Li Ping | Author

　　Watson | editor

　　Lishi finance | produced

　　For a long time, among the top three independent automobile brands (Geely, Great Wall and Chang ‘an),Has always been a slightly embarrassing existence. On the one hand, Changan Automobile has a long history, which can be traced back to the Shanghai Yangpao Bureau during the Westernization Movement, and belongs to one of the four earliest automobile groups in China.

　　In terms of sales volume, the total sales volume of Changan Automobile also ranks first among the top three independent companies for a long time, and it is also the first self-owned brand automobile enterprise in China to exceed 1 million vehicles. According to the data of the 2021 annual report, Changan Automobile achieved a sales volume of 2.301 million vehicles throughout the year, including 1.755 million vehicles of Changan’s own brand, up 16.7% year-on-year. In contrast, Geely Automobile,In 2021, the total sales volume was 1.328 million and 1.28 million respectively, which was obviously different from Changan Automobile.

　　In addition, Changan Automobile was once the automobile enterprise with the largest number of joint venture brands, and has successively established strategic partnerships with multinational companies such as Ford, Suzuki, Mazda, Volvo and PSA, and has owned several joint venture brands such as Changan Ford, Changan Mazda, Changan Suzuki and Changan Peugeot Citroen (sold).

　　On the other hand, due to the problems of state-owned enterprise system, low-end products and over-reliance on joint venture brands, Changan Automobile’s operating efficiency is not high, its revenue scale and net profit level are among the lowest among the three independent companies, and its operating performance fluctuates sharply. During the period from 2018 to 2020, Changan Automobile deducted non-net profit for three consecutive years, with a total loss of more than 10 billion yuan.

　　Because of this, Changan Automobile’s presence in the secondary market is not strong. Before 2021, the market value of Changan Automobile hovered around 100 billion yuan for a long time.

　　In 2021, Changan Automobile was with Huawei,The joint launch of Aouita, a high-end brand of new energy vehicles, has attracted a lot of attention. The total market value of the company has doubled in four months (May-August 2021), and the total market value once exceeded 150 billion yuan. Since then, because the progress of Aouita is less than expected, Changan Automobile’s share price has fallen sharply again, hitting an interval low (6.40 yuan/share) on April 27th, and the total market value has dropped back to 68 billion yuan.

　　Dramatically, since April 27th, the share price of Changan Automobile has increased by more than 200% in two months. On June 28th, Changan Automobile’s share price closed at the daily limit (20.35 yuan/share), and its market value climbed to 201.9 billion yuan, breaking through the 200 billion yuan mark for the first time in history and becoming a relay of A shares.、After Great Wall Motor, it is the fourth complete vehicle enterprise in China with a total market value exceeding 200 billion yuan.

　　It’s not hard to find that favorable policies such as halving the purchase tax and the release of new cars of Aouita and Deep Blue brands have become important catalysts for Changan Automobile’s share price increase.

　　On May 31, in order to further encourage automobile consumption, the Ministry of Finance and the State Administration of Taxation issued the Announcement on Reducing the Vehicle Purchase Tax for Some Passenger Cars, which clearly stipulated that the vehicle purchase tax would be reduced by half for passenger cars with a displacement of 2.0 liters and below whose purchase date was from June 1 to December 31 and the bicycle price (excluding VAT) did not exceed 300,000 yuan.

　　In addition to favorable policies, the promotion of new energy automobile business is also a catalyst for the rise of Changan Automobile’s share price. On June 25th, at Chongqing Auto Show, Changan Automobile exhibited six electric electrification products including Changan Deep Blue SL03, UNI-K iDD, UNI-V iDD, Auchan Z6 iDD, LUMIN and Aouita 11. In particular, Aouita, blessed by Huawei and Contemporary Amperex Technology Co., Limited, is regarded as the hope for Changan Automobile to break through in the field of new energy vehicles.

　　The rise of share price undoubtedly represents investors’ longing and expectation for the future development of Changan Automobile, but from a fundamental point of view,Changan Automobile’s joint venture brand is difficult to return to its peak, its own brand is big but not strong, and the progress of new energy vehicles is backward, and so on.Remove the aura of Aouita, Changan Automobile is still the slightly moderate Changan Automobile.

　　one

　　Independent brands are big but not strong.

　　From the perspective of revenue composition, Changan Automobile is divided into two parts: joint venture brand and independent brand. Among them, the joint venture sector mainly includes Changan Ford and Changan Mazda, and its own brands mainly include Changan Automobile, Auchan Automobile, Kaicheng Automobile (commercial vehicle) and the newly released two new energy brands, Aouita and Changan Deep Blue.

　　According to official data, Changan Automobile achieved a sales volume of 2.301 million vehicles in 2021, a year-on-year increase of 14.8%, and its sales volume returned to the fourth place in the automobile group. Of course, this data includes the total data of China brands and joint venture brands, passenger cars and commercial vehicles under Changan Automobile Group.

　　Specifically, Changan sold 1.755 million China brand cars, a year-on-year increase of 16.7%; Among them, the cumulative sales of passenger cars in 2021 exceeded 1.2 million, up 23.1% year-on-year.

　　In terms of passenger cars, Changan brand and Auchan brand achieved sales of 966,000 and 228,000 respectively, up by 20.0% and 49.0% respectively. In terms of new energy vehicles, Changan Automobile Benben E-Star sold more than 70,000 vehicles in the whole year.

　　In addition to passenger car business, commercial vehicle business also occupies an important position in the total sales of Changan Automobile. According to the data, Changan commercial vehicles include eight series of products, including micro-passengers, light passengers, micro-trucks, light trucks, pickup trucks, commercial MPV, large and medium-sized buses, school buses and corresponding new energy sources, special vehicles, etc., and they have products brands such as "Changan Ruixing, Changan Shenqi, Changan Kaicheng, Changan prodigy, Changan Ounuo, Changan Star and Changan Star Card". In 2021, the annual sales volume of Changan Kaicheng brand exceeded 185,000 units.

　　In terms of joint venture brands, Changan Ford sold 304,700 vehicles in 2021, a year-on-year increase of 20.29%. Among them, Lincoln brand sold 89,000 vehicles, a year-on-year increase of 109.1%. Changan Mazda’s annual sales volume was 89,700 vehicles, up 5.28% year-on-year.

　　It can be seen that although the sales volume of Changan Automobile’s own brand claims to have exceeded 1.75 million, this data includes the sales volume of more than 500,000 commercial vehicles. From the perspective of passenger car sales alone, the sales volume of Changan Automobile’s own brand is only 1.2 million, accounting for about 52% of the revenue, and the total sales volume is not as good as that of Geely Automobile (1.32 million).

　　In addition, due to the low-end products and the slow promotion of new energy vehicle business, Changan Automobile’s own brand has been in a state of being big but not strong. As can be seen from the following figure, although Changan Automobile’s vehicle sales rank first among the top three independent companies, it is not as good as Geely and Great Wall in terms of revenue scale, net profit and average bicycle price, and the sales of new energy vehicles also rank last.

　　Changan Automobile started as a mini-car and then entered the passenger car market. According to the sales data in 2021, the main sales models of Changan Automobile are still CS series and Yidong series.

　　Among them, the CS series covers SUVs in the price range of 60,000-210,000, and the sales volume in 2021 is about 540,000, accounting for about 36% of the independent brands; Yidong brand mainly focuses on the car market below 100,000 yuan. In 2021, the sales volume is about 170,000, and the revenue accounts for about 11%. In addition, the sales volume of Auchan series, a low-end model converted from commercial vehicles to passenger cars, is about 228,000, accounting for about 15%.

　　In terms of vehicle types, the CS75 model is positioned in the compact household SUV market of 100,000-120,000 yuan. In 2021, the cumulative sales volume exceeded 280,000, accounting for 14% of the sales volume. Yidong is positioned in the low-end car market of 70,000-90,000 yuan. In 2021, the annual sales volume exceeded 170,000, accounting for 10% of the sales volume.

　　In addition, three low-end models, changan CS55, Auchan X5 and Changan Benben EV, account for 9%, 9% and 5% of Changan Automobile’s own brand sales respectively, and their prices are all below 100,000 yuan.

　　Unlike Changan Automobile products, which are mainly concentrated in the low-end market, Geely and Great Wall have successively launched independent high-end brands such as Lectra and WEY since 2016. In 2020, the annual sales volume of Lectra reached 175,000 vehicles, up 37% year-on-year, and basically stabilized the mid-to-high-end market.

　　Facing the backward situation in the mid-to-high-end market, Changan Automobile did not launch the UNI series positioned in the mid-to-high-end market until 2020. In 2021, Changan Automobile UNI series achieved sales of 120,000 vehicles, accounting for about 8%.

　　However, even as a high-end series of Changan brand, the price of UNI series models is still concentrated in the market range of 100,000-150,000 yuan. Among them, the guide price of UNI-T, the first model of UNI brand, is 113.39-133.9 thousand yuan, and the price range of UNI-K, the second model, is 153.9-184.9 thousand yuan. In contrast, the products of Geely Link brand and Great Wall WEY brand are mainly concentrated in the market of 150,000 yuan and above.

　　Due to the difference in product structure, the average ex-factory price and profitability of Changan Automobile’s new cars are significantly lower than those of competitors such as Geely and Great Wall. As can be seen from the following figure, in the past four years, Changan Automobile’s sales volume ranked first among the top three independent companies, but its net profit level was far less than Geely and Great Wall.

　　In addition, unlike Geely and Great Wall Motor, whose main profits come from independent brands, Changan Automobile’s operating performance is highly dependent on the joint venture brand Changan Ford. Therefore, if the profit contribution of the joint venture brand is not considered, the gap between the profitability of Changan Automobile’s own brand and its competitors will be even greater.

　　2

　　Joint ventures are no longer brave.

　　Similar to SAIC, Changan Automobile’s operating profit is highly dependent on Changan Ford, a joint venture company, while its own brand is in a state of meager profit or even loss. From 2015 to 2017, the net profit of Changan Automobile was 9.923 billion yuan, 10.277 billion yuan and 7.208 billion yuan respectively. Among them, the investment income from joint ventures and joint ventures is 9.440 billion yuan, 9.564 billion yuan and 6.855 billion yuan respectively, of which more than 90% of the profits come from Changan Ford.

　　According to the data, Changan Ford was established in April 2001, and the shareholding ratios of Changan Automobile, Ford Asia Pacific and Ford Motor (China) are 50%, 35% and 15% respectively. In 2016, the sales volume of Changan Ford reached a historical high of 940,000 vehicles, and contributed 9.08 billion yuan of investment income to Changan Automobile.

　　However, the sales of Changan Ford have gone from bad to worse since 2017 due to problems such as the broken shaft of Changan Ford Maverick and the aging of products. The data shows that from 2017 to 2019, the sales of Changan Ford were 828,000, 337,800 and 184,000 respectively, with year-on-year declines of 12.27%, 54.37% and 51.3% respectively.

　　With the sharp decline in sales volume, Changan Ford’s operating performance also fell sharply, and it fell into a loss during 2018 -2019. In this context, the operating performance of Changan Automobile has also been severely impacted. The data shows that from 2018 to 2020, the non-net profit deducted by Changan Automobile was-3.165 billion yuan,-4.762 billion yuan and-3.25 billion yuan respectively, and the net operating loss during the three years exceeded 11 billion yuan.

　　Facing the total collapse of the China market, Ford Global decided to separate the China market from the Asia-Pacific region and become the two core markets of Ford alongside the North American market. In April 2019, Ford Motor Company released the "Ford China Product 330 Plan", and plans to launch more than 30 new models in the China market in the next three years. Since then, the new Focus, Ford Ruiji and Ford Explorer have been listed, and Lincoln Navigator/Aviator/Adventurer SUVs have also been localized.

　　With the update of vehicle models and the launch of Lincoln brand, Changan Ford’s sales and operating performance also rebounded. In 2020, Changan Ford sold 253,300 vehicles throughout the year, up 37.67% year-on-year; In 2021, the sales volume of Changan Ford reached 304,700 vehicles, a year-on-year increase of 20.29%. Among them, Lincoln brand sold 89,000 vehicles, a year-on-year increase of 109.1%; The net profit was 2.284 billion yuan, which was significantly higher than the net profit of the same period in 2020 (16 million yuan).

　　However, the sales volume and net profit level of Changan Ford in 2021 are far from the peak in 2016. Through simple comparison, it can be seen that Changan Ford’s sales volume in 2021 is still less than one-third of that in the same period of 2016, and its net profit is only 13% of that in the same period of 2016. In addition, if the sales volume of Lincoln brand is not calculated, the sales volume of Changan Ford in 2021 is only 215,000, which is almost the same as that in 2019 in the trough period, which shows that the sales volume of Ford, the main brand, has not really improved.

　　In addition to the aging problem of products, the slow transformation of electrification is also an important reason why Changan Ford’s sales are blocked. Up to now, Changan Ford’s new energy vehicles are only sold in the leading EV, sharp hybrid version and Mustang Mach-E (electric mustang). Among them, the leading EV belongs to Jiangling Ford, while the monthly sales volume of the sharp plug-in hybrid version has been less than 100 since its launch, and the cumulative sales volume has been less than 1,000.

　　As the first electric vehicle of Changan Ford, Ford Mustang Mach-E (Electric Mustang) was not officially delivered in China until December 26th, 2021. By the end of May 2022, the cumulative sales volume of Mustang Mach-E was less than 500 vehicles.

　　The latest data shows that from January to May this year, Changan Ford sold 85,500 vehicles, down 13.87% year-on-year. Among them, the sales volume in May was 13,200 units, down 32.4% year-on-year. Obviously, with the rising of independent brands and the rapid penetration of new energy vehicles, it is difficult for Changan Ford, which lacks pure electric explosion models, to return to the peak, and the road to recovery is probably still very long.

　　three

　　It is difficult for Aouita to carry the banner.

　　Since the second half of 2020, new energy vehicles have become a key point to rapidly increase the market share of independent brands. BYD, Geely and other car companies have successfully achieved double growth in sales volume and brand upward with the help of transforming new energy. However, in the field of new energy vehicles, Changan Automobile is still in a relatively backward state, which further aggravates the difficulty of its brand promotion.

　　According to the data, Changan Automobile entered the new energy vehicle much earlier than its competitors. As early as 2001, Changan Automobile began to research and develop new energy technologies and developed the first hybrid prototype. In December 2009, Chang ‘an Benben MINI EV went off the production line, with a cruising range of 50km and a top speed of 120km/h, becoming the first pure electric vehicle in China.

　　However, due to problems such as too small battery capacity, too long charging time, short battery life and poor heat dissipation, Changan Benben MINI EV did not realize mass production immediately. It was not until 2017 that Benben MINI was listed in the promotion catalogue of new energy vehicles of the Ministry of Industry and Information Technology.

　　In April 2015, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and the Development and Reform Commission jointly issued the Notice on Financial Support Policies for the Promotion and Application of New Energy Vehicles in 2016-2020, to carry out the promotion and application of new energy vehicles nationwide. Since then, Changan Automobile has launched three electric vehicles in 2015, 2016 and 2018, namely Yidong pure electric version, Ounuo pure electric version and Changan Benben LOVE pure electric version, but they all belong to "oil-to-electricity" models, and the market response and sales volume are relatively flat.

　　It is not difficult to see that although Changan Automobile entered the new energy vehicle early, it did not really tackle the technical problems, so that Changan Benben MINI EV could not be mass-produced because of battery problems after trial production, while Yidong pure electric version, Ounuo pure electric version and other models were all "oil-to-electricity" models, and more were introduced for subsidies.

　　It is this short-sightedness in strategy that finally made Changan Automobile fall into the end of "getting up early and catching up late" in the field of new energy vehicles. From the sales list of new energy vehicles, except for the occasional list of Benben EV, several other models have a flat response. In 2020, Changan Automobile’s new energy vehicle sales volume is only 34,900 vehicles, accounting for only 1.5% of the sales volume, and it is mainly A00-class cars.

　　Facing the backward situation in the field of new energy, Changan Automobile, together with Huawei and Contemporary Amperex Technology Co., Limited, jointly launched the high-end electric brand Aouita and released the first model Aouita 11. At the same time, it launched a brand-new digital pure electric brand "Changan Deep Blue" and released the first strategic model C385 of Changan Deep Blue.

　　With the blessing of two giants, Huawei and Contemporary Amperex Technology Co., Limited, Aouita science and technology has attracted much attention. In March this year, Aouita Science and Technology conducted the first round of financing, and the registered capital of the company increased from 288 million yuan to 1.172 billion yuan. Contemporary Amperex Technology Co., Limited officially became the second largest shareholder of Aouita Science and Technology with a shareholding ratio of 23.99%.

　　However, the joint efforts of the three parties have certainly improved the level of power battery technology and intelligence in Aouita, and alleviated the financial pressure of Changan Automobile to a certain extent, but it will also lead to the core technologies of Changan Automobile, such as driverless driving and power battery, being controlled by others.

　　In fact, Changan Automobile has fallen far behind competitors such as Geely and Great Wall in battery technology, pure electric platform and driverless driving. For example, as early as 2019, Geely created the vast intelligent architecture of SEA, and Great Wall Motor subsequently released the intelligent electric platform for coffee. However, it was not until April this year that Changan Automobile released the all-electric EPA1, mainly serving Changan Deep Blue.

　　In January this year, the B round of financing of Changan New Energy was settled, with a capital increase of 4.977 billion yuan, and the shareholding ratio of Changan Automobile was diluted from 48.95% to 40.66%. According to the company’s plan, Changan New Energy will start the IPO process.

　　However, from the operating situation, Chang ‘an’s new energy situation is not optimistic. The data shows that in 2021, Changan New Energy achieved an operating income of 5.632 billion yuan and a net loss of 2.772 billion yuan, which further expanded compared with the same period last year (1.16 billion yuan).

　　In addition, from the perspective of shareholder structure, Changan New Energy’s capital contributors are mainly financial investors such as Bank of Communications Yubo No.1 and Chengyuan Fund, which obviously lacks the support of industrial capital. With the technical strength of Changan Automobile alone, it is difficult for Changan New Energy to compete with a number of new forces, such as Geely Krypton, SAIC Zhiji, Weilai, Tucki and Ideality, which have been mass-produced.

　　People familiar with Changan Automobile may know that as early as 2017, Changan Automobile put forward the "Shangri-La Plan" strategy, announcing that it would completely stop selling traditional fuel vehicles in 2025 and invest 100 billion yuan in the whole new energy vehicle field. By then, Changan will launch 21 new pure electric vehicles and 12 plug-in hybrid vehicles.

　　In the following 2018, Changan Automobile set a new sales target: in 2020, the sales volume of new energy vehicles was 350,000, entering the first echelon of the industry; By 2025, 1.16 million new energy vehicles will be sold, making China the first brand.

　　At present, Changan Automobile is unlikely to achieve this goal. In 2021, the sales volume of new energy vehicles in Chang ‘an was 108,900, far below the target of 2020 (350,000). From January to May this year, Changan Automobile’s new energy sales volume was 51,000 vehicles, with a market share of 3%, ranking eighth among manufacturers in terms of sales volume.

　　Therefore, although Changan Automobile seems to have ambitious goals in the field of new energy, it still gives people a feeling of "old wine in new bottles". In other words, Changan Automobile, an old tree, is trying to sprout, but its spring is far from coming.

　　BEIJING, Beijing, August 17 (Xinhua) On the 16th, the preparatory work for the implementation of Shenzhen-Hong Kong Stock Connect was officially launched. After the State Council approved the Shenzhen-Hong Kong Stock Connect Implementation Plan, in the evening, the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission jointly signed the Shenzhen-Hong Kong Stock Connect Joint Announcement, approving in principle the establishment of an interconnection mechanism for Shenzhen-Hong Kong stock market transactions. What does the approval of Shenzhen-Hong Kong Stock Connect mean to China’s capital market? What is the impact on A shares or H shares? When will it be officially launched? What is the investment quota? What are the investment targets? How high is the investment threshold? The reporters from Zhongxin. com will sort out and interpret them for you one by one.

　　What is the significance?

　　Investors can better share the fruits of economic development between the two places.

　　Zhang Xiaojun, spokesman of the Securities and Futures Commission, said that the launch of Shenzhen-Hong Kong Stock Connect is another major measure to connect the financial markets of the Mainland and Hong Kong, which has many positive meanings.

　　First, it is conducive to investors to better share the economic development achievements of the two places. It will further expand the scope and quota of investment targets for the interconnection of the mainland and Hong Kong stock markets to meet the diversified cross-border investment and risk management needs of investors.

　　Second, it is conducive to promoting the opening and reform of the mainland capital market and further learning from Hong Kong’s more mature development experience. It can attract more overseas long-term funds to enter the A-share market, improve the investor structure in the A-share market and promote economic transformation and upgrading.

　　Third, it is conducive to deepening financial cooperation between the mainland and Hong Kong. It will further give play to the geographical advantages of Shenzhen and Hong Kong and promote the orderly economic and financial development of the Mainland and Hong Kong.

　　Fourth, it is conducive to consolidating and upgrading Hong Kong’s position as an international financial center and promoting the internationalization of the RMB.

　　What is the impact on A shares and H shares?

　　Opening for half a year is expected to bring 75-150 billion incremental funds to A shares.

　　Ping An Securities believes that after the implementation of Shenzhen-Hong Kong Stock Connect, in the long run, whether the capital will show a "southbound" or "northbound" net inflow depends on the comparative relationship between Shenzhen and Hong Kong.

　　Qiu Xiaohua, chief economist of Minsheng Securities, told the reporter of Zhongxin.com (WeChat WeChat official account: cns2012) that the approval of the launch of Shenzhen-Hong Kong Stock Connect will help the interconnection of the two markets, and the impact on the A-share market will be more positive than negative.

　　Guotai Junan believes that after the implementation of Shenzhen-Hong Kong Stock Connect, if the average daily quota utilization rate of Shenzhen Stock Connect reaches 5%-10% in the next six months,It is estimated that it will bring about 75-150 billion incremental funds to the A-share market, accounting for 0.9%-1.8% of the current market value of Shenzhen Component Index of 8.5 trillion.The impact on the short-term liquidity of the market is limited. Although Shenzhen Stock Connect is difficult to change the original trend of the market, the policy landing is good for short-term risk appetite.

　　On the 16th, the Shanghai and Shenzhen stock markets diverged, and the Shanghai Composite Index closed at 3,110.04 points, down 0.49%. The Shenzhen Component Index reported 10,883 points, up 0.56%; Growth enterprise market index reported 2201.10 points, up 0.36%. In the previous two trading days, A shares continued to rise, and the Shanghai Composite Index broke through the 3100 mark; The Shenzhen Component Index rose by 1.32% and 2.79% on the 12th and 15th respectively.

　　In addition, Yu Hao, manager of Guangfa Shanghai-Hong Kong Shenzhen New Opportunity Fund, believes that after the mechanism of Hong Kong Stock Connect has been improved through Shenzhen-Hong Kong Stock Connect and quota liberalization, Hong Kong stocks will be fully opened to domestic investors, and many outstanding Hong Kong stocks will receive sustained attention from mainland investors and be revalued for a long time.

　　In the past 10 trading days, the Hang Seng Index has experienced a strong rise, breaking through the 22,000 points and 23,000 points. On the 16th, the Hang Seng Index fell slightly by 0.09% to close at 22,910.84 points.

　　When will it start?

　　It takes about 4 months to prepare.

　　According to the CSRC, it will take about four months to prepare from the date of publication of the Joint Announcement to the formal implementation of the above plan, and the formal implementation time will be announced separately.

　　According to the Joint Announcement, the exchanges and registration and settlement institutions of the two places will formulate, publish or adjust and improve relevant business rules, actively promote the development and testing of technical systems, business qualification applications, investor education and other preparatory work, and will announce the progress. Shenzhen-Hong Kong Stock Connect can be officially launched only after the relevant transaction settlement rules and systems are prepared, all relevant regulatory approvals are obtained, market participants have fully adjusted their business and technical systems, and all necessary cross-border regulatory enforcement cooperation arrangements and investor education are ready.

　　What are the investment target stocks?

　　The stock market value of Shenzhen Stock Connect Standard needs to exceed 6 billion yuan to expand the Hong Kong Stock Connect Standard.

　　The stock range of Shenzhen Stock Connect is the constituent stocks of Shenzhen Component Index and Shenzhen Small and Medium Innovation Index with a market value of 6 billion yuan or more, and the stocks of A+H shares listed on Shenzhen Stock Exchange. At the beginning of the opening of Shenzhen Stock Connect, the investors who bought and sold the GEM stocks of Shenzhen Stock Exchange through Shenzhen Stock Connect were limited to institutional professional investors defined by relevant Hong Kong rules. After the relevant regulatory issues were resolved, other investors could buy and sell the GEM stocks of Shenzhen Stock Exchange through Shenzhen Stock Connect.

　　The stock range of Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect is the constituent stocks of Hang Seng Composite Large-cap Index, Hang Seng Composite Medium-cap Index, Hang Seng Composite Small-cap Index with a market value of HK$ 5 billion or more, and A+H shares listed on the Hong Kong Stock Exchange.

　　Compared with the Hong Kong Stock Connect under the Shanghai-Hong Kong Stock Connect, the stock range of the Shenzhen-Hong Kong Stock Connect is based on the existing Hong Kong Stock Connect under the Shanghai-Hong Kong Stock Connect, and the constituent stocks of the Hang Seng Composite Small-Cap Index (including stocks with a market value of HK$ 5 billion and above) and the stocks of A+H shares listed on the Hong Kong Stock Exchange and Shenzhen Stock Exchange at the same time.

　　What is the investment quota?

　　There is no longer a total amount limit, and the daily quota of Shenzhen Stock Connect is 13 billion

　　The cancellation of the total amount of Shanghai-Hong Kong Stock Connect will take effect immediately from the date of the Joint Announcement. Shenzhen-Hong Kong Stock Connect no longer has a total amount limit.

　　The daily quota of Shenzhen-Hong Kong Stock Connect is consistent with the current standard of Shanghai-Hong Kong Stock Connect, that is, the daily quota of Shenzhen Stock Connect is 13 billion yuan, and the daily quota of Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect is 10.5 billion yuan.

　　Zhang Xiaojun said that cross-border investment is subject to daily quota management and real-time monitoring. The regulatory agencies of the two places can adjust the investment quota according to market conditions. The daily quota of Hong Kong Stock Connect under Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect is controlled by Shanghai and Shenzhen Stock Exchanges respectively, that is, both are RMB 10.5 billion, which does not affect or adjust each other.

　　How high is the investment threshold?

　　The balance of individual investor account of Hong Kong Stock Connect is not less than 500,000 yuan.

　　According to the Joint Announcement, Shenzhen-Hong Kong Stock Connect refers to the relevant provisions of the Joint Announcement of Shanghai-Hong Kong Stock Connect on April 10, 2014, such as trading, settlement and listing regulations, settlement methods, investor suitability, cross-border supervision and law enforcement cooperation between the two places, and counterpart liaison mechanism.

　　Zhang Xiaojun said that investors in Hong Kong Stock Connect are limited to institutional investors and individual investors with a total balance of not less than 500,000 yuan in securities accounts and capital accounts.

　　According to the data released by China Securities Depository and Clearing Co., Ltd., by the end of July, the total number of individual investors holding A-shares with a market value of over 500,000 was 2,931,218, which reached the threshold for investing in Hong Kong Stock Connect. (Cheng Chunyu)

[CNMO Technology News] In the near future, on June 21-23, the Huawei Developer Conference will be officially held. At this conference, the most attention is paid to the "Pure Blood Hongmeng" HarmonyOS NEXT system. Recently, some bloggers released some details of the latest development version 2 of the system (HarmonyOS NEXT DP2) on Weibo.

The blogger said that the animation effect of HarmonyOS NEXT DP2 is better than that of Android, and the theme is also very rich. The new system also greatly reduces advertising, and also adds a "developer option" function similar to Android; he also revealed that the AI function of the new system may be powerful, but it has not been reflected in the current development version.

It is understood that HarmonyOS NEXT Hongmeng Galaxy Edition system base self-developed, cut the traditional Linux kernel, AOSP (Android open source project) and other code, only support Hongmeng kernel and Hongmeng system applications, so the new system is no longer compatible with Android APK applications.

It is reported that the emergence of pure blood Hongmeng can further improve the performance of devices equipped with new Kirin chips. Due to the support of hyperthreading in Kirin 9000S and 9010, the performance of the device has been released after upgrading HarmonyOS NEXT, plus the embedded Pangu large model and 12G or more memory, it is the first mobile phone operating system with end-side Al capability. And the use of new drivers and APIs will improve the GPU performance of Kirin 9000/9010 devices by about 15%, and the fluency will be further improved, which is comparable to iOS.

Original title: In the face of high-performance luxury pickup guns, I just want to say: How much is it, let me give up!

"Make China pickup trucks popular all over the world" is a declaration and a goal. The rise of the Great Wall Cannon is unstoppable, and the evolution of the Great Wall Cannon is unstoppable. The Chengdu Auto Show, the first show of the Great Wall Gun’s large-scale high-performance luxury pickup truck Shanhai Gun in the world, is enough to explain everything. Not only that, the innovative pickup truck models such as the New Farmer Edition of King Kong Gun, the Firebomb Rage Qingqi, and the high-end customized version of the Great Wall Gun RV were all present, and the booth of the Great Wall Gun became different again.

Return to position c, shanhai cannon.

When you listen to it, there is a sense of the atmosphere of mountains and rivers. Mountains and seas are not just simple meanings of mountains and seas. In China culture, we can easily associate them with The Classic of Mountains and Seas, which is called an encyclopedia, while the Classic of Mountains and Seas and China culture can be called treasures. So what does it mean to the Great Wall Gun?

The Great Wall has always been highly accomplished in naming cars, and the name of Shanhai Gun is also the result of global collection and user creation, as the official said, but the author also believes that it contains more culture and spirit. Of course, it is difficult to achieve much by indulging in some nihilistic imagination, so Shanhai Gun not only has this name, but also has great achievements in product strength.

High performance. Shanhai Gun comes from the intelligent professional off-road tank platform, and is equipped with China’s strongest and world-leading high-performance 3.0T V6+9AT power system. Its powerful outdoor off-road capability can be seen. More importantly, the whole system of Shanhai Gun comes standard with Borgwarner 4A+LOCK four-wheel drive system. There is nothing to fear between mountains and seas, mountains and rivers, and then we wait for the name of Shanhai Gun to resound through the earth. At the same time, Shanhai Cannon will also launch a model equipped with 2.4T diesel and 2.0T gasoline HEV power combination, with comprehensive coverage and ultimate experience. If it is not the name of mountains and seas, who can issue the declaration of "crossing mountains and seas and exploring the ultimate life"?

Super luxury. Power is strong, luxury is real. Shanhai cannon and luxury are first reflected in the advanced business cockpit. Perhaps no one thought that a pickup truck actually has an extremely luxurious cockpit, so that users can reach the ultimate driving experience of the leapfrog SUV. Secondly, it also has the function of electric welcome adjustment in the back row, which is the first in the world. In addition, the NVH ultra-quiet experience in the back row has also performed extremely well under the blessing of many innovative patented technologies. In addition, there are increased holdings of high-level intelligent driving assistance, fully automatic parking and other technological configurations. The sense of luxury and self-confidence presented by Shanhai artillery seems to be handy, and I can’t help but think of that sentence: the so-called luxury is only familiar.

Super fun. If a pickup truck is easy to use, then fun is the sublimation of product strength. The ever-changing expansion space of Shanhai Gun conveys a super-fun attitude. Relying on the first design of split+flat tailgate in China, Shanhai Gun is turned into a convenient pickup truck model that can cope with multi-scene use. The first is the spatial layout of the three-door trunk, which is flexible and changeable, and can be adjusted and disassembled at will. Secondly, 18 matrix anchors are reserved in the trunk, leaving enough space for subsequent trips, modifications and other ways to play with cars.

At this point, the ultimate three products of Shanhai Gun are presented one by one-"high performance, super luxury and super fun". The disappearance of Shanhai Cannon represents the masterpiece of category innovation in the era of Great Wall Cannon 2.0, and at the same time fills the gap of high-performance category of pickup trucks in China. Therefore, both the brand Great Wall Gun and the model Shanhai Gun have different meanings here.

The all-round display of product strength can attract a large number of users, coupled with the presentation of its mountain and sea culture, is a more perfect mountain and sea cannon. Inciting pickup truck culture with mountain and sea culture is also the core of mountain and sea artillery.

Shanhai Gun is consistent with many models of the Great Wall, and also insists on creating user brands with users. So this time, many life players were invited to witness the appearance of Shanhai Gun, including the paraglider Abu and the "goddess of waterinfo" He Haohao. These two have something in common with Shanhai Gun, and both have the spirit of daring to challenge, pursuing the ultimate and constantly exploring, and the root of Shanhai culture lies in this.

At the same time, Shanhai cannon not only uses KOL’s gimmicks to create momentum, but will be recognized by the market together with the general public. In the future, we will recruit 100 mountain and sea culture co-creation officials on global platforms such as TikTok and the Great Wall Gun APP to realize the concept of "the ultimate life of mountain and sea" and achieve the goal of creating mountain and sea culture and sharing the ultimate life.

Finally, I want to say, "This is the worst time and the best time." This sentence is suitable for the Great Wall Gun brand. It started in the era of banning pickup trucks, but it went to the world as the first high-end pickup truck brand in China that broke through 300,000 units, and it only took three years from the 1.0 to 2.0 era. That sentence makes "China pickup trucks popular all over the world!" It’s really not just a slogan, but a constant breakthrough at the speed visible to the naked eye. Finally, I returned to the theme to ridicule, Shanhai cannon is so excellent, how much is it, let me give up!

Editor in charge:

Cummings’ injury involved Guo Ailun? Sunspots are everywhere. We often say that it never rains but it pours. This sentence is really appropriate when applied to Guangsha. Wang Bo’s despair is also normal. Any coach would not be in a good mood. Last season’s playoffs, Hu Jinqiu and Zhao Yanhao were injured one after another. This season, Hu Jinqiu had already suffered a fracture before taking part in the official game. In the first game, Cummings, a foreign aid, also suffered a palm fracture, which was really too difficult for Guangsha team!

Liaoning played against Guangsha in CBA, and finally the Liaoning men’s basketball team won. Cummings, a new foreign aid from Zhejiang Dongyangguang, also performed very well. He played for 35 minutes, made 8 of 17 shots, made 4 of 7 3-pointers, and scored 23 points, 3 rebounds, 2 assists and 1 steal from four free throws. The data is still good. Because it’s only the first game of CBA, the MVP of this European league is still not used to it. I believe that after adjustment, it will definitely play its due level.

Two yuan generals were reimbursed at the beginning of the season, which was a big loss for Zhejiang Dongyangguang and head coach Wang Bo. One is the main inside center, and the other is the newly-joined defender’s foreign aid. The two lines have been hit hard, and I’m afraid the record of the first stage will be greatly affected.

However, don’t be too depressed, Wang Bo. Injuries are also a part of the competition. The previous Liaoning men’s basketball team has experienced it, and other teams have similar situations. I believe that with the passage of time, players will recover and the team’s situation will improve. Guangsha’s fighting capacity is not weak at present, so they can lower their posture first, and spend the difficult time steadily, especially for players like Xu Zhonghao. They should pay attention to their movements in the game, and don’t be punished for malicious foul, or even expelled from the game, which will eventually lead to attrition in non-combat, which will be even more costly. Mentality is very important. I hope Wang Bo can survive.

Finally, I want to explain that Cummings’ injury has nothing to do with Caring for Aaron. Two people are fighting for each other normally, and they don’t have much physical contact. There are some regional sprays with rhythm, which is not good.

During the usual fishing, lead pendants are on the sub -line and eight -character ring, that is, the position of the leading leather seat of the pendant fishing. However, the water love is different, and the method of fishing for fishing must be changed. The reason why the master caught more than you is actually not much secret. The key is a "change" word. What fishing method never uses, nor is it obsessed with single lead or double lead, or some magical bait. For example, in order to increase the fishing nature of fish, we will move the lead, increase the length of the sub -line in disguise, and make the sub -line swinging the amplitude larger. Have time to eat bait.

Good people will have a heart of Barna Haichuan, can tolerate, tolerate, allow it, and help. Good people will have good thoughts. When they see others in trouble, they will reach out to help; when they see the weak are bullied, they will come forward. Good people always think too much for others. If you encounter something, you will think about it. I would rather lose myself, be aggrieved, and do not go to win or lose with others. Kind people, because they are not afraid of suffering, they will not suffer. There will be cause and effect in the world. Good and evil God will judge that you will pay back you will double you in the future. Good people, we, we must learn to understand the change of red dust, to understand calmness all the way; we, we must learn to forgive the imperfections of life, cherish, treat them well

In addition, in order to prevent the small fish from making a nest or a large flow of water, lead pendants are usually increased, and the space beans with fixed lead pendants are opened, which is what we often call fishing and running. Let the bait to the end quickly and use the stability of the large lead to reduce the effect of water flow on float. Through the above two examples, we will find a very interesting thing: it seems that there can be fishing anywhere in the online group, the position of the lead pendant is different, and the effect is different.

This is only the usage of single -lead pendants. In fact, in actual fishing, double -lead or even more lead fishing methods will be used many times. For example, when we fishing and running lead, although the weight of the lead pendant is greater than the buoyant of the float, the lead pendant itself has the entire buoyancy of the float. state. At this time, we must not only bear the buoyancy of the float, but also overcome the rubbing of the lead and the friction of the line group and the lead. The fishing is too blunt.

But at this time, if a double lead pendant, that is, two lead pendants are installed on the main line. First, use the lead pendant above to drift normally, such as adjusting 3 meters. Then use the lead pendant to run for lead. At this time, the lead pendant can only be exposed with a burden, which can be ignored, so the lead pendant will lie flat at the bottom of the water, but it is similar to the anchor -like fixation. effect. The line group can also slide easily in the lead leather seat, and the fish can swallow the bait into the mouth with only smaller strength, which will be much more sensitive than a single large lead pendant fishing and running lead.

In addition, if there is a sauce layer at the bottom of the water, we usually raise the fishing low. In order to prevent the bait from getting into the mud, we will also adjust the proportion of the bait very lightly. However, there will be a problem at this time, and there is no way to push the floats into the water when the double -hook bait hangs. For example, if we adjust the 6 meters, we will be exposed to the water surface after hanging the double bait. But at this time, what should I do if I want to get a bait suspended and the bottom of the bait? It is very simple. You can install a bite on the lower hook. This lead pendant does not need to consider the weight at all. The purpose is to let the lower hook bottom. However, at this time, the hook is still suspended. In this case, there is no need to consider the problem of drift. Fishing 1 or 2 mesh, the state of the bait in the bottom of the water must be a hook suspended and the bottom.

Even if you fish normally in the static waters, you can use double lead. For example, put a small lead pendant under the floating feet, so that the float can be quickly turned over. Make floating drift easier to find signals and positioning fishing points. However, when using a multi -lead pendant, you must consider the leading weight when bleaching, and you cannot interfere with the role of other lead pendants. The general principle is that whether it is a single lead or a double -lead pendant, it is adjusted according to the water and fish feelings. Don’t think that the double lead is tall, and the single lead will be out of date, otherwise it will be counterproductive.

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