and zinc in the month of Shanghai Futures Exchange plus the daily premium. The pricing method is advanced, flexible, closer to the market and highly transparent, and the customer’s purchase intention is enhanced by agreeing on the spot price period.

The company’s sales network covers areas and provinces and cities with rapid economic development in China, which can effectively cope with market changes and ensure that products are produced and sold immediately.

The company hedges products and raw materials to effectively prevent and control price risks.

The company’s domestic market share of copper, lead and zinc is currently 2.5%, 0.4% and 4.2%, and the product quality has also been widely recognized by customers in the market, with high credibility and competitiveness.

(8) Investment and trade business

According to the company’s development strategy, we will continue to accelerate the layout of investment and trade business, gather international high-end talents, and promote transformation and leapfrog development. Focusing on resource development, the company implemented the strategy of "going out" overseas to ensure resources, and successively set up platforms for capital operation, investment management and trade business in Shanghai, Beijing, Shenzhen, Hong Kong and Peru, forming a marketing and trade network at home and abroad, and the pace of the company’s international operation has been accelerating.

The company continues to expand and innovate traditional trading business, accelerate the construction of market-oriented marketing system, serve the company’s main business, fully tap the industrial value and financial value of raw materials and products in the whole value chain of the main business by building a financial trading platform and rationally using hedging tools, increase the trade income of enterprises and enhance the ability to control resources through trade.

(9) Talent team

After years of professional production accumulation, we have cultivated a team of industrial workers who cover all sectors and products of non-ferrous metals, have rich production experience and operational skills, and love their jobs and are dedicated. Forging has trained a group of professionals including geology, surveying, mining, mineral processing, smelting, processing, chemical engineering, futures trading and international and domestic trade expertise; With well-known experts and academic leaders in relevant academic fields in China, a talent echelon construction management system has been established, which includes talent introduction, selection, training, use and dynamic operation of incentive mechanism. By the end of June 2022, the company had 7,456 talents of all kinds, accounting for 50.5% of the total number of employees. Among them, 3,261 professionals (including 1,956 engineers) accounted for 43.7% of the total talents, and 4,195 skilled talents accounted for 56.3% of the total talents. Among professional and technical personnel, there are 40 senior titles, 421 deputy senior titles, 1,241 intermediate titles and 1,463 junior titles; Among skilled personnel, there are 233 senior technicians, 878 technicians, 2211 senior workers, 610 intermediate workers and 263 junior workers. Among all kinds of talents in the company, there are 26 experts who enjoy the special allowance of the State Council, innovative talents in Gansu Province, leading talents in Gansu Province, young innovative talents in Longyuan, and chief experts in Baiyin City, and 55 winners of the nonferrous metals industry, Gansu Province’s "technical experts" and skills awards in nonferrous metals industry.

(X) Corporate culture

Focusing on the characteristics of the company’s strategy and transition, it has enriched the new connotation of the times with "hard struggle" as the core value concept, further studied and refined the company’s core cultural concept, and completed the interpretation of the sub-cultural concepts such as gratitude, contract, ecology, leadership, execution, innovation, competence, safety, quality and customers.

As an old general of Rome and Inter Milan, Cassano talked about the contest between the two former clubs in this round of Serie A, and finally the focus battle ended with the Nerazzurri winning 1-0 at home.

"Inter played a good game and they deserved to win the game. Thuram has scored nine goals and assists, and he started the season very strongly, which surprised me, of course in a positive way. Besides, I’m also happy for Aslani. He did well after coming off the bench. Varela also played a good game and he began to recover. Inter didn’t encounter any difficulties, only Sommer blocked Cristante’s great header once. Inter played well and they played in their comfort zone. This is Inter Milan, they have a strong team, have their own ideas and confidence, and they are the biggest favourites for the Serie A championship. Cassano said on Bobo TV, a live program in vieri.

"Mourinho Ideally, there is only one difference: if Eto ‘o, Milito and Sneijder are present, he will do more, but his first consideration is not to concede a goal, and then if you have strong players, you will score sooner or later. When I said he was not a good coach, I meant that Mourinho would not give you anything. When he has a champion player, he is excellent, and he will make you feel important. He is very strong in this respect, but today’s football is no longer like this. Football has developed, and strong teams no longer buy his tricks. Manchester United sent him away, Tottenham also sent him away, and Rome will send him away in the future. It is easy to coach a champion player. "

"Lu Kaku made me feel sorry for him: he was already in trouble, and everyone booed him in this game, but Inter fans didn’t need to boo him at all. Where did you expect Rome to play like that? Mourinho is very cunning, he changed the subject, and his communication style is suitable for those who follow him. None of the reporters asked him what he thought of the game and how he organized it. Why did you play so badly? Are you scared? People like Mourinho have a good life in Italy. Luck will end sooner or later, just like allegri. He won’t let the team pass the three-legged ball in a row. Only when the team he coached is strong can he win the championship. He has strong players in Porto and a super team in Inter Milan. He put two buses in front of the door when he played against Barcelona. Of course, that’s no problem. At home against Barcelona, he won the game by an offside goal and his opponent’s failure to blow a penalty, but his luck will end sooner or later. I don’t care that he took Rome to the finals twice. De Zerbi and Belsa may not have won the championship, but you will be excited when you see their teams. I’d rather not win, but play good football and make people happy. Mourinho is like this, I have said so for a long time. Inter gave him a dance music, but you didn’t even shoot straight through the goal. You just played for 0-0. What are you talking about? "

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On October 12, 2019, Kipchogg completed the whole horse challenge in 1 hour, 59 minutes and 40 seconds at the Platte Park in Vienna, becoming the first person to run the marathon for 2 hours.

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After the race, he said, "I hope more people can understand the importance of running. If everyone runs together, the world will become better." When he was interviewed by The Telegraph, he talked about 10 running suggestions. Now let’s review them together, hoping to help everyone.

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Step 1 keep a training diary

"I have been writing a training diary to record my training plan and my feelings and emotions. Before the London Marathon in 2019, I can look back on last year’s feelings, which is very helpful to me. "

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In the past 10 years, he has been writing a training diary, and he can even show the training he did in 2003.??

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2. Never stop running for fun.

"I have been running for a long time, but I still remember running mountains and going to school when I was a child. When I was young, I would run for fun. At that time, I didn’t know it would be my career. I like and remember that feeling. “

Your mind and your heart are the driving force to push you forward, and your thoughts will drive your legs.

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3. Let yourself have a good training partner.

"I train with first-class athletes (in Kaptagat near the Great Rift Valley in Kenya), and when you train with many other people, it will inspire you. If you train with fast athletes, it will keep you improving. “

Getting ready is more important than anything else.

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4. Don’t always run at the same speed

"I run about 200 kilometers to 220 kilometers a week. 42 kilometers is the longest I have run in a day. I think short-distance running (sometimes training at the intensity of 13 x 3 minutes) and long-distance running are both good. If you run 5 kilometers, it will also help your marathon. “

Long-distance running can improve your endurance, but shorter interval running can improve your speed. For long-distance runners, they are mutually beneficial.

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Step 5 go up the hill

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6. Improve resilience

"Some days I train twice-once at 6 am and once at 4 pm. When you do training twice a day, it will tell you that your body, your heart and your lungs need to be repaired quickly to become healthier. "

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Step 7 keep your feet on the ground

"One of the most important things about running is modesty. I am very happy to live in a small house with other athletes, work with the team, wash clothes and cut vegetables. "

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I like to help young athletes and become role models.

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8. Ukari is the best supply

"On training day, I will drink tea and eat bread in the morning. At lunch or dinner, I like to eat ugali, a Kenyan staple food rich in starch and energy, and some protein from eggs or meat. On the night before the game, I will eat rice, pasta or black curries.

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During the competition, I will use isotonic energy gel and caffeine gel. On the day before the race, we also prepared 8 bottles of drinks, which my support team will give me every 5 kilometers. "

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9. Monitor with smart watches

"I use my watch to monitor my pace in the race and record the kilometers. This is a good way to know my speed and keep the correct speed throughout the race without running too fast or too slow. "

10. Don’t stay up late

"When you train hard, it is important to take time to relax and recover. I like listening to music and reading books after training. Now I am reading Seven Habits of Highly Effective People by Dr. Steven Covey, and I enjoy it very much. During the day, I will sleep between training classes and go to bed before 9 o’clock every night. "

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There are many factors affecting the marathon track, and anything can happen. What we can do is to get ready and adjust in time, and look forward to Joe’s next game.

Published in Hongkong, China

CCTV News:In recent years, the momentum of the rapid expansion of off-campus training courses has not diminished, with students ranging from middle school students, primary school students to preschool children, among which subject training courses are particularly popular. In some big cities, more and more parents are involved in a battle called "Chicken Baby".

Here, "chicken" has changed from a noun to a verb, which means to "give the child chicken blood""Keep arranging extracurricular classes for children and keep taking off-campus exams. It seems that everything has naturally moved from school to off-campus. What is the original intention of parents?

In recent days, a series of exams from an off-campus training institution are being rolled out in some cities all over the country. The exams are aimed at students from kindergarten middle class to fifth grade in primary school. The subjects are Chinese, mathematics and English, and the exam methods are mainly online.Students who register for their summer and autumn classes this year should be selected and stratified. According to their grades, they will enter different classes from low to high difficulty.

Staff of an off-campus training institution:Our system is divided into three parts: excellent system, innovative system and interest system. In the preliminary round, diligence and sensitivity can be offered to every child in front of the screen.

This exam has aroused parents’ increasing concern and heated discussion. In some parents’ groups, everyone exchanged experiences and lamented the difficulty of the topic to see whose child was admitted to the highest class, and its fiery degree even far exceeded any in-school exam.

Mr. Wang, the candidate’s parents: My child took the exam from grade four to grade five. I can still do it at the initial test. I can’t answer many questions in the second test for a short time. I doubt how I got into the university myself.

Mr. Wang said that it is such an exam that the test difficulty is much higher than the school level. When the registration was released in early March this year, it was necessary to grab the quota.

Candidates’ parents, Mr. Wang:I grabbed the opportunity when I made up the second batch of newspapers, and I set the alarm clock at 12 noon.

Some parents told reporters in the interview that the reason why they want to participate in the selection of training courses is that they hope to skip the "allocation" and enter their favorite quality schools.

Reporter:What is the original intention and purpose of giving classes to children?

Parents of primary school students:I can’t help it. It’s like this now. If you don’t learn Olympic Mathematics, you will have no choice at the beginning of your junior high school!

Reporter:Isn’t it assigned?

Parents of primary school students:Yes, it is, but it will be too late for you to wait until you are assigned, and the selection has already been made before.

"early training" grabs opportunities, and the institution "going to school" creates anxiety.

As early as 2014, the Ministry of Education initiated the reform of compulsory education, and clarified the principle of "school enrollment and students’ enrollment nearby". But at the same time, a small number of high-quality schools are still allowed to carry out the "experimental project of early training of extraordinary children", that is, "early training". In the investigation, the reporter found that these training paths, which were originally designed for a very small number of truly gifted children, have become business opportunities for off-campus training institutions, and parents and children have been dragged in one after another.

Staff of an off-campus training institution:Now, the Education Commission has explicitly banned participation in that kind of cup, but there are still some. The cup that used to be a show has now become this camp, that camp, camp events and so on. Going to the camp is to take this kind of exam.

Staff of an off-campus training institution:Moreover, they sometimes refer to our grades when they are "trained early" and when they take exams.They will look at this when they choose, so I told you that no matter whether we think high or learn to think, you must take the large-scale exam as long as you are notified.

Some parents report that staff of off-campus training institutions often teach them "the classics of entering a higher school", suggesting that some schools have expanded the scope of "early training" or "recruit" high-quality students in their eyes, so long as they participate in their various "selections", they may be selected by middle schools. Because public schools reduce the burden, students’ test scores are not well differentiated, so their scores can be used as a basis.

Staff of an off-campus training institution:Look at your resume. Is it beautiful or not? If your resume is beautiful, you are nothing more than taking part in any cup and any exam. For example, both children got 100 points in the exam, but in English, he got the FCE (Cambridge First English Certificate Examination) certificate, and you got the PET (Cambridge English Elementary Examination) certificate. People will definitely want FCE. Now if you take English classes after class, you don’t have to learn school English.

Taking the test score scale officially released by Cambridge English General Test as a benchmark, we can see that KET corresponds to the domestic junior high school English level, PET corresponds to the domestic senior high school English level, and FCE is equivalent to IELTS score of 5.5— 7.0 points, reaching the level of studying abroad.

Staff of an off-campus training institution:A child came that day, anyway, he was very young, so he said that KET had passed, and then he had to prepare PET.

The introduction of other people’s children by training institutions is the most exciting thing for parents. In this way, many parents are involved in the ranks of English proficiency tests. In Shanghai, in order to compete for a KET/PET exam place, the registration fee for the exam was scrambled from 500 yuan to 4,000 yuan. In Beijing, it is a success to get an exam place in a foreign province and city.

Staff of an off-campus training institution:Last year, another one of us went to Hunan to take the exam.

Staff of an off-campus training institution:We still have people going to Yunnan here, so we’ll be satisfied if we grab them. Just take our children for a few days and take a two-day leave.

The chaos of off-campus training is frequent, and "shadow training" has a great influence.

Parents flooded into off-campus training and invested a lot of money and energy in order to win the "stepping stone" of a high-quality prestigious school with their beautiful resumes. The reporter learned that this "resume anxiety" has spread from the early stage of junior high school to preschool children in the early stage of junior high school.

Among some parents, there are many parents of preschool children sharing their experiences. I heard that some primary schools have also set up experimental classes for teaching reform, commonly known as "early training". They hope to enter this system through preschool training. The reporter’s investigation found that all major off-campus training institutions have launched advanced training for preschool children.

Customer service of an off-campus training institution:(Kindergarten small class) Mathematics is about learning seven abilities, learning mathematical sense, logical thinking ability, cultivating his spatial imagination, logical reasoning, etc. This is a mathematics subject, and then he will speak some reading comprehension of Chinese, learn simple articles for children to listen to, etc., as well as English, mainly starting from 26 English letters, and simple vocabulary.

Many parents will prepare resumes for their children to participate in the "early training". In a parent group, the reporter saw two resumes of preschool children. The first child can not only complete the mixed operation of addition, subtraction, multiplication and division within 100, but also attend the innovative class with the highest olympiad number in an institution. He also passed the English Cambridge KET exam and learned 2000 Chinese characters, even though he did not pass the sea election. Another child with a basic level passed the sea election, and the reason is that the latter one got 145 in the IQ test of the Chinese Academy of Sciences.

According to the method of group friends’ guidance, the reporter found the WeChat WeChat official account of "Zhongke Extraordinary Children", clicked on the appointment, and saw that the number had been fully booked by the end of May.

Reporter:I want to ask how old children can we test?

Staff of Institute of Psychology, Chinese Academy of Sciences:Over 5 years old, 130 points is extraordinary. From March to July now, it is the peak season. Many parents made an appointment two or three months in advance. In the past two years, after the IQ test was approved by the early training, there were many people who made an appointment.

Behind all kinds of off-campus training chaos, a large number of brushing questions and exam-taking skills have also become one of the main aspects of criticism. For example, in a class of "cube dismantling", the teacher directly summed up the problem-solving skills of how to judge that "the unfolded diagram of a cube cannot be formed" as "there is no field, no concave and no big right angle". Students know why, but they don’t know why, so they can answer the questions by mechanical memory. In a Chinese class in a training institution, the teacher even stylized writing and summed up the writing skills of "having images".

Zhang Yu, Vice President of Tsinghua University Education Research Institute:Extracurricular remedial classes also have a name, which is called "shadow education" in academic circles. It is like the shadow of formal education, because the existence of extracurricular remedial classes exists for students to achieve better performance in formal education, but I think it is actually not a shadow, it is another system, and it has actually seriously affected our formal education.

As early as 2018, the state has made it clear that it is resolutely forbidden to take exams, exceed the standard, advance training and be linked to enrollment. However, we can see that under the various packages of training institutions, advanced training is still active, and more and more parents and children are involved. In order to end the chaos in the off-campus training market, the fundamental solution is to block the entrance selection of high-quality schools by disguised examinations and competitions, and cut off the connection between off-campus training institutions and enrollment in primary and secondary schools.

　　Cctv newsUnder the high pressure of policy, the property market continues to cool down. According to data released by real estate research institutions, the online signing volume of first-and second-tier cities such as Beijing declined in May. Among them, the number of second-hand housing contracts in Beijing in May hit a new low in 27 months. With the sharp decline in transaction volume, house prices are not so firm. Some real estate agencies even said that the second-hand housing prices in Tongzhou District and Yizhuang Development Zone in Beijing fell by 20%. Is it true?/You don’t say.

　　Market:The number of second-hand housing contracts hit a new low in 27 months.

　　It has been almost three months since this wave of the strictest property market regulation began in March this year. Under the impact of the combination of restricted purchases, restricted loans and restricted sales, the transaction volume of the property market in various places has declined in different degrees. Take Beijing and Guangzhou as examples:

　　Statistics from a large real estate agency show that the actual signing volume of the second-hand residential market in Beijing in May decreased by 34.2% compared with the same period in April, and the number of new customer registrations also decreased by 11.9% compared with the same period in April, and the market transaction activity has fallen to the bottom. As of May 30th, a total of 10,236 sets of second-hand houses were signed in Beijing in the month, and it is estimated that the number of second-hand houses signed in the whole month will be less than 11,000, which is the lowest value in the last 27 months.

　　In Guangzhou, the overall transaction volume of the property market in Guangzhou in May this year hit a new low in the past two years. As of May 29th, a total of 6,326 first-hand houses were sold in Guangzhou, which was the second lowest since May 2011, only higher than that in May 2014 (5,843).

　　Focus:The price increase in first-and second-tier cities has dropped.

　　The volume of transactions has fallen sharply. What is the trend of house prices?

　　According to the latest data released by the National Bureau of Statistics, among the 70 large and medium-sized cities in China, 30 cities saw their house price increase decline in April, 6 more than in March. According to preliminary estimates, the year-on-year increase in housing prices in first-tier cities fell for seven consecutive months, while the year-on-year increase in second-tier cities fell for five consecutive months. The data for May has not yet come out, but the situation is not expected to be better than that in April.

　　In terms of second-hand housing, the increase in house prices in most cities has dropped, and the price of second-hand housing in Beijing has stopped rising in April. And in May, according to a real estate agent statistics:

　　In May 2017, the average transaction price of second-hand houses in Beijing decreased by 2.4% compared with the same period in April.

　　Among the 12 regions with transactions, the average transaction price in 8 regions is falling, and the price in 4 regions is rising.

　　The biggest drop was in Tongzhou District and Yizhuang Development Zone, both of which exceeded 20%.

　　However, many Beijing buyers said that in terms of specific prices, there is still no obvious decline. In this regard, Li Wenjie, president of Beijing Real Estate Agency Association, said that the second-hand housing prices in Beijing have indeed dropped, but "down" means that compared with the high quotation of the owners listed this year, from the fourth quarter of last year to the end of the first quarter of this year, the second-hand housing prices are estimated to have increased by about 20%, so the current decline is still adjusted towards the level at the beginning of this year.

　　For example, in Tianjin, the news from the intermediary said that the price reduction of many communities ranged from 5% to 28%, with the highest drop of 28%. And from the current point of view, there is no sign of loosening the regulation of Tianjin property market.

　　In Shenzhen, since the introduction of a new round of control policies in Shenzhen last October, the transaction price of new commercial housing in Shenzhen has fallen for eight consecutive months. According to the data released by the Shenzhen Municipal Planning and Land Resources Committee on June 1, the average transaction price of new houses in Shenzhen in May was 54,512 yuan/square meter, down 0.2% from the previous month.

　　Trend:The property market is changing to a buyer’s market.

　　With a series of strict and strict regulation of the property market, the down payment and interest rate of loans for house purchase have both increased, and many buyers have suspended the pace of buying houses and are gradually turning from radicalism to wait and see, and the phenomenon of real estate speculation has been curbed. Experts said that at present, panic-grabbing houses, owner’s jumping prices and breaking contracts are basically gone, and the game relationship between buyers and sellers has gradually reversed and is changing to the buyer’s market.

　　According to industry insiders, in Beijing, the transaction volume of second-hand houses may be close to the bottom of the market. In terms of price, due to the excessive increase in the previous period, especially in some areas with double or multiple increases in the previous period, the decline may be further expanded.

　　Nationally, more than 30 cities, including Chengdu, Xiamen, Fuzhou, Qingdao, etc., have initiated the property market regulation policy of restricting the sale for a certain number of years after buying a house for the first time in history. It is widely predicted in the industry that with the continuation of regulatory policies, the overall housing prices in the country will be further adjusted back in the future. However, some insiders believe that the late trend of the property market still depends on the trend of credit interest rates and policy changes. If credit is loose, it does not rule out that house prices will continue to rise.

Topic: picture channel

　　

　　As a leading enterprise in China’s real estate industry, Wang Shi, chairman of Vanke Group, is still at the cusp of fierce controversy, and Pan Shiyi, president of SOHO China, recently declared that many real estate companies in China will have drastic changes within 100 days and enter an unprecedented financing difficult period.

　　Once the viewpoint of "Hundred Days Drama Change" was thrown out, it immediately aroused unprecedented repercussions. What kind of tomorrow will China real estate industry face? Will housing prices fall in the "drastic changes" predicted by Pan Shiyi? How many housing enterprises will "die" in this cold?

　　On March 25th, when Pan Shiyi attended the Sina Real Estate Innovation Summit, he accepted an exclusive interview with the reporter of China Times to explain in detail the "Hundred Days Drama Change" released by him.

　　The sudden change of the situation leads to "a hundred-day drama change"

　　China Times: Why do you put forward the view that the real estate industry will face a "hundred-day drama change" at this juncture?

　　Pan Shiyi: At the end of November last year, the central government put forward a tight monetary policy, but the formulation at that time was still relatively general, and the international situation was still unclear at that time, and China’s monetary policy still had operational flexibility.

　　But this year, especially since February, the CPI has increased by 8.7% year-on-year, and the inflationary pressure is enormous. When answering a reporter’s question, Premier Wen Jiabao said that the first thing for the government this year is to control the CPI index to around 4.8% and GDP growth to 8%. To control inflation, we must implement a tight monetary policy.

　　The day after the Prime Minister made these remarks, the reserve ratio of the central bank was raised to 15.5%, which is already very high. At this time, the domestic situation has become clear, and the tight monetary policy is very clear.

　　Let’s take a look at the international environment. In the past two months, there have been some events and current situations, such as the Bear Stearns incident and the stock market crash, including the stock crash of overseas listed real estate companies, the failure of real estate enterprises to issue bonds and shares. There are more than 40 real estate enterprises that want to list this year.

　　However, led by Evergrande Real Estate, its IPO has been shelved. At this juncture, any IPO will go wrong. This is a landmark event, and the pipeline between the international capital market and China real estate is basically blocked.

　　China Times: Last year, you were still refuting Wang Shi’s "inflection point theory", and now you are proposing "a hundred-day drama change". Is it inconsistent?

　　Pan Shiyi: Up to now, my point of view has changed, because the situation changes every day, and I am constantly revising my point of view as the situation changes.

　　Last year, when I talked to Wang Shi about the inflection point, I listed the data to refute him. At that time, I didn’t expect the American economy to be so bad. I didn’t expect Bear Stearns to have an accident. I didn’t expect the subprime mortgage crisis to be endless. I didn’t expect the CPI index to rise to 8.7%.

　　Including the current point of view, I am not necessarily right. The real estate industry is 200 billion yuan a year. The domestic and international situation of such a big industry and market has changed too fast.

　　Diwang developers will be greatly adjusted.

　　China Times: Which real estate enterprises do you think will face the most severe challenges in this upcoming great change? Is it possible for small and medium-sized real estate enterprises in China to be integrated?

　　Pan Shiyi: The year before last, especially last year, many developers were irrational and bought many landlords. However, the real estate industry cannot do without the support of the financial industry and the capital market. If this support is disconnected or weakened, the real estate industry will face great adjustments. And the first to be adjusted are those real estate enterprises that expanded extremely last year and the year before, and they will face the biggest problem.

　　Some people say that I want to merge small and medium-sized enterprises, which is a wrong misinterpretation of my point of view. Some small and medium-sized real estate enterprises in China have not expanded, and the capital chain has been well arranged. When the winter comes, they will naturally not encounter problems. On the contrary, it is the developers who have expanded extremely in previous years who are most prone to problems.

　　China Times: Do you think that the real upheaval is those Diwang enterprises that emerged last year?

　　Pan Shiyi: It is an indisputable fact that the financial situation at home and abroad is tense, which leads to the lack of money in the real estate industry. But even for Diwang enterprises, every situation is different. There are pains, only you know.

　　Buying a house can resist inflation.

　　China Times: Do you think the house price will drop because of the "100-day drama change"?

　　Pan Shiyi: When it comes to "dramatic changes in a hundred days", this is a general concept, maybe two months, maybe four months. Speaking of this view, people are most concerned about the problem of housing prices, that is, the impact of drastic changes on housing prices-is it rising or falling? But we can’t look at the price for the sake of the price. Behind the price is the relationship between supply and demand.

　　We need to see if it has an impact on demand, and the control of mortgage loans will definitely have an impact on demand; Whether it has an impact on supply, if you have land, you can’t build a house without money, and supply also has an impact; Whether house prices are rising or falling depends on which is more affected, demand and supply, and whether the state of supply and demand can still be in a balanced state.

　　China Times: When developers encounter drastic changes, will they withdraw funds by reducing prices?

　　Pan Shiyi: Price reduction is not only a problem in the land market, but also a problem in the real estate market. From the perspective of the real estate market, in January and February this year, because of the turning point, the cold weather and weak demand, the transaction volume was falling, but from the end of February to March, the sales volume increased greatly, which proved that the demand was still strong.

　　Under this demand, developers will not reduce prices, but also see whether inflation can be controlled. If it can’t be controlled, I suggest that everyone should buy a house quickly. Only by buying a house can we resist inflation. This is a particularly simple truth. I think we should buy something valuable, and the house is the most valuable and valuable.

　　It will only develop in Beijing’s Third Ring Road.

　　China Times: How do you think real estate enterprises should cope with the coming challenges?

　　Pan Shiyi: For some enterprises that are short of money, when winter comes, they will either find a hole to drill down like frogs or fly away like migratory birds. The subprime mortgage crisis in the United States and China’s tight monetary policy are the signs of winter. At this time, we should adopt a strategy, transfer the land we have in hand, and exchange the projects in our hands for money to save our lives.

　　China Times: In this drastic change, will SOHO China use its 15 billion yuan to make a series of acquisitions?

　　Pan Shiyi: We still focus on acquiring land, not real estate companies. Because the management style and business model of other real estate companies are different from ours, it is difficult to integrate.

　　China Times: Where will your 15 billion cash be spent? Qianmen project?

　　Pan Shiyi: With the coming of winter, our cash of 15 billion yuan is not abundant, so we should do some projects with high profit rate, high return rate and good market foundation.

　　In November and December last year and January this year, we talked about some land projects in seven or eight cities across the country. In February, when winter came, we all withdrew to Beijing.

　　With 15 billion cash and 500 employees, according to our strategy, we should spend our limited resources on ideas. Where is the point? Just within the Third Ring Road in Beijing, Qianmen Project is one of them.

　　

Editor: Zhang Toya