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Foreign media pay attention! There is no need for China to manipulate the RMB exchange rate.

　　CCTV News:On July 31st, the International Sharp Review of China Central Radio and Television Station broadcasted an article entitled "There is no need for China to manipulate the RMB exchange rate", which was reprinted by many overseas media.

　　On July 31, Russian Siberian News Network, European Times German Network, German-Chinese Report website, Spanish Radio International website, Italian RADIOWE website (facebook, twitter), Portuguese Lisbon Rainbow FM website (facebook), Universal Iberian APP, Brazil Rio Headline China Radio Website (facebook), Brazil Sao Paulo World China Radio Website (facebook), Indian Daily Morning News website, Turkish Economic Observation Network, Radio Elshinta Indonesian website, Czech Today Information website, Tanzanian African Media Group facebook account, UAE Ain News Network, Cambodian media freshnews website, American Global Oriental Company official website, Chinese PT portal, Chinese headline APP, Portuguese news APP(facebook, twitter), Many overseas media such as Nordic Times website, European Union Chinese website, West Africa online website, Africa Times website, Europe-China United Times website, Greek China website, Japanese Chinese business website and so on have forwarded them one after another. On August 1st, Hong Kong Ta Kung Pao and Indonesia International Daily also published this article. The main reports are as follows:

　　In response to the recent unilateral accusation by the United States that China manipulated the RMB exchange rate, Maurice &bull, chief economist of the International Monetary Fund (IMF); Obst Feld recently told the American media: "We don’t have any evidence that China manipulates the currency."

　　In fact, "China’s exchange rate manipulation theory" is an old saying of the United States, which lacks objective basis and even goes against the direction of RMB exchange rate market-oriented reform. As Geng Shuang, a spokesman for the Ministry of Foreign Affairs of China, said, the RMB exchange rate is mainly determined by market supply and demand, and it fluctuates in both directions. China has no intention to stimulate exports through competitive devaluation of the currency.

　　According to the definition of IMF, "exchange rate manipulation" refers to a country’s long-term, large-scale and one-way intervention in its own exchange rate, which leads to the exchange rate being beneficial to its own trade and thus gaining illegitimate interests in trade.

　　Analysts pointed out that there are three main reasons why China has no motivation and necessity to manipulate the exchange rate to stimulate exports:

　　First, domestic consumption has become the dominant force in China’s economic growth. With the continuous upgrading of domestic production and household consumption, mid-to-high-end consumption will accelerate the economic transformation led by modern service industry, and the leading role of consumption in China’s economy will be further enhanced. There is no need for China to stimulate exports by intervening in the RMB exchange rate.

　　Second, opening wider to the outside world will provide solid support for RMB assets. With the deepening of opening up and the promotion of RMB internationalization, RMB assets are increasingly favored by overseas institutions.

　　Third, it is not worth the loss to intervene in RMB depreciation. Since the beginning of this year, China has launched a series of measures to further deepen its opening up and expand its imports. If it intervenes in RMB depreciation at this time, it will definitely increase the import cost, not to mention that the import growth rate of China’s goods trade is far higher than the export growth rate. Under this background, it is undoubtedly not worth the loss to adopt RMB depreciation strategy.

　　So, how should we view the recent fluctuation of RMB exchange rate?

　　First of all, it is related to the rising global risk aversion. The Trump administration’s trade protectionism has stimulated global risk aversion, affected the entire foreign exchange market, brought about repeated fluctuations in US stocks, increased market uncertainty, and continued decline in commodity prices. Recently, the RMB exchange rate fluctuated, which is more of an emotional performance of the market.

　　Second, it is related to the strength of the US dollar index. Judging from the situation in the first half of the year, the US dollar index rose by 2.45% as a whole, but in the same period, the central parity of RMB against the US dollar was only lowered by 1.67%, which was much lower than the increase of the US dollar index. Therefore, the fluctuation of RMB is a spontaneous "compensation and correction" behavior of the market under the warming of risk aversion.

　　Third, it is related to the Fed’s interest rate hike. Since April, the RMB has depreciated by more than 8% against the US dollar. During this period, US monetary policy is in the process of raising interest rates and shrinking its balance sheet. The Federal Reserve raised interest rates twice in March and June, and increased the number of interest rate hikes this year from three to four, and at the same time, cooperated with corresponding measures to shrink the table to recover liquidity. The Bank of China adheres to a prudent and neutral monetary policy, foreseeing pre-adjustment and fine-adjustment, and manages the general gate of money supply. To a certain extent, this round of RMB exchange rate fluctuation is a market behavior caused by the differentiation of monetary policies between China and the United States, and there is no intervention component.

　　As some analysts have pointed out, the recent fluctuation of RMB exchange rate has not exceeded the reasonable range, and the RMB is still relatively strong in the global currency. The two-way fluctuation of exchange rate is the result of market action. With China’s economy running well and foreign exchange supply and demand in balance, the RMB exchange rate is completely stable at a reasonable and balanced level at present and in the future. There is absolutely no need for China to interfere with the trend of RMB exchange rate.

　　A number of overseas media forwarded "International Sharp Review" articles:

Russian Siberian News Network forwarded on July 31, 2018

"European Times" German website forwarded on July 31, 2018

Italian RADIOWE website (facebook, Twitter) forwarded on July 31, 2018.

Portugal Lisbon Rainbow FM website (Facebook) forwarded on July 31, 2018.

Forward on July 31, 2018 by the website of Brazil’s Rio headlines (Facebook)

Turkish Economic Observer Network forwarded on July 31, 2018

India’s "Daily Morning News" website was forwarded on July 31, 2018

The Indonesian website of Radio Elshinta was forwarded on July 31, 2018.

Cambodian media freshnews website forwarded on July 31, 2018

Portuguese news APP(facebook, Twitter) forwarded on July 31, 2018.

Hong Kong Ta Kung Pao was published on August 1, 2018.

Indonesia’s International Daily was published on August 1, 2018.

The ＂window of opportunity＂ of growth and development in the early 1000 days of life

　　"The first 1000 days of life" is defined by the World Health Organization as an "opportunity window period" for a person’s growth and development, which can not only affect the physical development and brain development in infancy, but also affect the health of children after adulthood — — Therefore, it is very important to carry out nutrition and health actions in early life for the baby to grow sturdily.

　　The United Nations Nutrition Executive Committee pointed out that the period from pregnancy to the baby’s two-year-old birth (1000 days early in life) is very important, and it is a key window period to prevent adult chronic diseases. If we can avoid the influence of bad factors, especially nutrition, at this stage, it will be one of the best investments for global healthy development. Therefore, it is very important to carry out 1000-day nutrition and health action in early life to improve the nutrition and health level of pregnant women and infants.

　　At the recent "Forum on Nutrition and Health in Early Life", many experts in the maternal and child industry shared the research results on the spot, solved the puzzles of novice parents, and helped everyone on the road of raising babies.

　　"Opportunity Window Period" of Growth and Development

　　The first 1,000 days of life refers to the period from a woman’s pregnancy (280 days in October) to the baby’s two years old (720 days), which is defined by the World Health Organization as an "opportunity window period" for a person’s growth and development.

　　"The first 1000 days of life affect the baby’s life. Good nutrition and scientific feeding are very important for the baby’s physique, intellectual development and immune system, and it is also very important to improve the population quality of the whole country, so we should pay attention to these 1000 days. " Li Xiaowen, deputy chief physician of China-Japan Friendship Hospital, said.

　　Studies have shown that the growth rate of human brain cells began to accelerate obviously at about 6 months of pregnancy, and it became more and more gradual until the age of 2. At the age of 2, the differentiation of brain nerve cells is basically completed, which can reach 80% of that of adults. Therefore, this period needs to give the baby rich nutrition.

　　In the early 1000 days, the child’s physical development is also very fast. Usually, the weight of a 1-year-old child is about 3 times that of his birth, and it can reach about 4 times that of his birth when he is 2 years old. In terms of height, the average length of a baby at birth is 50 cm, which can grow to 75 cm at the age of 1 and basically reach 85 cm at the age of 2.

　　The National Nutrition Plan (2017-2030) issued by the General Office of the State Council proposed that six major actions should be taken to improve the nutritional health level of the population. The first one is to promote the nutrition and health action in the early 1000 days of life and improve the nutrition and health level of pregnant women and infants.

　　So, what are the precautions for women during pregnancy?

　　Li Xiaowen said that if the early pregnancy reaction is relatively large and you have no appetite to eat, don’t worry about eating fish and eggs first, but ensure at least 150 grams of carbohydrate intake a day; At the same time, some vitamins should be supplemented, such as vitamin B6, which can stop vomiting, and vitamins B2, B1 and C can reduce the early pregnancy reaction. With the help of a reasonable diet, the ideal weight gain interval during pregnancy should be 11.5 to 16 kg. It should be pointed out that you can exercise properly during pregnancy, especially in the middle and late pregnancy, so as to facilitate the final delivery.

　　Li Xiaowen suggested that mothers should try their best to insist on exclusive breastfeeding of babies within 6 months of age; The choice of complementary food for infants aged 7 to 24 months should follow the principle of "step by step, from thin to thick, from fine to coarse, from small to large, from single to multiple".

　　"Smart" breast milk

　　Zhang Yumei, a professor of nutrition and food hygiene in Peking University College of Public Health, told the Economic Daily that breast milk contains many components, which can promote the immune maturity and nerve development of children, promote the intestinal development of children and promote their metabolic health.

　　"Generally speaking, we call the breast milk 5 to 11 days after delivery transitional milk, and the breast milk in front of transitional milk is colostrum. Colostrum contains many active ingredients, which can resist infection, allergy and remove meconium. " Zhang Yumei said.

　　Compared with formula milk powder, breast milk is a smart baby nutrition source. Because breast milk will change dynamically as children grow up. Alpha milk protein in breast milk is particularly high in the first three months. Scientific research has found that alpha milk protein has the functions of immunomodulation and anti-pathogenic microorganisms. At the same time, breast milk is very careful and stable. Studies have found that breast milk contains nutrients that can promote the maturity of gastrointestinal tract and immune development of infants.

　　Having said that, we must talk about the importance of the intestine. Biologists believe that there are two brain systems in human body, one is the well-known head brain, and the other is the intestine, also known as "intestinal brain" or "second brain".

　　Scientific research has found that many chemicals produced by intestinal bacteria (such as acetic acid, propionic acid and butyric acid) can stimulate nerve cells and generate electronic signals to be transmitted to the brain. Intestinal flora may pass through a special kind of intestine — The brain axis affects the brain structure of the body and the occurrence of many brain-related diseases, such as Alzheimer’s disease, Parkinson’s disease, depression, autism and so on. More and more studies show that a person’s mood can affect the composition of intestinal flora; On the contrary, some intestinal microorganisms may also affect a person’s emotional state.

　　"The surrounding skin during breastfeeding can also produce some healthy flora, which is of great help to the formation of intestinal flora in infants. In addition, children will be better if they give birth naturally, which will brand their children with microorganisms and help them grow up healthily in the future. " Zhang Yumei said.

　　How to choose milk powder

　　What is the difference between breast milk and milk powder in terms of nutrients? If there is no breast milk, how to choose a good milk powder?

　　Huo Junsheng, a researcher at the Institute of Nutrition and Health, China Center for Disease Control and Prevention, said that from a nutritional point of view, the protein content of breast milk is lower than that of cow’s milk, but its protein is mostly whey protein, which is a small molecular protein that is easily digested and absorbed by infants and does not easily cause any discomfort. And 80% of milk is casein with huge molecular weight, which is their main core difference in protein.

　　In terms of fat, the fat content of breast milk is higher than that of milk. When a baby is born, his stomach is only the size of a ping-pong ball, and he can’t eat much, while breast milk with high fat content can provide more energy. In terms of carbohydrates, there is a kind of small molecular carbohydrates in breast milk, called oligosaccharides, which are rich in content, and the types and quantities are higher than those of milk. In addition, the vitamin C content of breast milk is much higher than that of milk, which is more suitable for infants. Everyone will say that milk contains high calcium, but high calcium does not mean that it can be absorbed. The calcium absorption rate of milk is lower than that of breast milk.

　　Breast milk has many benefits for babies, but when breastfeeding cannot be achieved, formula milk powder becomes a substitute for breast milk. But how to choose milk powder?

　　Xie Qinggang, R&D manager of Heilongjiang Feihe Dairy Co., Ltd. introduced that a good milk powder suitable for babies should have the following three characteristics: good milk source, good formula and good technology.

　　Among them, a good milk source depends on whether the milk source of this milk powder comes from an exclusive pasture and whether it has the whole industrial chain. A good milk source can make a good formula milk powder.

　　A good recipe depends first on the ingredient list. Is raw milk the first in the ingredient list? If so, it can be judged that this is a raw milk formula. The formula of raw milk is better, it takes raw milk as the main raw material, and then adds other raw materials to mix and spray it into powder at one time. For example, the first ingredient list is not raw milk, but the formula of whole milk powder or skim milk powder: enterprises buy back milk powder, then add water to restore these milk powder into milk liquid, add other raw materials, and spray dry it into powder again. The difference between them is that the rice cooked with raw rice and the instant rice bought in the supermarket are reheated. At the same time, the ingredient list should be "three noes": no maltodextrin, no corn syrup and no sucrose.

　　Good technology needs to observe the color of milk powder first, milky white or milky yellow is good, and the color is gray and dark. Observe the particles again: loose particles are good, but fine particles or clumps are poor; Finally, look at the solubility of milk powder: the solubility of milk powder is better after blending. Some milk powder, after the baby drinks it, will leave a lot of insoluble lumps in the bottle, and the production process of this kind of milk powder is poor.

The pinyin of Chinese characters keeps changing, and I’m going to become illiterate.

This article comes from WeChat WeChat official account:Netease Digital Reading (ID: DataBlog163), Author: Chen Sizhong, Designer: Zhao Peng Road

Is it "a world of mortals" or "a world of mortals" that won the princess’s smile?

Recently, the news that the pronunciation of some words is about to be revised has caused quite a stir on social networks. Although the relevant person in charge of the Institute of Language and Character Application of the Ministry of Education responded that the final version of the audition table is still being decided, the confusion caused by the audition standard is an indisputable fact.

Netizens have said that after studying hard for more than ten years, I finally remembered the standard pronunciation and had to learn it again. "I’m afraid I didn’t go to a fake school."

Origin of disagreement: it is difficult to read different words.

In fact, how to pronounce words is an eternal topic. Language is not only convenient for people to transmit information, but also constantly evolves or declines under the influence of external social changes.

There are seven dialect areas in China, and the dialects may be completely different across a mountain, so it is normal for the same word to have different pronunciations. In The Legend of Wulin, the phrase "Oh, my God" was heard all over the country, while the word "I" in southern Fujian was pronounced "wow" and the word "I" in Shanghai was said.

Compared with southern dialects, Putonghua, which is based on Beijing pronunciation, has a strong interoperability, but there are still many different readings.For example, in Beijing dialect, the quality of "quality" can be pronounced as "zhi" or "zhǐ", but the different pronunciations do not affect the meaning of "quality" in words.

"Modern Chinese Special Course" defines this kind of phenomenon as heteronym [1], which is different from polyphonic words in that polyphonic words distinguish meanings, while heteronymic words do not.

There is also a special phenomenon in the words with different pronunciations, which is called "literary and colloquial pronunciations".To put it simply, it is the same word, and the pronunciation written on paper is different from that used orally.Suppose that in class, the teacher asked Xiaoming to read the "exploitation" in the text, then "peeling" was pronounced "B not" at this time, but after class, Xiaoming called his partners to peel peanuts together and eat them, and "peeling" was pronounced "bāo".

Generally speaking, white reading pronunciation is derived from the words inherent in dialects, while literary reading pronunciation may be deeply influenced by ancient classical Chinese, terminology and mandarin.

It can be seen that the pronunciation regularity of different words is not strong, and the so-called standard pronunciation can only be mastered by rote learning.

There has been a study on the cognition of Chinese words with different pronunciations in Hebei province, and it is found that the accuracy of pronunciation is not standardized. People sometimes tend to read in the text, sometimes tend to read in the white, and sometimes mix the two. [2]

The lowest accuracy is the usage of "rainbow" in spoken language. According to the standard of the sound meter in 1985, if the rain clears up, people say "a rainbow appears in the sky". At this time, "rainbow" should be pronounced "jiàng", but in the survey, only 5.5% of the candidates pronounced it correctly.

Words with the same usage also affect people’s judgment in different word combinations. The vernacular pronunciation of "jué", which is also "chewing", has a correct rate of 93.5% when used in the word "chewing", but only 12.5% of the people in the classical Chinese "munching through the gate" have the correct pronunciation.

Changing pronunciation of Chinese characters

Due to the impact of social changes and regional culture on the development of pronunciation, in order to meet the public’s demand for language in life, China has been correcting pronunciation by revising dictionaries since ancient times.

For example, during the Song Dynasty, Song Zhenzong ordered the government to major in a book "Guang Yun" according to the rhymes of the previous dynasty, adding notes to the words and phrases, and increasing the number of rhymes [3]. From then on, people have a clear understanding of the differentiation of Chinese pronunciation driven by meaning.

In 1956, the State Council officially announced the promotion of Putonghua, and soon after, a "Putonghua Audition Committee" was established, consisting of 15 intellectuals at that time, including writers Lao She, Ou Yangyuqian and linguist Zhou Youguang.

This audition has been going on for six years, and three batches of Audition Tables published during this period were regarded as the standard by education, culture, film and other departments in the climax of popularizing Putonghua in the 1950s [4].

However, in the next 30 years, influenced by radio, opera and film and television, some of the established pronunciation and reading gradually lost its binding force. Therefore, in 1982, the government re-organized and re-established the Putonghua Phonetic Examination Committee. The members tried to proceed from reality and only examine and revise the words with different pronunciations in spoken Putonghua and the new pronunciations of some words.

In 2016, the Ministry of Education issued a revised draft for the audition form to solicit public opinions. Among them, more than half of the changes are to correct the pronunciation of specific words.

There are 16 amendments to change the polyphonic characters into unified pronunciation. For example, the "shell" of a body should be pronounced "qiào" originally, but the public’s understanding of this pronunciation is very low. Therefore, the revised draft suggests that the "shell" should be read as "ké" and only the "crust" and "golden cicada shell" should be treated specially and read "qiào".

The other 11 items have changed the pronunciation of some words in phrase collocation. For example, the 1985 edition of the phonological table stipulates that "tired" should be the third sound "lěi" in the process of being involved, implicated and implicated. However, the new revision suggests that the pronunciation in this case should be changed to the fourth sound "lèi", and the third sound should be used to express the meaning of accumulation.

Another example is the word "blood", which was pronounced as "xuè" in the past and "xiě" in the spoken language. But in fact, most people in life pronounce it "Xu". People’s daily usage is also noticed in the revised draft, and "xuè" and "xiě" are read as "xuě".

It is not difficult to find that the sound-checking table adopts enumeration method, which is suspected of "hanging one and leaking ten thousand"Cao Xianzhuo, former director of the National Institute of Linguistic Application, once pointed out in his paper that it is morphemes, not words, that should be examined in phonetic examination.

In the 2016 exposure draft, there were 12 changes that were purely aimed at supplementing the previous pronunciation. In the original draft, four words with different pronunciations were listed in the entry of "chù": animal power, livestock, livestock and young livestock. In the exposure draft, only one "animal" was added under this item, and no explanation was given, which made people confused.

The seesaw of "language purity" and "convention"

Different from the general rules and regulations, it is thankless to examine the pronunciation of different words. The problem it faces is that there is usually no right or wrong pronunciation in the language, which can be described as "public speaking makes sense, while old woman makes sense".

When the old news came out, many people expressed their dissatisfaction: "Bad money drives out good money!" "There is no culture and reason."

butThis is not the only case of "black and white inversion" in the history of language development.. Many pronunciations that we are used to now include many examples in which the standard of listening to sounds has been changed because of "a long story makes a long story".

I’m afraid people who are surnamed Ji now don’t remember themselves. Ji Zuo used to read "jǐ" when he was surnamed. Ji Xiaolan with Iron Teeth and Copper Teeth, which was all the rage in the Millennium, pronounced "Ji" as "Ji", which was actually a wrong pronunciation at that time.

In 2016, only 10.2% people chose the correct pronunciation in the survey organized by the National Language Committee. This may be because the public is driven by the psychology of seeking simplicity and seeking common ground, plus the misleading boost of the media. Therefore, in the draft for comments, the research group temporarily chose to read "Ji" as "Ji".

There are many similar situations. Have you ever thought that your backpack doesn’t always say "bēibāo"?

In fact, before the word "backpack" was pronounced as "bēibāo" in the 2005 edition of Modern Chinese Dictionary, all Chinese dictionaries in the dictionary publishing industry used the 1996 edition of "bē ibā o" as the standard pronunciation.

Scholars from Communication University of China once conducted a survey on some students and parents of Beijing dingfuzhuang No.2 Primary School in 2007 [6]. At that time, the phonetic notation of the word "backpack" was still "bèibāo" in the first grade Chinese textbooks of primary schools. The questionnaire shows that the first-year students are greatly influenced by textbooks, and 94.5% of them think that the pinyin they have learned in textbooks is "bèibāo", while 93.3% of the third-year students who have used the same textbook think that the pinyin taught by their teachers is "bê ibā o".

Even parents don’t approve of following the script.The survey shows that most parents read "backpack" as "bēibāo", and 45.5% people think that the phonetic notation of "bēibāo" in the textbook is acceptable, but they still say "bē ibā o" in actual use, and only 20% people choose to pronounce it according to the pronunciation in the textbook in their daily life.

This may be because living habits have changed the shaping of pronunciation by memory, and the role played by mass media can not be ignored.

In the same study, scholars used the audio language corpus of Communication University of China, and found that among the 20 pieces of information extracted, well-known media columns including News Network, legal report and Tell the Truth all read "backpack" as "bēibāo", and the "backpack" in the corpus is used as a noun, not as a verb-object structure phrase.

And let the audience often call the Taiwanese accent that they can’t stand, such as "La"（lè）rubbish（sè）""hold（yǒng）Hug ""me and（hàn）You are only influenced by historical factors, and your pronunciation characteristics are slightly different from those of Mandarin.

Taiwan Mandarin and Putonghua are born from the same root, and their pronunciation systems both inherited the Mandarin in the Republic of China [7]. However, Taiwan Province’s pronunciation mostly retains the false tone, which is greatly influenced by Minnan dialect. According to the statistics of China Renmin University and the Institute of Language and Character Application of the Ministry of Education [8], there are 1080 words in the Examination Table of One Word and Multi-Tone of Mandarin currently being implemented in Taiwan Province with different pronunciations from the Modern Chinese Dictionary of the Mainland in 2012.

In June 2016, the official solicited opinions from the society on the revised version of the audition form, but the new version of the audition form has not been officially released, and the pronunciation of words is taken out for discussion almost every year.

Pronunciation often follows the principle of "following the sound, following the custom and simplifying". However, from everyone’s attitude towards some corrected pronunciations, it can be seen that the "one size fits all" norm may cause more confusion, which requires the official to give a more detailed explanation of the results of the pronunciation review.

After all, speaking like a book, you have to be chewy.

References:

[1] Peking University Chinese Department of Chinese Teaching and Research Section. (2003). Modern Chinese Course.

[2] Du Danmei. (2007). Pronunciation Investigation of the Pronunciation Table of Different Pronunciation Words in Putonghua (Master’s Theory, Hebei University).

[3] Shi Jun. (2005). On the Different Reading of Guang Yun. (Master’s thesis, Suzhou University)

[4] Xu Shirong. (1995). Phonetic norms of Putonghua in the past 40 years. Language Construction, (6), 2-8.

[5] Cao Xianzhuo. (2002). Pronunciation of words with different pronunciations in Putonghua. China Language, (1), 82-96.

[6] Hou Min, & Wang Bin, & Wang Yiran,&Wen Caiju, & Zhou Xin. (2007). Investigation and reflection on the pronunciation of the word "backpack". Language and writing application, (2), 19-26.

[7] Guo Jiangshan. (2016). "Mandarin Promoters" in the Early Period of Taiwan’s Recovery. Research on Taiwan Strait Education, (3), 22-29.

[8] Yang Shujun,&Dai Hongliang. (2015). A Comparative Study of Pronunciation between the Two Sides of the Taiwan Straits —— Based on the Examination Table of One Word and Multi-tones in Mandarin and Modern Chinese Dictionary. Language and Character Application, (2), 58-67.

[Yuefa Youth said] A man was sentenced for selling fake ＂Nike＂ with heavy punches.

The Nike you are wearing may be fake!

recent days

Yuehu District People’s Court

Concluded a case

Fake well-known trademark of Nike brand

And sell criminal cases.

The amount involved in the case exceeds 200,000 yuan.

Brief case

April 2022 to January 2023

Defendant Zhang released Nike clothing production videos on Aauto Quicker, WeChat friends circle and other platforms, in this way, he sold clothes with counterfeit Nike brand registered trademarks to many people.

Someday in November 2022

The victim Zou ordered 670 Nike brand black long-sleeved T-shirts from the defendant Zhang on WeChat at the price of each piece in 75 yuan, and paid a deposit to Zhang through WeChat.

Someday in December 2022

Zou ordered another 440 Nike brand T-shirts from Zhang at the price of each piece in 72 yuan, and paid a deposit to Zhang through WeChat. On the same day, Zhang bought 1,150 Nike Pu film trademarks from Pinduoduo APP and 1,110 pure black long-sleeved T-shirts. Later, he asked someone to hot stamp the purchased Nike Pu film on the pure black T-shirts, and then sold them all to Zou by express mail. Later, Zou paid Zhang’s final payment through Alipay transfer. After receiving some clothes, Zou found that it was a fake, asked Zhang for a refund, and called the police the next day.

Someday in May 2022

The victim Wang bought 1,767 pieces of Nike brand short sleeves from Zhang at the price of 45 yuan/piece on WeChat, and Zhang mailed the goods on the same day. The next day, Wang paid the purchase price to Zhang.

Someday in January 2023

The victim Zhang ordered 2,000 pieces of white Nike brand short sleeves from Zhang at the price of 50 yuan/piece, and paid a deposit to Zhang through Alipay. In the same month, Zhang found someone to order 2,000 pieces of white short sleeves with fake Nike brand, and each piece cost about 25-30 yuan. On a certain day in February, Zhang sent 1809 pieces of white Nike brand short sleeves, and Zhang 1 immediately transferred the money to Zhang via WeChat to pay the final payment.

During the trial of this case, the defendant Zhang repaid all the economic losses to the victims.

Trial result

The defendant Zhang used the same trademark as another person’s registered trademark on the same commodity and sold it without the permission of the registered trademark owner, and the circumstances were serious; If the circumstances of selling goods that are knowingly counterfeit registered trademarks are serious, the criminal responsibility shall be investigated for the crime of counterfeiting registered trademarks and the crime of selling goods that are counterfeit registered trademarks respectively. The defendant Zhang was sentenced to one year and six months in prison and fined RMB 150,000.

The judge reminded

Trademark right is one of intellectual property rights protected by law. Counterfeiting registered trademarks and selling goods with counterfeit registered trademarks not only infringe on consumers’ rights and interests, disrupt market order, but also infringe on intellectual property rights and destroy innovation ecology. Don’t try the law in order to seek illegal interests!

Contributed by Deng Jie

Compilation | Su Yuxin

Check | Gao Song

Review | Han Changjian

Learning column

Original title: "[Yuefa youth said] a man was sentenced for selling fake" Nike ""

Read the original text

Under the epidemic, I will protect you!

CCTV News:In order to build a strong epidemic prevention and control line, medical staff everywhere are always at the forefront of fighting the epidemic. On the afternoon of 20th, in Nanchang, Jiangxi, medical staff gave emergency treatment to a pregnant woman infected with Covid-19 Omicron mutant. The reporter of the general station who interviewed in the hospital witnessed the 24 minutes and 46 seconds of the medical staff racing against time to meet the new life.

At about 1 pm on March 20th, a pregnant woman infected with Covid-19 Omicron mutant in Nanchang High-tech Zone, Jiangxi Province needed emergency treatment. The First Affiliated Hospital of Nanchang University launched an emergency plan, and the obstetrics, pediatrics and infectious diseases departments quickly assembled. At 2: 01 pm, pregnant women were quickly placed in isolation wards for examination. At 2: 45, the medical staff arranged a caesarean section.

At 3: 25: 14, the pregnant woman officially entered the negative pressure operating room. The operation went smoothly, and the newborn was a boy, weighing 7 kg and 9 liang. However, after the child was taken out, there was suffocation, and the medical staff immediately gave the child CPR first aid. At 3: 50, the crying of the child finally came from the operating room. This is the first time that Jiangxi Province has successfully carried out caesarean section for patients infected with Covid-19 Omicron mutant.

Xiang Tianxin, Chief Expert of Jiangxi Medical Center for Major Public Health Events:As soon as the baby was born, we gave him an oropharyngeal swab and sent special personnel for special care. The baby’s current nucleic acid test result is negative. According to the relevant regulations of China Center for Disease Control and Prevention, in this case, the baby needs to be separated from the mother after birth, and it is recommended that the newborn be isolated and observed for 10-mdash; 14 days. At present, both mother and child are safe.

Under the epidemic situation, the daily life of residents in the closed control area cannot be separated from the silent protection of a group of people.

Changchun, Jilin: Community "ferrymen" are busy running errands for residents.

There are many old buildings without elevators in Huyuan Community, Changchun, Jilin Province. In order to ensure the supply of daily necessities in the closed community, community workers run errands for residents every day, and they are affectionately called "ferrymen" in the community.

Wang Qi, Party Secretary of Huyuan Community, Nanhu Street, Chaoyang District, Changchun City, Jilin Province:Every day, hundreds of items are distributed to them, ranging from a bottle of soy sauce and a bag of sugar to dozens of kilograms of rice and flour.

The next purchase was handed over to community secretary Wang Qi and volunteer Ning Qiang, who just got on the bus and fell asleep.

Wang Qi:Brother Ning, here we are.

Volunteer Ning Qiang:Here we are.

Reporter:You slept soundly just now.

Volunteer Ning Qiang:Fell asleep. It smells good. Three days, three days and three nights.

Reporter:What do you do in the evening?

Volunteer Ning Qiang:Lock down and watch the gate, and don’t dare to sleep. If you fall asleep, you don’t know who is going out and who is going in.

The two went to the nearby supermarket and started purchasing according to the latest order, which recorded the residents’ needs in detail. In less than an hour, the purchase was successfully completed. On the way back, Wang Qi’s phone kept ringing, and there were new tasks waiting for them.

Wang Qi, Party Secretary of Huyuan Community, Nanhu Street, Chaoyang District, Changchun City, Jilin Province:It’s quite a sense of accomplishment, because the residents give encouragement to all our community workers and all the front-line personnel in the WeChat group.

Xiamen, Fujian: the "epidemic" of concentric war" Taiwan compatriots volunteers stick to the "epidemic" line

In Fujian, this epidemic has also touched the hearts of Taiwan compatriots. In the past two days, 18 Taiwan compatriots volunteers from the Taiwan Compatriots Volunteer Service Alliance in Huli District of Xiamen participated in the prevention and control of epidemic situation in the community. At the nucleic acid sampling point in Xinghua Community, Huli District, some elderly people were very anxious because they could not open their mobile phones. Taiwanese Su Feijun and his wife took the initiative to help the elderly unlock their mobile phones and reminded him to open the health code.

Su Feijun, Captain of Taiwan Volunteer Service Alliance:We regard this place as our home from beginning to end. We are just doing a very simple job of maintaining order. Compared with the medical staff, what we do is insignificant.

Taiwan compatriot volunteer Zhang Nengzhi:We have finished the third dose (vaccine) a long time ago, and our life here is very secure. As a member of China, we just try our best to contribute.

Shanghai: isolation and control for over 48 hours, expert advice to adjust mentality

In response to the epidemic, Shanghai will continue to expand the screening coverage, and some citizens have been controlled in the community for more than 48 hours, which will inevitably lead to anxiety. Experts suggest that citizens who are in quarantine control should adopt a positive attitude and face it correctly. At the same time, by paying attention to the epidemic situation released by authoritative media, they can reduce the acquisition of false news, maintain proper sports, and most importantly, maintain a good life and rest.

Qiao Ying, Deputy Chief Physician of Mental Health Center affiliated to Shanghai Jiaotong University School of Medicine:This can not only protect our metabolism, but also make our psychology at a level close to usual.

In addition, citizens who are isolated at home can try to cope with emotional changes by adjusting breathing, meditation, diverting attention, etc., or ask Shanghai’s 24-hour psychological hotline 962525 for help.

Qiao Ying, Deputy Chief Physician of Mental Health Center affiliated to Shanghai Jiaotong University School of Medicine:It is a good way and method to talk with friends and relatives in the cloud.

Three generations of Hong Kong giants rushed into the new energy track.

The logic of investing in high-tech fields is very different from the logic of investing in traditional industries. The former has higher risks and huge returns.

China’s new energy automobile industry is a typical example. In the melee and involution of the industry, there are not a few people who have lost their boat. For example, Changjiang Automobile invested by Li Ka-shing entered the stage of bankruptcy liquidation in 2020. In the second half of 2017, Li Ka-shing disappeared from the list of the top ten shareholders of Changjiang Automobile.

Weimar Automobile invested by Li Ka-shing was once considered as one of the representatives of the new forces in car making, but now it has also fallen behind. The data shows that in 2022, the sales volume of Weimar Automobile was less than 30,000.

Relatively speaking, Weilai Automobile and Xpeng Motors invested by Zheng Zhigang still have their own advantages in the market. Since 2023, Weilai and Ideality have both encountered difficulties, but judging from the recent sales data, both of them are recovering. In May, 2023, the sales volume of Weilai automobile was 6,155, and that of Xpeng Motors was 7,506, both of which entered the top 10 in the sales list of new energy vehicles. At present, the market value of Weilai Automobile is US$ 13.2 billion, and that of Xpeng Motors is US$ 7.4 billion.

Of course, even so, people can’t forget the moment when the life of Weilai Automobile hangs by a thread in 2019 — — The scene at that time scared off many investors in the new energy track.

Hong Kong capital has gradually realized that there is great uncertainty in high-tech investment. For example, in the case that the competition in the field of new energy automobile manufacturing in China tends to be fierce, it is difficult to assert which automobile factory will eventually become a big winner.In this case, they began to favor industries that provide "water supply" services for high-tech fields, such as charging service tracks. After all, investing in new energy infrastructure is more certain.

In foreign countries, the charging service track is being highly valued. One of the reasons is that the number of new energy vehicles has increased rapidly, but the overall charging infrastructure is backward. According to the data of SP&Global and Statzon, in 2022, the number of public charging piles in Europe and the United States will be about 480,000 and 140,000 respectively, and the corresponding ratio of public vehicles to piles will be about 15:1 and 22:1 respectively, so there is still much room for improvement. For this reason, charging pile operators such as ChargePoint are optimistic about the market.

The same is true in China. According to Macquarie data, in the past five years, the number of public charging piles installed in China has increased from 300,000 in 2018 to 1.3 million in 2022. By 2030, this number may rise to 26.3 million, with a compound annual growth rate of 46%.

At present, the public charging service providers in China can be divided into three categories: asset-based operators, aggregated third-party charging service providers and vehicle charging operators. TELD is the representative of asset-based operators. Energy Chain Smart Power is the representative of the aggregated third-party charging service provider. Tesla and Weilai are representatives of car charging operators. Undoubtedly, among the above three types of public charging service providers, the aggregated third-party charging service provider such as Nenglian Zhidian is most in line with the standard of "water supply".

At this moment, China’s leading charging service enterprises are chosen as the incision to enter the charging service track, and the vision of Hong Kong capital can be described as old and spicy.

There are surprises outside the national supplement! To a high amount of additional subsidies of 1,000 yuan! Double 11 Lenovo helps you upgrade your new equipment easily by exchanging old ones for new

It’s so hot, it’s also a low price for the audience, and it’s a good time to bargain-hunting! This year’s purchase of services in double 11 is really beneficial!

Double 11 benefits came very early this year! Friends who are gearing up, you must quickly receive this good raiders. Starting from pure practicality and empiricism, whether it is office workers or college students, if there is anything worth starting with recently, there is no doubt that there must be many excellent Lenovo services that have been particularly popular recently. Why? Great quantity, low price and good service! Lenovo’s service experience guarantee is well-known, and the recently announced Golden Ear Mark Award has fully confirmed Lenovo’s strong service guarantee and good service reputation. Not only that, this year in double 11, Lenovo has provided many excellent products, including Lenovo parts installation and upgrade service just needed for work and entertainment storage, silicone grease cleaning and maintenance service just needed for games, magical extended warranty service for equipment protection, accident warranty service, original power adapter, and even a thousand yuan subsidy for trade-in. Besides, there are many service options for you to choose from. Not much to say, please take a closer look at the following strategy.

There are surprises outside the national supplement! To a high amount of additional subsidies of 1,000 yuan! Double 11 Lenovo helps you upgrade your new equipment easily by exchanging old ones for new ones!

AI empowerment experience improvement, Lenovo won the Golden Ear Mark Award, guarding the whole journey!

Just recently, Lenovo’s "Golden Ear Mark Cup" digital service and operation benchmark selected China’s Best Customer Center Award & Excellent Customer Experience Double Award. This recognition from the market and industry is enough to prove Lenovo’s excellent service quality and advanced innovative technology. Lenovo, which has always been at the forefront of AI innovation, combines cutting-edge AI technology with strong service support to empower the service journey and ensure the experience optimization of the whole journey of user equipment. Lenovo Personal Service Agent not only has strong learning and understanding ability, but also accurately identifies users’ needs and provides professional and efficient solutions. Whether it’s basic service requirements such as using skills, online booking, network query, or intelligent service assistance and multi-device service management including many scenarios, Lenovo Personal Service Agent can quickly meet your needs. Such advanced service guarantee is only a part of Lenovo’s excellent service guarantee. double 11, a mass of high-quality service products, is coming soon, and many explosive products are waiting for you to buy!

Computer card, C disk red, D disk slow? Lenovo components are equipped with upgrade services to help you regain a good experience!

Every time you open more than one application, the computer becomes slow and the work progress is slowed down? Miss the victory at the critical moment of the game because of Caton? I want to improve the computer performance, but I think it is too expensive to replace the whole machine. These troubles, now let Lenovo components install upgrade services to help you solve!

There is no need to replace the whole machine, just a small investment, upgrade the original memory and hard disk, and immediately improve the performance of the computer! Original SSD 1T PCIE4.0 NVMe 2280, three-year warranty, only 689 yuan! The original notebook memory upgrade of 16G DDR5 5600MHz is now only 399 yuan! The combination purchase of the upgrade package is more valuable, and you can get a good gift when you print the order. You can enjoy the professional free installation service when you arrive at the store. Don’t put up with Caton’s troubles any more, take immediate action and go to the service area of Lenovo’s official mall, so that your computer will be rejuvenated and your work and entertainment will be unimpeded!

Is there a good thing outside the country? Lenovo’s trade-in, recycling+trade-in double pounds, so that subsidies rise to the ceiling!

You must know that the state subsidizes up to 2000 yuan to buy computers now! It’s a lot easier to buy new ones, so that the previously thought-out mind can easily start! But what you don’t know is that Lenovo has made a big move this time! Recover subsidies! Renewal subsidy! Supreme 1000 yuan! It’s an incredible deal!

Old computers and mobile phones piled up at home take up space and are not practical? It’s a pity to discard, idle and waste? Lenovo’s trade-in service makes it easy for you to solve this trouble! Whether it’s an old computer or an old mobile phone, Lenovo service can provide you with recycling service, with additional subsidies based on the recycling price, so that your old equipment can play its maximum value! Now, buy Moto mobile phone or Pad Pro 12.7 2025 soft light comfort version of Xiaoxin tablet, and enjoy the additional subsidy of Supreme 1000 yuan! Go to the service area of Lenovo’s official mall, click on the trade-in page, or log in to the Lenovo service applet for the trade-in topic, so as to recycle the value of old equipment, easily obtain brand-new high-performance equipment and upgrade your digital life!

Is the computer not cooling well? Lenovo’s professional cleaning service will restore your equipment to its peak state!

The computer has been used for a long time, with poor heat dissipation, dust accumulation, loud fan noise and frequent crashes, which affect your work and entertainment experience? Cleaning yourself and worrying about improper operation? Come and have a look at Lenovo’s professional cleaning and maintenance service to bring you solutions!

Lenovo service professional engineer, deeply disassemble and clean the inside of the computer, replace the CPU cooling silicone grease, thoroughly remove the dust, improve the cooling effect and prolong the service life of the equipment. Buy now, and you can enjoy great value. The cleaning and maintenance of the notebook containing silicone grease disassembly machine only needs 79 yuan! So affordable can restore your equipment to its peak state! Don’t let dust and dirt drag down your good mood of using the machine. Go to Lenovo’s official mall immediately, click on the service page, choose cleaning and maintenance service, and enjoy it at a great value!

Simply make a list, win a good gift, share happiness and get benefits!

After purchasing Lenovo’s designated products, don’t forget to share your experience on social media this time, and take a screenshot to the platform customer service! Simple sun-drying operation can not only get 5 yuan subsidy, but also win the season card of Iqiyi members! In just a few minutes, your sharing can bring double happiness and welfare! Get involved and make your sharing more valuable, with many benefits and surprises!

Tablet PC is a good partner! Broken screensaver and extended warranty, so you have no worries!

Tablet PC is now almost a standard equipment for work and study, but it will inevitably happen in daily use, such as the screen being smashed. These situations not only bring equipment damage, but also make people feel distressed by the high maintenance costs.

Now, with Lenovo’s tablet extended warranty and screen broken warranty service, all these concerns are put aside! Extended warranty service allows you to extend the warranty time of the equipment on the basis of the original guarantee service. Don’t worry about the performance failure, and the original parts will be replaced and repaired free of charge! PAD screen broken guarantee allows you to boldly use the machine without worrying, bringing intimate guarantee service!

Charging is not good? Lenovo original adapter, worry-free power, double cash back benefits!

At the critical moment, the equipment is out of power, the charger is not powerful, and the charging speed is slow? These problems can be solved now! Lenovo Savior’s original power adapter provides you with an efficient and stable charging experience, and bid farewell to the troubles of slow charging and unstable power!

Lenovo Savior original power adapter provides you with an efficient and stable charging solution, bid farewell to the troubles of slow charging and unstable power. Now go to Lenovo’s official mall to buy, and you can also enjoy the benefits of 50 yuan! High-quality adapter not only keeps your equipment full of power at all times, but also adds benefits to your wallet! The power is full, enjoy it all the time!

Good time to bargain-hunting! Opportunity is rare, act immediately and enjoy the value-added experience brought by Lenovo service!

Double 11 Carnival is coming, Lenovo Services has prepared rich services and great value concessions for you! Whether you want to upgrade the equipment performance or find a new way out for the old equipment, we have prepared the most intimate solution for you! Go to the special page of Lenovo service official mall immediately, or go to Lenovo offline cool direct-selling stores and consumer retail stores to experience the quality services and preferential activities of Lenovo service! Let the performance of your equipment rejuvenate and enjoy the convenience and efficiency brought by technology! Opportunity is fleeting, don’t miss it! Lenovo service, open a new chapter in smart life with you!

Optimize the ＂soft environment＂ of business with ＂hard measures＂ to create a new engine for improving quality and efficiency in the consumer market

CCTV News:The reporter learned from the General Administration of Market Supervision that the revised Measures for the Administration of Industry Standards will be implemented from June 1.

The new version of "Administrative Measures for Industry Standards" further strictly regulates the formulation, implementation and supervision of industry standards, and clarifies four types of situations in which industry standards should not be formulated: technical requirements for general products and services with recommended national standards, and technical requirements for cross-sectoral and cross-sectoral industries, which are used to constrain the internal work requirements and management norms of administrative departments. At the same time, in order to promote the construction of a unified big market and promote the smooth flow of commodity elements resources in a wider scope, the new version of the Administrative Measures for Industry Standards clearly stipulates that it is forbidden to stipulate qualifications, licensing, examination and registration, assessment and compliance, supervision subjects and responsibilities in industry standards, and it is forbidden to use industry standards to exclude or restrict market competition. At the same time, increase the relevant requirements of self-supervision by relevant administrative departments in the State Council, supervision and spot check by standardization administrative departments in the State Council, social supervision through complaint reporting channels, improve the legal responsibility of industry standard management, and build a comprehensive and clear-cut industry standard supervision system. The new version of the "Administrative Measures" clearly stipulates the main responsibility for the disclosure of industry standards, and encourages the disclosure of industry standard texts through the national standard information public service platform for public inspection.

The General Administration of Market Supervision cracked down on "short weight and short weight"

The General Administration of Market Supervision recently issued a notice to continue the comprehensive rectification of the market order of electronic pricing scales from May to October this year.

This comprehensive rectification will focus on the outstanding problems such as "short weight and short weight" of electronic pricing scales, improve the whole chain supervision mechanism for the production, sales, maintenance and use of electronic pricing scales, severely investigate and deal with illegal acts such as production, sales, modification and use of electronic pricing scales with cheating function, further enhance the technical ability and means to prevent and investigate cheating of electronic pricing scales, explore a new mode of intelligent supervision of electronic pricing scales, and constantly improve the construction of integrity measurement system.

The General Administration of Market Supervision requires all localities to strengthen the management of the whole chain, promote the joint supervision and enforcement of multi-departments, and continue to increase the investigation and exposure of illegal activities of electronic pricing scales; Publicize the basic methods of identifying "ghost scales" to consumers through multiple channels, advocate the use units and individuals of electronic pricing scales to carry out credit measurement commitments, and openly accept social supervision.

Behind Ali’s rapid growth： How to gain capital recognition in the ＂post-dividend era＂？

On May 18, 2017, Ali announced the Q4 results of fiscal year 2017 and the annual financial report (Note: As of March 31st, Ali’s fiscal year, the 2017 Annual Report disclosed the financial data from 2016Q2-2017Q1.）。

The financial report shows that Ali’s revenue in Q1 of 2017 was 38.58 billion, a year-on-year increase of 60%; At the end of the quarter, the monthly mobile users reached 507 million; Total transaction amount in FY 2017（GMV）About 3.8 trillion; The fiscal year revenue was 158.27 billion yuan, a year-on-year increase of 56%.

It is gratifying that Ali’s revenue has maintained rapid growth under the huge scale, but there is no doubt that the scale of e-commerce platform users is approaching the limit. It is worth noting that in the case that the "demographic dividend" is about to be exhausted, the market value of Ali has hit record highs, accounting for 300 billion US dollars.

On April 28th, Tiger Sniff’s book "Ali’s market value hit a two-year high, why did it increase so rapidly" discussed the global asset shortage, the convergence of capital to the "300 billion-dollar giant" and the market’s expectation for the "successor" of Ali’s capital operation.

Through the latest financial report data, we can get a general glimpse of Ali’s layout and financial health in response to the "post-dividend era".

The "demographic dividend" and "mobile dividend" have come to an end.

1)GMV’s "mobility"

In fiscal year 2017, Ali GMV was about 3.8 trillion. After exceeding 1 trillion in fiscal year 2013, the compound annual growth rate of GMV was 36.8%.

Today,Ali is still the only e-commerce platform in China with a total transaction amount exceeding 1 trillion.

Ali’s huge GMV has been highly "mobile": 79% of GMV in FY 2017 came from mobile terminals, an increase of 14 percentage points over FY 2016. In fiscal year 2014, the mobile GMV exceeded 300 billion yuan, and in fiscal year 2017 it was close to 3 trillion yuan, with an average compound annual growth rate of 110%.

2) Number of active users and per capita consumption

In fiscal year 2017, the total number of active buyers of e-commerce platforms was 454 million, with an average compound growth rate of 21.2% in the past three years.

In FY 2017, the contribution of each active buyer to GMV was 8,591 yuan, a year-on-year increase of only 7%, equivalent to spending 49.2 yuan more per month (The denominator is the average value of users at the beginning and end of the period.）。

3) All kinds of bonuses have been eaten to the tail.

The first generation of Internet companies are lucky. First, they get the world’s largest "demographic dividend" and then they get a rich "mobile dividend". As long as they can "get on the boat" and insist on not being squeezed out, they can easily get two or three-digit revenue growth. # What an era of blindfolded running #

Comparing enjoying the bonus to eating fish, we have eaten the "fish tail" today.

For example, the "demographic dividend", as of the end of March 2017, Ali’s active buyers reached 454 million, and the year-on-year growth rate has dropped to single digits; The annual per capita consumption of hundreds of millions of users has increased by seven percentage points, which is basically consistent with the GDP growth rate.

Another example is "mobile bonus". In the PC era, Internet users spend only a few hours a week surfing the Internet. In the mobile era, "24×7 online" has become the norm, and the traffic has increased geometrically. Due to the large number of food-sharing, companies from startups to Nasdaq listed companies are eager to buy, and the price of traffic is rising instead of falling. Only companies with abundant traffic, such as BAT, have successfully enjoyed this wave of dividends.

In the just-concluded fiscal year, the growth rate of Ali GMV, the number of active buyers and monthly users all slowed down significantly. The following figure shows the number of monthly mobile users in the last 14 quarters (Mobile MAUs）。

Statistics show that the number of mobile Internet users in China was close to 700 million at the end of 2016. Because it is difficult to apply for online banking under the age of 18 and cannot become an e-commerce platform user, 507 million monthly users are close to the number of adult mobile phone users.

With the popularity of the Internet and smart phones approaching saturation, the demographic dividend and mobile dividend have basically disappeared. The so-called "second half" refers to this situation (Note: The "second half" was proposed by Wang Xingyu in July 2016.）。

"A gentleman who reaches the Tao means reaching, and a poor man who reaches the Tao means being poor". If you are poor, you will think about change, change will make sense, and general rules will last for a long time. "The dividend is infinitely good, buried by the coming night", but Ali’s market value has reached a new high, indicating that its countermeasures and initial results have been recognized.

What does the capital market see?

The biggest attraction of the recent China Stock Exchange is that Ali’s share price has reached a new high, with an increase of more than 50% in the past 12 months and a market value of 300 billion US dollars.(Note: On May 19, 2017, the closing price was USD 123.22, with a market value of USD 307.5 billion).

When the market value of the company reaches hundreds of billions of dollars, no single capital force can dominate the world. Especially in the United States, where the short-selling mechanism is sound, as long as a "handful" of powerful capital thinks that the valuation is artificially high, the rally may be reversed.

Companies with a market value of billions to tens of billions of dollars are different. As long as a "handful" of strong capital supports them, high valuations can remain unchanged (Like qunar. com）。 Therefore, the consensus needed to promote the stock price rise of companies with market value of hundreds of billions of dollars is much higher than that of companies with market value of tens of billions of dollars.

Knowing that China’s demographic dividend and mobile dividend have come to an end, Wall Street has pushed Ali’s market value to a new high. On the one hand, it has seen the steady growth of the main business of e-commerce, and on the other hand, it is out of recognition of Ali’s "post-dividend era" layout.

1) The weight of core e-commerce business has declined.

In the past eight quarters, the proportion of Ali’s core e-commerce business revenue has dropped by 10 percentage points.

Due to the performance of "Double Eleven", the revenue and proportion of e-commerce business will form a "peak" in the fourth quarter of each year:

In Q4 of 2015, the revenue of e-commerce business was 34.5 billion, accounting for 93%;

In Q4 of 2016, the revenue of e-commerce business was 53.2 billion, up by 54% year-on-year, but the proportion dropped to 87%.

It is expected that the rise of cloud computing, digital media entertainment and other sectors will continue, and the proportion of e-commerce business in total revenue will further decline.

2) Cloud computing

In Q2 of 2015, the number of paying users in Alibaba Cloud was 263,000, with revenue of 485 million; At the end of 2016, the number of customers reached 2.3 million, of which 765,000 were paying users; In Q1, 2017, paying users and revenue reached 874,000.2163 billion respectively. In the same period, the quarterly expenditure of each paying user increased from 1840 yuan to 2470 yuan.

With the steady growth of revenue and the number of paying users, the economic benefits of Alibaba Cloud are improving day by day. In 2015, Q2 achieved 485 million revenue, but its operating loss reached 368 million, with a loss rate of 75.9%. The loss rates in the last three quarters were 3.8%, 5.2% and 7.8% respectively.

In Q1 2017, the EBITA loss of Alibaba Cloud business has narrowed to 169 million (Note: EBITA excludes equity incentives and amortization of intangible assets for operating profit.）。

In fiscal year 2017, Alibaba Cloud’s revenue reached 6.663 billion, up 120.7% year-on-year, achieving three-digit growth for two consecutive years.

According to IDC data, Alibaba Cloud is the largest public cloud service provider in China, with revenue exceeding the sum of the 2nd-10th places. At present, Alibaba Cloud computing has penetrated into the fields of consumer brands, energy, financial institutions, health care, manufacturing, media and retail, accounting for more than 40% of the cloud computing market in China.

According to the research report released by Deutsche Bank, Alibaba Cloud’s net income will surpass Google to enter the top three in the world in 2016.

With the first-Mover advantage, scale advantage and good performance, it is very likely that Alibaba Cloud will turn losses into profits in two or three years, when the door to the A-share market will be opened.

3) Digital Media and Entertainment

Ali’s "Digital Media and Entertainment" section is mainly composed of Youku Tudou, UC browser and Gaode map. The initial task of this sector is to play a synergistic role with the core e-commerce business. With the progress of user scale, content ability, technology and brand, the revenue has increased year by year, and the contribution rate to revenue is about 10%.

In Q1, 2017, the revenue of digital entertainment was 3.93 billion, up 234% year-on-year, accounting for 10.2% of the total revenue.

The financial report only discloses the revenue and EBITA of the whole sector in general. Under the influence of multiple factors, EBITA is elusive, but the overall loss is narrowing.

Although Alibaba Cloud and Youtu are still losing money, they are both on the right track, and their prospects as industry leaders are limitless. After all, the success of AWS and Netflix is just around the corner.

Although the dividend is exhausted, Ali’s position as the king in the field of e-commerce is worry-free, and cloud computing and digital media entertainment watered by abundant cash flow in e-commerce business have become a climate.

In addition, many companies in which Ali shares have become an organic part of the e-commerce ecology. Among them, the best is the rookie with an average daily parcel handling capacity of over 42 million pieces; Single season GMV reached a reputation of 75 billion.(Year-on-year increase of 257%)There is also Suning who is "beautiful in the Warring States and resistant to JD.COM".

It can be said that Ali is the most fully prepared Internet company in China for the "post-dividend era".

Financial health under diversification

Not afraid of diversification, I am afraid of LeTV’s diversification beyond its own strength. Cloud computing and digital media entertainment are still in the investment period, and they still need to share the losses of excellent soil, rookie and word of mouth. What is Ali’s financial health?

1) The "trunk" is thick.

Ali’s e-commerce business is obviously seasonal, with the peak of Q4 and the trough of Q1. Generally speaking, the peaks are higher and the valleys are shallower. For example, in 2016, Q4 revenue reached 46.58 billion, 45% higher than the previous peak; In Q1, 2017, the revenue was 31.57 billion, a year-on-year increase of 47.1%.

It is worth noting that the peak season revenue and profit rate are rising simultaneously. Operating profit margin in 2015Q4 and 2016Q4 (EBITA) are 65% and 64% respectively. This ratio was 59% in 2015Q1 and 2016Q1.

In FY 2017, the e-commerce business EBITA reached 82.43 billion. EBITA is the balance of gross profit after deducting the product expenses, market expenses and administrative expenses, excluding equity incentives and amortization of intangible assets, which is close to Non-GAAP net profit in connotation and equivalent to "net cash flow from operating activities" in amount.

According to this calculation, in FY 2017, the non-GAAP profit margin of Ali e-commerce business was 61.6%.

Internet companies in China are engaged in various businesses, such as portals, games, social networking, OTA, and e-commerce … Among them, many of them have a gross profit of over 50%, but few people have heard of them with a revenue of over 100 billion and a non-GAAP net profit margin of over 50%. For example, in the fiscal year ended December 31, 2016,Tencent’s non-GAAP net profit was 66.863 billion, and its non-GAAP net profit margin was 44%. While that in JD.COM is only 0.4%.

More than 130 billion revenues and more than 80 billion net cash inflows, as the backbone of Ali’s ecology, the core e-commerce business is extremely strong and growing.

2) Three expenses

The gross profit of a typical Internet company is quite high, generally above 70%. But whether it is profitable in the end depends on the product cost, market cost and administrative cost. The total cost of Qunar.com and 58 cities has exceeded 100% of revenue!

In fiscal year 2010, Ali’s three expenses totaled only 4.5 billion, and reached 45.6 billion in fiscal year 2017, with a compound annual growth rate of 39.2%.

However, in fiscal year 2010, the three expenses accounted for 67% of revenue, while in fiscal year 2017, they only accounted for 29%. This is the so-called "scale effect".

Because the financial report discloses the related expenses of e-commerce, cloud computing, digital media entertainment and innovative business, it is difficult for the outside world to know the allocation of these expenses in various businesses. butTo be sure, as far as e-commerce business is concerned, the proportion of three expenses to revenue will be lower..

3) "big horse-drawn car", no blame.

The 2017 financial report discloses the benefits of four sections (EBITA), only the core e-commerce sector makes money, and the three sectors of "cloud computing", "digital media entertainment" and "innovative business" all lose money.

In Q2 of 2015, the three "loss-making sections" EBITA totaled 1.53 billion, and in Q1 of 2017 it rose to 2.56 billion. During the eight quarters, it burned a total of 16.67 billion.

Nowadays, the imagination of cloud computing and digital media entertainment has even been recognized in the capital market, with less than 20 billion yuan burned and the market value soaring by 100 billion US dollars. From the point of view of valuation alone, this more than 10 billion burned value.

More importantly, burning two or three billion yuan in a single season seems like a lot, but the "robust" e-commerce business can easily bear this "drag". In Q1, 2017, the total loss of the three loss-making businesses was less than one-sixth of the e-commerce business EBITA (13.8%）。

Again, Internet companies are not afraid of burning money, and it is good to "burn money" within a controllable and affordable range.

A big horse-drawn cart is blameless, but a small horse-drawn cart is in danger.

The largest size in the audience／excellent parking in subject 2 is interesting enough for Lantu dreamers.

[Information] Founded in 1995, Auto is a high-tech private enterprise listed in Hong Kong. This article is a brief introduction to the relevant information of BYD’s production and sales models in 2009-2010.

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● Introduction of BYD factory

At present, BYD has three main factories producing automobiles, which are located in Xi ‘an, Shenzhen and Changsha. Xi ‘an factory is located in Caotang Science and Technology Industrial Base (including engine factory) in Xi ‘an High-tech Zone at the northern foot of Qinling Mountains. Since 2005, it has mainly produced F series, S8 series and G3 series, and L3 will also be produced in Xi ‘an. Shenzhen factory headquarters is located at No.3001, Hengping Highway, Pingshan, Shenzhen (including engine factory). It was opened in 2007 and currently mainly produces F0 series and F trains.

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● Introduction of BYD’s production capacity in 2009

In 2009, BYD’s production capacity reached 500,000 vehicles. Among them, the production capacity of Xi ‘an plant is 300,000 vehicles, and the annual production capacity of Shenzhen Pingshan Automobile Base is 200,000 vehicles.

● BYD sales in 2009

BYD sold 448,396 vehicles in 2009, an increase of 162.40% compared with the sales of 170,880 vehicles in 2008.Among the annual sales of nearly 450,000 vehicles, nearly half of them are the achievements of F3.

Annual sales of BYD in 2009 car make and model Cumulative sales (vehicles) F3（F3R） 290963 F0 102931 F6 52440 G3 1919 S8 96 F3DM 48

● The output will reach 800,000 vehicles by the end of 2010.

In 2010, BYD’s sales target was 800,000 vehicles. According to the previously published data, BYD’s production capacity in 2009 was 500,000 vehicles, which was not enough to support the sales target of 800,000 vehicles in 2010.

Therefore, BYD will continue to improve production efficiency this year (by increasing production shifts, etc.) to achieve the purpose of increasing production capacity, so as to strive to achieve the sales target of 800,000 vehicles by the end of the year.

In the sales plan for 2010, F3 series is still the most important vehicle, with 270,000 vehicles planned to be sold, F0 plans to sell 150,000 vehicles, F6 and G3 undertake the sales task of 100,000 vehicles respectively, and dual-mode electric vehicle F3DM and convertible S8 are expected to sell 10,000 vehicles. A total of 170,000 new cars L3, I6, G6, M6 and S6 will be sold next year.

● BYD expansion project in 2010

With the increase in the number of new cars, the production capacity of the current two BYD factories is far from enough. Now BYD has started to build and expand new factories to meet the strong production plan.

"BYD Shenzhen factory is about to expand"

● Construction of BYD’s new factory

1. In order to meet the market supply, BYD has started the construction of the Second Factory in Xi ‘an, with a total investment of 5 billion yuan, covering an area of 4,500 mu, adding 400,000 vehicles and auto parts. Xi ‘an No.2 Factory is expected to put the vehicle project into production in the first half of 2011, and complete the production capacity of 400,000 vehicles, engines and parts in 2013. By then, BYD Auto’s two plants in Xi ‘an will form an annual production scale of more than 700,000 complete vehicles and key parts.

2. The equipment installation project of Shenzhen Pingshan Painting Phase II started in May 2009, and about half of the whole construction project has been completed; Part of the equipment infrastructure construction in the second phase of punching and welding has been basically completed, while the rest is under intense construction and will be completed and delivered soon; The preparatory work for the third phase of the punching and welding project has been completed, and construction has started as scheduled; The third line of final assembly has entered the final debugging stage.

3. The Changsha factory was just acquired by BYD in 2009. It is located near Hunan Environmental Protection Science and Technology Park and Hongxing Flower Market of South Bus Station. It is expected to mainly produce vans and buses in the future.

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Therefore, before the completion of the new factory, BYD’s production capacity will be improved in 2010, but it will remain within 800,000 units (No.1 factory in Xi ‘an+Shenzhen factory), and the production capacity may exceed one million units by the end of 2013 (700,000 units in Xi ‘an+300,000 units in Shenzhen factory).

● New car outlook

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BYD L3

L3, which has attracted much attention from the industry, will be launched after the Spring Festival. It will be powered by 1.5L and 1.8L displacement engines, and the 1.8L model will also be equipped with a transmission. The electric car e6 will also be put into production with the Shenzhen factory. At the same time, BYD’s subsequent new car planning also includes F2, F5, S1, S3, M3 and so on.

Generally speaking, to increase the sales volume greatly in 2010 mainly depends on the addition of new models. Of course, F3 series is still the cornerstone of BYD’s automobile sales. BYD is a key manufacturer of environmental protection brand among its own brands. Besides F3DM, pure electric vehicle e6 will also be put on the market this year for government, public utilities or taxi fleet. (Text/car home Wang Wei)

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