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1905 movie network news On October 29th, the animated film held its premiere conference in Beijing. As the first animated film co-produced by China and Germany, the film will be released in China on November 8th. On the day of the event, Lei Yuhan, Minister of the German Embassy in China, Fu Ruoqing, Vice Chairman and General Manager of China Film Co., Ltd. and other guests attended.

Reinhard Klose, Director of Pet League

Pet League tells the story that stray dog Roger and abandoned robot Bob lead abandoned pets to defeat Frankstone, the ruler of the future city who tries to replace human beings with robots, and restore the peace of the future city. Lei Yuhan, Minister of the German Embassy in China, expressed his wishes for the release of the film and hoped that the co-production projects between China and Germany would become more colorful in the future.

Fu Ruoqing said in his speech that "Pet Alliance" is an important achievement of animation literature and art exchanges between China and Germany, and he hoped that the film would be loved by the audience after its release. According to Song Weiwei, executive deputy general manager of China Film Animation Industry Co., Ltd., the film producer, Pet Alliance is initiated and controlled by the Chinese side, aiming at international distribution. It is expected to be sold by the end of December this year and will be released in many countries and regions from January to May next year.

Lei Yuhan, Minister of German Embassy in China

As an international co-production project, director Reinhard Klose mentioned in an interview that his creative space is very large, and the advice given by his partner in China is to tell the story naturally according to his own ideas, which makes him feel particularly happy to have such cooperation. Speaking of the animated characters who have devoted themselves to hard work, the director said that they are equally fond of each character, and even the villains in the contiguous film have a cute feeling.

Pet League, as a creative animation by China, is directed by a German. Klose said that the ultimate goal of this film is the international market. Compared with its previous work, the German flavor of Pet League is not so strong, but it incorporates the hidden lines of robots and artificial intelligence that I am interested in: "Artificial intelligence is a very important clue in the movie, and of course there are environmental problems. We chose this expression when we wrote the story script. "

Producer of Pet Alliance Song Weiwei

According to reports, "Pet Alliance" takes five years from the project development, and it takes three years from the start of shooting. In an exclusive interview, director Klose said that he was shocked by the rapid progress of the project: "The number of staff involved in this film is three times that of a European animated film. For me, it is really incredible that I need to coordinate the staff, overcome the barriers between cultures, and be able to make this film within three years. But time is not important. What is important is that the staff of this film put all their energy into it. "

The staff of Pet Alliance are all over the world, and in China, there are also staff from Shenyang, Suzhou and Beijing. Director Klose said that this is really a great challenge for him. At the busiest time, I may have to dock 20 teams. China Film Co., Ltd. and China Film Animation have also given considerable support to the film, from the 3D modeling of the film to the design of the scene, they all have their input.

In addition to this animated film co-produced by China and Germany, China Film Animation also co-produced Hailong with New Zealand on the theme of the Maritime Silk Road. With Malaysia, he co-produced the Shadow King and other works that incorporate the elements of shadow play, and will meet the audience one by one in the future. Pet League will be officially released on November 8th.

The spring sun is just right,Might as well exercise more!

Lack of exercise,Can lead to endocrine disorders.endorphinDecreased secretion (with analgesic and relaxing effects),Cortisol(related to anxiety) increased secretion.Sedentary causes poor blood circulation.In turn, the brain is deprived of oxygen, which damages brain function and causes muscle soreness and stiffness in the neck, shoulders and waist.Lack of outdoor light,SerotoninThe level of neurotransmitter (responsible for regulating emotions) decreases, which induces depression and anxiety; daymelatoninSecretion can not be effectively inhibited, making people feel sleepy, while melatonin secretion is insufficient at night, which can not induce sleep normally.

In the past few days, influenza has been raging in many places, and its epidemic intensity is significantly higher than that in the same period of last year. Among them, the 0-4 and 25-59 age groups account for the highest proportion. The National Health and Family Planning Commission recently released the latest version of the influenza diagnosis and treatment plan to clarify the timing of anti-influenza virus treatment. Antiviral treatment within 48 hours of onset can reduce influenza complications, and severe patients over 48 hours can still benefit from antiviral treatment.

    On May 18th, 2023 commercial guns of Great Wall Intelligent Luxury commercial pickup truck were listed in Huanxin, Guangzhou. The official guide price of gasoline models was 99,800-135,800 yuan, and the official guide price of diesel models was 106,800-142,800 yuan. At the same time, users enjoyed four major car buying gifts: financial gift, replacement gift, service gift and recommendation gift.

    The front face of the new car is completely refreshed, with a large area of V-shaped mesh matrix mesh, which is fashionable in atmosphere. The interior is fully upgraded, with a smart floating screen design, equipped with a 12.3-inch Zhilian large screen and a large area of soft materials; There are also intelligent equipment such as keyless entry, one-button start, automatic parking, electric sunroof and automatic headlights.

    Equipped with a new generation of intelligent car networking, it supports AI intelligent voice, vehicle remote control, FOTA wireless upgrade, online map, smart parking and other functions, and is convenient in technology. You can also send and receive WeChat, brush Tik Tok, K songs, etc., with rich entertainment functions.

    The 2023 commercial gun is equipped with the top ten engines of 2.0T "China Heart", with gasoline power up to 70kW/L and diesel power up to 60kW/L, with strong power; Match the 6MT/8AT transmission to form a golden power combination, which is stronger, more economical, more environmentally friendly and more reliable; Smooth shifting and fast response; Equipped with Borgwarner electronic control part-time 4wd, easy to operate.

    The new car comes standard with ESP, which integrates brake assist, traction control, uphill assist and steep slope descent. Equipped with right front blind spot monitoring, tire pressure monitoring and other configurations, optional megapixel 360 surround system to prevent accidents to the greatest extent; Equipped with four airbags, the proportion of high-strength steel in the whole vehicle is as high as 48%, high-strength cage body, high-strength door anti-collision beam, automatic collision unlocking and automatic fuel cut-off.

    Commercial guns are designed, manufactured and produced according to the standards of passenger cars. The body is made of galvanized sheet, and the salt spray test lasts for more than 1000 hours, which greatly improves the corrosion resistance of the whole vehicle. The chassis adopts high-strength trapezoidal frame and leaf spring, which improves the bearing capacity. Standard metal anti-roll frame helps to protect the safety of vehicles, and an outer rope hook is added, which makes the fixation of articles more convenient and reliable; Equipped with metal chassis guard to deal with rough road conditions; The original factory has its own traction qualification to expand diverse lives.

    Great Wall pickup truck has a complete sales and service system of pickup truck brand, with more than 2,000 sales and service outlets nationwide, which is more convenient for sales and service, and provides 24-hour rescue service, which is trusted by millions of users.

    Great Wall Gun insists on category innovation, builds category brands with category leadership, makes brands the representative of categories, and leads the category value to jump in an all-round way.

    In 2019, Great Wall Gun created a new category of fashionable commercial pickup trucks, led the technical upgrade of commercial pickup trucks, and took the lead in promoting the application of core technologies such as 8AT, intelligent network connection, intelligent four-wheel drive and ESP body stability system in commercial pickup trucks, which promoted the commercial pickup trucks in China to be multi-purpose, high-quality and high-safety, and changed the image of low-end tool trucks for pickup trucks.

    When the 2023 commercial gun went on the market, Great Wall Gun joined hands with Guangdong Commercial Federation to present the plaque of the member unit of "Guangdong Commercial Federation" for the outstanding representative of commercial gun owners, so as to jointly empower the elites from all walks of life to create wealth, expand new formats, innovate businesses and help industrial upgrading.

    The cumulative global sales of Great Wall pickup trucks have exceeded 2 million. The Great Wall Gun has been on the market for more than three years, with a cumulative sales volume of over 10,000 in 32 months.

    Relying on the 2023 commercial gun, Great Wall Gun will continue to deepen the pickup market segment to better help users have a good business and a better life.

　　What impact will the "301" list put forward by the United States twice have? It is worth further analysis from the data. The full text is about 6600 words.

　　Michael Kinsley, a columnist in Washington Post, once imagined the following scenario when introducing the game theory of Thomas Schelling, a great game theory scholar and Nobel laureate in economics:

　　"You are standing on the edge of a cliff, with chains around your ankles, and your opponent is locked at the other end of the chain. As long as your opponent gives up, you will be released and win a big prize. Here’s the thing: your only means is to threaten to push him off the cliff — — But that means you’ll be shattered, too. So, how can you persuade your opponent to give in? "

　　Schelling’s answer is: "You start dancing and get closer and closer to the edge of the cliff. In this way, you don’t need to convince your opponent that you are crazy — — Take him and yourself out of the abyss. All you need to do is convince your opponent that you are more willing to take the risk of falling off the cliff out of control than he is. If you can do this, you will win. "

　　Schelling’s thoughts have influenced a generation’s understanding of the Cold War between the United States and the Soviet Union. Fortunately, or unfortunately, after the end of the Cold War and the development of globalization for nearly 30 years, we may have to turn back to the old paper pile to find the wisdom of our predecessors.

　　The reality is that after at least two rounds of negotiations and a "consensus" were reached between China and the United States, President Trump once again opened the trigger insurance for the Sino-US trade war. On May 29th, Trump announced that he would continue to seek to impose punitive tariffs on China’s imports. On June 15th, another boot that the market has been waiting for fell, and the Office of the US Trade Representative published a list of goods worth about $50 billion for China. Compared with the preliminary list published on April 6, the new list has undergone two changes: First, 818 of the 1,333 8-digit HS-coded commodities listed in the preliminary list have been retained. As the first batch of commodities in the final list, they have already faced 25% additional tariffs from the US Customs on July 6, and this batch of commodities is worth about $34 billion. Second, a second batch of goods has been added to the final list, including 284 goods worth about $16 billion, which will be taxed after the hearing procedure.

　　The President of the United States, who is well versed in "the art of trading", did not give the market a breathing space. On July 10th, the President announced that he planned to impose a 10% tariff on a new batch of China goods worth $200 billion, and held a hearing in late August. Another boot hangs high, waiting to land … …

　　Almost at the same time, the Trump administration also announced a tax on steel and aluminum products exported to the United States by the European Union, Canada and Mexico. Trump’s capricious and all-round "fighting style" has left his opponents (and perhaps some of his ministers) at a loss. This repeated change (let’s call it "Trump uncertainty") may reflect his firm belief in fulfilling his promise to voters, or perhaps the game between the two forces of hawks and doves in his cabinet. We don’t know. But one thing is certain: the Trump administration’s eyes have always been fixed on containing the future potential of China’s economic development. "Made in China 2025", which was issued by the State Council in 2015 and the China version of "Industry 4.0" plan, finally became a household name with the Sino-US trade dispute in 2018.

　　Then, what kind of impact will the "301" list put forward by the United States twice have? It is worth further analysis from the data.

　　Analysis of tax list

　　First of all, considering the "232" list of steel and aluminum products in March, the "301" list of $50 billion imported goods in June, and the "301" list of $200 billion added in July, at present, the scope of US taxation on goods from China is close to 50% of all its imports. We use the import data published by the US Bureau of Statistics in 2017, so the actual amount involved is slightly different from the target amount announced by the US government. Interestingly, the list in July involved goods worth nearly $200 billion, covering 6,031 goods with HS8-digit codes, while the remaining goods that have not yet entered any list, worth nearly $260 billion, accounting for more than half of the US imports from China, only contained 3,313 goods with HS8-digit codes. In other words, there are real "big guys" who are not involved in the "trade war". Judging from the share of these goods in the total imports of similar goods in the United States (column [6] of Table 1), it can also be clearly seen that with the spread of the "trade war", China goods listed in the tax list in July accounted for 23.2% of the total imports of similar goods in the United States, far exceeding the two lists in June (7.7% and 14.7% respectively), while these goods that have not been listed account for 38% of the imports of similar goods in the United States. It can be said,Strategists who want to know what is the "pain point" of the United States and what is the real competitiveness of China manufacturing may wish to study these products that are not on the list.

　　Note: Data are from the United States Bureau of Statistics; 6— There are 51 items, 11 items and 1,030 products in the three lists in July, and the value of US imports from China in 2017 is zero. One product, aluminum products, is listed on the "232" list of steel and aluminum and the "301" list in July.

　　From the bar chart in Figure 1, we can see the distribution of different listed goods in different industries more intuitively. According to the definition of customs, we divide all commodities into 22 categories, from animal and plant products to works of art and unclassified products. According to the value of the "301" list in June, figure 1 is obtained from the highest to the bottom. Obviously, on the list in June, mechanical and electrical products, optical, medical devices, transportation equipment and other industrial intermediates and parts are the most concerned objects. By July, on the list of 200 billion yuan, electromechanical still topped the list. The proportion of miscellaneous products, especially some direct consumer goods (such as games, furniture, chairs, lamps and lighting devices, etc.) has increased significantly. More importantly, the product areas covered by the July list have also increased significantly. Among the 22 industry categories, the June list only involves 8 industries, while the July list has not been spared except for weapons and ammunition and unclassified goods. At present, products that have not been listed on the tax list are mainly concentrated in industries such as electromechanical, textile, miscellaneous products, shoes and hats.

　　Note: The above 8-digit commodities of HS do not include 330 commodities (except 76169951) worth $2.8 billion in the list of steel and aluminum 232. The list taxes steel products by 25% and aluminum products by 10%.

　　Data source: The author collates the data from the United States Bureau of Statistics.

　　So to what extent will the taxation of these goods affect the domestic economy of the United States? A simple judgment method is: If there are many competitors for a commodity and the market share of China exporters is low, then the tax on the product may have little impact, because the buyer can easily find a substitute. Therefore, in Figure 2 to Figure 4, we classify the products listed in June, July and not listed in the list according to the industry categories defined by China Customs, and calculate the proportion of the value of US imports from China in the total imports of the same category, so as to reflect the dependence of the United States on China’s exports. It can be seen that among the eight categories of goods affected by the list in June, base metal products account for the highest import share, but only 28.2%. Followed by ceramic glass products and electromechanical products (17.2% and 16% respectively). By contrast, for the July list, China is the main source of imports for the United States in a considerable variety of products. Shoes and hats exported from China account for 73.8% of the total import value of such products in the United States, and the import shares of miscellaneous products and fur products are as high as 65.6% and 60.4%.

　　Data source: The author collates the data from the United States Bureau of Statistics.

　　Data source: The author collates the data from the United States Bureau of Statistics.

　　In this $260 billion commodity that is not listed in any list, China accounts for an even larger proportion. For example, vegetation products account for 75%, the remaining mechanical and electrical equipment accounts for 73%, and shoes and hats account for 72%. There are eight major categories of products, and the import proportion of China in the United States exceeds 50%.

　　Data source: The author collates the data from the United States Bureau of Statistics.

　　The use of goods exported from China to the United States is also very important. According to the BEC classification standard of the United Nations Statistics Department, we classify commodities into four categories according to their final use: consumer goods, capital goods, intermediate products and other four categories. Using the value data of goods imported by the United States from China in 2017, Figure 5 compares the total import value of goods listed in June, listed in July and not listed in each category. In June, the products targeted by the two lists were mainly capital goods and intermediate goods (accounting for 94.4% and 97.6% respectively). The import value of capital goods in List 1 was comparable to that of intermediate goods, both of which were more than 15 billion US dollars, while the value of intermediate goods in List 2 was twice that of capital goods, accounting for 65.2% of the total import value of List 2. The July list covers all categories, among which the value of intermediate products is as high as 94.7 billion US dollars, accounting for the highest proportion (48.1%); Capital goods ranked second, with a total import value of US$ 57.5 billion, accounting for 29.2% of the total import value in the list. What is important is that the share of consumer goods in each list has increased significantly. In June, the consumer goods involved in the two lists were worth $163 million and $339 million respectively, accounting for only 0.5% and 2.4% of the total value of their respective lists; In July, consumer goods accounted for 22.7% of the list. In 2017, the import value totaled 44.8 billion US dollars, which was more than 89 times the sum of the value of consumer goods in the two lists in June. The goods not nominated in the list mainly belong to capital goods and consumer goods, worth $120.7 billion and $98.3 billion respectively.It accounts for 46.6% and 37.9% of the import value of goods not on the list. Another $34 billion of intermediate products have not been affected by the tax list. It can be said that with the intensification of the "trade war", American consumers will inevitably be directly affected by rising prices. The manufacturing enterprises in the United States will inevitably face the pressure of rising parts costs, leading to a decline in competitiveness, which may further reduce American exports.

　　Further, in Table 2, we list the top 10 products (HS4-digit codes) imported by the United States from China in 2017, and count the amount of these 10 products affected by each list and the number of HS8-digit products respectively. Obviously, these 10 products that the United States needs most from China are not the key targets of the US tax list. These products were basically spared in the two lists in June, while the value of products taxed by the list in July for the first-ranked wireless communication equipment (such as mobile phones) was $23.6 billion, accounting for 32.9% of the total imports of such products. Automatic data processing equipment (computers) and spare parts products ranked second and third are the few products in the top 10 categories that are taxed by the June list, but they only account for 2.9% and 1.4% of the imports of their respective HS4 products. However, the list in July increased the tax value of these two kinds of products, and the import proportion of taxed products rose to 15.6% and 98.6%. Interestingly, all computer parts and components were included in the tax list, but did it lead exporters to further transfer processing and assembly to China and export finished computers? In addition, imported furniture ranked sixth and auto parts, lighting devices and suitcases and handbags ranked eighth to tenth were all wiped out in the July list.

　　Furthermore, from the point of view of HS8-digit products, Table 3 summarizes the distribution of market share of listed products in the United States. According to the import data of the United States in 2017, we calculated the share of HS8 products imported by the United States from China to similar products imported by the United States from the world. It is not difficult to find that the market share of China commodities targeted by the steel and aluminum 232 list and the two lists in June is mainly concentrated in 0-mdash; 25% and 25%— In the 50% range. In July, however, the list gradually shifted its target to commodities with larger market share, and the scope and intensity of the spread were significantly increased. The market share is at 50%— 75% and 75%— For goods within the range of 100%, the cumulative import amount taxed by the July list is 40.8% and 24.5% of the total amount of the July list respectively. Among the commodities that have not been affected by the list, the market share of commodities worth $163.3 billion exceeds 75%, accounting for 63% of the total value without tariffs.

　　Taxation and "Optimal Tariff": A Theoretical Explanation

　　From these analyses, we can know that if the scope of taxation in the United States is extended to its July list, or even further extended to products that are not listed, it will inevitably hit those products that China imports in the United States, including a large number of consumer goods and a wide range of industrial intermediates. This will not only hit China’s export enterprises, but also hurt the welfare of American consumers. In this sense, tariffs are essentially "taxes levied on domestic consumers" (Dartmouth College economist Douglas Irwin).

　　What is worrying is that "Trump uncertainty" will bring great troubles to the efficient global value chain, and force entrepreneurs to consider political factors while considering the global production layout. Even if we don’t consider the effects that will take some time to show, in the short term, tariffs will immediately increase the cost of exporters. These extra costs will force exporters in China to lower the export price and partially "share" the price increase faced by consumers (in the case of prevailing intermediate trade, consumers here are often producers in downstream industries). The part that cannot be fully shared will be "transmitted" to consumers, forming the after-tax import price.

　　Obviously, the stronger the downstream buyers (consumers), the more they can force the upstream sellers (exporters) to make concessions and lower some export prices. Consumers like you and me can’t change the market price by buying more or less. In economic terms, we are faced with infinite supply "elasticity", or the supply curve is horizontal. But big buyers are different. For example, a big supermarket like Wal-Mart can completely influence the price through the purchase volume. At this time, the supply curve is inclined upward. It is also true to further expand the analysis to the national perspective. Small countries can’t influence the world price, but they are the recipients of the price, while big countries are faced with an upward supply curve and can influence the world price. Obviously, the United States is a real big country and the largest market in the world. Therefore, it can press exporters to lower prices by imposing import tariffs. In the theory of international trade, the ratio of export price to import price is called "terms of trade", which can be improved by imposing tariffs to force the import price to decrease.

　　Therefore, for a big country, increasing tariffs will certainly lead to the loss of consumer welfare — — Because the after-tax price faced by consumers is still rising, from the welfare point of view, the improvement of terms of trade means that there is such a positive "optimal" tariff, which maximizes the net income of big countries. This may be one reason why Trump dares to wave the "tariff" stick. Specific to each product, its "optimal" tariff rate depends on the supply elasticity of the commodity (exporter). For goods with less elasticity of supply, the response to tariffs is more intense, the proportion of export price decline is more, and the optimal tariff is bigger. Therefore, international economists have abstracted a very simple formula to determine the optimal tariffs of different commodities in the case of big countries, namely: tariff rate = 1/export supply elasticity.

　　Further analysis of tariffs

　　Based on this, we summarize the original tariff level of each listed commodity in Table 4. Generally speaking, American import tariffs remain at a fairly low level. The tariff of most imported goods is less than 5%, while the tariff of quite a few goods is zero. For example, in June, 375 of the commodities involved in List 1 had no import duties, accounting for 60.9% of the list value. This proportion is 48.6% in June list 2 and 54.2% in July list. In the two lists in June, only five goods with the original tariff of HS8 were higher than 10%, and the sum of import values was less than $05 million, while in the list in July, there were 329 goods with the original tariff higher than 10% and the total import value was $3.228 billion.

　　Data source: According to the data compiled by the US Bureau of Statistics, some commodity tariff data are missing.

　　Figure 6 compares the import tariffs of the United States with those of China. We weighted the import tariffs of China and the United States according to the import value according to 22 categories of industries, and got Figure 2. Each point in the graph represents the import tariffs of the United States (horizontal axis) and China (vertical axis). Most of the points are above the 45-degree line, which shows that the tariff structure between China and the United States does have the situation that the US tariff is lower and the Chinese tariff is higher. This goes without saying, but considering the current tariff structure of the United States, it began in 1934 that President Roosevelt took the initiative to lower tariffs and sought other countries to lower trade barriers in order to promote American exports. As the country that has benefited the most from international trade, the United States led the signing of the General Agreement on Tariffs and Trade (GATT, the predecessor of WTO), which advocated free trade. China, on the other hand, only started the negotiations on joining the WTO in the mid-1990s, and reduced the import tariff from an average of 43% in 1992 to around 9.8% in 2007. In addition, in Figure 6, we have not considered the import of processing trade that is common in China, which accounts for about 13% of China’s imports from the United States, and it is exempted from customs duties or refunded in the import process.

　　Figure 6 Comparison of Weighted Import Tariff (MFN) between China and the United States

　　Source: WITS (2016), compiled by Qin Ruobing.

　　According to the optimal tariff theory, we re-estimate the optimal tariff of American goods imported from China by using the elastic estimation data provided by Anson Soderbery, an economist at Purdue University. HS8-bit commodities with missing elasticity data are replaced by the average elasticity of the commodities at HS6, HS4 and HS2. Table 5 summarizes the relationship and proportion of the actual original tariff, new tariff and optimal tariff of each imported commodity. Obviously, after the tariffs were added to the three lists, the new tariffs of most commodities exceeded the optimal tariffs. In June, 71% and 48% of goods were listed in the list 1 and July, respectively, and their original tariffs were lower than the highest tariffs. After adding 25% and 10% tariffs respectively, the proportion dropped to 43% and 26%. Among the commodities targeted in Listing 2 in June, 57% of the commodities have their original import tariffs exceeding the optimal tariffs. After the tariff of 25% is added, the proportion of goods exceeding the optimal tariff will be as high as 75%.

　　Data source: The author estimates according to the elastic data provided by Soderbery (2018JIE). Some commodity tariff data are missing.

　　Game dilemma of optimal tariff

　　Since there is such an "optimal" tariff for a big country, the improvement of terms of trade brought by tariff collection offsets or even exceeds the loss of consumer welfare, why do economists actively advocate tariff reduction? This is because in this world, not only a big country, even a small country, often has the ability to influence world prices in certain industries or commodities, not to mention domestic political considerations and national sentiments, and it will not allow a country to impose tariffs on the other side without taking any countermeasures. Imagine, if there are only two countries in the world, and they all give each other a tariff attack on a specific industry according to the theory of optimal tariff, both sides have improved their terms of trade in the industry that raised import tariffs, and suffered losses in the export industry. In most cases, the result is that both sides are in a dilemma: both sides get benefits by increasing tariffs to attack their opponents, but if both sides take measures to reduce tariffs, both sides can benefit; However, the difficulty is that neither side can or will unilaterally declare a truce — — Because it means greater losses. In this way, the two countries have fallen into the common "prisoner’s dilemma" in game theory. In this game, each side acts according to the optimal strategy under given conditions, but the final outcome is "lose-lose".

　　If every country in the world acts unilaterally according to the optimal tariff strategy, or retaliates against the tax payers, then we will go back to the Great Depression in the 1930s, due to the introduction of Smoot — The Smoot-Hawley Tariff Act pushed the average import tariff of the United States from 40% to nearly 60%. In just two years, the import and export of the United States fell by 40% at the same time. The world trading system has suffered a major blow.

　　Is there a solution to jump out of the "prisoner’s dilemma" of building trade barriers? History has long given us the answer. In the process of European reconstruction after World War II, Americans led the signing of the General Agreement on Tariffs and Trade (GATT) in 1948, and through an external agreement, they forced the signatory countries to reduce or exempt tariffs from each other, thus jumping out of the "prisoner’s dilemma". GATT, as well as the World Trade Organization (WTO), which replaces GATT, stipulates that when a country reduces or exempts tariffs on one GATT member, it must also undertake the same duty of reducing or exempting tariffs on all other GATT members. This is the most important principle of "Most Favoured Nation" in GATT. This principle also protects many small countries that do not have the negotiating ability to share the welfare improvement brought about by trade liberalization to the greatest extent.

　　Ironically, today, with the development of globalization far exceeding the 1950s, the main founders and promoters of the international multilateral economic and trade system are working to challenge or even destroy this system, instead of improving and perfecting it. Carla Hills, an American trade representative in the 1990s, once said, "Without WTO, the world would have only the law of the jungle". I hope that the leaders of China and the United States, and even the world, will have enough courage and wisdom to lead us away from that scene.

　　The picture shows a busy scene at the container terminal in Lianyungang Port, Jiangsu Province. According to customs statistics, the total import and export value of China’s goods trade in the first half of the year was 14.12 trillion yuan, a year-on-year increase of 7.9%.

　　Photo by Geng Yuhe (people’s picture)

　　The United States unilaterally provoked a trade war with China, which affected the nerves of overseas Chinese. What pains and opportunities does Sino-US trade friction bring to China’s economy? How have the economies of various countries been affected by the Sino-US trade situation? How does Sino-US trade friction affect the world economic structure? This newspaper interviewed overseas Chinese from many countries and asked them to talk about their personal experiences and feelings.

　　There is no winner in trade friction

　　In San Francisco, USA, Cai Wenyao, consultant of the American Chinese Chamber of Commerce, found that it was cheaper to buy corn. "The price of corn has dropped from 0.5 US dollars to 1 US dollar and 4 US dollars. This price fluctuation may be related to the limited export of corn in the United States and the dumping of corn in the domestic market." Cai Wenyao said.

　　"The countermeasures taken by China now have a great impact on the middle and lower classes in the United States. On the one hand, products imported from China increase tariffs, and manufacturers pass the costs on to consumers, which indirectly increases the living costs of ordinary people; On the other hand, the countermeasures of agricultural products have directly affected the sales of agricultural products, the prices of agricultural products have also dropped significantly, and farmers’ income has decreased. " Cai Wenyao said.

　　Not long ago, a report in a local newspaper in the central part of the United States caught the attention of Zhang Jun, an American political and legal scholar. It was reported that China’s imposition of punitive tariffs caused panic and concern among the American people.

　　"China levies tariffs, and enterprises in the agricultural and manufacturing industrial chain in the United States bear the brunt. Sino-US trade friction not only directly affects the interests of related industries in the United States, but also exerts great psychological pressure on employees in other related industries. " Zhang Jun said.

　　Zhang Jun believes that in recent years, with the rapid economic growth of China, the economic complementarity between China and the United States is gradually decreasing and the competitiveness is increasing. One of the reasons for the trade friction between China and the United States is that the United States regards China as a potential rival in economic and trade relations.

　　For China, the high tariff policy of the United States will have a great impact on China’s international trade in the short term, but it will also provide a warning for China’s long-term economic and trade development model. "To some extent, we should ‘ Thank you ’ This trade friction has forced China enterprises to improve their core technological capabilities, which has stimulated and promoted China’s economic transformation and supply-side reform. " Jiang Feng, editor-in-chief of the New Overseas Chinese News of Japan, said.

　　"If the warming of trade friction causes instability in Sino-US relations, it will have a negative impact on the world economy and the international situation." Nan Gengxu, chairman of Global Wide Area Media Group, said.

　　Countries join hands to tide over the difficulties.

　　"With the development of world economic globalization and trade liberalization, the global industrial chain division of labor system and value chain have been built, and the interests of all countries in the world are deeply blended, and they are all prosperous and lose." Jiang Feng said.

　　Since Trump took office, the United States has set off trade protectionism and unilateralism around the world, and almost all the world’s major economies, such as China, the European Union and Canada, have been affected by American bullying. Overseas Chinese in various countries have a personal experience of this.

　　On the one hand, Sino-US trade frictions seek other markets for goods blocked by Sino-US trade, on the other hand, they attract goods from other countries to make up for the trade gap between China and the United States. In the trade conflict provoked by the United States, all countries in the world meet challenges and opportunities and tide over difficulties together.

　　"Sino-US trade friction has objectively narrowed the trade relationship between China and Europe." Shi Zhongsheng, president of the French-Fujian Chamber of Commerce and Industry, believes that the European economy has also been greatly affected by the US trade protection measures, and European enterprises can make up for the gap in China’s demand for American products to a certain extent. Sino-US trade friction provides opportunities for China to seek cooperation with Europe.

　　On July 9th, China and Germany signed more than 20 agreements with a total amount of 30 billion US dollars in Berlin, involving cooperation in the fields of vocational education, climate research, autonomous driving and medical and health care, including more than 10 agreements signed by BMW Great Wall, BMW Brilliance and Daimler Tsinghua.

　　Zheng Rongchang, vice chairman of the British Chinese General Chamber of Commerce, believes that China’s cooperation with Britain and countries in continental Europe will provide China with a broader perspective and ideas to deal with Sino-US trade frictions. The enlightenment of Sino-US trade friction to China is not only in the economic and trade field, but also in scientific and technological innovation, cultural exchanges, cultural values, personnel training and other aspects. Britain and European countries, which have a long history and humanistic connotation and advanced technology research and development capabilities, have more common language and complementary advantages with China, and are expected to achieve closer and deeper all-round cooperation.

　　"The impact of Sino-US trade friction on Japan can be said to be ‘ One is happy, the other is sad ’ 。” Jiang Feng said that China’s counter-measures against the United States have restricted American products from entering China, which has affected the operating conditions of Japanese investment enterprises in the United States, but also provided opportunities for Japanese products to enter China and promoted Japan’s expansion of exports to China.

　　On July 17th, the Japanese government and the European Union signed the "Europe-Japan Economic Partnership Agreement" and issued a statement saying that Japan and Europe will promote high-standard, free, open and fair free economic relations, safeguard the multilateral trading system centered on the World Trade Organization and fight protectionism. Jiang Feng believes that the Japanese government’s move has shown Japan’s position in Sino-US trade friction.

　　For Oceania countries that rely heavily on import and export trade, Sino-US trade friction has brought more uncertainties to the international trade of Oceania countries.

　　"As a country that is particularly dependent on exports and the World Trade Organization system, New Zealand is eager for a stable international trade environment and clear and enforceable trade rules." Sun Bangbang said.

　　For the vast number of developing countries, Sino-US trade friction has not affected the tide of cooperation and development among developing countries. "China has a very large consumer market, China has reduced the import of American goods, and many companies in Thailand and Southeast Asia have seen opportunities." Jason, consultant of Philippine Red Candle Chinese Education Foundation, said that the multilateral win-win cooperation model of China’s Belt and Road Initiative has gradually become an international consensus.

　　Hoping that China and the United States will seek a win-win situation

　　"The policies of the United States and the style of behavior of leaders are becoming more and more unpredictable. Intermittent trade frictions between the two big countries may be an inevitable trend in the future." Nan Gengxu said.

　　At present, Sino-US trade friction is at a stalemate stage, and the future development trend is characterized by complexity and long-term. China is ready to deal with Sino-US trade friction for a long time, and seek a way out from the world markets while rationally dealing with trade friction with the United States.

　　Sun Yibang believes that the Sino-US trade friction reminds all countries in the world that they should conform to the trend of globalization and standardize the operation of economic globalization instead of abandoning the process of resisting globalization.

　　"At present, the development trend of the world economy is ‘ Castle peak cannot be covered, after all, it flows eastward ’ 。” Jason said, "Economic globalization is irreversible, and it is unwise for any country to set up trade barriers." In the future, Sino-US trade friction still needs rational consultation and negotiation between the two sides to seek a win-win situation on the basis of trade liberalization.

　　Zhang Jun believes that the future development trend of Sino-US trade friction remains to be seen, but the trade war is not the result that all countries in the world want to see. "All countries in the world have this kind of appeal, hoping that China and the United States can reach a new trade order through bilateral or multilateral negotiations. Most people hope that this high tariff policy is only a means, not the final result. "

　　At the same time, close cooperation with developing countries will provide a new way for China to deal with trade frictions for a long time. "In the future, as a developing country, Africa will definitely not miss the progress and opportunities brought by China’s opening up, and China will continue to provide more opportunities for promoting the prosperity and growth of international trade." Nan Gengxu said, "Ten years ago, African entrepreneurs first thought of the United States when they went abroad to invest, but now their first thought is probably China."

　　Since the 18th National Congress of the Communist Party of China, China Mobile, with the mind of "the biggest country", has made every effort to become stronger, better and bigger, sought development through reform and innovation, played a significant role in seeking truth and being pragmatic, and played a positive role in promoting high-quality economic and social development and meeting people’s needs for a better digital life.

　　In the new era and new journey, China Mobile will take a higher political position, full political enthusiasm and strong political responsibility, bravely shoulder the main force of network power, digital China and smart society, and work hard to forge ahead in a new journey and a new era with the new achievements of building a world-class information service technology innovation company.

　　Build a strong foundation and create a world-class

　　China Mobile has clearly defined its new position as a world-class information service technology innovation company, formulated and implemented a new strategy of creating a world-class "power building", systematically built a new information infrastructure focusing on 5G, computing network and smart China platform, and innovatively built a new information service system of "connection+computing power+capability".

　　In terms of connectivity, China Mobile has built a network system with extensive coverage and advanced technology, and has opened more than 1.1 million 5G base stations, and developed 500 million customers with 5G packages. By the end of the year, it will basically achieve continuous 5G coverage in towns and villages across the country, as well as effective coverage in important parks, hot spots and developed rural areas. Gigabit optical fiber covers more than 180 million households, covering all cities and counties.

　　In terms of computing power, a brand-new "computing power network" has been built with network power, forming a national layout of "4+3+X" data centers, and more than 40 super-large data centers have been built, with a total rack capacity of over 1.2 million, speeding up the provision of integrated social-level computing services with ubiquitous computing power and symbiotic computing power.

　　In terms of capabilities, the AaaS capability service system of the smart middle station with the characteristics of operators and China Mobile has been built in a pioneering way, bringing together more than 500 common capabilities in the fields of artificial intelligence and big data, and the number of monthly calls of capabilities exceeds 11 billion, supporting the company’s precise marketing, fine service, lean network transportation and precise management, and promoting the whole society to "use the data to empower wisdom".

　　China Mobile continues to lay a solid foundation for network advantages, promote the deep integration of 5G with AI, satellite, XR and other technologies, accelerate the evolution of 5G to network intelligence, integration of heaven and earth, and integration of synaesthesia, speed up the attack on cutting-edge technologies such as 6G and next-generation optical communication, lead future information and communication technologies, and continue to serve economic and social development.

　　In the past ten years, China Mobile’s 5G application has blossomed, continuously enhanced its scale development capability, served the people and empowered thousands of industries.

　　With the large bandwidth of 5G, the picture of people’s intelligent life is slowly unfolding. China Mobile’s "Digital Wisdom Rural Revitalization Plan" continues to serve the rural revitalization strategy, 5G helps agriculture explore new development models, promotes high-quality and efficient development of agriculture, and changes farmers’ production and lifestyle; The 5G applications created by China Mobile are gradually covering many life scenes, from 5G messages to ultra-high-definition color ring tones, from cloud games to video customer service, from smart home products such as "Hemu" to anti-epidemic applications such as 5G infrared thermal imager … so that people can enjoy a smart and beautiful digital life.

　　In smart factories, smart mines and other industries, China Mobile’s 5G application scenarios are relatively mature, and it has the ability to replicate, and 5G has gone deep into the manufacturing process. In the industries with strong growth and replication, China Mobile will gradually improve the 5G solution and accelerate its expansion. China Mobile implements the public-private collaboration strategy, builds a "private network+platform+application+terminal" capability system in the 5G industry, precipitates common capabilities, ensures that the capabilities are embedded in the production process, and promotes the digital transformation of the industry. From "model room" to "commercial house" and then to "hardcover room", China Mobile has expanded over 300 leading demonstration projects in the industry and over 11,000 commercial cases in the 5G industry, enabling the digital and intelligent development of the real economy.

　　China Mobile thoroughly implements the strategic deployment of the CPC Central Committee and the State Council on scientific and technological innovation, actively practices the innovation-driven development strategy, gives full play to the role of the national team and vanguard of central enterprises, upgrades the scientific and technological innovation system, enhances its scientific and technological innovation capability, strives to become a national strategic scientific and technological force, and actively creates a world-class demonstration enterprise.

　　China Mobile has made outstanding contributions to the leap-forward development of China’s mobile communication industry from 1G/2G, 3G breakthrough, 4G synchronization to 5G, and won one special prize, one first prize and six second prizes of the National Science and Technology Progress Award, two second prizes of the National Technology Invention Award and more than 200 provincial and ministerial science and technology progress awards. The total number of patents is nearly 30,000; Leading the establishment of several international industrial alliances …

　　Focusing on the national strategic needs, China Mobile has tackled key core technologies and played a leading role in serving the national economy and people’s livelihood, building a network power and enhancing the national competitive advantage. Promote the standardization, industrialization and commercialization of TD-SCDMA, the proprietary technology of 3G; Shoulder the heavy responsibility of pulling the TD-LTE industrial chain to break through innovation and promote global deployment, build the world’s largest mobile communication network infrastructure, and support the iterative innovation of China’s Internet business applications; Deepen the transformation of 5G technology, accelerate the integration and innovation of 5G, empower all industries, and continue to promote the global leadership of 5G; Promote the research and development of major core technologies such as Internet of Things chips, Internet of Things operating systems and network intelligence, and achieve positive results, filling a number of technical gaps …

　　Facing the Tenth Five-Year Plan, China Mobile has put forward a new orientation of "creating a world-class information service technology innovation company", and defined its development goals, namely, breaking through a number of key core technologies, forging a number of long-term boards of digital intelligence, producing a number of cutting-edge original technologies, cultivating a number of high-level scientific and technological innovation talents, cultivating a number of "specialized and innovative" invisible champions in sub-fields, and striving to enhance the viability, competitiveness and development of the mobile information industry.

　　In the past ten years, China Mobile has persisted in taking the people as the center, resolutely shouldered the responsibility and responsibility of central enterprises, and practiced the initial intention of serving the people in the continuous struggle.

　　In the past ten years, China Mobile has sent more than 5,400 full-time cadres to help 1,811 counties and villages and 1.08 million people get rid of poverty. It has invested more than 140 billion yuan in various network assistance funds, donated more than 1.8 billion yuan for free, and invested 1.6 billion yuan in the industrial investment fund of poverty-stricken areas of central enterprises to promote rural revitalization. At present, China Mobile is promoting rural revitalization in an all-round way. Focusing on the two major goals of "consolidating poverty alleviation achievements and building a smart village", relying on the effective "1+3+X" system framework, it has upgraded the "network+"rural revitalization model in an all-round way and strengthened the working mechanism of "Party building leading, horizontal coordination, up-and-down linkage, pairing assistance, internal and external cooperation and point-to-surface combination".

　　In the past ten years, China Mobile has adhered to the security goal of "zero major network failures, zero major network security incidents and zero major customer complaints", made every effort to expand and optimize the configuration of communication networks in key areas, and strengthened the management of network threats and emergency response to ensure the smooth flow of information.

　　China Mobile Research has formulated a three-year action implementation plan for deepening enterprise reform, including 9 major parts, 35 measures and 87 accounting tasks, aiming at accelerating the improvement of the modern enterprise system with China characteristics, deepening the reform of the three systems of governance, employment and incentive, building a production relationship that is highly matched with digital intelligence productivity, and effectively stimulating the ability, synergy and vitality of high-quality development.

　　Grid operation reform is one of the characteristic reform measures of China Mobile. By "delineating the responsibility field, selecting the responsible person and establishing the responsibility system" at the end of grass-roots operation, the reform measures such as revealing the list, forming a cabinet independently, tenure system and contractual management will be implemented at the grass-roots level to fully stimulate the vitality of first-line entrepreneurship. In 2021, 94% of China Mobile’s grid accounts for positive revenue growth nationwide, and its operating income has achieved double-digit growth for the first time in the past 10 years.

　　China Mobile has always insisted on deepening reform as a key measure to promote high-quality development. In 2022, the company successfully returned to the A-share listing, becoming "the first red-chip company to return to the A-share main board".

　　Taking the three-year reform of state-owned enterprises as an opportunity, China Mobile achieved fruitful results in deepening reform, and was selected as one of the "Typical Demonstration Enterprises of State-owned Enterprise Reform Publicity of the Year", with the continuous release of reform dividends and continuous progress in high-quality development.

Radar Financial Products | edited by Li Yihui | Deep Sea

Meituan, whose market value plummeted during the year, announced its performance report for the second quarter of 2021 on August 30. According to the financial report, in the second quarter, Meituan’s revenue was 43.76 billion yuan and its net loss was 3.36 billion yuan, which was the third consecutive quarterly performance loss of Meituan. Throughout the first half of the year, Meituan’s revenue was 80.78 billion yuan, with a net loss of 8.203 billion yuan, compared with a profit of 631 million yuan in the same period last year.

Behind the "Waterloo" performance, Meituan is striving to maintain the dominance of local life, including responding to the penetration of platforms such as Tik Tok into local life. In the new business field, Meituan and its competitors are equally fierce. Community e-commerce, flash shopping, grocery shopping and other parts contributed a loss of 17.28 billion yuan to Meituan in the first half of the year.

In addition to the visible "burning money" war in business, Meituan also faces two other challenges. One is the anti-monopoly investigation disclosed in the financial report. As of the announcement date, the relevant investigation is still going on, and the company may be required to change its business practices or be fined heavily. Secondly, the policy "boots" of 4.7 million laborers sent by Meituan to participate in social insurance has fallen, and it is not known whether Meituan can catch it.

The loss of new business in the first half of the year was 17.3 billion yuan.

In a single quarter, the revenue growth rate of Meituan in the second quarter slowed down compared with the first quarter.

The financial report shows that in the second quarter of 2021, the revenue of Meituan was 43.759 billion yuan, a year-on-year increase of 77%. In comparison, the revenue of Meituan in the first quarter was 37.016 billion yuan, a year-on-year increase of 120.9%.

According to the business classification, Meituan’s food and beverage take-out, going to stores, hotels and traveling are its main businesses, and they also make money for the company. The new business and others include sharing cycling, shopping, taking a taxi, flash shopping and community group buying business based on the optimization of the US delegation.

Meituan said, "The community e-commerce business Meituan Optimization is still the most important investment area of the company this quarter." However, this part of the business is also the bulk of the loss of the US Mission.

In the second quarter, Meituan’s new business and other sectors realized revenue of 12 billion yuan and operating loss of 9.2 billion yuan, an increase from the loss of 8 billion yuan in Q1. From January to June, the revenue from new business and other businesses was 21.9 billion yuan, with a loss of 17.3 billion yuan, which exceeded the whole year of 2020.

According to the financial report, the community group buying business has further expanded its geographical coverage, deepened its penetration into low-tier cities, and established cold chain logistics nationwide to ensure product quality and fresh product distribution.

At present, after a period of irrational competition and supervision and guidance, the "third group" represented by Xingsheng Youxuan, Shihui Group and Tongcheng Life began to shrink its front line. Giants like JD.COM also changed their attitude towards group buying, but Meituan did not give up the pace of expansion, and Wang Xing regarded it as a "once-in-a-decade opportunity".

At the analyst meeting, when answering the analyst’s question that "the growth rate of orders preferred by Meituan has slowed down", Wang Xing said that Meituan is very confident in the prospect of community e-commerce (community group buying). Despite the recent regulatory opinions and seasonal factors, Meituan has experienced some operational fluctuations, but the company will optimize its pricing strategy and build long-term capabilities.

What supports the new business "burning money" is the take-away and high-profit wine travel business that has produced economies of scale.

In the second quarter, Meituan’s food and beverage take-away income was 23.125 billion yuan, a year-on-year increase of 59%; The operating profit generated increased by 95.2% year-on-year to 2.447 billion yuan. The income from shops, hotels and tourism was 8.6 billion yuan, up 89.3% year-on-year; It generated an operating profit of 3.664 billion yuan.

With regard to the commission that has attracted much attention, the All-China Federation of Industry and Commerce suggested that the take-away platform reduce the commission at the two sessions. Meituan immediately launched a new commission model in May, which refined the commission into technical service fees and performance service fees, and adopted step-by-step charges.

According to the financial report, in the second quarter of this year, the commission income of Meituan’s catering take-out was 20.36 billion yuan, and the number of completed orders was 3.54 billion, with an average commission income of 575 yuan per order.

In the second quarter of 2020, the commission income of Meituan’s catering take-out was 12.72 billion yuan, and the number of completed orders was 2.23 billion, with an average commission income of 571 yuan per order, which means that the commission amount in the second quarter of this year was higher than that in the same period of last year, and the reform did not reduce the commission income of Meituan.

Increasing the commission leads to an increase in the company’s profit margin. Meituan revealed in the financial report that the operating profit of the food and beverage take-out division increased by 95.2% from RMB 1.3 billion in the second quarter of 2020 to RMB 2.4 billion in the same period of 2021, and the operating profit rate of this division increased by 2.0 percentage points from 8.6% year-on-year to 10.6%.

However, in the second quarter, the rider cost was 15.46 billion, which was little changed from the 15.38 billion in the first quarter. Obviously, the rider did not share the growth of the commission income of the US Mission.

This is somewhat embarrassing for Wang Xing, who advertises that "common prosperity" is rooted in the gene of Meituan.

It is worth noting that the food and beverage take-away business on which Meituan depends has ushered in new competitors. Recently, Tik Tok started the take-away business, and now has access to take-away brands that can deliver by themselves, such as KFC and Xicha. At the same time, Tik Tok also set up a team for take-away business, and in the internal test called "Heart Takeaway" business.

According to CBN, recently, a group of operators who were in charge of customers’ businesses in public comments switched to ByteDance to engage in commercialization-related businesses.

Ali has never given up the competition in the field of local life. On July 2, Alibaba announced a series of organizational upgrading decisions. Flying Pig and Gao De were merged into Ali’s local life, and Yu Yongfu became the CEO, which is considered to be a "hard" group for integrating resources.

In fact, the local life service market is a trillion-dollar track. According to the data released by iResearch, the current online penetration rate is only 12.7%. This huge cake is destined to be the long-term competition direction of Internet giants.

Or get a high ticket for antitrust investigation.

Compared with the performance, the market is more concerned about the progress of the anti-monopoly investigation of Meituan.

On April 26 this year, the General Administration of Market Supervision issued a notice, which will investigate the suspected monopolistic behavior of Meituan according to the report.

On the evening of August 30, the General Administration of Market Supervision said that under the administrative guidance of the General Administration of Market Supervision, eight shared consumer brand operating enterprises, namely Hello, Qingju, Meituan, Monster, Xiaodian, Jiaodian, Jiedian and Soudian, were actively rectified, and the price increase in the shared consumption sector was effectively curbed, and the price was gradually transparent and standardized.

Among them, more than 80,000 cabinets of Street Power were reduced in price, and thousands of cabinets of Small Power, Search Power, Monster and Meituan were reduced in price. At present, the average price of each brand is 2.2-3.3 yuan/hour, and cabinets with a price of 3 yuan or less per hour account for 69%-96%.

In the next step, the market supervision department will further strengthen the supervision in the field of shared consumption, requiring all enterprises to strictly review the internal compliance of price adjustment, and truthfully and timely publicize the pricing rules and standards.

In addition, the above-mentioned contents also mentioned that the General Administration of Market Supervision conducted an investigation into the failure of Meituan to declare its acquisition of mobike according to law. It is understood that in April, 2018, Meituan wholly acquired mobike at a price of 2.7 billion US dollars. After that, mobike’s founding team withdrew one after another, and mobike joined Meituan App and changed its name to Meituan Bicycle.

In the financial report, Meituan said that in April 2021, the State Administration of Markets launched relevant investigations on the Company in accordance with the Anti-Monopoly Law of the People’s Republic of China. As of the date of this report, the relevant investigation is still in progress, and the company actively cooperates with the investigation of the State Administration of Market Supervision.

According to the financial report, the company cannot predict the situation or results of relevant investigations at this stage, and may be required to change its business practices or be fined heavily.

Wang Xing expressed his views on a series of recent regulatory measures in anti-monopoly, data security and community e-commerce. He believes that these regulatory changes are meaningful for the sustained development and orderly growth of the Internet platform economy, and are also beneficial to promoting fair competition and development of the industry.

When some analysts asked about the impact of data security supervision on marketing advertising, Wang Xing said that the relevant supervision may have some impact on marketing advertising business, and the company is evaluating it.

If the punishment falls, how much will the US Mission be punished?

According to the anti-monopoly law, the fine amount is 1%-10% of the comprehensive turnover of the previous year, and the estimated fine range of Bank of Communications International Report is 4-12 billion yuan, accounting for 1-3% of the total transaction volume (GMV) of Meituan’s take-away business in 2018/19. Nomura said that if the fine is 4% of the previous year’s comprehensive turnover, Meituan may be fined 4.6 billion yuan.

This will seriously affect the future development of Meituan, whose new business is still in the investment period. According to incomplete statistics of public information, Radar Finance found that Meituan had lost two lawsuits about unfair competition.

In February this year, the judgment issued by the Intermediate People’s Court of Jinhua City, Zhejiang Province showed that the unfair competition behavior of Jinhua Branch (Meituan) of Beijing Sankuai Technology Co., Ltd. damaged the legitimate rights and interests of ladas Company (Hungry) and should bear civil liability. The court gave full support to the hungry petition asking the US Mission to compensate for the economic loss of 1 million yuan.

In April, Meituan was again judged by the Intermediate People’s Court of Huai ‘an City, Jiangsu Province to compensate for the economic loss of 352,000 yuan, because Meituan had obvious unfair competition.

In response to supervision, Wang Xing stressed that the company will continue to strengthen compliance operations, improve the management and control of internal businesses, thoroughly examine and actively rectify related issues, and reduce operational risks.

Business model faces the impact of employment security

The problem facing Wang Xing is not only anti-monopoly, but also the protection of riders’ rights and interests has attracted the attention of relevant departments.

According to media reports, in May this year, when the government inspection team members were stationed in the Meituan, they consulted the inside of the Meituan on the remuneration of riders. According to the insiders of the company, the Meituan had 4.7 million riders, and most of them were dispatched by labor.

In view of the continuous influx of young and middle-aged people into the take-away industry, but they are outside the social security system, have no labor relations with the platform, and face the status quo of "the strictest algorithm" assessment, the rights and interests of take-away workers are increasingly concerned by the society.

Since July this year, a number of competent departments have jointly issued a series of guidance documents, which put forward all-round requirements for protecting the legitimate rights and interests of take-away food delivery personnel.

Specifically, there are three points that may affect the US delegation: ensuring that the rider’s salary is higher than the local legal minimum wage; Providing social security for full-time riders and industrial injury insurance for part-time riders; We should pay attention to the physical and mental health of workers, optimize the platform algorithm, and must not formulate assessment indicators that harm the safety and health of workers.

In the social security part, the document points out that it is necessary to urge the platform and third-party cooperative units to participate in social insurance for take-away food delivery personnel who establish labor relations, and encourage other take-away food delivery personnel to participate in social insurance.

It is learned from some take-away riders that at present, the take-away agents of Meituan need to bear commercial insurance by themselves, and the commercial insurance paid by Meituan is deducted from their commission every month. The Beijing area is around 150 yuan every month, and some second-and third-tier cities are lower than this amount.

According to the regulatory guidelines, this part will be paid by Meituan. According to the daily level of 3 yuan in second-and third-tier cities, the annual expenditure of this Meituan is about 5.1 billion yuan.

Tiger Securities believes that among the above-mentioned 4.7 million riders, assuming that the proportion of riders who confirm labor relations is 20%-30%, the average income of riders who sell out is about 6,000 yuan, and the median of the minimum social security base in different cities is about 3,000 yuan. Based on the current social security policy, the enterprise payment ratio is 32%. It is estimated that Meituan will pay 2.3-3.4 billion yuan more in social security fees every year.

Citic Securities commented that it is impossible to accurately quantify the impact of the supervision on the platform, such as rider social security and rights protection. However, logically, it is judged that the regulatory authorities did not intend to overthrow and subvert the existing business model of take-away, nor did they explicitly restrict its commercialization liquidity. Instead, they shifted the focus of the platform from simple efficiency improvement to rational distribution of income, and put forward higher standards and requirements for the stability and humanization of the ecology behind the entire platform.

Analysts believe that once the take-away platform pays insurance for large-scale riders, it means that its operating costs will increase, which will also have an impact on the business model of Meituan.

In terms of improving the welfare of take-away riders, Wang Xing introduced that Meituan will cooperate with the supervision to provide comprehensive welfare plans for take-away riders, and will upgrade the order delivery system and adjust the order system according to policy guidance to introduce compulsory rest for take-away riders.

The latest market value of Meituan, which is facing multiple difficulties, has evaporated by more than one trillion Hong Kong dollars compared with the high point of the year.

For the future trend of the US Mission, several institutions lowered their target prices. For example, UBS lowered its price by 6% to HK$ 330, Morgan Stanley lowered its price by 17% to HK$ 300, and Credit Suisse lowered its price from HK$ 374 a few days ago to HK$ 308, a decrease of 18%.

Note: This article is original by Radar Finance (ID: leidacj). Unauthorized reproduction is prohibited.

In the automobile market, price strategy is always a sensitive and key topic. Even if the price of a new car is higher, if no consumer is willing to pay for it, the higher price can only be "valuable without market". On the contrary, if we blindly pursue low prices, although the sales volume has gone up, for most car companies, it is just "losing money to earn money."

Recently, luxury brands such as BMW, Mercedes-Benz and Audi have resisted the "price war" one after another. Because of the rise of domestic independent brands, consumers have begun to prefer domestically produced cars with high cost performance, especially those with rich self-owned brands. In sharp contrast, BYD’s performance in the domestic market is particularly eye-catching.

With its strong brand influence and excellent product performance, BYD has achieved good sales results in the market. Taking advantage of the trend, BYD launched a million-level high-end brand-Looking Up. Although the price is high, the popularity of looking up to the brand is still high, especially its subsidiaries, which attracts much attention. Looking up to U7 is not only excellent in performance, but also equipped with "black technology" with four wheels rotating in situ, which makes it unique in the market.

Looking up at U7, it continues the family-style design concept in appearance design, and its front face shape inherits the characteristics. The flat front adopts coupe shape, and the exaggerated C-shape and headlight design on both sides, together with the through-hole opening and honeycomb mesh, make the front face of the whole vehicle look extremely aggressive. The side design takes both practicality and aesthetics into consideration. The ground clearance is slightly higher than that of looking up at U9. The design elements such as smooth back-sliding lines, chrome-plated window side strips, double waistlines, hidden door handles and frameless doors make looking up at U7 look fashionable and avant-garde.

In the aspect of rear design, looking up at U7 adopts a penetrating LED taillight group and a two-stage design with red and white contrast decoration, which is reminiscent of Lincoln car. In terms of size, the length, width and height of U7 are 5265mm, 1998mm and 1517mm respectively, and the wheelbase is 3160mm, which is larger than Paramera, and the interior space is more spacious.

In terms of interior, looking up at the design of U7, it is equipped with an embedded vertical curved central control panel, a full LCD instrument panel, and the entertainment screens of the co-pilots on both sides, creating a strong sense of science and technology. In addition, Wangwang U7 is equipped with dual NVIDIA Orin-X chips, three ultra-long-range laser radars and BYD’s "Eye of the Gods" advanced intelligent driving system, covering NOA to high-speed, elevated and urban areas.

In terms of power, Wangwang U7 is built on an 800V high-voltage platform, equipped with four-wheel independent torque vector control and four-motor system. The maximum power of each motor is 326 horsepower, the total power reaches 1306 horsepower, the peak torque is 1584Nm, and the acceleration of 100 kilometers takes only 2.9 seconds. Looking up at U7, it is also equipped with a battery pack of 135.5kWh, and the cruising range under CLTC conditions is 720km and 800km respectively.

Since its inception, Wangwang series has won the attention of a large number of consumers with its luxurious interior and rich configuration. Looking up to U7, it creates a luxurious feeling in the interior and visually, and the release of Yunqi -Z is the icing on the cake. It is estimated that the starting price of looking up to U7 will be around 700,000, which is more cost-effective than looking up to U9. So, in the face of looking up to U7 so well, will you consider the choice?

essay

[soul torture] what should be the perfect form of high-end MPV?

[Conclusion first] Tengshi D9 in 2025 gives an almost perfect answer-on the arrangement of noodles,Tengshi brand has accumulated;On Yan value,The mainstream aesthetics is not afraid to test;On volume,Approaching the limit and accurately grasping it;On luxury,The process of using materials can be known at a glance;On configuration,All-round top grid is unique in three rows;On intelligent driving,The first echelon of the Eye of God;On motivation,DM5.0 hybrid benchmark …In terms of price, sales volume and word of mouth, it is the most versatile, balanced and perfect within 500,000.

As a just-needed user of MPV, after real experience comparison, the old white mouse clearly concluded that even if faced with the challenge of competing products,Tengshi D9 in 2025 is still the "not bad money optimal solution" of high-end MPV at this stage …The following is the mental process of choosing the 2025 Tengshi D9 after a long journey of more than 5,000 kilometers. Although the article is long, it is by no means a soft article, and I hope to provide a user’s perspective on the selection of high-end MPV cars.

Don’t ask how you know, just ask the security guard in front of the star-rated hotel. They read countless cars and know at a glance that the door is clear …

There are many choices for excellent MPV products in all price segments, and people are rich and frugal … However, in terms of high-end MPV, there are actually not many choices in the market except Erffa, the "God Car of Yesterday". If you add the label of Yishang IKEA, it can be said that there are only a handful.

The old white mouse has always been the principle of "I buy and I recommend". If you really buy, the comparison factors will naturally be more detailed and pragmatic … In my opinion (personal point of view), the choices that can meet the high-end positioning at present mainly include (in no particular order)-Tengshi D9, Lantu Dreamer, Krypton 009, Buick Century PHEV, Tucki X9 and so on. (In fact, there is another one, that is, the ideal MEGA, which is "ideal but dare not think". It has the largest volume, the biggest controversy, the biggest price and the biggest choice pressure. )

There will definitely be riders mentioning the latest BYD Summer here, and as expected, they won the MPV crown as soon as they went public, and the product strength is evident. However, the price of 24.98-30.98 million yuan in summer reflects the positioning of the "BYD" brand, which is mainstream rather than high-end. From the point of view of customer base, the brand Tengshi, the user who chooses Tengshi D9, still has important value.

If a cyclist asks about Toyota Saina and Grevia, ask yourself, is "Niutoubiao" a high-end brand? ….. In the minds of users in Erffa, Toyota Erffa is "Erffa" first, and then Toyota, right? Otherwise, where did you get the price increase "magic car"? If you ask about the Mercedes-Benz V260, although it is a Mercedes-Benz, the image of the V260 is really too commercial. In my eyes, it is not even as Mercedes-Benz as the R350?

Similarly, there may be the Lantu Dreamer. The 2025 Dreamer Gankun Edition is the only MPV equipped with Huawei ADS in the market (it is said that it is expected to be fully equipped). It has a hybrid option and the top is a four-wheel drive suspension. The first scheduled users also have the whole vehicle lifetime warranty rights. Almost everything is good, and they are really excited. After the test drive, they are very satisfied with the product strength. Unfortunately, the dreamer on the road around them is likely to use the Internet for business. After all, I bought a home, considering the image.

Buick Century brand has sufficient combat power, and has the only two rows that can move horizontally from left to right in the alternative list. It realizes large space under the narrowest vehicle width and has the friendliest daily driving pressure. Unfortunately, it does not have intelligent driving, and the overall intelligence level is at the bottom of the list, and it does not hesitate to PASS silently.

As for Krypton 009 and Tucki X9, MPV is used for long-distance raids. Pure electric MPV, no matter how luxurious and intelligent it is, will inevitably suffer from charging anxiety … If it is only a daily city car, there is no need to worry about pure electricity/fuel tank, then why bother MPV? Wouldn’t it be more fragrant to drive an SUV directly? The reason why Tucki X9 is mentioned is that Tucki X9 may not be as good as other competing products in the list in terms of brand value, but if the short board of pure electricity is excluded, the comprehensive combat power of Tucki X9 is the strongest in the list. Unique shape, standard double-cavity suspension+rear wheel steering, makes Tucki X9 the most flexible to drive among MPVs, and its daily experience is also the closest to SUV. Moreover, Tucki X9 not only has the strongest (one) intelligent driving, but also supports the city NOA, and there are three rows of magic that can be fully accommodated. Now, with zero down payment and five-year interest-free installment, it goes without saying that Tucki X9 only needs one fuel tank.

Think about it carefully. Why can Tengshi D9 win the annual sales crown, Tengshi’s brand power, D9′ s product power and the appeal of hybrid DM-i in succession? Are all three indispensable?

Since it comes to hybrid and DM technology, it is impossible to avoid a "soul torture"-does ——MPV need a fuel tank?

The topic of electrification is no longer a multiple-choice question, and the advantages of electrification have become the industry consensus. Otherwise, China’s new energy vehicles will not suddenly emerge in the world, gradually replacing fuel vehicles as the "owner of the world" in the automobile industry. Electrification has changed the rules of the game in the automobile industry, not only making intelligence (including intelligent driving) increasingly a threshold, but also greatly reducing the cost of the industrial chain, making horsepower and performance equal, so that ordinary people around the world can buy a "upgraded" car at the same price.

However, due to the bottleneck of electrochemical technology and the limitation of power recharge infrastructure, pure electricity still lags behind refueling in the dimension of daily recharge efficiency and experience. It can be said that, except for Weilai power exchange system, it is more convenient to exchange power than to refuel, and any other charging experience (even if it is overcharged) can not shake the efficiency and convenience of refueling.

Don’t ask how you know. During the Golden Week holiday, especially during the Spring Festival, a trip to the inter-provincial long-distance and high-speed service area will give pure electric users a profound lesson every year. All the advantages of pure electricity are suddenly wiped out in the face of helpless charging and waiting. At this time, the inner desire for the fuel tank will make mixing an almost inevitable choice for the next time.

Hybrid (including extended range) is a characteristic solution of "both want and want" in China.With the continuous decrease of battery cost,The hybrid of the large battery version almost makes up for all the shortcomings of pure oil and pure electricity and becomes the best solution (there is really no one at present).If there are still riders questioning the small probability of long-distance travel at this time, please allow me to remind you warmly that for MPV users, even if it is just an experience, it will be enough to change the "holiday atmosphere" of a family. Of course, the perfect solution can also buy a pure electric SUV to drive in the city on weekdays, and then another hybrid MPV to travel long distances (more space is needed for long distances).

From the objective data of 300,000+vehicles sold by Tengshi D9 for two consecutive years, the 9:1 hybrid/pure electricity ratio also fully illustrates the real choice of MPV customers.Yes, DM-i is almost the best choice for MPV …At present, the 2025 Tengshi D9 with four-wheel drive at the top has been upgraded to BYD’s latest fifth-generation DM technology. The 1.5T engine is matched with EHS200 electric hybrid system. The comprehensive battery life of the hybrid NEDC is as high as 1,020km, the pure battery life of CLTC is as high as 200km, and the fuel consumption per 100km is as low as 5.85L DM5.0 can be summarized in one sentence-more pure electricity, higher efficiency and lower fuel consumption.

In the real experience of the old white mouse in Wan Li during the Spring Festival of 2025, the car terminal display finally shows that the cumulative average fuel consumption is only 3.9L/100㎞ (comprehensive fuel consumption, non-power consumption).The apparent power consumption is 13.3L/100㎞ (probably due to the congestion of the Spring Festival Expressway, the overall average speed is only 33km/ h). This time, the highest power loss fuel consumption was generated during the high-speed climbing at night, and the "peak" power loss fuel consumption at the top grid speed of 130㎞ per hour was only 11.1L/100㎞.

There is also a slightly subversive cognition-running high-speed oil is not necessarily much more expensive than using electricity, but refueling and running high-speed may be a better choice.Because the electricity price of charging in high-speed service areas is generally as high as 1.7-2.6 yuan/kWh, considering the helplessness or even "despair" of queuing for charging, the efficiency of refueling is enough to offset the cost of refueling. Even if you don’t have to queue up for charging, you can charge by the way unless you need to eat in the service area. It may be the most reasonable arrangement in terms of experience to just refuel and run the high speed normally.

If you want to reduce the use cost, then charging in the city and running in the city reflect the flexible choice of mixing …With the rapid development of urban charging infrastructure, during the Spring Festival trip from Shenzhen-Fujian-Jiangxi-Anhui-Zhejiang-Shanghai-Jiangsu-Hubei, charging in every city is extremely convenient. Even in small cities like Wuyishan, Zhuji and Yuhang, charging can be done almost without feeling in hotels and scenic spots (nearby), and the electricity price is far lower than expected (it is much cheaper than Shenzhen during the day, for example, in Jingshan Temple). This experience of destination charging not only greatly reduces the cost of recharging, but also has better performance of Tengshi D9 and NVH in EV mode.

In the EV state, the actual battery life of Tengshi D9 in 2025 can be more than 150 km (CLTC is 200 km, but the engine will be forced to intervene when the power is lower than 17%).This trip is to refuel and run at a high speed. Once you enter the city, you will all be charged. The 2025 Tengshi D9 has a large battery of 39.94KWh and supports 2C fast charging.On the ordinary fast-charging piles of 120Kw-240Kw, the highest charging power can basically reach nearly 90Kw, and the average charging power can be maintained above 50Kw. It takes about 30-40 minutes to charge normally from 20% to 90%, and the charging experience in urban areas is very ideal … Especially when there are charging piles in scenic parking lots for many times, the experience of non-inductive charging is completed, and almost all parking fees are saved.

When I was in Hangzhou, I even met the "God Electricity Price" with a service charge of 0.47 yuan/kWh after 10:30 pm near the hotel, which almost forced my family to fill the pile. Generally speaking, the city charging electricity price in the whole trip is basically around 1 yuan/kWh, and the most expensive is not higher than that in 1.3 yuan, which is really much cheaper than expected …The happiness of pure electricity can be fully enjoyed as well as the mixed momentum D9.

With the hybrid technology of DM5.0, Tengshi D9 in 2025 truly realized the "freedom of oil and electricity" …High-speed refueling and fast running, charging slowly in the city, full of oil and full of electricity for 1020㎞ of battery life, flexible and mobile, completely eliminating battery life anxiety; Compared with pure fuel vehicles, the energy consumption is greatly reduced, and real money is saved.The province, the fast, this is the value of Tengshi D9.After thinking about it, unless Weilai comes up with an MPV that can change electricity, now mixing is really the right solution of MPV.

If you ask me the biggest upgrade of Tengshi D9 in 2025, I will not hesitate to answer-Eye of God.Besides the minimum equipment, the 2025 Tengshi D9 comes standard with the "Eye of God 300" intelligent driving system with laser radar.

In 2025, Tengshi D9′ s Eye of God 300 has 32 sensors including laser radar, which can technically support urban navigation and intelligent driving.Because there is no OTA in this long distance, at present, only high-speed pilot and intelligent driving and urban lane keeping are supported. During the long-distance journey in Wan Li, my actual ratio of intelligent driving is far over 90%. As long as the "intelligent driving" logo appears in the system, intelligent driving will be started at the first time-almost all expressway sections are completed by intelligent driving, and urban elevated and expressway sections are basically handed over to intelligent driving.Comprehensive evaluation shows that the eye of God on Tengshi D9 is mature and reliable, completely unlike the "first generation" products, and it has become the mainstream level of the first echelon of intelligent driving at present, and it is easy to use, usable and easy to use.(Most of the scenes are easy to use, but there are also some bugs, which will be discussed in detail later).

In my eyes,The significance of the Eye of God to the 2025 Tengshi D9 is a qualitative improvement. It can be said that Tengshi D9 is the last puzzle of the strongest high-end MPV. After the "eyes of God", Tengshi D9 has solved all the "shortcomings"….. There may be riders here who question that "MPV comfort is enough, but also smart driving"? Maybe that’s just from the passenger’s point of view, or it’s put forward by a cyclist who has never felt excellent driving. Reliable intelligent driving is definitely a function that can’t be retrieved once used, which can make the driver get great relief. The comfort of MPV should also include the driver’s seat, so the eyes of the gods will make the driver’s happiness of Tengshi D9 soar. Considering that Tengshi D9 has always been suitable for IKEA’s high-end positioning, I believe that for car owners, choosing the 2025 Tengshi D9 with the eyes of the gods will be a completely new upgrade.

I often listen to friends around me questioning smart driving and saying that I don’t trust to give my life to the machine. Maybe I haven’t had a good enough smart driving experience. At present, intelligent driving is not automatic driving, but a driving aid, which frees drivers from repetitive tedious and even helpless operations, saves energy and liberates the body. A friend’s logic may not stand up to scrutiny. If he really distrusts the machine so much, then he should not even turn on the ACC on his fuel car, because it is also a machine operation. To take a step back, just like you have an umbrella on a rainy day, Tengshi D9′ s Eye of the God means that you have a smart driver to choose from, but it is not mandatory to open it. You can choose to use it or not.But for users who trust smart driving, if Tengshi D9 smart driving is opened, it will not only save labor, but also increase safety.

For example, when you drive to a strange city, the most troublesome thing is to find a way, with the eyes of the gods,At present, urban elevated roads and expressways have the function of automatic navigation. Tengshi D9 will change lanes, turn automatically, go up and down elevated roads, etc. according to the navigation lines (NOA in urban areas has not been opened yet, and once OTA, door-to-door navigation will be almost realized), not to mention large curvature curves.This ability, for me driving in a strange city, is like hanging up, no longer anxious to miss the intersection, no longer distracted by finding a way.

As a heavy user of smart driving, I usually use all my applications, and I have tried many smart driving models.From the user’s perspective, pay more attention to the actual sense of intelligence, rather than the so-called "zero takeover" stunt. The balance between comfort and efficiency is the essence of intelligent driving.(I believe that riders who often use smart driving every day will have a common experience, that is,The number of "active takeover" is the value, please read it carefully.) ….. In this dimension,In 2025, Tengshi D9′ s Eye of the God generally passed the test, with comfortable sense of body, decisive and crisp, flexible decision-making, and "manual intervention" at any time. Moreover, SR rendering is meticulous and accurate, and vehicles in visual blind areas can be accurately perceived, and Zhijia’s intention to change lanes can be seen on the screen in real time, and often when the lane change guide bar turns blue, the lane change is almost 100% successful.

Although the Eye of God has just started, there is still a lot of room for iterative improvement. However, in terms of MPV competition, besides Huawei ADS of Lan Tu Dreamer Gan Kun and XNGP of Tucki X9, Tengshi D9 in 2025 has reached the head position of MPV intelligent driving with the eyes of the gods.Because the hardware determines the upper limit, the Eye of the God of Tengshi D9 in 2025 can continuously improve its capabilities in OTA in the future, which is an essential difference from the 2024 model.

In fact, automatic parking is one of the functions of Tengshi D9 in 2025. The reason why it is taken out alone is that for Tengshi D9, an absolute cart with a wheelbase of 3110mm and a three-dimensional volume of 5,250 * 1,960 * 1,900 mm, the performance of automatic parking function and whether the hostess at home can easily control it greatly affect the family’s willingness to buy a car …Automatic parking is essentially one of the most intuitive manifestations of intelligent driving ability.

With the blessing of the eye of God, the automatic parking capacity of Tengshi D9 in 2025 has advanced by leaps and bounds …Whether it is the identification of parking spaces, the judgment of obstacles, the planning of routes, the efficiency and accuracy of parking, etc., it is all a qualitative leap over the 2024 model. Moreover, it also supports custom parking spaces, the choice of front direction and parking in and out. With reliable automatic parking, the daily usability of Tengshi D9 has been significantly improved, and it is no longer difficult to park in large quantities.

An impressive case is Tengshi D9′ s recognition of parking space locks and surrounding pillars in 2025. In extremely narrow scenes, it can also automatically fold the rearview mirror while reversing, which is really intelligent.It has changed the embarrassing situation of automatic parking in the past. With the 2025 Tengshi D9, the old driver can stop and it can stop. The old driver didn’t dare to stop, so did he. In addition to the efficiency needs to be improved (there is the possibility of being urged by the rear car), it has become one of the most frequently used "happiness" functions in my trip to Wan Li.

Since Tengshi D9 came out, the space and comfort of the third row have always been the benchmark in the industry, and only three rows with central handrails have always been ahead of the industry.

In 2025, Tengshi D9 upgraded the third row, making Tengshi D9 the only seven-seat MPV with three rows of ventilation, heating and central handrails, and supporting electric adjustment and folding (none) …

Don’t underestimate this third row. For users of high-end MPV, whether the function is available or not is often the key factor of choice. Even if the third row has a funny brother on one side, the other side can still be folded four or six times to make room for the trunk.

The most significant configuration of Tengshi D9 in 2025 for my teasing brother is the seat ventilation in the third row.You don’t need it in winter, but you know how hot it is in summer.Is the only solution of seven MPVs at present …In my family’s car scene, five people travel, the third row is just needed, and the exclusive third row is teasing. After the baptism of the national heat in 2024, the value of seat ventilation has become increasingly prominent. Unfortunately, few seven-seat models are ventilated in the third row (six seats will be available, but the seven-seat model seems to be not. )

The 2025 Tengshi D9 not only has the third row of seats for ventilation, but also retains the 220V power interface in the car. Just behind the third row, a wiring board is directly dragged, which is very convenient for the whole car to use. The high-speed service area directly boils water to make instant noodles, which is perfect. Moreover, there is a foldable cup holder in the middle of the second row, which is used together in two or three rows, and the details highlight humanization.

I used to spit out 2024 seats, and I returned to Changsha during the May Day holiday in 2024. I was caught in a traffic jam at high speed, so I had to drive for four hours more. It was really backache when I got home … I went back to Nanchang in the Spring Festival this year, and I was also caught in a traffic jam. I drove for more than four hours, but I came home just like nothing happened.Although the eye of the god contributed a lot, the improvement of the seat can definitely be recorded as a great achievement.

Don’t say that the zero-pressure three-dimensional rebound sponge increases the curve fit of the human body, let’s just say that judging the quality of the seat, the waist knows best, and heating and massaging the seat all the way, really not tired …In 2025, the second row of Tengshi D9 was upgraded to an Air Spa double zero gravity seat.With the super-long track of 1080㎜, one-button zero-gravity mode can be realized, and the seat cushion tilts 15 and leans back to 152, instantly turning the second row into a mobile bedroom, and 16-point massage is upgraded, covering the back and buttocks, effectively alleviating the fatigue of the journey. Moreover, the second row of seats comes with seat belts, so the elderly can sleep peacefully in the second row, and the whole family can travel without worry.

The improvement of comfort comes not only from the seat upgrade, but also from the chassis upgrade. In 2025, Tengshi D9 "quietly" upgraded the chassis and added a hydraulic swing arm bushing.Comfort is improved by 23% and vibration convergence is improved by 9.7%. There is also Yunqi -C intelligent damping body control system, with preview function, which can realize 5-meter range detection and 150-millisecond real-time response through an 800W pixel camera, and can perceive more than 20 road features such as manhole covers and speed bumps in advance, and actively adjust the chassis suspension. No wonder the body can perceive obvious comfort.

One thing said, Tengshi D9 in 2025 is really qualified for a long-distance family trip, which is really comfortable.

On Tengshi D9 in 2025, the refrigerator has been upgraded to compressor type, from -6℃ to 50℃, the cooling and heating are faster, the electric switch is turned on and off, and the advanced feeling is full …It’s freezing in the cold, and you can drink hot coffee at any time during long-distance driving, and your happiness is instantly improved. What should I do if I want a cold drink? Simple, the refrigerator turns on the heating mode, and the whole car drinks hot. Just put the exclusive drink in the car directly, and it will be a "cold" drink overnight. Therefore, the setting of the refrigerator on Tengshi Z9 focuses on the separation of cold and hot. In fact, an easy-to-use large refrigerator is enough to achieve it.

On Tengshi D9 in 2025, the co-pilot screen is added, plus a large central control screen and two independent screens in two rows, which can realize simulcast to watch the Spring Festival Gala, or watch it independently without disturbing each other with headrest audio …Practice has found that it is more reliable to use Bluetooth headsets without disturbing each other. A completely independent screen, even a completely independent account, is really "democratic" enough, which is very suitable for my family’s travel scene, haha.It is found that the concept of Tengshi, whether it is DM hybrid or independent screen, leaves the choice to users.One more choice is always a better thing.

In fact, Tengshi D9 in 2025 has 10 screens, including the multifunctional dual LCD screen in the middle row of the armrest, the 10.25-inch full LCD 3D instrument panel, the 10.25-inch HD passenger screen, the 15.6-inch central control screen, the 12.8-inch multimedia dual headrest screen in the middle row, the 5.2-inch refrigerator smart screen, the HUD head-up display and the streaming media rearview mirror. It’s really ten screens, which is amazing.

As for the stereo, I got it from Dan in 2024 to Tivare in 2025.I’m not an enthusiast. I mainly listen to Jay Chou (pop) for a long distance. I can only say that they are all excellent, and the vocal performance is excellent. As for which one I like better, II can only say that I prefer Tivarei’s "Lian Qian Wen" metal speaker cover, which is more expensive, haha.

By the way，Tengshi D9 is also intimately equipped with the original microphone, which supports karaoke in the car …However, personally, I still recommend Weilaishang’s wheat-free reverberation function. Although the reverberation effect is not as good as the real wheat, it is better than anytime and anywhere, and it is more suitable for the actual scene in the car when traveling.

Compared with the 2024 model, the 2025 Tengshi D9 has upgraded the hardware to DM5.0, and also increased the AI energy consumption management. Every time the engine is turned off, it will show the savings achieved through AI, even if the fuel consumption is as small as 0.X liters, which is an extremely intuitive joy …This kind of optimization of energy consumption is almost insensible, and it does not limit or affect the driving quality. There is quite a refreshing feeling of moistening things, which is the power of technology.

In fact, the overall energy consumption performance of the 2025 Tengshi D9 hybrid version has indeed been optimized. First, through the battery capacity upgrade, the pure battery life has been significantly increased to CLTC200㎞.My daily meter is fully charged with 180㎞ (estimated dynamic battery life). The advantage of a large battery is that it can run completely with pure electricity in the city, effectively reducing the number of charging.At the same time, the large battery also supports 2C fast charging, which makes it convenient to replenish energy at any time.Basically, as long as there is a charging facility at the destination, I will recharge it anywhere. Under normal circumstances, it will be full in about 30 minutes (DC fast charging can generally support charging to 95%) … In the scene of high-speed service area, it is generally based on the residence time and the idle situation of charging piles. If you need to eat and there are empty piles, you can charge in the service area, arrange the charging time flexibly, and pull out your gun immediately after eating.

I am quite satisfied with the overall energy consumption performance of Tengshi D9 in 2025.The highest instantaneous power loss fuel consumption is only 11.1L when the speed is 130㎞/ hour, and the daily power loss fuel consumption is about 5-7L (charging anywhere, keeping EV most of the time in the urban area, only crossing the city or high speed will have the opportunity to appear HEV).The overall comprehensive fuel consumption of the whole journey of more than 5,000 kilometers is actually less than 4L. Is it surprising or not?

In 2025, Tengshi D9′ s product strength has been upgraded obviously, and it continues to lead in competing products at the same level, but it is still one step away from perfection …

For example, BYD Xia’s pocket file and central control layout are the "role models" that Tengshi D9 should learn from. Personally, Tengshi D9 is the biggest "hard injury".That is, the location of the center console where the mobile phone is placed (wireless charging slot) is too "anti-human". Due to the blocking of the gear handle, it is extremely awkward to take and put the mobile phone every time, and wireless charging is also easy to connect poorly because of inaccurate placement. It would be perfect if Tengshi D9 can switch to pocket files and change the center console area to the latest layout of BYD family, especially if the wireless charging position of mobile phone is changed to vertical, and it is better to have two.

For another example,When zero-gravity seats are used in the second row of right rear seats, the passenger seat will be moved forward to release the maximum space. However, once the passenger seat is folded forward, the angle of the seat back screen will naturally become abnormal. It is hoped that the screen can increase the rotation axis to support the follow-up adjustment of the angle.

For example,The second row of D9 has a manual privacy sunshade, which is a humanized configuration leading the same level, but there is no manual sunshade in the third row of side windows, so it is suggested to add it.

Finally, focus on the spit about the eyes of the gods &OTA suggestion-

First of all, the existing problem that I personally think has the greatest impact on the experience is that I can’t stay in the rightmost lane according to the actual optimal situation …Unless it is within 2 kilometers before entering the ramp, the eye of the god cannot be kept in the right lane by default, even if the road condition in the right lane is the best. I am afraid this is caused by the "restriction" of system (or high-precision map) rules. Even if you manually change lanes to the far right, the system will continue to try to change lanes to the middle lane.

For a practical example, suppose there are still 4 kilometers to go off the ramp (or into the service area), and at this time, it is clear that the road condition in the rightmost lane is the best, then the perfect strategy should be to keep driving along the right lane and go straight into the ramp (or service area). But at this time, the eye of God will "persistently" return to the middle lane, even the leftmost lane, even if it is obviously slower. Then, when it is within 2 kilometers, it will be like "waking up", and then it will be difficult to change lanes to the right one by one. Why bother? Presumably, on the high speed, the Eye of the God does not adopt the vision priority, but the strategy based on the high-precision map? At present, in the system settings, only two options are allowed: automatic lane change and change after asking, which cannot be satisfactory. It is suggested to add a setting option to allow driving in the rightmost lane.

Secondly, regarding the function of intelligent avoidance, that is, in high-speed driving, if a large truck approaches the adjacent lane, the system will adopt the strategy of automatic avoidance to ensure safe driving …The problem is coming. First of all, the status quo of intelligent avoidance function is not "intelligent" avoidance, but "all" avoidance. Even if the big truck next door is driving normally, it will not have any impact on the adjacent lanes, and the system will still avoid it every time. If you are fine in the leftmost lane, but if you happen to be in the middle lane (for example, a big truck is in the rightmost lane), once you avoid it, you may have a "dangerous" situation with the fast-approaching vehicles behind the left lane. More importantly, avoidance and deceleration are two completely different concepts. Who said that avoidance must be slowed down? In many scenarios, speeding up avoidance may be safer, right?However, what the system upholds is precisely "slowing down and avoiding".The embarrassment is that in the high-speed NOA state, as long as there is a big truck in the adjacent lane, there will be a "standard" action of "avoidance+deceleration", which is unnecessary in most scenes and does affect the experience. I hope that the word "intelligence" can be truly reflected in the next OTA.

Thirdly, when encountering extreme road conditions such as rain and fog, the system is easily "forced" to quit the pilot in the water mist raised by the preceding vehicle and degraded to ACC.This is the normal operation of intelligent driving. After all, it has been repeatedly reminded in the "intelligent driving test" that extreme weather is not applicable … But the problem is that when you avoid the fog in front of the car and have a clear vision in front, the system can’t automatically (or manually) recover, and it is in the Schrodinger state, sometimes it will recover quickly, and sometimes it will take a long time to start again. The reason why this problem is put forward is that if the strategy is changed manually after being familiar with the upper limit of the system capacity, and the following vehicle is not chosen in heavy rain (that is, it is not affected by the fog of the preceding vehicle), then NOA can always maintain its working state with high probability. But the price is that you need to manually change lanes many times to avoid the front car. In fact, the final effect is not essentially different from the relegation of ACC, haha.

Fourth, the system’s setting of the following distance, even if the first gear is selected (the closest to the following car), is still far away at high speed, far enough to "lure" the vehicles in the adjacent lanes to change lanes and jam …If high speed safety comes first, it can be understood and accepted. However, for urban viaducts or expressways with a speed limit of 80, there is a potential safety hazard, because traffic accidents are often caused by lane changes. It is suggested to adjust the following distance of the first gear closer. After all, there are still three gears to choose from: 2, 3 and 4.

Fifth, in the situation of urban elevated navigation, the system will not initiate merging until the last moment (the fence is in front) when the ramp is elevated and then merged into the main road …This is not a big problem, after all, changing lanes can still succeed in the end. However, the key problem is that it will not only cause a strong sense of psychological oppression, but also in case an express train suddenly comes from the rear when it is about to "hit the wall", the lane change time is extremely urgent, which really increases the safety hazard. Obviously, there was such a long distance before it could be safely changed into the main road. Does the system have to wait until the last minute to initiate a lane change? This is really worth considering and improving. The experience on the elevated roads in Hangzhou and Shanghai is almost the same every time, so it is put forward as a question. It is suggested to improve the lane change strategy of merging the system from the ramp into the main road, and allow the lane change to be initiated earlier on the elevated road, which is more in line with the driving habits of human drivers.

It’s cold during the Spring Festival, and homesickness is warm; The Spring Festival Expressway is blocked, and the eyes of the gods are reliable; The Spring Festival holiday is short, and Tengshi D9 is also a mobile home …

Grandparents asked why they didn’t fly home, but chose to drive by car.　In fact, a ROADTRIP is an opportunity for the family to get together every day, to reunite, explore and experience, to visit Wan Li Road and to see great rivers and mountains. Back to my hometown, MPV has become a mobile castle, connected to my grandparents’ city to look around, and the time in the car is the home of the gathering.　With Tengshi D9, the whole family will have more company, even if it is still short.

The old man always cares about driving so far, will he be tired? What children and grandchildren always expect is that grandparents are in good health and good mood … They may not understand that today’s Tengshi D9 can almost drive all the way home.　With the eyes of the gods, Tengshi D9 gives a car full of people more opportunities to chat, more places to go and the desire to reach further.

No mileage anxiety, no cost pressure, courtesy everywhere … Who would have thought that the 14-day trip to the Spring Festival in 2025 was actually the greatest common denominator for the whole family to get together in a year.　With the mixed 2025 Tengshi D9, the road also makes the journey meaningful.

[Solemnly declare]This article is by no means soft! The network environment needs to be maintained by Qi Xin. I hope every real voice can be treated well. Thank you.

In 2025, Tengshi D9 is still worthy of the title of the best high-end MPV by virtue of its reputation of selling crowns and upgrading of finished products. It is a worry-free choice for MPV users who just need high-end products. It is believed that the MPV matrix constructed by Tengshi D9 and BYD Summer will jointly become BYD’s king in 2025. However, in the face of the huge terminal discount of Tengshi D9 in 2024, a new problem has emerged. Should we buy a new one or an old one? If pure families buy new products, is it possible that the competing products of Tengshi D9 in 2025 are not other competing MPVs, but their own Tengshi N9? E Tripartite, Magic Second Row, Big Bed Room are the direct pain points … Wait for the party, should we wait another month? Will there be a surprise?

(As an old white mouse with domestic new energy, I just shared my personal feelings, never had a proper meal, and I didn’t mean to hack anyone. It doesn’t constitute any investment advice, so please show your respect and thank you in advance …)