Let Mobile Photography Say Goodbye to "Digital Taste"

—— The story behind Xiaomi × Leica Image Quality Experience Improvement Project

□ Our reporter Peng Xie

"Is it correct to make the night scene as bright as the day? At night, is there at least a’ night sense’? " This is a question raised by Lei Jun, founder, chairman and CEO of Xiaomi Company in Weibo. In fact, it is not difficult to brighten the night scene for the current mobile image photography equipment, but it is not easy to restore the "night feeling" seen by the eyes.

In the eyes of the industry, "lighting up the night scene" is the inevitable result of some mobile phone manufacturers’ over-reliance on computational photography and post-optimization, with the aim of lowering the threshold for taking a "good" photo. These so-called "good" photos are brighter than the colors seen by the eyes, brighter than the real light, and the details are still clear when magnified several times. But in the eyes of photographers and enthusiasts, there is an unreal "digital taste".

Say goodbye to the taste of digital and return to the real world of light and shadow, which is what users expect from the image experience. In July, 2022, Xiaomi Company announced the strategic cooperation with Leica, the leading brand in the global imaging field, to realize the original Leica image experience on the mobile phone, form Xiaomi’s unique image quality style, and redefine "good photos". Behind it, it is Xiaomi people’s diligent pursuit of image quality style and the ultimate exploration of digitizing style.

Call up the user’s favorite "Leica flavor"

For more than 100 years, Leica cameras have formed a unique "Leica flavor" by virtue of exquisite optical engineering design and powerful manufacturing technology. After a year-long in-depth communication with Leica, Xiaomi explored the key elements of "Leica flavor"-three-dimensional tone, telepresence color and soft and realistic details.

But this is far from enough. The real "Leica taste" is not counted by Leica, nor by Xiaomi, but by users.

The project team spent a lot of time and energy to screen out a group of professional photographers and enthusiasts who are familiar with Leica and agree with Xiaomi, conduct in-depth interviews, and define the Leica style in the eyes of users through the comparison and selection of a large number of proofs. The process of deep communication with users is like building a city of light and shadow, brick by brick, interlocking and striving for perfection, just to make professional photography simpler and images more realistic.

In this process, the project team made a new discovery-on the basis of ensuring authenticity and naturalness, many users also like the samples with fuller and sharper colors compared with the original Leica samples. Therefore, the project team decided to develop two styles of "Leica Classic" and "Leica Vivid" simultaneously. The former perfectly reproduces the imaging style of Leica camera, abandons the effect of forcibly brightening the traditional mobile phone image, makes the darkness dark, and the color is full of "German flavor"; On the basis of maintaining accurate restraint, the latter moderately brightens and adjusts the saturation of the picture, showing bright and sharp tones and vivid and full colors.

After the dual-style route was clear, the project team and Leica reached a consensus, and the raw images of Leica M series cameras were used as input, and intelligent processing was carried out through machine learning algorithm. Dynamic brightening technology, deepAWB technology, extreme image quality technology and efficient computing technology were innovatively used to create a material library for hundreds of subdivided scenes such as portraits, blue sky, sunset, green plants and flowers, and all the materials were disassembled according to the dimensions of exposure, contrast, color and noise.

The quality of images is not only a standard, but also a promise to users. In the technical adjustment, the project team chose the most difficult and least tricky way-brand-new pipeline and parameter design, and distinguished "Leica Classic" and "Leica Vivid" from the bottom parameters. It is several orders of magnitude more difficult to do this than to adjust the surface parameters, and it also brings huge workload to the later adaptation, but only in this way can "Leica Classic" and "Leica Vivid" truly achieve their own wonderful.

Taking the birthday cake as an example, Leica Classic adopts neutral white balance to make the picture and color more calm and objective. "Leica Vivid" uses white balance parameters that are more suitable for human eyes and emotions to enhance the sense of atmosphere and make the picture warmer, "equivalent to adding a warm filter to the picture".

Let the public take good photos at will.

Optical problems must be solved in an optical way. In the cooperation between Xiaomi and Leica, the two sides have a consensus that excessive use of computational photography due to insufficient optical quality will cause irreversible damage to the picture, which is tantamount to quenching thirst by drinking poison. This means that Xiaomi is going to change or even subvert the aesthetic habits that the public has long cultivated by "computational photography" and "post-optimization". Photographer Huang Cao questioned: "It takes a lot of courage and determination. Will there really be mobile phone manufacturers who dare to do this?"

In June, 2022, Xiaomi invited 25 professional photographers, including Huangcao, to attend a closed-door communication meeting, and took out the unreleased 12s Ultra engineering machine for trial use. The purpose was to let everyone judge whether this mobile phone was "Leica" or not.

After taking a few photos with Xiaomi 12s Ultra engineering machine, the weeds feel that the texture is completely different from that taken with a mobile phone. Li Yue, the product manager of Xiaomi Camera Department, was surprised by a car photo taken by a photographer. "It’s better than I expected!" He said.

At this closed meeting, Xiaomi collected some opinions and suggestions from photographers, including the problem of "white balance adjustment of multi-focus switching" put forward by weeds-when shooting the sea with a short-focus lens of a mobile phone and a small boat in the sea with a telephoto lens, the color of the sea surface will be deviated due to different focal lengths. For ordinary users, this is a subtle difference that needs careful comparison to find, but for photographers, it is an unavoidable problem.

Li Yue and his colleagues believe that these 25 photographers are heavy users of Leica, and the problems they found may not be the most sensitive and concerned by ordinary users, but they are very critical to the image quality and Leica style, and have a "high priority". Although it is difficult to change, they are willing to face the difficulties. "Our goal is to let the public take good photos and get the best photography experience, so the first thing we have to do is to tell everyone what a good photo is." They said.

Subsequently, according to the photographer’s opinion, the project team set up a special group such as "multi-camera consistency" to focus on tackling key problems, from camera adaptation to chip debugging, and make all-round improvement. When Xiaomi 12s Ultra was officially released, Huangcao was pleasantly surprised to find that Xiaomi had solved almost all the problems mentioned at the press conference. "In addition to the rapid improvement, Xiaomi’s emphasis on photographers’ ideas is also very touching." He said.

Thanks to the efforts of the project team, Xiaomi 13 Ultra, the latest flagship of humanities imaging specialty released in 2023, was officially defined as a "fantastic historical work" by Leica, and the praise rate of the self-operated flagship store in JD.COM was over 99%. It is Xiaomi people’s persistent pursuit of "quality" to take users as the center and take user satisfaction as the goal, so that users can take pictures of the most beautiful scenery at will. Saying goodbye to "digital taste" and returning to "optical taste" is Xiaomi’s pursuit of moving images and the definition of "good photos", which has been verified in Xiaomi 13 Ultra.

The cooperation was praised by the German team

Xiaomi joined hands with Leica, which promoted the deep cooperation and mutual appreciation of engineers from two different countries. It is precisely because Xiaomi and Leica attach equal importance to the user’s experience and actual needs, pay more attention to quality from the user’s point of view, and pay more attention to aesthetics and humanistic feelings, so the cooperation between the two sides will be so efficient and successful.

In the cooperation, the dedication and seriousness of Leica engineers left a deep impression on Xiaomi engineers.

At the beginning of the cooperation, Xiaomi sent a Xiaomi 11 Ultra mobile phone to Florian, a Leica camera expert, and happened to meet Florian on vacation. Unexpectedly, in the first week after he came back from vacation, he sent a 128-page image quality evaluation report PPT-the result of his vacation with his mobile phone.

Before each meeting with Xiaomi, Leica engineers will communicate relevant information, reports or target maps internally. After the meeting, they will hold another round of resumption and planning meeting. Minutes of each meeting are very detailed and can be issued immediately after the meeting; Reports and materials used in the meeting will also be sent out before 24: 00 on time.

Every time the Xiaomi project team puts forward a product functional requirement, the Leica team will "ask three questions"-do users really need it? What benefits does this have for users? How to improve the effect of taking pictures? "Treating every question of users with caution and echoing everything is also a tacit understanding that we complement each other with the Leica team." An engineer of the Xiaomi team said.

In cooperation, collision is inevitable. According to Li Yue’s recollection, the project has to complete Leica certification for more than 200 sub-items including basic scenes and special scenes. For the Xiaomi team who is good at "grabbing time", so many projects should have "priority" to ensure that the most important problems are solved in the shortest time. But in the eyes of German engineers, every project is equally important and should go hand in hand.

In order to convince German engineers, Li Yue took advantage of the convenience of living in the same community with them, and took a walk with Leica engineer Florian at the weekend, explaining why he should give priority while walking. Walking for more than two hours, German engineers told Li Yue a message from all dimensions-NO (No), which made Li Yue unable to refute.

To Li Yue’s surprise, as soon as he started work on Monday, the German team produced a report of more than 200 pages, analyzed the importance of each certification project, and determined the problems and objectives to be solved in each project. The two sides discussed the report from morning till late at night, and finally determined the "priority" of each project. Strict management and strict requirements in research and development are the consensus of the two teams. Only by being strict and sincere can we be worthy of making friends with users.

It is said that people with the same gas field will attract each other, and the engineer culture respected by Xiaomi has made the German team find a full sense of belonging. The dedication of Xiaomi’s team won the respect and recognition of German engineers, and also changed their working methods imperceptibly.

For example, in Xiaomi Science and Technology Park, the two sides often have to discuss for most of the meeting, which often delays eating. As a result, the Leica team quickly developed the habit of bringing their own energy bars and chocolates to the meeting. For another example, at the beginning of the cooperation, Leica HR agreed that they should not work more than 7 hours a day, but after arriving in Xiaomi, they unconsciously adapted to Xiaomi’s working mode and even blurred the "concept" of vacation, and they would also do shooting tests and reports on weekends. "No one asked them to do this. I think this is a kind of like-mindedness." Li Yue said.

Youth is fleeting, but style lasts forever.

Leica is far more beautiful than it looks at first sight. It is durable, and you can look at it again-this is Leica’s confidence.

Clearly know and insist on what to do and what not to do, without losing focus and being disturbed by noise-this is Xiaomi’s certainty.

Simpler and purer, Xiaomi’s understanding of a good photo has also become Xiaomi’s unique image quality style through excellent lens and precise interactive solidification, making future moving images more "millet flavor". This cooperation between Xiaomi and Leica has been well received, which is a model of the perfect combination of innovation and quality of Xiaomi.

China quality newspaper

[car home Jiaxing Preferential Promotion Channel] Recently, large-scale preferential activities are being carried out in Jiaxing area, with the highest preferential amount reaching an astonishing 148,900 yuan, which makes the minimum starting price drop to 313,900 yuan. If you are interested in the BMW i4, you may wish to take this opportunity to learn more about the discount details and strive for a higher discount by clicking the "Check Car Price" button in the quotation form.

The exterior design of BMW i4 is full of modernity and dynamic. The front face adopts a closed kidney grille with sharp LED headlights, which makes the whole front face look very domineering. The body lines are smooth, and the overall style is simple and full of science and technology.

The side lines of BMW i4 are smooth, with a body length of 4785mm, a width of 1852mm, a height of 1455mm, a wheelbase of 2856mm, a front tread of 1601mm and a rear tread of 1630mm, showing a dynamic body posture. 18-inch rims are used on the vehicle side, with 245/45 R18 in front of tyre size and 255/45 R18 in rear of tyre size. The design style of rims is sporty and fashionable, which enhances the visual impact of the whole vehicle.

The interior style of BMW i4 adopts simple and exquisite design, creating an atmosphere where modern technology and luxurious texture coexist. The steering wheel is wrapped in high-quality leather, which makes it feel comfortable. The manual up-and-down and back-and-forth adjustment function allows the driver to adjust the best grip position according to his own needs. The center console is equipped with a 14.9-inch touch screen, which supports the voice recognition control of multimedia system, navigation, telephone and air conditioner, and is easy to operate. In addition, the car is equipped with USB and Type-C interfaces, which are convenient for passengers to connect various devices, and the front seats are equipped with wireless charging function of mobile phones. In terms of seats, it provides a variety of choices such as imitation leather, genuine leather and fabric/suede materials. The main and co-pilot seats support a variety of adjustment methods, including front and rear, backrest, height, leg rest and waist support, and at the same time, it has heating function to improve riding comfort. The rear seats can be laid down in proportion to further expand the storage space.

The BMW i4 is equipped with a powerful motor with a maximum power of 250kW and a maximum torque of 430Nm. This power configuration gives the vehicle excellent acceleration performance and driving pleasure, and also ensures an efficient and environmentally friendly driving experience.

The owner of car home said: "The configuration parameters of Series I’s 3, 5 and X3 are almost the same, except that the shell has been changed. I want to buy the I4 for more than 100,000 yuan. Of course, it is still imported, so there is no need to do such a thing as buying it home and deducting the label. At first glance, the big nostrils are not mediocre. When I drive out, people are guessing at 600,000. I am sorry. "

In China Guangdong Nuclear Power Engineering Co., Ltd., which belongs to China General Nuclear Power Group (CGNPC), there is such a "smart" runner. He has studied hard and kept improving, and gradually grew from an ignorant college graduate to a technological master in the field of nuclear reactor equipment installation in China. He is Huang Lei, the winner of the May 1st Labor Medal.

Welding gives off dazzling white arc light, and cutting sparks that are blazing red … These unbearable scenes for ordinary people are the most intimate daily life for Huang Lei, who has been installing nuclear reactor equipment for 15 years. The installation of nuclear reactor equipment is the core project of nuclear power plant construction. Huang Lei, who has always been rooted in the front line, has been in this position for 15 years and has experienced many nuclear power projects such as Ling ‘ao, Hongyanhe, Yangjiang and Fangchenggang. Today, Huang Lei has gradually grown from an ignorant college graduate to an excellent project builder. He said that truly mastering the installation technology of China people’s own nuclear power core field and doing a good job in the nuclear power engineering of the motherland is his unchanging initial intention.

Students who surpass the "master"

Ling ‘ao Phase II nuclear power project, located in Shenzhen Daya Bay Nuclear Power Base, adopts China’s improved PWR nuclear power technology CPR1000, which is the first self-built million-kilowatt PWR nuclear power plant in China. The construction technology of nuclear power plant is difficult, and the responsibility of nuclear safety is heavy. The complexity and difficulty of independent construction are much higher than those of other industries. Especially in the field of nuclear reactor equipment installation, the precision of installation technology is beyond people’s imagination. In the past, it was all mastered by foreign parties, which made it more difficult to make nuclear power construction independent.

"With what foreigners can, we can’t? Do they have three heads and six arms, and we can’t do them? " In 2006, after graduating from Huang Lei University, he joined CGNPC. The newborn calf was not afraid of tigers, so he refused to accept defeat. Huang Lei is determined to become a nuclear reactor equipment installation technology. To this end, he paid great attention to every detail of the foreign operation guidance, took the foreign drawings and documents that were not detailed, studied them page by page, and even punctuated them, often pondering into the middle of the night.

"His dormitory often has lights on in the middle of the night, even all night, and everyone is used to it." The efforts have not been in vain. Through a little exploration and accumulation, Huang Lei has overcome many technical problems such as concentricity adjustment, track adjustment and fuel delivery system assembly of the loader. In 2009, under the leadership of Huang Lei, China’s nuclear fuel storage and handling system was successfully installed independently for the first time, and the system experience was popularized. In the eyes of colleagues, Huang Lei always keeps fresh and devoted to technological research and innovation. "Only better, no best, these eight words can best describe Huang Lei, and his pursuit of technology seems endless."

With this indomitable spirit, in the field of nuclear reactor equipment installation, Huang Lei has won six awards for technical achievements at all levels, and has successively mastered a number of nuclear power plant installation core technologies, such as the opening and closing cover of the nuclear reactor pressure vessel, the insertion and interlocking of the reactor control rod drive shaft, the secondary side water pressure of the steam generator, and the automatic welding of the reactor main loop pipeline. At the same time, he also innovated and invented more than 10 special tools, such as special tools for cold-fitting pin holes of reactor pressure vessel inserts.

Today, CPR1000 piles are blossoming in many places in China. In the field of CPR1000 nuclear reactor equipment installation, China engineers, represented by Huang Lei, not only fully mastered the core technology, but even came from behind, and their technical level surpassed that of former foreign masters.

Do a good job in China’s third-generation nuclear power

In fact, Huang Lei is "ambitious". He is not satisfied with mastering only the installation technology in the core field of CPR1000 reactor. Huang Lei, which has grown up with the wave of China’s nuclear power autonomy, still has a goal in mind-to build Hualong No.1 demonstration project with China’s independent intellectual property rights to help China’s nuclear power "go global". In 2018, Huang Lei shouldered the heavy responsibility of nuclear island installation of CGNPC Fangchenggang Hualong No.1 demonstration project. "China’s nuclear power has grown from scratch, from weak to strong, and has become one of the national business cards together with high-speed rail. I am a technician. In this process, I should give full play to my advantages and make more contributions to the country. "

The difficulties can be imagined. He led the team to tackle key problems continuously, summed up experience and made bold exploration on the basis of installation technology in the core field of CPR1000 reactor, and achieved many firsts in China in Hualong No.1 demonstration project: for the first time, when the nuclear island plant was capped, large crawler cranes were used to complete the hoisting of large equipment in the main circuit of nuclear reaction; After lifting the nuclear island dome for the first time, complete the replacement of the nuclear island ring crane installation trolley; For the first time, the installation of the steam generator was completed in the 0-meter site, setting a historical record of completing the installation of all nuclear reactor main loop equipment within 70 days, and the deviation of equipment weighing hundreds of tons in place was less than 1 mm; Facing the installation of the shaft seal of the main pump, which is exponentially difficult, the installation is strictly controlled according to the accuracy of 0.01mm, and the whole process of nondestructive installation is realized for the first time, which is impossible for foreign manufacturers with mature experience; The installation and welding of the control rod drive mechanism of the reactor were successful at one time, without any repair welding.

Although faced with many difficulties in the construction of Fangchenggang Hualong No.1 demonstration project, Huang Lei kept in mind the mission and overcame difficulties. In April 2021, Huang Lei won the honorary title of "Shenzhen May 1st Labor Medal". "The task of the construction of Hualong No.1 demonstration project is not over yet, and there are still many challenges ahead." In the face of honor, Huang Lei remains as simple as ever.

Although the first line is bitter, it is also sweet.

In addition to being the team leader, Huang Lei is also the "bosom brother" of the team.

"I have been doing this since I graduated, and I know the difficulties and difficulties of everyone." Nuclear Island Installation is a young team with an average age of 32 years old. Huang Lei always takes the initiative to understand the ideological trends of team members and solve the problems and difficulties encountered in work and life in time.

Huang Lei advocates the concept of "happy work and healthy life" in the team. At the same time, after the boring installation of the nuclear island, he actively organizes everyone to participate in various activities such as reading sharing and outdoor sports to relieve the work pressure. Therefore, the team led by Huang Lei is full of energy at any time. With skills in the brain and brothers in the heart, Huang Lei has been unanimously recognized by the team, and everyone likes to overcome difficulties with him. Like many nuclear power construction engineers who have been rooted in the front line all the year round, Huang Lei often stays at the nuclear power site for months, giving up holidays and being unable to stay with his parents, wife and children.

"Is it bitter?" In the face of questions, Huang Lei smiled slightly: "In the first line, suffering is suffering, and many times I am tired, but my heart is also very sweet." In Huang Lei’s eyes, it is enough that in 15 years, with countless nuclear power builders, he has become a brick and tile for the leap-forward development of China’s nuclear power industry.

[Editor: Jia Zheng]

?On September 21st, the brand of high-end intelligent automobile robot, Jiyue 01, appeared at the 2023 World Intelligent Networked Automobile Conference (hereinafter referred to as "Intelligent Networked Automobile Conference"). With the theme of "Being extremely intelligent, surpassing", Jiyue brand showed the all-round experience of AI intelligent cabin brought by advanced intelligent driving and the first launch of Qualcomm 8295 chip. In the same period, Jiyue 01 won the "Dianjin Award" awarded by the Intelligent Networked Automobile Conference-the Popular Model Award.

The Intelligent Networked Automobile Conference was co-sponsored by the Beijing Municipal Government, the Ministry of Industry and Information Technology, the Ministry of Public Security and the Ministry of Transport, etc., to showcase the global innovations in the field of intelligent networked automobiles. As an intelligent leading medium and large SUV, Extreme Yue 01 appeared at the Intelligent Networked Automobile Conference, demonstrating the intelligent ability of the leading industry generation.

It is reported that with the first batch of production cars officially rolled off the assembly line on September 19, Extreme Yue 01 began to enter the mass production stage, and simultaneously opened reservations for users. It is expected to be listed in October this year, and automobile robots are accelerating into public life.

Qualcomm 8295 chip starts to get on the train, and the 01AI cockpit shows the extremely intelligent experience.

The 8295 chip with Qualcomm’s most advanced 5nm process was mass-produced for the first time in the world, and dual NPU was fully enabled for the first time. The AI computing power will be as high as 60TOPS. Based on super computing power, Jiyue 01 takes the lead in realizing full localization of voice AI algorithm in the industry, getting rid of dependence on network signals, and supporting global offline voice interaction, even in weak or disconnected scenes such as tunnels, basements and mountains. 3D unbounded integrated 6K ultra-clear large screen, as the AI interactive portal of the whole vehicle, can achieve silky interaction without being stuck, presenting "natural communication" voice interaction, top-quality full-screen racing game and the ultimate interactive experience of fully immersed leisure cabin.

The reporter came to the Extreme Yue booth and found that there were two models of Extreme Yue 01, namely Xinghui Orange and Chineydy Grey, participating in the exhibition. The eye-catching color matching and the scientific and technological appearance design made the automobile robot as a whole very futuristic. With the intelligent cockpit of the automobile robot fully open to the public, the Extreme Yue 01 attracted a large number of visitors to stop and experience and punch in the extreme Yue booth.

Mr. Li, a citizen, told the reporter: "As a smart car enthusiast, I have long been concerned about the mass production progress of automobile robots. After learning that Extreme Yue will participate in this intelligent networked automobile conference, I made a special trip to the extreme Yue booth to experience it. The extreme Yue 01 cockpit experience is very good, especially the voice interaction is very fast and accurate. The built-in" Wild Racing "3D racing experience is the strongest gaming experience of smart cars on the market."

Jiyue 01 Demonstration Intelligent Driving Ceiling officially opens the reservation.

Behind the extremely intelligent cockpit experience, the car robot Ji Yue 01 also has the ultimate intelligent driving experience and excellent mechanical literacy. Based on the atomization ability and safety system of Baidu Apollo’s high-order automatic driving, the Extreme Yue 01 high-order intelligent driving is equipped with two NVIDIA Orin chips, which can realize the full-scene intelligent driving experience for highway sections, urban sections and parking links while ensuring the safety of users. At the same time, based on the vast architecture of the leading Geely SEA, the control experience of the Extreme Yue 01 has also reached the first-class level in the industry, which truly realizes safer driving and easier driving.

It is reported that as the world’s first "AI car robot", Extreme Yue 01 has already started booking and is expected to be officially released in October this year. The outstanding performance in this exhibition, Extreme Yue 01 attracted many citizens to place orders and make reservations, so that more people can feel the intelligent travel experience brought by car robots. The participation in the intelligent networked automobile conference will make use of the platform advantages of the conference to contribute more wisdom and strength to the development of the global intelligent travel industry.

(promotion)

As the "fourth world" of Huawei, Zunjie is a car brand jointly launched by Huawei and Jianghuai Automobile. The official positioning is ultra-high-end brand, and the price is expected to exceed 1 million yuan. The official said that it aims to break the long-term monopoly of foreign luxury car brands in the field of millions of luxury cars.

Judging from the spy photos currently exposed, Zunjie’s body size is expected to reach the standard of D-class cars, the overall body lines are very slender, equipped with rear wheel steering function, and large-size wheels in the shape of "pie" are also used, which is also a common design element for ultra-luxury models, further enhancing the luxury and visual impact of vehicles.

Since we are cooperating with Huawei, Zhijia can’t be absent. Judging from the lidar on the roof, Zunjie is expected to carry the advanced version of Huawei Gankun ADS 3.0 of Zhijie R7, and from the internal details of the engine compartment, it will adopt an extended-range power system. Zunjie plans to go offline at the end of 2024, and go public in the first quarter of 2025. After the listing, it will be available in models such as Hehe, Mercedes-Benz EQS and Weilai ET9.

BYD Xia was officially unveiled at this year’s Chengdu Auto Show. On September 27th, blind booking was started. The official positioning of the new car is a medium-sized and large-sized plug-in MPV with a level of 300,000 yuan. From the data, the body size of BYD Xia is slightly smaller than Tengshi D9, which is close to the overall size of Toyota Senna.

The new car is also equipped with DiPilot intelligent driving assistance system, which can realize the functions of automatic car following, automatic parking, automatic lane change and so on. At the same time, it is also equipped with Yunqi -C intelligent damping body control system, which ensures the comfort and handling of the vehicle. According to the application information, BYD Summer is equipped with a 1.5T plug-in hybrid system, and its pure electric cruising range is available in 80km and 145km versions. After listing, it will compete with Guangzhou Automobile Chuanqi E9 PHEV, Lantu Dreamer PHEV and other models.

Although Leopard 8 and Leopard 5 use the same design language, the aura displayed by Leopard 8 is more powerful. The size of the car body is almost the same as that of the tank 700, and they are all positioning medium and large SUVs.

In addition, Leopard 8 will also be equipped with Gankun Intelligent Driving ADS 3.0 system, equipped with a lidar similar to looking up at U8. Therefore, in terms of intelligent driving and navigation assistance functions, Leopard 8 is more competitive than off-road vehicles of the same class.

The performance of Leopard 8 in off-road performance can not be underestimated. It is equipped with a 2.0T plug-in hybrid system, the fastest acceleration time is 4.8s, and the pure battery life is 125km. It is also equipped with a non-loaded body, independent suspension of front and rear wishbone arms, three locks, and intelligent hydraulic body control system of Yunqi -P, etc. Basically, the equation Leopard 8 can be regarded as a youth version looking forward to U8.

From the data of hardware and software alone, equation Leopard 8 has no rival in the off-road vehicle market, and the only thing that can compete with it is tank 700.

Except in the design of the rear, Tengshi Z9 and Tengshi Z9GT are not much different, only the length of the car body is increased by nearly 50mm, and thanks to the structure of Tengshi Z9 sedan, the overall shape looks smoother, and the storage space of the trunk will be improved, so it is more suitable for home use.

According to the application information, the new car is consistent with Tengshi Z9GT, offering plug-in and pure electric models, in which the plug-in version is equipped with a 2.0T engine, and it is expected that the Z9 pure electric version will also be equipped with easy tripartite technology. According to the price of Tengshi Z9 GT (33.48-41.48 million), the estimated price of the sedan version of Z9 will not be much different.

Looking up at the brand’s third new car, looking up at U7, has also been officially unveiled at this year’s Beijing Auto Show. Looking up at U7 headlights is basically the same as looking up at U9. The double-C-style daytime running lights are very exaggerated. At the same time, hidden door handles, borderless doors, active tails and other configurations are not absent, and three laser radars are installed on the roof to support high-order intelligent driving systems.

The official positioning for looking up at U7 is a four-door coupe. The overall size is even larger than that of Lotus EMEYA, but there is only a slight gap in the body width. In terms of power, like looking up at U9, the new car is also equipped with an easy Sifang power system, with an acceleration time of 2.9 seconds, and will also be equipped with a Yunqi -Z intelligent body control system, so it can also realize the functions of in-situ U-turn and easy Sifang parking.

Compared with looking up at U9, looking up at U7 is not so extreme in sports performance, but with more than a thousand horsepower and four-motor technology, looking up at U7 also has strong performance. It is reported that looking up at U7 is also positioned at a million levels.

The benchmark model of Galaxy Starship 7 is also Song PLUS DM-i. In fact, Geely Galaxy L7 is already an opponent of Song PLUS DM-I, but obviously, it still cannot shake the position of Song PLUS DM, so Geely Galaxy Starship 7 is here.

The body size of Galaxy Starship 7 is actually similar to that of Galaxy L7 and Song PLUS DM-i, but it is different from Galaxy L7 in design and power system.

The new car is equipped with a 1.5T plug-in hybrid system, with a pure electric cruising range of 150km and a comprehensive fuel consumption of 4.88L per 100 km. The battery degree and pure electric cruising range are larger than those of Galaxy L7, and it has basically caught up with Song PLUS DM-i with a pure electric cruising range of 160km. Referring to the price of Galaxy L7, the price of the new car is expected to be 110,000-150,000 yuan.

Compared with the old Tucki P7, the whole front face of Tucki P7+has been greatly changed except for the through-going light strip. Although it adds a sense of movement, it lacks a sense of advanced, and even reveals a temperament of network car. Of course, the appearance evaluation varies from person to person. In terms of creating a sense of movement, Tucki P7+adopts a double-color suspended roof and double-tail design, plus a slip-back shape, and its performance is still good.

In addition to the shape change, the new car has also changed a lot in other aspects. For example, the interior was replaced by 15.6-inch suspended central control and 8295 chip, and the body was also lengthened, with a length of over 5 meters and a wheelbase of 3 meters, and the whole system was equipped with a pure visual intelligent driving scheme as standard. The 800V high-voltage platform is upgraded in power, and the energy supply speed is faster.

From Tianyajun’s personal point of view, these changes of Tucki P7+ have some advantages and disadvantages. The change of appearance may attract young sports car lovers, but the lack of high-grade sense may make some consumers who pursue quality hesitate.

However, there is a successful precedent of MONAM03 in Tucki, and Tucki P7+ will give a very sincere price this time. The current price is 209,800 yuan, and it is expected that the starting price will be adjusted to about 180,000 yuan after listing.

Aian brand, which has always regarded cost performance as its core concept, is also willing to "feed" in the upcoming AION RT Only the price of more than 150 thousand is equipped with laser radar and high-order intelligent driving, which is unique in its class. In terms of market positioning and pre-sale price, AION RT is obviously aimed at MONA M03 in Tucki, and from the perspective of pre-sale orders, it has achieved initial results.

From the perspective of product strength, AION RT has many bright spots, especially the intelligent driving system. In the same price model, only AION RT is equipped with laser radar, and it also supports the city NDA high-level intelligent driving without a picture. Although Tucki MONA M03 has intelligent driving function, it lacks lidar, and AION RT has more advantages in hardware cost.

At present, the pre-sale price of the new car is 119.8-169.8 thousand yuan. If the starting price can be lowered to about 100 thousand yuan after listing, it will become an explosive model with great probability.

1905 movie network news On August 31st, the producer, starring, screenwriter and director of the film attended the roadshow at Shenzhen Railway Station to communicate with the audience. The struggle, confusion and relief experienced by four groups of "young to young" families in the film are very topical and emotional, which deeply resonates with the audience. The film is produced and starred by Bo Huang, written and directed by Su Liang, starring,,,,, and is currently being well received. Let’s walk into the cinema and embark on this healing journey with laughter and tears.

　

　Bo Huang feels the same way about parents’ anxiety. The director reminds us not to just seek explicit results.

Bo Huang and Su Liang made a surprise appearance at Shenzhen Station, the national roadshow of the film "Learning Dad", and shared the story behind the film with the audience. Talking about Lei Dali, the father who played almost everything for his children, Bo Huang admitted that although he didn’t like Chicken Baby very much, he felt the same way for the parents of this period: "Being able to fully know why they are doing this and their anxiety at this moment, the pressures they bear and the infinite expectations for their children’s future are all the same."

Some kindergarten teachers are particularly touched by the story of "children grow up young" in the movie. First, they are moved by inherit the wind and always want to give the best to their children. Second, they are concerned about the phenomenon of chickens and babies. From the professional perspective of preschool teachers, she advocates that children in early childhood should learn and develop in games. Although she understands the parents’ good intentions, she hopes that they will pay more attention to their children’s all-round development. Director Su Liang quite agrees with this view. He reminds parents not to pursue only explicit results: "Chicken baby education is a result-oriented education, and many parents are easily attracted by explicit results. However, happiness education or personality education is actually equivalent to implicitly exercising children’s creativity and thinking ability. Although it is difficult to see the results, these hidden things are the most essential part that determines a person. " These words touched many audiences.

　

　The audience saw from "Learning Dad" that Bo Huang gave the audience "Lei Dali’s father’s hug"

Since the film "Learning Dad" was released, the word-of-mouth has been constantly fermenting, and the topics of education and family emotion discussed by it directly hit people’s hearts. Audiences of different ages can see the shadow of themselves or the people around them from the film. A student audience from Shenzhen International School said that she is the real Lucas, and she looks like a "child from other people’s family", but bilingual learning is under great pressure. A young audience holding the hand card of "Lei Dali, Hug" was very excited, saying that they grew up under the education of chickens and sticks. "I have no childhood and have a particularly painful life." He was particularly moved when he saw the scene of Lei Dali hugging Xiaomi in the movie, because he never got a hug from his father. After hearing this, Bo Huang immediately sent him a "hug from Lei Dali’s father", and the scene was quite touching.

The audience with three brushes of "Learning Dad" said that they had a new experience every time they watched it. One brush felt that the director could understand the bitterness of being a parent very well, and the actor interpreted the parents’ rushing and dedication very truly; The second brush took the children to watch together. After returning, I found that the children suddenly became sensible and even more distressed by their parents. I can understand my children better after three brushes. In addition, there are students who are about to enter the third year of high school, and frankly, after watching this film, they have gained great inspiration. They should work hard to move forward, but don’t bear too much pressure. These are what the creators hope the audience can gain in the process of watching movies. Bo Huang said frankly that "Learning Dad" is open to the discussion of educational methods. Everyone has his own answer to this question, because there is more than one choice in life. Lei Xiaomi doesn’t have to go to a prestigious school to have a future. Parents should put aside their obsession of "crossing a wooden bridge with thousands of troops". Little carp doesn’t have to jump the dragon gate, and all roads lead to Rome. I believe that every audience can get healing and inspiration from the movie "Learning Dad".

　

The film "Learning Dad" is a work of Bo Huang’s "HB+U" new director’s assistance plan, and the film is currently being shown.

With the progress of social civilization, we can see that many high-tech technologies have been applied to mass-produced vehicles, and the driving experience of consumers has been improved, which is highly playable. What xiaobian brought today is. Let’s get to know each other.

First of all, from the appearance, the front face style of Qin PLUS New Energy is very sporty and very recognizable. The headlights are very sharp, which is the finishing touch on the front face. The car is equipped with LED daytime running lights, automatic opening and closing, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4765MM*1837MM*1515MM, and the car body has a very unique feeling. With large-sized thick-walled tires, it gives people a very cool feeling. In the rear part, the rear looks very fashionable, and the taillights show a simple design style and a more spiritual shape.

When I got into the car, the interior modeling took a sharp route and the visual effect was very good. The car looks very good outside the steering wheel, made of leather, and everything looks very angular. From the central control point of view, the car is equipped with a touch-sensitive LCD central control screen, which makes the interior style impressive and conforms to the mainstream aesthetics. The dashboard and seats are equally eye-catching. The car is equipped with a dignified dashboard and looks very elegant. The car adopts imitation leather seats, which are spacious and thick, with exquisite materials and comfortable ride.

Qin PLUS New Energy is equipped with a motor with a total power of 100KW and a total torque of 180N.m The acceleration is good, the cruising range is equally excellent, and the power performance is good.

Qin PLUS new energy trunk has a good space, and it can also expand the storage space by putting down the rear seats, which is enough for daily use. At the same time, the car is equipped with anti-lock braking system (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), braking force distribution (EBD), traction control (ASR/TCS, etc.), main driver airbag, co-pilot airbag and front side airbag.

The moderate size of the car is a very suitable choice for many families, and the internal space is enough for daily use in families. If you are interested in it, you might as well learn more about it!

The outline can be described as particularly satisfactory. In terms of outline, the overall design of Mercedes-Benz GLC is domineering, and the whole family-style front face looks particularly obvious. The headlights on both sides are quite distinctive, and the blackened headlights look very energetic after being lit. The lines on the side are still the unique appearance of Mercedes-Benz, and the enchanting figure is vividly displayed! At the same time, the reasonable proportion of luggage compartment cover and enclosure also gives the rear end a full visual center of gravity, and the rear taillight also has a certain sense of advanced.

In terms of luxury interior, the new car adopts the latest design style and layout of Mercedes-Benz, which is very elegant as a whole. Configuration is definitely one of the strengths of Mercedes-Benz GLC. The car is equipped with a leather steering wheel that can be electrically adjusted up and down, and it also has shift paddles, which is very fun to drive. The central control panel is made of plastic, leather and wood, and the materials and workmanship look quite satisfactory. The 10.25-inch floating LCD central control panel is simple in screen design, but fully functional. The front row is also equipped with an automatic air conditioning control system to freely debug the most comfortable space atmosphere. Mercedes-Benz GLC is equipped with leather seats.

Mercedes-Benz GLC has a length of 4826mm, a body width of 1890mm and a wheelbase of 2977mm, which is quite satisfactory. In the same class, the wheelbase of Mercedes-Benz GLC ranks 15th. One bright spot is that its width reaches 1890mm, which reflects that the lateral space inside the car is not bad. Mercedes-Benz GLC GLCGLC 300 L 4MATIC luxury 7-seat skylight provides a wider view, which can create a better visual environment and good sensitivity for the rear passengers and increase the light entrance for the whole vehicle. Among the models of the same price and class, the trunk volume of Mercedes-Benz GLC ranks 34th. It can basically meet the luggage space for family travel. But there is no extra hidden storage space.

Mercedes-Benz GLC is equipped with a combination of 2.0 turbocharged engine (direct injection) and automatic manual (AT). The whole power parameters are superior in power performance among engines of the same class, which can provide better power performance. The official measured acceleration of Mercedes-Benz GLC is 6.8S, ranking 34th among 400,000-800,000 SUV models.

The active/passive safety configuration of Mercedes-Benz GLC is complete, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

If the above data and participation can’t fully understand Mercedes-Benz GLC, then we can give you a more comprehensive reference based on the word-of-mouth information of users who have purchased Mercedes-Benz GLC in history. It can be seen that everyone is most satisfied with the Mercedes-Benz GLC because it is comfortable to sit. In addition, the technical configuration is useful and the interior workmanship is exquisite, which is what everyone likes about it.

Recently, the hot market transactions mainly focus on coal, artificial intelligence and storage. In the industrial trend, GPT-4 Turbo has been launched heavily, opening up new AI commercialization prospects; Intellectual S7 and Aouita 12 appeared, focusing on Huawei’s model to empower car companies. On the policy side, it is suggested to focus on data elements (government data, data confirmation, privacy calculation, data space); Regulatory resource pricing improvement (virtual power plant, energy storage).

Core view

[Market Trading Hotspots] The recent market trading hotspots mainly focus on coal, artificial intelligence and storage.Hot spot one: coal. On the policy side,The National Development and Reform Commission and the National Energy Administration issued a notice on establishing the electricity price mechanism of coal capacity.From the price point of view,In October, 35.992 million tons of coal were imported, a decrease of 6.148 million tons from the previous month and a significant decrease of 14.59% from the previous month.Judging from the price,The power coal price in Newcastle Port, Australia is US$ 103.3/ton, and the price difference between domestic and overseas is RMB 17.51/ton. The CIF price difference between Australia’s Fengjing coking coal is US$ 381.5/ton, and the price difference between domestic and overseas is -699.67/ton. The coking coal cost is upside down again, and the domestic price increase is relatively smooth.Hot spot 2: artificial intelligence.After the OpenAI model is upgraded and released, its ecosystem will be further established to promote the landing and development of AI-related applications.Hot spot 3: storage.High-end DDR5 and HBM are in short supply recently, and their prices continue to rise; At the same time, with the drastic reduction in production of the upstream original factory and the limited production capacity shifting to the production of high-end products, the prices of traditional models such as DDR4 are also rising, and NAND prices are expected to usher in an inflection point at 23Q4. On the other hand, Changjiang Storage sued Micron Technology Co., Ltd. and its wholly-owned subsidiary Micron Consumer Products Group Co., Ltd. for infringing its eight US patents on November 9.

[Global Industry Trends]Industry trend 1: GPT-4 Turbo is launched heavily, opening up new AI commercialization prospects.On November 6, local time, Open AI held its first developer conference in San Francisco. At the meeting, Open AI brought its upgraded GPT-4 Turbo model. The new version of GPT-4 Turbo supports a 128k context window and can input 300 pages of books at a time. The knowledge information was updated to April 2023, and visual ability, DALL·E 3 and speech synthesis API were added. At the same time, the price of the Turbo version of GPT-4 is lower than that of the original version, and the price of the input side is 1/3 and the output side is 1/2 of that of GPT-4. In addition, Open AI has introduced a function called GPTs, and users can build a GPT with exclusive skills just by communicating their needs through dialogue. OpenAI also released an agent-like application. Developers can use the Assistants API to execute specific instructions, read additional knowledge bases, call models and tools to complete tasks, and are equipped with tools such as code interpreter, retrieval and function call.Industry Trend 2: Intellectual S7 and Aouita 12 appeared, paying attention to the Huawei model to empower car companies.On November 7,Zhijie S7Officially open pre-sale. The first launch of Zhijie S7 is equipped with Huawei Turing intelligent chassis and HarmonyOS 4 intelligent cockpit, as well as HUAWEI ADS 2.0 advanced intelligent driver assistance system and other leading technologies. Smart car brand alliance-HarmonyOS Zhihui guildSynchronous release. On November 10th, Changan, Huawei and Contemporary Amperex Technology Co., Limited cooperated deeply.Aouita 12Officially listed. Aouita 12 comes standard with three lidar+HUAWEI ADS 2.0 advanced intelligent driving systems, and is equipped with an intelligent cockpit based on HarmonyOS 4. Huawei has become a leader in the field of smart cars, accelerating the empowerment of more car companies.

[Important policy tracking]】Last week, there were two important marginal changes on the policy side that deserve special attention:1. The data element policy side ushered in multiple catalysis:1) On the 13th, it was reported that the National Bureau of Data was studying and drafting relevant guidance documents, which would promote the construction of data transaction circulation system from the top design. In addition, the Director of the Data Bureau said that he is actively paying attention to the evolution of technologies related to data circulation (privacy computing, data space, etc.); 2) On the 9th, the Price Department of the National Development and Reform Commission and the National Data Bureau prepared three groups to hold a symposium, aiming at accelerating the establishment and improvement of the price formation mechanism of public data and promoting the opinions on the paid use of public data for digital development according to government guidance pricing; 3) On the 10th, Hengyang sold data resources and smart city franchise, with a starting price of 1.8 billion yuan, and data resources are expected to become a new starting point for local finance;2. The capacity price policy is expected to be implemented, and the pricing of regulatory resources is gradually strengthened:On the 10th, the "Notice on Establishing Coal Capacity Electricity Price Mechanism" was issued, which will greatly change the profit structure of coal enterprises. From the perspective of future policy expectations, the introduction of capacity electricity price policy shows that the pricing of regulatory resources is strengthening, and it is expected that policies such as pricing optimization and cost sharing of subsequent auxiliary services will be introduced. In summary, it is recommended to focus onData elements(government data, data confirmation, privacy calculation, data space);Regulatory resource pricing improvement(Virtual power plant, energy storage);

[Important information]SMIC: November 9,SMIC Hong Kong stocks released unaudited results in the third quarter of 2023, with revenue of $1.62 billion in 23Q3, which was-15% year-on-year/+3.9% quarter-on-quarter, which was in the guidance median; The gross profit margin was 19.8%, which was -19pcts/ -0.5pct, which was at the upper limit of the guideline. Because the equipment delivery exceeded expectations, Capex in 2023 was revised to 7.5 billion US dollars.Accord to that viewpoint of China merchants electronic,China’s industry inventory tends to be healthy. Looking forward to 2024, the demand for mature processes will increase due to destocking, but the growth momentum is limited. It is expected that the industry will recover in a Double-U(W) shape, and the prices of bulk standard products will continue to decrease.TSMC:On November 10th, TSM.US announced its revenue report for October 2023. Data show that TSMC’s consolidated revenue in October was NT$ 243.203 billion, up 34.8% from the previous month and 15.7% from the same period last year. This is the first year-on-year positive growth of TSMC’s monthly revenue since February this year, highlighting that the global chip market seems to be gradually recovering from the trough. Boosted by this news, TSMC’s US stocks closed up 6.35% on Friday, the biggest one-day gain since May.

[Concerns and suggestions on short-term industrial trends]From a short-term perspective, November needs to focus on five tracks with marginal improvement: integrated circuits (semiconductor equipment, semiconductor materials, storage), artificial intelligence, automotive intelligence, infrastructure (water conservancy), and digital economy (data elements, industrial digitalization).

[Concerns and suggestions on medium and long-term industrial trends]In the medium and long term, we suggest to pay attention to the industrial trends such as digital economy (data elements), artificial intelligence, self-control, etc. under the AI+ scientific and technological revolution, as well as the new technical route of carbon neutral industrial chain driven by cost reduction and efficiency increase, and the penetration rate of electric smart cars increases under the trend of electrification and intelligence.

[Global stock market performance]Last week, global stock markets rose more and fell less.In terms of industry,The industrial indexes with higher A-share gains are: Wonder Optical Module (CPO), Tik Tok Platform and Virtual Human.In terms of plates,The information technology, optional consumption and materials sectors performed well, while the energy sector performed poorly. Among the companies with a market value of more than $20 billion that rose sharply in the past week, information technology and alternative consumer industries are the majority; Among the companies with a market value of more than $20 billion that led the decline in the past week, companies in the health care industry are mostly.

[Risk warning] Macroeconomic fluctuations, subjective pre-judgment deviation, industrial development is less than expected.

Catalogue

01

Core concerns and investment suggestions

1. Prospect of this week’s important events

2. Hot market transactions

Last week, the key theme indexes of A-shares were Wonder Optical Module (CPO), Tik Tok Platform and Virtual Human.

Note: All the stocks involved in this paper are listed or represent the connection with relevant industrial chains, and do not represent the investment suggestions of individual stocks or the research viewpoints of China Merchants. Please refer to the recommendations of the research groups of China Merchants for specific stocks.

Market trading hotspots mainly focus on coal, artificial intelligence and storage:

coal

On the policy side,The National Development and Reform Commission and the National Energy Administration issued a notice on establishing the electricity price mechanism of coal capacity. The electricity price mechanism of coal capacity is suitable for public coal-fired generating units that are in compliance with the regulations.From the price point of view,In October, 35.992 million tons of coal were imported, a decrease of 6.148 million tons from the previous month and a significant decrease of 14.59% from the previous month, mainly due to the increase in energy prices brought about by the Palestinian-Israeli conflict.Judging from the price,The power coal price in Newcastle Port, Australia is US$ 103.3/ton, and the price difference between domestic and overseas is RMB 17.51/ton. The CIF price difference between Australia’s Fengjing coking coal is US$ 381.5/ton, and the price difference between domestic and overseas is -699.67/ton. The coking coal cost is upside down again, and the domestic price increase is relatively smooth. In addition, the issuance of 1 trillion treasury bonds and the bottom of Vanke have also brought a certain boost to metallurgical coal (double coke) mainly used for construction, so the double coke futures have continued to be strong recently.

artificial intelligence

OpenAI held the first developer conference, with the core contents as follows:1. In terms of model upgrading,GPT-4 comes out with Turbo version, which has better performance and 128K context window, and the cost is reduced by 2-3 times.2. in terms of assistant API,Developers can build an autonomous Agent with the function of accessing tools, and can automatically call code interpreter, search, function call and other functions.3. In terms of customizing GPTs,Without code, the user-defined GPT is created in natural language, which greatly improves the convenience for enterprises to build large-scale model applications.4. in the GPT store,Similar to APP store, you can make and upload all kinds of large model applications. On the whole, after the OpenAI model is upgraded and liberalized, its ecosystem will be further established to promote the landing and development of AI-related applications.

save

Accord to that viewpoint of China merchants electronic,High-end DDR5 and HBM are in short supply recently, and their prices continue to rise; At the same time, with the drastic reduction in production of the upstream original factory and the limited production capacity shifting to the production of high-end products, the prices of traditional models such as DDR4 are also rising, and NAND prices are expected to usher in an inflection point at 23Q4. On the other hand, Changjiang Storage sued Micron Technology Co., Ltd. and its wholly-owned subsidiary Micron Consumer Products Group Co., Ltd. for infringing its eight US patents on November 9. Changjiang Storage said in the patent infringement indictment that the lawsuit was to terminate Micron’s extensive and unauthorized use of Changjiang Storage’s patent innovation. Changjiang Storage is the largest 3D NAND Flash manufacturer in China. Changjiang Storage mentioned in the indictment that Micron used Changjiang Storage’s patented technology to resist competition from Changjiang Storage and gain and protect market share. The lawsuit aims to solve one aspect of the following problems: Micron tried to prevent competition and innovation by forcing Changjiang Storage to withdraw from the 3D NAND Flash market.

3. Changes in theme and industry trend: GPT-4 Turbo model is completely upgraded, and Huawei’s three modes of car manufacturing empower car companies.

(1)GPT-4 Turbo is launched heavily, opening up new AI commercialization prospects.

The stronger version of GPT-4 Turbo has been launched, which is both economical and practical. On November 6, local time, Open AI held its first developer conference in San Francisco. At the meeting, Open AI brought its upgraded GPT-4 Turbo model.The new version of GPT-4 Turbo updates the knowledge information to April 2023, and supports a 128k context window, which can input 300 pages of books at a time. OpenAI’s instruction tracking has been improved, and a new function called JSON Mode has been introduced to ensure that developers can make it easier for models to call JSON and XML content. At the same time, the seed (random seed value) parameter is added to realize repeatable output. In the next few weeks, the logprobs parameter will be added to see the most likely output probability distribution of the model. In terms of price, the price of GPT-4 Turbo input tokens is 1/3 of that of GPT-4 (1k tokens only costs 0.01 USD), and the price of output Tokens is 1/2 of that of GPT-4 (1k Tokens costs 0.03 USD). This shows that GPT-4 Turbo has stronger performance, cheaper price and lower development cost.

The re-launch of new products and new modes has expanded the development scope of AI applications, and AI commercialization is expected to land.AssistAgentts API is the first step for developers to build an agent-like experience in their own applications. (1)Assistants API innovatively introduces a persistent thread with infinite length to solve the limitation of context window. (2) Use knowledge outside the model to enhance the supporting retrieval function, such as proprietary domain data, product information or documents provided by users. (3) Expand the function of code interpreter. Write and run Python code in sandbox execution environment, generate graphs and charts, and handle files with various data and formats. (4) Update the function calling function and call multiple functions at one time, which improves the flexibility and efficiency of the API. In addition, GPT-4 Turbo has added visual ability, DALL·E3 and speech synthesis API. Support image input, automatically summarize image content and document content with images. It is expected that with the application development and scene expansion, the big model will be used as the entrance to many AI+ application fields such as AI+ office, AI+ games and AI+ education.

The launch of GPTs stores will encourage individuals and enterprises to make more extensive use of customized GPT and open up new commercial prospects.Everyone can build a GPT with exclusive skills by talking and chatting without programming. OpenAI is about to release GPTs stores, where users can easily create, share and make money. The exclusive GPT can be used not only as a pet consultant and design assistant, but also as an assistant for startup companies to meet the needs of different fields. By interacting with GPT Builder, users can easily build a dedicated GPT and share it with others. At the same time, OpenAI emphasizes screening harmful content through the new system to improve security. Generally speaking, the opening of GPTs store provides more space for personalized application of AI, breaks the traditional gap between users and models in the AI field, and also brings more flexible and innovative AI solutions for entrepreneurs and entrepreneurs.

(2) Zhijie S7 and Aouita 12 appeared, paying attention to the Huawei model to empower car companies.

Huawei’s smart car selection wisdom S7 opens pre-sale.On November 9, Huawei officially released the new strategy of smart travel solutions and launched the new ecosystem of Huawei’s smart car selection business in Shenzhen. At the press conference, Huawei announced that Zhijie S7 officially opened for pre-sale. Zhijie S7 is the first car in Huawei’s smart car selection business. It is jointly built by Huawei and Chery and produced on a brand-new platform built by Huawei’s full-stack smart car solution. Starting from the pre-sale price of 258,000 yuan, the brand-new family design is the same as that of the M9. The first launch is equipped with Huawei Turing intelligent chassis and HarmonyOS 4 intelligent cockpit, as well as HUAWEI ADS 2.0 advanced intelligent driving assistance system and other leading technologies, which will be officially released on November 28th. By November 10th, Zhijie S7 had more than 5,000 user orders within 15 hours of the pre-sale stage.

The intellectual S7 has many bright spots. (1) Intelligent S7 is equipped with HarmonyOS 4 intelligent cockpit for the first time.Adopt ark engine, bring a brand-new 3D car control desktop, and the control is more silky. Smart voice assistant xiaoyi accesses Pangu big model.(2) Launch Huawei Turing Intelligent Chassis.Perfect combination of intelligent control and mechanical adjustment, with maneuverability and comfort.(3) Equipped with a new generation of DriveONE 800V high-voltage silicon carbide gold power platform.It has stronger power and lower energy consumption. The total power of the four-wheel drive version is 365kW, the acceleration of 100 kilometers is only 3.3s, and the braking distance of 100 kilometers is only 33.5m m.(4) Equipped with HUAWEI ADS 2.0, a smarter high-order intelligent driving system.Start parking on behalf of the driver, realize over-the-horizon autonomous parking, can actively identify abnormal obstacles to avoid obstacles, easily deal with complex road conditions, and do not rely on high-precision maps.

At the press conference, HarmonyOS Zhihang, the brand alliance of intelligent car selection, was released simultaneously.HarmonyOS Zhixing can realize a more efficient and safer driving experience by integrating 5G technology, high-precision mapping and automatic driving technology. At the same time, the system can also support interoperability between different devices, and can be connected with other devices (such as mobile phones, tablets, smart homes, etc.) to realize information sharing.Besides, HarmonyOS Zhixing can be regarded as an extension of HarmonyOS operating system in the field of automobiles.HarmonyOS Zhixing is based on intelligent cockpit, intelligent driving and HarmonyOS car operating system, supplemented by other HarmonyOS application ecology. HarmonyOS Zhixing is not only a car system, but also an application of smart home, smart travel and smart office.

On November 10th, Aouita 12, which was deeply cooperated by Changan, Huawei and Contemporary Amperex Technology Co., Limited, was officially listed.After 36 hours on the market, the cumulative total will exceed 6700+. Aouita 12 is equipped with the drive motor provided by Huawei, and it can be powered by 230kW single motor and 425kW front and rear dual motors. The fastest acceleration time is 3.9 seconds and the cruising range is over 700 kilometers. The car is also equipped with Huawei iTRACK dynamic torque distribution system, which can scan the road environment with microsecond ultra-fine real-time road condition sensing technology, and realize millimeter-level torque fine-tuning when encountering complex road conditions such as speed bumps and low-attached roads. In terms of intelligent driving, Aouita 12 comes standard with three lidar+HUAWEI ADS 2.0 advanced intelligent driving systems, equipped with an intelligent cockpit based on HarmonyOS 4.

Huawei has become a leader in the field of smart cars, accelerating the empowerment of more car companies.With the hot sales of Smart S7 and Aouita, the market sentiment has been catalyzed, and Huawei’s three car-making modes (standardized parts mode, HI mode and smart car selection mode) will receive more and more attention. At the press conference on November 9, Huawei launched a unified ecological alliance of the smart car selection business, which includes the world, the intellectual community and other brands that will be launched in the future. In the future, Huawei’s cooperation with more car companies will help the continuous upgrading of intelligent driving of automobiles.

4. On the policy side: Hengyang will transfer the franchise rights related to data resources, and the capacity electricity price policy is expected to land.

Last week, there were two important marginal changes on the policy side that deserve special attention:1. The data element policy side ushered in multiple catalysis:1) On the 13th, it was reported that the National Bureau of Data was studying and drafting relevant guidance documents, which will promote the construction of data transaction circulation system from the top design. In addition, the Director of the Data Bureau said that he is actively paying attention to the evolution of technologies related to data circulation (privacy computing, data space, etc.); 2) On the 9th, the Price Department of the National Development and Reform Commission and the National Data Bureau prepared three groups to hold a symposium, aiming at accelerating the establishment and improvement of the price formation mechanism of public data and promoting the opinions on the paid use of public data for digital development according to government guidance pricing; 3) On the 10th, Hengyang sold data resources and smart city franchise, with a starting price of 1.8 billion yuan.Data resources are expected to become a new starting point for local finance;2. The capacity price policy is expected to be implemented, and the pricing of regulatory resources is gradually strengthened:On the 10th, the "Notice on Establishing Coal Capacity Electricity Price Mechanism" was issued, which will greatly change the profit structure of coal enterprises. From the perspective of future policy expectations, the introduction of capacity electricity price policy shows that the pricing of regulatory resources is strengthening, and it is expected that policies such as pricing optimization and cost sharing of subsequent auxiliary services will be introduced.

(1) Multiple catalysis of data factor policy, Hengyang transferred the franchise rights related to data resources.

The policy side of data elements ushered in multiple catalysis: 1) On November 13, according to the report of China Securities Journal, the National Data Bureau was studying and drafting relevant guidance documents, which would be designed from the top.Promote the construction of data transaction circulation system.In addition, the Director of the Data Bureau said that he is actively paying attention to the evolution of technologies related to data circulation.(hiddenPrivate computing, data space, etc.); 2) On November 9, the Price Department of the National Development and Reform Commission and the National Bureau of Data held a symposium to accelerate the establishment and improvement of the price formation mechanism of public data and promote the development of digital.Public dataOpinions on pricing and paid use according to government guidance; 3) On November 10th, Hengyang transferred data resources and smart city franchise, with a starting price of 1.8 billion yuan.Data resources are expected to become a new starting point for local finance..Therefore, it is suggested to continue to pay attention to investment opportunities related to data elements (government data, data confirmation, privacy computing, data space).

Hengyang sells data resources and smart city franchise rights, and data resources are expected to become a new starting point for local finance.On November 10th, the transaction announcement of Hengyang municipal government data resources and smart city franchise transfer project was released. According to the announcement, the transferee will obtain the franchise of data resources generated after the completion of Hengyang Smart City or other financial investment information systems. The return mechanism of the project is "user pays". During the franchise period, the franchisee can collect fees from users within the franchise scope as a return for project construction. The starting price of the project is about 1.8 billion yuan, and the deposit is about 300 million yuan. [1]

We believe that the transfer of data resources management rights has begun to partially replace the transfer of land use management rights, and it has become a new source of local government revenue, and it is even expected to become a new starting point for local finance.Observing the income of the two accounts in Hengyang City, it is found that the income of Hengyang government funds accounts for a high proportion of the two accounts. The main component of government funds is land transfer fees. However, observing the data of the middle finger, it is found that the land transaction amount in Hengyang City in the first half of this year was only 3.3 billion yuan, which was smaller than the 15.4 billion yuan in 2022. In the future, the transfer of data resource management rights is expected to become a new starting point for local finance.

The potential total size of the data asset market is in the order of trillions.As an important new kinetic energy to promote economic growth in the future, the data asset market has a potential total size of 10 trillion. Tang Qifeng, general manager of Shanghai Data Exchange, once mentioned that if data assets enter the table, it may create another 100 trillion yuan of new assets; Lu Yanchun, director of the price monitoring center of the National Development and Reform Commission, said that according to preliminary estimates, the scale of data element expenditure of enterprises nationwide is about 3.3 trillion yuan. If we consider derivative markets such as data asset evaluation, pledge and financing, the overall scale may exceed 30 trillion yuan [2]. In terms of data elements, according to the report of ICT Institute, by 2025, the market scale of data elements in China, which is composed of core data elements such as data collection, data cleaning, data labeling and data transaction, is expected to exceed 174.9 billion yuan and enter a high-speed development stage.

In the accelerated construction of the data circulation trading system, the value of data elements is expected to be released continuously.In December 2022, the "Twenty Data Articles" put forward the establishment of a classification and authorization system for public data, enterprise data and personal data, as well as the data property right system framework of data resource holding right, processing right and management right, and "separation of three powers". Since then, the specific rules have continued to fall, and the pace of policy introduction has obviously accelerated in the second half of this year. In August, the "Interim Provisions on Accounting Treatment Related to Enterprise Data Resources" policy was promulgated to guide the entry of enterprise data assets into the table; In September, China Asset Appraisal Association issued the Guiding Opinions on Data Asset Appraisal, and the detailed rules for data asset appraisal were issued. On October 25th, the National Data Bureau was established, which is responsible for coordinating and promoting the construction of basic data systems and coordinating the integration, sharing, development and utilization of data resources. With the introduction of various detailed rules and policies to support the development of data elements, the construction of data element market is expected to accelerate. Judging from the expectation of the follow-up policy, considering that the Interim Provisions on Accounting Treatment Related to Enterprise Data Resources will be implemented next year, the data confirmation policy is expected to be launched as soon as the end of the year.To sum up, it is suggested to continue to pay attention to the relevant investment opportunities of data elements (government data, data confirmation, privacy computing, data space).

(2) The capacity price policy is expected to be implemented, and the pricing of regulatory resources is gradually strengthened.

On November 10th, the National Development and Reform Commission and the Energy Bureau jointly issued the Notice on Establishing the Electricity Price Mechanism of Coal Capacity, and decided to adjust the current single electricity price of coal to two-part electricity price. Among them, the electricity price is formed through marketization, and the capacity price level is gradually adjusted according to the actual situation such as the progress of coal-fired power transformation. The "Notice" clarifies that the coal capacity electricity price policy shall be implemented for public coal-fired power units that are in compliance with the regulations, and the capacity electricity price shall be determined according to the method of recovering a certain proportion of fixed costs of coal-fired power units. Among them, the fixed cost of coal-fired power units used to calculate the capacity electricity price is subject to the national unified standard, which is 330 yuan per kilowatt per year; From 2024 to 2025, the proportion of fixed costs recovered by capacity electricity price in most places is about 30%, and some places with rapid transformation of coal-fired power functions are appropriately higher; From 2026, the proportion of fixed costs recovered by capacity electricity prices will be increased to not less than 50%. The electricity charge of coal capacity is included in the system operation cost, and is shared by industrial and commercial users according to the proportion of electricity consumption in that month every month. [3]We believe that the proposal of capacity price is of great significance, which will greatly change the profit structure of coal-fired power companies, significantly enhance the utility attributes of coal-fired power companies, and make the profit structure more stable.From the perspective of future policy expectations, the introduction of capacity electricity price policy shows that the pricing of regulatory resources is strengthening, and it is expected that policies such as pricing optimization and cost sharing of subsequent auxiliary services are expected to be further introduced.

Judging from the currently promulgated standards, the fixed cost recovery ratio of coal-fired power units in provinces with rapid coal-fired power transformation, such as Henan, Hunan, Sichuan, Yunnan and Chongqing, is about 50%, and the corresponding capacity electricity price is 165 yuan/kilowatt year; The recovery cost ratio of other provinces is 30%, and the corresponding capacity electricity price is in 100 yuan/kilowatt year.

After the second meeting of the Deep Reform Commission, the reform of the energy and power system was accelerated.The proposal of capacity price is of great significance, which will greatly change the profit structure of coal-fired power companies, and the utility attributes of coal-fired power companies will be significantly enhanced and the profit structure will be more stable. From the perspective of future policy expectations, the introduction of capacity electricity price policy shows that the pricing of regulatory resources is strengthening, and it is expected that policies such as pricing optimization and cost sharing of subsequent auxiliary services are expected to be further introduced.

5. Investment suggestions

November needs to focus on five tracks with marginal improvement:Integrated circuit (semiconductor equipment, semiconductor materials, storage), artificial intelligence, automobile intelligence, infrastructure (water conservancy), digital economy (data elements, industrial digitalization).

In the medium and long term, we suggest to pay attention to the industrial trends such as digital economy (data elements), artificial intelligence, self-control, etc. under the AI+ scientific and technological revolution, as well as the new technical route of carbon neutral industrial chain driven by cost reduction and efficiency increase, and the penetration rate of electric smart cars increases under the trend of electrification and intelligence.

02

Global Watch: Global Market Tracking

1. Performance of global stock market industry

Last week, global stock markets rose more and fell less, with information technology, optional consumption and materials sectors performing better and energy sectors performing poorly.

Specifically,US stocks rose more and fell less,Information technology and telecommunications services led the gains, while energy and public utilities led the declines. On November 3, the data of the October non-farm payrolls report released by the United States was less than expected. The market generally believed that this would make the Fed slow down the pace of raising interest rates or even cut interest rates, and the stock bond market rose accordingly.In terms of European stocks,Information technology and industrial sectors led the gains, while optional consumer sectors led the declines.In the British stock market,Information technology and industry sectors led the gains, while materials and daily consumption sectors performed poorly.In the Japanese stock market,The information technology and industrial sectors led the gains, while the financial sector led the declines. In terms of Hong Kong stocks, only medical care rose slightly, and many sectors such as materials, energy and real estate plummeted.A shares rose more and fell less.The information technology and real estate sectors led the gains, while the daily consumption and telecommunications services sectors led the declines.

2. Brief analysis of global powerful stocks and exotic stocks.

Among the companies with a market value of more than $20 billion that rose sharply in the past week, information technology and alternative consumer industries are the majority; Among the companies with a market value of more than $20 billion that led the decline in the past week, companies in the health care industry are mostly.

Brief analysis of abnormal shares

【Datadog】On November 7, Datadog, a cloud monitoring and analysis software company, announced its third-quarter financial report. According to the financial report, the company announced quarterly revenue of $547.5 million, a year-on-year increase of 25%, exceeding analysts’ expectations of about $520 million. This growth rate is basically consistent with the strong results in the second quarter. Adjusted earnings per share was 45 cents, which was also higher than analysts’ expectations of 34 cents, compared with 23 cents in the same period last year. Datadog also raised its annual revenue and profit expectations. The company currently expects the fourth quarter revenue range to be between $564 million and $568 million, and the annual revenue is expected to be about $2.1 billion. The two expected figures released by Datadog exceeded the average analyst expectations of $543.3 million and $2.06 billion.

【Trade Desk】Trade Desk provides a self-service platform to help advertisers and advertising agencies find and purchase digital advertising inventory (display, video, audio, native and social) programmatically on different devices (such as computers, smart phones, home digital and Internet TV), and use data to optimize the performance of purchased advertising impressions. This week, Trade Desk issued performance guidance, and the company expects Q4 revenue to be at least $580 million, far below the consensus forecast of analysts of $610 million. The company also expects the adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of Q4 to be about $270 million, which is also less than the consensus forecast of analysts of $290 million.

03

Important information express

1. Domestic industrial policies and news

(1) Strategic emerging industries-promoting the concentration of state-owned capital in forward-looking strategic emerging industries (☆☆☆)

On November 11th, the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council held an enlarged meeting. The meeting stressed that it is necessary to do a good job in the state-owned capital operation budget of the state-owned central enterprise system at a high level, make clear the capital investment, make scientific plans, strengthen performance management, and formulate capital injection plans for key industries, key fields and core enterprises in combination with the layout and structural adjustment plan of the state-owned economy and the development strategy of central enterprises. We will promote the concentration of state-owned capital in important industries and key areas related to national security and the lifeline of the national economy, in industries related to the national economy and people’s livelihood, such as providing public services, building emergency response capabilities and public welfare, and in forward-looking strategic emerging industries, strictly enforce financial and economic discipline, urge enterprises to manage and make good use of budget funds in accordance with laws and regulations, and effectively improve the efficiency of funds. Guide central enterprises to deepen reform, strengthen supervision, combine the reform of state-owned enterprises with deepening and upgrading actions, clarify key supervision tasks, improve supervision system and mechanism, innovate supervision methods and means, promote the high-quality development of enterprises, effectively implement major national strategies and planning tasks, better meet the needs of building a modern infrastructure system, better safeguard national security, and better play the strategic supporting role of the state-owned economy.

(2) Automobile-Minister of Commerce Wang Wentao raised concerns about the EU’s anti-subsidy investigation on China’s electric vehicles and restrictions on China enterprises’ participation in the EU’s 5G construction (☆☆☆).

On November 10th, Minister of Commerce Wang Wentao met with European Commission Internal Market Commissioner Breton in Beijing. The two sides had a frank and in-depth exchange of views on China-EU economic and trade relations, electric vehicles, 5G and supply chain cooperation. Wang Wentao focused on the EU’s anti-subsidy investigation on China’s electric vehicles and restrictions on China enterprises’ participation in the EU’s 5G construction. He hoped that the EU would abide by WTO rules and the spirit of fair competition and create a fair, just and non-discriminatory environment for China-EU economic and trade cooperation. Brayton said that the EU attaches importance to EU-China economic and trade relations, and believes that although there are some differences between the two sides, mutually beneficial cooperation can still be carried out in many fields, and it is willing to strengthen communication with China and jointly build a stable and mutual trust supply chain.

(3) Coal-two departments: establish the electricity price mechanism of coal capacity (☆☆☆).

On November 10th, the National Development and Reform Commission and the National Energy Administration issued a notice on establishing the electricity price mechanism of coal capacity. The electricity price mechanism of coal capacity is suitable for public coal-fired generating units that are in compliance with the regulations. Coal-fired self-owned power plants, coal-fired generating units that do not meet the national planning, and coal-fired generating units that do not meet the national requirements for energy consumption, environmental protection and flexible adjustment, etc., do not implement the capacity price mechanism, and the details will be separately clarified by the National Energy Administration. The electricity price of coal capacity is determined according to the method of recovering a certain proportion of the fixed cost of coal-fired generator sets. Among them, the fixed cost of coal-fired power units used to calculate the capacity electricity price is subject to the national unified standard, which is 330 yuan per kilowatt per year; Based on the fixed cost ratio of capacity electricity price recovery, considering the needs of local power systems and the transformation of coal-fired power functions, it is determined that it will be about 30% in most places in 2024-2025, and it is about 50% in some places where the transformation of coal-fired power functions is faster. From 2026, the proportion of fixed costs recovered by capacity electricity prices will be raised to not less than 50%.

(4) Economic data-National Bureau of Statistics: China’s PPI decreased by 2.6% year-on-year in October, which was the same as the previous month; CPI decreased by 0.2% year-on-year and 0.1% quarter-on-quarter (☆☆☆).

On November 9, data from the National Bureau of Statistics showed that in October, the ex-factory price of industrial producers nationwide decreased by 2.6% year-on-year, which was the same as that of the previous month. The purchase price of industrial producers decreased by 3.7% year-on-year and increased by 0.2% quarter-on-quarter. From January to October, the ex-factory price of industrial producers decreased by 3.1% compared with the same period of last year, and the purchase price of industrial producers decreased by 3.6%.

The national consumer price dropped by 0.2% year-on-year. Among them, the city decreased by 0.1% and the rural area decreased by 0.5%; Food prices fell by 4.0% and non-food prices rose by 0.7%; Consumer goods prices fell by 1.1%, and service prices rose by 1.2%. From January to October, the national consumer price rose by 0.4% over the same period of last year.

(5) Semiconductor chip-Changjiang Storage, the largest flash memory chip manufacturer in China, sued Micron for patent infringement in the United States (☆☆☆).

According to a report by Cailian on November 11th, the reporter learned from the information released by the Northern District Court of California that Changjiang Storage sued Micron Technology Co., Ltd. and its wholly-owned subsidiary Micron Consumer Products Group Co., Ltd. on November 9th for infringing its eight American patents. Changjiang Storage said in the patent infringement indictment that the lawsuit was to terminate Micron’s extensive and unauthorized use of Changjiang Storage’s patent innovation. Changjiang Storage is the largest 3D NAND Flash manufacturer in China. Changjiang Storage mentioned in the indictment that Micron used Changjiang Storage’s patented technology to resist competition from Changjiang Storage and gain and protect market share. The lawsuit aims to solve one aspect of the following problems: Micron tried to prevent competition and innovation by forcing Changjiang Storage to withdraw from the 3D NAND Flash market.

(6) medical insurance-Shanghai take-out medicine pilot medical insurance payment (☆☆)

According to The Paper’s report on November 6th, relevant departments in Shanghai have contacted Hungry, Meituan platform to pilot the payment of medical insurance for Internet pharmacies, and dozens of pharmacies have been included. In Shanghai, you can order drugs with the words "medical insurance payment" through Meituan takeaway or hungry app. The page shows that you can pay from your personal electronic medical insurance card account. At present, only some pharmacies with the words "medical insurance payment" can use medical insurance. After the reporter’s experience, it was found that the price of the same drug will be different in pharmacies with the words "medical insurance payment" and pharmacies without the words. Generally speaking, those who can be paid by medical insurance are less at their own expense.

(7) Robot-Beijing Humanoid Robot Innovation Center Co., Ltd. was formally established in the Robot Innovation Industrial Park of Economic Development Zone (☆)

According to a report by Cailian on November 9, in the news, Beijing Humanoid Robot Innovation Center Co., Ltd. was formally established in the Robot Innovation Industrial Park in Economic Development Zone recently, and it is planned to carry out five key tasks, such as the prototype of universal humanoid robot and the universal large model of humanoid robot. This is the first provincial humanoid robot innovation center in China. Beijing Xiaomi Robot Technology Co., Ltd., Beijing Youbixuan Intelligent Robot Co., Ltd. and Beijing Jingcheng Electromechanical Industry Investment Co., Ltd. jointly hold shares.

(8) Capital market policy-The CSRC comprehensively revised the Regulations on On-site Inspection of Initial Public Offerings, and strengthened the "responsibility upon declaration" (☆)

On November 10th, the CSRC publicly solicited opinions on the Provisions on On-site Inspection of Initial Enterprises (Revised Draft for Comment). The CSRC has comprehensively revised the Inspection Regulations, mainly involving the following aspects: First, it has strengthened the "declaration means responsibility". Enforce stricter institutional constraints on the withdrawal of applications after inspection, repeated similar problems during inspection, and refusal to hinder inspection; The second is to standardize the inspection operation. Further clarify the specific procedures and requirements for overall planning before inspection, promotion during inspection and post-inspection treatment, unify inspection standards, and improve inspection standardization; The third is to adjust some expressions applicable to the approval system in the Inspection Regulations.

(9) Capital market policy-Shanghai and Shenzhen Stock Exchanges revised the refinancing guide to prevent the concept of "lofty" confusion from being suspected of violating the rules (☆☆)

On November 8 and 10, the Shanghai and Shenzhen Stock Exchanges revised a series of guidelines on trading business and self-regulation in view of the refinancing problem. Among them, shareholders who hold more than 5% of shares in a listed company, but whose shares are less than 5% due to refinancing and lending, are still bound by the corresponding rules according to the shareholding ratio after merger calculation, that is, they are not allowed to reduce their holdings in violation of regulations, not to conduct short-term transactions, and not to conduct margin financing and securities lending transactions with the shares of the listed company as the underlying securities. At the same time, in the periodic reports of listed companies, including shareholders holding more than 5%, as well as the top ten shareholders and top ten tradable shareholders, the number and proportion of shares lent through refinancing at the beginning and end of the report should be stated. This will further improve the transparency of information disclosure on the lending situation of major shareholders’ refinancing stocks.

(10) Intelligent driving-Shanghai: Pilot operation of self-driving buses at specific time and road sections in the central city (☆☆)

According to a report by Cailian on November 7, Shanghai has formed a rich scene of self-driving test roads, with a total of 926 roads and 1,800 kilometers opened, ranking first in the country in mileage. This year, it will further expand the road scene of automatic driving test in Pudong New Area, and provide a wider range and more scene test environments in Jinqiao and Pudong Airport. Continue to deepen the layout of intelligent networked vehicle test scenarios, explore the sustainable, reproducible and scalable commercialization path of autonomous driving, and accelerate the demonstration operation of intelligent networked vehicles on a large scale. Pilot operation of self-driving buses at specific time periods and road sections in the central city.

(11) Automobile-China Automobile Association: In October, the automobile sales volume was 2.853 million, up by 13.8% year-on-year (☆).

According to the report of Cailian on November 10th, the data of China Automobile Association showed that in October, the production and sales of automobiles were 2.891 million and 2.853 million respectively, with the output increasing by 1.5% from the previous month, while the sales volume decreased by 0.2% from the previous month, increasing by 11.2% and 13.8% respectively. Automobile production and sales hit a new high in the same period of the month after September. From January to October, the production and sales of automobiles were 24.016 million and 23.967 million respectively, up 8% and 9.1% year-on-year, respectively. The growth rate of production was 0.7 percentage points higher than that of January-September, and the growth rate of sales was 0.9 percentage points higher than that of January-September.

2. Foreign industrial policies and news

(1) Federal Reserve dynamics-Federal Reserve Chairman Powell: If appropriate, the Federal Reserve will not hesitate to raise interest rates (☆☆☆).

According to a report by Cailian on November 10th, Federal Reserve Chairman Powell said that the Federal Reserve would "continue to be cautious"; If appropriate, the Fed will not hesitate to raise interest rates; Pay attention to the risk that strong growth may undermine the process of slowing inflation, which may require monetary policy to respond; Inflation has dropped, but it is still far above the 2% target; Satisfied with the progress of inflation, but "there is still a long way to go"; The labor market is still tense, but it is moving towards a better balance; We expect GDP growth to slow down in the next few quarters, but it remains to be seen; Greater progress in inflation in the future may come from tight monetary policy, not just the improvement of supply side; The Federal Reserve will start the next framework review in the second half of 2024.

(2) Semiconductor chips-Both NVIDIA and Intel plan to launch improved AI chip NVIDIA products in China market or mass production at the end of the year (☆☆☆).

According to a report by Cailian on November 9th, it is reported that NVIDIA will launch three AI chips for the China market in response to the latest chip sales restriction in the United States. The document shows the detailed specifications of the products to be launched in NVIDIA, namely HGX H20, L20 PCle and L2 PCle, which are based on Hopper and Ada architecture in NVIDIA respectively. The sample delivery time is from November to December this year, and the mass production time is from December this year to January next year. A number of NVIDIA industrial chain companies confirmed the above news to reporters, and one of them told reporters that the three AI chip products are suitable for cloud training, cloud reasoning and edge reasoning respectively. However, the specific launch time has not been confirmed.

(3) VR/AR/MR-Meta and Tencent have reached a preliminary agreement to sell VR headsets in China (☆☆☆).

According to a report by Cailian on November 10th, Meta Platforms and Tencent have reached a preliminary agreement to sell a new VR headset with lower price in China. Tencent will start selling this VR headset from the end of 2024. It is a preliminary agreement at present, and the details may change. Meta will hold a higher proportion of equipment sales, and Tencent will occupy a larger share of content and service revenue, such as software subscription and game sales.

(4) Artificial Intelligence-OpenAI held the first developer conference to launch a user-defined version of ChatGPT(☆☆☆).

According to a report by Cailian on November 7, OpenAI now allows users to build a customized version of ChatGPT to complete specific personal and professional tasks, in order to beat competitors in the increasingly crowded market. OpenAI plans to launch a store where users can find GPT customized by other users and earn revenue through their own GPT. OpenAI said at the first developer conference that it will launch a preview version of the latest GPT-4 Turbo, which is a more powerful and faster version supporting the big language model.

(5) Crude oil-EIA: It is estimated that Brent price will be 83.99 USD/barrel in 2023 and WTI crude oil price will be 79.41 USD/barrel (☆).

According to a report by Cailian on November 8, EIA’s short-term energy outlook report shows that Brent price is expected to be 83.99 USD/barrel in 2023, compared with 84.09 USD/barrel previously expected. It is estimated that the Brent price will be 93.24 USD/barrel in 2024, compared with 94.91 USD/barrel previously. WTI crude oil price is estimated to be 79.41 USD/barrel in 2023, compared with 79.59 USD/barrel previously expected. WTI crude oil price is estimated to be 89.24 USD/barrel in 2024, compared with 90.91 USD/barrel previously.

(6) VR/AR/MR-Apple’s second generation Vision Pro head exposure: the internal code name Project Alaska will be released at the end of 2025 at the earliest (☆☆).

According to the science and technology innovation board Journal reported on November 11th, according to the technology media MacRumors, the internal code of the second-generation Vision Pro headset of Apple is Project Alaska, which retains the appearance features and button position of the previous generation, but the position of the speaker and the design of the fixing strap will be adjusted. The second generation Vision Pro is scheduled to enter the product verification and testing stage in 2025, and the expected release date is the end of 2025 or the beginning of 2026.

(7) Semiconductor Chip/mask aligner-ASML, a mask aligner giant in the Netherlands: By the end of 2023, the installed capacity of ASML plus measuring machines in mask aligner, China will be close to 1,400 (☆☆).

According to a report by Cailian on November 6th, Shen Bo, global senior vice president of Dutch mask aligner giant ASML and president of China, said that from 1988, the first machine was shipped to China, and by the end of 2023, the installed capacity of ASML in mask aligner, China, was close to 1,400. "In fact, our growth in China over the years is still very impressive. We have been constantly investing in this matter. " Recently, the United States announced the latest chip export control measures. Shen Bo said that the new measures are somewhat complicated and ASML is still studying its specific impact. "If we understand it at present, it will bring restrictions on export control to a few customers. From the perspective of quantity, based on the business volume of ASML in China this year, it will probably have an impact of 10-15% on our business next year, so it is generally good.

(8) Medicine-Novo Nordisk will invest 6 billion US dollars to expand the production capacity of the Danish factory (☆☆).

According to a report by Cailian on November 10th, Novo Nordisk said that it will invest more than 42 billion Danish kroner (about 6 billion US dollars) to expand its production facilities in Denmark from 2023 to produce the product portfolio of serious and chronic diseases at present and in the future. The company added that these construction projects will be gradually completed from the end of 2025 to 2029. Novo Nordisk said that this investment will create more capacity in the company’s global value chain, including the production and packaging of APIs, most of which will be used to increase the capacity of APIs. The company said in a statement: "This investment will improve the company’s ability to meet future market demand, including GLP-1 products."

(9) Medicine —— Eli Lilly’s diabetes drug is approved by FDA for adult weight loss (☆).

According to a report by Cailian on November 9, the US Food and Drug Administration (FDA) announced on Wednesday that it has approved Zepbound injection from Lilly Company for long-term weight management of adults, which is suitable for obese adults (with a BMI of 30 or higher) or overweight adults (with a BMI of 27 or higher) and at least one weight-related condition (such as hypertension, type II diabetes or high cholesterol). Telpotide is an active ingredient in Zepbound, which has been approved under the trade name of Mounjaro to help improve the blood sugar level of adults with type 2 diabetes.

(10) Artificial Intelligence-OpenAI introduces data partnership (☆☆)

According to a report by Cailian on November 10th, OpenAI said that the company introduced OpenAI data partnership, and we will cooperate with organizations to produce public and private data sets for training artificial intelligence models.

People’s living standards have improved rapidly in the past two years, and buying a car is no longer a distant dream. For a car, you can’t talk about heroes purely by the quality of dynamic performance, just like other aspects of performance are also worth talking about. Come and see it quickly.

Let’s take a look at the appearance of the plug-in hybrid of Wilanda. The front face of the plug-in hybrid of Wilanda looks cool and unforgettable. Combined with headlights, it can win the love of young people. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light and so on. Coming to the side of the car body, the size of the car body is 4665 mm * 1855 mm * 1690 mm. The car adopts domineering lines, and the side wall looks very domineering. With large-sized thick-walled tires, smooth lines run through the whole side of the car. At the rear of the car, the overall shape of the rear of the car echoes the front of the car. The taillights look very personal and look very spirited as a whole.

When I came to the plug-in hybrid car in Wilanda, the interior looked very round and lovely, and the visual effect was very good. The steering wheel of the car is very in line with the interior style, made of genuine leather, and the visual effect is good. Take a look at the central control. The car is equipped with a clean and refreshing touch-sensitive LCD central control screen, which makes the interior design quite layered and looks simple and generous. Finally, let’s look at the dashboard and seats. The dashboard design is remarkable and it looks very capable. The car uses a leather/imitation leather mixed seat, which is wide and thick, and it is basically enough for daily use.

The space performance of the plug-in hybrid trunk of Willanda is quite satisfactory, but it supports the rear seats to be laid down, which greatly improves the expansion of the space and meets the daily travel needs. In addition, the car is equipped with anti-lock braking (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), braking force distribution (EBD), traction control (ASR/TCS, etc.), main driver airbag, co-pilot airbag, knee airbag, side airbag curtain, front airbag and other safety configurations.

This car has been introduced almost before, and I believe many users who buy a car have taken a fancy to its comfort and practicality. If you are interested in it, you might as well learn more about it!