() The Record Form of Investor Relations Activities was released on October 30, and the company was investigated by 65 institutions on October 26, 2023. The types of institutions are QFII, insurance companies, others, fund companies, overseas institutions, securities companies and Sunshine private equity institutions. The main contents of investor relations activities are introduced:

　　Q: How much did the performance change in the third quarter contribute from this volume and price point of view?

　　A: Judging from the sales in the third quarter, it is basically the same as that in the second quarter. However, from the perspective of gross profit margin, there was an improvement in the third quarter, which came from the shipment of some unconventional products with high gross profit margin, so the level of gross profit margin was raised. In fact, the overall gross profit margin of conventional products was not significantly increased.

　　Q: Compared with Q2 in a single quarter, Q3′ s revenue is basically the same, but the gross profit is actually higher and the net profit is lower. What are the main expenses? Explain roughly?

　　A: The cost has increased by about 30 million yuan, mainly because the first one is doing R&D enhancement, and the R&D cost is about 17 million yuan higher, which is mainly due to the new streaming in the third quarter compared with the second quarter, and other new R&D expenses; In addition, the financial cost of more than 10 million yuan is mainly due to the interest payment of convertible bonds in the third quarter, and there is no such project in the second quarter.

　　Q: What is the current proportion of major customers and the subsequent trend of concentration?

　　A: In fact, the proportion of big customers in our revenue has gradually declined since the beginning of this year. There are two factors influencing this trend in the future: first, we are trying to explore new customers, and the increase of new customers will gradually reduce the proportion of big customers, which is a factor leading to the decline; In the second aspect, the innovative business of large customers is growing at a high speed outside the traditional business. In this respect, the company cooperates with large customers to expand various product lines, which will lead to an increase in the proportion of large customers. These two factors will offset each other. As for the change trend of concentration in the future, it depends on which of these two factors develops faster.

　　Q: What is the approximate planning rhythm for the follow-up new products of special product lines?

　　A: First, in some new industrial application directions, such as industrial vision and robot planning. Second, with the progress of the times, including the improvement of AI ISP technology, new technological progress has brought about product change trends, such as low power consumption, multi-purpose, AI codec and other emerging technologies, which are all new directions, and new technological changes will bring various terminal innovations.

　　Q: What do you think of the future development trend of the machine vision chip market, including the overall competition pattern now?

　　A: Machine vision is divided into two parts, one is industrial vision, which will come soon. We think it is a blue ocean from 0 to 1. At present, this stage is a replacement process of ASIC chip to FPGA, a general chip. When this replacement process happened, there were no competitors, and the threshold for entry was very high. It required not only the chip itself, but also the chip design company and the whole machine factory. Only when the customer has enough coverage and done enough projects can he put forward the demand for better ASIC chips. The ASIC chip with corresponding definition can face all kinds of scenarios. In the short term, this piece mainly depends on the expansion speed of ASIC chip scheme and our own research and development speed. At present, the robot is a promising field. At present, all kinds of robot products are in full bloom, but now we are doing intensive research on whether there is a special visual chip for robots that everyone can use. For example, industrial robots that can lift heavy things, such as lighter and smarter cooperative robots, such as handling in warehouses, your life in hotels, and the humanoid that everyone likes best, have different needs in various scenarios. What we are doing now is to first see if our existing chips, such as the one in the big model, can cooperate in this scenario. This is the first step, and if it can, it will be the fastest. The second is to make a trade-off for the new robot-specific chip. There are so many complicated scenes.So many complicated tasks, extract the greatest common divisor, estimate the number, think about the new chip product definition according to their greatest common divisor, and strive to make a universal visual chip that can adapt to all kinds of robots. At present, the market is very new, and the competition pattern is actually faster than anyone else, and this is a very high threshold, so it is not easy for anyone to enter this stadium.

　　Q: At present, what is the proportion of revenue in the first three quarters according to the downstream business areas?

　　A: Actually, it is still similar to the semi-annual report at present, which is about 75% for special purpose, 15% for general consumption and 10% for automobiles.

　　Q: Looking at the fourth quarter, should the approximate revenue share still be at this level?

　　A: Basically.

　　Q: What is the order situation in the fourth quarter at present?

　　A: Sales were relatively stable this quarter. Next year, the conference call of major customers will convey their ideas, that is, in PBG, the project started slowly due to financial pressure, but now, after many special bonds are issued, the funds will be in place and the project will start faster, and next year will be more promising. This is a special field; After the fourth quarter, including the consumer market situation next year, one is the demand recovery factor brought about by economic stabilization, and the other is that product innovation and technological innovation may have relatively high growth. Next year, you can look a little more optimistic.

　　Q: From the perspective of gross profit margin, look forward to the trend behind our gross profit margin.

　　A: Looking back, the gross profit should be a gradual recovery process, and then it should be gradually improved. As for the speed, we should observe the market.

　　Q: Are there any differences in product layout and industry positioning between the eyes core and friends we acquired?

　　A: First, let me introduce the Eye Core team. They used to make mobile phone SoC, and the shipment volume is very large. Generally speaking, the complexity of mobile phone SoC is basically the highest among chips at present, and it may take 40 to 50 functional modules to sum up. Therefore, the products are fully technical reserves based on their previous capabilities. What Eye Core is doing now are some high-end products. For example, the 8K NVR in our exhibition this time, the picture is very clear, the positioning is relatively cutting-edge, and the team goal is to specialize in industry-leading innovative products. It is not convenient for friends to evaluate more. At present, they are still in the stage of ensuring sales, so the positioning may still be a little different.

　　Q: Are we still talking about the wafer price? Is there room for further discussion?

　　A: Actually, we are also talking about it. The whole industry is relatively consistent. We focus on mature production capacity, and the production capacity is basically not a problem now. In terms of price, the price of Taiwan Province’s fabs is still relatively firm, while that of mainland fabs has been lowered. So far, the price of next year is predicted in this direction of relative stability. As for whether it will be lowered at that time, it is certain that there will be a clear result until Q1 next year.

　　Q: Is it convenient to introduce the current proportion of 28nm, 22nm and 12nm processes?

　　A: If the wavelength is 22 nm or 28nm, it is the same process node for us, that is, a relatively mature process. Our products are mainly based on mature processes, and the 12nm process is a new product, and the relative proportion is not too high.

　　Q: What is the inventory level of the company now? Industry situation?

　　A: Fuhanwei’s inventory has been very low in this round of down cycle, and it is even lower in the third quarter. The inventory of friends is probably still relatively high. Inventory differences also reflect the competitiveness of our products. There may be some differentiation among different enterprises in the subsequent development, and our situation may be optimistic. There are some new technological innovations in the industry. When the technological innovations are promoted widely enough, the pressure on old products is relatively high. Those old chips that have been in high inventory for a long time may have more and more limited competitiveness, which may bring inventory pressure and the like. This is the industry. However, on the whole, the industry inventory should be gradually removed.

　　Q: If the inventory of friends is relatively high, will it be cleared in the market, which will affect our overall price gross profit margin?

　　A: Actually, it happened last year, and it didn’t happen until the industry cycle reached this point. The chip is a product somewhat similar to fashion, and it may not be sold after it is out of date. But now a new wave of technological innovation in the industry is coming again. When new things come out, it is likely that outdated fashion will be on sale and no one will want it.

　　Q: If we look at the follow-up, the inventory level in the whole industry should still go down, and then the water level here is basically normal now?

　　A: As far as the normal level of our company is concerned, if we compare the industry horizontally, it is actually a very low level of the industry. In the future, if the inventory of Fuhanwei rises, it is not that the product backlog is not easy to sell, but that the company will predict the price increase of some raw materials and make some reserves in advance. Now the inventory is low to a certain extent. If we go up again, it is because the company actively increases the stock of some raw materials that may increase in price. In fact, the overall expectation for next year is quite optimistic. As we said, KGD may have the pressure of rising prices, so we may make some arrangements in advance.

　　Q: The operating cash flow in the third quarterly report is still quite good, mainly because the overall payment of product sales is better?

　　A: The products are easier to sell, the customer quality is higher, and the payment is normal.

　　Q: What about the overall impact of CMS chip and its progress?

　　A: CMS regulations were implemented on July 1, and now a small number of fastest-moving car manufacturers have introduced CMS models. When pushing, it is usually for young people’s models. At present, several models are gradually introduced. CMS is divided into two parts. The first one, which is outside the cabin and looks like two small eyes, is called electronic rearview mirror. There is also a car cabin, which splicing the images of electronic rearview mirrors into a complete image, called streaming media rearview mirror. Their pace of innovation is usually conservative, and car manufacturers usually stream media first, and then electronic rearview mirrors. The current progress is probably like this. Domestic streaming media rearview mirrors will have higher requirements, such as removing the headlights to highlight the reflection, zooming the image, shifting the image to the dead angle, etc. These functions all require higher chip solutions. At present, the company’s solutions should be relatively advanced in the industry, and some functions are unique to us. Basically, we are equipped with CMS models now, and if we use domestic chips, the high probability is ours.

　　Q: What is the overall progress of the vehicle code certification?

　　Answer: At the same time, do two car code certifications. The first one is functional safety ISO26262. If it is fast, it will be completed within this year. Another information security ISO21434 will be next year.

　　Q: What is the overall progress of DMS/OMS?

　　A: The market share of DMS/OMS is already relatively high, so it still depends on the improvement of the penetration rate of the whole market. According to the data of 22 years, the penetration rate of DMS is 2%~3%, and the penetration rate of OMS is lower. So what we are waiting for is an increase of 10 times the permeability. Looking around here, we have achieved some results this year. At present, many car manufacturers have started to ship in small quantities, and we expect to release a large number next year.

　　Q: Who are the major customers downstream of the on-board chips now?

　　A: We are considered as second-tier suppliers. We are mainly in contact with first-tier suppliers. First-tier suppliers are the innovative business of big customers’ cars and other automakers. As long as they have heard of brands in the market, they have basically reached them.

　　Q: Will the company continue to do equity incentives in the future, and will it consider repurchase?

　　A: Fu Hanwei is still in the stage of capital operation, and many things may come step by step, which is the first. The second equity incentive is very important for chip design enterprises. When it is done, it depends not only on whether it is suitable for the external environment, but also on whether it is suitable for the internal environment. It needs to wait until the time is ripe. Buy-back is actually an option that we have been paying attention to. The attitude of the company is open, and we have not said that we will definitely not do it, but we may have to wait for a mature opportunity.

　　Q: Will the return of friends affect the shipment of high-end XVR products?

　　A: For the high-end XVR, our 8K NVR has been shipped since the third quarter of last year, and it has reached millions, which can be said to be very good. At present, Fuhanwei may be a leader in the industry. In this area, we are not afraid of our competitors, but it is a goal that competitors need to surpass. Friends and businessmen are not convenient to evaluate.

　　Q: What’s the current progress on our MiPi APHY side? When is it expected to be? There will even be a rhythm of quantity?

　　A: It is progressing smoothly, and then MiPi APHY is regarded as a technological revolution in the field of vehicle transmission. We need to wait for a breakthrough opportunity, which head manufacturer may start to fully introduce this solution, and then everyone will follow up.

　　Q: In terms of specific parameters, what is its speed?

　　A: Theoretically, the faster data can reach 48G, and the commonly used serdes rate is 3G at present. But is it necessary to set the specification very high, and whether the customer will accept this price or not? All these need to be explored step by step in the subsequent development of this industry.

　　Q: Other companies that invest in this car serdes side may achieve, for example, 6-8 G’s, and even some companies seem to have 10 G’s. Compared with such a data, will the company’s current product planning, such as launching the first generation of products, be within such a data range?

　　A: At present, the fastest serdes of Maxim is six G’s. I don’t think it must be faster than it before I can use it. The technical parameters at the time of design need to be mass-produced before we know whether they can really be achieved. Many times, the final market acceptance of a chip should not only have a leading position in technical scheme, but also have a market acceptance, which should be viewed comprehensively.

　　Q: In the field of edge intelligence, such as consumption scenes or industrial scenes, will we have new application directions now?

　　A: Looking at the specific application scenarios from the edge, in the traditional scenario, because the downstream manufacturers are already very concentrated, once their supplier structure is determined, whoever has the advantage now will have the advantage in the future. Another consumer category, such as large models, is an electronic device with a slightly more expensive unit price at present, and may have the ability to increase large models in the future. At present, the company has invested heavily in the introduction of embedded teams and has begun to do Android solutions. In the future, Fuhanwei’s products will not only be used in traditional special fields, but also be used on all kinds of consumer Android devices, which will be a huge increment for us. In the future, we think there will be a lot of things on the edge. Under the current circumstances, the company has entered an Android market that it did not do before. This market may be much larger than our previous consumer market.

　　Q: Do you want to split the gross profit margin according to different product lines?

　　A: Generally speaking, because of the high threshold, the gross profit of the special category will be higher, the threshold of the consumer category will be lower, and there will be more competitors. Usually, the gross profit margin will be slightly lower, and the requirements of the car regulations will be higher. Then the threshold will be higher when producing, and the gross profit margin will be relatively higher. In short, at present, it may be that the car regulations are relatively high, the special ones are relatively high, and then the general ones are slightly lower than them.

　　Q: Should the gross profit of these product lines be relatively stable in the future?

　　A: Yes, because it mainly depends on the upstream and downstream structures, including the car and the dedicated one. The upstream and downstream structures are actually relatively stable, so the pattern is relatively stable. Although there are many people who are doing this piece of consumption at present, it is scattered, but we think that in the future, according to the scale effect of economic law, an oligopoly market will eventually be formed, but its market concentration is not as cruel as that in the special market, so only two or three companies may survive, and there may be more participants in consumption, but the pattern will still be stronger.

　　Q: This year as a whole, does the plan for the fourth quarter include the expansion plan of the R&D personnel company?

　　A: In fact, we have begun to do a counter-cyclical expansion within our power. For example, in addition to the cost of film streaming, the R&D expenses increased significantly in the third quarter, as well as the cost of R&D reserves and the expansion of R&D personnel. We are now vigorously recruiting experts. As long as you are talented, welcome to Fuhanwei, and the treatment space is not capped. We will continue to expand enrollment when the cash flow is good, the financial situation is good and the business situation is good.

　　Q: What is the impact of the big model?

　　A: It is expected that the equipment with a slightly higher unit price will have the ability to connect with a large model in the future. We are trying to promote the chip scheme of China Unicom’s large model FH8898 to various terminal manufacturers. Although the final product form, whether it will be a large model of a learning machine or a large model of a home robot will sell well, it is not known at present, but we will try our best to reach out to these customers and find out whether the existing chip and the existing scheme can cooperate well. This piece is a very big opportunity for us, and it is a cheap and good chip according to the shipment volume. So in the whole consumer market, we are a very strong competitor.

　　Q: What do you think of the trend of general products in the future?

　　A: There is a functional requirement called always online, which reflects the low power consumption in technology. This is a trend, which requires high design ability and even higher definition ability. The second AI technology is deeply penetrated. One of our more eye-catching products this year is AI ISP products. Under the Lux of 0.02, people’s eyes are all black, but AI ISP imaging is very clear. With the passage of time in the future, this function may be available on a better camera. Therefore, we are now in an era of new technological innovation. Recently, it has been observed that people like to use multi-eye stitching. At present, we have also introduced a camera called 2+1 at the exhibition. Its display effect can see a wide angle of view of 180 degrees. At the same time, there is also a camera that can track the target. It will have three lenses on a device, but it can be done with only one chip. This is the innovation of the product. Including we also showed an acoustic camera, which can quickly locate the sound position when talking in the environment, and focus the direction of that radio on your side and so on. There will be a lot of small product innovations in this area. The functional and trend things that were big before, such as low power consumption, always-on, AI penetration and so on, are the big directions.

　　Q: What are our product layout and future development ideas for special products?

　　A: There are two special products, one is called traditional special products, and the back end has been mentioned to a relatively advanced level. According to the technological changes of the times, the front-end also gradually launched products at that stage, which is a traditional business; There is also a new business, such as industrial vision, robotics and so on, which we think is very exciting, because from 0 to 1, not everyone has the opportunity to catch up, just because we have accumulated before, met this era, and have good customer cooperation, so we will try our best to achieve good results in this respect;

　　Details of participating institutions are as follows:

A Study on the Characters of "Xuanying Yinyi" in Seven Temple Manuscripts

By Wu Jigang

Shanghai Ancient Books Publishing House

Brief introduction of the author

Wu Jigang, male, from Xuzhou, Jiangsu Province, doctor of literature, associate professor of Guizhou Normal University, master tutor, member of China Exegetical Society. He has published more than 40 papers in academic books and periodicals such as Dictionary Research, Journal of Ancient Books Arrangement Research, China Social and Economic History Research, Ancient Chinese Research, Historical Literature Research, Tang History Series and Chinese History Research Collection, and has presided over five national social science fund projects and provincial and ministerial projects. Mainly engaged in Buddhist literature research, stone carving literature collation and language research.

brief Introduction of the content

The book Xuanying Yinyi, collected in the Seven Temples in Nagoya, Japan, is an ancient handwritten manuscript in the Tang Dynasty, which has important research value in the history of Chinese characters and Chinese language. This book combines handed down documents with unearthed documents, and reveals the development and use of Chinese characters by studying the phenomenon of using Chinese characters in Xuanying Yinyi, which is collected in seven temples in Japan, and provides information for the study of Chinese character history and Chinese history. At the same time, the actual use of ancient scriptures in Japanese hand-written banknotes is investigated, which provides information for the study of writing this document and Buddhist scriptures. The book is mainly discussed from five aspects: the classification and synchronic comparative study of the characters in Xuanying Yinyi, the diachronic comparative study of the characters in Xuanying Yinyi, the characteristics, causes and values of the characters in Xuanying Yinyi, and the textual research and interpretation of difficult words in Xuanying Yinyi.

preface

Buddhism spread eastward from India to China, experienced the development adapted to China’s national conditions, and then spread eastward to Korea, Japan and other countries, forming a Buddhist cultural circle with Chinese characters as the center. According to the postscript of "The Queen of Light Writes Scriptures" collected by Shanghai Library in the 12th year of Tianping in Japan (740), "I took an examination of Japanese Linggui for two years, and in the 4th year of Kaiyuan, I sent Kibi No Asomi Makibi, Abe Zhongmalu and monk Xuanyun to study in China in August; In the seventh year of Tianping, in the twenty-third year of Kaiyuan, he returned, offering music laws and Tibetan scriptures; In the 13th year, the orders of building towers were written by the states. Covered with Qingyun, and bronze to the balance, Shenhu, and Jing Yun between 70 and 80 years, the writing was the most prosperous. " There is also a postscript that "the wind of writing classics in Japan was unparalleled in Tang Kaiyuan and Tianbao". These Nara Pingan ancient scriptures handed down today provide precious clues for us to study the origin of the Tibetan scriptures written before Kaiyuan Record.

The sound and meaning of Buddhist scripture is an exegetical work to explain the sound and meaning of words in Buddhist scripture, and it is also a treasure house of knowledge worth exploring in Chinese traditional classical literature. The sound and meaning of Buddhist scriptures trace back to the grave, and the customs are examined below. The words annotated in Shuowen, Erya, Qieyun and ancient books are collected in one book, which is rich in interpretation, including hundreds of ancient books in the subset of classics and history, and more than 1,400 words that need to be explained. To some extent, it can be said that. We can compare the similarities and differences between the Tang and Song versions and the current versions, and we can get a glimpse of all the Buddhist scriptures that were collected at that time. There are not only the corpus of the Buddhist scriptures that were interpreted, but also the connection clues between the points, which contains a lot of language materials that are not contained in other high-level literary classics. It is better than the records of the Buddhist scriptures themselves in reflecting the evolution of language, and in a sense can be said to be a more comprehensive summary of the words used in Han and Tang Dynasties. The appearance and prosperity of the sound and meaning of Buddhist scriptures not only promoted the interpretation and research of Buddhist scriptures, but also provided rich supporting materials for the study of religion, philosophy, language, literature, art and the history of Sino-foreign exchanges.

"Xuanying Yinyi" is the earliest extant Buddhist scripture, which has the reputation of "a magnificent picture of words and a turtle mirror of words and sounds". There is "The Sound and Meaning of Xuanying" in the Pilu Collection in the Shuling Department of the Imperial Palace in Japan, and its content is slightly different from that in the Zhasha Collection and the Lisong Collection. Thanks to the contact and company of Japanese scholars Luo Hejun Dian and Mr. Jue Pujin, I had the honor to witness this Song version of Xuanying Yinyi when I visited the Shuling Department of the Palace Hall on February 23, 2006. According to the Records of Zhengcangyuan, the "Xuanying Yinyi" in Nara era has spread to Japan. There are seven volumes and a part of six volumes in the sacred language collection of Masakura Hospital in Nara, among which six volumes are the manuscripts of Tianping period (729-749). In the Tokyo Museum, there was a copy of the banknote that was released in the third year of Dazhi (1128, the second year of Jianyan in Song Gaozong), and it was transferred to the library of the Palace Museum in October of the fifth year of Showa (1930). I also compared these notes when I visited the library of the Palace Museum.

Horyuji, Shishan Temple, Qishi Temple, Xingsheng Temple, Western Temple, Shingong Temple and Kongoji also have some volumes of Xuanying Yinyi. The project of promoting academic research in private universities in the Ministry of Education, Culture, Sports, Science and Technology, presided over by Professor Luohe Jundian of Japan International Buddhist Teaching College, aims to sort out and publish "Nara Pingan Ancient Scriptures". The first series of Japanese Ancient Scriptures Rare Books has been published, namely, 25 volumes of All Classics, Sounds and Meanings written by Xuan Ying in Kongoji, Qisi Temple, Western Temple, Institute of Historical Materials Compilation of Tokyo University and Literature Department of Kyoto University. There are volumes 1 to 4, 6 to 7, 9 to 21, and 24 to 25 in Kongoji, Tianye Mountain. Among them, the end of volume 21 is titled "The First Year of Baoyuan (1156)", the end of volumes 13, 19 and 20 is titled "The Second Year of Jiazhen (1236)", and the end of volumes 1, 4, 9, 10 and 21 are titled. Thanks to the invitation of Mr. Luo Hejun Dian, I gave a public speech on "The Academic Significance of the Study of Ancient Buddhist Scriptures —— Nara Pingan Scriptures and Dunhuang Scriptures" in Tokyo on February 25th, 2006. After the meeting, I had the honor to inspect Kongoji’s collected volumes with Mr. Luo Hejun Dian. The writing volume of Shishan Temple was written from the fourth year of Cheng ‘an to the first year of Anyuan (1174-1175), the second to fifth volumes were kept in Hiroshima University, the sixth and seventh volumes were kept in the Literature Department of Kyoto University, and the ninth and eighteenth volumes were kept in Tianli Library.The Nagoya Museum has the twelfth volume, the anti-machi Hong Wen Zhuang has the thirteenth volume, and the Dadong Memorial Library has the twenty-fifth volume. There are volumes 1 to 10, 12 to 14, 15 to 18, 21, 23 to 25 in the seven temples. Among them, the fifteenth volume was collected by Xiao Shan Wen Cun (1834-1910) and is now in the Institute of Historical Materials Compilation of the University of Tokyo. Accompanied by researchers Shangmei Jipu and Limei Chi, I compared this writing volume in the Historical Materials Compilation Institute on February 24th, 2006. Luo Hejun’s Canon "The Data Value of Writing All Classics" (World Religious Studies, No.2, 2000) points out that writing all classics is the original before deletion or alteration when compiling the block edition, and there are words that are not found in the block edition, which keep the ancient form. According to our investigation and comparison, there are similarities and differences between the written volumes of Xuanying Yinyi stored in temples such as Qisi and Kongoji and the Zhaisha collection, and they are roughly similar to the Li collection. These writing volumes and Dunhuang papers can complement each other to form a relatively complete ancient writing book "Xuanying Yinyi", and its academic value is self-evident.

The development and evolution of Chinese characters include font changes and font changes. The study of Chinese character history should not only discuss the evolution process of Chinese characters from Oracle inscriptions to regular script, but also textual research on the font changes of each specific Chinese character. In addition to the research on the evolution of fonts and glyphs, the historical situation of Chinese characters’ use is also an important part of the research on the history of Chinese characters. The Chinese translation of Buddhist scriptures coincided with the transition from official script to regular script, and the period from Han Wei to Tang and Five Dynasties, when vulgar characters appeared. For example, the Dictionary of Variant Characters of the Goryeo Tripitaka contains 31,913 variant characters in addition to 8,110 orthographic characters, so it can be said that the usage of Buddhist scriptures reflects the usage of Chinese characters from Han Wei to Tang and Five Dynasties, while the pronunciation and meaning of Buddhist scriptures mainly include words that are difficult to understand in the scriptures. These vulgar words and incorrect words in Buddhist scriptures will be more or less corrected when retranslated or later engraved, which will result in the distortion of Buddhist scriptures handed down from Han Dynasty to Tang Dynasty. When distinguishing these vulgar words and incorrect words, it is necessary to record and copy the original text accurately, and many of the words collected are not included in other dictionaries. Therefore, in reflecting the evolution of Chinese characters, the records of the sound and meaning of Buddhist scriptures are better than the records of the modern Buddhist scriptures, and the different versions of these common words and incorrect words interpreted by the sound and meaning of Buddhist scriptures in copying roughly reflect the use of common characters in different times. If the 9,353 words collected in Xu Shen’s Shuo Wen Jie Zi largely preserve the system of Xiao Zhuan,Then, we can say that the records of the sound and meaning of Buddhist scriptures and the usage of characters in each book have generally preserved the system of official changes and the usage of characters in the Han, Wei and Tang Dynasties, from which people can truly understand the dynamic evolution process of official changes of Chinese characters. From the perspective of philology, the sound and meaning of Buddhist scriptures are like a piece of rough jade, which objectively and truthfully preserves the natural form of Chinese characters, especially reflects the intermediate state of the evolution process of Chinese characters from official to official. It can not only provide more rich materials for the compilation of large dictionaries to interpret popular characters since the Eastern Han Dynasty, but also describe the evolution process of the word Lian according to the sound and meaning of Buddhist scriptures and the usage of Chinese characters in previous dynasties recorded in relevant documents, clarify all its variants and identify the mistakes of some of them.

In recent ten years, Dr. Ji Gang has devoted himself to the study of inscriptions in the Han, Wei and Six Dynasties and the sound and meaning of Xuanying, and his master’s degree thesis<玄应音义>Lexicography Research (West China Normal University, 2005) studies the collection and interpretation of words in Xuanying Yinyi from the perspective of lexicography. After that, he persevered, focusing on the point of view of philology, and wrote his doctoral thesis "Seven Temples"<玄应音义>A Study of Characters (Southwest University, 2012), which was further updated into this monograph.

Firstly, the book uses word correspondence theory and component theory to classify and study four kinds of writing phenomena in Xuanying Yinyi, such as variant characters, homographs, borrowed words and words that record transliterated loanwords. Among them, variant characters are the most diligent part, which shows the writing features of Xuanying Yinyi in the seven-temple edition comprehensively and objectively. Secondly, based on the relevant theories of lexicology research, this paper makes a synchronic and diachronic comparative study of Xuanying Yinyi with the written materials of the same era and different times, discusses the origin, evolution track and laws of the characters, and points out that there are many sources of the characters used in Xuanying Yinyi, the orthography of which is based on Shuowen, and its popular characters and popular characters mainly follow the variant characters inscribed on tablets in the Han, Wei and Six Dynasties. It is considered that the standardization of Chinese characters is Among them, the chapter "Textual Research on Difficult Words" holds that most of the difficult words marked as "not seen" and "not detailed" are variant characters, and a few are borrowed words or homonyms, which are not issued by many people.

I have studied the sound and meaning of Buddhist scriptures for many years, and naturally I also pay attention to the "Xuanying Sound and Meaning" collected in temples such as Qisi and Kongoji. In 2002, I went to Aichi Prefecture University to attend the 11th annual meeting of the International Association of Chinese Linguistics in China. At this time, Dr. Xiaohong has settled in Nagoya. During the chat, I mentioned that the twelfth volume of "Xuanying Yinyi" collected by Shishan Temple is now in Nagoya Museum. I read photocopies in China, and some words are not printed clearly. I really want to go to Nagoya Museum to see the original. At that time, I lamented that I couldn’t make full use of this unique condition to inspect the Japanese books as Dr. Xiaohong was in Japan. Fortunately, for more than 30 years, Professor Akihiro Koya, Kenji Yichuan, Masaji Hirata, Yasushi Shinichi, Jundian Luohe, Haretoshi Ishizuka, Masasuke Ikeda, Kei Nakasatomi, Haruhiko Sato, Keishi Uchida, Ryoko Setoguchi, Takashi Takehiko, Ding Feng, Xiaohong Liang and Professor Shen Guowei have helped to copy and send relevant materials, and also included some Japanese collections. In January of this year, he was also arranged by Dr. Li Naiqi of Hokkaido University to accompany him to inspect the Mubu and the remnants of All Classics, Sounds and Meanings, the Tang manuscripts collected by Xingyu Bookstore, and also visited the Shishan Temple in Kyoto and the Seventh Temple in Nagoya, where the volumes of All Classics, Sounds and Meanings were collected. The abbot of Chengqi Temple warmly entertained him and looked at the ancient scriptures collected in Qisi Temple. He truly felt that life was predestined and blessed the soul. The Seventh Temple was built in the seventh year of Tianping in Nara era (735).The official name is Fusi, Dean of Daoyuanshan Zhengjue. According to the article "All Classics of the Seven Temples and Ancient Yi Classics" (Study on Buddhist History, Volume 33, No.2, 1990), the scriptures stored in the Seven Temples originated from the ancient scriptures written in Nara. Among them, there are many ancient classics with high academic value, such as Three Views of Mahayana Entering the Tao with the signature of "Luo Shizao", Biography of South China Sea Returned to Inner France by Tang Yizhuan, Biography of A?vagho?a Bodhisattva and so on. Following Dr. Gang’s prosperous years, his scholarship is rigorous and practical, and his book "Seven Temples"<玄应音义>The study of characters can be described as the painstaking efforts of several years, and it is also a new achievement in the study of the seven-temple edition of Xuanying Yinyi, which not only lays a solid foundation for the study of characters in the seven-temple edition of Xuanying Yinyi, but will also promote the further study of the seven-temple edition of Xuanying Yinyi and the Japanese collection of Xuanying Yinyi.

In recent years, the study of the sound and meaning of Buddhist scriptures and the words and expressions of Zen and Confucianism has become a new hot spot in international sinology research, but the academic circles are mixed. As we all know, all the true knowledge that has made achievements in ancient and modern times is based on solid corpus and practical evidence. The study of the sound and meaning of Buddhist scriptures and the words and expressions of Zen and Confucianism is the true knowledge that can only be done by those who are willing to sit on the bench. Only by being down-to-earth and not afraid of hard work will there be real gains. For many years, Dr. Jigang devoted himself to the study of "Xuanying Yinyi", especially in the study of characters, and he won the yif, which is really commendable. It’s disrespectful to ask for orders from me, but it’s in order not to be rude but to be humble. Here, we look forward to Dr. Ji Gang’s persistent efforts in the study of the sound and meaning of Xuanying, so that more explorations and more achievements will be made in all aspects of the study of the sound and meaning of Xuanying and Buddhist scriptures in the seven temples.

Xu Shiyi

Geng Zixia was born in Shanghai Normal University.

Data: Shanghai Ancient Books Publishing House.

Editor: Xu Nuo

　　China Securities Journal

　　Deconstructing the "impossible trinity" of the new tea industry: the logical paradox of short-term competition and long-term ism of enterprises such as Mixue Group

　　After Naixue’s tea landed on the Hong Kong Stock Exchange in December 2021, the new tea industry has recently stepped up its listing: Mixue Group, Guming and Chabaidao successively landed on the Hong Kong Stock Exchange in early 2025, while Bawang Chaji and Auntie Shanghai are respectively promoting the listing of US stocks and Hong Kong stocks.

　　Behind the intensive listing, the new tea companies have shown a scene of ice and fire in the capital market: Naixue’s tea, as the "first share of new tea", once surprised the market with a market value of nearly HK$ 34 billion, and now its share price has dropped to HK$ 0.94 (as of the close of April 8), which is about one twentieth of the issue price, with a market value of only HK$ 1.603 billion; On the first day of listing, the market value of Chabaidao has evaporated by about HK$ 7 billion, and the current share price has halved compared with the issue price. In sharp contrast, the IPO of Hong Kong stocks of Mixue Group triggered a subscription boom, and its market value quickly exceeded HK$ 150 billion after listing. Gu Ming’s share price doubled in about one month after listing.

　　According to industry insiders, there is a fundamental business paradox behind this difference in the new tea track-it seems difficult for enterprises such as Bawang Tea Ji, Mixue Group and Naixue Tea to achieve the triple goals of scale expansion, cost control and brand tonality at the same time. This "impossible trinity" is becoming a dead knot that restricts the development of the new tea industry.

　　Large funds to stabilize the market, the turnover of many broad-based ETFs reached a new high.

　　Since April 7, a number of state-owned institutions have voiced their increasing holdings of ETFs. From the perspective of turnover and capital flow, the signs of jiacang are mainly reflected in mainstream broad-based ETFs.

　　On April 8, A-shares rebounded at the opening. Although it fluctuated in intraday trading, it rose in late trading, and the three major stock indexes finally closed up. The core leading broad-based ETF was active. On April 7th and 8th, the turnover of large-cap broad-base ETFs such as Shanghai and Shenzhen 300ETF continued to dominate, and small and medium-sized broad-base ETFs such as CSI 500 and CSI 1000 rose suddenly, and the turnover of many products set a new one-day historical record.

　　Fund custody will "trust and manage" the welcome plan, which is widely expected.

　　Recently, a draft for comments on the management measures of fund custody business has been circulated in the industry. The opinion draft has made new adjustments to the fund custody norms from many aspects, such as improving the entry threshold, strengthening risk isolation, compacting the custodian’s responsibility and improving the exit mechanism. Among them, avoiding "trust without care" and "trust without management", clarifying the application of "one trust to the end" for private equity investment funds and related custody requirements have attracted the attention of the industry.

　　China securities journal reporter learned in the interview and investigation that some private equity institutions had risk events before, and the standardized development of fund custody business was gradually paid attention to, and many custodians had spontaneously made risk control adjustments to varying degrees. For example, from the previous request to provide a first-and second-level net worth valuation table, to see a four-level valuation table that penetrates more into the underlying assets. Some fund custodians said that on the whole, the new draft for comments will help to further systematically regulate the custody of funds, especially private equity funds.

　　It is difficult to repay the loan in advance. Some banks raise the threshold.

　　"Last month, I found that the number of prepayments on ICBC’s mortgage online was up to 5 times a year. I checked it again a few days ago, only twice, and I can only pay back 200,000 yuan at most. " Ms. Zhang, a borrower who lives in Yangpu District, Shanghai, told reporters on April 8.

　　Recently, many mortgage borrowers have reported that some banks have tightened the amount and frequency of online mortgage prepayment, and the repayment appointment time has also been extended to some extent. Some banks responded that the business volume of repaying loans in advance has indeed increased recently, and banks have made timely adjustments to related businesses according to the latest situation.

　　According to industry analysts, when the scale of early repayment exceeds expectations, banks usually control the pace and scale of mortgage business by adjusting the policy of early repayment according to their own capital arrangements, operating conditions and risk preferences. At the same time, banks should also pay attention to the legal compliance of policy adjustment, provide convenience for customers to repay loans in advance, and optimize their financial service experience.

　　Shanghai Securities News

　　The "good news" of listed companies in the first quarter frequently reflects the warmth of China’s economic fundamentals.

　　What are the economic fundamentals of China in 2025? The first quarterly report and the first quarter operating data of listed companies that are intensively released reflect a deep warmth.

　　The data shows that as of 21: 00 on April 8, a total of 107 A-share listed companies disclosed the first quarter 2025 performance forecast. Among them, 59 companies increased in advance, 29 companies increased slightly, 11 companies turned losses and 3 companies continued to make profits.

　　At the same time, a number of companies also handed over eye-catching first-quarter production and sales "transcripts." From an industry perspective, listed companies in non-ferrous metals, basic chemicals, national defense and military industry, transportation and other industries have outstanding performance. The reporter found out that the growth of sales data, the rising price of related products and the fullness of hand-held orders have become the motivation for the great increase in performance of many companies.

　　Mu Yuan shares went out to sea for the first time to raise pigs and animal husbandry in Vietnam, setting off a new round of "going to Southeast Asia"

　　"There are two main things to go to Hanoi this time: one is to exchange views on pig raising in buildings of local concern; The second is to go to the local agriculture and forestry university in Vietnam to recruit talents for the company’s business. " () Liu Bo, general manager of overseas development, said. A few days ago, when Liu Bo spoke to a reporter from shanghai securities news, he was waiting at Ho Chi Minh City Airport in Vietnam. About 30 minutes later, he will take a flight to Hanoi, the capital of Vietnam.

　　The recruitment of international management students in Mu Yuan is progressing simultaneously. According to the plan, Mu Yuan will recruit a group of Vietnamese employees, and after training in China, they will be assigned to Vietnam for development. The work includes farming techniques in Mu Yuan and standardized operation procedures.

　　The reporter noted that not only Mu Yuan, but also New Hope, () and Yangxiang Group have chosen to go deep into Vietnam, and the pace of China’s farming and animal husbandry enterprises "going to South Asia" has obviously accelerated. According to the analysis of insiders, at present, China’s farming and animal husbandry enterprises’ going out to sea is essentially to transform the technology, management experience and cost control ability accumulated in China into the competitive advantage in the international market. This internationalization strategy of "exchanging technology for market" not only reflects the new trend of China’s farming and animal husbandry development, but also promotes China’s farming and animal husbandry to occupy a more favorable position in the global value chain.

　　Securities firms strengthen the risk monitoring of financial integration. At present, the overall risk of financial integration is controllable.

　　Despite the global trade conflict caused by tariffs, the risk aversion of China’s financial market increased significantly on April 7, but from the data of the previous day’s financial integration disclosed on April 8, the market leveraged funds remained stable, and the overall risk of financial integration was under control.

　　As of April 7, the balance between Shanghai, Shenzhen and North China was 1,854.074 billion yuan, a decrease of 49.032 billion yuan or 2.58% compared with the previous trading day. Among them, the financing balance was 1,843.994 billion yuan, a decrease of 47.964 billion yuan or 2.54% compared with the previous day. From the perspective of position preference, there is a strong sentiment of capital defense. Only six sectors, including banks, shipping ports, agriculture, animal husbandry, feed and fishery, coal, gas and airport, have received net capital inflows, but financiers are generally cautious in adding positions. Except for banks, the net inflows of other sectors have not exceeded 40 million yuan.

　　The brokers interviewed believe that although the financing balance has declined, the overall controllable situation of the risks of the two financial institutions has not changed, and the stability of leveraged funds has fully demonstrated the confidence of the market.

　　China version of stabilization fund leads the way to stabilize the stock market and blows the assembly number.

　　Stabilize the stock market, all parties are acting.

　　Within 48 hours, large funds from large institutions such as Central Huijin Company frequently shot, and the People’s Bank of China and the General Administration of Financial Supervision successively voiced their voices, and the "China Edition Stabilization Fund" was born; The State Council State-owned Assets Supervision and Administration Commission, many central enterprises and state-owned assets operation platforms are constantly moving, and central state-owned assets join hands to enter the market; A large number of listed companies have announced plans to increase their holdings or buy back, and brokers and fund companies have been buying from themselves … A series of measures have released a strong signal to stabilize the stock market and made concerted efforts to boost the capital market.

　　Securities Times

　　It is the right time to raise the equity ratio, and insurance companies should be real "patient capital"

　　Yesterday, the State Financial Supervision and Administration issued the Notice on Adjusting the Supervision Proportion of Equity Assets of Insurance Funds (hereinafter referred to as the Notice). In this regard, many head insurance institutions believe that this will further open up the investment space of equity assets of insurance funds. A number of insurance institutions said that they are firmly optimistic about the development prospects of China’s economy and China’s capital market, and will give full play to the long-term advantages of insurance funds and make real "patient capital".

　　Listed companies calmly respond to tariff shocks when they see the move.

　　The lasting vitality of cross-border trade comes from the endogenous motivation of the participants to continuously create value. Although the so-called "reciprocal tariff" promoted by the US government has brought pressure to all trading parties, Chinese and American enterprises in it have not waited and watched.

　　The Securities Times reporter learned that recently, various listed companies have actively communicated with American customers and tried to find pragmatic solutions. It is this initiative among market players that has injected the firm confidence that "the sky will not fall" into China’s economy.

　　Further loosening of insurance funds into the market is expected to achieve win-win results.

　　Recently, the State Financial Supervision and Administration Bureau issued the Notice on Relevant Matters Concerning Adjusting the Supervision Ratio of Equity Assets of Insurance Funds, optimized the supervision policy of insurance funds ratio, and increased support for the capital market and the real economy.

　　The "Notice" mainly includes three measures: First, raise the upper limit of the allocation ratio of equity assets. Simplify gear standards and increase the proportion of equity assets corresponding to the solvency adequacy ratio of some gears by 5%. The second is to increase the concentration ratio of investment venture capital funds. The third is to relax the regulatory requirements for the tax extension pension ratio.

　　The issuance of the Notice is an important measure to optimize the asset allocation of insurance funds, which is conducive to promoting the insurance industry to do the "five big articles" in finance, giving full play to the advantages of long-term funds and patient capital, and will achieve win-win results from multiple levels.

　　Agricultural Power Planning Releases Strong Growth of Seed Industry Plate

　　Recently, the Central Committee of the Communist Party of China and the State Council issued the Plan for Accelerating the Construction of an Agricultural Power (2024-2035) (hereinafter referred to as the Plan), proposing that by 2027, the construction of an agricultural power will make significant progress; By 2035, the construction of a strong agricultural country has achieved remarkable results. The Plan puts forward new goals and requirements for consolidating the foundation of food security in all directions, promoting the innovation of agricultural science and technology equipment in all fields, improving the modern agricultural management system in all links, promoting the upgrading of agricultural industrial system in all chains, and cultivating new advantages in agricultural international competition.

　　On April 4th, the State Council Customs Tariff Commission issued a notice on imposing tariffs on imported goods originating in the United States, including a cumulative 49% tariff on 29 kinds of goods originating in the United States, such as chicken, wheat, corn and cotton. A total of 711 categories of goods such as sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products are subject to a cumulative tariff of 44%.

　　Securities daily

　　The performance of 41 A-share food and beverage companies last year showed the resilience of the industry.

　　As consumption heats up, the food and beverage industry, which is already very resilient in performance, will usher in good results again.

　　As of April 8, a total of 41 food and beverage listed companies in Shanghai and Shenzhen stock markets released their 2024 performance reports. According to the "Securities Daily" reporter, the total revenue and net profit of 41 companies achieved year-on-year growth last year. It is particularly worth mentioning that () Liquor Co., Ltd. (hereinafter referred to as "Kweichow Moutai"), as the "first brother of liquor", has shown super profitability despite the deep adjustment period of the industry. Last year, a company’s net profit accounted for more than 70% of the total net profit of 41 companies.

　　Dividend is one of the most direct and effective ways for listed companies to return investors. The food and beverage industry has always been a "hot field" with high dividends. Among the above 41 companies, there are as many as 22 companies whose annual cash dividend ratio exceeds 60%.

　　The top-level design is constantly improving, and the low-altitude economy is "ready to go"

　　On April 7, in order to ensure the high-quality development of general aviation and low-altitude economy, the Central Air Traffic Control Commission issued special measures, focusing on improving the low-altitude management system, optimizing the allocation of airspace resources, improving the quality and efficiency of operational services, consolidating basic support capabilities, and strengthening the management of air use according to law. Deploy and strengthen low-altitude air traffic control work to the national air traffic control system.

　　Lu Dingliang, a lawyer of Beijing Jingshi Law Firm, told the Securities Daily reporter that the deployment of the Central Air Traffic Control Committee marks that China’s low-altitude economy has entered a stage of systematic construction. "Improving the low-altitude management system" and "optimizing the allocation of airspace resources" are aimed at solving the core problems that have long restricted the development of low-altitude economy. Strengthening low-altitude air traffic control this time is conducive to further releasing airspace resources, promoting a high-level dynamic balance between airspace supply and demand through flexible airspace management modes (such as dynamic release and classification), and providing more space for emerging navigation applications such as drones and eVTOL.

　　Many small and medium-sized banks cut deposit interest rates, and large deposit certificates were cut by 40 basis points.

　　In April, the adjustment of bank deposit interest rate continued. According to the incomplete statistics of the Securities Daily reporter, local small and medium-sized banks and private banks such as Liaoshen Bank, Zhongbang Bank and Xin ‘an Bank have intensively started to reduce the interest rates of deposits and certificates of deposit, and some banks have reduced the interest rates of five-year certificates of deposit by 40 basis points.

　　Respondents said that this interest rate adjustment is an important measure for banks to actively optimize their debt structure. High-interest deposits in small and medium-sized banks account for a relatively high proportion. Differential interest rate adjustment can effectively reduce the cost at the debt end and create conditions for stabilizing profit margins. It is worth noting that although the market interest rate continues to decline, the trend of resident deposits’ regularization is intensifying. Judging from the data of A-share listed banks that have disclosed the 2024 annual report, the deposit regularization rate continues to rise, indicating that the pressure on bank debt management has intensified.

　　Silver-haired economy develops vigorously, and listed companies seize market opportunities

　　Recently, the Guangzhou Municipal People’s Government issued the "Several Measures to Promote the High-quality Development of Service Consumption in Guangzhou", which proposed to expand the supply of old-age care to meet the needs of people’s livelihood. Taking the implementation of the "Ten Articles of Silver Hair Economy" as the starting point, we will cultivate the main business entities of silver hair economy, vigorously carry out the activities of "Silver Age Action" and "Silver Hair Market", and promote the innovative application of old-age service scenarios. In fact, in recent years, many measures have been introduced to increase the development of silver-haired economy.

　　Yuan Shuai, deputy secretary-general of Zhongguancun Internet of Things Industry Alliance, told the Securities Daily that under the influence of multiple factors such as the continuous promotion of policies and the growth of domestic demand for aged care services, the silver-haired economic market has played an important role in promoting social and economic development.

　　According to the securities research report, China has entered the stage of silver-haired economy development, and the industrial demand is rich and diverse, covering ten fields of "clothing, food, housing, transportation, money, education, music, medicine, nutrition and health". These industrial directions meet the consumption needs of different elderly groups, which is of great significance to promoting the development of silver-haired economy and tapping consumption potential, and is expected to help silver-haired economy become a new pillar of high-quality economic development in China.

The shell is made of titanium, which is more waterproof and has health functions such as body temperature detection.

Compared with the ordinary version of Series8, Apple Watch Pro has a big difference in appearance. Its size is a circle larger, and it is equipped with a solid titanium shell. It is mainly for athletes who love outdoor extreme, and it is suitable for sports players who love running, mountaineering, three irons, surfing, diving or going to the mountains and the sea. Apple Watch Pro processor will be equipped with S7 SiP64-bit dual-core processor. At the same time, its price will be much higher, almost twice the price of the ordinary version, and the estimated price is about 900 to 999 dollars.

　　In Jiangsu, a good ecological environment has become the most happy public product for the people, and the people’s satisfaction with the environment has increased to 93.6%; In Hebei Province, the cumulative over-exploitation of groundwater has been reduced by 5.23 billion cubic meters, the mine area has been restored by 400,000 mu, and the grassland ecology of "three modernizations" has been restored by 2.7 million mu. In Guizhou, the ratio of days with excellent air quality in central cities is over 98%, and the excellent water quality rate in exit sections of major rivers is 100％&hellip; &hellip; Recently, a series of press conferences on the theme of "China this decade" were held in various places, with specific figures, which reflected the great development advantages and competitive advantages brought by the excellent ecological environment, and Lucid waters and lush mountains are invaluable assets’s concept was thoroughly practiced.

　　Profound thoughts, which have been baptized by time and tested by practice, are more and more brilliant. In August, 2005, when the then supreme leader of Zhejiang Provincial Party Committee visited Yucun, Anji County, Huzhou City, Zhejiang Province, he first put forward the important conclusion of "Lucid waters and lush mountains are invaluable assets". Under the guidance of the theory of "two mountains", the local area has realized the transformation from "relying on mountains to eating mountains" to "raising mountains and enriching mountains", and explored a new way to realize the mutual integration and symbiosis of economy and ecology and promote mutual progress. Since the 18th National Congress of the Communist Party of China, General Secretary of the Supreme Leader has made a more profound and systematic theoretical summary and explanation of the "Two Mountains Theory" on many occasions. "We want green mountains and green hills as well as Jinshan Yinshan. I’d rather have green mountains and green hills than Jinshan Yinshan, and Lucid waters and lush mountains are invaluable assets. We must never exchange the temporary economic development at the expense of the ecological environment. ""Green mountains and green hills and Jinshan Yinshan are by no means antagonistic, and the key lies in people and ideas. ""Protecting the ecological environment means protecting productive forces, and improving the ecological environment means developing productive forces. Let the green mountains and green rivers give full play to their economic and social benefits, not to destroy them, but to protect them better "&hellip; &hellip; The theory of "two mountains" is constantly enriched and perfected in the process of interaction between theory and practice.It has become the consensus and action of the whole party and society, an important part of the new development concept, and an important content of the supreme leader’s ecological civilization thought, which is more fully displayed on the motherland.

　　People live up to the castle peak, and the castle peak will live up to people. Green water and green mountains are not only natural wealth, ecological wealth, but also social wealth and economic wealth. Shanghai Yangpu Riverside has changed from "industrial rust belt" to "life show belt", and the former gathering place of old industrial enterprises has become the back garden of residents; Ningxia Helanshan sandstone mining area has become a winery after renovation, and the industrial transformation has brought rich returns; Fish ponds and cultivated land along the lake in Gusheng Village, Dali Bai Autonomous Prefecture, Yunnan Province have been withdrawn from ponds and returned to farmland, and the beautiful scenery has attracted more and more tourists &hellip; &hellip; Facts have proved that protecting the ecological environment means protecting natural value and increasing natural capital, and protecting the potential and stamina of economic and social development. A foreign student said with emotion: "The rapid development of ecotourism in China fully proves that &lsquo; Lucid waters and lush mountains are invaluable assets &rsquo; The scientific nature of the concept. "

　　Eco-environmental protection and economic development are dialectical unity and complementary. Development and protection coexist synergistically, so as to realize the profound change of development concept, the deep adjustment of value orientation and the fundamental transformation of development mode. In May last year, the first batch of forestry carbon tickets in China was officially released. The ecological public welfare forest in Changkou Village, Jiangle County, Fujian Province was converted into carbon emission reduction and sold for more than 140,000 yuan. The locals said with emotion, "In the past, we used to make money by cutting down trees. Now we protect the forest and the air can become &lsquo; Real money and silver &rsquo; 。” Economic development should not exhaust resources and ecological environment, and ecological environment protection should not abandon the marginal trees of economic development for fish. Instead, we should adhere to protection in development and development in protection, promote high-quality economic development and high-level ecological environment protection in coordination, and strive to achieve win-win economic, environmental and social benefits.

　　General Secretary of the Supreme Leader profoundly pointed out: "China’s socialist modernization has many important characteristics, one of which is that China’s modernization is a modernization in which man and nature coexist harmoniously, and it pays attention to simultaneously promoting the construction of material civilization and ecological civilization." The more difficult and challenging the development is, the more we must implement the concept of green development, the more we must strengthen the strategic determination of ecological civilization construction, and the more we must find a way in the green mountains and seek benefits from the ecological environment. In the protection of ecological environment, we should calculate big accounts, long-term accounts, overall accounts and comprehensive accounts; In economic and social development, it is necessary to establish and improve a green and low-carbon circular development economic system and promote a comprehensive green transformation of economic and social development. Only by protecting the beautiful green mountains and green rivers, expanding the Jinshan Yinshan and realizing the coordination of economic and social development with population, resources and environment can a good ecological environment become the growth point of people’s lives, the support point of sustained and healthy economic and social development, and green become the most beautiful development background.

　　"It’s like soaking butter in hot milk tea, it’s too thick to score, and it tastes great!" In Qinghai, people who eat "tourist meals" describe good days like this. In the new era and new journey, we will learn to make good use of the "two mountains theory", make green mountains and green hills more beautiful, and make Jinshan Yinshan bigger, and we will certainly be able to embark on a civilized development path with developed production, affluent life and good ecology.

　　Related reading:

　　Take the road of ecological priority and green development &mdash; &mdash; Building a Community of Man and Natural Life ①

　　People’s Daily (August 18, 2022, 04 edition)

What we said today. Now let’s follow Xiaobian to see what it has done.

First look at the appearance of Bao Junyue. Bao Junyue’s front face is very elegant and looks tough. Headlights are very in line with consumers’ aesthetics and have great visual impact. 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 3381 mm * 1685 mm * 1721 mm. The car adopts cold lines, and the side circumference looks very fashionable and simple, with large-sized thick-walled tires, which is eye-catching. Looking back, Bao Junyue also has exquisite tail lines, and the taillight style is relatively calm and very delicate.

Sitting in the car, Bao Junyue’s interior design looks sharp and simple. The steering wheel of the car is very beautiful in shape, equipped with functions such as manual adjustment of the steering wheel up and down, and the shape is very fighting. Take a look at the central control. The car is equipped with a clean touch-sensitive LCD central control screen, which makes the interior style impressive and fashionable. The dashboard and the seat are equally eye-catching, and the dashboard design is remarkable and very eye-catching. The car uses leather seats, equipped with functions such as electric adjustment of auxiliary seats, electric adjustment of seats, and tilting of seats, which is basically enough for daily use.

Bao Junyue is also 50KW, with a total torque of 140N.m and a maximum speed of 100km/h..

The car is equipped with driving mode selection, remote control key, Bluetooth key, traction control (ASR/TCS, etc.), Bluetooth /WIFI connection, full-speed adaptive cruise and other configurations, which are rich in functions and greatly enhance its convenience.

The Baojunyue introduced today is not only eye-catching in space, but also has reached the mainstream level in various configurations, and there is nothing to be picky about driving experience and space experience. If you go offline and actually experience it, it is estimated that there will be many new gains.

　　Zhongxin Jingwei Client February 29th (Dong Wenbo) is about to enter March, and a number of new regulations will officially land, affecting your life and mine. Stock mortgage interest rate "change anchor", the implementation of the new securities law, the cancellation of the 360-day certification period by ordinary taxpayers, and the maximum reduction of driver’s license score by 6 points &hellip; &hellip; Let’s take a sneak peek together!

　　New national regulations

　　Stock mortgage interest rate "change anchor"

　　The central bank issued a notice on December 28, 2019, saying that since March 1, 2020, financial institutions have officially converted the pricing benchmark of floating interest rate loans. There are two ways, one is to add points based on LPR, and the other is to convert them into fixed interest rates. The above work should be completed before August 31, 2020 in principle.

　　Dong Ximiao, chief researcher of Xinwang Bank, pointed out that with the stable epidemic situation, it is not a big problem to complete the "anchor change" work before the end of August. At present, the market liquidity will continue to be in a reasonable and abundant state, and the market interest rate is expected to further decline. In this case, the mortgage interest rate may have some downside.

　　Data map. Zhongxin Jingwei Xiong Siyi photo

　　The new securities law will be implemented on March 1st.

　　On December 28th, 2019, the 15th meeting of the 13th the National People’s Congress Standing Committee (NPCSC) voted to pass the newly revised Securities Law of People’s Republic of China (PRC) (hereinafter referred to as the "New Securities Law"), which will take effect on March 1st, 2020. The revision of the new securities law includes ten aspects: expanding the scope of application of the law, promoting the registration system, streamlining and optimizing the conditions of securities issuance and trading, strengthening information disclosure requirements, strengthening investor protection, and greatly increasing the cost of violation of laws and regulations.

　　Judging from the penalties for violations of laws and regulations, the new securities law raises the maximum fine for letter-wearing violations from 600,000 yuan to 10 million yuan, and the maximum fine for fraudulent issuance to 20 million yuan; For insider trading and market manipulation, the maximum fine will be raised from 5 times to 10 times of the illegal income. If there is no illegal income, the maximum fine will be raised from 600,000 yuan to 5 million yuan and 10 million yuan. Insiders pointed out that after the implementation of the new securities law, it is expected that illegal activities in the capital market will be deterred and contained.

　　Some property insurance products were changed from approval to filing.

　　On February 26th, China Banking and Insurance Regulatory Commission website issued the Notice on Further Strengthening and Improving Product Supervision of Property Insurance Companies (hereinafter referred to as the Notice), which made a series of specifications on the scope and filing process of product approval, and it was officially implemented on March 1st.

　　The "Notice" adjusted the scope of product approval and filing, and changed the motor vehicle commercial insurance, credit insurance and guarantee insurance products that use demonstration products from approval to filing, and the products that originally belonged to the filing category still adopted filing management. At the same time, product classification supervision and territorial supervision are implemented for property insurance: China Banking and Insurance Regulatory Commission is responsible for filing and supervising motor vehicle commercial insurance and agricultural insurance products subsidized by the central government; Other products are filed and supervised by the relevant banking insurance regulatory bureau.

　　Cancel the requirement of "matching" payment of tax arrears and late fees.

　　On December 12, 2019, State Taxation Administration of The People’s Republic of China issued a notice on several issues concerning tax collection and management, pointing out that from March 1, 2020, the requirement of "matching" payment of tax arrears and late fees will be cancelled, and the tax arrears and late fees payable by taxpayers, withholding agents and tax payment guarantors are no longer required to be paid at the same time, and the tax arrears can be paid first, and then the late fees can be paid according to law.

　　The announcement also made it clear that individuals engaged in production and business operations should apply for temporary tax registration if they do not have a business license, but they have tax obligations. If a taxpayer who has been identified as an abnormal household accepts punishment and pays a fine for his overdue declaration, and makes a tax return, the tax collection and management system will automatically lift the abnormal state without the taxpayer’s special application for lifting it.

　　Ordinary taxpayers cancel the 360-day certification period.

　　State Taxation Administration of The People’s Republic of China issued a notice on December 31, 2019, saying that the special VAT invoice, the special payment book for customs import VAT, the unified invoice for motor vehicle sales, and the electronic ordinary VAT invoice for toll road tolls obtained by the general VAT taxpayer on or after January 1, 2017 no longer need to be certified and confirmed within 360 days. Those that have expired can be confirmed by the comprehensive service platform for VAT invoices in this province (autonomous regions, municipalities directly under the Central Government and cities with separate plans) after March 1, 2020.

　　The special VAT invoice, the special payment letter for customs import VAT, and the uniform invoice for motor vehicle sales issued by the general VAT taxpayer on or before December 31, 2016 have exceeded the time limit of certification and confirmation, but if they meet the relevant conditions, they can still continue to deduct their input tax in accordance with the provisions of the Announcement of State Taxation Administration of The People’s Republic of China on the Deduction of Overdue VAT Tax Deduction Certificates and the Announcement of State Taxation Administration of The People’s Republic of China on Issues Related to Failing to Declare and Deduct VAT Tax Deduction Certificates.

　　Driver’s license score can be reduced by up to 6 points.

　　On January 19th, the Chinese government website disclosed the "Code for Accepting Traffic Safety Education and Reducing Road Traffic Safety Violation Scores (Trial)" (hereinafter referred to as the "Code") issued by the Ministry of Public Security, which came into effect on March 1st, 2020. Article 24 of the Code clarifies that motor vehicle drivers who participate in the online and on-site study exams or traffic safety public welfare activities of road traffic safety laws, regulations and related knowledge respectively in this scoring cycle will get a cumulative maximum score of 6 points for reducing or exempting traffic violations.

　　Data map. Zhongxin jingwei photo

　　Legalization and specialization of general contracting of projects

　　On December 31, 2019, the Ministry of Housing and Urban-Rural Development and the National Development and Reform Commission issued the Measures for the Administration of General Contracting of Housing Construction and Municipal Infrastructure Projects (hereinafter referred to as the Measures), which will take effect on March 1, 2020. Insiders pointed out that the promulgation of the "Measures" will effectively promote the legalization and specialization of China’s general engineering contracting and promote the sustained and healthy development of the construction industry.

　　The "Measures" clarify that the construction unit shall complete the project approval, approval or filing procedures before the contract is awarded; According to the law, the general contractor shall be selected by means of bidding or direct contracting. The general contractor shall not be the agent, project management unit, supervision unit, cost consulting unit or bidding agency of the general contracting project. The "Measures" also stipulate that the construction unit shall not set unreasonable construction period and shall not arbitrarily compress reasonable construction period; The general contractor of the project shall be fully responsible for the construction period according to the contract, control and manage the overall progress of the project and the progress of each stage, and ensure that the project is completed on schedule.

　　The regulations on network ecological governance will be implemented on March 1.

　　On December 20, 2019, the National Network Information Office issued the Regulations on Ecological Governance of Network Information Content (hereinafter referred to as the "Regulations"), which will take effect on March 1, 2020. According to the Regulations, producers of online information content are not allowed to produce, copy or publish illegal information that "endangers national security, divulges state secrets, subverts state power, undermines national unity" and "damages national honor and interests", and should take measures to prevent and resist the production, copying and publication of illegal information that contains "exaggerated titles, contents that are seriously inconsistent with the titles" and "hype, scandals and misdeeds".

　　The "Regulations" emphasize that the network information content service platform should fulfill the main responsibility of information content management, establish an ecological governance mechanism for network information content, and improve the systems of user registration, account management, information release review, post review review, layout and page ecological management, real-time inspection, emergency disposal and network rumors, black industry chain information disposal, etc.

　　New local regulations

　　Shanghai: Housing management and civilized construction are included in the scope of urban management punishment

　　According to the website of the Shanghai Municipal Government on February 19th, the Decision on Amending the Implementation Measures of the Regulations of Shanghai Municipality on Administrative Enforcement of Urban Management (hereinafter referred to as the Decision) was adopted at the 75th executive meeting of the municipal government on December 23rd, 2019, and will come into force on March 1st, 2020.

　　Penalties in the field of housing management and civilized construction are included in the scope of urban management punishment, which is the core content of this revision. The "Decision" clarifies that in the field of housing management, the administrative penalties related to property management in the current regulations will be broadened to all housing management matters including property management, real estate market management, housing security, protection of outstanding historical buildings, and housing expropriation and compensation on state-owned land; At the same time, in the field of construction management, penalties in the field of civilized construction management are added.

　　Data Map: A construction site in Haidian District, Beijing. Zhongxin Jingwei Xue Yufei photo

　　Xi ‘an: Raise the reward standard for the expropriated people who move voluntarily.

　　According to the website of Xi ‘an Municipal Government on February 7, the Decision on Amending the Measures for Expropriation and Compensation of Houses on State-owned Land in Xi ‘an was reviewed and approved at the 32nd executive meeting of the municipal government on December 23, 2019, and will come into force on March 1, 2020. The revised Measures for the Expropriation and Compensation of Houses on State-owned Land in Xi ‘an (hereinafter referred to as "the Measures") adds nine aspects, such as "the implementation unit of house expropriation shall not be for profit"; Ten contents were adjusted, including the standard of reward and compensation for the expropriated person who actively moved within the relocation period, and no reward will be given for those who overdue or refused to move.

　　The "Measures" clarify that if the expropriated person or public housing tenant signs a compensation agreement and delivers the house within the reward period determined by the expropriation compensation plan, the reward will be given according to the fact that each household does not exceed 2% of the assessed value of the expropriated house; If monetary compensation is chosen, it will be rewarded at no more than 20% of the assessed value of the house to be expropriated. If the expropriated person chooses monetary compensation for the expropriation of business and production processing houses, the compensation standard for losses caused by suspension of production and business will be raised from 2% to 5%.

　　Zhuhai: improving medical security benefits in five aspects

　　On February 14th, Zhuhai Medical Insurance Bureau issued the Notice on Improving the Treatment and Management Policies of Basic Medical Insurance and Maternity Insurance (hereinafter referred to as "the Notice"), which further strengthened medical security from five aspects and was officially implemented on March 1st.

　　The "Notice" proposes to further strengthen the medical security for newborns. Newborns registered in Zhuhai can pay fees and enjoy treatment from the date of birth within three months after birth; To provide outpatient co-ordination guarantee for the insured registered in different places; Improve the level of outpatient treatment guarantee for mental diseases; Appropriately expand the payment scope of special outpatient treatment, including heavy-duty &beta; -Thalassemia, hemophilia, malignant tumor; At the same time, the conditions for determining the enjoyment of medical insurance retirement benefits should be straightened out.

　　Yantai: Three local laws and regulations were formally implemented.

　　From March 1st, three local laws and regulations, namely, Yantai Mountain Protection Regulations, Yantai Coastal Protection Regulations and Yantai Private Economy Promotion Regulations, will be officially implemented.

　　Among them, the Regulations on Mountain Protection in Yantai City focuses on solving the problems of illegal mining, encroachment by construction projects, construction of cemeteries, illegal farming and planting, deforestation and land reclamation, deforestation, destruction of wild trees, damage to the original topography and landforms of mountains, and restoration and management. "Yantai Coastal Zone Protection Regulations" completely prohibits reclamation, and vigorously rectifies and repairs the damaged coastline. The Regulations of Yantai Municipality on the Promotion of Private Economy focuses on the negative list of market access, the establishment of special funds for the development of private economy, and the reduction of the burden on enterprises, so as to further optimize the business environment and promote the development of private economy.

　　Dongguan: the Pearl River fishing ban was implemented for 4 months.

　　The Bureau of Agriculture and Rural Affairs of Dongguan issued a notice on February 24th, saying that in order to further strengthen the protection of fishery resources in natural waters, Dongguan will ban fishing in the Pearl River for four months from 0: 00 on March 1st to 24: 00 on June 30th. In addition to recreational fishing and recreational fishing, all fishing operations are prohibited in the prescribed fishing areas and fishing seasons; If it is necessary to harvest natural fishery resources due to aquaculture production or scientific research, it shall be approved by the fishery administrative department at or above the provincial level in accordance with the provisions of the Fisheries Law of People’s Republic of China (PRC). (Zhongxin Jingwei APP)

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　　At the beginning of the new year, Deep Blue Auto released a new set of SUV models G318 official pictures. The Deep Blue G318 is positioned as a "new hard-core of technology". Its design is full of sci-fi, avant-garde and hard-core, conveying a hard-core style from the future and space, showing a completely different design trend from traditional hard-core SUVs on the market.

　　The design inspiration comes from the "Trimaran Battleship" dark blue G318

　　The design inspiration of the dark blue G318 comes from the "three-body battleship". The old battleship exposed radar, naval guns and other equipment to show its strength. The new battleship hides radar, naval guns and other equipment, and uses a highly integrated design to reflect the sense of future and mystery. If the design of the traditional hard-line SUV is like the old-fashioned battleship, the design of the G318 is like a 10,000-ton giant ship, which is not imposing and self-evident, giving people a feeling that they don’t understand but feel very powerful. The design concept is worthy of praise!

　　Dark Blue G318 Cybertron visitor, full of aura

　　From the front face, the dark blue G318 places great emphasis on the cutting of metal polygons. On the basis of ensuring the simplicity and crispness of the overall section, it highlights the avant-garde with its familial shark nose. The simple and unified cutting makes the front face look more cyber, and the coarse matte lower bumper makes the front face look wider, larger, and more fierce. The large area proportion of the headlights makes the entire front face look very firm. The concise and extreme polygonal cutting also emphasizes the sense of technology, while the headlight profile and the quadrilateral on both sides of the lower guarantee highlight the delicate cutting through the rounded corner process.

　　Not only tall and strong, but also just right Less is more

　　The dark blue G318 adopts a grille-free design, highlighting the avant-garde feeling of the electrical era. The expanded border design of the headlights complements the decorative parts connected in the middle, which jointly promotes the enhancement of the wide-body feeling of the body. It not only emphasizes electric technology, but also cleverly retains the tall and powerful SUV. The vertical decorative parts of the lower guarantee are cleverly lapped with the body, as if the body is unfolded. This ingenious design presents a light and holistic feeling, and the moderate air intake area in the middle once again makes the design and function perfectly integrated. The cross-section of the familial shark nose volume gives people a clean and neat feeling, and the hood looks tall but not stiff. It is just right, as the so-called Less is more.

　　G318 headlights bloom, inheriting the essence of off-road and integrating Cyber Technology

　　The design of the G318 headlights cleverly integrates traditional off-road vehicles and electric cybertechnology, not only showing a sense of refinement, but also highlighting the strong proportion of large areas of black areas in the headlights, which injects strength and stability into the overall design. The unique C-type daytime running light is sharp and prominent, and the three-bar symbol interspersed with the expanded border gives the daytime running light a unique sense of breakthrough. The lens adopts a multilateral cutting method, which is consistent inside and outside, further strengthening the overall beauty of the headlights. This design not only presents a strong sense of impact visually, but also highlights the G318’s pursuit of advanced technology and technological aesthetics.

　　The front low and back high side of the car lurks an extraordinary aura, gathering overwhelming impact

　　The front face of the G318 adopts simple and extreme polygonal cutting to emphasize the technical feeling of unnatural forms, including the outline of the headlights, the gap under the body color, and the quadrilateral on both sides of the undercover, etc., all of which highlight the exquisite feeling mapped by the cutting through the refined process of rounded corners. On the front low and back high side of the body, the highest point of the roof complements the turning point of the shoulder line skirt of the body, forming a unique static dynamic. The body creates the front and rear wheel package volume through the cutting sense design language, and the shoulder surface is full and varied, which not only forms a strong sense of contrast, but also enhances the advanced sense of the whole vehicle and enhances the visual impact. Metal cutting further creates a solid and reliable visual sense of the body. Overall, the front, side, and rear are integrated, which not only enhances the overall design of the body, but also shows a harmonious aesthetic.

　　The tail makes SpaceGate innovative and expressive.

　　Turning to the tail, the dark blue G318 takes the theme of "Space Gate" as the main body. The overall volume formed by the tail window glass and the black parts below is used as the main body. At the same time, the volume on both sides extends and intersects to form a lifting structure, forming a stable and powerful support for the tail. Coupled with the strong black bumper at the bottom, it is very recognizable and strong. The overall shape of the high brake light combines the shape and function of the tail wing, hidden in the "tail wing", which is simple and does not lose the sense of technology. The C-shaped energy crystal tail light echoes the headlights, using C-shaped elements and forming a volume interspersed in the middle, so that the upper and lower parts are inserted in the middle volume to form a strong sense of "breakthrough point", and the shape is more three-dimensional and powerful.

　　Powerful dynamic performance and extraordinary strength to turn around in place

　　In terms of power, the deep blue G318 is equipped with a super range-extending hybrid system and uses a dual-motor four-wheel drive. Its strong power makes the car highly capable of escaping trouble. It has previously rescued large trucks in heavy snow, and its powerful performance is evident.

　　It is worth mentioning that the dark blue G318 is also equipped with a in-place U-turn function, which realizes a very small turning radius through rear wheel reversal, providing users with a more convenient and comprehensive travel experience in extreme scenarios.

　　The off-road gene is engraved in the bones. In 1958, Changan created the first off-road vehicle in New China

　　What? You don’t think Chang’an has an off-road gene. You know, Chang’an is the most authentic domestic off-road old gun. As early as 1958, Changan Automobile built the first domestic off-road vehicle in New China – the "Changjiang Brand" 46 off-road jeep, which is 7 years older than the well-known Beijing 212. And Changan, with a century-old military enterprise background, has always flowed with pure off-road genes in its blood, and continues to move forward with the spirit of revitalizing national industry. Deep Blue adheres to the Changan manufacturing gene. No matter how the times change, the quality will last forever for a hundred years! (Source: Deep Blue Auto)

A few days ago, pickup truck city learned from the Great Wall official that,China’s first 6X6 super off-road platform built by Great Wall Motor will be the world’s first show at the Shanghai Auto Show, which opened on April 18th this year, creating a brand-new category and leading China’s hard-core off-road to the next level. The first application of the Great Wall 6X6 super off-road platform technology will be the Great Wall Gun.The first "3-axis, 6-drive and 5-lock" in China has achieved the super off-road capability in all scenes and all terrain, and can realize the infinite expansion of the whole ecology.

At present, more specific information about the 6×6 version of the Great Wall Gun is unknown for the time being. According to the product planning information previously exposed, the new car willContinuing the chassis structure of front independent suspension with front double wishbone and rear multi-link integral bridge for the ordinary version of Great Wall Gun, the newly developed through middle bridge can bring longer suspension stroke and enhance off-road performance. Six-wheel-drive pickup truck has a longer vehicle size due to the addition of a rear axle, and the container can carry larger items, but it also tests the vehicle length control ability. If it exceeds 6 meters, it needs to hang a yellow motor vehicle number plate.

In terms of power, according to the common reference of six-wheel drive pickup trucks around the world, guessThe 6×6 version of Great Wall Gun is likely to adopt the top 3.0T V6+9AT combination of Great Wall Motor, with a maximum power of 260kW and a peak torque of 500N·m, providing consumers with stronger performance guarantee.

Six-wheel drive off-road pickup trucks are ceiling-level products all over the world, among which the most famous ones are modified models such as Mercedes-Benz G63 AMG 6×6, Hennessy Ram TRX Mammoth and Hennessy Veloci Raptor, which have conquered countless off-road enthusiasts with the off the charts performance of three-axle six-wheel drive+thousand horsepower+five locks.

Compared with the traditional four-wheel drive chassis, the chassis of six-wheel drive pickup truck has stronger stability and bearing capacity due to the design of double rear axles. Compared with heavy and medium-sized trucks, it has the characteristics of flexibility and maneuverability, which is more advantageous for RV modification, cross-country crossing and special vehicle building, and is very suitable for product development in the civilian market. Therefore, the appearance of the 6×6 version of Great Wall Gun will be a historic progress of domestic pickup trucks.

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