Tesla raised $2 billion, and Musk said the company’s market value will increase tenfold.

  On May 2, local time, Tesla announced that it would refinance US$ 2 billion, including the newly issued US$ 650 million common shares (about 2.7 million shares) and US$ 1.35 billion convertible bonds, to maintain the overall operation of the company.

  Financing is like "tearing off a band-aid"

  Tesla CEO Musk said at the investor conference that although Tesla currently has enough cash flow to support its business development, having more cash will help Tesla to buffer in order to cope with the unexpected macroeconomic situation and the potential demand headwinds in the automobile market.

  Musk was finally willing to "plan ahead" to face the reality, and also let investors worried about Tesla’s tight cash flow breathe a sigh of relief. Dan Ives, managing director of the asset research department of Wedbush Securities, a wall street brokerage, believes that Tesla’s financing decision is like "tearing off a band-aid". He said: "Tesla is finally willing to listen to investors. Before, the market was worried that Tesla might not have enough cash to support it through the second quarter. The data can tell everything."

  In this round of financing, Musk said that he would buy Tesla shares worth $10 million (about 41,896 shares). According to InsiderScore, Musk’s move to buy back shares implies that the market can buy Tesla shares in the short term. In the three months after Musk’s five purchases, Tesla’s share price rose by more than 40% on average.

  In addition, the new documents show that Musk personally owes more than $500 million in loans to investment banks. According to Tesla’s latest submission, Musk personally owed $213 million, $209 million and $85 million to Wall Street investment banks Goldman Sachs, Morgan Stanley and Bank of America, respectively, but this was $117 million less than that of the same period last year. Last year, Musk personally owed $624 million to investment banks.

  Musk holds about 20% of Tesla’s shares, with a total value of 8 billion to 12.6 billion US dollars. Tesla warned that if the stock price continues to fall and the bank forces Musk to sell some of its shares, it may in turn put new pressure on the stock price.

  It is worth noting that the primary participants in Tesla’s new financing plan, including Goldman Sachs and Citigroup, have all given Tesla shares a "sell" rating, which is relatively rare on Wall Street.

  The market value should reach 500 billion dollars.

  After Tesla announced a $2 billion financing plan, its share price rose by 4%. However, this year, Tesla’s share price has fallen by nearly 30%, with a market value of $42 billion. Musk also told investors recently that autonomous driving will make Tesla a company with a market value of more than 500 billion US dollars.

  This means that Tesla’s market value will be more than 10 times on the current basis. According to Musk, Tesla will become a "value-preserved" model. He expects that the value of each Tesla will be between 150,000 and 250,000 US dollars in three years, thanks to the upgrade of Tesla’s autopilot software. He also predicted that there will be 1 million autonomous Robotaxis on the road next year.

  However, Musk’s confidence has also been doubted by analysts. For example, Jeffrey Osborne, an analyst at Cowen, a Wall Street investment bank, wrote in a letter to investors: "We believe that the transformation of Tesla’s technology and execution strategy will face great risks. If Tesla wants to compete with NVIDIA in hardware, Google Waymo in software, and the shared taxi platform that is dominant in the current market in the operation of self-driving taxis, it is very difficult to achieve."

  Osborne also pointed out that Tesla did not fully plan how to operate self-driving taxis, because some basic questions have not been answered, such as pricing, insurance liability and legal supervision. Musk said after the earnings conference last month that Tesla is considering launching its own insurance financial products.

  Zach Kirkhron, Tesla’s newly appointed CFO, maintained his expectations for the company’s prospects at the investor conference, that is, 90,000 to 100,000 Tesla vehicles were delivered in the second quarter and 360,000 to 400,000 Tesla vehicles were delivered throughout the year.

  Qian Tongxin

Promoting social governance and urban organic renewal with the transformation of old residential areas

From the perspective of economic, social and urban development, one of the important backgrounds of the transformation of old urban communities is that China’s urbanization has entered the second half. In 2019, China’s urbanization rate has reached 60.60%, and the per capita GDP has exceeded 10,000 US dollars, which is higher than the average level of upper-middle-income countries. The process of urbanization in China has entered between the second turning point (urbanization rate is 50%) and the third turning point (urbanization rate is 70%), and the urban development has shifted from incremental expansion to the era of upgrading stocks. Urban governance needs to pay special attention to people’s livelihood issues and promote urban transformation and development.

The city is a living body, and urban renewal is an eternal topic. The renovation of old residential areas embodies the development idea of "making people more convenient, more comfortable and better in urban life". As early as the central city work conference held in 2015, the central government has proposed to speed up the transformation of old communities. The the Political Bureau of the Communist Party of China (CPC) Central Committee Conference held in July 2019 proposed to implement short-board projects such as the renovation of old urban communities, urban parking lots and the construction of urban and rural cold chain logistics facilities. The renovation of old residential areas has been accelerated.

According to the deployment, in 2020, the country plans to renovate 39,000 old urban communities, involving nearly 7 million residents, double the number in 2019, with the focus on residential areas completed before the end of 2000. This work has also become a new starting point for "stable investment" in urban and rural construction after the investment in shantytown renovation. The renovation of old residential areas can not only promote the organic renewal of the city, improve and upgrade the living environment of residents, but also create new investment and jobs, which is also of great significance to the current work of "six stabilities" and the implementation of "six guarantees".

At present, the year 2000 is generally used as the node to divide old communities and new communities. The residential quarters built before the end of 2000 generally have the demographic characteristics of "prominent aging phenomenon", the location characteristics of "adjacent to the old city center", the architectural entity characteristics of "five or six floors without elevators" and the social governance characteristics of "lack of property management". Therefore, there are housing safety problems, infrastructure problems, supporting services problems and community management problems in old residential areas that need to be solved.

Old residential areas have universal characteristics, and the reconstruction work needs to start with these universal characteristics and summarize the possible problems. The author believes that there are six main problems in the renovation of old residential areas: first, in community governance, residents’ cognition and demands for the renovation and upgrading of residential areas are different and difficult to coordinate; Second, in terms of updating hardware facilities, community supporting facilities are old, some facilities are lacking in functions, and some facilities even have hidden dangers; Third, the construction of public service facilities, land shortage and difficult to supplement; Fourth, in terms of standards and norms, relevant norms need to be further established and improved; Fifth, in the aspect of fund-raising, it is necessary to establish a fund mechanism that is reasonably shared by multiple subjects; Sixth, in terms of institutional mechanisms, relevant approvals need to strengthen coordination and cooperation.

The renovation of old residential areas needs system design, and the goal of "five modernizations" is clear: First, it is suitable for aging, including barrier-free design and installation of elevators; Second, greening, energy saving and consumption reduction, and integration with urban green development; Third, communization, promoting the leadership of party building and residents’ autonomy, and developing smart communities in governance; Fourth, the circle of life, including "15-minute life circle", "10-minute old people circle" and "5-minute children circle" and the construction of public charging piles and public laundry rooms; The fifth is human culture, which combines the transformation of old residential areas with the protection of local characteristics and the continuation of urban cultural context to promote urban organic renewal.

The renovation of old residential areas needs comprehensive planning, and the renovation objects and tasks can be classified. The renovation of old residential areas includes the following aspects: first, the renovation of single buildings to make them more solid and beautiful; The second is the transformation of residential environment, which makes residents’ life more quality; Third, all kinds of facilities are perfect, making residents’ lives more convenient; Fourth, the community management is perfect, which makes the community life more orderly.

According to this, the task of old residential area renovation can be divided into three categories: first, the basic category to meet the needs of safety and basic life, including municipal supporting infrastructure such as water, electricity and heating roads, and maintenance of public parts of buildings; The second is the improvement of life and convenience, including the improvement of residential environment and supporting facilities, the installation of elevators and the increase of parking facilities in conditional residential areas; The third is to improve the quality, which can be provided by the market, including the supply of community public service products, such as pension, nursery, health, etc. The provision of such public services must be based on the principle of adapting to local conditions and seeking truth from facts, and strive to provide residents with "menu-style" optional services.

The transformation of old residential areas needs the participation of social capital and the promotion of multi-subject and multi-source power. The executive meeting of the State Council held on April 14th this year proposed to establish a mechanism for the government, residents and social forces to share the reconstruction funds reasonably, with subsidies from the central government and special debts from local governments to encourage social capital to participate in the reconstruction operation. The transformation of old residential areas needs to solve the problem of "where does the funds come from", and it is necessary to establish a framework system of normalized maintenance and renewal funds.

Social governance must be innovated in the renovation of old residential areas. The transformation of old residential areas is an eternal theme in the process of urban development. Its core concept is to implement the people-centered development idea, the development concept of "innovation, coordination, green, openness and sharing" and the transformation principle of "seeking truth from facts and adapting to local conditions". As a livelihood project, the renovation of old residential areas must encourage the public to actively participate, listen to the opinions of all sectors of society in time, and form a good working atmosphere. Efforts should be made to solve the outstanding problems strongly reflected by the masses, so that the masses can have more sense of gain in the transformation of old residential areas. This process is bound to be a social governance process of mutual consultation, co-construction, co-governance and sharing.

(The author is a professor-level senior urban planner, former vice president of China Urban Planning and Design Institute and deputy secretary of the Party Committee)

Li Li, former Party Secretary and President of The Export-Import Bank of China Beijing Branch, was "double-opened"

CCTV News:The website of the State Commission for Discipline Inspection of the Central Commission for Discipline Inspection reported on September 26th that according to the news of the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection in The Export-Import Bank of China and the Supervision Committee of the Yunnan Provincial Commission for Discipline Inspection, recently, with the approval of the State Commission for Discipline Inspection of the Central Commission for Discipline Inspection, the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection in The Export-Import Bank of China and the Yunnan Provincial Supervision Committee conducted a disciplinary review and supervision investigation on Li Li Li, the former party secretary and president of The Export-Import Bank of China Beijing Branch, the former party secretary and president of Shanghai Branch and the former general manager of the transportation financing department.

After investigation, Li Li violated the party’s political discipline, failed to fulfill the responsibility of strictly administering the party’s first responsible person in an all-round way, paid attention to the party building work as a formality, and did not equip the party branch secretary according to the regulations, so that people could write personal inspection materials for the democratic life meeting, be a "two-faced person" and be a "two-faced person", accept organizational criticism in person, and publicly make false statements behind the scenes; Violation of the spirit of the eight central regulations, spamming welfare in the name of reimbursement of education and training fees, illegally accepting customer banquets, travel arrangements and accepting expensive gifts and shopping cards; Violation of organizational discipline, violation of the principle of democratic centralism, and "personal decision-making" on major decision-making matters; Violating the discipline of honesty, the spouse takes advantage of his position to accept huge amounts of money from customers and illegally undertake business; Violation of work discipline, intervention in bidding activities, concealment of large funds revenue and expenditure to escape supervision; Violation of national laws and regulations, taking advantage of his position and influence to obtain loans for enterprises, providing assistance to illegal intermediaries in the field of financial leasing, illegally accepting huge amounts of property and original shares of listed companies alone or in collusion with others, is suspected of accepting bribes.

As a leading cadre of party member, a state-owned financial enterprise, Li Li lost his ideals and beliefs, abandoned his original mission, ignored the party discipline and state laws, and was disloyal and dishonest to the party; The relationship with customers is "close" and "clear", and they are willing to be "hunted"; Taking advantage of the credit right and industry influence in hand to help others, collecting wealth alone or through their spouses, and collecting huge "commissions" together with others violate the spirit of the eight central regulations and the party’s discipline, which constitutes a crime of violating the law of duty and not stopping after the 18 th or even 19 th National Congress of the Communist Party of China. It is serious in nature and has a bad influence, and should be dealt with seriously. According to the Regulations on Disciplinary Actions in the Communist Party of China (CPC), the Supervision Law of People’s Republic of China (PRC), the Law on Administrative Actions of Public Officials in People’s Republic of China (PRC) and other relevant regulations, Li Li was expelled from the Party after being studied and decided by the Party Committee of The Export-Import Bank of China. According to the research decision of the Discipline Inspection and Supervision Group of the State Commission for Discipline Inspection in The Export-Import Bank of China, Li Li was dismissed from government affairs and his disciplinary income was confiscated; The Yunnan Provincial Supervisory Commission transferred the suspected crime to the procuratorial organ for examination and prosecution according to law, and the property involved was dealt with according to law.

Li Li’s resume

Li Li, female, Han nationality, was born in April 1967, joined the work in August 1989 and joined the Communist Party of China (CPC) in August 2000.

In December 1994, he was transferred to work in The Export-Import Bank of China, and served as a cadre, assistant director and deputy director of the credit department of the head office, and director of the third and second divisions of the export credit department;

In December 2006, he served as Deputy General Manager of the Shipping Finance Department and the Transportation Finance Department of The Export-Import Bank of China Head Office;

In March 2009, he served as the general manager of the Transportation Finance Department of The Export-Import Bank of China Head Office;

In March 2012, he served as Party Secretary and President of The Export-Import Bank of China Shanghai Branch;

In July 2019, he served as Party Secretary and President of The Export-Import Bank of China Beijing Branch;

He was dismissed in January 2022.

(Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection of the Central Commission for Discipline Inspection in The Export-Import Bank of China, Supervision Committee of the Yunnan Provincial Commission for Discipline Inspection)

Jiangling Fushun picked up the car for one month and the brakes failed, and the engine oil leaked for half a year. How did the quality checkpoint pass?

In today’s increasingly prosperous automobile market, consumers have high expectations for the quality and safety of automobiles. Recently, however, the quality problem of Jiangling Fushun has been greatly questioned by the owner.

In the complaint case of the automobile complaint network, we can see the worrying quality hidden trouble of Jiangling Fushun. Mr. Lu, the owner of the car, bought Jiangling Fushun on April 27, 2024, but within a short month of picking up the car, the brakes actually failed twice. As a key component of automobile safety, the importance of brake system is self-evident. Brake failure may lead to serious traffic accidents, endangering the safety of passengers in the car and other pedestrians and vehicles on the road. This is an unacceptable quality defect for a new car that has just been bought for a long time.

IMG_256

Not only that, but in less than half a year after picking up the car, the vehicle also leaked oil. As the heart of an automobile, the normal use and sealing of engine oil are very important. Oil leakage will not only affect the performance and life of the engine, but also cause fire and other safety hazards. These problems faced by Mr. Lu, the owner of the vehicle, are by no means accidental faults, but involve serious quality problems of the core components of the vehicle.

IMG_256

For such quality problems, the owner’s appeal is to ask the 4S shop or manufacturer to make a way to return the car. As a commodity, car owners have invested a lot of money and trust in the purchase. When the vehicle has such serious quality problems, the owner has the right to ask the manufacturers and dealers to give reasonable solutions. However, as of the date of publication, the problem of car owners’ demands has not been properly solved.

As a well-known automobile brand, Jiangling should have a higher standard and guarantee for its product quality. These problems in Jiangling Fushun make people question the production technology and quality control system of Jiangling. In the process of automobile production, the design, manufacture and testing of brake system and engine should be strictly checked. Why do these serious problems appear on a new car? Is the quality of the parts not up to standard, or is there a mistake in the production and assembly process? Or is there a loophole in the inspection link before the vehicle leaves the factory?

Nowadays, there are many automobile brands, and car owners often consider many factors such as brand reputation, vehicle performance, quality and after-sales service when choosing. Jiangling Fushun’s brake failure and oil leakage will undoubtedly have a negative impact on its brand image. Car owners may have doubts about other models of Jiangling brand because they are worried about quality problems, and then turn to other competitive brands. This is a problem that needs to be paid attention to and solved for Jiangling.

Click to view the image source.

For the owner, Mr. Lu, buying a car with quality problems not only brings economic losses, but also may cause a lot of inconvenience to life and work. In the factory where Mr. Lu is located, drivers are afraid to continue driving because of vehicle quality problems, which will inevitably affect the normal operation of the factory. For other potential car owners, such a case has also played a warning role, and it is necessary to choose brands and models more carefully when buying a car.

Car complaint network:

The quality problem of Jiangling Fushun should be highly valued by manufacturers. Manufacturers need to actively communicate with car owners, thoroughly investigate the causes of the problems and take effective measures to solve the problems. Only in this way can we regain the trust of car owners and maintain the reputation of the brand.

Ruixing "committed suicide" to save himself: using expired raw materials, expanding franchise stores, all for profit …

Text/Li Huilin Editor/Tan Wei

Twelve months after listing, Luckin Coffee ended up being ordered to withdraw from the market.

On the evening of May 19th, Luckin Coffee announced that it had received a notice from NASDAQ Exchange on May 15th, requesting delisting. Ruixing plans to hold a hearing and will continue to list on Nasdaq before the results come out.

Lu Zhengyao, chairman of Ruixing, is not satisfied with this result. In the early morning of May 20th, Lu Zhengyao said in a statement that the company had dealt with the relevant responsible persons, reorganized the board of directors, updated the management and actively carried out rectification as soon as possible according to the results of the phased investigation. Nasdaq asked the company to withdraw from the market without waiting for the final investigation results. Unexpectedly, he was deeply disappointed and regretted.

Lu Zhengyao believes that Luckin Coffee’s business model and business logic are valid, and its revenue keeps increasing every year. At present, despite the double blow of epidemic and fraud, thousands of stores in Ruixing are still trying to keep operating. If we withdraw from the market, the difficulties and pressures faced by Ruixing will continue to increase. "But no matter what, I will do my best to maintain the operation of the store and try my best to recover the losses of shareholders so that the brand of Ruixing can go on."

From the 18-month-old listing to the scandal, Rui Xing, who was in turmoil, chose to break his arm to survive. Earlier, some media reported that Ruixing planned to abolish 80 stores in Beijing, equivalent to one-fifth of the stores in Beijing.

A former manager of Luckin Coffee in Ningbo told the reporter of 21st 21CBR that since the exposure of financial fraud, Ruixing’s office in Ningbo has laid off nearly one fifth of its staff, and its direct-operated stores are also shrinking, resulting in a serious problem of lax management.

Using expired materials, lax quality control management.

Su Kai (pseudonym) joined Ruixing in March 2019, and served as deputy store manager and store manager before and after. He was recently dismissed because he complained about the internal use of expired materials.

On May 8th this year, Su Kai bought a cup of "Little Deer with a lot of ingredients" in Ruixing’s Yintai store in Beilun, Ningbo. After drinking it, he had loose bowels that night and went to the hospital for treatment the next day. Su Kai suspected that the store used expired materials, so he called Ruixing’s customer service phone to complain, and the feedback was that the store did have the problem of expired materials. Su Kai asked for reimbursement of medical expenses, but Ruixing customer service refused to reimburse medical expenses on the grounds that Su Kai was an internal staff and needed internal solution, and only compensated three drink coupons. At Su Kai’s insistence, Ruixing compensated 200 yuan JD.COM.

Su Kaiben thought that this matter had ended. Unexpectedly, on May 19th, a regional manager of Ruixing took a warning notice, saying that Su Kai had made mistakes in his work and asked him to leave his job on his own. According to the regional manager, employees need to leave their jobs when they receive two warning notices in 12 months.

Another "mistake" made by Su Kai before was also related to expired materials. Since the store he was in charge of has not resumed business, he was assigned to another direct store in early May by the company to help. On the day of taking up his post, the materials in this store were found to have exceeded the shelf life, and this material has been used for more than a week. Even so, Su Kai, who is not the first responsible person, was given a warning sheet.

In Su Kai’s view, the expired materials were still used to make drinks, which only happened after Ruixing was exposed to financial fraud. "Before the financial fraud storm, the company’s control was very strict, and the materials had to be discarded when they arrived. After the incident, the policies conveyed above have completely changed, and everything is for profit. " He estimated that all these phenomena are to make the next quarter’s financial report look better and prove that the store can really make a profit.

In the direction of taking profit as the goal, Ruixing’s cost control has become stricter. Su Kai, for example, said that pearl raw materials with a lot of deer materials should be used for two hours according to the regulations, and they need to be scrapped if they exceed the time limit. Previously, if the store’s raw materials were scrapped too much, it would let the store manager report and analyze the reasons. Now, once the raw materials are scrapped too much, the store manager will be downgraded or fired. Previously, only when serious food problems were detected by the headquarters could the store manager be dismissed.

In addition to material management issues, some stores in Ningbo have also seen cases where filter elements have expired and not been replaced. "The function of the filter element is to filter the water quality, such as the ice cubes in the ice machine and the iced American coffee we drink, all of which need to be made with filtered water." Su Kai introduced that the filter elements of the original stores were replaced by the personnel who were responsible for the ice machine, usually once every three months. At present, the filter elements of several stores have not been replaced after the expiration date.

This situation is more likely to happen in franchise stores. Ruixing has more than 100 stores in Ningbo, of which nearly 30% are franchise stores. Compared with direct stores, regional managers need to communicate with the store manager through the boss when controlling franchise stores, and the management effect is not as good as that of direct stores. Moreover, raw materials need to be submitted for approval by stores themselves. In order to reduce losses, franchised stores may not strictly abide by the operating specifications.

"The boss may say yes to his face, but as soon as the regional manager leaves, he (the boss) says what you should do, because the cost of scrapping is borne by him, not the company." Su Kai said that after the outbreak of the fraud incident, Ruixing’s tolerance for franchise stores was increasing, and in the stores he complained about, employees did not wear aprons and hats when making drinks.

In order to improve profitability, since April 27th, Ruixing has carried out a new round of price increase in the whole country, in which the increase of beverage line is generally in 3 yuan, for example, Xiaolu tea rose from 25 yuan to 28 yuan, and Luckin Coffee rose from 28 yuan to 31 yuan. As early as the end of February, Ruixing had increased the price of its products in 1 yuan.

In some cities, Ruixing has also adjusted the original take-away relief policy: free delivery from 35 yuan/55 yuan to 35 yuan/55 yuan minus 3 yuan.

After Ruixing was exposed to the fraud incident, the volume did explode, but recently, due to price increases and other reasons, the volume dropped very seriously. Su Kai revealed that many store managers complained that the number of customers in the store has decreased by nearly 30%.

Shrink direct stores and continue to open franchise stores.

Perhaps, the management omission of Ruixing’s stores in Ningbo can’t represent the national situation, but it can’t be ignored that Ruixing, once proud of digital system management, has gone downhill. On the one hand, this is the negligence of management, on the other hand, it is also due to the shortage of personnel.

After the financial fraud incident, employees in Ruixing felt expect the unexpected. In the past month or so, Ruixing held several video conferences to stabilize employees’ emotions, emphasizing that the nature of the incident was negative news at the management level, which had no impact on the store operation and required employees to do their jobs well. Su Kai said, "Our salary was originally paid on the 10th of each month. The month when it was exposed for fraud was two days ahead of schedule. It should be to show employees that there will be no problem of not paying wages."

Even so, many employees left voluntarily. According to Su Kai’s understanding, Ruixun’s Ningbo office staff has shrunk by nearly one fifth, including many employees at the level of regional manager and director. Originally, Ruixing had five regional managers in Ningbo, one of whom went to study abroad and the other left. The remaining three regional managers needed to manage more than 100 stores, and the workload increased greatly, so it was inevitable that the control was not in place.

In the past, there were many part-time employees in Ruixing Store. After the epidemic, the working hours and the number of part-time employees were restricted, and the staff of the store was generally tight. Some idle employees were transferred to other stores to help. At present, there has been no large-scale layoffs in the store.

Su Kai thinks that Ruixing may use management problems as an excuse to lay off employees. "I don’t know how many stores are closed now. At that time, there will still be more positions of store manager and deputy store manager. Without so many people, he will find a way to lay you off, because he may have to pay compensation for taking the normal route."

According to the statistics of American data company Thinknum Alternative Data, as of May 12th, Luckin Coffee opened an average of 10 new stores every day in China in the second quarter of this year, and now the total number of stores has reached 6,912.

As far as Su Kai knows, more than 99% of these new stores are franchise stores. After paying the franchise fee to Ruixing, franchisees need to go through a training period and a three-month site selection period. Previously, these franchisees were attracted by Ruixing’s marketing and star traffic. After Ruixing was caught in a fraud storm, they could not get a refund and could only continue to open stores in order to reduce losses.

In Ningbo, Su Kai heard that Ruixing Club will continue to close some direct-operated stores with poor efficiency or duplication in the business circle, but it has not yet been implemented due to factors such as the rent has not expired.

The storm of Ruixing is still spreading. On May 12th, the board of directors of Luckin Coffee terminated the positions of CEO Qian Zhiya and COO Liu Jian, and JINYI GUO (Guo Jinyi) was appointed as the acting CEO.

Luckin Coffee’s shares resumed trading on the Nasdaq Stock Exchange at 7: 00 am EDT on May 20th (7: 00 pm Beijing time on the 20th). As of press time, Ruixun reported $2.92 per share, compared with $51.38 at the peak of Ruixun’s share price, the current market value has evaporated by over $10 billion.

National Bureau of Statistics: In September, the purchasing managers’ index (PMI) of manufacturing industry rose from 50.1% to the expansion range.

  Cctv newsRecently, the Service Industry Research Center of the National Bureau of Statistics and China Federation of Logistics and Purchasing released the Operation of Purchasing Managers Index of China in September 2022.

  I. Operation of Purchasing Managers Index of China Manufacturing Industry

  In September, the purchasing managers’ index (PMI) of manufacturing industry was 50.1%, up 0.7 percentage points from the previous month, and rose to the expansion range.

  From the perspective of enterprise scale, the PMI of large enterprises was 51.1%, up 0.6 percentage points from last month and above the critical point; The PMI of small and medium-sized enterprises was 49.7% and 48.3% respectively, up 0.8 and 0.7 percentage points from last month, still below the critical point.

  From the classification index, among the five classification indexes that constitute the manufacturing PMI, the production index is higher than the critical point, while the new order index, raw material inventory index, employee index and supplier delivery time index are all lower than the critical point.

  The production index was 51.5%, up 1.7 percentage points from last month and above the critical point, indicating that the manufacturing production has expanded.

  The new order index was 49.8%, up 0.6 percentage points from last month, indicating that the demand boom in the manufacturing market continued to improve.

  The raw material inventory index was 47.6%, down 0.4 percentage points from last month, indicating that the inventory of major raw materials in manufacturing industry decreased from last month.

  The employee index was 49.0%, up by 0.1 percentage point from last month, indicating that the employment boom of manufacturing enterprises picked up slightly.

  The delivery time index of suppliers was 48.7%, down 0.8 percentage points from last month, indicating that the delivery time of raw material suppliers in manufacturing industry was longer than last month.

  II. Operation of Purchasing Managers Index for Non-manufacturing Industries in China

  In September, the business activity index of non-manufacturing industry was 50.6%, down 2.0 percentage points from last month, still in the expansion range, and the expansion of non-manufacturing industry slowed down.

  By industry, the business activity index of the construction industry was 60.2%, up 3.7 percentage points from last month. The business activity index of service industry was 48.9%, down 3.0 percentage points from last month. From the perspective of the industry, the business activity index of postal services, telecommunications, radio and television, satellite transmission services, monetary and financial services and other industries is located in the high boom zone of more than 60.0%; The business activity index of retail, air transport, accommodation, catering, resident service and other industries is lower than 45.0%.

  The new order index was 43.1%, down 6.7 percentage points from last month and below the critical point, indicating that the demand in the non-manufacturing market continued to slow down. In terms of industries, the new order index of the construction industry was 51.8%, down 1.6 percentage points from last month; The new order index of service industry was 41.6%, down 7.6 percentage points from last month.

  The input price index was 50.0%, which was the same as last month and was at a critical point, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities was the same as last month. In terms of industries, the price index of construction inputs was 52.4%, down 1.0 percentage points from last month; The price index of service industry inputs was 49.6%, up 0.2 percentage points from last month.

  The sales price index was 48.2%, up 0.6 percentage points from last month, still below the critical point, indicating that the overall decline in sales prices of non-manufacturing industries continued to narrow. In terms of industries, the sales price index of the construction industry was 52.0%, up 0.6 percentage points from last month; The sales price index of service industry was 47.5%, up 0.6 percentage points from last month.

  The employee index was 46.6%, down 0.2 percentage points from last month, indicating that the employment boom of non-manufacturing enterprises declined. In terms of industries, the index of employees in the construction industry was 48.3%, up 0.6 percentage points from last month; The index of service industry employees was 46.3%, down 0.4 percentage points from last month.

  The expected index of business activities was 57.1%, down 1.3 percentage points from last month, and remained above the critical point, indicating that non-manufacturing enterprises maintained confidence in the recent market recovery and development. In terms of industries, the expected index of construction business activities was 62.7%, down 0.2 percentage points from last month; The expected index of service business activities was 56.1%, down 1.5 percentage points from last month.

  Third, the operation of China’s comprehensive PMI output index

  In September, the comprehensive PMI output index was 50.9%, down 0.8 percentage points from the previous month, still higher than the critical point, indicating that the production and operation activities of Chinese enterprises continued to expand overall, but the pace of expansion slowed down.

Kunming xingyue l zhiqing price reduction information! The latest offer is 152,700 yuan, with a limited time special offer.

[car home Kunming Preferential Promotion Channel] Recently, good news keeps coming, and consumers in Kunming now have the opportunity to enjoy special discounts on models. As a high-profile new energy vehicle, Xingyue L Zhiqing is carrying out a price reduction promotion in Kunming market. The maximum preferential amount has reached an astonishing 7,000 yuan, further reducing the competitive starting price, and the minimum starting price has been adjusted to 152,700 yuan. If you are interested in this car, you must seize this rare opportunity and click "Check the car price" in the quotation form to get a more affordable price and a better car buying experience. Don’t miss this good opportunity to save money for your car purchase plan!

昆明星越L智擎降价信息!最新报价15.27万,限时特惠

The design of Xingyue L Zhiqing shows the perfect combination of exquisiteness and strength of Geely brand. In the front part, it adopts the family-style design language, and the iconic air intake grille is decorated with a large area of chrome plating, which complements the sharp LED headlights and creates a strong visual impact. The overall style is stable and smooth, showing the dual charm of high-end business and sports performance. On the side of the car body, the combination of slender car body proportion and dynamic waistline highlights the sense of output and modernity, which is impressive. No matter from which point of view, Xingyue L Zhiqing shows a unique design aesthetics.

昆明星越L智擎降价信息!最新报价15.27万,限时特惠

The car series Xingyue L Zhiqing outlines a unique side profile with elegant and smooth body lines. Its body size is 4795mm x 1895mm x 1689mm, and the wheelbase is as long as 2845mm, ensuring a spacious and comfortable interior space. The front and rear wheel tracks are both 1610mm, which provides good stability and handling for the vehicle. The exquisite tyre size is 235/50 R19, with dynamic rim design, which not only enhances the visual impact when driving, but also ensures the grip and comfort during driving.

昆明星越L智擎降价信息!最新报价15.27万,限时特惠

The interior design of Xingyue L Zhiqing is elegant and pays attention to details, showing the perfect integration of luxury and technology. The exquisite leather steering wheel not only feels comfortable, but also supports manual up and down+front and rear adjustment to meet the needs of different drivers. The 12.3-inch central control screen is clear and easy to operate, integrating multimedia system, navigation, telephone, air conditioning and skylight control to provide drivers with a comprehensive infotainment experience.

The seat is made of imitation leather, and the cushion is wide and supports 4 forward and backward adjustments, backrest adjustment, height adjustment and lumbar support to ensure the comfort of the driver for a long time. The driver’s seat also has heating and ventilation functions, and the co-pilot seat also has backrest adjustment to enhance the riding experience. In addition, Xingyue L Zhiqing is also equipped with electric seat memory function to provide personalized settings for drivers. The second row of seats supports backrest adjustment, and the rear seats can realize flexible use of space through proportional reclining function. The overall interior design not only pays attention to practicality, but also gives consideration to luxury, creating a pleasant interior environment for passengers.

昆明星越L智擎降价信息!最新报价15.27万,限时特惠

Xingyue L Zhiqing is equipped with a 1.5T turbocharged engine with a maximum power of 120kW and a torque output of 255nm, which can provide excellent performance. This engine is matched with the 3-speed DHT transmission, which not only ensures the driving flexibility of the vehicle, but also pays attention to fuel economy and driving comfort.

Summarizing the evaluation of Zhou Ma’s family, the intelligent engine version of Xingyue L undoubtedly won her appreciation in appearance design. The bright white body color shows a unique clean temperament, while the high-end atmospheric body lines and front face design convey extraordinary taste. The owner mentioned that the headlight and taillight design of Xingyue L is a bright spot, which is comparable to BBA-level luxury. Undoubtedly, the design of Xingyue L not only meets her aesthetic needs, but also becomes a confident choice for her daily travel.

Is this car worth it? Analysis of Range Rover Sport Model

When entering the society, the income is generally not too considerable. At this time, an economical and cost-effective model is often the most suitable. Today, this car is very distinctive. Let’s take a good look at it.

First of all, from the appearance, the front face of Range Rover Sport Edition is relatively cold and looks fashionable. Coupled with headlights, the recognition is very high. The car is equipped with LED daytime running lights, front fog lights, automatic opening and closing, adaptive far and near light, automatic steering, delayed closing and so on. Come to the side of the car, the car body size is 4970MM*2047MM*1814MM, the car uses young lines, the side looks very delicate, with large-sized thick-walled tires, the overall visual effect is very young and fashionable. In terms of the rear end, the overall shape of the rear end echoes the front end, and the taillights look very sharp and exquisite.

Sitting in the car, the interior of Range Rover Sport Edition presents a stable design style, and the overall visual effect is very distinctive. The steering wheel of the car is eye-catching, equipped with electric up and down+front and rear adjustment, steering wheel memory, steering wheel heating and other functions, and the grip is full and delicate. Take a look at the central control. The design of the center console is reasonable, which makes the interior design quite layered. The overall design of the central control is very good. The dashboard and the seat are equally eye-catching. The dashboard of the car presents a flamboyant design style and looks more stable. The car uses leather seats, equipped with functions such as electric adjustment with memory in the auxiliary seat, electric adjustment with memory in the seat, and seat proportion tilting, with exquisite materials and comfortable ride.

Range Rover Sport Edition is equipped with car networking, driving mode selection, remote control key, rear wiper, interior atmosphere light and other configurations, which is worthy of praise.

The SUV has an atmospheric appearance, good spatial performance and high cost performance. I wonder if you are interested in it. Interested riders might as well go offline and actually experience it.

Baidu World 2023 is a spoiler, and Baidu will release the first generative business intelligence product in China.

  Where is the biggest development opportunity in the era of big model? Basic service or industry service? Li Yanhong, founder, chairman and CEO of Baidu, believes that it is not, but in application. Among the 18 "catch-up rules for starting a business" published recently, Li Yanhong said that for entrepreneurs, the big model is meaningless and the application opportunities of the volume are greater. Baidu should be the first company to "reconstruct" all its products.

  On October 12th, Baidu held the "Baidu World 2023 Media Pre-communication Meeting", which revealed the latest development of network disk, intelligent work platform such as Streaming and Apollo Intelligent Cabin based on large model reconstruction. In addition, it is understood that at the "Baidu World 2023" held on October 17, Baidu will also release the first generative business intelligence product in China-Baidu GBI.

  The first generative business intelligence product in China

  In the business world, shopping malls are like battlefields, and enterprises compete, not the big fish eat small fish, but the fast fish eat the slow fish. If an enterprise wants to win, the most inseparable thing is business analysis. However, traditional BI tools are difficult to find data, use tools and have limited index coverage. Both Excel and data analysis platforms are designed for high-frequency (preset) scenes, so they can’t flexibly deal with various problems at any time. The analysis and insight of a complex problem often takes hours or days to complete. In the fierce and rapidly changing market competition, such a long decision-making cycle may lose important business opportunities.

  Sun Ke, Chairman of Baidu AI Cloud Technical Committee and Chief Architect of Baidu AI Cloud Application Products Center, said that Baidu GBI, which will be released on October 17th, can shorten the data analysis from days to minutes.

Baidu GBI

  First of all, traditional BI can only be operated by professionals, while GBI can directly understand the president’s question, implement it in real time, and draw conclusions quickly. Secondly, GBI provides a convenient access mode, so that enterprises can access data, ask questions and analyze any data, and there is no need to manually analyze across databases and tables. Third, GBI also has the ability to learn, and enterprises can inject professional knowledge into the industry and make it an industry expert.

  Baidu’s network disk will be upgraded again, and everything in the video will be refined.

  "In the AI era, the network disk no longer focuses on file transfer or storage," said Wu Tianhao, general manager of Baidu AI Cloud Network Disk Products Department. "Instead, it further moves towards knowledge management of individuals and enterprises, and realizes the transformation of information from data to knowledge."

  In the past 11 years, Baidu’s network disk has served 800 million users, and users will upload more than 1 billion pictures every day. Therefore, in the direction of AI reconstruction, Baidu’s network disk focuses on the intelligent service of personal files.

  "One Cloud" is Baidu’s first domestic network disk intelligent assistant based on Wenxin model. It not only realizes the transformation from graphical interface interaction to natural language interaction, but also enhances multimodal information understanding. Users can operate files, pictures and videos in the network disk with only one sentence, which is convenient for users to "find things" in the network disk and video. It is worth mentioning that Baidu’s network disk "Cloud One" can also help users quickly understand the video content, refine the content focus from the video, add subtitles to the video, export all the subtitles to the manuscript, and even add the title of the manuscript, greatly improving the information understanding and communication efficiency.

  Recently, Baidu’s network disk also launched the "Cloud One File Assistant" which can be used on WeChat. By forwarding any WeChat official account article to Cloud One, it can "read" directly, and summarize and refine the main points within 10 seconds, so that users can get the "essence dry goods" in a short time.

  "A powerful video processing and understanding ability of Baidu Netdisk Cloud will also be shown to you at Baidu World Congress, so stay tuned," Wu Tianhao said.

Baidu network disk cloud a file assistant

  The gospel of migrant workers is to have a "super assistant" who understands you and is professional.

  At present, there are still many pain points in the online office of enterprises. How will the big model reshape intelligent work?

  "The big model is a great opportunity in the field of corporate office." He Wei, director of Baidu’s intelligent office platform department, said, "With ERNIE Bot’s blessing, Baidu’s intelligent work platform has reconstructed intelligent work based on AI’s original thinking, stimulating enterprise innovation and improving efficiency."

  He introduced the "super assistant" created by Ruliu, which has three characteristics: knowing you, professionalism and real-time companionship. It has been aroused at any time and anywhere, and has been applied in a wealth of office application scenarios.

Baidu ruliu super assistant

  During the execution of intelligent tasks, the super assistant evokes through natural language voice, and realizes one-step direct access to complex systems for scenes such as meeting reservation, vacation and poor travel. In the intelligent document processing scene, the super assistant can quickly find out the relevant documents according to the instructions, which doubles the efficiency of knowledge acquisition, and can also quickly consult, summarize and translate the documents on the Web side of the browser; In the high-frequency communication scenario, "IM intelligent summary" and "AI meeting insight" and "AI meeting minutes" can quickly refine the main points and generate structured minutes. The data shows that through the use of the AI conference insight function, the current reading volume of conference content has increased by 3.5 times.

  He Wei believes that "unlike the stronger tool attribute under the concept of assistant, super assistant can be competent for more complicated tasks, and at the same time will help you finish your work more actively, so that intelligent work can replace hard work." At the scene of the 2023 Baidu World Congress, the reconstructed new features such as streaming will be unveiled.

  Large-scale model reconstructed intelligent cockpit, which will be carried in the mass production of Extreme Yue 01.

  The big model not only reshapes thousands of industries, but also profoundly affects the automobile industry. When the large model is combined with the car cockpit, the car will become an automobile robot with EQ and IQ.

  Su Tan, general manager of the intelligent car business department of Baidu Intelligent Driving Group (IDG), said: In the era of big model, based on the idea of reconstruction, we have the opportunity to change the relationship between man and machine in the car cockpit into the relationship between man and virtual person. Based on the Wenxin model as the basic model, and the massive data accumulation of Baidu Apollo in millions of smart cars and different scenarios, the Apollo intelligent cabin model and intelligent cabin development tool chain are further enhanced.

Large model landing intelligent cockpit

  The intelligent emergence of large-scale models brings core abilities such as understanding, generation, reasoning and memory, so that the format of intelligent cockpit will be reconstructed, including interaction, development mode, architecture and user operation mode. The first thing to be reconstructed is the interaction between people and vehicles. From "imperative" to "conversational", the naturalness of interaction will be greatly improved. The improvement of interactive experience will also greatly improve the user experience of just-needed scenes such as in-car navigation and car use. At the same time, the demand for in-car entertainment and services will be further released, and the user’s usage scenarios will also be reconstructed. Baidu Apollo has built an exclusive large-scale model technology base for the car cockpit. Based on the Wenxin large model, it has enhanced the effect of the large model in the car cockpit and provided more anthropomorphic intelligent interaction, including improving the understanding in the cabin, adding multi-modal understanding, active interaction ability, dynamic recovery ability, response time optimization and other capacity building to meet the intelligent needs of users for the cockpit.

  In order to make the smart cockpit empowered by the big model land more quickly, Baidu Apollo has also reconstructed the technical route of the smart cockpit of the car, and the development mode of the native application of the car AI based on the big model is deeply integrated with the localization. Apollo streamlines and implements the intelligent cabin AI native application development paradigm, reduces costs and improves efficiency in the whole link, and helps the industry to explore. Automobile host manufacturers can independently develop their own brand models and application scenarios, and Apollo will also provide a reference for boutique in-vehicle native applications, and build a large number of commonly used plug-in scheduling capabilities for the cockpit ecological environment, greatly reducing the input costs of automobile host manufacturers.

  At present, the car voice products blessed by Baidu Apollo Intelligent Cabin Model have been mass-produced in models such as Extreme Yue 01, Cadillac Ruige, Buick E5, Geely Yinhe L7 and Geely Yinhe L6, and brands such as Geely Yinhe and Haval will soon be launched. Among them, Extreme Yue 01 is at the leading level among the mass-produced vehicles in the industry in terms of its core capabilities such as millisecond response, full-time wakeup-free interaction, multi-channel simultaneous interaction, and full-page seeing and speaking.

  The scale of users of Qian Fan’s large model platform has grown rapidly, covering more than 400 scenes.

  Baidu is reshaping its products with big models, so the next question for entrepreneurs and enterprises is, how to build AI native applications?

  Li Jingqiu, deputy general manager of Baidu AI Cloud AI platform, said at the communication meeting that Baidu has summarized these successful practical experiences into tools and methodologies, and deposited them on the world’s first one-stop large-scale model service platform "Qian Fan" to help entrepreneurs and enterprises build their own AI native applications with low cost and high efficiency.

Baidu AI Cloud Qian Fan large model platform

  Baidu AI Cloud continues to improve and upgrade the tool chain on the Qian Fan platform. At present, 41 data sets and 226 sets of high-quality Prompt templates are preset on the Qian Fan platform, so enterprises can quickly optimize the model effect according to their own business scenarios. The platform also manages 42 mainstream large models at home and abroad, providing Chinese enhancement, performance enhancement, context enhancement and other capabilities. Qian Fan platform provides an extremely stable training environment for the performance guarantee issues that corporate customers are concerned about. Under the conventional method, engineers spend 30%-40% of their time on fault tolerance and fault recovery. Now, the fault management mechanism of Baidu AI Cloud’s self-developed cluster networking makes the effective training time of the model reach more than 95%.

  Li Jingqiu, deputy general manager of Baidu AI Cloud AI platform, revealed at the communication meeting that the user scale of Qian Fan platform has increased rapidly since March. By the beginning of September, there were nearly tens of thousands of monthly enterprises on the platform of Baidu AI Cloud Qian Fan, covering more than 400 scenes in manufacturing, energy, transportation and other industries.

  "Around the accelerated landing of AI native applications, Qian Fan platform will release more new products at Baidu World 2023 on October 17." Li Jingqiu, deputy general manager of Baidu AI Cloud AI platform, said.

China’s "mountain-piercing armor" was exported to Indonesia to build a large shield machine in Jakarta-Bandung High-speed Railway, and a new breakthrough was made.

[Reporter Zhao Hanqing in front of the Global Network Report] On September 29th, the first super-large diameter (13.19 meters) slurry air pressure balance shield machine independently developed by China for export to overseas high-speed rail was successfully rolled off the production line in China Communications Day and the assembly workshop, and it will be used to promote the "Belt and Road" construction project in Jakarta-Bandung High-speed Railway and promote the local economic development.

High-speed rail is an advanced means of transportation to facilitate people’s travel, a business card for China and a major project to promote the construction of the Belt and Road Initiative. However, the construction of high-speed rail is not easy, and sometimes it is necessary to dig tunnels to cross obstacles such as river buildings. At this time, a heavy weapon: shield machine is needed.

Shield machine is an artifact of tunneling, which is compared to "pangolin" by the staff of China Communications Tianhe, and is also dubbed "Tuxingsun" by many netizens. The tunnel built with it can help the high-speed rail cross the river, cross the sea and pass through important structures. This shield machine will drill a 1.4-kilometer-long tunnel, which will enable the Indonesian Jakarta-Bandung High-speed Railway Project to cross the expressway and an airport from underground. The shield machine construction has little impact on the surrounding environment, high precision in ground settlement control, and is safe and fast. In addition, the shield machine can also help the subway to cross various building obstacles and the expressway to cross the river and the sea.

Jakarta-Bandung High-speed Railway is a demonstration project to promote China high-speed railway to go global, and it is also the first single project for China’s high-speed railway to go global from technical standards, survey and design, engineering construction, equipment manufacturing and material supply to operation management, personnel training and comprehensive development along the line. It connects Jakarta, the capital of Indonesia, to Bandung, the fourth largest city, with a total length of 142 kilometers and a design speed of 350 kilometers per hour, which will shorten the driving time between the two places from more than three hours to 40 minutes. The project has attracted the attention of the heads of state of China and Indonesia.

This super-large diameter shield machine took 8 months to complete. The cutter head has a diameter of 13.19 meters, a length of about 101 meters and a weight of more than 2,600 tons. The tunnel dug is enough for two-way high-speed trains to pass. This has also become the first super-large diameter slurry balance shield machine for high-speed rail exported overseas in China. According to reports, only three companies in China can build such a shield machine, and only four companies in the world can build it. Yang Hui, dean of China Communications Tianhe Design and Research Institute, said that they are already familiar with the technology, because they have accumulated technology for eight years before, and these are mature technologies for them.

The technology of CCCC Tianhe is also an innovation that keeps pace with the times. In view of the complex geological conditions, they have designed the shield machine in a targeted manner, and adopted a number of self-created technologies such as appropriate cutter head anti-caking cake design, layered backwashing technology of mud-water system, intelligent anti-settling control technology, automatic control of mud-water circulation system and so on.

Yang Hui said that the technology of shield machine was also blocked by western countries, but this did not hinder their research and development and production. China’s manufacturing industry has a certain technical strength, but the blockade has promoted the localization of many key technologies, and its localization rate has reached 95% at present. China super-large diameter slurry balance shield machine entered the overseas super-large diameter shield market monopolized by developed countries. What is even more proud is that the team that completed the project is a young team with an average age of only 28 years old. Dean Yang himself is a post-85 generation.

Next year, a larger and more complex shield machine will be built for the construction of the river-crossing tunnel in Nanjing, and it will compete with the products of foreign companies. A staff member said that public opinion is often more severe on China enterprises, but he still has confidence in the technology of China Communications and the level of domestic supporting industrial chains.