Original Xirui Tech Planet

Tech planet (wechat id: tech 618)

Wen | Xi Rui

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"I said in August this year that the 17-year-old good product is facing the most difficult challenge since its establishment. At the moment, this challenge is still intensifying. "

At the end of November this year, Yang Yinfen, the newly appointed chairman and general manager of Liangpin Store, bluntly stated the difficulties encountered by the company in an open letter.

Once the "first share of high-end snacks" was no longer covered up, and even decided to "self-degrade".

The first thing Yang Yinfen did when he took office was to reduce the average price of 300 products of Liangpin Store by 22%, with the highest drop of 45%, involving nuts, preserved meat and other categories. The stores with trial operation told Tech Planet that the price reduction measures have achieved initial results, which will bring more passengers and even new customers to the stores without reducing the unit price of customers.

Behind the price reduction of good shops, the impact pressure brought by snack discount stores is inseparable. This new species that has sprung up suddenly has landed in nearly 10,000 stores this year.

The year-on-year decline in revenue and the rapid expansion of snack discount stores are telling good shops that they are getting farther and farther away from the real consumer demand.

The largest price reduction of "the first share of high-end snacks" in 17 years

In Huang Xinyi’s memory, Liangpin Store is the first snack collection store in their county, which is located at the crossroads in the center of the county. All snacks can be bought at random, which became a trend at that time. "Since I had a good shop, my mother didn’t take me to the supermarket to buy snacks every New Year," Huang Xinyi recalled.

But this "family tradition" has changed since last year. After snack discount stores have blossomed everywhere in the county, good shops are no longer the place to buy snacks in Huang Xinyi. "With the same budget, snack shops can buy two bags, but good shops can only buy one bag," Huang Xinyi told Tech Planet.

Expensive, become the most obvious label of good shop now. Yang Yinfen, chairman and general manager of Liangpin Store, confronted this problem in an internal open letter. "The reality that consumers think we are expensive also shows that the price of our products must be more close to the people."

The biggest price reduction measure in 17 years is to face the problem directly. This is Yang Yinfen’s first business-side measure after taking office. The average price reduction of 300 products is 22%, with the highest drop of 45%.

A month ago, good shops have implemented price reduction measures in Shanghai, Hangzhou and other places. Tech Planet found in a good shop in Shanghai that the price-cut goods will be presented in the form of membership price, and the original price will be specially marked on the label.

It is estimated that nearly 40% of the goods in the store have been reduced in price, and the reduced-price goods are concentrated in nuts, preserved fruits, meat and some bread cakes.

The manager of the good shop told Tech Planet that every winter, nuts and meat are the best sellers, and then the Spring Festival is superimposed. Nuts are the focus of new year’s goods. "Nuts are very dry, and no one will eat them in summer."

Macadamia nuts, pecans, almonds, pine nuts, pistachios, cashews, etc. are all important in the price reduction of good shops. Obviously, good shops hope to reappear in consumers’ living rooms during the Spring Festival.

However, compared with snack discount stores such as Zhao Yiming and Snacks Youming, in the dimension of price, the good shops after price reduction still have no advantage. Tech Planet compares the prices of some goods in the same category and finds that the prices of preserved fruits and meat in good shops can reach the same level, but there is still a certain price difference in nut categories.

Legend: Price comparison of brands in the same category.

However, no one will refuse the promotion. Whether in Shanghai or Hangzhou, people have returned to the stores of good shops for the sake of price reduction. "There are still quite a lot of people who come to buy membership-priced goods every day," Zhang Ji, a clerk at a good shop in Hangzhou, told Tech Planet. Moreover, to her surprise, this price cut did not bring about a decline in the unit price of customers.

According to the data of Narrow-door Dining Eye, the customer unit price of good shops is 55.83 yuan, while snacks are busy at 38.79 yuan, and Zhao Yiming is in 37 yuan.

"As long as customers who come to the store can’t just buy goods at reduced prices, they will buy some other goods," Zhang Ji told Tech Planet. "We will also recommend best-selling snacks to customers."

"Price-cutting goods are actually a drainage function to attract customers to the store," the clerk of the good shop told Tech Planet. This is the most desirable result for good shops.

When high-end snacks are only "expensive"

"The store’s business is not bad," Zhang Ji told Tech Planet. "It’s basically flat every month." But she is one of the lucky few.

The revenue of good shops has declined year-on-year for five consecutive quarters. In the third quarter of this year, good shops sold 2.013 billion yuan, down 4.53% compared with the same period last year. As of September this year, in nine months, good shops sold 5.999 billion yuan, down 14.33% compared with the same period last year.

Compared with no one to sell, the net profit of good shops has a bigger problem. In the third quarter of this year, the net profit attributable to shareholders of listed companies was 1,998,400 yuan, a year-on-year decrease of 97.88%.

For the sharp decline in profits in the third quarter, good shops are attributed to the increase in labor and rental expenses and the fluctuation of gross profit margin corresponding to newly opened direct stores. In the past three months, Liangpin Store has opened 145 direct stores, and the number of franchised stores is 146.

This also means that not only consumers, but franchisees are also "abandoning" good shops.

One contrast is that there were only 1,000 Zhao Yiming snacks in February this year, and now there are 2,600 stores in China. The number of stores with busy snacks even exceeds 4,000.

Central China is the base camp of good shops, and nearly half of them are located in Hunan, Hubei and Henan. In this year, the "Snacks Busy" that started in Hunan has entered Hubei, the birthplace of good shops.

"Before this year, snack discount stores all expanded their stores in their own areas, and no one dared to go to Hubei to explore the market," a snack track practitioner told Tech Planet. "Everyone knows that old brands will have geographical advantages."

The impact of new species on good shops has become more intuitive. They open stores near good shops and attract young people in small towns with bright doors and big slogans of "Good Cheap".

Zhang Ji told Tech Planet that there was a snack discount store not far from the store. "It is impossible to say that it has no impact. It must be affecting the business in the store."

As a matter of fact, good shops and new species snack discount stores are both snack collection shops, doing channel business. However, good shops go further upstream, often customizing products with factories, and even cooperating with factories for exclusive products in individual categories. And snack discount stores stay more in the selection. In snack discount stores, each snack has its own brand, and related brands can be searched in e-commerce channels.

Relatively speaking, on the product side, good shops need to have more cost input. Moreover, good shops that have taken the high-end snack route since 2019 have almost strict requirements on raw materials.

Zhao Xin’s factory is to supply nuts to good shops. He told Tech Planet that good shops want the highest specifications and the highest quality raw materials in the factory. "OEM processing, we are all based on customer budgets, what price products we want, and what price we can provide."

There are also suppliers of seafood products who tell Tech Planet that good shops are looking for the goods they want, and the general brands can’t do this price. "They are strict with every link and the production process is exclusively customized."

However, the price reduction of the good shop has not affected Zhao Xin yet. He told Tech Planet that the ex-factory price they gave to the good shops remained unchanged. "This price reduction has not been compressed to our upstream, and the supply price has been discussed for a long time. There is no way to reduce the raw materials of this grade." On the consumer side, the price of this product has dropped from 138 yuan to 103 yuan per session.

Standing four years ago, there was nothing wrong with the high-end strategy of the good shop. However, at the moment when consumers are becoming more rational, the so-called ultimate pursuit of quality by good shops seems to be "going against the trend".

Good shops may be wrong in not keeping up with the needs of consumers and turning in time, which also makes good shops fall into today’s predicament.

Parity becomes a trend.

A year ago, three squirrels also announced their entry into "low price" with the strategy of "high-end cost performance". Zhang Liaoyuan, the founder of the three squirrels, once again posted in the circle of friends that he had been implementing the strategy of "high-end cost performance" after the price reduction was announced by the good shop.

However, the low price seems to have failed to save three squirrels. In the first nine months of this year, good shops sold nearly 6 billion snacks, while three squirrels only sold 4.582 billion, and revenue was also declining year-on-year.

With the change of consumption environment and the surprise attack of new species, the former snack giants now have their own difficulties, and the reality has led them to the road of "low price".

But moving towards low prices also means that they have to compete directly with retail discount stores. The former snack giants need more stores as strongholds to compete with them.

On December 3rd, Zhang Liaoyuan, the founder of Three Squirrels, announced in a circle of friends that the number of offline stores of Three Squirrels has exceeded 150. Before that, three squirrels closed hundreds of stores.

Since the beginning of this year, the stores of good shops have also been in the adjustment stage of opening while opening, and the expansion speed of stores has been slow.

In the past three months, 246 good shops have closed their stores, including direct operation and joining, and 291 new ones have been opened. This means that in three months, only 45 good shops have been added in China. Among the newly opened stores, direct sales and franchise each accounted for half, and the proportion of direct sales stores increased from 37.07% at the end of the second quarter to 39.32%.

In contrast, snacks are busy, Zhao Yiming and other snack discount stores are expanding their stores quickly, and the track has entered the merger stage.

In November, Snacks was very busy and strategically merged with Zhao Yiming Snacks. After the merger, the total number of stores reached more than 6500. And two months ago, Wanchen Group merged the four snack brands: Youpin, Haoxianglai, Yadi Yadi and Luxiaochan.

Snack discount stores are already rushing to the scale of ten thousand stores. Founder Securities recently reported that the number of discount snack stores is expected to reach 22,000-25,000 in 2023.

In terms of the number of stores, the former snack giants did not have an advantage. But they have a supply chain accumulation in the snack track. When they turned in time, the snack industry resumed a new round of "low price war".

However, compared with the blind "volume" low price, today’s price war is the pursuit of the ultimate cost performance, testing everyone’s comprehensive ability and the ultimate control of all links.

Good shops, three squirrels and snack discount stores are back on the same starting line. However, it will take some time for good shops to reverse the "expensive price" label in consumers’ minds.

But good shops should not want the cycle to be too long. Because compared with the new species of snacks, there is not much time left for him. "At the moment, what is before us is not only the problem of living hard, but also the problem of living or not," Yang Yinfen bluntly said in an internal open letter.

Original title: "Good shops cut prices and were forced by snack discount stores? 》

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Under the background of the hot new energy market, many traditional car companies began to change their thinking and launch new brands to enter the market. Deep blue car is a new energy car brand launched by Changan Automobile, which focuses on pure electricity and extended range. In 2023, the cumulative sales volume of Deep Blue Automobile reached 136,912 vehicles, which performed well, but at the same time, Deep Blue Automobile began to explode a large number of product quality problems.

On the car quality network, many car owners complained that they had encountered the problem of "power disappearing". A 2022 1.5L 1200 extended-range car owner complained that "everything was normal before the car started, with 60% of the remaining electricity and 68 kilometers of oil. After entering the expressway, the maximum speed can only be 60 kilometers per hour. After two minutes, the whole car stopped in the middle lane of the auxiliary road of the expressway. The trunk can’t be opened and the tripod can’t be taken out. When the trailer arrived, it was found that the four wheels were locked, and the car crashed and could not be blocked. The whole car is powered off and the glass cannot be lifted. "

Another owner, who is also a 2022 1.5L 1200 extended-range version, complained that "the dark blue SL03 purchased on December 9, 2022 traveled more than 9,000 kilometers, and the power system failed, so it could not accelerate during driving, stalled at high speed, stepped on the brakes and jumped into neutral, and finally it was impossible to drive directly." As can be seen from the photos provided by the owner, when the vehicle speed was above 100km/h, the dashboard indicated that "the function is temporarily unavailable and the power system does not support it".

Many people think that new energy vehicles will not lose electricity, but the actual performance of Deep Blue Automobile proves that this idea is wrong. An owner of a 2023 121MAX extended-range version of Deep Blue S7 (parameter picture) in Lhasa complained that his vehicle was short of electricity after being parked for only one night, so he had no choice but to call the insurance company’s electricity service. Unexpectedly, after more than half a month, the vehicle broke down again. "First, it can be put into gear, but the car won’t go, indicating that the power system is faulty. Then it can’t be hung up when it is put into gear, and a row of fault lights are lit, and then the whole car is cut off."

In addition, there are many complaints about abnormal noise of motor, abnormal noise in car, abnormal charging, bulging seat, ghost brake and inaccurate cruising range. A 2023 200MAX extended-range version of Deep Blue S7 owner complained that under the urban road conditions, "no air conditioning and no music, and the actual cruising range is only within 60% of the nominal". In fact, the quality problem of dark blue cars has a long history. As early as November 2022, 40 owners of dark blue SL03 jointly complained that there were current noises in many places such as the camera inside the car, which could not be eliminated after repeated maintenance.

On the list of "Top 10 Cars with Inconsistent Configuration and Publicity in 2023" released by Auto Door Network, Deep Blue SL03 ranks fourth. The main problems are: the 8155 chip, 12G+128G and other configurations of SL03 car in the official publicity are inconsistent with the actual situation; In the official propaganda, the standard Contemporary Amperex Technology Co., Limited battery of the 705km version of SL03 does not match the reality; In the official propaganda, Deep Blue Auto is a direct-operated model, and stores are built independently, but in fact, most deep blue centers are shared with Changan brand in the form of stores. On the eve of March 15th last year, the owners of Deep Blue also jointly sent an open letter to Changan Automobile, demanding compensation.

Editor’s comment

As a "new star" in the new energy automobile market, Deep Blue Automobile has a good performance in terms of cost performance, but a product or even a brand can win the favor of consumers for a long time, not just by price, but by the quality of customs clearance. Price can’t be a "moat" of a brand, but technology and quality can. It is only a matter of time before the sales volume of Deep Blue Automobile drops if it doesn’t improve the product quality.

Nowadays, 200,000-level SUV can be considered for many plug-in medium-sized SUVs, such as Tang DM-i under BYD and Lectra 08EM-P under Lectra Motors. In August, 2024, Lectra also launched the 2025 Lectra 08EM-P, which is still positioned as a medium-sized plug-in SUV, and its official guide price is 1958-258,800 yuan. For a medium-sized plug-in SUV, this price is normal. Although it has just been listed, the 2025 Lectra 08EM-P has already received a cash discount of 17,000 yuan.

In terms of appearance, the shape of the 2025 Lectra 08EM-P is basically the same as that of the old models, and it is still a familiar design language. The front face is also a family-style design of Lectra, with split headlights and penetrating lights. It looks more recognizable as a whole, and this time a brand-new morning blue appearance color scheme has been added. On the side of the car body, the roof, A-pillar and B-pillar of the 2025 Lectra 08EM-P are blackened, which makes it look more sporty as a whole. In addition, the 2025 Lectra 08EM-P still continues the combination of borderless doors and hidden electric door handles, and with the low wind resistance wheel hub design, the overall look is more concise and capable.

In terms of body size, the length, width and height of the 2025 LECK 08EM-P are 4820/1915/1685 mm and the wheelbase is 2848 mm. As a medium-sized SUV, the performance of the 2025 LECK 08EM-P is relatively average in terms of size, which can only be regarded as just meeting the standard of this class of vehicles. As for the rear part, the 2025 LECK 08EM-P is the same as the old model, equipped with through taillights, and the lower enclosure is decorated with diffusers.

When I arrived in the car, there was no change in the layout of the whole car. I still used a 12.3-inch full LCD instrument panel and a 15.4-inch central control screen. The resolution of the control screen was high enough to reach 2.5K Unfortunately, it was only an LCD screen, and the relative display effect was not as good as that of OLED. However, the 2025 Lectra 08EM-P adopts Meizu Flyme Auto system and is updated to version 1.6.0. As an annual redesigned model, the 2025 Lectra 08EM-P has added Co Pad multi-screen interconnection, WANOS panoramic sound, sentry mode & car wash mode and UWB/NFC digital key of Apple equipment, and has been optimized for high-speed NOA.

This time, the 2025 Lectra 08EM-P also upgraded the Flyme Link function, which supports the interconnection between mobile phones and car machines, and also supports the interconnection between car machines and tablet computers. You can use tablet computers to bind the car and control the car machine system at any position in the car, but this configuration is not used most of the time, which is considered as a chicken rib. In terms of intelligent driving assistance, the NOA high-speed navigation assistance system of the 2025 Lectra 08EM-P has been opened in 13 provinces and cities including Jiangsu, Zhejiang, Shanghai, Guangdong, Sichuan, Shaanxi, Shandong, Beijing, Hubei, Fujian, Henan, Gansu and Chongqing.

The 2025 Lectra 08EM-P still uses 1.5T plug-in hybrid power, but it is divided into single-motor and dual-motor versions, in which the maximum power of the engine is 120 kW and the maximum power of the single-motor version is 160 kW; The total motor power of the dual-motor version is 316 kW, and it is equipped with a four-wheel drive system. The official acceleration time of 100 kilometers is 4.6 seconds, which is really good, but most people will not consider the four-wheel drive version. After all, its price is there, which is relatively high. We used to test drive the single-motor version, but even the single-motor version has strong power, matching with the 3-speed DHT gearbox. This car is mainly driven by the motor in daily driving. When it accelerates sharply or drives at high speed, the engine will also intervene to provide the required power. At this time, the operation of the engine can be clearly felt.

In addition, as a plug-in SUV, the 2025 Lectra 08EM-P also has relatively sufficient pure electric cruising range, which provides three different pure electric cruising ranges of 102km, 205km and 185km under WLTC working conditions, and the whole system is equipped with a VTOL with a maximum of 3.3kW for external discharge. In these respects, the performance of Lectra 08EM-P has reached the mainstream level of the same level, and the whole system also supports fast charging. In the chassis part, this 2025 model still adopts the combination of front McPherson independent suspension and rear multi-link independent suspension, with conventional hardware, but the adjustment is OK, with a minimum turning radius of 6 meters, accurate directivity and good handling.

In terms of sales volume, in July this year, the sales volume of LECK 08EM-P was 5,853, which is actually good. The 2025 model has been improved more or less, and there is a cash discount of up to 17,000 yuan just after it was launched. If you want to consider a plug-in SUV with good quality, then the 2025 LECK 08EM-P is still worth considering among the price of about 200,000 yuan.

[car home Chengdu Preferential Promotion Channel] Recently, Chengdu is carrying out a substantial price reduction promotion, with the highest discount reaching an astonishing 187,800, and the current minimum starting price is only 304,900. If you are considering buying an Audi A6L, you may wish to click "Check the car price" in the quotation form to get a higher discount.

The design of the Audi A6L is simple and atmospheric, and the front face adopts a hexagonal air intake grille with sharp headlights, showing a strong sense of movement. The body lines are smooth, and the overall shape is full of science and technology, which shows its dual characteristics of luxury and fashion.

Audi A6L has a body length of 5050mm, a body width of 1886mm and a body height of 1475mm, and its wheelbase of 3024mm provides spacious and comfortable seating space for passengers in the car. The lines on the side of the car are smooth and muscular. With the tyre size of 255/40 R20 and the unique rim design, it shows an elegant and dynamic visual effect.

Audi A6L’s interior design is elegant and fashionable, and a large number of high-quality materials are used to create a luxurious and comfortable driving environment. The steering wheel is wrapped in leather, which provides excellent hand feeling, and also supports manual or electric adjustment, which is convenient for drivers to adjust according to their needs. The center console is equipped with a 10.1-inch touch screen, which integrates the functions of multimedia system, navigation, telephone and air conditioning, and supports voice recognition control, which improves the convenience of operation. In addition, the car also provides a Type-C interface and a USB/Type-C interface, which is convenient for passengers to connect equipment, and the front seats are also equipped with wireless charging function. In the seat part, A6L is made of genuine leather and imitation leather, which provides comfortable support. The main and co-pilot seats support a variety of adjustment modes, including front and rear adjustment, backrest adjustment, height adjustment and lumbar support, and have the functions of heating, ventilation and massage, which improves the riding comfort. The second row of seats also supports backrest adjustment and waist adjustment, which brings a better riding experience for passengers.

Audi A6L is equipped with a 2.0T 245 HP L4 engine, with a maximum power of 180 kW and a maximum torque of 370 N·m, which is matched with a 7-speed wet dual-clutch gearbox, bringing strong power output and smooth shifting experience to drivers.

It is said that the design of Audi A6L is very atmospheric, the silver decoration and the black body complement each other, and the overall shape is handsome. During the driving process, this unique design style has also attracted the attention of many passers-by. The flowing design of the headlights is the icing on the cake, which enhances the aesthetic feeling of the whole vehicle.

　　Beijing, July 22nd (Reporter Qiu Yu), the client of Zhongxin. com, lasted only 259 days! Since its establishment was announced on November 5, 2018, the first batch of 25 companies in science and technology innovation board were listed on July 22, 2019, that is, science and technology innovation board shares can be officially traded.

　　Science and technology innovation board’s stock trading rules are quite different from the current A-share rules. Since there is no limit on the price increase and decrease in the first five trading days, how the intraday stock price will fluctuate has attracted much attention. So, how do individual investors participate in science and technology innovation board? What problems should we pay attention to?

　　How do individual investors participate?

　　If individual investors want to participate in science and technology innovation board stock exchange, there is a certain threshold, and they need to meet the following conditions:

　　The daily average assets in the securities account and capital account in the 20 trading days before the opening of the application authority are not less than RMB 500,000 (excluding the funds and securities that the investor has integrated through margin financing and securities lending); Participated in securities trading for more than 24 months.

　　In other words, you must have not only two years of experience in securities trading, but also at least 500,000 yuan in your account. The relevant person in charge of the Shanghai Stock Exchange said at the end of June that there are about 3.2 million investors who meet the requirements of appropriateness.

　　It doesn’t matter if the above conditions are not met. According to the Shanghai Stock Exchange, small and medium-sized investors who don’t meet the requirements of investor suitability can participate in science and technology innovation board through products such as Public Offering of Fund.

　　At present, Bosera Fund, Yin Hua Fund, Dacheng Fund, China Europe Fund, Caitong Fund, CICC Fund and other fund companies have launched science and technology innovation board-related theme funds.

　　How do individuals participate in innovation?

　　Playing new means that investors use funds to participate in the subscription of new shares. If they win the lottery, they will buy the shares that will be listed soon, mainly through online and offline channels.

　　Since the offline subscription object does not include individual investors, for ordinary individual investors, they can only participate in innovation through online subscription.

　　If you want to purchase online, the first step is to open the science and technology innovation board trading authority, that is, to meet the above conditions.

　　The second step is to meet the requirement of holding market value, that is, the total market value of the unrestricted A shares and unrestricted depositary receipts held by individual investors who participate in the subscription of new shares in science and technology innovation board is more than 10,000 yuan (including 10,000 yuan).

　　For example, if you have bought more than 10,000 yuan of Shanghai Pudong Development Bank (stock code: 600000.SH) shares in your stock account, and meet the above conditions for participating in science and technology innovation board, you can participate in the IPO in science and technology innovation board. Because the stock codes 601 and 600 start with the Shanghai Stock Exchange. The stock at the beginning of 000 is the main board stock of Shenzhen Stock Exchange; 002 starts with small and medium-sized stocks of Shenzhen Stock Exchange, and 300 starts with GEM stocks of Shenzhen Stock Exchange.

　　In addition, there is another way to invest in bank wealth management and fund participation in innovation. For example, at present, Bank of China, China Merchants Bank, Postal Savings Bank and other banks have launched science and technology innovation board-themed bank wealth management products, mainly by investing in innovative funds to indirectly participate in innovation in science and technology innovation board.

　　Are new shares "bought as earned"?

　　Many people think that buying new shares means earning, just like winning the lottery. The data shows that the number of investors participating in online innovation has exceeded 3.1 million. This means that almost all individual investors who have opened the trading authority in science and technology innovation board have participated in the innovation.

　　In fact, science and technology innovation board’s new shares are not cheap.

　　Price-earnings ratio (PE) is the ratio of stock price divided by earnings per share, and it is one of the most commonly used indicators to evaluate whether the stock price level is reasonable. Generally speaking, the higher the P/E ratio, the more overvalued the stock is.

　　The upper limit of 23 times P/E ratio has been cancelled in the issue price of science and technology innovation board shares, so the average P/E ratio obviously exceeds the overall level of A shares.

　　According to the statistics of Pacific Securities Research Report, the P/E ratio of 25 companies is between 18.86 and 170.75 times, with an average of 49.16 times and a median of 42.14 times.

　　Among them, the highest P/E ratio is Zhongwei Company, 170.75 times; The lowest is China’s through number, 18.8 times. The P/E ratios of China Tonghao, Wald, Tianyi Shangjia and Aerospace Hongtu are lower than the industry level, and the remaining 21 companies are all higher than the industry valuation.

　　Judging from the issue price, according to Wind data, the average issue price of the first batch of 25 new shares listed in science and technology innovation board is 29.20 yuan/share. As of July 15th, of the 87 A-share new shares issued this year, only 21 were issued at a price exceeding 29.20 yuan/share.

　　In addition, in terms of winning rate, the average winning rate of the first batch of 25 science and technology innovation board new shares is nearly 0.06%, which is higher than the overall level of A shares.

　　What problems should we pay attention to in trading?

　　Science and technology innovation board’s trading rules are different from the current rules of A shares.

　　First, the price rises and falls. There is no price limit in the first five trading days after the listing of science and technology innovation board stock, and a 20% price limit is set from the sixth trading day.

　　In the first five trading days, science and technology innovation board also set up a temporary suspension system. When the intraday share price rises or falls by 30% or 60% compared with the opening price for the first time, it will be suspended once respectively.

　　In this regard, some market analysts have warned that if there is no price increase or decrease, it is very likely that investors will be "hung at high altitude" after buying; The price limit of 20% is twice as large as the current limit of 10% A shares, and the trading risk is higher.

　　Secondly, the number of single declared shares in science and technology innovation board is different from the current 100 shares in A shares, and its starting number is 200 shares. Moreover, as long as each declaration exceeds 200 shares, it can be increased by 1 share, for example, 201 shares and 202 shares can be purchased.

　　Finally, it should be noted that science and technology innovation board has not introduced the T+0 trading system, but still adopts T+1. T+1 means that stocks bought on the same day cannot be sold on the same day, and cannot be sold until the next trading day.

　　The relevant person in charge of the China Securities Regulatory Commission said earlier that at this stage, China’s capital market is still immature, the proportion of small and medium-sized retail investors in the investor structure is relatively large, the characteristics of the unilateral market have not fundamentally changed, and the market monitoring means are still insufficient. Starting from maintaining the stable operation of the market and protecting the interests of small and medium-sized investors, science and technology innovation board has not introduced T+0 trading system yet.

　　What is the impact on the trend of A-share main board?

　　Essence Securities pointed out that assuming that the turnover rate of most companies in science and technology innovation board reached 89% on the first day of trading, it is estimated that the turnover of science and technology innovation board on the first day will be about 31.394 billion yuan (assuming that the average transaction price exceeds the issue price by 35%), then science and technology innovation board will account for about 6.56% of the total turnover of the two cities, with little liquidity impact.

　　Huatai Securities analyzed that science and technology innovation board’s influence on the liquidity of the A-share main board mainly has two aspects, namely, the bottom warehouse drainage effect and the diversion effect.

　　On the one hand, science and technology innovation board’s increase in stock supply has created a certain diversion pressure on the trading volume of the existing A-share sector, which is in the two stages of issuance and listing; On the other hand, participating in the subscription of science and technology innovation board new shares requires the market value of A-share bottom positions, which is expected to increase the allocation funds of existing sectors.

　　Regarding the "diversion pressure on the existing A-share sector", GF Securities believes that the diversion effect brought by science and technology innovation board is limited and controllable due to the comprehensive mechanism and volume factors.

　　From the mechanism point of view, the Growth Enterprise Market (GEM) adopted the new subscription of new shares in advance, and the first batch of frozen subscription funds reached one trillion yuan, while science and technology innovation board only adopted the market value placement method, which greatly weakened the diversion effect; In terms of volume, the financing scale of science and technology innovation board is expected to be 80 billion to 90 billion yuan in 2019, and the overall pace is controllable.

　　Li Chao, vice chairman of the China Securities Regulatory Commission, said earlier that science and technology innovation board has strict corresponding standards and procedures, which does not mean that anyone who wants to go public can go public. At the same time, science and technology innovation board pays attention to the market mechanism, which includes market constraints. As long as all parties in the market, including intermediaries, issuers, investors, and regulatory authorities, return to their posts and do their duty, I believe there will be no flooding in science and technology innovation board. (End)

Hold the "skin" of innovation

Lack of self-confidence and responsibility.

And Gree, who was still unknown in 1994, desperately resisted in the face of strong acquisition in 2005. Since then, Guangdong Province has sent an investigation team, and the acquisition plan finally came to an abrupt end.

This year, Gree’s annual sales amounted to 15.6 billion yuan, and now it has exceeded 200 billion yuan.

The key reason for the stubborn resistance 19 years ago is that "the brand has been accepted, and what innovative research and development capabilities do we have?" Isn’t it a production base for others? "

The brand is like skin. If the skin doesn’t exist, how can the hair be attached?

It was hard to keep the "skin", and Gree tried hard to innovate. As Dong Mingzhu’s speech theme:Innovation is the soul of brand..

When the air conditioner blows out scapulohumeral periarthritis and cervical spondylosis, and the peers are still boasting that its air conditioner can blow 15 meters, Gree has developed the technology of "the wind does not blow people" in ten years.

When many air-conditioning brands "turned down" in the Middle East where the high temperature exceeded 60 degrees Celsius, the dual hydrogen compressor independently developed by Gree properly lowered the room temperature to 20 degrees Celsius. On the contrary, in the extremely cold zone of MINUS 40 degrees Celsius, Gree is self-sufficient.

In addition, as early as 2012, Dong Mingzhu opened its mind to develop air conditioners that don’t consume resources. After iteration, Gree’s "light storage and flexibility" air conditioning system integrated clean photovoltaic power generation, safe energy storage and electricity regulation, and intelligent system management. "Not only does it not use electricity, but it can also produce electricity. In this case, is it necessary to turn off the air conditioner at home? " Dong Mingzhu is so Versailles.

"Darkness" creates innovation

Go back to 2005 when Gree turned the wheel of his destiny. At that time, the country just started to implement the air-conditioning energy efficiency rating, in which key technologies such as air-conditioning compressors were in a state of following. When faced with a question from the provincial investigation team, Dong Mingzhu said frankly that he had "no skills".

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This can explain why Edison was not only the inventor of electric light, but also one of the founders of General Electric.

This is why, after four waves of entrepreneurship, namely, self-employed entrepreneurship in the early days of reform and opening-up, "going into the sea within the system" in the early 1990s, overseas returnees’ entrepreneurship in the early 21st century, and "internet plus" business model in 2015, China entrepreneurs are now moving towards the stage of devoting themselves to scientific research.

In Shanghai, such cases are numerous. In the field of synthetic biology, Guo Min, a postdoctoral fellow at Scripps Institute in San Diego, USA, founded Kangma Biology; In the field of photonic chips and quantum computing, Jin Xianmin, a professor at Shanghai Jiaotong University, founded Turing Quantum; In the field of artificial intelligence, Zhang Jianzheng, a doctor of engineering at Shanghai Jiaotong University, founded Sazhi Intelligence …

But innovation is not limited to hard-core technological breakthroughs. In the forum, Dong Mingzhu also shared a story that she has been obsessed with for more than 20 years-a 5-year-old child used a curved straw instead of a spoon to feed water, so that her mother who was lying in bed and could not move could drink water. This story has greatly inspired Dong Mingzhu: "Innovation is everywhere, and it is to change the pain points in a down-to-earth manner."

For example, Vipshop, the "TOP100 Brand Value List of China" released by this forum, has interpreted an innovative story of covering "cost performance" with a more advanced "quality-price ratio". In recent years, the brand discount format has become popular. If the social consumption trend is regarded as a coordinate axis, the abscissa is price and the ordinate is quality, then consumers often hope to realize the "left shift" of the abscissa on the premise that the ordinate remains unchanged.

In line with the trend of "quality-price ratio", Vipshop has established cooperation with 44,000 brands around the world, and its 1,000-person buyer team has set up offices in Britain, the United States, Italy, France, Germany, Japan, South Korea, Singapore, China and Hong Kong and other countries and regions. After capturing the key market information, buyers directly negotiate with the brand and its designated official sales channels and purchase goods, eliminating redundant middleman links, shortening the supply chain and reducing the procurement cost.

"Quality-to-price ratio" also includes services that exceed expectations without extra expenses. In addition to seven days of unreasonable return, there are a series of service guarantees such as ten-day price guarantee, quick refund, door-to-door return, and worry-free damage.

It is the ultimate attempt to figure out the consumer psychology that Vipshop will win the user’s stickiness. According to the financial report, in 2023, the GMV (total merchandise turnover) of Vipshop will exceed 200 billion yuan, up 18.7% year-on-year, of which the growth rate of GMV for wear category is as high as 24%.

In the Red Sea, a consumer e-commerce company whose traffic almost peaked, it still won high growth, which is the power of innovation. Sang Dawei felt from this: "The dark moment will force enterprises to pay attention to innovation. When consumption is weak and growth slows down, it is precisely the time for outstanding enterprises to stand out. "

Specialized and special concentration

The reporter found that both Gree Electric, a keynote speaker, and the TOP100 enterprises in China Brand Value List, which came to receive the prize, were mostly specialized and innovative enterprises with high innovation concentration.

Inspired by Germany’s rich "invisible champions", Shanghai began to cultivate specialized and special new enterprises as early as 2011. Sang Dawei surveyed 2,500 specialized and innovative enterprises in Shanghai, and found that more than 40% of enterprises’ R&D investment accounted for more than 20% of their revenue, and 8.3% of enterprises’ R&D investment even exceeded 100%. This means that some enterprises invest in research and development with financing, which is deeply admirable.

Just like the domestic large aircraft C919 will be "Take-off at a large elevation angle and turn at a small angle pave the way for its commercial operation abroad in the future. Shanghai specialized and special new enterprises have also branded a deep understanding of China brand for overseas markets with a high innovation concentration.

For example, in 2021, it was selected as the first batch of state-level specialized and special new "Little Giant" enterprises supported by the Ministry of Industry and Information Technology.Zhongke Xinsong, focusing on the independent research and development and production of cooperative robot series products, won the first seven-axis cooperative robot in China, the first two-arm cooperative robot in China, the first 25-kilogram large-load cooperative robot in China, and the first 2-meter long-arm exhibition robot in China. Its products are widely used in automobile, 3C, semiconductor, medical and health industries, and exported to dozens of countries and regions such as Southeast Asia, North America and Europe.

Application of Duoke @ Dual-arm Cooperative Robot Coffee Making

ChatDUCO intelligent robot calligrapher

Yang Wei, president of Zhongke Xinsong, has never forgotten that when he purchased a motor from an American brand, the other party’s arrogance and price were not negotiable. After three months, Zhongke Xinsong successfully independently developed the motor at a cost of only a quarter of that of the other party. "Now we have more than half of our overseas customers. Without the unique skills of independent innovation, we will never survive in the harsh environment of competing with the first echelon of foreign countries. " Yang Wei said.

According to Zhao Yi, deputy director of the Shanghai Coordination Office for Promoting the Development of Small and Medium-sized Enterprises, after 13 years of incubation, the total number of specialized and innovative enterprises in Shanghai has reached 10,087, including 685 "little giant" enterprises.

Shield machine is called "the king of construction machinery" and is an important symbol to measure the manufacturing level of a country. Today, seven out of every ten shield machines in the world come from China. What kind of industrial chain support is behind this? Look at the reporter’s first-line research.

In the assembly workshop of China Railway Equipment, the largest shield machine enterprise in China, the reporter saw that a number of shield machines exported overseas were being delivered centrally. If this shield machine is disassembled, there are more than 10 thousand parts. As can be seen from this industrial chain map, cutters and main bearings are mainly concentrated in Henan, motors are mainly located in Shanxi, and gears are mainly distributed in the Yangtze River Delta and Chongqing. And if we go back to 10 years ago, these key components still have to rely on imports.

Cutters, like teeth, determine the tunneling speed of a shield machine. The materials used as cutters should be high in hardness, corrosion resistance, good in flexibility and fatigue resistance. In order to overcome this special material, China Railway Equipment and Tsinghua University jointly tackle key problems, and conducted thousands of tests on more than a dozen additive elements, finally solving the problem of high strength and toughness of superhard materials.

As the "chain length" in the industrial chain, China Railway Equipment has driven the development of more than 1,200 enterprises through this collaborative innovation mechanism for many years. In this warehouse, the reporter saw that there were fifty or sixty rows of shelves with accessories such as motors and hydraulic pumps, just like a "parts supermarket for shield machines". Now more than 160 local enterprises provide supporting products and services for shield machines.

At the same time, engineers are constantly promoting the renewal and upgrading of shield machines. The types of shield machines have increased from two 10 years ago to 15 now. Originally, they can only move horizontally, but now they can go up and down slopes, turn corners and operate vertically. Now, the shield machine in China is still developing towards intellectualization and "unmanned tunneling".

Thanks to China’s complete industrial chain and continuous iterative technological innovation, today, China’s shield machine has occupied 70% of the global market, with thousands of upstream and downstream enterprises. Only China Railway Equipment and shield machines have received more than 1,600 orders, which have been exported to more than 30 countries and regions around the world, ranking first in the world in terms of production and sales for six consecutive years.

For military fans, it is definitely their dream car, and the arrival of it makes them dreams may come.

Although it is different from the military warrior’s purely functional orientation.,Warrior 917 focuses on luxury electric off-road, but the door handle with the shape of "desert eagle", the handle with the shape of airplane lever and the door closing also simulate the sound of pistol loading.Waiting is enough to make military fans ecstatic.. The key warrior 917 also inherited the cross-country gene of military vehicles.Hardware blessing such as 31 approach angle, 31 departure angle, 100% maximum climbing degree and 335mm maximum ground clearance.There is no need to say more about strength.

For this reason, I mainly drove it in Guangzhou this time. Look at this car’s width of nearly 2.1m, and it is inconvenient for a big guy with a curb weight of over 3.1 tons to pass through the city. As it turns out, the return rate of Warrior 917 on the road is really high, and the driving perspective of pickup truck with the same paragraph gives me a strong sense of security and satisfaction. besidesBenefit from10.6 rear wheel steeringThe turning radius of Warrior 917 is only 5.1mEven the old city can easily turn around, and there is no pressure on urban use.

However, if you want to enter the underground garage, you must remember to adjust the air suspension back to the standard height, just like the underground garage with a measured height limit of 2.2m m. When the air suspension is at the off-road height, it will scratch the height limit pole, and when passing through the underground garage, it will also scratch the sign. What happened specifically, you can open the video to see ~