During this year’s college graduation season, reporters interviewed in many colleges and universities in Gansu, Heilongjiang, Fujian and other provinces learned that, driven by interests, the employment rate "water injection" has become a hidden rule in some colleges and universities, which may lead to the education department’s misjudgment of major setting and enrollment plan. It is imperative to reform the traditional employment statistics method, introduce new evaluation indicators such as salary level and the matching between post and major, and establish a scientific employment evaluation system for college students.

　　According to some college teachers and students who are in charge of employment, there is a phenomenon that employment is rigidly linked with graduation certificates and registration certificates in some colleges and universities, and there is a problem of "water injection" in employment rates such as signing fake agreements and stamping fake seals. "In order to improve the employment rate, some schools guide unemployed students to sign quickly, and students can find a unit to write a letter in order to complete the task and get a diploma." A college employment guidance teacher in Gansu, who did not want to be named, revealed that some colleges and universities also count employment internships as employment, as long as students can "find a place to stamp" as employment.

　　"In some colleges and universities, the employment rate fraud is an open secret, and everyone does not mention it in public, but students and colleges know that there are problems." The person in charge of the Admissions and Employment Office of a university in Heilongjiang told the reporter that sometimes a tripartite agreement is signed, and the school or parents help to contact the enterprise and directly tell the other party to help sign dozens of people. The students’ hukou and personnel files are not used in the past, and they are all signed by the school. Students don’t have to work in the enterprise. "Even some colleges and universities fill in flexible employment forms themselves. In order to cope with the inspection by the competent authorities, the verification phone number filled in is also the school teacher’s own phone number."

　　Experts believe that on the one hand, the adulteration of employment rate encourages the wind of exaggeration and false reporting, which directly affects the social reputation of colleges and universities, affects graduates’ feelings and trust in their alma mater, and on the other hand, affects candidates’ understanding of the real situation of the schools they apply for. What’s more, it will lead to misjudgment when the education authorities adjust the specialty setting and enrollment plan, which is not conducive to the improvement of the quality of talent training in colleges and universities.

　　The reporter’s investigation found that the reason why colleges and universities try their best to pursue high employment rate is mainly because the competent departments will report the employment rate statistically, which is directly related to the social evaluation of colleges and universities and the quality of students. "The employment rate is an important measure of the adjustment of the enrollment plan and the quality of running a school. Students attach great importance to the employment rate index when applying for the exam." A college teacher said that the employment rate has a direct impact on the indicators of college enrollment plan, and it is very stressful for some colleges and universities to reduce the enrollment plan.

　　A semi-monthly interview with reporters found that with the increasing popularity of higher education in China, the employment of college graduates has diversified, and a single employment evaluation index with the employment rate as the core is no longer enough to reflect the actual employment situation of college students.

　　First, there are "slow employment groups" in colleges and universities. It is common in colleges and universities all over the country that some fresh graduates have a weak desire for employment. Industry experts admit that the mentality of "post-90 s" graduates has changed significantly. Some of them are active in thinking and have less pressure on life, and often postpone employment, which will directly affect the initial employment rate of the school.

　　Second, the employment methods of college students are diversified. For example, art students can’t get their employment agreement back if they open their own studios; Students who start their own businesses but are not shareholders can’t get the supporting documents containing the shareholders’ confirmation … … "Now the employment methods are more diversified, such as Wechat business, e-commerce and other occupations. It is impossible to define employment or no employment in the traditional way." Teacher Sun said.

　　Third, there is no employment agreement but there are employment facts. According to the teachers in charge of employment in colleges and universities, some small and medium-sized enterprises are unwilling to sign employment agreements and labor contracts with college students in order to reduce the risks and costs of employing people, and often have to wait until the students have passed the trial after graduation. This situation is becoming more and more common, which directly affects the statistics of the initial employment rate in colleges and universities, resulting in the untrue employment rate.

　　According to industry experts, the original intention of the education department to announce the employment rate of college graduates is to promote the reform and employment of colleges and universities and improve the quality of teaching. At present, the employment evaluation index of most colleges and universities is the one-time employment rate of graduates, which can only roughly reflect the employment situation of college students and cannot reflect the employment quality of college students.

　　Establish a scientific employment evaluation system

　　Relevant people believe that it is imperative to change the employment evaluation method with employment rate as the single criterion and establish a scientific employment evaluation system for college graduates under the new situation.

　　The first is to introduce the salary level of college students, the matching between posts and majors, welfare and social security into the employment evaluation system. Besides counting the employment rate, the education department should also pay attention to the employment quality of college students. At the same time, the education department should also establish a graduate employment tracking system, improve the quantitative data such as job-hopping frequency, professional coincidence and employment level, and enhance the reference and guidance of employment evaluation.

　　The second is to evaluate the diversification of college students’ employment, change the statistical object of the current employment rate, and make statistics and evaluation on different groups such as fresh graduates, self-employed graduates and "slow employment" graduates with employment will.

　　Third, squeeze out the "moisture" of the false high employment rate, introduce a third-party evaluation agency to count the employment rate, and make detailed analysis and feedback on the employment quality, so as to provide a scientific basis for schools to improve employment and teaching. At the same time, we can establish verification systems and standards by means of telephone verification and student sample sampling to ensure the authenticity of the employment rate. (Half-monthly talk with reporter Zhang Wenjing, Pan Wei, Shen Yufa)

　

The State Council on nationwide clean-up.

Notice on the work of "triangle debt"

　

Guofa [1990〕19number

　

People’s governments of all provinces, autonomous regions and municipalities directly under the Central Government,All ministries and agencies directly under the State Council.:

　　 present,Due to the weak market,Finished goods backlog,The contradiction of insufficient liquidity in industrial production is very acute.,It is very serious for enterprises and units to default on each other’s payment for goods and to owe each other before clearing and after clearing.,It has become a prominent problem that affects the normal production at present.,It also damaged social credit. In order to alleviate this contradiction,The State Council decided to clean up the "triangle debt" nationwide. Leading comrades in all regions and departments should attach great importance to this work.,Take it as an important task of rectification and deepening reform. The relevant matters are hereby notified as follows:

　　 First, the principle of paying off debts. Clearing debts should be combined with starting and promoting the current industrial production.,Combined with the implementation of national industrial policies and the adjustment of industrial and product structure.,Combined with strengthening the construction of fund management system,Combined with the promotion of invigorating the market.

　　 Second, methods and steps. The work of clearing debts is carried out in a piecemeal and bottom-up way. first step,First in the provinces, autonomous regions and municipalities directly under the central government and infrastructure, foreign trade, commerce, materials and other systems.,By all regions and departments to organize their own work. In combination with the recent issuance of various loans,All enterprises and units whose construction funds and foreign trade, commerce and material system acquisition funds have been put in place.,Payment for equipment or raw materials owed to the production enterprise shall be paid immediately. National key construction funds have not yet been put in place,Finance, credit and other relevant departments should pay in full in time.,No new arrears will be added. Second step,With the provinces, autonomous regions and municipalities directly under the central government as the center.,Organize inter-provincial(District and city)Regional clean-up of. Third step,Carry out nationwide clean-up on the basis of regional clean-up. The work of clearing debts will be basically completed before the end of July this year.

　　 Third, in order to clean up the "triangle debt",The bank will invest a batch of start-up funds.

　　 Fourth, in order to solve the problem of clearing before and owing after,All enterprises and units must abide by the contract.,Strictly enforce the discipline of financial settlement. From April 1st this year.,Any unit that unreasonably defaults on payment for goods.,Pay daily interest to the payeethree?Late fees.

　　 Five, to strengthen the leadership of the work. The State Council decided to set up a leading group in the State Council to clean up the "triangular debt"(The list of members is attached.),Responsible for organizing and leading the work of cleaning up "triangular debts" nationwide. The leading group has a temporary office.,Production Committee in the State Council,It is composed of personnel selected by relevant departments.,No additional organization and establishment. All provinces, autonomous regions and municipalities directly under the Central Government shall be responsible for the main leading comrades of the government.,Involve relevant departments.,Form a leading group to clean up the "triangular debt". The relevant administrative departments in the State Council should also be responsible for the main leading comrades.,Set up a leading group to clean up the "triangular debt".

　　 All localities and departments should earnestly follow the above requirements.,Do a good job in cleaning up the "triangle debt",Invigorate the production of enterprises, especially large and medium-sized enterprises,To ensure the sustained, stable and coordinated development of the national economy.

　　　　

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　State Council

　　　　 　　　　　　　　　　　　　　　　　　　　　March 26, 1990

　

List of members of the leading group for cleaning up "triangular debts" in the State Council

　

group　 long　State Councilor Zou Jiahua and Director of the State Planning Commission

deputy group leader　leaf 　Deputy Director of the State Planning Commission and Director of the the State Council Production Committee.

Zhou Zhengqing, Vice President of China People’s Bank

succeed　member　 Liu Zhongli, Vice Minister of Finance

Zhang Shiyao, Vice Minister of Commerce

Shen Jueren, Vice Minister of Economy and Trade

Ma Yimin, Vice Minister ministry of materials and equipment

Vice President of Industrial and Commercial Bank of Liu Tinghuan

Zhou Hanrong, Vice President of China Construction Bank

Lin Zhongjie, Vice President of Agricultural Bank

Lei Zuhua, Vice President of China Bank

　

The US military in Syria has been in trouble recently. In the US-controlled area of dayr az zawr in northern Syria, the fighting between Arab tribes and Kurdish armed forces, both allies of the US military, has lasted for more than 20 days, resulting in more than 190 deaths. Although the U.S. military urged the two sides to cease fire and asked them to go to a U.S. military base called Al-Omer for negotiations, the fighting did not stop because of the intervention of the U.S. military. At present, the military conflict has spread to Aleppo, another province in northern Syria. The fierce fighting has seriously affected the food supply of people in the region, and some people even fled to Iraq to escape the fighting.

The differentiated military assistance of the US military has buried hidden dangers of conflict.

The conflict between Arab tribes and Kurdish armed forces in dayr az zawr has a long history. Although they jointly oppose the Syrian government and support the US military occupation of the area east of the Euphrates River in dayr az zawr, the differentiated military assistance of the US military has laid a hidden danger of conflict.

In 2015, the United States joined hands with Kurdish armed forces to control the northeast of Syria. However, after the failure to overthrow the Syrian government, the United States turned to seek to split Syria, and favored the Kurds’ demands for independence. The Kurds in dayr az zawr gradually became the most loyal regional agents of the US military. The U.S. military provided them with heavy weapons, assisted in the establishment of military schools, and carried out technical training such as special forces and field assault, which finally enabled the Kurds to organize a relatively formal military force.

In contrast, although the Arab tribes in this area have the same goal as the United States in overthrowing the Syrian government, they do not pursue independence, and the US military has therefore implemented "limited military assistance" to them. Arab tribes can only get light weapons, and lack formal military training, and have never established formal armed forces.

With such military assistance, there are more than 10,000 Kurdish armed men in dayr az zawr, while the Arab tribes are "only" about 1,100. Paradoxically, the population of Arab tribes in dayr az zawr is as high as 95%, and the rise of Kurdish armed forces makes Arab tribes constantly complain that their territorial security is threatened.

Long-term accumulation of powder kegs is inevitable. The fuse of the latest round of conflict is that Kurdish armed forces detained a leader of the Arab tribe. In late August, the Kurdish armed forces invited Ahmed Khabir, the leader of the Arab tribe "Arab Committee", to the area controlled by the former, but Khabir was arrested by the Kurdish armed forces on charges of "treason" and "liaising with the Syrian government" as soon as he arrived. This move aroused the anger of all Arab tribes in dayr az zawr. They demanded that the Kurdish armed forces release Khabir within 12 hours, or they would launch an attack, which was flatly rejected by the Kurdish armed forces, and the conflict broke out.

The US military’s slow mediation is called mediation, but it is actually biased.

The fighting between Kurdish armed forces and Arab tribes is extremely fierce. The conflict on September 2 alone caused more than 50 casualties. As a common ally of the two countries, the US military chose to watch the fire from the other side of the bank, and said that the US military would stop patrolling the area because of the deteriorating security situation. In this regard, the article published by the Syrian independent newspaper "Motherland" on the same day hit the nail on the head. "The US military will intervene after waiting for the warring parties to be exhausted, so as to consolidate its important position in this region." The article stated that the US military tried to weaken the strength of both sides of the conflict by maintaining apparent neutrality. On the one hand, it supported the military actions of Kurdish armed forces, and on the other hand, it announced its support for Arab tribes to regain the rights deprived by Kurdish armed forces.

△ US troops stationed in Syria (Source: local media)

After many days, the US military finally launched "mediation" on September 5, inviting both sides of the conflict to negotiate in the American military base in Omer, Aleppo. The Kurds immediately responded positively, but the Arab tribes only sent a low-level representative and expressed concern that they would be ambushed or arrested again. The negotiations between the two sides soon broke down. Syrian political expert Mahin commented that this is a "doomed failure" negotiation. He pointed out that the US military did not openly exert any pressure on the Kurdish armed forces in releasing the arrested Arab tribal leaders, and the US military should ask the Kurdish armed forces to release the Arab tribal leaders first, and then hold talks.

The US military continues to steal oil in Syria, and the uneven distribution of spoils promotes the continuation of the conflict.

Dayr az zawr, known as the oil and gas basket of Syria, has about 80% oil reserves in Syria. After the US military seized the area east of the Euphrates River from the Syrian government, it meant occupying almost all the oil fields in the province. They set up bases around oil fields to ensure the "smooth" stealing of Syrian oil resources, and most of the oil proceeds flow to the US military to pay for its high military expenditure costs in Syria, while the other part flows to Kurdish armed forces. However, as an ally of the US military, the Arab tribes, like all Syrians in government-controlled areas, watch the oil being transported abroad, but they have to bear the high gasoline and diesel costs caused by the US economic sanctions policy in their lives.

An article published in "Motherland" commented, "The Arab tribes in Deir ez-Zor account for the majority of the local population, but only have very few in the region.smallPart of the wealth. Under the threat of Kurdish armed forces, the leaders of Arab tribes can’t even enjoy a decent position. It is for this reason that Arab tribal leader Ibrahim Afler recently called for the continuation of actions against Kurdish armed forces. Yusuf Lifar, a Syrian military expert, pointed out that tribal fighters are usually good at ambushes and covert operations, and now they choose to attack Kurdish armed forces head-on, showing the determination of Arab tribes. The presence of the US military has aggravated the unprecedented internal turmoil in dayr az zawr and plunged itself into a conflict that may not end soon.

From overthrowing the legitimate government to splitting the territory, the US military has done everything in Syria, and it seems that such means have not stopped. According to a recent report in Syria’s Fuxing Daily, the US military is in contact with the Druze people in Suweida province, Syria, trying to incite them to rebel against the government’s rule and finally seek independence. The root of Deir ez-Zor’s bloody turmoil is that the United States wantonly tramples on other countries’ sovereignty and interferes in other countries’ internal affairs, and such acts will eventually make it suffer the consequences.

Producer Mu Muli

Producer Zhang Yuchen?

Reporter Wang Weiwei

CCTV News:Wood carving is an ancient traditional handicraft skill in China, and its history in China can be traced back to Hemudu culture in Yuyao, Zhejiang Province more than 7000 years ago. From a simple piece of wood to a priceless woodcarving work, it takes thousands of times, and generations of craftsmen have carved time with their hearts, which has spanned thousands of years unconsciously, and the story under the carving knife is also continuing to write a new chapter.

Exploring new themes with wood as the volume

With a knife as a pen and wood as a roll, in Putian Art Museum, Fujian, China arts and crafts master Zheng Chunhui and more than 10 craftsmen are engrossed in carving two woodcarving masterpieces, one is the 120m-long Beijing-Hangzhou Grand Canal, and the other is the 56m-long double-sided woodcarving "Hundred Miles Lanxi Map". The Beijing-Hangzhou Grand Canal is a world cultural heritage, and Mulan River is the "mother river" of Putian people.

China arts and crafts master Zheng Chunhui:Mulanxi stream raised me, but Mulanxi was not so docile. The flood disaster in Mulan River is particularly serious in history. Through the efforts of the Party and the government, as well as the vast Putian people, it has turned harm into benefit, and until now it has presented a beautiful picture of ecological management in the whole basin of Mulan River.

Wood carving originated in the Neolithic Age and has a history of about 7000 years. In the Tang Dynasty, the superb level of wood carving technology was amazing to the world. These ingenious skills have also been passed down from generation to generation. To make a beautiful woodcarving, it takes months or even years to go through many links such as embryo beating, polishing and finishing. Therefore, people describe wood carving as the art of time. In the immersion of woody plants, in a moment of carving, the context flows. Zheng Chunhui, on the other hand, regards woodcarving as a carrier to depict history and record the times.

China arts and crafts master Zheng Chunhui:Its idea is to show the beauty of natural ecology after the management of Mulan River. I want to use this traditional skill to describe people’s spirit under the background of this great era. Traditional woodcarving can make children like it and young people like it, which is also the significance of my creation.

Embrace the integration of popular woodcarving and wrong gold creativity

Love is the most powerful baton. Zheng Chunhui and other craftsmen of the older generation have been engaged in woodcarving all their lives, but now the younger generation of non-genetic inheritors are relaying, and Huang Wangwang, born after 1985, is one of them. As the fifth generation inheritor of the woodcarving family, Huang Wangwang was influenced since childhood and entered the factory as an apprentice at the age of 13. Putian woodcarving is famous for its subtle through carving, and the completion of a work cannot be separated from a good carving knife. Therefore, just grinding the carving knife Huang Wangwang has been grinding for three years.

Huang Wangwang, a non-genetic inheritor of Putian woodcarving:If you are not careful, you will prick your hand. My hand has already pierced many holes. It’s interesting to be young, that is, I am anxious with whoever touches my knife.

Traditional woodcarving is more used in architecture, and the woodcarving factory in Putian is mainly for order processing. Because not so many people understand and appreciate woodcarving, many craftsmen in their hometown once put down their skills and turned to work. It has become Huang Wangwang’s dream to make woodcarving flourish again. His path is to explore the integration of traditional skills and popular culture.

Huang Wangwang, a non-genetic inheritor of Putian woodcarving:I hope to integrate traditional handicrafts, so I began to go to the museum to see it. When I saw it, I found two elements. The first element was borrowed from the armor of Shang and Zhou Dynasties, and the animal face pattern on it was particularly beautiful. I think it brought courage to people and meant guarding.

Another element that inspired Huang Wangwang came from a real dragon pattern on an ancient jade in the Han Dynasty.

Huang Wangwang, a non-genetic inheritor of Putian woodcarving:In the past, dragons looked like this in everyone’s basic impression. The ancient jade in the Han Dynasty had a texture similar to this one. Because this year is the Year of the Loong, I used the real dragon pattern to design this piece when the Year of the Loong came.

The inspiration from the museum, in addition to the patterns, also has a harvest, that is, the ancient wrong gold craft. This craft first appeared on bronzes in Shang and Zhou Dynasties, and was used on wooden objects in Ming and Qing Dynasties.

In ancient times, the gold thread was usually grooved in the wood, then buried in the groove and polished repeatedly until it was smooth. Generally, gold misplacing is easy to finish on a plane. If it is an arc-shaped solid surface, it means it is more difficult. Huang Wangwang went ahead in spite of difficulties.

Huang Wangwang, a non-genetic inheritor of Putian woodcarving:This gold thread is very special. It is not adhered by ordinary glue. It uses another traditional non-legacy process called lacquer.

In order to find a suitable lacquer, Huang Wangwang kept trying and asked the restoration experts of the Palace Museum for advice.

Huang Wangwang, a non-genetic inheritor of Putian woodcarving:An old friend of mine in the Forbidden City mixed a paint for me, which is excellent and suitable for the restoration of this ancient method. Therefore, it is a very traditional technique combined with this contemporary IP, which is an innovation.

The technology of the ancient method of copying gold has broken through, and its application is naturally extensive. Jewelry and glasses can be gradually added to this process, which is widely welcomed by the market, but it also exposes another limitation of traditional wood carving works, that is, the finished product takes a long time and is difficult to mass produce.

Huang Wangwang, a non-genetic inheritor of Putian woodcarving:With the help of this industrial force in the new era, we can realize mass production of traditional handicrafts, bring them to more people, share them together, and have them together. This is also a very important proposition and challenge for us now.

Traditional craft plus "number" to run woodcarving skills to a new direction

Old craft+new technology, classic craft+new design concept, wood carving works are rejuvenating and colorful under the promotion of the inheritors of the new era.

Huang Haisheng, General Manager of Fujian Tiancai Classical Craft Co., Ltd.:This kind of jewelry box, the whole town should sell more than hundreds of thousands of pieces at home and abroad a year. If the traditional master carves by hand, it will take at least one month. Now, through digital empowerment, after the master makes the samples, they are transmitted to our machines through digital software and then carved, and they can be produced in half a day. The machinery and equipment are constantly optimized, and the accuracy of each knife is almost as thin as hair.

Traditional crafts work hand in hand with digital running, which not only upgrades production capacity. In Duwei Town, Xianyou County, exquisite three-dimensional woodcarving shapes can be seen from tea trays, pen holders, pen holders to tissue boxes, chopsticks, knives and forks. Digital technology is deeply integrating woodcarving skills into more than a dozen fields such as tea art, study and storage, and has enabled tens of thousands of styles to be mass-produced.

Huang Haisheng, General Manager of Fujian Tiancai Classical Craft Co., Ltd.:In the future, we hope that through artificial intelligence technology, more consumers can participate in the whole process of product design and meet the needs of more and more people for national fashion products.

Today, there are more than 2,600 wood carving related enterprises in Putian, with more than 100,000 employees and a total industrial output value of over 20 billion yuan. The products are exported to Southeast Asia, Europe and America. Traditional wood carving techniques have not disappeared with the changes of years, but have been passed down and carried forward from generation to generation, making breakthroughs in seeking change and innovation, and "old trees" have made "new branches".

Before writing appeared, people began to carve pictures on wood and record their lives. After thousands of years of inheritance, woodcarving, an ancient art, has not only not withdrawn from the historical stage, but has also been upgraded from a tool to preserve information to an art to decorate life. Traditional skills can continue to glow with new vitality, and it is inseparable from the innovative spirit of generations of woodcarvers. They put the new technologies, new materials and new ideas of each era into the innovation of woodcarving techniques, depicting the times, dreams, new yearning for a better life and new inheritance of excellent traditional culture with knives as pens.

[Write in front]

As early as the beginning of 2014, when Vanke implemented the "business partner system", "barbarians at the door" was one of its concerns at that time.

But who is a "barbarian" and what kind of person is a "barbarian"?

"Barbarians at the door" is used by Wall Street in the United States to describe those hostile purchasers.

The Barbarian at the Door describes the cause and effect of RJR Na Beske Company’s acquisition with documentary reports, reproduces the most famous corporate battle in the history of Wall Street, and comprehensively shows how enterprise managers obtain and master the controlling stake of the company.

The Paper (www.thepaper.cn) was authorized by Yong Yang, general manager of Hong Ren Investment, to reprint the book and the M&A case published by Hong Ren Investment Micro Signal.

In 1980s, the acquisition of RJR Beske Company in the United States was called a classic battle of KKR, a veteran PE. Known as the "Great Acquisition of the Century", this transaction shocked the world with a purchase price of $25 billion, making it the largest leveraged buyout in history, which made the subsequent acquisitions far behind.

The acquisition campaign was mainly launched between the senior managers of RJR Na Beske Company and KKR (Kohlberg Kravis Roberts & Co.), a famous acquisition company, but due to its huge scale, many of them were

Direct or indirect participation of investment banks and financial institutions such as Morgan Stanley and First Boston.

Barbarian at the door

Target enterprise: RJR Na Beske Company.

As the largest food and tobacco producer in the United States, Reynolds-Na Beske Company was formed by the merger of American veteran food producers Standard Brands Company and Nabisco Company and RJR Company (manufacturer of Winston, Salem and Camel brand cigarettes), one of the two largest tobacco companies in the United States. At that time, it was the 19th industrial company in the United States, with 140,000 employees. It owned many famous brand products, including Oreos, Lezhi biscuits, Winston and Salem cigarettes, and Life Savers candy, which were distributed in every retail store in the United States. Although the food business of RJR Na Beske Company has expanded rapidly after two mergers, the rich profits of tobacco business still account for about 58% of its main business.

In the first two years after the merger, RJR Na Beske Company’s profit increased by 50% and its sales performance was good. However, with the crash of the stock market on October 19, 1987, the company’s stock price plummeted from the peak of $70. Although the company bought a lot of its own shares in the spring, the stock price did not rise, but fell to $40. In December, although the company’s profit increased by 25%, and the food stocks were also rising, the shares of RJR Na Beske Company were still neglected due to the influence of tobacco stocks, and 60% of its sales still came from Na Beske Company and Delmonte Food Company. The company tried to put the tobacco and food business together, but it didn’t work at all, and the decentralized management lost its effectiveness.

Merger and acquisition: management of RJR Na Beske Company.

The senior management of RJR Na Beske Company headed by Ross Johnson is the initiator of this acquisition. This group includes the head of Reynolds Tobacco Company-Ed Horichgen, Chairman of the Board of Directors of Na Beske Company Jim Welch, General Counsel Harold Henderson, independent director and consultant Andrew G.C. Sage II, etc.

Ross Johnson, who doesn’t have much ability in management, was still unknown in American business at the age of 40. With the help of a headhunting company, he became the president of a sign company. In 1984, Ross Johnson became the CEO of Na Beske Company. In 1985, he completed the merger of Reynolds-Na Beske Company. The next year, he became the CEO of RJR Na Beske Company. Johnson dares to innovate. Under his leadership, Reynolds Tobacco Company produced products with an output value of $1 billion within one year.

However, although this company is rich in cash, it is relatively conservative and closed in culture. The enterprise managers have long lost the creativity and enterprising spirit of the founders, and they are cautious in decision-making and rarely make breakthroughs. Johnson’s arrival didn’t bring much innovation to his management. His biggest hobby is spending a lot of money.

Johnson won’t be noticed if he just stays on extravagant consumption. He has a more ambitious plan, that is, through the management participation in the acquisition, RJR Na Beske Company will be turned into a private enterprise.

Merger and acquisition: Kohlberg-kravis-Roberts Company (KKR).

KKR was founded in 1976. As a PE company, KKR has outstanding performance, and it is good at MBO, which is commonly referred to as "management buyout". However, with the further understanding of leveraged buyout by others, the number of leveraged buyout companies gradually increased, and by 1987, there was a phenomenon of industry crowding. Kravis and Roberts made a decisive decision: lock the business target in the bulk acquisition business of $5 billion to $10 billion. Because few people get their hands on such a big business, KKR has already had such big deals as $6.2 billion for Beatrice, $4.4 billion for Safeway and $2.1 billion for Owens-Illinois.

From June, 1987, KKR began to use all public methods to raise funds. In order to stimulate more investors to join, the company proposed that the management fees of all transactions completed before 1990 could be reduced. By the end of the fundraising, the funds raised had reached 5.6 billion US dollars.

Acquisition process

In October, 1988, the management represented by Ross Johnson, CEO of RJR Na Beske Company, proposed to the board of directors that the management buy the company’s equity. The management’s MBO proposal includes the plan to sell the food business of RJR Na Beske Company after the acquisition, and only keep its tobacco business. Its strategic consideration is based on the market’s underestimation of the huge cash flow of tobacco industry, and the food business is not fully recognized for its value because it is mixed with tobacco. Reorganization will eliminate the unfavorable factors of market underestimation, and then gain huge profits.

Ross Johnson and Hilsen’s leveraged buyout plan hit it off. Both sides agreed that the price of RJR Na Beske’s stock should be around 75 dollars per share, which is higher than the market transaction price of 71 dollars, and the total transaction price reached 17.6 billion dollars. Because Hilsen wanted to complete the transaction independently, they didn’t have the power to introduce junk bonds, and all the funds of about $15 billion needed loans from commercial banks. Trust Bank seized the opportunity to provide financing for leveraged buyouts of blue-chip companies, and raised $16 billion worldwide, but according to Hilsen’s accounting, it was only $15.5 billion.

Investment bankers on wall street still reacted instinctively: this bid is too cheap! Johnson is robbing the company! Just as Johnson and Hilsen were having wishful thinking, KKR’s bid participation made the MBO planners wake up from a dream. In sharp contrast to the spin-off planned by CEO Ross Johnson, KKR wants to keep all its tobacco business and most of its food business, and KKR has made a bid of $90 per share. The contest between Hilsen and KKR began.

Hilsen chose to cooperate with Salomon Company to raise funds, but Hilsen could not confront KKR in terms of intelligence and financing. KKR has drexel and Merrill Lynch as consultants, and introduced a tender to buy PIK preferred shares, the price reached $11 per share, which was close to $2.5 billion. The demand for PIK shares in the world market quickly turned it into junk bonds, which meant that there were $2.5 billion in funds.

However, the exposure of the Johnson Management Agreement and the "Golden Parachute Plan" angered the shareholders and employees of RJR Na Beske Company. 525,600 restricted stock plans worth nearly $50 million, generous consulting contracts and 1,500 restricted shares each made Johnson unscathed in this acquisition, regardless of success or failure. Johnson’s greedy approach made MBO lose the support of the people. Finally, KKR won the battle with a price of $109 per share and a total amount of $25 billion.

In the last round of bidding, the difference between Hilsen’s offer and KKR was only $1, which was $108 per share. But it is not the difference in purchase price that makes the shareholders of RJR Na Beske Company make the final decision. KKR promised to give shareholders 25% of the shares, and Hilsen only gave shareholders 15% of the shares; KKR promised to sell only a small part of Beske’s business, while Hilsen wanted to sell all the business. In addition, shareholders also listed a dozen other differences. In addition, Hilsen failed to prove the reliability of its securities through restructuring, and failed to ensure the welfare of its employees. It is for these reasons that the shareholders of the company finally chose KKR Company.

The purchase price is $25 billion. Besides the syndicated loan of $14.5 billion, Dechong and Merrill Lynch also provide a bridging loan of $5 billion, waiting to be repaid by issuing bonds. KKR itself provided US$ 2 billion (including US$ 1.5 billion in equity), another US$ 4.1 billion in preferred shares, US$ 1.8 billion in convertible bonds and US$ 4.8 billion in foreign debts owed by RJR.

The signing date of the acquisition was February 9, 1989. More than 200 lawyers and bankers attended, and Hanover Trust and Investment Company raised $11.9 billion from banks all over the world. KKR provided a total of $18.9 billion, meeting the cash payment promised at the time of acquisition.

In fact, the cost of the whole transaction reached 32 billion US dollars, including more than 200 million US dollars from Dechong Company, more than 100 million US dollars from Merrill Lynch, more than 300 million US dollars from the financing of the syndicate, and KKR’s own fees reached 1 billion US dollars.

After the acquisition

After Ross Johnson, Luis gerstner became the new CEO of RJR Na Beske Company after the acquisition. He made drastic reforms to the original company and sold a lot of luxury facilities. According to the company’s report, in 1989, the company had a net loss of $1.15 billion after paying off its debts of $3.34 billion, and in the first half of 1990, it had a loss of $330 million. However, judging from the company’s cash flow, everything is still normal.

Beske’s operating profit in 1989 reached 3.5 times the previous cash flow, but Reynolds Tobacco Company is still in a state of preparation. In March 1989, RJR stopped the production of Premier brand cigarettes. Subsequently, the company laid off employees and the number of employees was reduced to 2,300. Under the leadership of the new manager, the company improved the equipment, improved the production efficiency, and at the same time greatly reduced the cost, so that the company’s tobacco profit increased by 46% in the first half of 1990. But when paying off junk bonds with cash brought by tobacco, Reynolds’ competitor Philip Morris increased his sales strength and lowered the price of tobacco. According to analysis, the tobacco market of RJR shrank by 7% ~ 8% in 1989.

The problem left by KKR is not only the poor return on capital, but also the failure of other industry leaders introduced. Whether Lou Gerstner is invited by American Express Company or Charles Harper of ConAgra, they have no experience in tobacco industry and have no enthusiasm for this business. After a continuous decline in performance, KKR had to divest Reynolds Na Beske’s remaining equity in early 1995, Reynolds Tobacco Holding Company became an independent company again, while Na Beske also became an independent food production enterprise, and Renault Company and Na Beske Company returned to their respective starting points. In the first half of 2003, Reynolds’ sales decreased by 18% compared with the previous year to only $2.6 billion, while operating profit decreased by 59% to $275 million.

Brief comment

The control struggle between investment bankers and enterprise managers, the ultimate beneficiary is the shareholders of the enterprise, which can be proved by the rich shareholders of RJR Na Beske Company after the acquisition.

In the form of acquisition. In the general LBO process, investment bankers will reach a consensus with the management of the target enterprise in advance, and complete the acquisition at a price and financing method recognized by both parties. At the same time, they will also make arrangements for the enterprise management and asset restructuring after the acquisition, try to reduce costs and improve efficiency, and sell assets to pay off debts. However, KKR company didn’t know in advance in the acquisition of RJR Na Beske, and there was no communication with the management. They didn’t even know the assets of this enterprise, so they could only participate in it in the form of bidding.

[Interpretation of Investment Bank]

Report on The Barbarian at the Door

-Merger and acquisition of enterprises and corporate governance

1. How was this merger initiated?

Managers are faced with the dilemma of stock appreciation, which makes them look for ways to raise stock prices.

RJR Nabisco’s share price hovered around 40, but it didn’t rise. Ross Johnson faced the pressure from shareholders.

Ross Johnson’s "Prime Minister" cigarette, which will be introduced to the market, is not welcomed and recognized by the market, and Ross Johnson is once again facing the dilemma of stock appreciation.

KKR company has the intention to buy RJR Nabisco, which makes Ross Johnson management team start to think about M&A, a way to safeguard their own interests and raise the stock price.

The huge return after the merger drove Ross Johnson to initiate the merger.

2. What are the motivations of the parties involved in the M&A?

KKR motivation：

Get a higher return on capital value. Because RJR Nabisco’s stock value is undervalued; At the same time, RJR Nabisco has a strong and stable cash flow, which can enhance the company’s capital value.

Enhance RJR Nabisco’s existing corporate strategy to further maximize the interests of shareholders.

The debt level is low.

Huge demolition effort.

A favorable capital structure can save taxes and fees payable.

KKR can get a huge handling fee, and has control over RJR Nabisco, sharing the profits.

Kravis’s individualism: KKR is the founder of LBO, but at the beginning of this merger, he was excluded; Therefore, due to the consideration of face and status in the field, KKR will also participate in the acquisition of RJR Nabisco.

Motivation of professional managers such as Ross Johnson：

The tobacco industry is undervalued by the market.

The influence of tobacco industry and the value of food industry are also underestimated by the stock market.

The management can make huge profits from this acquisition.

First Boston Group：

Get rich rewards in the acquisition to develop the enterprise, revitalize the company’s business and obtain customer sources.

Faustmann：

Ted Faustmann hates junk bonds, while kravis uses junk bonds the most, and Faustmann is angry with kravis. Hilsen has no outstanding talents in leveraged buyouts. This is an opportunity for Faustmann, and he will not miss it.

summary：

1, the stock is undervalued.

2. Make huge profits

3. Revitalize the business

Represented by the management: the business is bigger and the stock price is raised.

3. Who decides the outcome of the merger?

The final outcome is decided by the special committee (shareholder) established by the board of directors; However, the behavior of Ross Johnson management, KKR and other acquisition teams and M&A strategies have an impact on the outcome.

Due to the exposure of Ross Johnson’s "Golden Parachute Project", shareholders saw the greed of management; In addition, the Ross Johnson team can’t keep all the business systems after the acquisition, and can’t guarantee the interests of employees, which makes the special committee set up by the board of directors more inclined to KKR in the later stage of the acquisition.

Compared with Ross Johnson team, KKR is more humanized; They promised to keep the whole business of the company after the acquisition; To ensure the welfare of employees, shareholders can get more equity, thus gaining the support of shareholders.

4. What are the factors that affect the success or failure of LBO?

The development strategy of the company with multi-interests after merger and acquisition put forward by the sponsors.

Purchase price at the time of merger and acquisition

Strong and stable cash flow of M&A sponsors

Analysis and mastery of competitors’ strategies; As the saying goes, know yourself and know yourself.

Get the support and affirmation of the management of the enterprise or the people who have influence on the merger and acquisition results.

Reasonable standardization of operating procedures

The advantages and disadvantages of the special Committee and its influence

Whether the acquired subject matter is suitable: stable cash flow.

Bid, financial planning

5. How is the purchase price formed in the case?

A comprehensive analysis of the target acquisition company

Enterprise development strategy

Company operation

Financial status of the company

enterprise value

Strategic promotion of acquirer and future cash flow forecast

Financing scheme design and value evaluation

6. Who finally benefited from this case? Who is ultimately damaged?

beneficial owner：

The winners of this merger are shareholders, who have realized the stock at a high enough price; With intermediaries, they have gained huge benefits. For example, Dechong provided a $3.5 billion bridge loan and earned $227 million, and the proceeds from selling junk securities were even more; Merrill Lynch provided a bridge loan and earned $109 million; The syndicates of 200 banks provided $14.5 billion in entrusted loans and gained $325 million in income; KKR receives tens of millions of dollars in handling fees from investors; Morgan Stanley and wasserstein each received $25 million in consultancy fees; Goldman Sachs won the auction right of Delmonte Food Company; Lazard: Obtained the auction right of ESPN. According to some sources, this $25 billion merger, in fact, the total transaction cost is $32 billion, and the money is spent like soup. It can be said that M&A is a magic weapon for Wall Street, because whether it is successful or not, Wall Street can earn fees, including consulting fees, business divestiture fees and borrowing fees.

Damaged person：

RJR Nabisco was burdened with heavy debts. In 1989 alone, it paid $3.34 billion in debts, with a net loss of $1.15 billion. Market expenses and research and development expenses have been weakened, competitors have taken advantage of it, and a large number of employees have been laid off.

7. Compared with LBO, what are the distinctive features of MBO?

Specificity of MBO acquisition subject.

The MBO acquirer is mainly the current management of the target enterprise or the legal person or other organization established or controlled by it.

High financial leverage of MBO acquisition financing.

With the help of a large amount of external debt or equity financing, the high financial leverage of the financing scheme determines the high risk and high return of the acquisition itself.

Transfer of actual control right of target enterprise after MBO acquisition.

To a certain extent, the target enterprise has realized the integration of ownership and management rights, and the position of management has changed fundamentally, that is, from a simple enterprise operator to an enterprise owner.

MBO can reduce agency cost.

Compared with LBO, MBO pays more attention to the development strategy of the company, rather than the short-term huge capital return.

8. What behaviors does the case show that the management has deviated from the interests of shareholders?

Management profligacy, private jets, huge subsidies, and these are all holding shareholders’ money to satisfy their own desires.

"Golden Parachute" Project

After the merger, the employee welfare and shareholders’ interests are not considered, and the food business is abandoned.

Only 15% of the shares are reserved for shareholders.

KKR scheme contains less PIK securities and more convertible bonds; Management provides more PIK securities and a small amount of convertible preferred stock.

KKR agreed not to carry out a large-scale layoff plan, and promised to pay the employee severance payment caused by the acquisition, but the management did not agree.

KKR agreed to guarantee the reset terms of all securities to ensure that the bonds would be traded and circulated as originally planned. Hilsen Company, an investment bank hired by the management, refused to guarantee it, so that the management could not bid the full rating during the evaluation.

Start with business, not choose mergers and acquisitions

Ross Johnson donated money from the company to his wife.

9. What measures did the founder take to prevent the control right from falling by? Why is it invalid?

measure：

Launch the merger and acquisition of RJR Nabisco to prevent the delay of stock price from affecting his CEO position.

Refuse to cooperate with KKR and choose Hilsen.

"Golden Parachute" plans to protect itself.

Lay off employees and give shareholders less equity to maximize their own interests.

failure cause：

The exposure of the "Golden Parachute Plan" exposed Johnson’s greed, which made the MBO lose public support.

KKR promised to give shareholders 25% of the shares, while Hilsen only gave shareholders 15% of the shares.

KKR promised to sell only a small part of Beske’s business. But Ross Johnson and Hilsen’s leveraged buyout plan only keeps the tobacco business.

Hilsen failed to prove the reliability of its securities through restructuring, and failed to ensure the welfare of its employees.

KKR agreed not to carry out a large-scale layoff plan, and promised to pay the employee severance payment caused by the acquisition, but the management did not agree.

KKR agreed to guarantee the reset terms of all securities to ensure that the bonds would be traded and circulated according to the original plan. Hilsen Company, an investment bank hired by the management, refused to guarantee it, so that the management could not bid the full rating during the evaluation.

measure：

Indulge in buying, preempted local competitors and became the largest employer in North Carolina.

"Prince Albert" cigarettes, trying their best to find the photo of the Prince of Wales as a cigarette label, vigorously advertising, set off a national advertising campaign. Offer generous rebates to cigarette wholesalers and retailers to encourage them to sell this kind of cigarettes, and those who sell poorly will be punished. The plan to March across the United States was a great success.

The Court of Appeal granted Reynolds Tobacco Company independence: employees hold shares, care about employees’ lives and improve employees’ loyalty.

Reasons for loss of rights：

The eldest son is in politics, the second son is not doing business, and the chairman raises horses.

10. What did you learn from the case? Explain from the perspective of mergers and acquisitions and corporate governance.

M&A perspective：

LBO acquirers use the assets of the acquisition target as debt collateral for financing, and use the money to acquire the target company. The essence of this is to borrow money to buy equity, or to say that you are empty-handed. In fact, KKR’s own funds for this $25 billion acquisition are less than $2 billion, and the rest are from financing.

Compared with LBO, MBO pays more attention to enterprise development strategy, rather than just acquiring the target company to get huge returns in the short term.

Successful LBO/MBO originates from the strategic adjustment of capital allocation, the improvement of operating efficiency and the integration of financial technology;

Adjustment of capital allocation strategy: redefining business scope, new business unit strategy or portfolio strategy;

Operational adjustment and improvement of operational efficiency: changes in sales, cost or asset management methods;

Organizational improvement: organizational structure or business process adjustment (which may involve system or management changes);

Financial strategy: the application of financial technology and financial risk management, a new method to manage the balance sheet, a new financial structure or a new corporate legal structure.

From the perspective of corporate governance：

The internal controller system is easy to lead to the monopoly of management. In order to prevent this phenomenon, it is necessary to set up an external supervision mechanism and strengthen supervision; Mutual restriction

The board of directors should ensure independence and objectivity and safeguard the interests of shareholders.

Formulate a reasonable and long-term company development strategy, so as to ensure the long-term development of enterprises, rather than just pursuing short-term enterprise development and stock rise.

CCTV News:From December 18th to 20th, the final of the 1st National Postdoctoral Innovation and Entrepreneurship Competition was held in Foshan, Guangdong. This is the largest, highest level and widest coverage national post-doctoral innovation and entrepreneurship competition held since the implementation of the post-doctoral system in China, and it can also be said that it is a competition between super brain in our country.

The contestant on the road show is named Dink, and the project he shows is the "high-speed, high-definition and three-dimensional machine vision system" developed by him and his team in 10 years.

Judges:I want to ask, what are our specific application scenarios?

Player:At present, our main application scenarios are more guided by robots.

In the past, the recognition speed of domestic robot vision system was slow, and most of them could only be designed according to fixed programs, and repeated sorting and handling could not be carried out. The 3D "eyes" developed by the Dink team can identify objects in all directions and greatly improve the vision level of the robot. Dink’s project also got a high score in the roadshow of the Entrepreneurial Competition.

Dink, a contestant in the 1st National Postdoctoral Innovation and Entrepreneurship Competition:Contacting these technical experts and investors and interacting with them can bring some new ideas and even some new application scenarios.

The project roadshow, on-site defense, and on-the-spot bright points, 47 teams competed for the gold, silver and bronze awards in this competition, and the total prize money of the competition was more than 12 million yuan. More importantly, the contest gave many excellent "ideas" a chance to land.

Tang Yong, the expert judge of the contest:How can we cross and inspire each other with our own ideas and ideas, and truly achieve our originality by facing the international (frontier of science and technology)?

The title contest focuses on the practical problems of enterprises

The post-doctoral innovation and entrepreneurship competition has attracted wide attention. The characteristic of this competition is that manufacturing enterprises give questions, and postdoctoral fellows come to answer them, which can be described as "facing the market" and "professional and accurate". Let’s take a look again.

The title contest is one of the highlights of this competition. In the end, 23 technical requirements and 230 applicants entered the finals, and the solutions were displayed on the spot for the problems raised by listed companies.

The way of the competition is similar to that of the Innovation and Entrepreneurship Competition, but the content of the competition is more specific, which solves the practical problems faced by enterprises. This postdoctoral team from Shenzhen brought the world’s leading 6G technical solution to expose the research topics of mobile communication system and key technologies.

Contest contestant Zhang Chenyao:The leading place lies in the low-power algorithm, because the energy consumption on the satellite is limited. We adopt the low-power intelligent technology of wireless sensor network and put it on the on-board as low-power calculation, and achieve the effect of fusion of calculation results through the combination of multiple satellites.

After the completion of the road show, the expert judges of the contest will also ask questions on the spot, and score on the spot around the core competitiveness of the project technology, the effectiveness of the project team, the feasibility of the implementation plan, etc. If the list is finally successfully unveiled, the total amount of rewards will exceed 50 million yuan.

Since the beginning of this year, the state has promoted the implementation of the digital transformation partnership action to empower traditional enterprises to upgrade digitally and intelligently; The implementation of intelligent manufacturing engineering and digital empowerment of small and medium-sized enterprises will enable digital technology to better empower the development of large, medium and small enterprises, which will also create a bigger stage for postdoctoral students.

　　Introduction: With the mass production of the 7-speed DSG gearbox equipped with LuK dry dual clutch, the DSG gearbox has entered a new stage, and the dual clutch of the dual clutch transmission DSG took five years from wet to dry.

　　With the mass production of the 7-speed DSG gearbox equipped with LuK dry dual clutch, the DSG gearbox has entered a new stage, and the dual clutch of the dual clutch transmission DSG took five years from wet to dry.

　　The latest 7-speed DSG gearbox is instructive for the future development of automobile dual clutch system, which brings convenience, movement and comfortable driving experience. Since Volkswagen put into the market in 2003, the six-speed DSG dual-clutch automatic transmission has opened a new era of transmission, which is inseparable from the vigorous investment of Volkswagen in new technology and the vigorous expansion of parts manufacturers in the field of new technology. Standing behind Volkswagen’s first-generation DSG is Borg Warner, who is providing wet dual clutches for Volkswagen DSG, and who will stand behind the second-generation DSG?

　　In the spring of this year, Volkswagen released a 7-speed DSG gearbox. Except for adding a gear, the biggest difference with the 6-speed DSG is that it adopts a dry dual clutch. This time, which component manufacturer provided the core component-dry dual clutch for the public? That is LuK Company, headquartered in Buehl, Baden, Germany. As an expert in clutch and gearbox system in the industry, it has developed this latest dry dual clutch through close cooperation with Volkswagen. In terms of fuel economy, it is better than the gearbox equipped with wet double clutch, and compared with the traditional manual gearbox, it can save fuel consumption by about 6%.

Wet dual clutch produced by Borgwarner

　　The birth of double clutch makes the phenomenon of power interruption and passengers "nodding" when shifting gears become history. As the heart of DSG gearbox, the working principle of LuK dry dual clutch is simple: LuK’s dual clutch consists of two clutches. One of the clutches is connected with the odd gear input shaft of the gearbox: 1st gear, 3rd gear, 5th gear and 7th gear; The other clutch controls the input shaft of even gears: 2nd gear, 4th gear, 6th gear and reverse gear. For example, when the vehicle is driving in 2nd gear, 3rd gear is already in gear (only the 3rd gear clutch is not engaged). Therefore, the whole shift process can be carried out quickly, smoothly and without torque interruption. The shift is completed by electro-hydraulic control mechanism, and the driver can hardly feel the instantaneous shift and the opening and closing of a single clutch.

　　The 6-speed DSG’s multi-plate dual clutch runs in the cooling oil tank in a "wet" way, while the LuK’s dual clutch has a dry structure. The torque transmission of wet dual clutch is realized by wet clutch friction plate immersed in oil, while the torque transmission of dry clutch is realized by friction plate on clutch driven plate. Because of saving the high efficiency of torque transmission of related hydraulic system and dry clutch itself, dry system greatly improves fuel economy. The same 1.9 TDI(105 PS/ 77 kW) engine with 7-speed DSG gearbox can save more than 10% fuel compared with 6-speed wet dual clutch transmission.

　　The design of "dry" double clutch has brought many benefits, the most important of which is to significantly improve the efficiency of the gearbox system. In addition, the new generation DSG gearbox eliminates the suction filter, oil cooler and high-pressure oil pipe in the gearbox housing. Like the ordinary manual gearbox, gearbox oil is only used for lubrication and cooling of gearbox gears and bearings. Therefore, the 7-speed DSG transmission oil only needs 1.7 liters of transmission oil, while the 6-speed DSG transmission oil needs 6.5 liters. Although "dry" dual clutch has many benefits, it is limited in torque transmission. The new generation DSG gearbox is suitable for all "small" engines with maximum torque less than 250 Nm.

　　Generally speaking, the dimension of dry double clutch is slightly larger than that of wet double clutch. This is determined by the layout of the double clutch and the friction material selected. Because the external dimensions of the dry dual clutch of the 7-speed DSG gearbox are slightly larger, the rest parts should be designed to be more compact, so that it can be equipped on Polo-class small cars.

　　Since 2004, LuK has started close cooperation with Volkswagen in the development of DSG damping parts. The torsional vibration absorber in this DSG technology gearbox-dual-mass flywheel is also LuK’s product. LuK’s double clutch has been shipped to Volkswagen’s transmission factory in Kassel, Germany since the beginning of 2008. LuK’s factory in Buehl has been fully prepared for mass production (about Schaeffler Group: the German-headquartered Schaeffler Group has three famous brands: INA, LuK and FAG, and is a leading manufacturer in the global automobile industry and rolling bearing industry).

　　A set of numbers about DSG gearbox

　　* 0.4 liter: Golf sedan with 122 horsepower TSI engine and 7-speed DSG.

　　The fuel consumption of the model is 0.4 liters less than that of the model equipped with a 6-speed manual transmission.

　　* 1.7 liters: 1.7 liters of transmission oil is required for the 7-speed DSG transmission.

　　* 6.5 liters: 6.5 liters of transmission oil is required for the 6-speed DSG transmission.

　　* 6 models: At present, Volkswagen has 6 models that can be equipped with a 7-speed DSG gearbox.

　　* 70kg: The 7-speed DSG gearbox weighs 70kg.

　　* 93kg: The 6-speed DSG gearbox weighs 93kg.

　　* 105 HP: At present, the "minimum" engine power matching DSG gearbox is 105 HP.

　　* 300 HP: At present, the "maximum" engine power matching DSG gearbox is 300 HP.

　　* 140℃: The maximum working environment (transmission oil) of electromechanical control module of 6-speed DSG gearbox is 140℃.

　　* 250Nm: The maximum torque of the engine matched with the 7-speed DSG gearbox is 250 nm.

　　* 350Nm: The maximum torque of the engine matched with the 6-speed DSG gearbox is 350 nm.

　　The main reason for the difference in the above data is the adoption of dry/wet dual clutch.

　　(Author: Weidong)

On Autohome’s Zhongshan Premium Promotion Channel, we bring you exciting news! High-profile models are going on an unprecedented price reduction promotion in the Zhongshan area. This offer is unprecedented, with a car purchase subsidy of up to 50,000 yuan, which has reduced the starting price of this luxury sedan to a very competitive 179,800 yuan. This undoubtedly provides an excellent opportunity for consumers who are interested in purchasing the Hongqi EH7. Want to take advantage of this offer and explore more specific car pickup prices and preferential policies? Be sure to click "Check the car price" in the quotation form to get this real discount.

The side-body design is the unique charm of the Hongqi EH7. The body size of this luxury sedan is 4980mm x 1915mm x 1490mm, and the wheelbase is up to 3000mm, which shows a solid and spacious interior layout. The side lines are smooth and delicate, and with the front and rear tires of 245/50 R18, it not only enhances the driving stability, but also gives the body an elegant dynamic sense. The front and rear wheel tracks are 1645mm and 1655mm respectively, which further ensure the balance and stability of the vehicle during driving.

[Interior Introduction] The interior design of the Hongqi EH7 fully reflects the perfect fusion of luxury and technology. It adopts an exquisite leather steering wheel, which not only feels comfortable to the touch, but also supports manual up and down + front and rear adjustment to meet the individual needs of the driver. The 15.5-inch large screen design on the center console is full of technology, integrating multimedia, navigation, telephone and air conditioning control, which is convenient and fast. In terms of seats, imitation leather and leather/fur materials are mixed and matched to provide a good riding experience. The main driver seat has 4-way adjustment, waist support and heating/ventilation functions, and is equipped with power seat memory, which takes into account comfort and convenience. The front USB/Type-C interface and mobile phone wireless charging function meet the needs of passengers’ electronic devices and make travel more convenient. The overall interior design fully reflects the Hongqi brand’s attention to detail and commitment to comfort.

The Hongqi EH7 is equipped with a powerful engine with a maximum power of 253 kilowatts, providing abundant power support for the vehicle. At the same time, its peak torque reaches 450 Nm, ensuring stability and response speed during driving. The outstanding performance of this engine not only meets the needs of daily driving, but also shows Hongqi’s in-depth understanding and pursuit of driving experience.

To sum up, the Autohome owner’s evaluation of the Hongqi EH7 was full of admiration. He particularly mentioned its stylish and dynamic exterior design, which shows the unique charm of the vehicle from the smooth lines on the side to the through taillights at the rear. The owner’s love for the front closed design and new car logo, as well as the recognition of the body length, undoubtedly strengthened the status of the Hongqi EH7 as a model that attracts young people. The dynamic light effect when locking the car every night adds a sense of technology and ritual to this new energy model, making the owner feel full of satisfaction and pride. Under the new energy logo of the Qimiao wings, the Hongqi EH7 is not just a car, but also a symbol of the owner’s taste and lifestyle.

[technology circle]

China Post takes over the agent of HarmonyOS Zhixing User Center? Huawei responded that it is not true!

On January 10th, it was reported that China Post and Telecommunications Equipment Group Co., Ltd. would take over the customer center agent of Huawei’s car business in HarmonyOS Zhixing, and initially planned to invest 30 billion yuan for the construction of the customer center and stores of HarmonyOS Zhixing in various places. The user center originally under the responsibility of Cyrus will be gradually handed over to China Post or entrusted, and Cyrus will fully return to "building cars" itself. However, Huawei told Yicai that the above news was untrue. According to the announcement issued by HarmonyOS Zhixing, China Post is building a new HarmonyOS Zhixing Customer Service Center, which will develop together with the existing AITO Customer Service Center managed by Cyrus. Cyrus also said that the report that "China Post will fully undertake the agent of HarmonyOS Zhixing User Center" is untrue.

Internet

Tencent formulated the "Bamboo Shooting Plan" to increase the incubation of vertical games.

Yicai learned from inside Tencent that on January 8, Tencent Holdings IEG (Interactive Entertainment Group) held an internal staff meeting, and the management talked about the increase of game version numbers and the close connection between games and short videos. On the same day, Tencent also released a self-developed project "Bamboo Shooting Plan" to increase investment in R&D resources for new opportunities, new gameplay and vertical game incubation.

ByteDance responded that the car emperor will become an independent company: based on the needs of normal business development,

In response to the fact that "Knowing Car Emperor will become an independent company", ByteDance confirmed this matter, saying that the registration and establishment of an independent company is based on the needs of normal business development. According to previous media reports, ByteDance is moving its employees who know Chedi to a newly established wholly-owned subsidiary, and the legal representative will be the strategic director of Chedi. A small number of employees who were originally from ByteDance will take the lead in transferring labour relation to the new company around the end of January. In the future, the car-savvy emperor will have an independent office. A new company may be established for listing, or to find partners and introduce external shareholders; It may also be for independent accounting, cost reduction and efficiency improvement. It is understood that ByteDance has discussed the spin-off and listing of Know Car Emperor, but there is no clear timeline. (Sina Technology)

JD.COM started the development of native applications in HarmonyOS.

On January 10th, Huawei and JD.COM announced their cooperation, officially launched the development of native applications in HarmonyOS, and further improved the ecological map of HarmonyOS.

[Car ring]

Xiaomi Automobile: The total investment in the first phase of intelligent driving has increased to 4.7 billion, and the team size has exceeded 1,000.

Xiaomi Auto released "Xiaomi Auto Answers 100 Questions from Netizens (Final Chapter)" on the official blog. Xiaomi Automobile said that intelligent driving is a long-term investment technology, and Xiaomi decided to conduct self-research on intelligent driving from the very beginning. The total investment in the first phase was 3.3 billion, which has been increased to 4.7 billion. The scale of Xiaomi’s intelligent driving team has exceeded 1,000 people (not included in the R&D resources of the group’s AI platform and the support of the engineering team), and more than 200 vehicles have been put into test. At present, the test mileage has exceeded 10 million kilometers.

LI’s 2023 sales transcripts were released, and a total of 376,000 vehicles were delivered throughout the year.

According to LI’s official Weibo, in 2023, LI delivered a total of 376,030 vehicles, with the monthly delivery exceeding 50,000 vehicles and the ideal L7 single vehicle exceeding 20,000 vehicles.

BYD official announcement: Looking up at U7

BYD’s look-up car in Weibo officially announced the "million-class new energy flagship car" look-up U7. According to reports, this model has over a thousand horsepower.

Tesla upgraded Model 3 is now available in North America.

According to reports, Tesla said that the upgraded Model 3 is now available in North America.

[Big consumption]

The wholesale price of the Year of the Loong Maotai Zodiac wine dropped from 6,000 yuan to 4,100 yuan/bottle.

The reporter learned from various channels that the wholesale price of the Year of the Loong Maotai Zodiac wine dropped sharply today, from 6,000 yuan/bottle to about 4,100 yuan/bottle. "Now (Longmao) prices are unstable." Some dealers told reporters that the price drop may be related to the large starting volume of Longmao. According to some channel dealers, dealers in some regions have already obtained quotas, and the starting volume is very large, but offline sales are not allowed for the time being. (Cailian)

Dong Yuhui’s first broadcast sold more than 100 million yuan. Third party: sales nearly quadrupled in the East.

At 7: 00 pm on January 9, "Walking with Hui" was launched. According to the data of Mama Chan, the total number of fans of "Walking with Hui" is 7.369 million, and the cumulative sales of live broadcast exceeds 1 million, and the cumulative sales of live broadcast exceeds 100 million yuan. Corresponding to the surge in the number of fans and sales in the "Walking with Hui" live broadcast room, the growth rate of the Oriental selection live broadcast room slowed down. According to the data of Mama Chan, in the past ten days, the sales of the selected live broadcast rooms in the East also dropped from over 100 million yuan on December 18th, 2023 to 10 million yuan to 25 million yuan on the 9th.

China Zhongmian: Plan to lay out overseas markets next year.

China Zhongmian achieved revenue growth of 24.15% year-on-year in 2023; Net profit increased by 33.52% year on year. On January 10th, the staff of China Zhongmian Securities Affairs Department said that the supplementary agreement signed by the company and the Beijing-Shanghai core airport duty-free shop had come into effect. At present, the overall market performance is not good, which is a great challenge for consumer stock companies. The staff said that they would try to manage the company well and give it back to shareholders, and plan to lay out overseas markets next year.

The three squirrels distribution series stopped taking orders, Zhang Liaoyuan: Online has just begun.

On January 10th, three squirrels announced that during the New Year’s Festival in 2024, the offline distribution of three squirrel gift boxes/gift packages was far more popular than expected. At present, the whole series of standard gift boxes/gift packages have been sold out. In this regard, Zhang Liaoyuan, Chairman of Three Squirrels, commented on this matter in a circle of friends, saying, "The distribution business was forced to close down and focus on online 2C business. It’s not the squirrel’s strength, but the high-end cost performance caters to the market demand. In 2024, the new gift far exceeded expectations, and the online has just begun! " (Sina Finance)

[Financial Street]

Yao Zhenhua and Baoneng were enforced by 1.9 billion yuan.

Tianyancha App shows that on January 9, Yao Zhenhua, Shenzhen Baoneng Investment Group Co., Ltd. and its subsidiaries Shenzhen Baoneng Automobile Co., Ltd. and Guangzhou Baoneng Culture and Entertainment Co., Ltd. added a piece of information about the executed person, with the execution target of more than 1.9 billion yuan, and the related case was a contract dispute. According to the risk information, at present, Shenzhen Baoneng Investment Group Co., Ltd. has 62 pieces of information about executed persons, and the total amount of execution exceeds 37.5 billion yuan.

【Logistics industry]

Express employees broadcast live and sell others express at low prices? ZTO Express responded: The involved outlets have reported to the police

In response to the incident of "ZTO Express employees live broadcast and selling others’ express delivery at a low price", ZTO Express responded that on January 9, the outlets involved had reported to the police and would actively cooperate with the police investigation and negotiate with customers. (The Paper)

Adjustment of organizational structure of polar rabbit: China District is newly established, and Liu Wei, a founding team member, is the first CEO.

On January 10th, regarding the recent adjustment of the organizational structure and personnel appointment of the network transmission polar rabbit express, the reporter confirmed from polar rabbit that the purpose of dividing the business of the Group and China this time is to refine the operation. China District will welcome its first CEO, Liu Wei, a member of the founding team of Extreme Rabbit, who will be responsible for the express delivery business in the domestic market and report to Fan Suzhou. The reporter also learned from an insider of Polar Rabbit that before Polar Rabbit had no group and China District, they were all called headquarters, with Fan Suzhou as the executive president and Hou Junyi as the vice president. After the split at the end of last year, Fan Suzhou and Hou Junyi focused on managing overseas and planned to enter new overseas markets. (The Paper)

Aviation industry

China Southern Airlineswait forThe airline will reduce the ticket refund fee from now on, and you can also refund it free of charge for changing models.

China Southern Airlines and China Eastern Airlines have successively issued new regulations on airline ticket refund and reform, and made extensive adjustments to the fee and scope of ticket refund and reform, which have been implemented since January 10th. The contents of the new regulations of the airline company show that the adjustment of the ticket refund and change rules has reduced the proportion of the ticket refund and change fee, and expanded the scope and application scenarios of free ticket refund and change, such as the change of aircraft type and the expensive ticket purchase, which can be refunded free of charge within a certain period of time, and relaxed the rules for returning and changing sick passengers.

Boeing CEO admits mistake in 737 MAX 9 accident.

Dave calhoun, CEO of Boeing Company, admitted at a meeting of the company on the 9th that the company was wrong about the recent accident related to Boeing 737 MAX 9. Calhoun said that Boeing will handle every step in a completely transparent way, and cooperate with national transportation safety board, which is investigating the accident, to find out the cause of the accident, and said that Boeing "has long-term cooperation experience with this organization". He also said that the US Federal Aviation Administration is monitoring and inspecting "to ensure the safety of the next lift-off plane, and this kind of accident will not happen again". (Xinhua News Agency)

【Game circle]

Netease Games and Huawei Reach HarmonyOS Cooperation.

On January 10th, Huawei announced that Netease’s first HarmonyOS native game had been developed, and Ghost Mobile Games became the first Unity China engine game to complete the adaptation of open source HarmonyOS. Previously, Netease Games has announced that it will launch HarmonyOS native application development based on HarmonyOS NEXT, which will bring more interactive gameplay and more innovative game experience to players.

Medical industry

MitraClip surgery was suspended in some hospitals, and Abbott, a device manufacturer, responded.

Yicai recently learned from a number of industries that Guangdong Medical Insurance Bureau is investigating the problem of "retraction" of MitraClip surgery for cardiovascular interventional medical devices, during which MitraClip surgery in some hospitals was suspended. Abbott, the manufacturer of MitraClip, responded: "According to the workflow of the State and Guangdong Provincial Medical Insurance Bureau, the approval of medical services related to this operation is in progress."

(Editor: Gao Lishan)

More exciting content, all in the first financial APP.

　

　　Text/Ba Jiuling (WeChat WeChat official account: Wu Xiaobo Channel)

　　This afternoon, the two sessions will be closed, and you have been worried about national affairs for a week. How do you feel?

　　However, for the thousands of suggestions and more than 5,700 proposals put forward by delegates and CPPCC members this year, their "journey of the two sessions" has just begun.

　　* The number of proposals is counted as of 8: 00 pm on May 22, 2020.

　　"Suggestions of deputies to the National People’s Congress" refers to the comments, constructive opinions or criticisms made by deputies to the National People’s Congress on the work of relevant state organs.

　　"Proposal" is a special term of the Chinese People’s Political Consultative Conference, which refers to the written opinions and suggestions put forward by the units or individual members participating in the CPPCC to the plenary session or the Standing Committee, which are examined and filed by the Proposal Committee and delivered to the relevant units for handling. The "proposal" has the function of democratic supervision and has no legal effect.

　　Why do you say "it’s just beginning"? We can look at this news headline.

　　<[ TEXT RECOGNITION IN PROGRESS / MORE INFO: http://projectnaptha.com/process/ (IDX:0:3-0:c&0:c&0:c&556&733:XDI) / ELAPSED 5.78SEC / DATE Tue, 26 May 2020 13:21:39 GMT / TEXT RECOGNITION IN PROGRESS ]>

　　In fact, the word "suggestion" and "proposal" is as its name implies. During the two sessions of the National People’s Congress, only the action of "lifting" was completed. After the end of the two sessions, it will be passed on one after another-the department or organization will be responsible for reviewing and implementing the contents of the proposal or suggestion.

　　Image source: CCTV News

　　According to the statistics of Southern Reporter, since 2013, there have been about 7,200 NPC deputies’ suggestions led by the State Council Department alone, accounting for about 89% of the total number of suggestions; There are about 4,100 proposals submitted by Committee member Chinese People’s Political Consultative Conference, accounting for about 90% of the total proposals.

　　Image source: Southern Metropolis Daily

　　So although we have been screened by various suggestions and proposals in the past few days, we have to see them "come true", which may take several months as fast as it takes, and many years as slow. If you don’t believe me, look at the "early completion" time reported by some departments last year.

　　China Banking and Insurance Regulatory Commission:

　　Ministry of Finance:

　　This also explains why some NPC deputies and CPPCC members have been making repeated suggestions and proposals on a kind of topic for many years.

　　Based on the above "knowledge points", minibuses suggest that everyone should be more normal when looking at them.

　　Among all kinds of proposals and suggestions, entrepreneurs’ proposals attract the most attention. As one of the groups who can feel the economic changes, their suggestions and proposals have always been basically around the national economy, industry development and company business.

　　In the following pages, the minibus will select four key parts from thousands of proposals and suggestions from entrepreneurs. One year later, we will check again to see which ones have come true and which ones still need to be mentioned again.

　　NO.1

　　▼

　　New Infrastructure/Digital Economy

　　Representative entrepreneurs: Ma Huateng, Li Yanhong and Zhang Jindong.

　　Lei Jun, Liu Wei, Yu Minhong and Xu Heyi.

　　Zhou Hongyi, Yang Yuanqing, Sun Pishu, etc.

　　"New infrastructure" is the hottest word in the two sessions in 2020, and there is no one.

　　Brush the suggestions and proposals of representatives and Committee members, and the minibus can see them almost every ten seconds.

　　Because the coverage of "new infrastructure" is extremely wide, and it has the property of "Internet of Everything", you can include your old business in it, whether you are doing internet, building cars, engaging in education, engaging in manufacturing, etc.

　　Founder of Tencent: Ma Huateng

　　Accelerate new infrastructure such as cloud computing and build a strategic cornerstone for the development of the digital economy; Focusing on the construction of "data in Taiwan", we will further promote the open sharing of data, innovate and promote the construction of smart cities and smart villages, and improve the level of digital governance; Continue to promote the open source collaborative innovation ecology, build a "friend circle" of the industrial Internet, improve the digitalization level of scientific research and innovation, and increase investment in industrial security to escort the high-quality development of the digital economy. -"Proposal on Accelerating the Formulation of National Strategy for Industrial Internet and Strengthening Digital Economy"

　　By the way, just yesterday, Tencent announced that it would invest 500 billion yuan in new infrastructure construction in the future.

　　360 Founder: Zhou Hongyi

　　First, we should use holistic thinking to plan the top-level design of the new infrastructure network security protection system. Second, it is necessary to simultaneously build the safety infrastructure of new infrastructure and focus on the construction of safety protection capabilities of new infrastructure; The third is to strengthen the security of big data platform and realize secure big data collaborative computing; Fourth, it is necessary to carry out normalized cyber security attack and defense confrontation exercises, and continuously test and enhance the security capabilities of new infrastructure. -Proposal on Building a New Infrastructure Network Security Protection System as soon as possible

　　Founder of Xiaomi: Lei Jun

　　Satellite Internet is listed as an important development category of new infrastructure. It is suggested that satellite Internet should be included in China’s "Tenth Five-Year Plan" as a strategic emerging industry, and it is clear that satellite Internet-related commercial aerospace enterprises are an important part of the national aerospace industry. It is suggested to further reduce the threshold for private enterprises to enter the satellite Internet.

　　* The first reaction when I saw this minibus was, is Xiaomi going to build a satellite soon? After careful investigation, it was discovered that Galaxy Aerospace, which was founded by General Lei and invested by Shunwei Capital, has sent 5G satellites to the sky this year.

　　.

　　New Oriental Education Technology Group: Yu Minhong

　　First, relevant departments strongly support the construction of 5G micro-base stations in rural school areas, realize 5G network coverage in rural schools at a lower cost, and narrow the digital gap between urban and rural areas in network infrastructure and services.

　　Second, provide terminal equipment and tariff subsidies for rural schools.

　　Third, further increase investment in education informatization, and provide policy inclination and financial subsidies to poor areas.

　　Fourth, support private education enterprises to develop 5G and AI applications, further increase the proportion of pre-tax deduction of R&D funds, protect intellectual property rights, and stimulate the innovation power of private enterprises (310328). —— "Suggestions on Making Full Use of the Advantages of 5G to Further Promote the Balance of Urban and Rural Education in China"

　　Founder of Baidu: Li Yanhong

　　The state should speed up the construction of new artificial intelligence infrastructure with international leading level, strengthen the training of basic and applied talents of artificial intelligence, and promote the active application of independent and controllable open source deep learning platforms in various industries. At the same time, we should also vigorously promote the intelligent cloud Project and support the construction of an open platform, so as to accelerate industrial intelligence. -"Proposal on Building a New Artificial Intelligence Infrastructure and Drawing a Blueprint for the Development of Intelligent Economy"

　　Inspur Group: Sun Pishu

　　In the future, the intelligent computing center will carry the demand of AI computing. The intelligent computing center is like a power plant providing power services to the outside world, which can provide various computing services, data services and AI (artificial intelligence) services to the outside world, making artificial intelligence computing power easy to obtain and use. Therefore, the intelligent computing center should adopt an open mode, with the government guiding and even leading the construction, issuing construction guidelines and standards, making top-level design and overall planning, ensuring the standardization and order of the intelligent computing center, and ensuring the standardization and interconnection among the intelligent computing centers. —— "Suggestions on Promoting the New Infrastructure of Intelligent Computing Center and Accelerating the AI of Industry"

　　Suning Group: Zhang Jindong

　　On the one hand, smart community, as the most important part of smart city, is an indispensable construction link in new infrastructure. On the other hand, as a new strategy of urbanization development, smart community is also an innovative model of community management and service.

　　The outbreak of COVID-19 epidemic has exposed the deficiency of current community construction in China, and the grass-roots management of communities has put forward higher requirements for the construction of smart communities. It is suggested that community management should be integrated into the social system, and the smart community should be developed into a new form of community with efficient government affairs, convenient service, wise management and intelligent life from the aspects of building a top-level design by government and enterprises, establishing a full-scene service management system and building a "one-hour life circle", so as to comprehensively improve the quality of life and happiness of community residents. -"Relying on" New Infrastructure "to Promote the Construction of Smart Communities"

　　Lenovo Group: Yang Yuanqing

　　From four aspects: strengthening new infrastructure, strengthening market policy guidance, accelerating the construction of application ecology and accelerating the cultivation of compound talents, we will enhance the integrated application ability of "5G+ Industrial Internet", thus promoting the sustainable innovation and development of manufacturing industry. The new infrastructure is not only advanced intelligent technology, but also the infrastructure to empower the smart economy. Vigorously developing new infrastructure is conducive to empowering intelligent changes in all walks of life and releasing efficiency dividends. —— "Proposal on" 5G+ Industrial internet plus Intelligentization "Empowering High-quality Development of Manufacturing Industry"

　　BAIC Group: Xu Heyi

　　It is necessary to integrate automobile, artificial intelligence and urban development, and make the automobile industry a new infrastructure of modern smart cities and an AI cell of smart cities. Specifically, it is suggested to innovate the top-level design ideas of automobile industry and increase support for new automobile industry; Joint high-tech enterprises and automobile enterprises to jointly build the urban brain; Supervise the development of smart shared cars while guiding; Guide cross-industry cooperation and standardize cross-industry data application. -"Promoting the Construction of Smart Cities with Automobiles as New Infrastructure"

　　Jiadu Technology: Liu Wei

　　In the face of numerous digital intelligent systems in all walks of life in new smart cities, especially the crisis of this epidemic, each city urgently needs a "unified control center and command and decision center" like the city brain. —— Proposal on Adjusting the Construction Direction of New Smart Cities in the Background of New Infrastructure Investment.

　　NO.2

　　▼

　　New energy vehicles/automobile industry

　　Representative entrepreneurs: Li Shufu, Zhu Huarong and Chen Hong.

　　Ceng Qinghong, Zhang Xinghai, Wang Fengying, etc

　　On May 11th, the data released by China Automobile Industry Association showed that the monthly growth rate of automobile production and sales nationwide in April was the first increase this year, among which the sales volume ended the 21-month continuous decline.

　　However, the production and sales of new energy vehicles continued to be poor in April. Even though the decline was narrower than that of last month, including Tesla, the sales volume still decreased by 26.5% year-on-year.

　　What’s more, from January to April, the market share of China brand passenger cars continued to decline, down 2.5 percentage points year-on-year.

　　The anxiety of the industry recession is fully reflected in the proposals of relevant representatives and members of the automobile industry, and even caused a lot of controversy because of the obvious "bringing goods" in some proposals.

　　Changan Automobile: Zhu Huarong

　　There is a big gap between the brand power of China brand and joint venture brand, and the phenomenon of "cheap and low-end" negative value brand is still outstanding, which is difficult to fully meet the needs of consumption upgrading; There is a big gap between premium ability and profitability. In the current world economic environment, survival and development are facing difficulties, and it is urgent to quickly enhance the brand power of China brand cars. In this regard, three suggestions are put forward:

　　1. Advocate leading cadres, public servants and public figures to give priority to the use and purchase of China brand cars;

　　2. At the level of large-scale activities or national behaviors, more China automobile brand image will be displayed;

　　3. Heavyweight media guidance to help China automobile brands go up; Perfecting the network management mechanism and shaping the public opinion environment of the industry. -"Suggestions on rapidly enhancing the brand power of China brand cars and stimulating China’s economy under the current world economic environment"

　　At present, new energy vehicles are still a policy-oriented market, and there are problems such as the demand for private cars has not yet been stimulated. Suggestions are as follows:

　　1. Examine the development strategy of new energy industry and optimize the top-level policy orientation;

　　2. Improve the use environment of new energy and stimulate the power of consuming new energy vehicles;

　　3. Continue to encourage the use of new energy vehicles. —— Proposal on Further Promoting the Sustainable and High-quality Development of New Energy Vehicles in China.

　　Geely Automobile: Li Shufu

　　The vehicle purchase tax will be changed from the central tax to the central and local sharing tax, with the sharing ratio of 50:50, and the adjusted local fiscal revenue of vehicle purchase tax will be used for the research and development of new technologies and the promotion of automobile consumption in an appropriate proportion. Increasing local fiscal revenue can stimulate local enthusiasm to boost automobile consumption. In addition, local governments can also increase the construction of urban roads, parking lots, charging piles and other infrastructure to promote the coordinated development of the automobile industry and urban construction. -"Changing the vehicle purchase tax from central tax to central and local shared tax" (submitted jointly with Great Wall Motor (601633, stock bar) Wang Fengying)

　　Guangzhou Automobile Group: Ceng Qinghong

　　Appropriately increase the license plate quota in the areas where cars are restricted, cancel the restrictions on car purchases, relax the conditions for car purchases and license plate restrictions, postpone the implementation time of the National Sixth National Congress, reduce road and bridge fees, and optimize the automobile consumption subsidy policy; Speed up the release of pickup trucks into the city; Increase the support for cars going to the countryside, and implement specific subsidies or preferential policies for rural people (603883, stock bar) to buy cars; Reduce the down payment ratio of new energy, second-hand cars and mortgage interest rates. -Suggestions on Promoting Automobile Consumption

　　SAIC: Chen Hong

　　With the popularity of private cars in recent years, the road congestion caused by the increase of car ownership and the continuous optimization of urban traffic management have become a pair of long-term accompanying themes. Judging from the current scientific and technological progress and the experience of foreign leading countries, making full use of domestic big data, cloud computing and 5G technology, the level of urban traffic management will have a greater room for improvement, and with market-oriented adjustment means, it will realize vehicle ownership management to use management, and gradually open up urban purchase restrictions. —— "Proposal on Improving Urban Traffic Management Level and Gradually Opening the Restrictions on Purchase and Restriction in Cities"

　　Xiaokang Automobile: Zhang Xinghai

　　Tax support: the policy of exemption from purchase tax and purchase subsidy for new energy vehicles will continue to be extended until 2025; Support in technology research and development: cultivate core technologies of electrification and intelligence; Support in the market: it is suggested that the state should issue a unified policy, requiring all localities to treat all new energy vehicles that meet China’s regulations equally in terms of restrictions on purchases, sharing and road rights; Support in the used car market: open up the circulation of new energy used cars. -"Suggestions on Continuing to Support the Development of New Energy Vehicles"

　　NO.3

　　▼

　　Small and medium-sized enterprises bail out

　　Representative entrepreneurs: Ma Huateng, Sun Pishu and Lei Jun.

　　Zhang Jindong, Yao Jinbo, etc

　　In May, Choice data announced the survival of 6,952 small and medium-sized enterprises listed on the New Third Board: the median revenue growth of the company was 6.45%, further down from 9.87% in 2018. It seems that growth has always been the bottleneck of small and medium-sized enterprises, and the bottleneck will face a new tightening in 2020: COVID-19 epidemic.

　　According to the data released by Tsinghua Wudaokou Institute of Financial Technology in the first quarter of 2020, the income of small and medium-sized enterprises decreased by 69.5% on average in the first quarter.

　　How to make small and medium-sized enterprises "survive" under the impact of the epidemic, delegates and CPPCC members wrote their own ideas in the proposal.

　　Founder of Tencent: Ma Huateng

　　Financial and tax support is an important means to help enterprises get out of trouble, and digital technologies represented by big data, cloud computing and artificial intelligence can also help small and medium-sized enterprises.

　　It is suggested that new modes such as "human resources go to the cloud" and "shared employment" should be adopted to alleviate the difficulties faced by small and medium-sized enterprises, increase their anti-risk ability and dredge the "capillaries" of the economic market; Strengthen the digital upgrade of financial services, improve the accuracy of financial services, and dredge the "last mile" to help small and medium-sized enterprises. In the medium and long term, strengthen the cloud platform, promote the comprehensive digital upgrade of traditional small and medium-sized enterprises, and enhance the overall strength of small and medium-sized enterprises. —— "Proposal on Using Digital Technology and Innovative Application Mode to Help Small and Medium-sized Enterprises to Help Out"

　　Founder of Xiaomi: Lei Jun

　　The anti-risk ability of small and micro enterprises in different industries is quite different, which leads to different service costs. We should distinguish between financial institutions and small and micro enterprises, establish a symmetrical service relationship and market price, and improve the matching degree and financing efficiency of financing services.

　　Accelerate the establishment of a credit big data service platform and a financial technology service platform covering finance, taxation, market supervision, social security, customs, justice, and market activities, and reduce the service costs of SMEs.

　　Support small and medium-sized banks to focus on financing services for small and micro enterprises, and at the same time intensify the development of angel investment, venture capital, equity financing, supply chain finance and other financing methods to form a sufficient and diversified fund supply system. -"Suggestions on Improving Financing Services for Small and Micro Enterprises"

　　Suning Group: Zhang Jindong

　　It is difficult for small and micro enterprises to raise funds, and it is difficult to control risks; The difficulty of risk control lies in the acquisition of valuable information; It is difficult to obtain information and data, and it is difficult to disperse in the data portal, and it is difficult to eliminate the island effect.

　　At present, different government agencies and departments manage and serve small and medium-sized enterprises in different industries and fields, such as the Bureau of Industry and Information Technology and other departments mainly serve industrial enterprises, while the relevant departments of the Bureau of Commerce connect with service enterprises such as wholesale and retail, and there is no unified information collection and export channel. Even if the provincial government has set up an information sharing platform, there are still some problems, such as limited scope of use (most data are only open to government agencies), complicated application procedures and low information quality, which can not effectively help financial institutions to carry out large-scale business in inclusive finance. -"Solving the Financing Problem of Small and Micro Enterprises with Multiple Strategies"

　　Inspur Group: Sun Pishu

　　The local government will take the lead to sort out and aggregate the key elements such as funds, data and financial products needed for platform construction, integrate government data, Internet data resources and business data, and build an "aggregated" and "intelligent" financial service platform to help financial institutions provide loans to small and medium-sized enterprises without meeting, with pure credit and quick receipt.

　　Encourage local governments to introduce market-oriented credit reporting companies with strong financial technology services as platform operators, provide risk control models for local financial institutions, build credit scoring systems, and jointly develop innovative financial products; At the same time, we will improve the credit evaluation system of regional small and medium-sized enterprises and support the inclusion of the credit evaluation system of regional small and medium-sized enterprises in the PBOC credit information system. —— "Proposal on Using Big Data to Solve Financing Problems of Small and Medium-sized Enterprises"

　　Group 58: Yao Jinbo

　　The biggest difficulty faced by the recovery of small and medium-sized enterprises under the epidemic situation lies in the high cost, especially the labor cost. Therefore, on the one hand, the deposit ratio of housing provident fund is appropriately lowered from the minimum payment of 5% to 3%; On the other hand, it is suggested to further reduce the proportion of social security contributions, and the proportion of corporate contributions nationwide should be uniformly adjusted to 12% or 13%.

　　In addition to appropriately reducing the proportion of provident fund and social security contributions to reduce the cost of employment for enterprises, we should also promote new modes such as flexible employment.

　　In addition, under the guidance of the government, financial institutions cooperate with internet platforms with big data resources to establish a credit evaluation system for SMEs, thus solving the financing needs of enterprises. -"further stabilizing employment and supporting the development of small and medium-sized enterprises"

　　NO.4

　　▼

　　Public health system/epidemic situation

　　Representative entrepreneurs: Shen Nanpeng, Yang Yuanqing, Ding Lei and Li Yanhong.

　　Zhou Yunjie, Sun Piaoyang, Ding Liming, Xiao Wei, Ke Yunfeng, etc.

　　Never waste a crisis.

　　An epidemic in COVID-19 has exposed many "bugs" in China’s public health system. During the two sessions, both "programmers" entrepreneurs and the medical profession have made their prescriptions, and at the same time, they have given plans in advance for the coming post-epidemic era.

　　Hengrui Group: Sun Piaoyang

　　For some pathogens with large-scale epidemic and high risk, the state supports strengthening strategic reserve research, arranging in advance and tackling key problems in advance; Open national fund supports enterprises to carry out basic research in the field of infectious diseases, so as to ensure that they can know new viruses as soon as possible when the epidemic breaks out, so as to develop drugs in a targeted manner; The state supports the establishment of a technical platform for epidemic response and grasps key technologies; Make full use of the virus research technology platform established by the state, encourage and strengthen cooperation with enterprises to carry out technical research, and promote the transformation of results. —— "Proposal to strengthen the research and development of new drugs to prevent and control major epidemics"

　　Beida Pharmaceutical: Ding Lieming

　　Coordinate the establishment of a national emergency material support system, and screen a number of targeted anticancer drugs and other therapeutic drugs with definite curative effects and urgent needs of patients, and bring them into the national emergency material support system for procurement, storage and regional layout. In the event of a major public event, these anticancer drugs and disaster relief materials are uniformly deployed and supplied to ensure the normal and timely use of drugs by cancer patients. -Proposal on Promoting Public Health Emergency Response and National Cancer Prevention and Control Action as a Whole.

　　Kangyuan Pharmaceutical: Xiao Wei

　　Based on the "Wuhan Model", a comprehensive prevention and control system of Chinese medicine to deal with major public health incidents was established. Specifically, it includes speeding up the establishment and improvement of comprehensive protection for medical prevention and treatment of traditional Chinese medicine; Establish a rapid emergency mechanism for Chinese medicine to deal with major infectious diseases; Establish an innovative collaborative platform for tackling key problems of traditional Chinese medicine in antiviral scientific research of traditional Chinese medicine; Establish a backup force for Chinese medicine pharmaceutical enterprises to actively participate; Build a "cloud computing, Internet of Things" big data platform system; Improve the support policies to support the development of traditional Chinese medicine and the service of benefiting the people; Comprehensively strengthen the popularization of traditional Chinese medicine and the guidance of public opinion. —— "It is suggested to build a comprehensive prevention and control system of Chinese medicine to deal with major public health incidents"

　　Da Shen Lin: Ke Yunfeng

　　Incorporate retail pharmacies into the public health system and the overall national health plan, and use large chain pharmacies as reserve units of epidemic prevention strategic materials. —— Suggestions on the Interim Measures for the Designated Management of Medical Security in Retail Drugstores (Draft for Comment)

　　Sequoia Capital: Shen Nanpeng

　　1. Promote the whole process of new drug research and development, clinical trials and market entry through policy reform, stimulate the vitality of drug innovation, increase the accessibility of innovative drugs, and effectively solve people’s medical drug demand.

　　2. Promote the construction of a national personal health record system. Deepen the reform of medical device evaluation and accelerate the listing of artificial intelligence medical device products, including exploring the establishment of AI special channels. Pilot some charging items, develop medical AI product liability insurance, and promote clinical application and popularization.

　　3. Change the passive situation of "the god of wealth follows the god of plague", reposition the infectious diseases department in the medical system with a strategic height, and improve the overall prevention and emergency response capabilities. -"Suggestions on the reform of innovative drug research and development and examination and approval system, medical informationization and intelligence, and the construction of various prevention and control mechanisms for infectious diseases"

　　Founder of Netease: Ding Lei

　　Make full use of digital technology to improve the ability of monitoring and analyzing serious epidemic diseases. Establish a unified "patient big data analysis center" at the national level, and use digital technologies such as big data, artificial intelligence and cloud computing to dynamically judge key information such as biochemical data and medical images, and establish a mechanism for early detection, early warning and early intervention of emerging problems.

　　At the same time, relying on the large-scale high-quality e-commerce platform, on the one hand, through real-name authentication, frequency current limiting, anti-cheating and other technical means, we will ensure that the important national reserve materials are put in accurately to ensure the smooth and orderly supply and sales of people and people’s livelihood security necessities during major emergencies. On the other hand, collect big data of supply and demand to carry out dynamic analysis and forecast, guide manufacturing enterprises to carry out flexible production management, and realize accurate docking, efficient production and overall deployment of supply and demand of important materials. -"Give Full Play to the Supporting Role of Digital Technology and Optimize the Emergency System for Sudden Major Events"

　　Founder of Baidu: Li Yanhong

　　It is suggested that relevant departments should coordinate and do a good job in the management of personal information related to the epidemic and the disposal of information after the epidemic. The details are as follows: First, set up an exit mechanism for personal information collected during the COVID-19 epidemic. The second is to strengthen the standardized management of collected data and minimize the risk of data leakage and abuse. The third is to study and formulate standards and norms for the collection, storage and use of citizens’ personal information in a special period. -Proposal on Strengthening the Protection of Personal Information Related to Epidemic Prevention and Control

　　Lenovo Group: Yang Yuanqing

　　First of all, we should strengthen the top-level design and overall coordination of the new generation Internet medical and health platform, include the construction of the new generation Internet medical and health platform in the "Tenth Five-Year Plan" in the medical and health field, clarify the overall thinking, and focus on development and construction.

　　Secondly, accelerate the construction of "digital family doctor" platform, build home medical Internet of Things (IoMT) solution, accelerate the establishment of community medical smart grid platform, and promote the deployment of graded diagnosis and treatment and emergency medical management.

　　At the same time, we will further promote the organizational construction of the "New Generation Internet Hospital", improve the accessibility of standardized and high-quality medical resources, support the landing of graded diagnosis and treatment system, and establish a "National Medical Health Supercomputing Platform" to help China’s medical brain grow. -"Suggestions on Accelerating the Construction of a New Generation Internet Medical and Health Platform and Improving China’s Medical Level by Taking the COVID-19 Epidemic as an Opportunity"

　　Haier Group: Zhou Yunjie

　　The Internet of Things technology is applied to the whole process of vaccine transportation and vaccination to ensure that all information of vaccine can be displayed and traced, so that vaccinators will not make mistakes, and consumers will be more confident in the brand, quality and safety of vaccine.

　　National Health Commission takes the lead in formulating policies to promote the construction standards of vaccination clinics in various regions and upgrade the decoration and design specifications of vaccination clinics; Require new vaccination clinics to apply vaccination and storage equipment based on Internet of Things technology, and upgrade existing vaccination clinics; Promote the application of mobile vaccination vehicles in areas with inconvenient transportation, and take various measures to further improve China’s vaccination safety and security capabilities. -"Suggestions on Applying Internet of Things Technology to Ensure Vaccination Safety"

　　The author | John Joe | Duty Editor | Hemp Sauce

　　Editor | He Mengfei | Editor | Zheng Yuanmei

　

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