() The operating comments of the Board of Directors in 2023 are as follows:

　　I. Overview of the Company’s main businesses during the reporting period

The company is mainly engaged in precision functional parts, structural parts, modules and chargers, and its products are mainly used in AI terminal equipment and communication, automobile, photovoltaic energy storage and other industries.

Ii. the industry in which the company is located during the reporting period.

1. AI terminal equipment and communication related industries

1.1 AI terminal equipment related industries

In 2023, global artificial intelligence (AI) technology made a breakthrough, especially in the field of generative AI, which led a technological revolution. In this process, terminal hardware is expected to become the entrance of AI, "hardware +AI" is a revolutionary promotion of work and lifestyle, and the integration of multiple ecosystems in the whole scene of smart terminals is accelerated. After years of efforts, the company has actively laid out the field of AI terminal hardware, transformed and upgraded from a consumer electronics manufacturer to an AI terminal hardware manufacturing platform, and provided services such as R&D, design, production, sales and solutions for core components in the upstream of the AI terminal hardware industry chain.

In 2019, the Organization for Economic Cooperation and Development (OECD) defined artificial intelligence (AI) as "a machine-based system that can make predictions, suggestions or decisions that affect the real or virtual environment for a given human-defined goal". Although AI is regarded as an invisible technical system, it is based on physical infrastructure and hardware. AI terminal electronic products include consumer electronic products such as smart phones, notebook computers, tablet computers and smart wearable devices, enterprise-level commercial electronic devices such as data center equipment, large servers, industrial computers and power supply equipment, and innovative electronic terminal products such as augmented reality (XR).

At present, the global demand for consumer electronic products such as smart phones, tablets, smart wear and XR still faces certain challenges. However, the rich application scenarios of artificial intelligence terminals and the innovation and upgrading of interactive forms of artificial intelligence models in the future will promote the upgrading of the demand for artificial intelligence terminal products and hardware terminals such as heat dissipation, chargers, storage and screens in the industry, and the industry is expected to usher in new opportunities for development. IDC, an international research institute, predicts that in 2024, the terminal equipment equipped with AI function will exceed 70% in China market, and the proportion of AI terminals will reach 55%; The penetration rate of AI PC in China PC market is about 8.1% in 2023, and it is expected to rapidly increase to 54.7% in 2024. In the next few years, the proportion of AI PC in new machine assembly will rapidly increase, and it will reach 85% in 2027, becoming the mainstream model in PC market. The innovation of artificial intelligence (AI) technology will lead a new round of scientific and technological trends. According to the data and forecast of CounterpointResearch, a market research organization, the global shipment of generative AI smartphones will be about 47 million units in 2023, accounting for about 4% of the total smartphone shipment. 2024 will be the key year for generative AI smartphones, and the shipment is expected to exceed 100 million units. By 2027, the global shipments of generative AI smartphones will rise to 522 million units, accounting for about 40% of the total smartphone shipments, with a compound annual growth rate of 83%. Artificial intelligence will empower to create a more intelligent, perfect and interconnected ecosystem.Drive function upgrade, constantly enhance the functional experience of electronic devices and the interconnection and entertainment between multiple devices.

A. Heat dissipation has become one of the obstacles restricting the improvement of computing power, and it is also an important factor limiting the innovation and upgrading of AI terminal products. With the rapid development of the AI terminal industry, the demand for related data and computation has exploded, and the role of computing power has become more and more important. A large number of AI large models need strong computing power support to be effectively implemented, and AI computing power has become the decisive factor for terminal products to break through the diversity of application scenarios and performance innovation and upgrading. The requirement of high-intensity and high-precision operation not only brings high energy consumption, but also produces various practical problems of heating and cooling.

According to the research on the development of heat dissipation and cooling of electronic devices published by China Electronics Science and Technology Corporation, the system reliability and stability of electronic products decrease with the increase of semiconductor component temperature. In order to avoid device failure caused by overheating, technologies such as vapor chamber (VC), thermal conductive silicone grease, thermal conductive gel, graphite thermal conductive sheet and heat pipe have appeared one after another and continuously upgraded, so the heat dissipation management of electronic devices in AI terminals is becoming more and more important.

According to the characteristics of heat source power consumption, cooling requirements, spatial structure and so on, various cooling products will be used alone or in combination. Due to its great advantages in heat dissipation efficiency, VC vapor chamber has gradually become the mainstream heat dissipation scheme for AI mobile phones and PCs, and has accelerated its development towards ultra-thinness, simplified structure and low cost, and the technical iteration is accelerating. In the future, with the obvious trend of high power, high integration and high heat in the 5G era, VC vapor chamber will become the "hard core demand" of AI terminals, and the market still has great development potential.

With the rapid development of AI technology, cloud computing and Internet of Things technology, the scale of global computing equipment, data centers, AI servers and other key infrastructures has rapidly increased, and graphics processors (GPU) and central processing units (CPU) have been upgraded to higher performance, further promoting the demand for thermal management systems. The appearance of GPT-4 and other large models has brought about a new growth trend of computing power, and the doubling time of computing power has been obviously shortened. With the higher performance and power of the computing chip, the computing center further improves the power density of the rack, which puts forward higher requirements for the power supply system and cooling system, and the value of the cooling module and power management system in the core components is significantly improved. IDC, an international research institute, predicts that the global AI server market will reach 34.71 billion US dollars by 2026, and the growth rate of the market scale is higher than that of the overall server market, which has become the core driving force for the global server industry to maintain a prosperous growth. With the increasing power consumption of data center equipment and AI servers, GPU, CPU and other computing chips are upgrading to higher performance, which puts higher demands on power supply system and cooling system, and the value of power management system and cooling system in core components is significantly improved.

B. AI terminal product innovation and upgrading is expected to empower terminal industries such as XR(VR, AR, MR) from the hardware side and interactive content side, driving the industry to accelerate its growth. In order to improve the perceptual interaction experience of XR, it is very important to continuously improve the hardware and AI algorithm. XR devices need to recognize and understand real-world information quickly and accurately in order to interact effectively between real and virtual worlds. AI can use computer vision algorithm and deep understanding technology to efficiently restore the real environment, and optimize various perceptual interaction experiences such as eye tracking, bare-handed interaction and facial recognition, so as to improve the performance and user experience of XR devices. Five departments, including the Ministry of Industry and Information Technology, issued the Three-year Action Plan for Innovation and Development of Meta-Universe Industry (2023-2025), which mentioned expanding the entrance of Meta-Universe, accelerating the large-scale promotion of immersive display terminals such as XR head display and naked-eye 3D, and the new products released by world-renowned terminal electronic brands are expected to stimulate users’ interest in XR. IDC, an international research institute, predicts that 2024 will be the year of recovery of the global AR/VR head-mounted display market, and the estimated shipment volume will increase by 44.2% to 9.7 million units. It is estimated that by the end of 2028, the sales volume of virtual reality head-mounted displays will reach 24.7 million units, with a five-year compound growth rate (CAGR) of 29.2%. With the breakthrough in related technical fields, the continuous enrichment of content ecology and the improvement of consumer experience, XR products will probably become more popular.

C. Folding screen mobile phone has become a new growth point and an important development opportunity in the current smart phone market with its high technical threshold and high added value. The technical bottlenecks of key components such as flexible OLED, hinge, hinge and UTG glass have gradually broken through, and the stability of the supply chain has been greatly improved. Counterpoint, a market research organization, predicts that the global market share of folding screen mobile phones in high-end mobile phones will reach 8% in 2023, and it is estimated that the global market share of folding screen mobile phones in high-end mobile phones will reach 39% in 2027.

With innovative design, differentiated experience and consumers’ increasing demands for personalization and entertainment, major manufacturers have taken folding screen phones as a new track to seize the high-end market, and the release frequency of related products is increasing year by year. It is predicted that the industry will enter a concentrated outbreak period. According to IDC, an international research institute, in 2023, the global shipment of folding screen mobile phones was about 21.4 million units, a year-on-year increase of 50.7%.

The basic function optimization of folding screen mobile phone hardware equipment is the top priority of the development of folding screen mobile phone brand manufacturers at this stage. Major manufacturers are constantly adjusting and researching hinge structure, battery material and screen material through cutting-edge technology, further optimizing the basic configuration of folding screen mobile phones in terms of body thickness, weight and crease, laying a foundation for the development of folding screen mobile phones, and providing effective support for the continuous optimization of user experience and the improvement of intelligent ecology in the future.

At present, the design concepts of folding screens by mobile phone manufacturers are mainly divided into performance-oriented, thin-oriented and thin-all-round. Due to the heavy volume of performance-oriented products, the portability is poor and the consumer acceptance is relatively low. Thin and light-oriented manufacturers have improved portability by upgrading hardware to reduce the weight of folding screens, but they have made trade-offs in some functions. Nowadays, domestic head manufacturers have crossed the single stage of thinness, added more flagship functions to folding screen mobile phones, which has been widely recognized by consumers, and product design has begun to develop in the direction of thinness and versatility, and will become the main trend of future development.

1.2 Communication equipment related industries

With the increasing number of policies such as "Notice on Strengthening End-network Collaboration to Help the Development of 5G Message Scale" and "Overall Layout Planning of Digital China Construction" and the continuous promotion of new global AI applications, China’s new digital economy infrastructure is expected to help upgrade the computing network, and further promoting 5G construction and application is the focus of future policies and demands. China is far ahead of other countries in terms of 5G infrastructure and the number of users. According to the data of the Ministry of Industry and Information Technology, by the end of 2023, the total number of 5G base stations in China reached 3.377 million, accounting for 29.1% of the total number of mobile communication base stations, and the average number of 5G base stations per 10,000 people reached 24. By the end of February 2024, the total number of 5G base stations in China reached 3.509 million, accounting for nearly 30% of the total number of mobile base stations. China’s 5G coverage and application are continuously upgrading, covering all prefecture-level cities and county towns, and the coverage breadth and depth continue to expand. At present, the application of 5G industry is integrated into 60 categories of national economy, with more than 50,000 application cases. Many enterprises such as government, machinery, medical care and transportation have joined the camp of 5G private network.

Generally speaking, the communication business industry is showing a trend of rapid development worldwide, especially under the impetus of 5G technology, the industry is welcoming new development opportunities. China, as a global leader in the development of 5G, will see a broader development prospect for China’s new digital economy infrastructure under the dual promotion of policies and demands. At the same time, it will also bring more market opportunities and development space for the communication equipment manufacturing industry.

2. Automobile related industries

In 2023, the Ministry of Finance, State Taxation Administration of The People’s Republic of China and the Ministry of Industry and Information Technology issued the Announcement on Continuing and Optimizing the Vehicle Purchase Tax Reduction and Exemption Policy for New Energy Vehicles. Seven departments including the Ministry of Industry and Information Technology jointly issued the Work Plan for Steady Growth of the Automobile Industry (2023-2024), and the National Development and Reform Commission and other departments jointly issued the Measures for Promoting Automobile Consumption. The release of relevant policies further stabilized and expanded automobile consumption. According to the data of China Automobile Association, in 2023, the production and sales of new energy in China were 9.587 million and 9.495 million respectively, up by 35.8% and 37.9% respectively, and the market share reached 31.6%, up by 5.9% over the same period of last year. The China Automobile Association predicts that the sales volume of new energy vehicles in China market is expected to reach 11.5 million in 2024, up by 20% year-on-year.

According to the latest report of Canalys, a market analysis organization, the global sales of new energy vehicles are expected to increase by 29% to 13.7 million vehicles in 2023, with a penetration rate of 17%. It is estimated that the global market of new energy vehicles will increase by 27% to 17.5 million vehicles in 2024. China will remain the largest new energy vehicle market, with local sales expected to reach 7.6 million vehicles, accounting for 55.5% of the global new energy vehicle market.

The continuous increase in the production and sales of new energy vehicles has effectively boosted the demand for power batteries. According to the data of SNEResearch, a Korean market research organization, the total number of power batteries in the world in 2023 is about 705.5GWh, up 38.6% year-on-year. As an important part of power battery, the market scale of power battery structural parts is expanding year by year. According to the data of EV TanK, a new energy market research institution, it is estimated that the global market scale of power battery structural parts will reach 76.813 billion yuan in 2025.

3, photovoltaic energy storage related industries

Many countries in the world have taken the development and utilization of solar energy as the main task of medium and long-term energy development strategy and planning. In 2022, the European Union promulgated phased rooftop photovoltaic legislation, requiring all new public buildings and commercial buildings with a roof area of more than 250 square meters to be installed with rooftop photovoltaic by 2026, all eligible existing buildings to be installed by 2027, and all new residential buildings after 2029 to be installed with rooftop photovoltaic. The European Commission has released the plan of RE Power EU. The specific EU solar energy strategy in the plan mentions that the total installed capacity of photovoltaic in the EU is planned to reach 320GW in 2025 and 600GW in 2030. According to the report of Jost Sullivan, an international business consulting company, driven by favorable policies and increasing demand for sustainable energy, the global photovoltaic inverter is expected to reach 579.3GW in 2026, with a compound annual growth rate of 22.6% from 2022 to 2026.

China is also accelerating the pace of solar energy development and utilization. The National Energy Administration issued the Action Plan for Upgrading Carbon Neutralization Standardization in Energy peak carbon dioxide emissions, which pointed out that by 2025, a relatively complete energy standard system will be initially established, which can strongly support and lead the green and low-carbon energy transformation, and the energy standard will be transformed from quantitative scale to quality and efficiency, effectively promoting the green and low-carbon energy transformation, energy saving and carbon reduction, technological innovation and carbon emission reduction in industrial chain. Six departments, including the Ministry of Industry and Information Technology, issued the Guiding Opinions on Promoting the Development of Energy Electronics Industry, proposing to encourage the development of advanced and applicable intelligent photovoltaic modules, and to develop key components such as intelligent inverters, controllers, junction boxes and tracking systems.

Photovoltaic micro inverter is a plug-and-play device for photovoltaic power generation, which can convert the DC generated by a single solar module into AC. Driven by the continuous growth of national policies and electricity demand, photovoltaic micro-inverter, as an inverter product with high conversion efficiency, strong safety, long maintenance period and high intelligence in daily use, has high technical barriers and high industry concentration. The main markets are distributed in North America and some European countries, and residential electricity and commercial electricity are the two main application scenarios of micro-inverter. According to the report of Mordor Intelligence, a market research organization, the market size of micro inverters is expected to be 3.15 billion dollars in 2024 and 7.74 billion dollars in 2029, with a compound annual growth rate of 19.70% during the forecast period (2024-2029).

Iii. Main businesses of the Company during the reporting period

(I) Some advanced core manufacturing processes of the company

1. Intelligent AOI detection system and automatic product detection feedback adjustment system.

On the basis of AI deep learning, the company’s intelligent AOI inspection system introduces contour line method for part edge inspection, and reduces the Escape/Overkill ratio through self-owned product data set training, achieving 0% missing judgment of target functional defects and realizing No Touch technology. At the same time, the company has designed and developed a unique detection light source illumination system. For different products, customized detection light sources and illumination schemes are designed and verified with different lighting methods such as filters/dark field microscopes/angles/colors, which can meet the detection requirements of products with complex shapes, different materials and reflective conditions. In 2023, 100% of the special NUD products will be imported into the special AOI first-line process, and about 1,256 people/month will be saved in the peak period, and 80% of the small parts will be imported into the general AOI three-in-one first-line process, and about 956 people/month will be saved in the peak period.

Automatic CCD and AOI product inspection feedback adjustment system realizes real-time feedback adjustment in production, establishes a real-time feedback adjustment mechanism based on PID algorithm, and adjusts the stamping system in the production process according to the inspection results of CCD and AOI, thus realizing real-time control of production errors. The company’s automatic adjustment system is mature in technology and has independent hardware and software patents. At present, it has been widely used in the production of key functional parts and products with complex structure and strict size requirements, ensuring high-precision production and saving a lot of manpower for follow-up inspection.

2. High-speed precision stamping technology

High-speed precision stamping technology is a stamping production process with both stamping speed, high precision and extremely high efficiency. High-speed precision stamping is a combination of equipment, mold processing, mold design, intelligent control and other technologies, which can effectively reduce the amount of mold development, is suitable for mass production of precision parts, and can fully reflect the technical level and software and hardware strength of a modern manufacturing enterprise. The company has fully applied high-speed precision stamping technology in 3C electronics, connectors, automotive electronic components and other aspects, with one person and multiple machines to reduce costs, improve efficiency and ensure high quality and dimensional stability of products.

3, stamping a stream

Stamping a piece of flow is an efficient production mode with high automation and centralized production site, which is widely used in the field of small stamping continuous die parts and products that need to be welded or assembled. It mainly combines the processes of strip stamping, cleaning, welding, inspection and blanking, and the AOI and pendulum packaging processes are completed in the same area, and the number of connecting stations can be increased or decreased according to the product process. The stamping process has a high degree of automation, few operators and good product consistency. In the process flow, AOI inspection and packaging are carried out online, and there is no warehousing and logistics process, which effectively controls the output quality and feeds back the quality status in time. Flexible increase and decrease of work stations can effectively reduce product costs.

4. Workshop unmanned technology

In 2023, the company adopted various advanced core manufacturing processes, scientifically applied lean production improvement methods and management tools, and carried out a series of improvement and upgrading work in combination with the actual situation, and achieved phased results. The direct labor cost was about 3.277 billion yuan, a year-on-year decrease of about 6.76%.

5. Other core technologies

(II) Development of each business segment

1. AI terminal equipment and communication

AI terminal equipment and communication industry refers to the research and development, production, sales and related services of AI terminal equipment and communication equipment, which can be divided into AI terminal equipment plate and communication plate according to the application of terminal products. The AI terminal equipment section covers all kinds of artificial intelligence (AI) terminal electronic products, including consumer electronic products such as smart phones, notebook computers, tablet computers and smart wearable devices, enterprise-level commercial electronic devices such as data center equipment, large servers, industrial computers and power supply equipment, and innovative electronic products such as augmented reality (XR). The communication section mainly involves wireless communication equipment, including base station equipment and signal processing components.

As the world’s leading core supplier in the field of AI terminal hardware, the company provides one-stop intelligent manufacturing services and solutions for the industrial chain of precision functional parts, structural parts and modules required by AI terminal equipment on a global scale. The company has the technology of die-cutting, stamping, CNC and injection molding, and the downstream applications of electronic related products cover AI terminal equipment such as smart phones, laptops, wearable devices and XR.

The company actively builds the AI terminal hardware manufacturing platform, accelerates the exploration in the field of artificial intelligence hardware, continuously pays attention to the innovation and upgrade of frontier technologies related to robots, and explores the specific application and collaboration in its own business field around hardware products including XR, robots and other AI terminals. At the same time, the company also applies the research and development of artificial intelligence and robots to the overall industrial solution of automated production, and is committed to building an intelligent production workshop with international advanced technology and equipment level and domestic leading level, combining with various and multifunctional numerical control and automation equipment independently developed, and creating an efficient modern smart factory.

1.1 AI terminal equipment related products

In terms of smart phones, the company conforms to the main development trend of lightweight and performance optimization of high-end folding screen mobile phones, and actively tries to design, develop and produce folding screen structural parts with new material carbon fiber, optimize the hinge and screen structure, prolong the service life, and reduce the influence of creases and the overall body weight.

In terms of heat dissipation management system, the company has already possessed the R&D, production capacity and systematic heat dissipation solutions of heat pipes, vapor chamber and other heat dissipation components, air cooling modules, water cooling modules, graphite sheets, heat conducting gaskets and thermal grease-related products, which are applied to various terminal electronic products such as smart phones, smart wear, XR, photovoltaic inverters, energy storage systems and AI-related application servers. Ultra-thin VC vapor chamber’s industrialization supporting layout and downstream customer expansion are relatively smooth. At present, it has passed the product and customer certification and established a good cooperative relationship with well-known customers in the global consumer electronics field.

In terms of smart wear, the company provides core components such as soft functional parts, injection molded parts, heat dissipation solutions and chargers for head customers in the global XR field.

The main products and services related to AI terminal equipment of the company are as follows:

(1) Precision functional parts and structural parts

For all kinds of metals (such as stainless steel, aluminum alloy and titanium alloy) and non-metallic materials (such as carbon fiber, rubber, foam and wire mesh), the company adopts targeted technology and surface treatment method, and combines proprietary automation and visual inspection technology to make various types of precision functional parts that meet the strict requirements of customers in terms of size, appearance and performance.

Structural parts refer to components that transmit motion or provide support in equipment, in which precision structural parts are metal, plastic or other non-metallic structural parts that meet the requirements of high dimensional accuracy, high surface quality and high performance. The production of structural parts covers the whole process from research and development, mold manufacturing, injection molding, spraying, CNC machining to assembly. Production equipment are interconnected, which has the characteristics of intelligent key manufacturing process and automation of the whole manufacturing process.

(2) Module

Modules generally refer to special functional parts, which are composed of more than one part (such as precision functional parts and structural parts), processed and combined by various processes, with comprehensive functions and can be embedded in various end products. With the advantages of long-term accumulated technology and experience in precision functional parts and structural parts business, the company’s module business has developed rapidly and gradually improved its vertical integration ability. The company has several product lines, such as heat dissipation module, backlight module, RF module, motor module, rotating shaft module, acoustic module, keyboard module, touchpad module and wireless charging module, which are widely used in various products.

(3) product scheme and ODM products

In terms of AI terminal equipment, the company provides ODM services and product solutions to important customers based on strong comprehensive research and development capabilities and rich experience accumulated in lean manufacturing.

(4) Materials

1.2 Communication business

In terms of communication business, the company relies on the strong R&D capability of the communication R&D center and the advantages of long-term accumulated technology and experience in the business of precision functional parts and structural parts to continue research and development in the new communication field and provide core components of communication equipment to important customers.

Milestone of communication business development

The company’s products have covered 5G base station devices, components and subsystems, such as base station filters, diplexers, trunk network backhaul diplexers, adjustable diplexers, polarization orthogonal converters (OMT), and outdoor split-add missiles (OCU).

2. Cars

At present, the company has laid out battery structural parts such as aluminum shell, cover plate and adapter plate of power battery cells, and other automobile-related precision structural parts such as flexible soft connections and injection molded parts, which have competitive advantages in precision manufacturing, R&D and design capabilities. In the material cost composition of power lithium batteries, generally speaking, precision structural parts account for 10%-16% of the material cost. The structural components of lithium battery include battery cell top cover, steel/aluminum shell, positive and negative flexible connections, battery flexible connection row, etc. They play the roles of energy transmission, electrolyte bearing, safety protection, battery fixing and appearance decoration, and have specific functions such as connectivity, shock resistance, heat dissipation, corrosion resistance, interference resistance and antistatic property according to different application environments.

With its leading precision manufacturing, R&D design and business development capabilities, the company has risen rapidly in the field of power battery structural parts segmentation, and has become an important supplier of new energy customers in North America with high-standard products. In August 2023, the company’s subsidiary signed a Nomination Agreement with a power battery subsidiary of a German vehicle manufacturer to supply power battery cover plates, die-cutting parts and related injection molding and stamping parts. The smooth implementation of the agreement is expected to increase the company’s revenue from 2025 to 2029 by about RMB 2.2 billion. The company is actively expanding other related automotive product lines, such as automotive cooling modules, charging products and on-board charger.

The main products and services of the company’s automobile business are as follows:

(1) Precision functional parts and structural parts

3. Photovoltaic energy storage

The main products of the photovoltaic energy storage plate of the company are micro inverters, which are used to convert the DC power supply of solar modules into AC power supply. The company has established in-depth cooperation with international leading customers in the field of photovoltaic energy storage in cooperative development and production, providing them with OEM services for products such as micro photovoltaic inverters, and maintaining the leading global market coverage of its related terminal products. The company’s photovoltaic energy storage business has strong synergy with the original business, and has rapidly increased its market share by virtue of its deep accumulation in the areas of lean intelligence, automation, intelligence, large-scale supply and supporting capabilities in the field of consumer electronics.

Milestone of photovoltaic business development

In terms of products, the company mainly cooperates with international leading customers in the field of photovoltaic energy storage by ODM to develop new micro photovoltaic inverters and provide OEM services for them. At the same time, the company has the overall production capacity of new energy storage products such as outdoor energy storage power supply.

(3) Industry status

The company is one of the few one-stop intelligent manufacturers in the precision manufacturing industry, which covers upstream raw materials, midstream precision functional parts and structural parts, modules and chargers. Its products are used in many downstream markets such as AI terminals and communication products, new energy vehicles and photovoltaic energy storage. At present, the company has reached the world advanced level in production technology, product quality and comprehensive operation efficiency, and is developing in the direction of ultra-high precision, high performance and high added value.

Fourth, the company’s operating system

Focusing on organizational innovation and upgrading, the "four circles" principle is coordinated: in the current fierce market competition environment, reducing operating costs and improving the overall innovation ability of enterprises have become the key competitiveness to achieve sustainable development. The company adheres to the working principle of "the cost wants to come down, and the ability needs to go up", focusing on the "four circles" principle composed of business (BD), research and development (R&D), operation and function, and the four circles cooperate to support the steady development of the company.

First of all, business follows the purpose of "customer first" and carefully selects the track and customers in the market according to the company’s strategy, which is the core circle;

Secondly, R&D focuses on customer needs and industry trends, and carries out research and development of leading technologies, which is an innovation circle;

Then, the operation department needs to carry out all-round implementation around the needs of business and R&D, realize the optimization of yield, efficiency and cost, and improve operational efficiency, which is the implementation circle;

Finally, functional departments provide services according to the needs of all circles, and provide strategic guidance and operating mechanisms of various support systems, which is the support circle.

(A) the production system

The company has always been adhering to the craftsman spirit, attaches great importance to the refined production and quality control of products, strictly controls all links in the production process, and sets industry standards in quality, technology and other aspects. At the same time, the company has continuously invested in R&D resources, adopted advanced production equipment and technical means, and improved its innovation ability in precision mold design, material application and production technology. Most of the company’s main customers are internationally renowned consumer electronics brand manufacturers and their designated upstream suppliers, and their procurement needs are mostly customized precision functional parts, and the procurement volume is often large, which requires high quality requirements for purchased products and production delivery capacity of manufacturers. Therefore, the ability of quality management and on-time delivery in the product manufacturing process is very important. The company mainly adopts the "make-to-order" production mode to meet customer demand. Customers provide corresponding purchasing plans to the company in advance according to their own purchasing needs, and the company arranges corresponding reasonable production plans in combination with the company’s production capacity after learning different customer demand plans and comprehensive consideration. In the whole manufacturing process, the company collects data through the centralized monitoring system of various equipment, ordered materials and EHS for multi-dimensional analysis and optimizes the resource allocation structure. By using Manufacturing Execution System (MES) and Warehouse Management System (WMS), multi-system interaction, standardized factory management and real-time resource coordination can be realized to improve efficiency and reduce costs.

(2) R&D system

The company’s specific R&D direction mainly includes industrial design and performance development of products, design, manufacturing and production technology of precision modules, and automation and intelligent production. The company has a systematic three-level R&D platform, namely Industrial Research Institute, Institute of Technology and BG/BU R&D Center.

The Industrial Research Institute focuses on the development trend of the industry in the next decade, and assists BG/BU R&D Center to conduct relevant research and technical reserves for future products and cutting-edge technologies. The company has established a global R&D system, made full use of its own technological advantages, actively cooperated with customers’ pre-design R&D work and provided solutions. According to the functional requirements of customers’ new products, the R&D department will start the R&D program first, and the customers will confirm the sample after the trial production is successful, and then make SOP (standard operating procedure), SIP (standard inspection procedure) and other programs for mass production.

Through systematic practical teaching and lean guidance, the Institute of Technology trains employees with the latest production technology and lean concept. The Institute of Technology has IE Automation College and Quality College. IE Automation College leads the lean production of the Group, and organizes IE engineers of BG/BU to carry out lean activities and achieve lean targets. IE Institute of Automation also has the four modernizations Dojo (lean, automatic, intelligent and digital) for students to practice, and an intelligent workshop for students to practice. Lean teaching is carried out every week, and targeted training teaching is carried out according to different needs. Every year, more than 800 lean teachers are trained/maintained, more than 100 training sessions are held, and more than 2,000 trainees are trained. With the development of lean technology, the company turned from traditional lean to digital and intelligent production, and the park began to implement low-carbon and intelligent; The distributed fields also spread from production to surrounding units, allowing lean thinking to move forward to design and research and development, and expanding lean concepts to all employees.

(3) Procurement system

The company purchases raw materials, machinery and equipment, molds, jigs and other production accessories related to production by itself. Some suppliers are designated by the end customers or selected within their suggested scope, and the rest are selected by the relevant procurement departments of the company. The purchasing department is responsible for the certification and evaluation of suppliers and their materials, the determination of material prices and the arrangement of supply time. The general process for a company to select suppliers is as follows:

According to the sales forecast and production plan provided by customers, the PMC department usually decomposes raw materials according to the inventory situation, generates a material demand plan and pushes it down to the purchasing department for purchasing. After the purchase order is issued, the purchasing department dynamically tracks the execution status of the order through the ERP system, and adjusts the purchase order accordingly if the production plan changes. Upon the arrival of the materials, the quality inspectors conduct random inspection on the materials to decide whether to accept them, and input the sampling results into the company’s supplier evaluation system. The products that pass the inspection are handed over to the warehouse department and then enter the warehouse for later use.

Based on the concept of sustainable development, the company has established internal management systems such as Supplier Management Procedure, Procurement Control Procedure and Green Product Management Procedure to standardize supply chain management, continuously optimize supplier management methods, require suppliers to fulfill corporate social responsibility and environmental protection responsibility, and formulate Control Standards for Hazardous Substances in Green Products to provide products, raw materials, components, semi-finished products, finished products and packaging materials for the company and suppliers.

(4) Sales system

The company’s sales system consists of domestic business marketing system and international business marketing system. The company sells products directly to customers, taking customers as the center, and the business center (including business, product management and customer service departments) is responsible for developing new customers and obtaining product orders. The company set up a special project team for key projects to track customers’ needs in real time and communicate with customers in research and development, procurement and production. When the customer puts forward the purchase demand, the project team timely organizes R&D, production, procurement and other departments to evaluate the overall feasibility of the technology and project and prepare the quotation. After the customer accepts the quotation and the sample is verified to be qualified, the company will determine the order quantity according to the company’s production capacity, price, quality, delivery date and other factors.

At that time, the company equipped the customer focus team (CFT) system for each end customer brand. Each CFT is composed of key members of product management, engineering, quality and operation teams, and provides one-stop service for suppliers corresponding to designated end customer brands.

(5) Quality management system

The company constantly improves product quality, promotes technological innovation and new product development through independent business lines and strict quality management system, and provides customers with reliable products and services. The company set up a quality department to be responsible for quality management, and quality departments at all levels formulate relevant systems and strengthen quality management according to business characteristics. The company’s quality management policy is "customer satisfaction as the center and quality first as the center of gravity;" Take technological innovation as the core and continuous improvement as the perseverance. " The company constantly improves and improves various quality management systems such as ISO 9001/ISO 14000/ISO 45001/QC 080000. The company will regularly invite qualified internationally renowned institutions to conduct external audits, and at the same time continuously optimize management and improve management level according to the Quality, HSPM Manual and EHS Management Manual formulated by the above management system. The Company has formulated the Continuous Improvement Procedure, which accurately identifies the improvement needs and opportunities of the quality management system by means of internal and external audit, data analysis, correction and prevention, and management review, so as to ensure that the system is sustainable, appropriate, sufficient and effective.

V. Analysis of core competitiveness

(a) the world’s leading one-stop AI terminal functional parts manufacturing platform, leading the consumer electronics industry.

The company adheres to the vision of "continuously pursuing Excellence with modern management concepts, and becoming the world’s leading precision intelligent manufacturing enterprise", takes "leading the world with intelligence, and striving to realize dreams" as its mission, and upholds the core values of "honesty and pragmatism, customer first, respect for oneself and others, responsibility, long-term, value symbiosis" and the enterprise spirit of "self-improvement, mission must be achieved". As the world’s leading intelligent manufacturing platform, the company provides customers with one-stop AI terminal hardware intelligent manufacturing services and solutions on a global scale, covering the industrial chain of precision functional parts, structural parts, modules and chargers, and its products and services cover a wide range of downstream fields such as AI terminals and communications, new energy vehicles and photovoltaic energy storage, especially in the field of consumer electronics.

The company’s market share and shipments of precision functional parts related products have been leading the global industry for many years, setting industry standards in quality, technology and other aspects, and further infiltrating into emerging markets such as new energy vehicles, photovoltaics and energy storage. At the same time, it actively explores the development potential of artificial intelligence hardware, enhances the business stability and depth with core customers, and activates new kinetic energy for high-quality development.

(2) Continue to forge new quality productivity and fully empower product innovation and technological development.

With forward-looking strategic vision and firm execution, the company actively grasps the development context of the times, takes technological innovation as the guide, green intellectual creation as the long-term goal and talent training as the backing, and forges new quality productivity with practical actions. The company comprehensively promotes "one core, four modernizations", takes technology as the core competitiveness, takes "lean, automation, information and intelligence" as the manufacturing concept, applies the research and development of artificial intelligence and robots to the overall industrial solution of automatic production, and combines various and multifunctional numerical control and automation equipment independently developed, and is committed to building an intelligent production workshop with internationally advanced technology and equipment and leading domestic level, and making an efficient modern smart factory with modern management concepts. By investing in self-developed automation equipment, the company has comprehensively improved the degree of automation in manufacturing, handling, testing, packaging and other aspects, effectively saving production costs and enhancing the flexibility, accuracy and expansibility of business.

The company’s strong R&D system is a solid foundation for forging new quality productivity. Systematic system construction, rich talent pool and patent accumulation together constitute the strong support of Lingyizhi in forging new quality productivity. The company has a systematic three-level R&D system platform, namely Industrial Research Institute, Institute of Technology and BG/BU R&D Center. Among them, ITRI focuses on the future development trend of the industry. Through systematic practical teaching and lean guidance, the Institute of Technology trains employees with the latest production technology and lean concept, leading the lean production of the Group. BG/BU R&D centers focus on the most advanced products and processes in the industry. The systematic platform consists of six sub-platforms, namely, the research and development center of heat dissipation module, mechanical engineering, advanced materials, ODM, electromagnetism and modeling and simulation.

The four modernizations production capacity is a powerful driving force for forging new quality productivity. IE Automation College under the Institute of Technology has built four modernizations Dojo (Lean, Automation, Intelligentization and Digitalization) and intelligent workshop for students to practice. The Institute of Technology trains/maintains more than 800 lean teachers every year, with more than 100 training sessions and more than 2,000 trainees. By the end of the reporting period, the company had obtained 2,094 patents, including 240 invention patents, 1,796 utility model patents, 58 appearance patents and 5,902 R&D personnel.

(C) adhere to the customer-centric service concept, and actively explore new areas of head customers.

No matter in the fields of AI terminals and communication, new energy vehicles or photovoltaic energy storage, most terminal product manufacturers in the world have strict standards for supplier certification, and only cooperate with suppliers who have been certified by them or have been certified by relevant authorities. The certification content is comprehensive and complex, covering production capacity, product quality, factory environment and human resources. The above certification process helps the company to continuously review and improve its own capabilities, gain new customers with good product quality, and comprehensively promote business development.

The company has always implemented the service concept of "customer-centered" and established long-term and stable strategic cooperative relations with world-renowned terminal electronic brands. Through in-depth discussion, long-term market research and testing with customers in technology, equipment and product design concepts, the company has been involved in the early product research and development stage of many well-known customers around the world, conducting research on manufacturing technology, production site, technology research and development, project management, etc., and relying on high-quality customer service, it has obtained continuous and stable orders from customers and established a win-win cooperative relationship.

(D) Learning organization and engineer culture cultivated by iteration, innovation and change.

The company adheres to the core values of "honesty and pragmatism, customer first, respect for oneself and others, responsibility, long-term, and value symbiosis", and adheres to the spirit of "self-improvement, mission must be achieved" to provide continuous source power for the company to realize its mission and vision.

The cooperative relationship between the company and customers can not be separated from the high agreement between the two sides in values, culture and social responsibility. As a learning organization, the company relies on its strong learning and self-iterative ability to constantly optimize itself, adjust its product and service portfolio, constantly review its past experience and predict future market environment and customer demand changes.

Talent is an indispensable and important force for the development of enterprises and the creation of new quality productivity, and the core of the company is engineer culture. In recent years, the company has opened up the rank system and promotion channels for technical personnel, and has vigorously tilted the reward, training and welfare resources to technical personnel, so that key talents can play a key role in key technical positions. The company regularly organizes the inventory of key positions for technical sequence, and draws a hierarchical learning map for key positions. Through the establishment of talent training standards, the post ability, career path and learning activities are organically combined to provide clear guidance for the growth of employees. At the same time, the company has carried out a number of technical improvement and talent training projects in the technical fields of R&D, engineering, lean and quality, and has also specially opened a rapid promotion channel for young talents to accelerate the growth of outstanding young talents.

(E) Remarkable achievements have been made in ESG construction, leading green and intelligent creation.

The company adheres to the ESG concept, vigorously develops green intelligence, and integrates sustainable development into its core strategic objectives. According to the latest rating released by morgan stanley capital international Company, an international authoritative index organization, the company’s ESG rating in 2023 is A, which reflects the international community’s high recognition of the company’s efforts in sustainable development. "Green development is the background of high-quality development, and new quality productivity itself is green productivity". In terms of business, the company actively deployed and expanded green energy sectors such as new energy vehicles and photovoltaic energy storage, implemented the national "carbon neutral" strategy, and helped the national goal of "peak carbon dioxide emissions and carbon neutral". In terms of production, the company actively uses advanced technology to further promote green operation, earnestly implements its environmental protection responsibilities, continuously invests in accelerating the transformation to clean energy, promotes the establishment of energy targets by subsidiaries, carries out green factory construction and energy-saving equipment transformation, and implements environmental protection projects such as Zero Landfill (ZWP) and Clean Water Project (CWP) to promote the recycling of recyclable materials in the upstream and downstream of the supply chain. The company is comprehensively promoting process optimization, emphasizing low-carbon operation, advocating paperless office, constantly improving the efficiency of comprehensive utilization of resources, and earnestly promoting the harmonious and sustainable development of enterprises and the environment. The company closely follows the new development concept of the country, actively promotes green development in the upstream, downstream and industrial chain of the industry, actively responds to the environmental protection requirements of end customers, and actively participates in environmental protection information disclosure while providing high-standard products; Strive to build a green supply chain, and take corporate social responsibility and environmental responsibility as important assessment indicators for suppliers.

Six, the main business analysis

1. Overview

In 2023, the company achieved an operating income of 34.124 billion yuan, a net profit attributable to shareholders of listed companies of 2.051 billion yuan, a year-on-year increase of 28.50%, and a net operating cash inflow of 5.295 billion yuan. It continued to maintain steady operation and its lean operation efficiency reached the leading level in the industry.

(1) In terms of 1)AI terminal and communication services, the company has shown a significant competitive advantage in the fierce competition in the stock era. In 2023, the company’s AI terminal and communication business maintained steady development, with revenue of 30.687 billion yuan and gross profit margin of 21.62%. Among them, the income of components such as power supply, battery, heat dissipation, display, camera and middle frame accounts for a relatively high proportion, while the income of components related to terminals such as XR, folding screen mobile phones, servers and robots grows rapidly.

(2) In terms of automobile business, with the continuous growth of the global new energy automobile market and the continuous improvement of market share, the company’s related business income has increased significantly. In 2023, the company’s automobile business achieved revenue of 1.697 billion, a year-on-year increase of 43.61%.

(3) In terms of photovoltaic energy storage business, the company has made outstanding achievements in the rapid layout of products such as micro-inverters. In 2023, the company’s photovoltaic energy storage business revenue reached 1.555 billion yuan, a year-on-year increase of 29.89%.

Progress of main products in 2023

IV. Prospects for the future development of the company

(A) the company’s development strategy

In 2024, the company will firmly promote various reform measures and strategic layout with stronger strategic determination and a more open and enterprising attitude; Layout new track, join hands with many partners in the industrial chain to promote the rapid development of new business and create a second growth curve; Focus on consolidating the leading edge in the field of precision manufacturing of AI terminal hardware, explore the development potential in the field of AI terminal hardware, and enhance the business stability and depth with core customers. At the same time, according to the development stage, the company will firmly establish the awareness of returning shareholders, adhere to the investor-oriented, and continuously improve the level of shareholder return; Fulfill the responsibilities and obligations of listed companies, continue to practice the "double improvement of quality and return", focus on the main business, maintain sustainable and healthy development, and strive to effectively enhance investors’ sense of gain through standardized corporate governance and positive investor returns, and actively contribute to stabilizing the market and confidence.

Six strategies to stabilize the position of the industry, "one core and four modernizations" to forge new quality productivity

Facing the future, make a decision before moving. The company promotes "one core and four modernizations" in an all-round way, takes technology as the core competitiveness, takes "lean, automation, informationization and intelligence" as the manufacturing concept, takes green intelligence as the long-term goal and talent training as the solid backing, and forges high-tech, high-efficiency and high-quality new quality productivity with practical actions. In the next three years, the company will take "international, extreme, versatile, low-carbon, efficient and closed-loop" as the six main management lines to further stabilize its leading position in high-end precision manufacturing.

1. Extreme: technology organizes capital and pursues excellence in all directions.

The company will continue to improve its "technical strength, organizational strength and capital strength", and constantly pursue Excellence and Excellence in its core business areas, exceeding industry standards and customer expectations. In terms of technical strength, the company’s technical committee will regularly focus on materials, processes, manufacturing processes and other related fields, always pay attention to the future development trend of the industry and customer needs according to the future product and business planning of the industry and the company, focus on the application of cutting-edge technologies and product development in the industry, and constantly expand the application of traditional superior technologies and processes such as die cutting, stamping, CNC and injection molding in new business areas and regularly promote technologies internally. At the same time, the company strives to build end-to-end industrial capabilities, master key technical control points, and build a technical moat through independent research and development and continuous innovation. In terms of organizational strength, the company will continue to strengthen talent management, improve the human resource management mechanism, and build an industry-leading management and technical talent team with modern management knowledge, strong innovation ability and pioneering spirit. In terms of capital strength, the company will focus on hardware, ecology, management, etc., and formulate a market value management plan centered on investment mergers and acquisitions, repurchase and dividends to enhance the company’s investment value.

2. General talents: create a new talent system and accelerate the dreams of the beneficiaries.

The company will strengthen the global talent pool and talent localization, formulate and regularly review the achievements of strong technology and strong foundation plan, improve organizational efficiency with the help of HR digital intelligence system, and build an industry-leading management team. According to the strategic methodology, establish an appropriate performance appraisal and reward and punishment system for new business units, and accelerate the increase of the company’s overall new business income ratio. With the help of key campaigns and action plans, "horse racing" mechanism, inspection and evaluation of core managers, all-round investigation and inventory and competency evaluation, we will improve the performance appraisal and incentive mechanism of talent organizations, attract and retain outstanding talents, and provide human support for innovation and development.

3. Low carbon: realize the goal of carbon neutrality, and benefit from environmental protection.

Adhering to the mission of "leading the world with wisdom and striving to realize our dreams", the company adheres to the concept of green, low-carbon and sustainable development, cultivates green and low-carbon talents, incorporates the dual-carbon strategy into the talent training system, continuously increases the use of clean energy, accelerates the transformation of energy structure, and helps to achieve comprehensive "carbon neutrality" in 2030. The company will actively carry out advanced project management modes such as energy efficiency test, energy audit, energy-saving assessment of fixed assets, creation of water-saving units, creation of green parks, green building certification, energy management system, etc., further promote green operation, strengthen the control of carbon emissions in the whole life cycle of products, and leverage financing tools such as ESG, green bonds and carbon trading to incite green financing.

4. Efficiency: lean manufacturing is implemented, and quality and value ensure profitability.

As a global manufacturing enterprise, the company will give full play to the advantages of cost control and quick response, lay a solid foundation, strive for perfection with scientific spirit, constantly optimize various production management processes, and continue to pay attention to improving product yield, speeding up inventory turnover and improving operating performance. The company will quickly solve the problem of process instability caused by the introduction of new technologies or technologies by combining Six Sigma system with IE lean improvement, benchmarking workshop production line, smart warehousing, yield improvement action, intelligent platform and a series of technical and management improvements, so that lean, automation, intelligence and digitalization can penetrate into every link, meet customer needs from the dimensions of quality, cost and delivery cycle, and reduce excessive handling, excessive inventory, excessive actions, redundant waiting and redundant processing.

5. Closed loop: re-evaluation of business management and strong review of internal control process.

The company will strictly implement the closed-loop management thinking, and realize the closed-loop management of the whole process of planning, execution, inspection, adjustment and continuous improvement through data analysis and performance index evaluation, customer feedback and market research, internal audit and process review, team feedback and meeting discussion, so as to fully enhance the company’s ability to quickly adapt to changes in internal and external environment and actively respond to the challenges of survival and development.

6. International: Aim at the big international market and explore new business growth.

The company adheres to the international development strategy of multi-category and multi-regional coordinated development, aims at large customers at home and abroad, focuses on AI terminal strategic business, heat dissipation business, automobile business and power management business direction, clarifies the development goals of various business segments at home and abroad, and promotes the internationalization strategy to achieve global leap-forward development. With its advantages in lean manufacturing, automation and design and processing of mold materials, the company fully integrates internal resources and multi-cultures, keeps a close eye on the development trends of new terminals and new formats, consolidates the dominant position of "functional parts", enriches the layout of product matrix, and lays out the global diversified markets, thus providing impetus for the company’s long-term development and growth.

(II) Business objectives and working ideas in 2024

As the world’s leading intelligent manufacturing platform, the company is committed to providing customers with one-stop AI terminal hardware intelligent manufacturing services and solutions on a global scale, covering the industrial chain of precision functional parts, structural parts, modules and chargers. The products and services widely cover AI terminals and communication, new energy vehicles, photovoltaic energy storage and other downstream fields. In order to better promote the quality and investment value of listed companies and establish the investor-oriented concept, the company will continue to be guided by operating profits, prudently and objectively strengthen the management concept with financial indicators as the core, and rationally allocate resources.

1, adhere to focus on the main business, and comprehensively improve the efficiency of enterprises.

The company continues to focus on its main business. The market share and shipments of precision functional parts related products have been leading the global industry for many years, setting industry standards in quality, technology and other aspects, and further infiltrating into emerging markets such as new energy vehicles, photovoltaics and energy storage.

Through benchmarking workshop production line, intelligent storage, yield improvement action, intelligent platform and a series of technical and management improvements, the company has improved the operational efficiency of enterprises and comprehensively improved the efficiency of enterprises. As a global manufacturing enterprise, the company will give full play to the advantages of cost control and quick response, lay a solid foundation, strive for perfection with scientific spirit, constantly optimize various production management processes, and continue to pay attention to improving product yield, speeding up inventory turnover and improving operating performance.

By investing in self-developed automation equipment, the company has comprehensively improved the degree of automation in manufacturing, handling, testing, packaging and other aspects, effectively reduced production costs, enhanced the flexibility, accuracy and expandability of business, built an efficient modern smart factory, and continuously improved the manufacturing level and business efficiency of enterprises.

2, strengthen technological innovation, and comprehensively enhance the competitiveness of enterprises.

A strong R&D system is a solid foundation for forging new productivity. Systematic system construction, rich talent reserve and patent accumulation together constitute the strong support of Lingyizhi in forging new quality productivity. The company has built a systematic three-level R&D system consisting of industrial research institute, engineering institute and BG/BU R&D center. Focusing on related fields such as materials, processes and processes, according to the future product and business planning of the industry and the company, it always pays attention to the future development trend of the industry, focuses on the application of cutting-edge technology, product development and engineering realization, and continuously expands the application of traditional superior processes and processes such as die-cutting, stamping, CNC and injection molding in new business areas. At the same time, the company strives to build end-to-end industrial capabilities, master key technical control points, and build a technical moat through independent research and development and continuous innovation.

The company continued to strengthen R&D investment, strengthen the training of core R&D talents, always adhere to innovation-driven development, continue to increase innovative R&D and the application of new technologies, strengthen cooperation in Industry-University-Research, and establish cooperation with many universities and scientific research institutions at home and abroad, which greatly improved the ability and efficiency of technological innovation of enterprises.

Adhering to the core values of honesty and pragmatism, customer first, respect for oneself and others, responsibility, permanence and value symbiosis, the company adheres to the spirit of "self-improvement, mission must be achieved", and relies on strong learning and self-iteration ability to constantly optimize itself, blaze new trails, adjust the product and service portfolio, constantly examine past experience and predict future market environment and customer demand changes, and build an intelligent manufacturing enterprise with rich products and leading technology to comprehensively enhance the company’s market competitiveness.

3. Practice green development and build an intelligent manufacturing platform.

Adhering to the mission of "leading the world with wisdom and striving to realize dreams", the company adheres to the concept of green, low-carbon and sustainable development, integrates sustainable development into the core strategic objectives, and helps the country achieve the goal of "peak carbon dioxide emissions and carbon neutrality". The company actively uses advanced technology to further promote green operation, promote the establishment of energy targets by subsidiaries, carry out green factory construction and energy-saving equipment transformation, focus on the overall improvement of environmental protection, social responsibility and corporate governance, and always adhere to practical actions to promote the implementation of sustainable development strategy, and constantly deepen environmental protection measures such as green intelligence, energy saving and consumption reduction, and carbon emission reduction.

The company actively responded to the domestic and international policies to deal with climate change and the call of the national "carbon neutrality" goal, continuously increased the use of clean energy and accelerated the transformation of energy structure. According to the latest rating released by morgan stanley capital international Company, an international authoritative index organization, the company’s ESG rating in 2023 is "A", which reflects the international community’s high recognition of the company’s efforts in sustainable development. The company is equipped with a dedicated ESG team, focusing on the overall improvement of environmental protection, social responsibility and corporate governance. Since 2020, the company has disclosed social responsibility reports for three consecutive years, providing investors with information on corporate governance, sustainable supply chain, environmental management system construction, quality management and promoting green and low carbon, so as to enhance the transparency of information disclosure.

4. Standardize corporate governance and strengthen information disclosure.

The Company has continuously consolidated the foundation of corporate governance, established and improved corporate governance institutions such as shareholders’ meeting, board of directors and board of supervisors, and all organizations independently exercise their functions and powers in accordance with laws, regulations and the Articles of Association. The company attaches great importance to clean construction and honest management, and while pursuing economic value, it actively fulfills its social responsibilities to other stakeholders in the market and promotes common development.

The company will continue to improve the corporate governance structure, improve the internal control system, strengthen risk management, improve the decision-making level, realize a virtuous circle of the company’s development, and provide a strong guarantee for the legitimate rights and interests of the company’s shareholders. The management of the company will further improve the management level, and constantly improve the company’s core competitiveness, profitability and comprehensive risk management capabilities, with a view to achieving rapid development and giving back to investors.

The company strictly abides by the principle of "truthfulness, accuracy, completeness, timeliness and fairness", and further improves the information disclosure requirements of "investor demand-oriented" from two aspects of information disclosure, so as to help investors grasp the company’s operating status and main risks fairly and accurately and continuously improve the effectiveness and transparency of information disclosure.

5. Pay attention to shareholder returns and strengthen investor relations management.

(1) continuous cash dividends to return investors.

Adhering to the investor-oriented principle, the company attaches great importance to the reasonable return on investment for investors, and has clearly formulated the Return Plan for Shareholders in the Next Three Years (2023 -2025). The company strictly implements the shareholder return planning and profit distribution policy.

The company will continue to maintain a steady dividend policy, coordinate the dynamic balance between the sustainable development of enterprises and the return of shareholders, continue to share the growth and development achievements of enterprises, and enhance the sense of gain of investors.

(2) Carry out repurchase to boost market confidence.

In order to promote the company’s long-term sustainable development, enhance team cohesion and core competitiveness, and effectively combine the interests of shareholders, the company and employees, the company actively carries out share repurchase that can be used in the employee stock ownership plan, and safeguards the interests of investors with practical actions.

(3) Pay attention to investor relations management and strengthen communication through multiple channels.

The company attaches great importance to investor relations management, and actively strengthens communication with investors through various channels such as investor interaction platform, online performance briefing, investor telephone hotline, offline investor activities, etc., to convey the company’s management and matters that have a significant impact on the company and protect the interests of investors.

(III) Risks that the company may face

1. Risks of macro-environmental changes and industry fluctuations

At present, there are still uncertainties in the global macroeconomic situation, and the downstream industry market continues to fluctuate under the influence of many factors. Changes in the macro environment and fluctuations in the industry may lead to significant changes in the market demand of the company’s products, which will adversely affect the company’s operating performance. Changes in the global macroeconomic situation or national policy environment may lead to a slowdown in the growth of the national economy and consumer demand; The emergence of technological changes or subversive innovative products may also cause major changes in the downstream industry pattern; Consumers’ acceptance of new wearable devices and changes in other terminal consumption habits and preferences will also greatly affect the sales and prices of terminal products. In the face of possible macro-economic and industry fluctuation risks, the company will take innovation as the driving force, constantly enhance the core competitiveness of products, actively develop new categories and new businesses, and cultivate new profit growth points.

2. Risks of international management

With the expansion of the company’s business scale in recent years, the company needs to face the language environment, legal environment and business environment of different countries. In response to the differences brought about by different cultures, the company will take specific measures in operation management, technology research and development, market development, talent introduction, internal control, etc., strengthen group management and control, and strengthen tracking mechanisms at key management points such as finance and manpower to ensure the strategic consistency of the company and reduce the risk of international management of the company.

3, the risk of intensified competition in the industry

The AI terminal industry is one of the main downstream application markets of the company, and the market competition is becoming increasingly fierce. In the future, if the degree of competition is further enhanced, the pressure of product price decline will be greater, and the company’s subsequent development will face greater market competition risks. The company has always pursued Excellence, continuously improved processing technology, processing accuracy and assembly ability, and continued to extend its business with precision functional parts as its core to the upstream material field and the downstream module and charger field, and concentrated resources to continuously optimize the company’s product structure. The company always pays attention to the industry trends, actively arranges related businesses in high-growth industries such as new energy vehicles and photovoltaic energy storage, continuously vertically integrates the industrial chain, and further optimizes capital allocation and strategic layout.

4. Risks caused by the uncertainty of international trade policies.

In recent years, international trade friction has intensified, and the impact of policy uncertainty risk has increased, and the global market is inevitably affected by this systematic risk. As some terminal products using the company’s products will eventually be exported or sold to domestic and foreign brand customers, the above risks may affect the market demand or price of consumer electronic products, thus affecting the company’s product price and overall income, and may also lead to changes in the geographical distribution of suppliers in the consumer electronic industry chain. Terminal brand customers may increase their share of overseas purchases, which will have a certain impact on the company’s production and operation.

5. Risk of exchange rate fluctuation

At present, the company’s exchange rate risk mainly comes from the foreign currency exposure and exchange rate fluctuation caused by overseas sales, procurement and other business activities. The exchange rate may be affected by domestic and international political and economic environment and other factors, which in turn will have a certain impact on the company’s operating performance denominated in local currency. In order to reduce the uncertainty brought by exchange rate fluctuations to the company’s operating performance, the company will pay close attention to the changes of international foreign exchange market according to its own business development needs, and reduce the impact of exchange rate fluctuations on the company by conducting foreign exchange derivatives trading.

Most of the company’s raw material purchases and product exports are denominated in US dollars and euros, and the daily operating currencies of overseas subsidiaries are mainly euros and US dollars, so exchange rate fluctuations may adversely affect the company. In the future, there may be a risk that the company will suffer a large exchange loss due to large exchange rate fluctuations. Under the premise of ensuring security and liquidity, the company will hedge and reduce exchange rate risks through various means.

6. Goodwill and Asset Impairment Risk

Based on the needs of strategic development, the company obtains technology, resources and new markets through mergers and acquisitions, and the goodwill generated in the acquisition will also face the risk of impairment. At the same time, with the continuous expansion of the company’s business scale, the company’s fixed assets, inventory and accounts receivable have all increased. In the future, if the company’s industry changes significantly, the company will face the risk of goodwill and asset impairment, which will adversely affect the company’s financial situation and operating results. Through continuous technological innovation, the company will realize process improvement, further refine and improve the management system of subsidiaries, strengthen group financial management and control, enhance comprehensive coping ability, strengthen the management of subsidiaries, enhance the business performance of enterprises and reduce the risk of impairment of various assets of the company.

7. Risk of accounts receivable recovery

In the future, with the expansion of the company’s business scale, accounts receivable may increase. If the company can’t effectively strengthen the management of accounts receivable and improve the efficiency of capital turnover in the future, or the customer’s operating conditions change adversely due to macroeconomic reasons, the company will face the risk of bad debts due to the difficulty in recovering accounts receivable. The company will ensure a reasonable structure of accounts receivable, continuously strengthen the management of accounts receivable within the time limit, establish a tracking mechanism of accounts receivable, and improve the dynamic management ability and comprehensive management level of accounts receivable.

8. Risk of raw material price fluctuation

The raw materials purchased by the company mainly include stainless steel, copper, aluminum, copper foil and other metal materials, as well as various types of adhesive tapes, plastics, foam, packaging materials, protective films and electronic components. If the price of raw materials fluctuates greatly in the future due to the fluctuation of economic cycle, the imbalance between market supply and demand, the insufficient capacity of suppliers designated by customers, and the tense geopolitical situation, it will have a great impact on the company’s raw material procurement and thus have a certain adverse impact on the company’s profitability.

9. Brain drain risk

The long-term development of the company is inseparable from the help of technology and talents, and maintaining the stability of core personnel is the key to the company’s survival and development. With the intensification of competition, the competition for talents among companies will be more intense, and companies need to continuously build a high-quality professional talent team, especially the core technical talent reserve. If we can’t attract, train and retain sufficient management and technical talents in the future, the company will face the risk of brain drain, and its production and operation may be adversely affected. The company will constantly mobilize the enthusiasm of the management team and the core backbone, explore and establish a sound long-term incentive and restraint mechanism, train internally and introduce from outside, retain high-level technical and management talents, ensure the stability and work enthusiasm of the company’s core talent team, and provide continuous impetus for the company’s long-term development.

10, big customers rely on risk.

Most end product manufacturers in the world have a strict supplier certification system, with complex and comprehensive certification content, strict and time-consuming certification process, and regular inspection to ensure continuous compliance with standards. Some products of the company have the risk of high customer concentration. If the operating conditions of some major customers change significantly or the demand for products changes greatly, it may have an adverse impact on the company’s sales revenue. On the basis of deepening cooperation with existing customers, the company will always pay attention to macro policies and industry trends, actively deploy high-growth industries such as new energy vehicles and photovoltaic energy storage, continue to invest in technology and R&D, actively explore high-quality customers and continuously optimize customer structure.

11. Intellectual property risks

The company attaches great importance to technological innovation, and has formed a large number of core technologies with independent intellectual property rights through long-term R&D investment. With the promotion of the company’s globalization strategy, the company will face more severe intellectual property risks, including intellectual property disputes and patent infringement. The company’s legal affairs department is responsible for planning and managing the company’s innovation achievements and intellectual property rights, and constantly improving the layout of key technologies and product patents by establishing an intellectual property compliance risk control system to reduce the risk of malicious lawsuits against intellectual property rights; For key R&D personnel or key secret-related personnel, the risk of intellectual property disclosure can be avoided by signing confidentiality agreements or prohibiting horizontal competition and other labor contract clauses.

12, to raise funds to invest in the project implementation risk

At present, the company has the corresponding reserves of technology, talents, patents, materials and equipment, etc. The expected income of relevant fundraising projects is estimated based on the careful and reasonable selection of reference indicators and economic variables. However, with the continuous development of the company’s business, the requirements for technology update and product development are gradually improved, and accordingly the requirements for technology, talents, patents and materials and equipment needed for product production are also improved. If the upgrade of the company’s corresponding reserves can’t meet the production needs of the new products to be produced by the relevant fundraising projects, there are new product development risks such as R&D failure, blocked R&D process, new products can’t meet customer needs, and new products can’t be successfully mass-produced. In addition, due to the uncertainty of whether the construction progress and market development can be carried out smoothly in the process of project implementation, if there are major adverse changes in the construction progress, market development and downstream market environment, there may be risks that the relevant fundraising projects will be terminated in a short period of time, unable to be completed as scheduled or unable to achieve the expected benefits. It is possible for the company to make corresponding adjustments to the fundraising projects according to the market situation and its actual operation and development needs. The company will promptly follow up the construction plan of fund-raising investment projects, and continue to pay attention to the technology application, industrial policies, construction cycle, market environment changes and the company’s business development related to fund-raising, so as to reduce the risk of fund-raising projects.

13. Risks related to issuing convertible corporate bonds to unspecified objects.

The company’s issuance of convertible corporate bonds to unspecified objects has passed the examination of Shenzhen Stock Exchange and is in the registration stage of China Securities Regulatory Commission. There may be the following risks in this issue of convertible corporate bonds to unspecified objects:

(1) After the issuance of the convertible bonds, there may be the risk of dilution of earnings per share and return on net assets. If part or all of the convertible corporate bonds held by investors are converted into shares, the total share capital and net assets of the company will increase to a certain extent, and it will take a certain period of time for the fund-raising investment projects to produce benefits, which may lead to a certain decline in the company’s earnings per share and weighted average return on net assets in the short term. During the duration of the convertible bonds, the company needs to pay the interest and the principal on the unconverted part of the convertible bonds every year according to the terms of issuance of the convertible bonds, and accept the resale requirements that investors may put forward, which may have a great impact on the company’s cash flow and pose liquidity risks.

(2) In terms of fundraising projects, there are risks that the construction and implementation cannot be completed and put into production on schedule, that the new capacity of fundraising projects cannot be digested, that fundraising projects cannot be profitable in the short term, and that the new depreciation and amortization of fundraising projects will adversely affect the company’s future profitability and operating performance.

(3) The issuance plan can only be implemented after the China Securities Regulatory Commission has made a decision to approve the registration. There are uncertainties about whether the issuance plan can be endorsed by the relevant regulatory authorities and when it can be endorsed. These uncertainties will lead to the risk that the issuance will not be finally completed.

14. Strategic planning risks

Strategic planning risk is the risk caused by deviation from the main business, unclear and unfocused main business, inappropriate strategy or changes in external business environment. In view of the constantly changing macroeconomic environment, industry development situation, company operation and other factors, there may be risks that the company’s strategic planning cannot be fully realized, and there may also be the possibility of making corresponding adjustments to the planning according to the market situation and actual operation and development needs.

The Company will continue to pay close attention to the changes of the above-mentioned risk factors, comprehensively evaluate and actively respond to their impacts on the Company’s financial position and operating results, continuously optimize the allocation of resources, improve operational efficiency and ability to respond to emergencies, actively explore new fields and markets, and ensure effective management of daily business risks. Investors are advised to pay attention to investment risks.

1905 movie network news Produced by Fox in the 20th century, written and supervised by James Cameron in science fiction movie master, and directed by robert rodriguez, a genius director, the sci-fi action visual effects giant has recently exposed the "Angel Rising" version of the super-burning notice.

The new preview further reveals the puzzle of Alita’s life experience, and for the first time, it releases the highlight of the battle of the sky falling. The magnificent but destructive interstellar battlefield brings unparalleled audio-visual experience, and the battle scene is cool and explosive. The most anticipated "Mobile Ball Competition" is to completely ignite the blood. Alita, a girl with nuclear energy, fights against all kinds of mechanical remoulders, challenges the new order of the universe and sends the strongest challenge to fate.

"The Battle of the Sky Falling" is the first time that the interstellar battlefield exposes the girl with the strongest fighting power in the future world to fight for the new order of the universe.

The most eye-catching thing in the preview is undoubtedly the crisp and neat action scene. In various fighting scenes, the thin Alita can burst into the power to destroy everything, and her smooth figure and full fighting talent will play the aesthetics of violence to the extreme. In addition, some shots in the film perfectly echo the important scenes in comics, and it is the ingenious polishing of every detail that can highly restore the sci-fi world imagined by fans.

It is worth mentioning that this trailer first exposed the grand scene of the battle of the sky falling. In the magnificent but destructive interstellar battlefield, every time a gun goes off, it becomes a beautiful and bright meteor dotted with dreamy space. Alita, dressed in a white spacesuit, fought fiercely with the enemy, and groups of soldiers behind her were also fighting bloody battles. Whether Alita, who is burdened with identity puzzles, can retrieve this initial memory is also a big foreshadowing for the film.

The biggest attraction in the film is undoubtedly the intense scene of the mobile ball competition, which is also an important moment for Alita, the most powerful girl, to embark on her fighting career. At the moment of appearance, Alita surprised the audience. As the whistle sounded, the mobile ball contest instantly turned into a large-scale "winding field". Alita was chased and blocked by various types of mechanical reformers, only to see her deftly flip forward and backward, and her hand fell on the knife and killed the enemy one by one. It turned out that the only way to despise her was "destruction". Interestingly, at the end of the trailer, the "old father" Yide expressed his concern about "don’t kill anyone" to Xiong Haizi, and the camera cut back, which was the domineering appearance of Alita who threw away her weapon after killing everyone in the ball game.

The upgrade of robert rodriguez’s violent aesthetics, a genius director, perfectly blends the essence of Cameron and Quentin Talentino.

Alita: Fighting Angel is adapted from the cartoon gunnm by Japanese cartoonist KISHIRO YUKITO. In the coming 26 th century, a semi-mechanical girl’s mutilated body was recovered by a doctor, who named her Alita. Alita, who lost her memory, accidentally discovered that she had super fighting ability, and then grew up rapidly in successive battles, and started an epic adventure to explore the mystery of her life. The original work not only has ups and downs of the plot, intricate character relationships and wonderful fighting scenes, but also has a grand and rich world outlook. It is recognized as a classic of science fiction comics and has gained a large number of fans around the world.

James Cameron, a sci-fi movie master, won the right to adapt this work 20 years ago. Director robert rodriguez once revealed that Cameron not only wrote a 186-page script, but also carefully wrote more than 600 pages of notes, from the construction of world outlook to biographies of various characters, in every detail. "You can find all the information you need in his notes, and he generously squeezed out all the time and knowledge to help complete the film."

In the process of filming, Cameron often gives personal guidance on the set and gives his own unique views on film production. A series of films directed by robert rodriguez, a "genius director", show his strong control over art and aesthetics. In this film, he even blended the essence of his new partner "Ka Shen" and his old partner Quentin in his unique image style, and the combination of visual effects, action, art and violent aesthetics was so cool that it exploded.

The grand visual effect of Alita: Fighting Angel is escorted by Vita Studio, which has produced top blockbusters. On the basis of motion capture technology, Vita tests and controls the static and dynamic changes of characters and the response of skin texture to light, so that people can truly feel the beauty of all aspects of fighting angels. In order to present the best version, Alita’s face alone has undergone as many as 5,000 updates and reconstructions. The extremely advanced visual effects and colorful action scenes will bring the audience a shocking journey of the 2019 global science fiction blockbuster.

It is reported that the film will be released in North America on February 14, 2019.

　 　

　

　　Promoting the great rejuvenation of the Chinese nation requires collaborative innovation of theory and practice; Adhering to and developing Socialism with Chinese characteristics is a continuous process of constantly discovering and solving problems.

　　Facing the severe and complicated international situation and the arduous and arduous task of domestic reform, development and stability, General Secretary of the Supreme Leader made overall plans for the two overall situations, strategized and planned scientifically, and clearly put forward the requirements for correctly understanding and grasping five major theoretical and practical issues: how to steadily move towards common prosperity? How to make capital norms develop healthily and orderly? How to ensure the supply of primary products? How to focus on avoiding major risks? How to promote carbon neutrality in peak carbon dioxide emissions steadily and orderly? This is not only a major practical problem that must be faced and solved at present, but also a problem with forward-looking, strategic and long-term significance for the development of the cause of the party and the country.

　　The vitality of theory lies in continuous innovation. The systematic and incisive exposition made by the General Secretary of the Supreme Leader on five major theoretical and practical issues in the new stage of development has further enriched the connotation of the Supreme Leader’s economic thought, and highlighted its distinctive scientific, people-oriented, contemporary, practical and open nature. Only with the scientific guidance of the supreme leader’s economic thought and being good at discovering, rationally analyzing and pragmatically solving major theoretical and practical problems can we better understand the new era, create a new situation, promote better economic and social development and greater progress, and enrich human civilization practice and path choice.

　　Over the past six months or so, Economic Daily has formed a special research group of more than 30 people, interviewed relevant ministries, scholars, think tanks and enterprises in depth, and formed more than 90,000-word reports on five major topics, which have been published in one edition continuously, causing widespread concern and obtaining good response. The process of interview, research and writing is also the process of our in-depth study and understanding of the supreme leader’s economic thought, from which we have gained many profound insights.

　　Strategic coordinates and scientific guide of economic work in the new development stage

　　Since the 18th National Congress of the Communist Party of China, the cause of the Party and the country has made historic achievements and undergone historic changes. One of the most important experiences is to always focus on objective reality, adhere to problem orientation, effectively solve problems and constantly create a new situation in work.

　　Investigation and research is the heirloom of our party, the foundation of seeking things and the way to achieve things. The General Secretary of the Supreme Leader clearly put forward that "to study, think and determine the ideas and major measures for comprehensively deepening reform, comprehensive and in-depth investigation and study must be carried out", and he took the lead in setting an example. From Lianhua Mountain in Shenzhen to Xiaogang Village in Fengyang, Anhui Province, from Shanghai Pilot Free Trade Zone to Hong Kong and Macao Special Administrative Regions, from the depths of Taihang to Zhongguancun to learn about cutting-edge technology, from Erhai Lake in Yunnan to urge the maintenance of green mountains and green mountains to the old industrial base in Northeast China to inspect the reform of state-owned enterprises … … This is a process in which General Secretary of the Supreme Leader listens to people’s voices, observes people’s feelings and asks public opinions. It is also a process in which he discovers a series of major theoretical and practical problems and makes a series of strategic decisions.

　　Put the quasi-social pulse in the problem and understand the development law in solving the problem. Step-by-step measurement of feet promotes step-by-step innovation in theory and practice; The deepening of thinking has formed the promotion of new ideas, new concepts and new strategies, and crystallized into the economic thought of the supreme leader. Under the guidance of scientific theory, China’s economic construction has made great achievements. The gross domestic product has exceeded 100 billion yuan, and the per capita GDP has exceeded 10,000 US dollars. The country’s economic strength, scientific and technological strength and comprehensive national strength have leapt to a new level.

　　This is a decade of struggle, an extraordinary decade. Today, while we are feeling the magnificent epic and brilliant miracle on the land of China, we should also feel the power of seeking truth from facts and the power of scientific theory in the view of history and reality.

　　Entering a new stage of development, facing the impact of the epidemic in the century and the accelerated evolution of the situation in the past 100 years, the external environment has become more complicated, severe and uncertain, and the world has entered a new period of turmoil and change. The problem of insufficient development imbalance in China is prominent, the task of reforming key links in key areas is arduous, and the problems to be solved are more and more diverse and complex. Opportunities and challenges, reform and opening up, efficiency and fairness, development and security … … Various tasks and problems are intertwined, among which opportunities are more strategic and plastic, and challenges are more complex and overall.

　　Worry about things first, then be happy, be proud of things first, then worry. Standing at the height of the times and from the overall perspective, starting from reality, scientifically judging, comprehensively understanding and effectively solving new problems in the new stage are the key to coping with environmental changes in the new stage of development, enhancing the driving force for high-quality development and firmly grasping the initiative of development.

　　At the Central Economic Work Conference held at the end of 2021, General Secretary of the Supreme Leader summarized and put forward five major theoretical and practical issues. These problems are important because achieving common prosperity is the most anticipated goal of the people’s good life; Standardizing and guiding capital is the most difficult exploration to improve the socialist market economic system; The guarantee of primary products is the most solid foundation to consolidate the national economy; Preventing and resolving risks is the most urgent task of coordinating development and security; Steady realization of "double carbon" is the most critical link to promote high-quality development. The five major issues seem to be separated from different fields, but in fact they are organically unified in the situation and tasks during the important strategic opportunity period and in the target direction of the Chinese modernization road.

　　Answering these five questions well in theory and solving them well in practice are the concentrated expression of the practical innovation, theoretical innovation and institutional innovation of the Party Central Committee governing the country with the Supreme Leader as the core in the economic field, which highlights that the economic thought of the Supreme Leader is a scientific theory based on the national conditions, looking at the world and leading the future, and is the fundamental follow-up and action guide for us to do a good job in economic work in the new development stage.

　　The latest expansion and enrichment of the scientific connotation of the supreme leader’s economic thought

　　The proposal of five major theoretical and practical issues has further expanded and enriched the scientific connotation of the Supreme Leader’s economic thought, and reflected the accurate judgment of the General Secretary of the Supreme Leader on the general economic situation and the strategic deployment of economic work. At present and in the future, it is a time window for these important understandings and judgments to form policies, arrange their implementation and gradually land. It is urgent to think forward, and then make overall plans for work and form a policy system, so as to make a good start and step for consistent and long-term efforts.

　　About achieving common prosperity. Common prosperity is the essential requirement of socialism. Under China’s socialist system, it is necessary to constantly liberate and develop social productive forces, create and accumulate social wealth, and prevent polarization. To achieve the goal of common prosperity, we must first make the "cake" bigger and better through the joint efforts of the people of the whole country, and then cut and divide the "cake" through reasonable institutional arrangements. This is a long historical process. Steadily moving towards this goal requires us to correctly understand and grasp the strategic objectives and practical ways to achieve common prosperity, strengthen the priority orientation of employment in promoting high-quality development, give play to the functional role of distribution, persist in doing our best, do what we can, step by step, and improve the public service policy system.

　　On regulating and guiding capital. As an important factor of production, capital is a tool for the market to allocate resources and a way and means to develop the economy. There are bound to be various forms of capital in the socialist market economy. We should give full play to the positive role of capital as a factor of production and effectively control its negative role. To curb the disorderly expansion of capital, it is not to want capital, but to develop capital in an orderly manner. This requires us to correctly understand and grasp the characteristics and behavior rules of capital, set up "traffic lights" for capital, improve the legal system of capital development, strengthen effective supervision of capital according to law, and promote the benign development and common development of all kinds of capital.

　　On the guarantee of primary products. For a big country like ours, ensuring the supply of primary products is a major strategic issue. Only by strengthening strategic planning and ensuring supply security can we firmly grasp the initiative of development. This requires us to correctly understand and grasp the supply guarantee of primary products, adhere to the priority of saving, enhance the domestic resource production guarantee capacity, optimize the overseas resource guarantee capacity in a mutually beneficial and win-win way, put the improvement of agricultural comprehensive production capacity in a more prominent position, and ensure that Chinese’s rice bowl is firmly in its own hands at all times.

　　About preventing and resolving risks. At present, the international situation is complex and changeable, the task of reform, development and stability is arduous and arduous, and the risks and challenges we face are unprecedented. Only by coordinating development and safety, adhering to the bottom line thinking, enhancing the sense of hardship, improving the ability of prevention and control, and focusing on preventing and resolving major risks can we maintain sustained and healthy economic development and overall social stability. This requires us to correctly understand and grasp the prevention and resolution of major risks, continue to follow the principles of overall stability, overall coordination, classified policies and accurate bomb disposal, do a good job in risk disposal, strengthen the construction of financial rule of law, compact the responsibilities of local, financial supervision, industry supervisors and other parties, compact the main responsibility of enterprises to save themselves, strengthen the construction of financial supervision cadres, study and formulate policies to resolve risks, and improve the financial risk disposal mechanism.

　　On the steady realization of "double carbon" Achieving carbon neutrality in peak carbon dioxide emissions is an inherent requirement to promote high-quality development, and it is a broad and profound economic and social change, which can never be achieved easily. It is necessary to unswervingly push forward, and it is impossible to accomplish everything in one battle, and we must never be impatient and rash. This requires us to correctly understand and grasp peak carbon dioxide emissions’s carbon neutrality, adhere to the principles of national overall planning, saving priority, two-wheel drive, smooth internal and external flow and risk prevention, promote the optimal combination of coal and new energy based on the basic national conditions of coal, create conditions to realize the transformation from "double control" of energy consumption to "double control" of total carbon emission and intensity as soon as possible, accelerate the formation of an incentive and restraint mechanism to reduce pollution and carbon, ensure energy supply, further promote the energy revolution, and accelerate the construction of an energy power.

　　Five strategic issues are five strategic tasks. A series of important expositions and work arrangements highlight the historical initiative, great theoretical courage and strong responsibility of the Supreme Leader General Secretary. This requires us to lay a solid foundation, promote advantages, fill shortcomings and strong and weak items in the next stage of economic work, and open up a broader space for economic development by constantly solving problems.

　　Transform powerful theoretical advantages into economic governance efficiency

　　The supreme leader’s economic thought was formed under the historical conditions that Socialism with Chinese characteristics entered a new era, the main contradictions in our society changed, and the world changed dramatically in a hundred years. The important exposition on correctly understanding and grasping major theoretical and practical issues has broad background, profound theoretical origin and solid practical foundation, which embodies the distinctive characteristics of combining theory with practice and unifying epistemology and methodology. We should deeply understand its profound theoretical value and effectively transform it into economic governance efficiency in practice, making it a sharp ideological weapon to guide China’s high-quality economic development, scientifically respond to major risks and challenges, and build a socialist modern country in an all-round way.

　　First, the origin of people first.

　　Common prosperity is the essential requirement of Socialism with Chinese characteristics; The Communist Party of China (CPC) people in the new era are exploring the way to common prosperity. In the whole process of exploration, we should correctly grasp and handle the relationship between the creation and distribution of wealth, on the one hand, encourage the people of the whole country to work together to make the "cake" bigger and better; On the other hand, we should design reasonable institutional arrangements, correctly handle the relationship between growth and distribution, and cut and divide the "cake". This is a long-term historical process. We must always regard the people’s interests as the fundamental starting point and end result of the Party’s economic work, pay attention to the well-being of people’s livelihood, ensure the supply of people’s livelihood, and steadily move toward the goal of common prosperity in the high-quality development of co-construction, sharing, green and low carbon.

　　Second, the spirit of seeking truth from facts.

　　China has become the second largest economy in the world, but its development environment has undergone profound and complex changes. Many of the difficulties and problems we are facing are influenced by external factors, which are unprecedented in the world for a hundred years, and also by internal factors, which are profound supply-side structural and institutional contradictions in the national economy. Seeking truth from facts is the living soul of Marxism and runs through the economic thought of the supreme leader. It is the fundamental thinking method and working principle for us to analyze the new situation, understand new things and accomplish new tasks. We must adhere to the development view of Marxism, adhere to the scientific attitude of starting from practice and testing everything by practice, clearly understand the changes and invariance of the world, national conditions and party conditions, give full play to the initiative and creativity of history, forge ahead and explore boldly when encountering rivers, dare and be good at analyzing and answering major theoretical and practical questions, make innovative generalizations in theory, make forward-looking arrangements in policy, and constantly make discoveries and achievements in practice.

　　Third, the weapon of scientific theory.

　　The supreme leader’s economic thought insists on observing, grasping and leading the times with Marxism, and profoundly answers many important and practical problems that Marxist classic writers have never talked about, that our predecessors have never encountered, and that western economic theory cannot solve. This theoretical achievement with distinctive times and creativity formed in adapting to the new situation, solving new problems and coping with new challenges is the precious ideological crystallization of the Communist Party of China (CPC) people’s unremitting exploration of the socialist economic development path. To correctly understand and grasp the major theoretical and practical issues in the new development stage, we must take scientific theory as an ideological weapon and a guide to action, refine and summarize the laws of economic and social development, properly guard against and resolve major risk challenges, and promote China’s economy to be stable and far-reaching on the road of higher quality, more efficient, fairer, more sustainable and safer development.

　　Fourth, goal-oriented and problem-oriented working methods.

　　The goal is the direction of struggle, and the problem is the voice of the times. We adhere to the direction of socialist market economy reform, and we are bound to encounter various difficulties and problems on the road of steadily moving towards the goal of common prosperity and realizing the beautiful ideal of the great rejuvenation of the Chinese nation. To combine goal orientation with problem orientation, we should not only focus on the goal, but also work hard on overall planning and top-level design to enhance the sense of direction and leadership, and also focus on the problem and continue to exert efforts to supplement shortcomings and strengths to enhance accuracy and effectiveness. Only by studying major strategic issues in time, improving the ability of risk foresight and prediction, deploying work that has a bearing on the overall situation and a long-term concern as soon as possible, and leading the reform in depth with key breakthroughs can we lay a more solid foundation for winning the initiative, winning the advantage and winning the future.

　　Fifth, the courage and wisdom to dare to struggle and be good at it.

　　There are many contents in summing up the achievements and experiences of the Party since the 18th National Congress, and there must be one among them, that is, our Party has always maintained the mental state and struggling posture of carrying out great struggles. If there is no such state and posture, not only will problems be difficult to solve, but major events will not be accomplished, let alone historic achievements and historic changes. The "great struggle, great project, great cause and great dream" emphasized by General Secretary of the Supreme Leader, the great struggle ranks first, with profound meaning. In the face of major theoretical and practical problems in the new stage of development, we must never lose the mental state of daring to face up to contradictions and overcome difficulties, and give up the practical actions of daring to do our best and do good deeds. We must not budge in safeguarding the country’s core interests, and we must be more realistic in all the work of reform, development and stability, bite hard bones, wade through deep-water beaches, and get through this critical stage of seizing the pass.

　　Looking back on the glorious course of the Communist Party of China (CPC) in the past century, almost every strategic breakthrough is closely related to solving major problems as the driving force and resolving major crises as opportunities. In the new stage of development, the domestic development problems we face must be solved in deepening reform and opening up; The external environmental pressure is the best motivation to improve yourself. Under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, we should correctly understand and grasp the major theoretical and practical problems facing China’s development, seize the promising period of important strategic opportunities, and concentrate on doing our own thing well. The mission is glorious and time waits for no one!

　　The hour hand of history has pointed to a new scale. The front of development, new glory and glory, is waiting for continuous development and continuous creation! (This article Source: Economic Daily Author: Editorial Department of Economic Daily)

Summary of views of glass mechanism Futures company Multi-space direction Core logic Nanhua futures shake Glass stocks generally remained low, but market sentiment weakened and shipments slowed down. The favorable real estate policy and the expected decline in supply do not match the actual orders, which leads to limited price elasticity.

The contract in recent months is under greater pressure. Galaxy futures shake Glass inventory decreased by 3.2% month on month, but increased year on year.

16.69%； Production profits have recovered, and demand

Slightly improved due to the policy impact, but still low year-on-year; spot price

Loose, strong market wait-and-see mood, macro-policy entry

Vacuum period, short-term price fluctuation. Yongan research Empty Both spot and futures prices of glass have weakened, and the basis is low.

The price difference between January and May is low, the inventory is high and the profit is high.

Low, the terminal demand is not expected to improve significantly, resulting in glass

Glass futures are bearish. Zhengxin futures empty Macroeconomic sentiment weakened, glass futures prices fell, spot

The price is flat, and the progress of demand fulfillment needs attention. Everbright futures Empty Glass futures prices dropped significantly, breaking through the shock range.

Along, the spot market price fluctuates weakly, and some areas produce

The sales rate is on the low side. Although the inventory of enterprises has gone down, the fundamentals are

The index drive is limited, and the high risk in the futures market continues to be released.

Release, callback pressure is greater. Shen Yin wanguo shake Glass futures fell back, focusing on the consumption-driven and upstream market outlook.

Supply adjustment, observation of real estate policy changes and glass enterprises

Changes in industry profits. Short-term inventory increase, need to pay attention to supply and demand.

Adjust the process and the contraction degree of downstream supply. Huatai futures shake The increase of cold repair of glass production line leads to the decline of output, and the demand side

It is expected to improve under the expectation of catching up with the work, and the inventory will continue to go down.

Overall, it maintains a strong shock operation. Short-term market sentiment wave

Dynamic impact disk, need to pay attention to production line cold repair and downstream demand.

Situation.

　　Xinhua News Agency, Beijing, February 15th Title: Reunion is happiness, and unity is strength.

　　Xinhua news agency commentator

　　No matter how the times change, the feelings of home and country will always be the deepest spiritual background of the Chinese nation. "Reunion is the most joyful, reunion is the happiest, and unity is the most powerful." On the occasion of bidding farewell to the old and welcoming the new, the important speech delivered by the Supreme Leader General Secretary at the 2018 Spring Festival group meeting profoundly clarified the close relationship between family and country, emphasized the unity of loving family and patriotism, and stirred up the majestic power of building a happy family and building a Chinese dream together.

　　People are the creators of history. The past year was a fruitful year for the country’s development, and it was also a year for our party to lead the broad masses of people to roll up their sleeves and work hard. Cadres and the masses who are fighting hard to get rid of poverty and create a happy life with their hands and sweat; Farmers work hard, workers love their jobs and work hard, and scientific and technological workers struggle to tackle key problems and invent major scientific research achievements that shock the world; Creating the "most beautiful family" has become a common practice, laying a solid foundation for social development and civilization progress … … Qian Qian is the greatest ordinary people, and the era of building dreams with one heart is the most wonderful. The new era provides a broad stage for everyone’s development, and hundreds of millions of people and countless families work hard to jointly hold up great dreams.

　　Home is the smallest country, and the country is the biggest one. History and reality tell us that the future and destiny of the family are closely linked with the future and destiny of the country and the nation. Every family is good, and the country can be good; The country is good, the nation is good, and the family can be good. The prosperity of the country, the rejuvenation of the nation and the happiness of the people are not abstract, but ultimately reflected in the happiness of thousands of families in Qian Qian and the continuous improvement of the lives of hundreds of millions of people.

　　Family is the cell of society. No matter how the times change, no matter how the economy and society develop, for a society, the life support of the family is irreplaceable, the social function of the family is irreplaceable and the civilized function of the family is irreplaceable. Paying attention to family, family education and family style, and striving to make thousands of families in Qian Qian an important basis for national development, national progress and social harmony, a place where people dream of sailing, is an important foundation for us to forge ahead. Stepping into the new era, we should concentrate on the socialist core values, take root in the traditional virtues of the Chinese nation, and integrate the realization of personal dreams and family dreams into the national dreams and national dreams. More than 400 million families and 1.3 billion people will unite and struggle, and they will surely gather invincible forces and write more wonderful stories about China.

　　Spring is among thousands of families. The Spring Festival is a new beginning and indicates new hope. In the new year, whether it is to implement the grand blueprint of national development or to achieve the "small goal" of personal happiness, we all face challenges and tests of one kind or another, and we all need to work hard to achieve our dreams. "If you do what you do, you will be invincible; What the wisdom of all people does is nothing. " Everyone is a struggling person, and every family is a struggling family. With the efforts of thousands of families and the strength of hundreds of millions of people, our country will become stronger and stronger, and the people’s lives will be better year by year.

　　Spring brings everything to life, and the world is new. Let’s talk about family ties in reunion, feel happiness in reunion, inspire strength in unity, form a vivid situation of competing and United struggle, and jointly create new glory in the new era!

"

When people are forced to fall into a mediocre life that conflicts with their own interests, as a gesture or a symbol, they will inevitably resort to a bad habit, because it is more negative to be sick.

-Wang Shuo, "Animals are Fierce"

"

Today, I want to review Wang Shuo’s novella The Stubborn with you.

This novel, written in the late 1980s, bears an indelible mark of the times. However, reading today, you may still find something in common between that generation of young people and today’s young people.

Their attitudes towards themselves and the world are equally confused and puzzled, as well as rebellious and angry. They are laughing, scolding and cynicism, dispelling the hypocritical sublimity and social mask.

1.

A gesture of protest and rebellion,

Impacting the literature in the 1980s and 1990s.

Since the late 1980s, there have been various academic labels in literary criticism, such as root-seeking literature, avant-garde literature and new realistic literature. However, from the reader’s point of view, it is not difficult to find that the writer’s style and genre can be simply divided into "heroic school", "secular school" and "rogue school".

Interestingly, if you are a hero, you may really be a hero; Those who are vulgar are actually vulgar. Is the rogue really a rogue?

A typical rogue novel is Wang Shuo’s "rogue literature".

Wang Shuo’s impact on China literature in 1980s and 1990s was, firstly, laughing, cursing and being cynical, which was a gesture of protest and rebellion. Second, he is not afraid of the commercial nature of literature.

In 1992, Huayi Publishing House published four volumes of Wang Shuo’s collected works. It is said that because of the author’s request, the royalty system was adopted instead of the manuscript fee system. In the production mechanism of contemporary literature established in 1950s, "pure manuscript fee and waste royalties" used to be an important basis.

Thirdly, Wang Shuo’s novels parody, continue and deconstruct Mao’s style, an important part of contemporary Chinese, when expressing Beijing’s "courtyard culture". Mao style is of course a neutral concept, which actually includes a lot of language logic created by people at that time.

Wang Shuo was born in Nanjing in 1958. He lived in the military compound since childhood, and later went to primary school and middle school in Beijing. He started writing in the 1980s and became famous after writing the novel Half Flame and Half Seawater.

It is said that Wang Shuo’s original name is yan wang, and it is also reported that his nickname is "David Tang". In the novel "Looking Beautiful", he wrote himself a character named "Fang Qiangqiang", which is really related to "threesome".

Wang Shuo went to A Tripe with David Tang, not with me, but with Wen Dao. However, as soon as he was on the scene, the other two people didn’t have a chance to talk. Basically, Wang Shuo was a monologue. A lot of punctuation was added to the conversation-you know what it means-and then it was constantly silenced.

Wang Shuo (first from the right) participated in the program "The Three Sides of Qiang Qiang"

2.

Laughing and cursing, cynical "stubborn Lord"

Laughing, cursing and cynicism are the keynote of Wang Shuo’s famous work "The Stubborn Master".

The Stubborn Master was published in the most serious and authentic periodical Harvest in 1987. The appearance of periodicals and the "immorality" of novels just form a strong contrast.

The novel was written by the young men Yu Guan, Yang Zhong and Ma Qing, who set up a whimsical "three-T" company, specializing in "solving problems, relieving boredom and suffering for others", which is simply a "venting package" company.

The movie "The Stubborn"

For specific work, for example, if a man doesn’t want to date a woman and can’t get rid of it for a while, please ask Yang Chong to take his place and pretend to date a woman named Liu Meiping-he has professional ethics, but he can’t really shoot. Ma Qing in a young woman’s apartment, to replace her husband, they have to pretend to quarrel, of course, the main thing is to be scolded by the young woman, but they can’t resist, and so on.

This "Three T" company also undertakes some large-scale projects. There is a "writer" named Baokang. He wants to win the prize and has no chance. The "Three T" company will help him organize a "Three T" literature prize.

From the novel’s point of view, the protagonist of The Stubborn actually doesn’t have a particularly distinctive personality, and the plot of the whole story is not complicated and tortuous. However, this work immediately attracted the interest of readers and the attention of peers in the 1980s, mainly as follows.Because there is a ubiquitous irony and banter in the works..

It’s also ironic. It’s not the same as Besieged City or Activity in Human Form. Qian Zhongshu’s and Wang Meng’s satirical humor are all aimed at specific people and things. The laughing and cursing in The Stubborn seems to have no clear goal, but seems to be aimed at the whole society-note that I am talking about "like" here.

Let’s quote specifically to see what the novel is satirizing.

3.

Satire and banter are everywhere.

First, satirize the writer.

Bao Kang, a writer in The Stubborn.

Baokang is willing to spend money to award prizes for himself. Yu Guan, who received him, said, "Of course, we don’t care which award is won, you decide for yourself. I just have never been so close to a real writer face to face, even if I miss literature again, I have to be moved."

Bao Kang won the prize, and later a woman named Lin Bei said to him, "What you said is really profound." Baokang said, "I’ll help you. Do you want to learn to write novels?"

"I’ve always wanted to write a novel about my stormy life, but I can’t find anyone to teach me. This time, I feel that if I write it, others will love to read it. Although I am young, there are many things that are painful and joyful. I want to cry when I think of the past."

Don’t think that I forgot, the female wenqing in the original novel didn’t punctuate her speech.

As a result, Ma Qing warned: "Be careful, Lin Bei, Baokang is not a good thing. Haven’t you heard that hooligans are not called hooligans but writers now?"

The writer hooliganized his profession first. What can people say?

The second object of irony is cadres.

In fact, there is no real cadre in the novel, only there should be a cadre at the prize-giving meeting. We know that the prize-giving meeting was decided by the previous cadre level. But what if I don’t? Find someone to pretend temporarily.

Pretend, he will tell the truth:

"I was invited to think temporarily, and I didn’t have anything to prepare. I don’t have to say anything about my kind words. Congratulations to the’ Three T’ company for doing a good thing …"

"Today are all young people." He turned his head and looked at Baokang sitting in the second row. "I looked at the winning comrades, who were not very old.Young people write their own things and award their own awards. I think it is a pioneering work, very bold, and dare to think and dare to do it. This is simply incredible in the past … "

The acting cadre was addicted to acting, so he suggested giving prizes to the audience. There was real applause below, and it was finally interrupted by the organizer. The fake "leading comrades" greeted the masses with a red smile.

Third, satirize the western theories that were very popular in society at that time.

A client loves to talk about life, and Yang Chong couldn’t hold back. He called Yu Guan for help, and Yu Guan said, "Tell her about Nietzsche" and "Transition to Freud".

The film "The Stubborn Master" features Ge You as Yang Zhong.

Ma Qing said, "I am good at Freud, and I am a descendant of Freud in China."

So Ma Qing ran to chat with her, and as a result, she talked a lot, which was quite serious. Freud and Nietzsche were all in this style. This mocked the popularity of modernism in China in the mid-1980s.

Fourth, satirize men.

There is such a passage in the novel:

"What a man is not a man, I’m tired of this chest hair. In fact, it was all women who were in a hurry, so don’t act in front of men. "

There should be a little annotation and chest hair here. At that time, some people satirized Hemingway, and later it was extended to satirize actors or writers who pretended to be men.

We can imagine, in the context of the 1980 s, what kind of atmosphere does this mean? This kind of words, the speaker has no intention, the listener has a heart.

Fifthly, satirizing teachers and the public education system is the core of the novel.

There is only one real villain in The Stubborn, and that is the serious Zhao Yaoshun.

As soon as Zhao Yaoshun came on stage, Bao Kang introduced him and said, "Teacher Zhao just loves to make friends with young people."

Zhao Yaoshun said: "I don’t think young people nowadays are difficult to understand. The key is whether you want to understand them or not. I have many young friends, and I can talk to them very well. I understand and sympathize with their distress and hesitation. "

"Three T" company’s young people said:"We are just a group of laymen who only know eat drink man woman."

"I can’t say that. I don’t agree with the idea that young people today are called the’ Beat Generation’. You also have pursuits. People don’t have pursuits. How can they live without pursuits? Of course, maybe what you pursue is not the same as what others pursue … "

Then, Zhao Yaoshun patted Yu Guan’s back like herdsman caressing his beloved mount. "Young people, promising young people".

On another occasion, Miss Zhao paid attention to Guan and Yang again:

"What do you usually do in your spare time?"

"We don’t do anything, just watch martial arts videos, play cards or something, or go to bed."

"Look for some books, you should read books, books are a panacea to eliminate troubles and relieve loneliness."

"We don’t worry, and we don’t worry if we never read books."

"It’s not a good thing to worry too much. It’s a good thing to have no trouble at all-that’s not an idiot? Make more friends if you don’t like reading, and don’t confine yourself to your own small circle. Sometimes a knowledgeable friend can still benefit people a lot. "

"There are only two kinds of friends: those who can have sex and those who can’t."

"I disagree with you!" Zhao Yaoshun suddenly stopped. "God, this is obscene and obscene!"

The movie "The Stubborn"

At that time, there was a teacher who talked about moral education everywhere and went around to be a "soul engineer", so Wang Shuo laughed at it in his novels.

There are still many people who advocate themselves all day and feel that they are bubbling with positive energy.

4.

"He has torn some false and lofty masks",

Give young people truth and anger.

There is also a third dialogue. Teacher Zhao thinks that it is boring for the "Three T" company to help a girl who can’t swim and drown. He said:

"It’s not surprising. Young people like you, who have no education, can’t develop any more, are discriminated against in society, and their hearts are very painful, but they have to smile. "

Yu Guan slowly lit a cigarette and looked up at Zhao Yaoshun.

Zhao Yaoshun sincerely looked at Yu Guan: "This is unfair, and society should create better conditions for you. I want to speak out and let the whole society care about you. I am no longer a young man, but I am still full of blood and still excited. These, when I think of these lovely young people like you, Ma Qing and Yang Zhong, I can’t help myself and can’t sleep. "

"Do you mean that our hearts are in pain?"

"Of course, it’s too obvious. I can feel it without telling you."

"What if we are not in pain?"

"It’s impossible-it’s illogical. You should suffer. Why not? Pain can be saved. "

"Then I tell you, we are not in pain."

"Really?"

"Really."

"That can only make me feel sad, it can only show how insensitive you are. It’s not Su Sheng, it’s destruction! You should cry yourselves. "

"But we don’t cry, we are happy."

The movie "The Stubborn"

This is a very general dialogue, in which the society scolds the youth, the elders to the next generation, the rules and regulations to cynicism, and the solemnity to laughter.

Do you think this generation of young people is really cold, painless and indifferent?

The novel goes on like this:

"I want to hit someone, I really want to fucking hit someone." After Zhao Yaoshun quit, Ma Qing jumped out from behind the desk, rolled his arms and sleeves, and his eyes shone with fanatical light.

Why do young people swear and hit people after this conversation with Teacher Zhao?this isAnger.

"Three T" companies and young readers who like them want to strive for two goals:

First, among the solemnity, seriousness, enthusiasm, loftiness and laughter, play abuse, helplessness and mediocrity, they think the latter is more real.

That is to say, I would rather be a real villain than a false saint.

The mission of "The Stubborn" is to expose the sublimity of this fake model, which has been exposed for decades. I don’t know why, there are always people who want fake models.

Second, in theory, they know that your pursuit of salvation, passion, struggle and sacrifice is positive freedom, but you should also ensure that we have a peaceful and free life and passive freedom of inaction.

The concepts of positive freedom and negative freedom are the themes behind The Stubborn.

Wang Meng later gave an explanation to Wang Shuo, saying, "The’ playing with literature’ between him and his partners is precisely a reaction to the literature of salvation, which is standing on the brow."

"He has torn some false and lofty masks."And "his language is lively and catchy, absolutely vernacular, and absolutely free from stereotyped foreign writing, stereotyped Party writing and bookishness."

In a word, The Stubborn vented the dissatisfaction of young people in a cynical way.

He wrote about a group of people who make a living by "selling hypocrisy", but in the end they are resisting hypocrisy.

　　(Reporter Xue Liwei, Xu Jiaqian) On the afternoon of August 10th, the Provincial Flood Control and Drought Relief Headquarters held a video dispatching meeting on flood control and disaster relief, focusing on the re-dispatching of flood control and typhoon prevention, disaster relief, post-disaster recovery and reconstruction and mass resettlement in the affected areas. Liang Huiling, Governor and Commander-in-Chief of the Provincial Defense Index, attended the meeting and delivered a speech. She stressed that it is necessary to thoroughly implement the spirit of the important instructions of the Supreme Leader General Secretary on flood control and disaster relief, implement the work arrangements of the CPC Central Committee and the State Council, put the safety of people’s lives and property in the first place, highlight key points, pay close attention to implementation, mobilize and organize the masses, make overall plans for flood control, typhoon prevention, disaster relief and post-disaster recovery and reconstruction, fully guarantee the basic livelihood of the affected people, and restore normal production and living order in the affected areas as soon as possible.

　　Liang Huiling pointed out that it is the starting point of flood control and disaster relief to insist on the interests of the people and minimize the losses caused by disasters to people’s lives and property. We should improve our political stance, further improve our political judgment, political understanding and political execution, think about what the masses think and worry about, go deep into the grassroots front line, fully listen to the opinions of the masses, do everything possible to solve their urgent problems, and embody our support for "two establishment" and "two maintenance" in doing well the mass work and concentrating our efforts on the practical actions of flood control, emergency rescue and disaster relief.

　　Liang Huiling stressed that it is necessary to uphold the people’s interests first, highlight the key points of work, and do a thorough and meticulous job in ensuring the basic livelihood of the relocated people. It is necessary to properly resettle the affected people, implement the special class guarantee service, and ensure that the affected people have food, clothing, temporary shelter, clean water and timely medical treatment. We should do our best to recover after the disaster, grab and drain stagnant water in time, repair roads, power supply, water supply and communication facilities, quickly start the restoration and reconstruction of damaged houses, accelerate the restoration and reconstruction of public facilities such as schools, hospitals and nursing homes, organize environmental disinfection and sanitation and epidemic prevention, and effectively protect the public services of the people in the disaster areas. It is necessary to organize and mobilize the affected people to carry out production self-help and resume production, guide and help the people to resume production as soon as possible, and do everything possible to reduce the property losses of the people.

　　Liang Huiling stressed that it is necessary to send teams to villages and households in the disaster-stricken areas to guide and help the work, to sink the focus of work and the strength of work, to find out the disaster situation and practical difficulties of the masses in time, to strengthen the publicity and implementation of disaster relief policies and measures, and to formulate disaster relief plans with one policy for each household, so that the masses can know and enjoy themselves and feel at ease. It is necessary to give full play to the role of dispatching expert groups to guide and help disaster relief and post-disaster recovery in the affected areas. It is necessary to give full play to the role of grass-roots party organizations as fighting bastions and the vanguard and exemplary role of party member, vigorously publicize the typical deeds and advanced experiences of grassroots cadres and masses in disaster relief, unite as one, work together to overcome the difficulties, and resolutely win the tough battle of flood control and disaster relief.

　　Wang Yixin presided over the meeting, and Zhang Anshun, Xu Xiangguo, Zhang Yazhong, Yang Jie, Zhang Qixiang and relevant provincial departments, as well as responsible comrades of Harbin, Mudanjiang and severely affected counties (cities, districts) attended the meeting.

Produced by New Faction Culture Media, Light Media, Chinese Culture, Iqiyi, Tencent and Huanxia Media, starring Rulu and Li Guangjie, starring Guo Jingfei, and starring powerful actors such as Liu Zi, Liu Peiqi and Qian Fang, "Meeting Happiness" will land in Golden Eagle Solo Theater of Hunan Satellite TV tonight (August 26th), and will be updated on the whole network at 0: 00 the next day in Iqiyi and Tencent videos.

The play revolves around the reunion of three post-80s generations who crossed time, and shows the life story of three generations who are in the era, although they are different in age and family, but warm to each other in the face of life difficulties, and realize the return of their initial heart through unremitting struggle and strive to pursue a happy life.

Future-orientedTour Between Two Lovers go deep intodetailWrite "Our Story"

Adhering to the creative concept of "facing the future", whether it is the emotional world where family, friendship and love complement each other, or the realistic conflict between personal choices and external expectations, the presentation and divergence of various topics all conform to the development trend of the times. They come from the human perspective of ordinary life, but they are higher than life itself, abandon the ups and downs of plot conflicts, focus on sincere and sincere human feelings, comfort the audience’s hearts with a warm, rational and peaceful attitude, and convey open-minded and inclusive values

Under the story framework that focuses on depicting Chinese-style happy life, the production team of Meeting Happiness strives to strictly control the details, insist on being true and sincere in setting scenery, props and costumes, and strive to let the audience follow the footsteps of the characters and find the shadow of their own lives during the drama, so as to realize the emotional connection between the drama and the audience.

People are full of resonance and show abundant emotional care.

In addition to the warm care for the mood of the times, the play is also unique in character setting. "Meeting Happiness" takes typical social representatives as the incision, and vividly outlines the life trajectories of three generations and three groups of families. The development of emerging industries has promoted the career choice of Zhen Kaifang (Rulu). Not afraid of challenges and daring to pursue, she changed from a TV station director to a bus driver, exerting her own value and regaining her initial heart in her work; Si Wenqu (Li Guangjie), who was born as a captain, stuck to the front-line job all the year round, and served the happy life of the people with practical actions with excellent business ability and dedicated work attitude; Ouyang Yanyan (Guo Jingfei) is a representative of the business elite, who is diligent and dedicated, not only to explore success, but also to look back at his initial heart and try to explore the deep value of life; Xiao Qing (Liu Zi), a flight attendant who devotes herself to improving material security for her family, begins to listen to her daughter’s thoughts, think about the true meaning of education, and strive to pursue a spiritually rich family life.

From August 26th, Hunan Satellite TV Golden Eagle Solo Theater will be locked, and Iqiyi and Tencent videos will be updated synchronously on the whole network at 0: 00 the next day, unlocking more exciting stories of Meet Happiness.

The State Council’s opinion on the master plan of Shenyang land space (2021— Reply of 2035)

Guo Han [2024] No.157

Liaoning Provincial People’s Government and Ministry of Natural Resources:

　　Your report on the approval of the Shenyang Land and Space Master Plan (2021— The request for instructions from 2035 has been received. The reply is as follows:

　　I. Agree in principle to the Master Plan of Shenyang Land and Space (2021— 2035) (hereinafter referred to as "Planning"). "Planning" is the basic basis for all kinds of development, protection and construction activities in Shenyang. Please organize and implement it carefully. Shenyang is the capital of Liaoning Province, an international center city in Northeast Asia, a national historical and cultural city and an international comprehensive transportation hub city. The implementation of the Plan should adhere to the guidance of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, fully implement the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th Central Committee, fully, accurately and comprehensively implement the new development concept, adhere to the people-centered principle, make overall plans for development and safety, promote the harmonious coexistence between man and nature, give play to the functions of national advanced manufacturing base, modern service center in Northeast China, regional scientific and technological innovation highland, and push Shenyang to show greater responsibility and achievements in the revitalization of Northeast China in the new era, and strive to write a chapter of Chinese modernization in Shenyang.

　　Second, build a solid spatial foundation for safe development. By 2035, the cultivated land in Shenyang will be no less than 11.2077 million mu, of which the permanent basic farmland protection area will be no less than 7.7353 million mu; The red line area of ecological protection is not less than 933.84 square kilometers; The border area of urban development is controlled within 1577.51 square kilometers; The use area of construction land per unit GDP decreased by not less than 40%; The total water consumption shall not exceed the indicators issued by the higher authorities, including 2.88 billion cubic meters in 2025. Clear the key prevention and control areas of natural disaster risks, delimit risk control lines such as floods and earthquakes, as well as green space system lines, water body protection lines, historical and cultural protection lines and infrastructure construction control lines, and implement safety guarantee spaces such as strategic mineral resources.

　　Third, build a land space system to support the new development pattern. Cooperate with Harbin, Changchun and Dalian to deepen regional cooperation in Northeast Asia, strengthen ties with the eastern coast and Beijing-Tianjin-Hebei region, strengthen the division of labor and cooperation and functional linkage among cities in Shenyang metropolitan area, give better play to the driving role in the revitalization of Northeast China, and promote the formation of a new pattern of land space development and protection with obvious main functions, complementary advantages and high-quality development.

　　Fourth, systematically optimize the pattern of land space development and protection. Accelerate the construction of an urban system with regional coordination and urban-rural integration, enhance the core functions of the central city, improve the urban functions of the main city of Hunnan, promote the integration of production and city in the Shenfu reform and innovation demonstration zone, and optimize the layout of towns and villages in the city. Build an ecological barrier in the northwest, prevent and control land desertification, and resolutely win the annihilation war in Horqin sandy land. Protect important wetlands such as Wolong Lake, enhance the function of Liaohe ecosystem, comprehensively strengthen the protection of high-quality cultivated land in the central region, and ensure the demand for agricultural space in modern cities. Improve the urban functional structure and spatial layout, coordinate industrial layout, comprehensive transportation, facility allocation and land use, give priority to ensuring the space demand for the transformation and upgrading of traditional advantageous industries such as advanced manufacturing, modern service industry development and equipment manufacturing, and provide space guarantee for cultivating new economic kinetic energy, optimizing industrial structure and supporting employment and entrepreneurship. Improve the function of international aviation and logistics hub, improve the external and internal channels of multi-directional Unicom and multimodal transport, and build a safe, convenient, green and low-carbon urban comprehensive transportation system. Coordinate water conservancy, energy, environment, communications, national defense and other infrastructure spaces, actively and steadily promote the construction of "flat and emergency dual-use" public infrastructure, optimize the regional layout of disaster prevention, mitigation and relief facilities, and improve the security and resilience of national space. Coordinate the layout of urban and rural public service facilities, guide the compact layout of cities, support the protection and improvement of people’s livelihood, improve the urban and rural living circle, and promote the balance between occupation and residence; The system layout is blue and green open space, creating a people’s city that is more suitable for industry, living, music and travel. Strict development intensity control,Improve the level of economical and intensive land use, make overall plans for the utilization of above-ground and underground space, and implement urban organic renewal and comprehensive land improvement in an orderly manner. Highlight the natural and cultural characteristics of urban and rural areas, improve the spatial protection mechanism of cultural heritage and natural heritage, strengthen the protection of Shenyang Forbidden City, zhao mausoleum, Fuling Tomb World Cultural Heritage and Qipanshan Nature Reserve, and improve the level of industrial heritage protection and activation. Strengthen the control and guidance of urban building height, volume, color and other spatial elements, and protect the historical city and historical and cultural blocks of historical and cultural cities. Construct a spatial system for the overall protection of cultural resources, natural resources and landscape resources, and create a city with northeast regional characteristics and historical and cultural heritage.

　　5. Maintain the seriousness and authority of planning. "Planning" is the overall arrangement for Shenyang’s land space, and it is the policy and general program for the protection, development, utilization and restoration of the city’s land space. It must be strictly implemented, and no department or individual may arbitrarily modify or change it in violation of regulations. In accordance with the requirements of regular physical examination and five-year assessment, we will improve the monitoring, evaluation and early warning mechanism for the implementation of land and space planning at all levels, and take the results of planning evaluation as an important basis for the supervision and assessment of planning implementation. Establish and improve the linkage mechanism of planning supervision, law enforcement and accountability, and implement the life cycle management of planning.

　　Sixth, do a good job in planning and implementation. The Liaoning Provincial People’s Government and the Ministry of Natural Resources should guide and urge the Shenyang Municipal People’s Government to strengthen organizational leadership, clarify the division of responsibilities, improve the working mechanism, improve supporting policies and measures, and do a good job in issuing and publicizing the Plan. Shenyang Municipal People’s Government should prepare special planning and detailed planning according to the approved master plan, issue planning permission according to the detailed planning, strengthen the application of urban design methods, establish an overall management system for special planning related to land and space, and strengthen the guidance and constraints on the special planning; In accordance with the requirements of "unified base map, unified standard, unified planning and unified platform", we will improve the "one map" system and the basic information platform of land and space planning, and build a monitoring network for the implementation of land and space planning; Establish and improve the system of urban land and space planning Committee. The Ministry of Natural Resources shall, in conjunction with relevant parties, closely coordinate and cooperate according to the division of responsibilities, strengthen guidance, supervision and evaluation, and ensure the realization of the objectives and tasks set in the Plan. All relevant departments should resolutely implement the decision-making arrangements of the CPC Central Committee and the State Council on the reform of "multi-regulation in one", and do not set up other spatial plans outside the national land spatial planning system. Major issues in the implementation of the "Planning" should be reported in a timely manner.

　　the State Council

　　October 20, 2024

　　(This piece is publicly released)

　　CCTV News:Recently, the relationship between Japan and South Korea has been tense. The Korean plaintiff in the case of Japan’s forced recruitment of Korean workers during World War II recently applied to the court to seize some assets of Japanese defendant enterprises in South Korea. Suga Yoshihide, the chief cabinet secretary of Japan, said on the 7th that the Japanese government would consider taking countermeasures against the ROK.

　　Korea was forced to apply for the seizure of Japanese enterprise assets.

　　At the end of October last year, the Supreme Court of South Korea sentenced Nippon Steel & Sumitomo Corporation of Japan to bear the responsibility of forcing South Korean workers to pay compensation during World War II, and found that the agreement signed between South Korea and Japan when diplomatic relations were normalized in 1965 "did not hinder individual claims". This ruling triggered a strong reaction from the Japanese government. However, since Nippon Steel & Sumitomo Corporation failed to execute the compensation judgment made by the court, the Korean plaintiff announced on the 2nd of this month that it had applied to a Korean court to seize some assets of Nippon Steel & Sumitomo Corporation in South Korea.

　　Japan said it would consider taking countermeasures against South Korea.

　　On the 6th, Japanese Prime Minister Shinzo Abe said in a TV program that the relevant issues had been "completely and finally solved" when the two countries resumed diplomatic relations and signed the Japan-South Korea Claims Agreement in 1965, and Japan would strictly deal with this matter "based on international law". Abe said that he has instructed relevant government departments to explore specific countermeasures.

　　Suga Yoshihide, on the other hand, said on the 7th that the relationship between Japan and South Korea is very serious at present, and the Japanese government is already waiting to see what the South Korean side is doing and considering the countermeasures. In addition, Abe has given instructions. Next, the relevant government departments will further explore specific countermeasures.

　　Japan-ROK relations are constantly fluctuating or further tense.

　　Recently, the relationship between Japan and South Korea has been turbulent due to a series of problems such as the forced labor case and the dissolution of the comfort women’s foundation in South Korea. Since the end of last month, the two countries have fought a "war of words" around the so-called "Japanese patrol aircraft was irradiated by the fire control radar of South Korean warships". Kyodo News reported that the Japanese government is accelerating the formulation of countermeasures against South Korea. With the development of the situation, Japan-ROK relations may be further strained.