On April 18th, 2023, Porsche brought a shocking release of the new Cayenne series to fans all over the world, including five models. Among them, the entry-level brand new Cayenne starts at RMB 980,000, and the Cayenne E-Hybrid Coupé is also launched simultaneously, starting at RMB 980,000. The most performance Cayenne Turbo GT is priced at a staggering 2.508 million yuan, which shows the luxury and strength of the brand.

In the domestic market, the Porsche Cayenne has many models on sale, and the official quotation range spans 9.3 million yuan to 1.908 million yuan. It is worth noting that the dealer has not provided preferential information for the time being, but its pricing strategy is relatively transparent. For car buyers, the full landing price of a Cayenne may reach 10.95 million yuan, which reflects its high-end positioning and market positioning.

For those car buyers who care about the official guide price, the official guide price of Porsche Cayenne is 9.8 million yuan to 18.8 million yuan, and the E-Hybrid version of the lowest model of Cayenne starts at 980,000 yuan. As a luxury SUV, Cayenne has won the favor of many consumers with its unique design and performance.

Although the market situation in different regions may be different, according to the known information, the lowest price ranges from 8.6 million yuan to 26 million yuan, and the guide price ranges from 9.2 million yuan to 26 million yuan, and it is equipped with an automatic transmission. Car buyers must consider the price fluctuation in specific areas when deciding to buy.

Although the interior of the Porsche Cayenne continues the brand’s consistent style, such as ignition switch, three-spoke steering wheel and large-area leather finish, these details can’t hide its exquisiteness and quality as a luxury car.

In a word, the price of the new Porsche Cayenne fully reflects its brand value and luxury positioning. For consumers who are interested in buying, they need to make full budget preparation and market research to find the most suitable model and price point.

　　A great weapon to stabilize the capital market this week has come! The long-rumored 180 billion pension finally entered the A-share market and began to invest. The investment trajectory of pension in A shares is becoming a topic of great interest to investors.

　　A few days ago, the Ministry of Human Resources and Social Security revealed at the relevant press conference that in terms of investment in basic endowment insurance funds, the governments of nine provinces (autonomous regions and municipalities) such as Beijing and Anhui have signed entrusted investment contracts with the Social Security Fund Council, with a total contract value of 430 billion yuan, of which 180 billion yuan has been received and investment has begun.

　　Heavy

　　180 billion pensions began to invest.

　　180 billion yuan has been invested, and at least 250 billion yuan is on the way. The huge volume of pensions has attracted much attention. How big can the basic pension finally enter the market? How much does it flow into the stock market?

　　At present, there are two estimates in the industry. Dong Ke, a professor at Renmin University, predicted at the end of last year that the balance of basic pensions in China is about 3.5 trillion yuan, and it is expected to reach 5 trillion yuan in the next five years. The internal forecasts of some insurance institutions show that the balance of the national basic pension is at least 2 trillion yuan. These will not all be put into the stock market. The Ministry of Human Resources and Social Security has made it clear that the total investment in equity products such as stocks will not exceed 30% of the net asset value.

　　As for the current size, the market believes that the Social Security Fund Council has been entrusted with a basic pension of 180 billion yuan, and the upper limit of entering the stock market may be 54 billion yuan.

　　direction of a current

　　16 pension portfolios are new.

　　What investments did the 180 billion yuan make? How are these funds allocated? The third quarterly report of listed companies unveiled the investment trajectory of pension portfolio in the A-share market in response to the pension market’s concern.

　　Wind data shows that as of October 31, the basic endowment insurance fund portfolio bought six stocks in the third quarter, and all of them were new in the third quarter. These six stocks are Dahao Technology, Shangfeng Cement, Hudian, Tiandi Technology, Guangzhou Restaurant and Rongan Real Estate. The market found that the accumulated market value of the pension portfolio for these six stocks was only 197.3888 million yuan, which was only a small test stage compared with the large army of 180 billion yuan. In the second quarter of this year, the pension portfolio bought a small amount of three stocks, namely Zhenghai Magnetic Materials, Jiuyang Shares and Shoushang Shares. However, as of the end of the third quarter of this year, the pension portfolio reduced all three stocks.

　　The pension portfolio is very active in playing new shares offline. As of October 31, 16 pension portfolios have spent more than 86.9 billion yuan to "innovate" offline. Analysts said that for pensions, investment pays more attention to safety and decentralization. Pensions may be biased towards absolute returns, and there can be no sustained long-term losses, which is also confirmed by participating in the subscription of new and convertible bonds. Pensions have also participated in Palm Shares, Luoyang Molybdenum Industry and Tapai Group through fixed increase, and have already made great floating profits.

　　The market believes that the long-term style of each basic pension insurance portfolio remains to be seen, but individual style differences have been revealed. For example, the 801 portfolio continues the style of Guangdong-style funds and is good at tapping investment opportunities from sub-new companies. The 802 portfolio embodies the characteristics that veteran investment managers are good at portfolio allocation. The 903 combination has a unique sense of smell for policy-sensitive periodic varieties.

　　According to the latest third quarterly report, the basic endowment insurance fund 801 has increased its holdings of Guangzhou Restaurant, a new share, and has become the largest tradable shareholder of the stock. At the same time, the portfolio significantly reduced its shareholding in Shoushang, which is a commercial stock held by a fund and Niusan. The 802 combination of basic old-age insurance significantly reduced its holdings of Jiuyang shares and Zhenghai magnetic materials, and increased its holdings of Hudian shares. The stocks that have been reduced are well-known home appliance stocks and new energy vehicle concept stocks, while the holdings are component companies held by many institutions. The 903 portfolio of basic endowment insurance increased its holdings of Shangfeng Cement and Rongan Real Estate in this quarter, both of which are related to the industrial chain of infrastructure real estate. And the basic pension portfolio is the only fund management institution among the top ten tradable shareholders of these two companies. In addition, the basic old-age insurance 804 portfolio increased its holdings of Tiandi Technology, and the 904 portfolio increased its holdings of Dahao Technology.

　　safe

　　All localities only use surplus funds for investment and operation.

　　The person in charge of the relevant department of the Ministry of Human Resources and Social Security said that after the investment and operation of the pension insurance fund, all localities set aside pensions to ensure the current payment, but only used the surplus funds for investment and operation. Insured people do not have to worry that the timely and full payment of their pensions will be affected, and the investment and operation of the fund is conducive to ensuring the future pension payment.

　　At the same time, the Ministry of Human Resources and Social Security said that the Ministry of Human Resources and Social Security and the Ministry of Finance have improved the supervision system and mechanism to ensure its safety in many ways. The Ministry of Human Resources and Social Security said that the endowment insurance fund will be collected by the provincial government and entrusted to operate centrally.

　　The endowment insurance fund will invest in a diversified way, not putting eggs in one basket, and will choose more mature investment varieties for investment. The state will give special policy support, and ensure long-term stable income by participating in major national projects and major projects, and participating in the restructuring and listing of key state-owned enterprises.

　　The market also noticed the firewall system of pension investment. According to the Ministry of Human Resources and Social Security, according to regulations, investment institutions and trustee institutions respectively set up risk reserves at 20% of management fees and 1% of annual investment income, which are specially used to make up for possible losses in pension fund investment.

　　organization

　　The investment team is professional and experienced.

　　Because the pension pursues long-term and stable income, the team qualified for pension investment should also be tested by the market.

　　The market has noticed that the investment performance of pensions is actually contributed by teams at two levels. On the one hand, the management team of the National Social Security Fund Council is responsible for the allocation of funds and assessment. On the other hand, the team of investment institutions responsible for investment in one or several professional directions.

　　It is understood that the "XXX Portfolio of Basic Endowment Insurance Fund", which has attracted much attention from the market, is actually a portfolio managed by an investment management institution in a certain direction. The assets of this portfolio usually focus only on a certain field of investment and do not make too many position adjustments, and its scale is dynamically adjusted by the social security fund according to the situation. For example, the pension portfolio starting with three characters is basically a fixed-income portfolio (including institutions such as Nanfang, Penghua, Dacheng, Yin Hua, ICBC Credit Suisse, Huatai Asset Management, Taikang Asset Management and CITIC Securities), while those starting with eight characters and nine characters are actively managed equity portfolios (including institutions such as E Fund, Bosera, Huaxia, Jiashi, Fuguo and Dacheng).

　　Usually, investment institutions that undertake pension management portfolio will set up special teams to screen the best fund managers in a certain field to participate in pension management. This is the same as managing the social security fund portfolio at the beginning. Huaxia Fund launched Wang Yawei and Bosera Fund arranged Guijiang and Deng Xiaofeng. Historically, during the fluctuation period of the A-share market, the combination of national social security fund management had a very classic operation.

　　Text/reporter Liu Shenliang

　　related news

　　Public Offering of Fund, the goal of providing for the aged, is coming.

　　(Reporter Zhu Kaiyun) The China Securities Regulatory Commission recently issued the "Guidelines for Pension Target Securities Investment Funds (Trial)" (hereinafter referred to as the "Guidelines") for public comments.

　　What is the pension target securities investment fund? According to the exposure draft, the pension target fund refers to a publicly raised securities investment fund that aims at pursuing the long-term steady appreciation of pension assets, encourages investors to hold them for a long time, adopts mature asset allocation strategies, and reasonably controls the risk of portfolio fluctuation.

　　At present, it is of great significance and necessity to formulate "Guidelines" and launch "Pension Target Fund": First, it is conducive to giving full play to the role of professional financial management in Public Offering of Fund’s pension investment. Second, it is conducive to the formation of special pension investment fund product categories, which is convenient for investors to identify and choose investments. At present, there are a large number of Public Offering of Fund, which has exceeded 4,000, with different styles. Formulating the Guidelines and clarifying the relevant arrangements of pension funds in terms of investment strategy and investment ratio will help to form special pension fund product categories and facilitate investors to identify and choose. Third, it is conducive to the long-term sustainable and healthy development of pension funds. In recent years, the industry has introduced some pension funds one after another, and most of them have achieved good returns by adopting a prudent investment strategy and controlling their positions. Summarizing the operation experience of pension funds in the early stage to form industry standards is conducive to the long-term sustainable and healthy development of pension funds.

　　According to the "Guidelines", pension target funds should adopt a regular and open operation mode or set a minimum holding period for investors to match the investment strategy of the fund. The closed operation period or the minimum holding period of the pension target fund should be no less than one year. If the closed operation period or the minimum holding period of the pension fund is not less than one year, three years or five years, the proportion of the fund invested in stocks, equity funds and hybrid funds shall not exceed 30%, 60% and 80% in principle.

　　The Guidelines require that the pension target fund should include the word "pension target" in the fund name and reflect the investment strategy. The pension target fund adopting the target risk strategy also needs to specify the product risk level in the fund name. Other Public Offering of Fund, shall not use the word "pension". In the publicity and promotion materials of the pension target fund, it should be clear that the name of "pension" does not represent income guarantee or any other form of income commitment, and it should be marked in a prominent position that the product does not break the capital and may suffer losses.

　　The 2023 Tyrannosaurus Rex Mammoth is now sold in Tianjin Port, and the country is licensed. The 23 Tyrannosaurus Mammoths use a supercharged 6.2-liter HEMI? HELLCAT V8 engine with a maximum horsepower of 1,014 horsepower and a maximum torque of 1,314 Nm. It has become the fastest and most powerful mass-produced half-ton pickup truck in the world. In terms of torque, TRX provides a new performance level with a speed of 0 to 100 km/h in 4.9 seconds and a top speed of 190 km/h.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　Secondary carbon fiber package panoramic sunroof trailer reverse auxiliary Mammoth 1000 (upgrade high-flow supercharger upgrade rear drive wheel upgrade heavy crankshaft shock absorber upgrade thermostat high-flow filter crankcase ventilation system HPE ECM calibration upgrade install chassis dynamometer test hennessey embroidered headrest hennessey external Mammoth badge engine compartment Mammoth limited sign/Mammoth customized front LED rear bumper 20 inch hennessey 35AT tire hennessey level kit)

　　The exterior design of the Dodge Tyrannosaurus Rex Mammoth has a strong sense of impact. Compared with the well-behaved family design, the front of the Dodge Tyrannosaurus Rex Mammoth undoubtedly has a little more sense of invasion on the road. The eyes do not reveal a trace of lively charm, but only show fierceness. The front bumper is made of iron with a hook, which exudes a metallic atmosphere and is calm and atmospheric. As the best-selling model, it has a very aggressive front face.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　The work of the Dodge Tyrannosaurus Rex Mammoth completely got rid of the American roughness. The edges and seams were carefully handled. The leather seats were independent and equipped with comfortable functions such as heating and massage. Each seat was independently equipped with a control handle, and the functions were controlled by the occupants themselves. All seats of Dodge Ram pickup truck are wrapped in leather, and the front row is also equipped with very practical sports seats.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　The design of the 2023 Dodge Tyrannosaurus Mammoth Center Console is simple and hard, which conforms to the temperament of the ram. The bottom of the dashboard has patterns, which further highlights the elegance of this car. The soft instrument panel design is very comfortable to the touch, and there is nothing stiff.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　The chassis of 23 Dodge Tyrannosaurus Rex mammoths has also been greatly upgraded. The chassis is made of a large number of high-strength steel to improve the rigidity of the frame. At the same time, the suspension system is also equipped with an adaptive shock absorber from Bilstein, which can reduce the vibration during high-speed desert driving and off-road, and improve driving performance and durability.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　The interior of the 23 Dodge Tyrannosaurus Mammoths is simple and generous, but this will not affect its luxurious texture. The rich configuration will make you admire it. At the same time, as the flagship model of the Dodge family, the new car is also equipped with a 12-inch vertical central control screen. In addition to supporting common functions such as Bluetooth, navigation and car Wi-Fi, it also supports Apple CarPlay and Android Auto phones.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　In addition to the powerful power, the performance version of the 23 Dodge Tyrannosaurus Mammoths is also first-class in 1500TRX and off-road performance. The clearance between the vehicle and the floor is 28cm, the contact angle is 30.2, the departure angle is 23.5, the passing angle is 21.9, and the wading height is 81.28cm, which can correspond to most sections. In addition, the new car is equipped with an adaptive shock absorber from Bilstein, and the stroke of the front and rear wheels reaches 33/.

　　China Automobile Shunhe International Trading Co., Ltd., a company that mainly imports high-end cars of luxury car brands such as Mercedes-Benz, BMW, Toyota, Land Rover, Rolls-Royce, Bentley and Lexus in parallel, provides follow-up services such as insurance, installment, licensing, modification and car delivery.

　　Overseas direct-selling first-hand car source All the models sold by our company can be phased in the whole country, and it takes only one day to buy a car by stages. Car purchase can be flexibly operated with convenient conditions such as full ticket tax deduction, decorative ticket, advance payment and departure. More car information configuration quotes and promotions are posted on WeChat, welcome to add!

　　(It can be divided into national installments, with a down payment of 10% and a loan of 3-6 years. The procedures are simple and the loan is fast. )

　　Company address. Tianjin Port Bonded Area Pacific International Automobile B3-B5-B7-B9

　　Tel: 18920481155 Manager Wang can add WeChat.

　　Disclaimer: The above car purchase preferential information is provided by the comprehensive dealers of this website, and the price fluctuates greatly due to market factors, which is only for car purchase reference; The distributor is responsible for its authenticity, accuracy and legality, and this website does not provide any guarantee or assume any legal responsibility.

[Today’s Aspect]

[Industry Wind Direction]

The order volume of Xiaomi SU7 has exceeded 70,000 units, of which Max version is the most popular. Lei Jun revealed that the delivery target in 2024 exceeded 100,000 units, and the weekly sales volume increased significantly to 2,397 units in the second week of April. SU7 will start the delivery of Pro version at the end of May, and is now fully producing to meet the order demand 3-5 times higher than expected. The price range of Xiaomi SU7 is 215,900-299,900 yuan, and it is equipped with high-end hardware and technology, including battery performance of 510km in 15 minutes and 810km in CLTC cruising range.

Lei Jun, chairman of Xiaomi Group, said on the domestic social platform that the production capacity and delivery speed of Xiaomi SU7 have improved, and early delivery has been achieved. He also recommended other new energy vehicles such as Zhijie S7, Weilai ET5 and Tucki P7 series. Zhijie provides a cash subsidy policy of 5,000 yuan for the owner of Xiaomi SU7 order, which is valid until the end of May. Xiaomi SU7 and Zhijie S7 are highly similar in price and configuration, and both provide endurance of more than 700km.

Xiaomi Automobile answered the questions raised by users, and introduced how to use the Mijia vehicle-mounted portable charging and discharging gun to charge Xiaomi SU7 in places without charging piles, as well as the functions of emergency recharge and external discharge. The preset application in the car can’t be uninstalled, but the application in the app store can. The remote control key will be reminded when the battery is low, and the battery can be replaced by itself. The spoiler (tail wing) has a welcome mode and automatically unfolds. The wiper can be adjusted by voice or operation interface. All versions of Xiaomi SU7 are equipped with 7 airbags.

More than 170 new cars will be exhibited at this year’s 2024 Beijing Auto Show, among which the highlights include the launch of the new Volkswagen Magotan, equipped with 1.5T and 2.0T engines; Ford Fierce Horse Pre-sale, the price range is 300,000-450,000 yuan; Mercedes-Benz pure electric G-class off-road vehicle will be unveiled soon; The racing version of SAIC Audi Q5 e-tron RS kit was launched; Kia Sonay is listed; Ye GT concept car and Roewe D5DMH model pre-sale; Changan Qiyuan E07 and Guangqi Honda e:NP2 made their debut; The new red flag H9 is listed; Mercedes -AMG GT 63 S E PERFORMANCE made a public appearance; Chevrolet explorer Plus started; Porsche Macan EV announces the price; The red flag EHS7 starts; Cadillac IQ proud song listed; Ruifeng RF8 HarmonyOS Edition and Wuling Xingguang Pure Electric Edition are listed; Deep blue G318 opens for pre-sale. There will be new models of brands such as BMW, BYD, Toyota and Lectra.

[Travel dynamics]

Weilai Energy has reached a cooperation with Deep Blue Automotive Technology. Since May, users of Deep Blue Automotive will be able to use charging stations in more than 300 cities in Weilai through App. Weilai has built 3,770 charging stations, 21,931 charging piles and 364 overcharging stations. The cooperation also covers the power exchange service to enhance the charging experience of new energy vehicles.

[Product Information]

The new model M5 is officially released, with a price of 249.8-279.8 million yuan. It contains two versions, extended range and pure electricity, mainly upgrading the configuration and design details, and will be delivered in batches from May 15th. The new car is equipped with closed air intake net, black decoration, HUAWEI SOUND sound, etc., and offers a variety of car colors and interior color matching options. Powered by extended range version and pure electric version, the battery life can reach up to 1440km. The intelligent driving system includes laser radar and multi-camera group, adding remote parking function.

The 2024 Toyota Saina SIENNA went on the market, with the price range of 299.8-410.8 million yuan, and the price after comprehensive discount was 284.8-395.8 million yuan. There are 9 new models, including E-Four four-wheel drive version and Qualcomm Snapdragon 8155 chip car. The exterior design continues the preceding paragraph, while the interior is upgraded with the second row of integrated aviation seats and enhanced central control panel function. The new car is equipped with a hybrid system, and the comfort and handling are improved in the face of competing products such as Buick GL8 and Volkswagen Weiran.

Lectra Auto released the new Lectra 09 MHEV seven-seat four-wheel drive global version, priced at 265,800 yuan, equipped with a 2.0T hybrid system, with a new navy blue tone, LED matrix headlights and 20-inch rims. The interior is designed in brown, providing a high-end intelligent cockpit operating system and a number of assisted driving functions. In terms of power, it is equipped with a Drive-E 2.0T T5 engine and an 8-speed gearbox. The car will be unveiled at the Beijing Auto Show.

Lexus announced that it will launch two concept cars LF-ZL and LF-ZC at Beijing Auto Show to show its electrification direction. As the flagship concept car of pure electricity, LF-ZL is expected to be mass-produced in 2026, with a modular structure and bold appearance, with a size of 5300/2020/1700mm and a wheelbase of 3350 mm. LF-ZC has a sci-fi appearance and pays attention to aerodynamic design. The interior is integrated with bamboo CMF concept, and the intelligent cockpit is equipped with Arene OS system to provide upgrade services and advanced functions.

Huawei and BAIC’s first "Smart Car" Enjoy the World S9 will be launched at the Beijing Auto Show, and it is expected to be listed in July and August, with a price of about 500,000. This pure electric medium and large car has luxurious positioning, simple appearance and spacious interior. The body size is 5160/1987/1486mm and the wheelbase is 3050 mm. Single-motor and dual-motor versions are available, equipped with drive motors produced by Huawei Digital Energy Technology Co., Ltd., with maximum power of 227 kW and 158 kW respectively.

The official map of the 2025 Cayenne GTS was released, and the new model was improved in power. It was equipped with a 4.0-liter V8 twin-turbo engine with a power of 500 HP and a torque of 660N?m. The exterior is sporty, and the interior is widely made of Alcantara material, providing exclusive sports seats. The vehicle is equipped with PASM active suspension and Sport Chrono components, and it only takes 4.2 seconds to accelerate to 96km/h, and the highest speed is 275 km/h. The US market starts at $124,900.

　　Two days ago, I suddenly saw a news that the market value of CD PROJEKT (hereinafter referred to as CDP) has reached US$ 8.76 billion recently, far exceeding the US$ 8.55 billion of Ubisoft in France, making it the largest game company in Europe. (market value only)

　　As a latecomer in the industry, in fact, CDP has a short history. They only set up a game development studio in 2002, but they have made great achievements in the game market at home and abroad with the series of Wizards.

　　But such a game company has been insisting on something that looks strange — —Don’t encrypt the game.

　　Not to mention their own fire game "Wizard 3", even the games sold on their GOG platform are not encrypted for sale, and they are allowed to refund for no reason within 30 days.

　　In their fire game "Wizard 3", there is an egg task called "Tower Appearing Out of Thin Air".

　　In the game, the owner of the tower adopted a magic defense system, abbreviated as DRM. However, there was a problem with this defense system, which locked the owner of the tower in and disturbed the normal operation of the tower. And if you want to remove this DRM, you need a book called GOG.

　　Yes, DRM is the abbreviation of D encryption, GOG is the platform for "Donkeys" to sell their own games, and the owners of the tower are us players.

　　This kind of seemingly "confusing" operation can be regarded as the polish "donkey" title given to him by the player.

　　So why does CDP insist on the rule of no encryption, which seems to protect game developers at all?

　　On this matter, we are going to talk about the deadly Denuvo tamper-proof (D encryption).

　　As a necessary means for many manufacturers to protect their games from piracy, D encryption has always been respected by manufacturers, and it has set a record of not being cracked for more than 200 days, and even made many people think that:"There has been no piracy since then."

　　This has also set off a wave of D encryption among European and American game manufacturers, and manufacturers all hope that D encryption can protect their interests from piracy.

　　But looking at the past 2019,Games that use D encryption but fail to protect for more than a week abound..

　　For example, Resident Evil 2 Remastered Edition was cracked on the sixth day after its release, while Subway: Leaving didn’t last until the fifth day, and it was cracked only on the fourth day after its release.

　　The Devil May Cry 5 and Fury 2 were cracked within 24 hours of release. (There are also reasons for uploading encrypted EXE files.)

With the consent of the CPC Central Committee and the State Council, the 2020 National College Entrance Examination (hereinafter referred to as the "College Entrance Examination") will be postponed for one month, and the examination time will be from July 7th to 8th.

The specific subject examination schedule is: July 7, Chinese from 9:00 to 11: 30; Math is from 15:00 to 17:00. On July 8, liberal arts comprehensive/science comprehensive from 9:00 to 11: 30; Foreign languages from 15:00 to 17:00.

Hubei Province and Beijing Municipality may, according to the situation of epidemic prevention and control, study and put forward opinions on the time arrangement of college entrance examination in their own regions, and release them to the public in time after the approval of the Ministry of Education.

Ministry of Education

March 31, 2020

　　Parallel importer 6: 2021 2.5 hybrid electric vehicle, this car also has special features in power. It is composed of a 2.5L hybrid, matched with CVT gearbox, with super performance. While maintaining strong output, the fuel consumption of the car will be further reduced, which is not only environmentally friendly but also improves fuel economy. It can save a lot of budget to maintain the car later, which is also in line with the requirements of domestic commercial vehicles. In addition, for convenient operation, this car retains the traditional mechanical gear lever, which can be described as well.

　　Compared with the old models, the 21 Senna models have undergone earth-shaking changes, adopting the latest design concept of Toyota, and the overall design is bold and radical. In particular, the exaggerated large-mouth air intake grille with a long and narrow front LED headlight combination further enhances the recognition of the front face. The chrome-plated decorative strip above the headlight combination has been perfectly extended, which looks more exquisite, while the overall line of the new Senna side is slender and concave-convex, which reflects the advanced texture after the update.

　　21 Toyota Senna 2.5 hybrid car body size parameters: length * width * height: 5095*1985* 1810MM wheelbase: 3030MM front and rear wheel track: 1720MM minimum ground clearance: 164MM second row leg space: 955MM third row leg space: 922MM second row head space: 1008MM third row head space: 973MM second row shoulder space: 1642MM third row shoulder space: 1552MM maximum load mass: 670 KG body structure:

　　The design of 21 Toyota Senna 2.5 oil-mixed tail is also very fashionable, which can be said to have undergone earth-shaking changes. The red LED taillights are the biggest design highlight of the whole tail, which not only has a sporty shape, but also has excellent lighting effect. The blue Toyota Iogo indicates the identity of the new Senna hybrid model.

　　21 Toyota Senna configurations: length * width * height: 5085*198* 1810MM body structure: 5 doors and 7 seats MPV wheelbase: 3030 curb weight: 2155KG maximum load weight 560 fuel tank volume: 75L air intake mode: naturally aspirated cylinder arrangement mode: V6 number of valves per cylinder: 4 compression ratio: 11.8 valve train: DOHC maximum horsepower: 300 maximum power: 221 maximum power speed: 6600 maximum torque: 357. Four-wheel drive form: full-time four-wheel drive body structure: loaded body brake type: ventilated disc airbag quantity: 10.

　　Name of dealer: Tianjin Xiangruitong Automobile Sales Co., Ltd.

　　Dealer Address: 203A, Building 10, Yihang International, Binhai New Area, Tianjin

　　Dealer’s phone number: Anna Liu 18222552829 (the phone is synchronized with WeChat)

　　Disclaimer: The above car purchase preferential information is provided by the comprehensive dealers of this website, and the price fluctuates greatly due to market factors, which is only for car purchase reference; The distributor is responsible for its authenticity, accuracy and legality, and this website does not provide any guarantee or assume any legal responsibility.

[Text/Caiquan Society & Daoge said that the car is shallow] When the price of domestic cars became more and more "outrageous", smart began to stretch. I still remember that the impression of smart at the beginning of the year was 200,000 exquisite cars. On April 14th, the rejuvenated smart Elves #1 and #3 actually jumped directly from 154,900 yuan and 164,900 yuan, which was really surprising. Among them, the guide price range of smart Genie #1 is 154,900-199,900 yuan, and the price is lowered by 25,000-26,000 yuan compared with the old model; The guide price range of smart Wizard #3 is 164,900-219,900 yuan, and the price is lowered by 36,000-55,000 yuan compared with the old model. The adjustment of price strategy reflects smart’s essential understanding of the current competition in the electric vehicle market in China.

While the product price is more close to the people, smart Elves #1 and #3 have repositioned the two products for the domestic market. According to the market environment and user research, some configurations are optimized in the new version, so as to better meet the actual consumption needs of users. At the same time, smart provides a variety of optional packages for close friends to match freely to meet the individual needs of users.

In order to help close friends have the Elf car as soon as possible, smart also launched multiple exclusive rights of close friends in a limited time, including limited-time optional preferential rights, flexible purchase and gift rights, free rights of special colors, replacement rights, repurchase rights, and delivery of bonus points. At the same time, there are various financial schemes such as "0 down payment" and "limited time and low interest" with the lowest annualized rate of 1.99%. The minimum daily supply is only a cup of milk tea, so that close friends can easily own a new luxury car. In addition, close friends can also enjoy four basic rights and interests, including super-long vehicle warranty, super-long three-power core parts warranty, worry-free one-button road rescue, unlimited traffic of vehicles and machines, which is thoughtful and sincere.

New luxury smart SUV, #1 riding the dust!

As the first global pure electric vehicle of smart brand, smart Elf #1 has been highly praised by the industry media and users for its new luxury aesthetics and excellent handling in different road conditions since its launch. Recently, this car has been delivered in batches in Hong Kong. The volume of orders in the past two months even exceeded the total sales of Porsche in Hong Kong in 2023. Among them, the performance version of BRABUS accounts for more than 90% of the orders, making it a veritable dark horse of the same class in the local sales. This achievement is undoubtedly remarkable for Hong Kong, a highly competitive market with picky consumers’ tastes.

Nowadays, this boutique car that has been riding in many consumer markets has ushered in a new look. In terms of face value, we continue to adopt the design philosophy of "Sensibility and Lingrui" tailored by Mercedes-Benz global design team: light and shadow penetrating front and rear LED headlights, frameless doors and hidden door handles, and "inspiration ring" suspended contrasting roof, which fully demonstrates the new luxury and fashion taste.

In the interior, it inherits the design concept of "compact outside and wide inside", with 20 flexible storage spaces and a minimalist T-shaped intelligent cockpit, creating a high-quality inspiration space for exclusive close friends.

Intelligently, it is equipped with the smart Pilot Assist intelligent driving system and the smart OS full-scene digital eco-car system, so that each elf has a lively and lovely elf assistant Avatar, and users can enjoy the intelligent and comfortable driving experience at any time.

New luxury sports coupe, open the door and see #3!

As the second global masterpiece of smart Elf series, smart Elf #3 has been released and delivered in many markets such as China and Europe, and has become the love of global hipster fans.

Externally, following the design philosophy of "sensibility and agility", smart Genie #3 won the blessing of the global design team of Mercedes-Benz: the avant-garde and dynamic slip-back shape, combined with the organic combination of muscular feeling and life lines, "stealing the mirror".

In terms of interior, the sports car-class low sitting posture, T-shaped smart cockpit with integrated embracing coupe seat and 1.6m2 immersive canopy further enhance the new luxury sports atmosphere owned by Smart Elf #3, which is "true atmosphere".

In addition, smart Genie #3 has the leading dynamic driving performance at the same level, and the dynamic four-wheel drive version is equipped with a dual-motor intelligent four-wheel drive system, which only takes 4.3s to accelerate 100 kilometers. The whole system adopts the former McPherson rear five-link independent suspension, and the sports chassis jointly adjusted by the smart team and the Mercedes-Benz expert team is "driving and controlling the true type".

It is worth mentioning that, at the launch conference of smart Genie #1 and #3, Tong Xiangbei, CEO of smart Brand Global Company, also implicitly poked a certain meter with high popularity recently. He sat in the car for example: this textured rubber made three bulges and hold the cup by the elasticity of the bulges. In this way, it lost eight moving parts compared with us. How much did it cost? Of course, this kind of texture looks like a brand from a distance, but in fact, if you look at this detail carefully, there is no way to see it everywhere.

The implication is that the control of smart cars in details is quite exquisite, which is not the same as that of some brands.

It can be seen that in order to occupy a place in this year’s more involved competition in China electric vehicle market, smart has not only prepared for the price, but also prepared for the product quality control. Smart Elves #1 and #3, which are already famous, will undoubtedly become a strong support for brand sales after price reduction and upgrading.

At the beginning of the year of "global transition", smart will continue to adhere to the core operation concept of "user center", bring new luxury travel and luxury quality to more close friends with a new look, and constantly "explore the best solution for future urban transportation".

　　The Company and all members of the Board of Directors guarantee the truthfulness, accuracy and completeness of the information disclosure, and there are no false records, misleading statements or major omissions.

　　On February 18th, 2024, the National Internet Information Office (hereinafter referred to as "the Internet Office") announced the fourth batch of filing information of deep synthesis service algorithms, and Fangxin Technology Co., Ltd. (hereinafter referred to as "Fangxin Technology"), a wholly-owned subsidiary of Jincai Internet Holdings Co., Ltd. (hereinafter referred to as "Fangxin Technology"), filed the "Xinzhiyue Finance and Taxation Model Algorithm" through the deep synthesis service algorithm. The relevant information is hereby announced as follows:

　　I. Relevant information about the filing of "Xinzhiyue Finance and Taxation Model Algorithm"

　　According to the requirements of Article 19 of the Regulations on the Management of Deep Integration of Internet Information Services issued by the Information Office of the People’s Republic of China, deep integration service providers with public opinion attributes or social mobilization ability shall go through the filing, alteration and cancellation procedures in accordance with the Regulations on the Management of Internet Information Service Algorithm Recommendation. Fangxin Technology applied for filing the "Xinzhiyue Finance and Taxation Model Algorithm" to the Internet Information Office in accordance with the requirements of relevant regulations. The contents of the filing are as follows:

　　Second, the basic situation of "Xinzhiyue fiscal and taxation model algorithm"

　　The "Xinzhiyue Finance and Taxation Model Algorithm" model for this record was signed by Jincai Internet and a third-party general model company in September, 2023. Xinzhiyue Finance and Taxation Model relies on the rich finance and taxation knowledge accumulated by Jincai Internet for many years, follows the principle of "safety, kindness, credibility and controllability", takes Pangu Model as the base, uses a large amount of finance and taxation data for training and optimization, and is mainly applied to dialogue generation scenarios. According to the consultation text or input by users,

　　Based on Xin Zhiyue’s fiscal and taxation model, the semantic understanding and reasoning ability in fiscal and taxation field, combined with fiscal and taxation professional knowledge, provide intelligent online fiscal and taxation knowledge consultation, policy and regulation interpretation, case analysis, risk intelligent diagnosis, tax and fee calculation and other services for business owners and fiscal and taxation practitioners. While improving the efficiency of user consultation service, it also improves the user experience, so as to improve the quality and efficiency of service.

　　Third, the impact on the company

　　This algorithm has been put on record by the Network Information Office. The company will continue to extend the practical innovation based on Xinzhiyue big model to the enterprise business system, connect business management with ticket finance and taxation, and build an intelligent digital tax agent to help enterprises achieve "compliance, reduce burdens and increase profits", which is of positive significance to the company’s subsequent product launch and business development.

　　Fourth, risk warning

　　1. The application product of the company’s "Xinzhiyue Finance and Taxation Model Algorithm" is TaxGPTs, which is still in the trial stage and has not affected the company’s operating performance yet.

　　2. This filing is only a necessary procedure for relevant institutions to perform according to relevant laws and regulations, and the passing of filing does not mean the approval of our products or services.

　　3. In the research and development process of artificial intelligence related technologies, the company is faced with the requirements of technical update iteration, which has certain uncertainty, and there is still great uncertainty as to whether the expected effect can be achieved in the future.

　　4. In the future, as more enterprises and technical teams launch large model products, the competition in the field of artificial intelligence may be further intensified.

　　The company will strictly comply with the provisions and requirements of relevant laws and regulations, earnestly fulfill its information disclosure obligations and do a good job in information disclosure in a timely manner. Investors are requested to invest rationally and pay attention to risks.

　　It is hereby announced.

　　Board of Directors of Jincai Interconnection Holdings Co., Ltd.

　　February 20, 2024

The business review of the Board of Directors of Chuangyuan Xinke in 2022 is as follows:

　　I. Business Summary

(A) business model

Chuangyuan Xinke (Shanghai) Technology Co., Ltd. is a professional instrument company focusing on developing RF communication test instruments and providing overall test solutions. The company focuses on enhancing the potential energy construction of wireless test instruments, mainly developing wireless communication test, vehicle networking test and wireless communication equipment. It has its own brand and a series of core patented technologies of test instruments, integrating R&D, production and sales. It is a high-tech enterprise with completely independent intellectual property rights, and won the special prize of National Science and Technology Progress Award in 2016 and the first prize of Jiangsu Science and Technology Award in 2020. The company has a strong R&D team, the core of which has many years of R&D experience in mobile communication, RF microwave, radio monitoring and navigation testing. The company’s main products include signal analysis and spectrum analysis series, signal simulation and signal generation series, radio monitoring and Beidou navigation test series, vector network analysis series, wireless network test and channel simulation series, and it is a representative enterprise of high-end wireless communication test instrument industry in China.

For many years, the company has undertaken the development tasks of the national "New Generation Broadband Wireless Mobile Communication Network" major science and technology special project, Shanghai high-tech industrialization special project, strategic emerging industry development special project, scientific and technological innovation action and other research tasks, undertaken the continuous construction task of Shanghai wireless communication test instrument engineering technology research center, comprehensively carried out the research on 5G/6G and millimeter-wave communication test technologies, and participated in the formulation of national 5G/6G millimeter-wave test specifications and standards. At present, we are cooperating with Shanghai Institute of Advanced Studies, Chinese Academy of Sciences to undertake the project of "prototype testing and verification of 6G basic chips for new networks", and actively deploy 6G testing, which has enhanced the company’s long-term core competitiveness.

By adopting the mode of "Industry-University-Research" technical cooperation with universities, Dongda-Chuangyuan Electronic Measurement Technology Research Center, which was co-founded with Southeast University, has entered the third phase of cooperation (research and development of microwave, millimeter wave, terahertz and communication measurement technology and instruments), and established an advanced satellite navigation technology collaborative innovation technology center with a famous university in China to ensure the technical reserve and talent echelon construction ability, and ensure the technical innovation and sustainable development ability.

The company is customer-oriented and provides leading test products and overall solutions. According to different product characteristics, the company adopts direct sales, distribution and online sales marketing models respectively.

During the reporting period, the company’s business model did not change much.

From the reporting period to the report disclosure date, the company’s business model has not changed.

Second, the operation review

(1) Business plan

In the first half of 2022, the company optimized the "1+3" development strategy and enriched the company’s business sectors. However, due to the epidemic situation in novel coronavirus, Shanghai, according to the requirements of the Shanghai government’s epidemic prevention and control, from March onwards, employees’ living places were temporarily closed and controlled, and they could not work normally. From April 1st, the company’s headquarters in Shanghai and the living places of all its employees in Shanghai were under temporary closure management, and they were unable to work normally. From June 1st, the company resumed normal production and business activities, which had a certain impact on the company’s operation in the first half of 2022. In the first half of 2022, the company realized an operating income of 136,445,400 yuan, a year-on-year decrease of 27.73%; The net profit attributable to shareholders of listed companies was 11,564,900 yuan, a year-on-year decrease of 55.22%. As of June 30, 2022, the company’s total assets were 1,021,360,100 yuan, a year-on-year increase of 4.84%. The basic earnings per share was 0.08 yuan, a year-on-year decrease of 55.56%.

1. Optimize the company’s "1+3" development strategy and change the company’s full name and securities abbreviation at the same time.

The company held the 15th meeting of the sixth board of directors on April 8th, 2022, and deliberated and passed the Proposal on Optimizing the Company’s "1+3" development strategy. Based on the needs of the company’s positioning and long-term development planning, and in line with the company’s main business development and strategic planning, the company’s long-term development strategy was optimized. The optimized "1+3" strategy "1" refers to the potential energy construction of continuous wireless communication test instrument technology.

(1) Wireless communication test: that is, the wireless communication test instrument business mainly based on 5G/6G communication, Beidou navigation and semiconductor radio frequency;

(2) Vehicle networking test: namely, vehicle networking communication test business mainly based on C-V2X and automotive electronics;

(3) Wireless communication equipment: namely, communication equipment business mainly consisting of wireless detection equipment, millimeter wave module and satellite communication transmission module.

In order to better adapt to and clearly reflect the core technology of the company’s products, future positioning and long-term business development direction, the company’s securities abbreviation and full name were changed, and the company was renamed as "Chuangyuanxinke (Shanghai) Technology Co., Ltd.", and the securities abbreviation was "Chuangyuanxinke", and the securities code remained unchanged.

2. Continuously improve the research and development strength.

The company focuses on R&D investment in 5G/6G and millimeter wave, constantly develops new products and promotes rapid iteration of original products, so as to enhance the core competitiveness and sustainable profitability of enterprises. During the reporting period, the company spent 94,050,400 yuan on R&D, accounting for 68.93% of its operating income. During the reporting period, the company applied for 21 patents, including 10 invention patents, 1 utility model, 10 design patents and 1 soft one. By the end of the reporting period, the company had applied for 390 patents at home and abroad, including 251 invention patents, accounting for 64.36%, and 196 authorized patents, including 74 invention patents, 83 utility model patents and 39 design patents, with software copyright. During the reporting period, the company completed the following key projects and products: l5G air interface signal analysis instrument research and development project: the research and development results of this project can realize the two-way testing of analog terminal network and analog network terminal, break through the technical monopoly of foreign companies, promote the commercialization process of domestic 5G technology, and form a complete testing solution for China’s 5G industry chain, which has important strategic significance; LavaSig signal generation software: the newly released Lavasig software is a signal generation software with high integration, flexible configuration of multiple parameters and strong versatility. Using this software can help users easily generate various digital modulation signals,It includes all standard communication standard signals such as GSM/EDGE/TD-SCDMA/WCDMA/TDD-LTE/FDD-LTE/NBIOT/Lora/5GNR/C-V2X, as well as general digital modulation, analog modulation, arbitrary wave I/Q modulation, pulse modulation and other signals to meet the user’s multi-scene signal generation and use requirements; LGeneMini hand-held signal source adds new functions of vehicle networking: With its years of technical accumulation in the field of mobile communication, the company upgraded the GeneMini hand-held signal source completely, enabling it to support the generation of LTE-V2X standard signals applied to vehicle networking, expanding the signal source’s support for V2X, helping networked automobile manufacturers and Tier1 manufacturers to carry out research and development, verification and testing of C-V2X communication functions, and helping the industrial technology landing of C-V2X and the implementation and deployment of advanced technologies.

3, G60 science and technology corridor Chuangyuan Group headquarters base construction project

The company established Shanghai Chuangyuan Cornerstone Enterprise Development Co., Ltd., and plans to purchase the land use right through "bidding, auction and hanging". The establishment of Chuangyuan cornerstone and the purchase of land use right by the company’s foreign investment this time are based on the company’s overall development strategy in the future and provide necessary basic conditions for the company’s sustainable development in the future. The construction of G60 Science and Technology Corridor Chuangyuan Group Headquarters Base is conducive to the company’s long-term planning and development, and will enhance the company’s comprehensive strength and competitiveness in the future.

4. Continue to expand domestic and international markets.

With excellent talents, ingenious brands and rich products and solutions, we will continue to deepen cooperation with our original customers and increase the efforts to explore new markets. In the field of national defense industry and special communication, we have made great achievements through intensive cultivation and constantly exploring new customer markets. In the field of semiconductor front-end and back-end testing, sales performance has been greatly improved by constantly introducing new solutions and expanding customer base. During the reporting period, the company participated in the 2022 China Intelligent Networked Automobile Innovation Achievement Conference (CICVIAC2022) co-sponsored by the Electronic Department of the Ministry of Industry and Information Technology, Chongqing Economic and Information Technology Commission, china electronic chamber of commerce and China Automotive Engineering Society, China Automotive Engineering Research Institute Co., Ltd., China Automotive Informatization Promotion Industry Alliance, Chongqing Investment Promotion Bureau and Beijing Zhongqi Zhilian Technology Co., Ltd., As a professional instrument company that independently develops wireless communication test instruments and provides integrated test solutions for 4G/5G/C-V2X, the company participated in this grand meeting to discuss the technical development trends, opportunities and challenges of intelligent networked automobile industry with industry enterprises, and jointly promote the development of intelligent networked automobile industry towards higher technology. As the key product of this exhibition, the coverage and performance test scheme of 4G/5G/C-V2X has been inquired by many visitors. During the reporting period, the epidemic situation in China was still grim. In order to overcome the unfavorable factors caused by the epidemic, the company carried out various forms of online technical exchanges and marketing activities.The online technology sharing meeting-VNA, the grand prize of general test and measurement application, was held, and "618" held many online marketing activities, making full use of network resources to help the company build its brand and expand its business needs.

(2) Industry situation

The global market pattern of wireless communication test equipment is relatively concentrated, and the key technologies are mastered by a few foreign giant manufacturers. Under the background of accelerating the construction of domestic wireless communication and the support of national policies, domestic substitution has become an important way for independent innovation and development, and the development of wireless communication test equipment and other industries in China will catch up in the future.

I. Overview of Industry Development

(A) the industry environment

5. Honors won

L Won the TOP100； of Shanghai Hard Core Technology Enterprise in 2022; L obtain AAA credit enterprise certificate; L was rated as an outstanding contributor to talent training by Southeast University;

1, the United States to engage in monopoly frequently suppressed high-tech enterprises in China.

Since the beginning of Sino-US trade friction, since 2018, the US government has repeatedly imposed unilateral sanctions and so-called "long-arm jurisdiction" on other countries on the grounds of national security and diplomatic interests. During this period, in many key technical fields, such as transportation, communication technology, wireless communication testing, artificial intelligence, etc., more than 300 enterprises in China were technically blocked, and the acquisition of American-made goods (including goods and technologies), the supply technology and parts purchase, and the signing of contracts were suppressed. The essence behind it is nothing more than monopoly, which restricts the technological development of related enterprises in China and foreign trade.

In addition, with the gradual entry into force of epidemic prevention and control and unconventional stimulus policies, the economic recovery of all countries in the world is unbalanced and inadequate, and the world economy still faces great uncertainty, which has caused new impacts on the cooperation among countries in the Belt and Road Initiative, prompting China to pay attention to independent industrial innovation internally and actively explore new paths for the development of the Belt and Road Initiative.

2. The world will share the market opportunity of China wireless communication test equipment.

In recent years, China’s attention and support for the wireless communication and RF microwave test instrument industry has been increasing, the technical level of domestic enterprises has been continuously improved, and the advantages of domestic equipment in product cost performance and after-sales service have gradually emerged. With the rapid development of 2G blank, 3G follow-up, 4G synchronization and 5G leading, China has become one of the countries with stable global economic development and good business environment, which further promotes the localization of domestic wireless communication test equipment, especially in the field of wireless communication testing, and gradually presents the characteristics that the domestic market realizes import substitution and exports to overseas markets such as Europe and America.

3. The national revitalization policy continues to bring great opportunities to the development of the industry.

The subdivision industry of wireless communication and RF microwave test instruments is the basic and strategic industry of the national economy, which has a strong pulling effect on the national economy and has been supported by national policies. In recent years, with the formulation and implementation of a number of policies, such as Made in China 2025, Special Plan for Scientific and Technological Innovation in the Field of Advanced Manufacturing Technology in the Thirteenth Five-Year Plan, the Tenth Five-Year Plan and the Outline of Vision in 2035 (draft), China’s attention and support for this industry has gradually increased. The policy provides financial, tax, technical and human resources support for the wireless communication and RF microwave test instrument industry, and creates a good domestic business environment.

(2) Industry characteristics

1. Financial strength and technological innovation have pushed up the industry gap barrier.

Wireless communication test equipment industry is a typical knowledge and technology-intensive industry, and the factors such as technology, capital, talents and industry standard formulation lead to high barriers to entry. Due to the periodic technological changes in downstream industries, enterprises in the industry continue to invest in research and development to ensure that they remain ahead in the new generation of technology. At present, the ratio of R&D expenses/operating income of well-known manufacturers in the industry has remained above 10% all the year round.

2. The import of high-end test equipment is highly dependent.

At present, due to the fact that China’s wireless communication test equipment is still in its infancy, the market scale is relatively small in the communication and electronic manufacturing industry, and the technical difficulty and high precision are required, as well as the industry is restricted by foreign invisible technical barriers, China’s high-end test equipment relies on imports, such as German technology, Germany’s Rhodes and Schwartz, American national instruments and other foreign large enterprises, and domestic equipment is in an embarrassing situation. According to statistics, in 2020, domestic test equipment will contribute less than 30% of the income to the market of electronic measurement and test instruments, and the remaining 70% will come from imported instruments. China electronic test equipment market has a large import substitution space.

3. The iterative R&D and construction stage of communication technology has become the critical point of periodic demand.

The application scenario of wireless communication test equipment is closely related to the communication industry, mainly used in communication, electronics and other industrial manufacturing industries, which have obvious cyclical characteristics due to the influence of technical standards and changes in supply and demand. Usually, the demand for test equipment is relatively high in the development period and construction period of the new generation of communication network standards, while the procurement between the two standard periods is mainly to maintain engineering test instruments, which belong to durable goods, and the demand is relatively stable. Take the three major domestic operators as an example, the capital expenditure of each generation of mobile communication technology will maintain a rapid growth during the research and development stage and construction period, during which a large number of equipment and corresponding test equipment need to be purchased, while upstream communication equipment manufacturers, antenna manufacturers and module manufacturers also need to increase the purchase of test equipment to ensure that their products meet the requirements of the new generation of technology.

Second, the industry competition pattern analysis

(1) Development of global wireless communication and RF microwave test instrument industry

(1) Market size

1. Wireless communication test instrument market

With the continuous improvement of global industrial level and the arrival of digital era, as well as the rapid development of information technology, electronic manufacturing, national defense and aerospace and other related industries, wireless communication test instruments have formed a huge market scale. It is predicted that the global wireless communication and RF test instrument market will continue to grow steadily in the future. By 2024, the market scale will reach 88.464 billion yuan, with a compound growth rate of 5.79% from 2020 to 2024.

China’s wireless communication test and measurement instrument industry started relatively late, and there is still a certain gap with foreign leading enterprises in key technologies. In the fields of national defense science and technology such as military industry and aerospace, some national research institutes have strong technical strength, but their marketization degree is low.

In recent years, with China gradually becoming the manufacturing center of the global electronics industry, the development potential of the domestic wireless communication test instrument industry has been stimulated in combination with the domestic industry and policy trend of replacing imports. In the future, with the vigorous development of domestic wireless communication, the market scale growth rate of China wireless communication and RF microwave test instrument industry will be significantly higher than the global average. It is estimated that by 2024, the market scale will reach 25.065 billion yuan, with a compound growth rate of 13.13% from 2020 to 2024.

(B) Industry demand analysis

1. The process of 5G construction accelerates the growth of wireless communication test demand.

The R&D and large-scale commercialization of 5G are inseparable from the participation of wireless communication test equipment manufacturers. China officially issued the commercial license of 5G in 2019. At present, 5G technology is gradually turning to large-scale application. In this process, communication equipment manufacturers, terminal manufacturers and application module manufacturers need to increase the procurement of test equipment to ensure that their products meet the requirements and specifications of the new generation of mobile communication technology. Different from the traditional mobile communication technology, 5G has three characteristics: high speed, low delay and wide connection. The integration of both base stations and terminals is getting higher and higher, and the performance test difficulty and test time of 5G communication equipment are doubled. With the help of advanced test and measurement instruments, designers of downstream manufacturers can explore new signals, channels, scenarios and topological structures, and further verify the commercial capabilities of equipment and solutions, so wireless communication testing becomes more important.

The increasing demand for antenna testing in 5G base stations drives the development of test equipment industry. At this stage, the scale of China’s 5G base station construction is still showing explosive growth. According to the data of the Ministry of Industry and Information Technology, in 2021, the total number of mobile communication base stations in China reached 9.96 million, with a net increase of 650,000. Among them, there are 5.9 million 4G base stations and 1.425 million 5G base stations. Over 650,000 new 5G base stations were built throughout the year, and the number of 5G base stations in China accounts for nearly 70% of the global total. According to the data of iResearch, it is estimated that by 2024, the number of 5G base stations in China will reach 6.21 million. Because the antenna test of 5G base station needs to be completed in the shielding box, with the increase of antenna test demand, the market demand for shielding box continues to expand, and the wireless communication test equipment industry will develop steadily.

The application of 5G technology will greatly increase the demand for test equipment and solutions. According to the data released by the Global System for Mobile Communications, the number of China’s 5G network users will increase from 5 million in 2019 to 807 million in 2025, and the proportion of 5G network users will increase from 0.3% in 2019 to 47%. By then, the enhanced mobile broadband, massive Internet of Things and high reliability and low latency connection supported by 5G will drive the demand of terminal equipment for different test functions, and the demand for test solutions that can verify the performance of high-density data will also increase.

Frost&Sullivan predicts that by 2024, the global market of 5G test equipment and solutions is expected to reach US$ 2 billion, with a compound annual growth rate of 11.5%.

2. The increase in the number of Internet of Things connections enhances the market space for communication testing.

With the commercialization of 5G on a global scale, the era of the Internet of Everything has begun, and the number of terminals that need signal transmission will increase greatly in the future. It is necessary to test the equipment performance, network performance, terminal security and other aspects to realize large-scale commercial use of Internet of Things technology.

Intelligent IOT products need all kinds of communication test instruments to test and verify the products in the aspects of identification, information reading, information transmission and sharing, and the market scale of communication test has expanded rapidly. According to data released by the Global System for Mobile Communications, the total number of Internet of Things connections worldwide reached 12 billion in 2019, and it is estimated that by 2025, the total number of Internet of Things connections worldwide will reach 24.6 billion. With the increase of the number of connections and the improvement of network complexity, the difficulty of testing requirements is also increasing. At present, the main application scenarios of Internet of Things include smart city, smart transportation, smart home, industrial Internet of Things, car networking, wearable devices, etc. After the large-scale application scenarios of Internet of Things, the scale of wireless communication testing market will be greatly improved.

3. The ubiquity of Beidou satellite application enhances the urgency of product testing market demand.

At present, Beidou satellite navigation system has formed a complete industrial chain consisting of Beidou basic products, application terminals, application systems and operation services, and has been widely used in transportation, public safety, agriculture, forestry and fisheries, hydrological monitoring, weather forecasting, communication time system, power dispatching, disaster relief and disaster reduction, and other fields, resulting in remarkable economic and social benefits. According to the data released by Navigation and Positioning Association, the total output value of China’s satellite navigation and location service industry reached 403.3 billion yuan in 2020, an increase of about 16.9% compared with 2019. Among them, the core output value of the industry, including chips, devices, algorithms, software, navigation data, terminal equipment and infrastructure, which are directly related to the development and application of satellite navigation technology, increased by about 11% year-on-year, reaching 129.5 billion yuan, accounting for 32.11% of the total output value, with a slightly higher growth rate than last year. The associated output value derived from satellite navigation applications and services increased by about 19.9% year-on-year, reaching 273.8 billion yuan, accounting for 67.89% of the total output value.

With the advent of the 5G era, it will promote the ubiquity of Beidou satellite navigation user terminals in various fields of the national economy, and the quality of its products will also become one of the important factors affecting the healthy development of China’s satellite navigation industry and the formation of the application market. At present, there are many kinds of Beidou user terminals, but there are still a series of problems such as incomplete testing and errors in function, performance and reliability.

Therefore, it has become a widespread consensus and urgent demand to conduct accurate, comprehensive and standardized performance tests on Beidou satellite navigation products to ensure that their performance meets the corresponding technical specifications and the system can operate normally, reliably and stably. This will put forward higher requirements for the technical end and service end of wireless communication test equipment, and will also bring broader market demand for the wireless communication test equipment industry.

(III) Information on key enterprises in the industry

The global market pattern of wireless communication test equipment is relatively concentrated, and most of the products and important technologies are in the hands of several foreign giant manufacturers, mainly Germany Technology, Rhodes and Schwartz. The competitiveness of domestic manufacturers is slightly weak, and foreign brands occupy the overwhelming share in the China market.

However, with the increasing attention and support to the wireless communication and RF microwave test instrument industry in China, the technical level of domestic enterprises has been continuously improved, and the advantages of domestic equipment in product cost performance and after-sales service have gradually emerged. With the support of domestic substitution import policy, a number of industry leaders have gradually emerged in various segments of wireless communication test equipment in China.

1, the United States is German technology.

The United States is a leading communication testing company in the world, with more than 75 years of professional technical experience as a market leader and about 13,900 employees. The annual income is 4.941 billion US dollars, and customers are spread over more than 100 countries and regions, focusing on the field of testing and measurement.

2. Rod and Schwartz

Germany Roeder & Schwartz is a company specializing in the field of testing and measurement. It was founded more than 85 years ago, and the number of employees around the world reached about 13,000. The net income in the latest fiscal year was 2.437 billion US dollars, and it has sales and service networks in more than 70 countries/regions around the world. Provide advanced solutions in testing and measurement, secure communication, network and network security, radio, television and media.

3. CLP Koster

Zhongdian Kesiyi Technology Co., Ltd. (hereinafter referred to as "Electric Kesiyi") is the first secondary unit joint-stock company of China Electric Power Group, which is mainly engaged in the research, development and mass production of microwave/millimeter wave, photoelectric, communication, basic general measuring instruments, automatic test systems, microwave and millimeter wave components and other products. The electric instrument has been established for a long time and has strong personnel and technical strength. It is the main force of domestic electronic measuring instruments.

Corporate Social Responsibility Chuangyuan Information Department always puts social responsibility in the important position of the company’s development and strives to fulfill its social responsibility as an enterprise. Following the core values of people-oriented, and vigorously practicing management innovation and scientific and technological innovation, the company actively undertakes social responsibilities, supports regional economic development and social sharing of enterprise development achievements.

Chuangyuan Xinke invested and donated to build "Chuangyuan Xinxing Hope Primary School" in Sanyuan County, Shaanxi Province. In Taibai County, Shaanxi Province, he has donated seven love bridges; For many years, we have set up "Chuangyuan Microwave Scholarship" in Southeast University. Chuangyuanxinke always pays attention to environmental protection, safe production, energy consumption and comprehensive utilization of resources in the process of enterprise development, and abides by the requirements of national environmental protection-related laws and regulations. The company has passed ISO9001 quality management system, ISO14001 environmental management system certification, ISO45001 occupational health and safety management system, ISO27001 information security management system and ISO2000-1 information technology service management system.

In the R&D and production of the company, there will be no production wastewater, waste gas, dust, electromagnetic radiation and other pollution, and the ecological environment will not be damaged. Hazardous wastes eliminated and scrapped in the R&D and production process will be classified and collected, and will be recycled by qualified professional disposal units.

III. During the reporting period, the Company continued to fulfill its social responsibilities as an enterprise, mainly completing the following tasks:

(1) Chuangyuan Microwave Scholarship Issuance

Chuangyuan Information Department started to set up the Chuangyuan Microwave Scholarship in Southeast University in 2012, which has been going on for 10 years, and awards outstanding master students and doctoral students from the State Key Laboratory of Millimeter Wave of Southeast University every year. In 2022, Chuangyuan Microwave Scholarship awarded a total of 24 outstanding master and doctoral students. Chuangyuan Information Department hopes that more outstanding students can devote themselves to scientific research and academic innovation and help social development by setting up scholarships.

(2) United as one, fighting the epidemic with one heart.

Since March, the epidemic situation of COVID-19 in Shanghai has become more and more severe, affecting the hearts of 1.4 billion people across the country. No one can stay out of this battle against the epidemic. Shanghai, a mega-city, is under unprecedented pressure. There is a shortage of local medical materials, living materials and epidemic prevention personnel. The medical staff and local people who fought in the front line all night are in urgent need of help. Donations from all walks of life continue to support Shanghai. Chuangyuan Xinke responded quickly, highlighted corporate social responsibility at the critical moment, and contributed to this battle in its own way to help the epidemic prevention and control.

In order to alleviate the shortage of medical materials, the company donated 4,000 sets of medical protective clothing with a total value of 156,000 yuan to the people’s government of Sijing Town and donated 300,000 yuan to Shanghai Charity Foundation to help prevent and control the epidemic. During the lock-up period, the company sent employees to participate in volunteer motorcades and distributed love protection materials for the elderly. More than a dozen employees volunteered to join the community volunteer team; In addition, the G60 Science and Technology Corridor 5G industrial base operated and managed by the company ensures operation and services. The person in charge of the base has been sticking to the park since March 27th to ensure the normal business activities of the enterprises that have basically settled in. There was no infection case during the epidemic prevention and control period. Since the outbreak of the epidemic in 2020, the company publicly put forward the promise of "no layoffs and no pay cuts" for the first time, and organized external institutions to visit nucleic acids many times. During this round of epidemic control, the company purchased vegetables and other living materials for distribution by itself, and shouldered the social responsibility and responsibility that a listed company should bear.

Iv. risks faced by the company and countermeasures

(A) the risk of intensified market competition

The wireless communication test instrument industry has long been monopolized by foreign giants, especially the high-tech products are mainly controlled by internationally renowned enterprises in Europe, America, Japan and other countries and regions. In recent years, with China’s increasing attention and support to the wireless communication test instrument industry, the technical level of the industry has been continuously improved, and the advantages of domestic equipment in product cost performance, after-sales service and geography have gradually emerged. The gradual rise of domestic industries may attract the attention of foreign competitors and intensify market competition. At the same time, with the rapid growth of the market demand for wireless communication test instruments in China, more domestic companies will be attracted to join the competition in this industry. If the company can’t carefully grasp the market trends and development trends of the industry, and can’t carry out technological innovation and business model innovation in time according to the technological development and customer demand, there is a risk that the business will be adversely affected by the weakening of competitive advantage.

Countermeasures: Wireless communication test equipment industry is a typical knowledge and technology-intensive industry, and the factors such as technology, capital, talents and industry standard formulation lead to high barriers to entry. Chuangyuanxinke has been deeply involved in this field for many years, and has a good accumulation of technology, capital and market. With the help of China’s leading position in the fifth generation mobile communication technology, it has actively deployed 5G/6G and millimeter wave, semiconductor testing, satellite communication, car networking and other fields; While doing a good job in expanding the domestic market, we will continue to expand overseas markets and strive to build a market-oriented marketing team; Continue to increase R&D investment in core technologies such as RF microwave, signal processing, basic algorithms and customized RF chips, make full use of the accumulation of cutting-edge technologies of major national projects, closely strengthen the integration with Industry-University-Research of research institutes such as Southeast University, establish joint research platforms with more universities, focus on customer pain points, and rely on innovation centers to jointly develop better application solutions with customers. In the field of wireless mobile communication test technology, with the development of 5G/6G and the Internet of Things, the company can overtake in corners and gain a place for the country in the global communication test instrument market competition.

(B) the risk of brain drain

As a high-tech enterprise in the field of wireless communication and RF microwave testing, the management and other core personnel of the company are mostly senior experts with complex knowledge. They not only have rich industry knowledge, master relevant professional technology, and are proficient in the performance of various instruments and meters, but also have good management experience and business risk management experience, which can ensure the smooth progress and sustained and steady development of various businesses of the company. With the intensification of industry competition and talent competition, it will bring some pressure on the company to retain the above-mentioned core personnel. If the company cannot maintain a good incentive system and team work environment, the loss of the above-mentioned core personnel will adversely affect the company’s business development.

Countermeasures: implement the company’s achievement sharing mechanism, and ensure that employees can share the achievements of the company’s rapid development through a series of incentive measures such as option schemes. The Company has implemented equity incentive twice, with a total of 113 incentive targets, accounting for 43.96% of the total employees at the end of the reporting period, and 6,307,300 shares were encouraged, accounting for 4.42% of the total share capital at the end of the reporting period. The company will use various incentive mechanisms to fully mobilize the enthusiasm and creativity of talents, especially core technical talents, create a good corporate culture, enhance the cohesion of the company and increase the sense of belonging of employees; Establish and improve the talent reserve mechanism, provide employees with more learning and training opportunities, establish a set of future-oriented training plans, provide employees with growth opportunities and development space, and fund employees to study for doctoral degrees in Southeast University; Stimulate the maximum "potential" of employees, while avoiding the phenomenon of "ceiling" of talents and increasing the overall development space of employees; Establish a good and perfect employment mechanism, and use legal means such as Labor Law and Anti-Unfair Competition Law to protect the legitimate rights and interests of the company.

(C) Technology R&D and product development risks

The wireless communication and RF microwave test industries are technology-intensive industries. With the rapid iteration of communication technology, increasing application scenarios and highly complicated communication equipment, the requirements for the test capability of communication test instruments and meters have been further improved. The company’s R&D mode is a combination of independent R&D and undertaking external scientific research projects. If the company’s R&D is not forward-looking, it fails to make a correct judgment on the market development trend and the experience and technology accumulated by external scientific research projects cannot be applied to the company’s products, it may lead to the technology R&D achievements not being recognized by the market and have a certain impact on the company’s operating performance.

Countermeasures: While insisting on independent research and development, the company will jointly track cutting-edge technologies with universities and leading enterprises with strong scientific research and technology accumulation in the fields of wireless communication and satellite navigation; By undertaking major national science and technology projects, we will continue to strengthen technology accumulation. At present, the Dongda-Chuangyuan Electronic Measurement Technology Research Center jointly established by the company and Southeast University has entered the third phase (microwave, millimeter wave, terahertz and communication test and measurement technology and instrument research and development); Establish an advanced satellite navigation technology collaborative innovation technology center with a famous university in China to track and study Beidou navigation related testing technology; In conjunction with Shanghai Institute of Advanced Studies, Chinese Academy of Sciences, the project "Prototype Testing and Verification of 6G Basic Chip for New Network" was undertaken, and 6G network testing technology was laid out.

(D) The risk that key core devices depend on imports.

The key core devices of wireless communication and RF microwave test instruments, such as high-end chips, rely heavily on imports. Some key core devices of the company’s equipment are dependent on foreign brands. If the above-mentioned key core devices are affected by factors such as trade prohibition and control in exporting countries, the company can’t purchase them in time as needed, which will adversely affect the company’s production and operation.

Countermeasures: At present, the key core devices mainly purchased by the company are general commercial products, and the management of supply chain will be strengthened. By selecting multiple suppliers, the risk of relying on centralized procurement will be dispersed, and at the same time, the production demand of the company will be guaranteed by establishing safety inventory; On the other hand, the company is also actively improving product technical solutions, increasing investment in millimeter-wave chip customization, and reducing the risk of relying on imports for key core devices; At present, we have established cooperative relations with many domestic core device suppliers to realize localization of some core chips, which not only solves the problem of neck sticking, but also reduces the product cost. In the future, the company will actively explore more cooperation with domestic enterprises.

(E) Risk of government subsidies

Most of the government subsidies of the company come from the funds for scientific research projects. If the company uses the funds for scientific research projects irregularly, there may be the risk of returning the special funds for scientific research and being punished, which will adversely affect the company’s production and operation.

Countermeasures: In view of the rational use of scientific research funds, the company has formulated a series of management measures and rules and regulations, such as "Measures for the Administration of Major Special Funds and Budget Implementation", and the capital expenditure is approved and used in strict accordance with the requirements, thus ensuring the smooth implementation of the project budget and ensuring the standardized and orderly use of scientific research funds.

(six) the risk of failing to obtain the qualification of qualified suppliers in time

The company has not yet obtained the qualification of qualified suppliers of Huawei and TSMC, and mainly sells test instruments and related equipment to Huawei and TSMC through its controlling shareholder Chuangyuan Electronics. The controlling shareholder and actual controller of the company have issued the Letter of Commitment on Avoiding Horizontal Competition and the Letter of Commitment on Regulating and Reducing Related Party Transactions. Chuangyuan Electronics is engaged in the business of selling test instruments and related equipment to Huawei and TSMC, all of which are purchased from the company at the same purchase price as the sales price. If the company obtains the certification of qualified suppliers from Huawei and TSMC in the future, Chuangyuan Electronics will no longer sign new contracts with Huawei and TSMC, and will immediately change its business scope, in addition to continuing to fulfill the signed contracts. To sum up, the company has not obtained the qualifications of qualified suppliers from Huawei and TSMC, which has not caused any significant adverse impact on the company’s current business development, and the testing related products have been recognized by customers. However, if the company fails to obtain the qualifications of qualified suppliers in time or the access conditions of qualified suppliers change, it will have an adverse impact on the company’s future business development and operating performance.

Countermeasures: The company is actively communicating with Huawei and TSMC to apply for qualified supplier qualification.