[Aika Auto Domestic New Car Original]

　　On March 16th, Tank 330 was officially launched.Launch a model with a price of 330,000 yuan.. The new car is deeply developed based on the limited edition of Tank 300 Border, which has absorbed the essence of off-road technology of tank brands for many years, and the whole car is more hard-core, which perfectly combines off-road performance with luxury. Powered by a 3.0T V6 twin-turbo engine. The official said that the first batch of 1,000 cars will be sold, and it is expected to be released in batches in limited quantities.

　　In terms of appearance, the tank 330 inherits the unique hard-core style of the tank brand, and the lines of the whole vehicle are strong and powerful, showing a strong sense of strength. The hood of the new car has undergone a new design, and the bulging muscle lines seem to contain infinite energy. In the front part, the tank 330 adopts a rounded rectangular front grille design, and the interior is cleverly integrated with a round headlight group and a penetrating light strip, which adds a touch of retro charm to the whole vehicle. What’s more worth mentioning is that the tank 330 has been equipped with front and rear metal competitive bars, metal side guardrails, reinforced upper and lower control arms and three chassis armor guards when it leaves the factory.

　　The side design of tank 330 is also eye-catching, and the combination of wide-body wheel eyebrows and large-size wheels with dense spokes creates a domineering visual effect for the whole vehicle. In terms of body size, the length, width and height of the tank 330 reached 4772mm, 1970mm and 1960mm respectively, and the wheelbase was 2,750 mm. tyre size chose 265/70 R18, which fully met the requirements of off-road driving. The vehicle weight is controlled within 2.5 tons, which ensures good handling performance. Its approach angle, departure angle and longitudinal passing angle are 36, 33 and 25 respectively, and the minimum ground clearance reaches 242mm, which further highlights the excellent off-road capability of the tank 330. In addition, the design elements such as raised wheel eyebrows, roof rack and full-size external spare tire not only improve the practicability of the vehicle, but also increase the hard-core style of the whole vehicle. The red V6 logo at the rear of the car highlights the powerful power system of the tank 330.

　　The rear of the tank 330 shows a square and rough body line, and the front and rear raised wheel eyebrows and full-size external spare tire add a strong off-road atmosphere to the whole vehicle. The horizontal tailgate has a unique design, and the vertical door handle on the left side shows its unique and personalized style, which makes the tank 330 full of charm and characteristics in details.

　　Tank 330 has also made great efforts in interior design. The car is made of high-quality materials, creating a luxurious and comfortable driving environment. At the same time, the new car is also equipped with many intelligent technology configurations, such as 12.3-inch dual screen and intelligent voice interactive system, which provides drivers with a more convenient and intelligent driving experience. It is worth mentioning that the air conditioning function uses physical buttons, which is more convenient to operate and conducive to the safety of driving.

　　Tank 330 is equipped with a 3.0T V6 twin-turbo engine, which can release a maximum power of 260kW and a torque of 500Nm. The matching transmission system is an advanced 9AT gearbox. This powerful power system not only endows the tank 330 with powerful power performance, but also shows excellent stability and reliability in complex and changeable road conditions. It is worth mentioning that the thermal efficiency of the engine is as high as 38.5%, and the fuel consumption of the whole vehicle under WLTC working condition is only 11.9L L. At the same time, it is supplemented by a 48V motor, which further optimizes the fuel economy.

　　According to official sources, the tank 330 adopts an intelligent and timely four-wheel drive system and is equipped with a MLOCK mechanical locking function. This system can realize flexible switching of various modes, including two-wheel drive (2H, economic mode can lock rear drive), intelligent four-wheel drive (AWD), high-speed four-wheel drive (4H) and low-speed four-wheel drive (4L). Especially in 4L mode, the torque can be amplified by 2.64 times, thus providing strong traction, and the maximum traction mass reaches 2500kg. This design enables the tank 330 to be comfortable in various off-road scenes, showing its excellent off-road performance.

　　Editor’s summary: The listing of Tank 330 will further promote the development of off-road vehicle market, and its hard-core design and strong power performance will attract more consumers who pursue individuality and off-road experience. At the same time, the high-quality interior and intelligent technology configuration of the tank 330 will also inject new vitality into the off-road vehicle market. In the future, tank brands will continue to deepen the off-road vehicle market and bring more high-quality and high-performance off-road vehicles to consumers.

Wonderful content review:

The 2024 tank 300 was officially listed for sale at 199,800 yuan.

Tank 400 Hi4-T: Wild than 300 and cool than 500!

The tank 700 Hi4-T was officially put on the market and sold for 428,000 yuan.

　　In order to speed up the application of large-scale models and continuously promote the commercialization and large-scale popularization of typical applications, on the basis of summing up and evaluating the work experience of the first and second batch of partner programs, the third batch of "partner program" members is now organized, focusing on "high-quality data supply, high-performance computing power supply and high-value model application", and the partner members in five fields of computing power, data, model, application and investment are widely collected. The relevant matters are notified as follows.

　　I. Scope of the "Partnership Program"

　　The "Partnership Program" aims to build a market-oriented service platform with industrial synergy, complementary advantages and resources, effective application and flexible cooperation mechanism among partners.

　　(1) Calculation partners. Widely collected throughout the country, especially in Beijing, Tianjin, Hebei, Mongolia and surrounding areas. Computing partners have the ability to provide diversified and high-quality computing resources, and can give priority to providing high-quality computing services to large model teams and enterprises in this city, which can effectively reduce the threshold for computing use of small and medium-sized enterprises and individual developers, and can access the computing interconnection and operation service platform in Beijing. Computing partners should have cooperation cases with large model enterprises and AIGC enterprises in high-performance computing support. Encourage enterprises with domestic computing resources to actively participate.

　　(2) Data partners. Data partner is the main body of data factor market, including data provider and data trader. Aiming at the high-quality data required for large-scale model training, it can combine specific application scenarios, give full play to the advantages of massive data resources and professional advantages of data providers, and realize the effective supply of training data and the compliant, efficient, safe and orderly flow. Priority should be given to the fact that the relevant data resources of data providers can be physically migrated, relying on the pioneer area of Beijing data basic system and the National Artificial Intelligence Data Training Base, and provide data support for large-scale model training through platform transactions. Encourage enterprises that can provide high-quality data resources for practical application scenarios such as intelligent manufacturing, government affairs, finance, medical care, entertainment and education to actively participate.

　　(3) Model partners. Model partners mainly include general model enterprises, industry model enterprises and model service providers. The technical parameters of the general large model need to reach the domestic leading level, and the development of industry models based on the general large model is encouraged. Model partners should have the ability to provide application services by using large models, and can provide application services based on specific industries, or rely on the basic model platform to train and optimize through exclusive industry data to provide industry application services. Related model services or applications have achieved commercial cooperation or large-scale promotion and use.

　　(4) Application partners. Application partners refer to all kinds of industry users who apply large-scale model capabilities to support business development. They should have a clear demand for cooperation in open scenarios, and have the ability and willingness to cooperate with applications. They can open their own typical application scenarios and rely on model products and services to drive business to improve quality and efficiency. Encourage central enterprises, state-owned enterprises and other units to actively participate.

　　(5) Investment partners. Investment partners can empower the development of general artificial intelligence industry by means of capital assistance and service docking, and play the role of incubation, guidance and driving. They should have the sustainability of investment and services, provide a good environment for investment, incubation and cooperation docking, and regularly hold docking exchanges, salons roadshows and other activities to drive scientific and technological innovation, discover typical scenarios, promote cooperation, and promote the high-quality development of the digital economy. In the past two years, the number of investment projects in large models and related industries of investment partners has reached more than 5; Investment partners organize at least 10 roadshows and other service docking activities every year.

　　Second, the reporting conditions

　　(1) reporting conditions. Units that are willing to participate in the development of general artificial intelligence industry in Beijing and meet the relevant conditions of five types of partners. There is no bad record in terms of quality, safety, reputation and social responsibility.

　　(2) Relevant rights and interests. Enjoy the docking service of computing power, data and application among partners, and provide relevant policy publicity and guidance.

　　Third, the working mechanism

　　In order to fully reflect the service docking effect of the "Partner Program", mobilize the enthusiasm of partner members and promote the double improvement of cooperation quality and effect, the working mechanism of partner member units is specially formulated.

　　The member units that have been selected into the partnership plan should actively participate in relevant activities or meetings and perform their partnership duties. After comprehensive evaluation, the member units that do not participate in relevant activities without reason will take measures such as "reminding and revoking partner membership" respectively. All partner memberships are reviewed quarterly, and enterprises and institutions that fail to reflect the role of partner members will be led out after a quarter of observation. All partner member units shall strictly abide by the objective facts in providing capacity services and information disclosure, and shall not slander their peers. The materials and documents shared or disclosed shall comply with relevant laws and regulations, and bear relevant responsibilities caused by self-behavior.

　　Fourth, the declaration method

　　The reporting entity can choose to assume one or more partner roles according to its own business type. The applicant should fill in the Application Form for the Third Batch of Beijing "Partnership Program" (see the attachment for details), and send the official application form PDF document and Word document to the contact email before March 1, 2024.

　　I hereby inform you.

Beijing Bureau of Economy and Information Technology　　　　

February 5, 2024　　

　　(Contact: Zou Qifeng, Wang Wei and Li Yiming; Tel: 18730662199 13810101764 13910808181; E-mail: gaozhengzhou@jxj.beijing.gov.cn)

　 　 Special feature of 1905 film network After that, Xu Haofeng was spread more and more. The media is eager for legend, and peers are looking forward to performance. In addition to the common names such as writer, director and martial arts instructor, rumors have claimed that this college teacher has become the head of a certain sect. However, just as he and the famous "academic" directors in recent years can’t be easily classified into the ranks of China directors divided by generations, Xu Haofeng and his films can’t simply be classified as traditional martial arts films. This made Xu Haofeng embark on a completely different road from the previous martial arts movies since he made his debut in 2012. And to this part, not only is the master passing by, but you can almost see the entrance of the school.

　 　 Record companies always advertise newcomers with the banner that "no one has ever sung like him". This sentence can also be used in Xu Haofeng’s name: no one has ever made a martial arts movie like him. It is precisely his strength and fortune to break the wind direction led by Hong Kong for a long time. Nowadays, the brand of the new school of martial arts can definitely afford to make movies by taking moves from oral instruction.

　 　 The film has been in China for 110 years, and the martial arts film has a history of 87 years. Since the first martial arts film, most chivalrous swordsmen wear Peking Opera bunt and follow the routine of Wusheng peking opera blues. What did the ancients wear? It was not until two great directors, Li Hanxiang and Hu Jinquan, that the film circle became addicted to textual research, and gradually took off their costumes and embarked on the road of life. However, the improvement of martial arts drama is not so easy, and Hong Kong people carry forward the title of "martial arts director" to shoot action scenes instead of directors.

　 　 Although there is no martial arts in the Hong Kong martial arts circle, Liu Jialiang, the famous director, is a direct descendant of Hongquan. However, the mainstream still belongs to Cheng Xiaodong and Yuan Heping, who have a background in Peking Opera, and Jackie Chan and Sammo Hung, members of the "Seven Little Happiness" from the troupe. These martial arts refers to the "monopoly" of Hong Kong martial arts films, which makes the action scenes more and more dazzling, in order to highly purify the word entertainment. It made the martial arts films develop into the 90′ s full of gods and buddhas. The action styles they created also spread from Hong Kong to Greater China and even Hollywood. After the new millennium, Zhang Yimou is still the remnant of Xiangjiang River, which is a trick and a half, and all of them eat the old money accumulated over the years. This year, Chen Kaige remake a novel from Xu Haofeng, and the martial arts instructor still invited Ku Huen Chiu from Yuan Jiaban, playing the same trick as Stephen Chow 10 years ago. Therefore, the appearance of Xu Haofeng and his films is just to get rid of the action design of Hong Kong martial arts films and return kung fu to Wulin. This year’s Golden Horse Best Action Design Award of Master is absolutely justified.

　 　 In Master, Liao Fan, the hero, played Wing Chun. In the Republic of China, Tianjin was mixed with foreign countries, and the kinds of boxing flourished; Wing Chun is just a small boxing in the north, and there are a lot of local sects in Tianjin in the story. Xu Haofeng is a practitioner. Although he has never played Wing Chun, his cooperation with Wong Kar-wai has made him know many Wing Chun masters. The rest of the boxing and even the sword and halberd have the director’s own textual research results for many years. With this foundation, "Master" can be described as full of confidence. In addition to fists and fists, weapons are another highlight in Master. In the street fighting at the end of the film, Liao Fan held an eight-blade wing chun weapon, and all the tricks and styles he made were also verified by Xu Haofeng from the previous generation. Xu Haofeng didn’t design any fancy and unpractical lens, but Liao Fan’s intention in the movie was to preach the knife method, which sounded like what Xu Haofeng himself wanted to say to you: I showed all my moves, and how much I took depends on the individual.

　 　 The implication of dialogue is another feature of Xu Haofeng. With his participation, the script of "A Generation of Masters" was once eloquent. The words in "Master" are divided into three parts, which is the same as the rhythm of the film, and it is also integrated with the style of Xu Haofeng’s novels. The film relies on the original work, so it is extremely literary. In the first half of the film, Master Chen Shi, played by Liao Fan, got acquainted with Tianjin Wuxingtou brand, and Zheng Shanao, played by Jin Shijie, was intended to make a name for himself. Although Zheng Shanao fully assisted, he also intended to use Chen Zhifeng to retire. After the relationship between this group of characters is abstract, it is the template of the so-called borrowing people to ascend to heaven and becomes a skeleton in the literary sense. Filled with flesh and blood, it is only in the moments when the director is most ruthless that the wound is torn open, so that you can see what the bones and muscles that support the flesh look like. From this perspective, the martial arts action scene is only the first layer of the film, and it is also the most eye-catching commercial element; The helpless sigh for the lost years is the second obvious layer, while the core refers to the interaction between people in any society. The inherent richness and ambiguity of the film also makes Master surpass the previous martial arts films and appear more authentically.

　 　 In addition to the literary significance of Master, Xu Haofeng still wants to make sense out of things, saying "rules", the two most beautiful words in the film. In Zheng Shanao’s mouth, the rules were established by ancestors and handed down by the people; In the eyes of curator Zou, played by Jiang Wenli, rules are just the game of those in power. The confrontation between these two logics is precisely the confrontation between the old and the new in this era of the Republic of China. Fame in World War I is only the plot in the story. From the first movie, Xu Haofeng tried to put the truth he believed in into the characters. However, this only created a thousand people’s side in The Trail of the Enemy. It was not until this "Master" that martial arts became successful, with the times as the skin and the characters as the bones.

　 　 Therefore, Master, as a martial arts film, is unique in two aspects, one is the innovation of action design, and the other is the significance of martial arts film as a genre film. These two layers coexist and grow together, and they are both inside and outside each other. In the film reviews he once wrote, Xu Haofeng himself wrote that the fear of certain things supports a genre film, while the martial arts film should be the fear of modern guns. Xu Haofeng abandoned Weiya and body double and told such a story in the Republic of China, which was precisely the practice of his own theory.

　 　 In the film, Liao Fan uploads his fist to the north alone, comes from nowhere, and leaves with an unknown surname, leaving only the street legends of his disciples who fought in eight martial arts schools in Tianjin. In reality, Xu Haofeng’s "Master" is actually a real northern fist going south, and the ability to settle down has been revealed, which won the Golden Horse Award. However, for Xu Haofeng, it is still famous and has not yet been established. To be a great master, it is necessary to shine a light on future generations. Therefore, people can’t help but expect that Xu Haofeng’s skill will eventually be learned by what kind of latecomers.

　　Lanqi Technology released the record of investor relations activities on June 6, and the company was investigated by 70 institutions on May 30, 2022. The types of institutions are QFII, insurance companies, others, fund companies, overseas institutions, securities companies and Sunshine private equity institutions.

　　The main contents of investor relations activities are introduced:

　　(I) Brief introduction of the performance in the first quarter of 2021 and 2022. Ms. Fu Xiao, secretary of the board of directors of the company, briefly introduced the performance of the company in 2021 and the first quarter of 2022.

　　[Summary of main operating conditions in 2021] With the company’s Tianjin arrest? A major breakthrough was made in the CPU business, and the first generation memory interface chip and memory module supporting chip of DDR5 were officially mass-produced and shipped in the fourth quarter of 2021. In 2021, the company achieved an operating income of 2.562 billion yuan, a record high in the company’s revenue, with a year-on-year increase of 40.49%, and a net profit of 829 million yuan, down 24.88% year-on-year. In the fourth quarter of 2021, the company’s revenue was 969 million yuan, achieving continuous growth in a single quarter, setting a new record for the company.

　　In the fourth quarter of 2021, the company’s interconnected chip product line revenue was 601 million yuan, a record high for the product line in a single quarter; Tianjin arrest? The annual revenue of the server platform product line was 845 million yuan, a year-on-year increase of 27.5 times.

　　The company insists on technological innovation and attaches great importance to research and development. During the reporting period, the company’s R&D expenditure was 370 million yuan, up 23.33% year-on-year, accounting for 14.44% of operating income.

　　By the end of 2021, the company had 373 R&D technicians, a net increase of 56 compared with the end of 2020, accounting for 71% of the total number of the company, with master’s degree or above accounting for 65%. The company’s R&D technical team has been further expanded and its overall strength has been further strengthened.

　　In 2021, the company obtained 17 authorized invention patents, and the number of authorizations increased by 89% year-on-year; 48 new invention patents were applied, and the number of applications increased by 37% year-on-year; Newly acquired 16 integrated circuit layout designs, up 78% year-on-year; Two new software copyright registrations were obtained.

　　The company and its products have been continuously affirmed by customers and industries, and they have been elected as "Single Champion Demonstration Enterprise of Manufacturing Industry" and "National Technology Innovation Demonstration Enterprise" by the Ministry of Industry and Information Technology, and they have been elected as members of the board of JEDEC (China was selected as the only chip company among the three enterprises), which reflects the company’s position in the industry.

　　[Operating results in the first quarter of 2022] In the first quarter of 2022, the company achieved revenue of 900 million yuan, a year-on-year increase of 201%; The net profit of returning to the mother was 306 million yuan, a year-on-year increase of 128%; Deduction of non-homecoming net profit was 231 million yuan, a year-on-year increase of 211%; The net cash flow from operating activities was 259 million yuan, a year-on-year increase of 101%.

　　As of March 31, 2022, the company’s total assets were 9.4 billion yuan, including net assets of 8.8 billion yuan.

　　In the first quarter of 2022, the company’s interconnected chip product line achieved revenue of 575 million yuan, a year-on-year increase of 94%; Tianjin arrest? The server platform product line achieved revenue of 325 million yuan, a year-on-year increase of 99 times. In the first quarter of 2022, DDR5 related products continued to be shipped, and Tianjin arrested them? The server platform business has developed steadily, and the company’s operation is relatively stable.

　　[R&D progress of major products in 2021 and key points of R&D work in 2022] In addition to products that have been mass-produced in 2021 and products under development, the company has actively made technical reserves in some new technologies and products, laying a solid foundation for the follow-up research and development of new products. In the process of research and development of existing products, the related underlying technologies are constantly precipitated, and the research and development of new products are constantly fed back. On the whole, the company continues to innovate its products around its own technology and market ability, and realizes the positive cycle of "reserve research and development-mass production".

　　The progress and R&D achievements of the company’s main products in 2021 are as follows:

　　(1) interconnection chip product line: the first generation memory interface chip of DDR5 and the supporting chip of memory module are mass-produced, and the second generation memory interface chip of DDR5 and PCIe5.0Retimer engineering samples are completed.

　　(2) Tianjin Capture Server Platform Product Line: In 2021, the third generation Tianjin Capture CPU was launched.

　　(3)AI chip: complete the logic design, system integration and verification of the main subsystems of AI chip, promote the system construction of AI and big data software ecology, and complete the main function verification and performance evaluation of typical application scenarios.

　　In 2022, the company will continue to invest in R&D innovation, and the key points of R&D work are as follows:

　　1. Steadily promote the iterative upgrade and research and development of existing products;

　　(1) interconnection chip product line: complete the research and development of DDR5 second-generation memory interface chip and PCIe5.0Retimer production version, and make preparations for quality certification before mass production.

　　(2) Tianjin arrest? Server platform product line: complete the fourth generation Tianjin arrest? CPU research and development, and realize mass production;

　　(3)AI chip: complete the first generation AI chip engineering sample streaming.

　　2, start a number of new product research and development design work:

　　Including CKD chip, MCR RCD/DB chip and MXC chip, the goal is to complete the first generation of product engineering samples of the above three new products before the end of 2022. At the same time, the company’s new "2022 Restricted Stock Incentive Plan (Draft)" sets the assessment indicators for 2023 as follows: the above three new products have completed the research and development of mass production versions and achieved shipment.

　　(1)CKD chip: DDR5UDIMM and SODIMM for the new generation of desktop and notebook computers.

　　(2)MCR RCD/DB chip: a high-bandwidth memory module for servers and data centers.

　　(3)MXC chip: used for memory expansion and memory pooling of the server.

　　[Product Layout] At present, the company carries out strategic product layout around two areas: high-speed interconnection and high-performance data processing.

　　(1) Interconnected chips belong to "fast chips" and are related to the underlying technology. Based on the technical and market advantages in the field of memory interface chips, the product layout is gradually extended to memory module supporting chips, PCIe and CXL related chips.

　　(2) Data processing chips are "big chips", including Tianjin CPU and AI chips. Is the company developing Tianjin arrest? In the process of CPU, the technical ability in the field of data processing chips is gradually accumulated, and there are more opportunities to meet the needs of server manufacturers and end users. Combined with the company’s technical reserves in DDR and CXL, it laid the foundation for the research and development of AI chips.

　　Generally speaking, the company’s product layout starts with the memory interface chip, and is extended to Tianjin and Shenzhen under the dual drive of technology and market. The server platform, memory module supporting chips, PCIe Retimer chips and AI chips are now further expanded to CKD, MCR RCD/DB and CXL related chips, and we will see the company’s richer product layout in the future. The company’s sub-sectors and products under research have high commercial and technical thresholds. Because the company has certain technical advantages and resource endowments in related sub-sectors, we are confident to participate in the global competition of related products. The company hopes to expand the accessible market scale in the future, consolidate its competitive advantage and lay a solid foundation for long-term healthy and stable development by continuously enriching product categories.

　　(two) the main questions and answers to the exchange.

　　Q: Please look forward to the penetration rate of DDR5 related products.

　　A: In the fourth quarter of 2021, DDR5 memory interface chip and memory module supporting chip have been officially mass-produced and shipped, and will continue to be shipped in the first quarter of 2022. With regard to the penetration rate of DDR5-related products, it is divided into two dimensions: server side, before the server CPU supporting DDR5 is put into use, it is expected that the penetration rate of DDR5 industry will be slowly improved, and the larger penetration rate will climb after the scale of server CPU supporting DDR5 is put into use; On the PC side/laptop side, the desktop platform supporting the first generation of DDR5 was released in the fourth quarter of 2021. At the same time, according to the planning of mainstream CPU manufacturers in the market, the desktop platform supporting the next generation of DDR5 may be launched before the end of this year. These factors will accelerate the upgrade of the desktop from DDR4 to DDR5.

　　Q: How many children does DDR5 memory interface chip have? Compared with DDR 4, is the iteration speed between each offspring of DDR 5 memory interface chip accelerating, and what impact does it have on the company?

　　A: According to the information published by JEDEC, the DDR5 memory interface chip has planned three generations, with support rates of 4,800 mt/s, 5,600 mt/s and 6,400 mt/s respectively, and it is expected that there may be one or two generations in the future. The industry expects that in the early DDR5 generation, the iteration speed between the descendants of memory interface chips may be faster than that of DDR4 generation. On May 9, 2022, the company announced that it was the first in the industry to trial-produce the second generation RCD chip of DDR5. It is expected that this year, in addition to the gradual increase in the first generation of DDR5 products, the second generation of DDR5 memory interface chips will also have a certain amount of sample demand.

　　The acceleration of the iteration speed of DDR5 offspring is of positive significance to the company: first, according to the price law of DDR4 offspring iteration, the initial sales price of the new offspring products is higher than that of the previous offspring due to the upgrading of technology and performance, which can boost the average price of products; Second, as a leader in the segmentation field, the company took the lead in formulating the product standards of the first and second generation memory interface chips of DDR5 in the industry organization JEDEC, which reflected the company’s position in the industry and helped to maintain the company’s leading position in research and development.

　　Q: What is the price law of each offspring of memory interface chip?

　　A: Combined with the price law of DDR4 memory interface chip, the sales price of a certain offspring product gradually decreases after the quantity is added. However, due to the upgrade of technology and performance, the initial sales price of the new generation products is higher than that of the previous generation. Therefore, in the case of continuous iteration, the average sales price of products will remain stable and upward.

　　Q: What is the competition pattern between DDR5 memory interface chip and memory module supporting chip?

　　A: At present, the competition pattern of DDR5 memory interface chips is similar to DDR4 memory interface chips. Only three suppliers in the world can provide the first generation of mass production products, namely, the company, Renesas Electronics and Rambus, and the company’s market share in memory interface chips remains stable. On the supporting chips, the two main suppliers of SPD and TS are Lanqi and Renesas Electronics. PMIC has more competitors, and the competition will be more complicated in the initial stage.

　　Q: What is the reason for the decline in the revenue of interconnected chips in the first quarter of 2022?

　　A: The company’s revenue of interconnected chips decreased slightly in the first quarter of 2022, mainly due to: 1. Quarterly fluctuations. In normal years, the first quarter is off-season compared with the fourth quarter; 2. Due to the special period disturbance, the logistics efficiency of some products was affected by the static management in Shanghai and its surrounding areas in late March, and the shipment was postponed to April. After active coordination, the current logistics efficiency has basically returned to normal.

　　Q: Why did the gross profit margin of interconnected chips decrease in the first quarter of 2022?

　　A: In the first quarter of 2022, the gross profit margin of interconnected chips decreased slightly from the previous quarter, mainly because: DDR5 memory module supporting chips were jointly developed by the company and its partners, and the gross profit margin was lower than that of memory interface chips. With the increase of its revenue share, the average gross profit margin of interconnected chip product lines declined.

　　Q: Does the company have room to improve the future market space of CPU business? What are the direct customers and downstream applications of this business?

　　A: In view of Tianjin CPU, because the market space is very large, the company’s primary goal in the initial stage of products is to pursue quantity, enter the market as soon as possible, strive for more market share and gain more customers’ recognition. Because of the large value of this product, once it is on the market, the absolute amount of gross profit will be considerable. At the same time, after accumulating a certain number of customers and reaching a certain income scale, the company will develop new functions to enhance the added value of products in combination with the needs of customers, and actively optimize costs, thus ultimately improving the gross profit margin of this product line.

　　China’s server market maintained a high-speed growth trend. According to IDC’s research report, in 2021, the shipment and sales of China’s server market were 3.911 million units and 25.09 billion US dollars, respectively, up by 8.4% and 12.7% year-on-year. The introduction of strategies such as "Digital China" and "Counting East and Computing West" is expected to bring great impetus to the development of China server market in the next few years. At the same time, with the continuous strengthening of the competitive strength of domestic brands, domestic brands’ server-related products will enjoy more growth dividends in China server market.

　　In 2021, the sales volume of related products of Tianjin Capture Server Platform exceeded 150,000 pieces. If a server is equipped with two CPUs on average, the market share of related products of the company will be about 2% in 2021, which has great market expansion potential.

　　The direct customers of the company’s CPU are mainly OEM or ODM manufacturers of servers, and the larger downstream applications are finance, transportation, government affairs, energy, data centers and other fields.

　　Q: The company’s AI chips are strategic products in the future. Please introduce the technical architecture, application scenarios and market prospects of AI in detail.

　　A: 1. Technical architecture.

　　The AI chip solution under research by the company consists of AI chips and other related hardware and corresponding adaptation software, and adopts a near memory computing architecture, which is mainly used to solve the CPU bandwidth, performance bottleneck and GPU memory capacity bottleneck problems in reasoning application scenarios of AI computing under big data throughput, and to provide customers with low latency and high efficiency AI computing solutions.

　　AI chip is the core hardware of the above solution, which is mainly composed of AI computing subsystem, CXL controller, DDR memory controller and other modules. The chip is designed specifically for the application of AI in big data scenarios, and integrates AI high-performance computing, heterogeneous computing, CXL high-speed interface technology, DDR memory control technology and other related technologies. It has efficient hardware acceleration functions such as searching and sorting large-capacity data, and has functions such as data compression and data encryption and decryption.

　　At the same time, the company’s AI chip solution will support a perfect AI software ecosystem, and can deeply optimize all kinds of AI algorithms and models in a targeted way, and can support all kinds of mainstream neural network models in the industry, such as visual algorithms, natural language processing and recommendation systems, which is conducive to the subsequent software and hardware ecological construction and marketing work.

　　2. Typical application scenarios of AI chips in the future The typical application scenarios of AI chips under research by the company in the future are as follows:

　　(1) Recommendation system under big data throughput in the Internet field. At present, the conventional scheme in the industry is to hand over the two main steps of "Embedding" and "Embedding Search" in the recommendation system to different platforms for processing, and the GPU, FPGA or ASIC chip with high computing power is responsible for the "Embedding" part, and the CPU+ big data system deploys the "Embedding Search" part. This step is divided, resulting in a lot of data exchange, and due to the hardware, The goal of the company’s AI chip is to integrate the above two steps and balance the computing power and memory capacity at the same time, so that the computing resources and memory can be used efficiently and the efficiency bottleneck of the system can be solved.

　　(2) Biomedical/medical big picture stream processing in medical field. At present, the conventional scheme in the industry is to cut large pictures in CPU, and the sub-images obtained by cutting are transmitted to GPU for AI processing through PCIe interface. Through many interactions, a big picture is finally processed, which is also limited by the interface bandwidth and memory between them.

　　The company’s AI chip can greatly increase the memory capacity and reduce or even eliminate the need for image cutting. At the same time, CXL interface can make full use of cache performance and directly access the DDR memory of the near-memory computing module, thus improving the efficiency of the interface.

　　(3) Big data application scenarios in the field of artificial intelligence Internet of Things.

　　Generally speaking, the goal of the company’s AI chip solution is to provide customers with more efficient and cost-effective solutions compared with traditional solutions in similar application scenarios.

　　3. Market prospect: In recent years, the market scale of AI servers has been expanding. IDC predicts that the global market scale of AI servers will reach $27.7 billion in 2025, with a compound annual growth rate of 20.3%. According to the application field, AI chip can be used in two scenarios: training and reasoning. According to the prediction of relevant institutions, the global cloud AI chip market will reach a compound growth rate of 28% in 2020-2025 and a scale of 26.1 billion dollars in 2025: the market scale of cloud training chips will reach 12.9 billion dollars in 2025, and the compound growth rate will be 25% in 2020-2025; In 2025, the cloud inference chip will reach the market scale of 13.2 billion US dollars, and the compound growth rate in 2020-2025 will be 32%, which is higher than the overall growth rate of cloud AI chips. The company’s AI chip is facing the reasoning application scenario under the application of big data throughput. Because it is a new product, the current market scale is difficult to predict, but the value of AI chip is large. This is a very important product in the strategic layout of data processing chips, and I hope this product can become a new revenue growth point for the company in the future.

　　Q: The newly-developed CKD chip is mentioned in the company’s annual report. Please tell us in detail the function, application and future market space of this chip.

　　Answer: CKD chip is a high-speed Clock Driver defined by JEDEC organization, which can buffer and re-drive the clock signals of the next generation UDIMM and SODIMM (mainly used for desktops and laptops) of DDR5, thus improving the signal integrity and reliability of the clock signals and providing a higher-speed memory solution for desktops and laptops.

　　It is expected that in the middle of DDR5, "CKD+SPD+PMIC" will become the standard of UDIMM and SODIMM for desktops and laptops, and the direct customers will be memory module manufacturers. If CKD chips are fully infiltrated, their demand will be positively related to the global demand for UDIMM and SODIMM for desktops and laptops.

　　According to IDC data, the global shipments of desktops and laptops in 2021 were 349 million units, an increase of 14.8% compared with 2020.

　　At present, JEDEC is still formulating the product standard of CKD chip, and the company has participated in the standard formulation and laid out the research and development. The research and development goal of the company’s CKD chip before the end of 2022 is to complete the flow of engineering samples. At the same time, the company’s new "2022 Restricted Stock Incentive Plan (Draft)" sets one of the assessment indicators for 2023: CKD chips complete the research and development of mass production versions and realize shipment.

　　Q: official website recently released the world’s first MXC chip. Please tell us more about its function, application and future market space.

　　A: On May 6, 2022, the company released the world’s first CXL (Compute Express Link) memory expansion controller chip (MXC). The full name of MXC is Memory Expander Controller, and its Chinese name is Memory Expander Controller. The MXC chip is specially designed for memory AIC expansion card, backplane and EDSFF memory module, which can greatly expand the memory capacity and bandwidth to meet the growing demand of data-intensive applications such as high-performance computing and artificial intelligence. MXC chip is a CXL DRAM memory controller, which belongs to the third device type defined by CXL protocol. The chip supports JEDEC DDR4 and DDR5 standards, and also conforms to CXL2.0 specification, supporting the speed of PCIe 5.0. This chip can provide a high-speed interconnection solution with high bandwidth and low latency for CPU and devices based on CXL protocol, thus realizing memory sharing between CPU and CXL devices, greatly improving system performance, and significantly reducing software stack complexity and total cost of ownership (TCO) of data center.

　　MXC chips are mainly used in memory expansion and pooling application scenarios of big data, AI and cloud services. Before CXL interconnection technology, the bottleneck of memory expansion lies in the limitation of the number of CPUs and memory slots and the limitation of the memory capacity corresponding to each CPU. The difficulty of memory pooling lies in the fact that memory can only be accessed by CPU and cannot be shared by other devices.

　　With CXL interconnection technology, the memory expansion card can be composed of MXC chips and DIMM particles to realize the function of memory expansion or pooling, which is beneficial to the flexible allocation of memory space in data centers and effectively reduces the total cost of ownership.

　　The market demand of MXC chip depends on the market demand for memory expansion and memory pooling. Because it can make the memory configuration of data center more flexible and help customers reduce the total cost of ownership, the company is very optimistic about the future prospect of this product.

　　On May 10th, 2022, Samsung Electronics announced the development of its first 512GB CXL DRAM. The CXL internal control extended controller chip (MXC) of this memory module was provided by the company.

　　One of the assessment indicators in 2023 set by the company’s newly launched Restricted Stock Incentive Plan (Draft) in 2022 is: MXC chips complete the research and development of mass production versions and realize shipment. Lanqi will continue to maintain close cooperation with the leading memory manufacturers in the industry to jointly build an ecosystem based on CXL memory expansion controller and constantly update its products.

　　It is generally believed in the industry that CXL technology has great market potential in the future. According to the relevant materials of the investor briefing held by Micron Technology in May this year, it is believed that the market scale of CXL-related products will reach 2 billion US dollars by 2025 and further exceed 20 billion US dollars by 2030, driven by the rapid development of heterogeneous computing.

　　Q: The newly-developed MCR RCD/DB chip is mentioned in the company’s annual report. Please tell us the function, application and future market space of this product in detail.

　　A: MCR RCD/DB chip is used for MCR memory module, which is a higher bandwidth memory module. With the increasing number of AI processing in the cloud, the demand of high throughput, low latency and high density has spawned the demand for higher bandwidth, faster speed and higher capacity memory module. In order to meet this demand, JEDEC organization is currently formulating relevant technical standards for server MCR memory module.

　　The MCR memory module adopts the "1+10" infrastructure of LRDIMM. Compared with ordinary LRDIMM, the MCR memory module can access two arrays on the memory module at the same time, providing double bandwidth. The first generation of products can support up to 8800MT/s, and it is expected that there will be two or three generations of products with higher speed in the DDR5 generation. The memory interface chips needed for the high bandwidth memory module of the server are MCR RCD chip and MCR DB chip. Compared with ordinary RCD chip and DB chip, the design is more complicated and the speed is higher.

　　At present, JEDEC is still formulating the standard of MCR RCD/DB chip, and the company has participated in the standard formulation and has laid out research and development. Compared with ordinary RCD/DB chips, MCR RCD/DB chips have higher technical requirements, more difficult research and development, and longer research and development cycle, so it is difficult for manufacturers who have not developed RCD/DB to break through in a short time. The research and development goal of the company’s MCR RCD/DB chip before the end of 2022 is to complete the flow of engineering samples. At the same time, the company’s new "Restricted Stock Incentive Plan for 2022 (Draft)" sets one of the assessment indicators in 2023 as follows: MCR RCD/DB chip completes the research and development of mass production version and realizes shipment.

　　Q: What is the mass production and shipment of PCIe4.0Retimer chip in 2021, the future market situation and the research and development progress of PCIe5.0Retimer chip?

　　A: The company’s PCIe4.0Retimer chip achieved sales revenue of 12.2 million RMB in 2021, achieving a substantial breakthrough from zero to one.

　　From an industry perspective, in the short term, the PCIe4.0 ecosystem has just started, and the overall scale of the industry is not large; Looking into the future, it is generally believed in the industry that the demand for PCIe4.0-related equipment will gradually increase this year. At the same time, the mainstream server CPU supporting PCIe5.0 will be listed this year, and the demand for PCIe5.0-related equipment will enter the start-up period, which will also drive the demand for PCIe Retimer chips, and will drive the improvement of PCIe5.0 ecosystem and the commercialization process of related products. Therefore, the whole industry is still very optimistic about the PCIe Retimer chip market in the medium term. In January 2022, PCI-SIG officially released the final (1.0) specification of PCI Express6.0. Compared with PCIe5.0, the transmission speed doubled again, from 32GT/s to 64 GT/s.

　　In 2021, the company’s PCIe5.0Retimer chip has completed the slide of engineering samples, device and system-level test and evaluation, and began to send samples to customers and partners for interoperability testing. Before the end of 2022, the company’s PCIe5.0Retimer chip aims to complete the research and development of mass production version.

　　Q: The company’s R&D direction is the application field of SerDes high-speed interface. Is it the direction of the company’s future product line expansion?

　　A: SerDes is short for SERializer /DESerializer.

　　It is a mainstream serial communication technology of time division multiplexing (TDM) and point-to-point (P2P). That is, at the sending end, multiple low-speed parallel signals are converted into high-speed serial signals, which pass through the transmission medium (optical cable or copper wire), and finally at the receiving end, the high-speed serial signals are converted into low-speed parallel signals again. As an important underlying technology, SerDes is usually used as the physical (PHY) layer of some important protocols (such as PCIe, USB, Ethernet, etc.) and is widely used in high-speed interconnection in the fields of servers, automotive electronics, communications, etc.

　　Because SerDes is an important basic technology in the field of high-speed interconnection, which can be applied to PCIe Retimer and many other products, the company attaches great importance to this technology, and will also make some new product layouts based on the extension of technology. The specific new product layout strategy will be gradually developed in combination with the company’s technical advantages or market advantages.

　　Q: What is the strategic layout of the company’s future products?

　　A: The company will focus on scientific and technological innovation in the field of integrated circuit design, constantly meet customers’ demand for high-performance chips around the fields of cloud computing and artificial intelligence, realize the leap-forward development of the enterprise through continuous accumulation, create good returns for shareholders and contribute beneficial value to society.

　　The development goal of the company in the next three years is to enhance the company’s market position and influence in sub-sectors through continuous R&D and innovation, and at the same time open up new business growth points.

　　Among them:

　　1. In the field of interconnected chips, on the one hand, the company will continue to consolidate its market leading position in DDR5 related businesses, and continue to invest in iterative research and development of DDR5 related chips and new generation products of PCIe Retimer chips to further improve product layout; On the other hand, the company will continue to pay attention to other market opportunities in the field of interconnected chips and make strategic layout in a timely manner. In the annual report of 2021, the company has disclosed the research and development plans of three new products, namely CKD chip, MCR RCD/DB chip and MXC chip. They all belong to the field of interconnected chips and involve cutting-edge technologies in the industry. The company will steadily promote the research and development of new products as planned.

　　2. In the field of data center business, continue to upgrade Tianjin? Server CPU and its platform provide high-performance, high-security, high-reliability CPU, mixed secure memory module and other products for data centers, and continuously increase market share.

　　3. In the field of artificial intelligence chips, the company will focus on customer needs, tap potential business opportunities, develop competitive chip solutions, and provide new business growth points for the company’s sustainable development. The artificial intelligence chip currently being developed by the company adopts the near memory computing architecture, which is mainly used to solve the CPU bandwidth, performance bottleneck and GPU memory capacity bottleneck problems in the reasoning application scenario of AI computing under big data throughput, and provide customers with low latency and high efficiency AI computing solutions.

　　4. The company will continue to pay attention to the development of the industry and use its own resources to find suitable industrial chain investment and M&A opportunities.

　　Q: What is the impact of this epidemic in Shanghai on the company’s production and operation?

　　A: Due to the need of epidemic prevention and control, some employees of the company have been working at home recently, and some employees have been arranged to be on duty at the company site. After active coordination, the logistics efficiency of the company’s related products around Shanghai has returned to normal. Up to now, the company’s operation is generally normal.

　　Q: Does the current tight supply chain in the semiconductor industry affect the company?

　　A: From the second half of 2020, the company predicted in advance that the production capacity of the whole industry would be relatively tight by 2021, so it made some plans in advance. Up to now, the production capacity of the company’s main products is basically guaranteed, but it is still possible to be nervous about some products or models.

　　Q: How many R&D personnel are there in the company? What is the company’s R&D personnel expansion plan? What is the distribution of personnel in different product lines, and what are the main aspects of the increase of R&D personnel?

　　A: Since the company went public, the number of employees has increased steadily, from 255 at the end of 2018 to 334 at the end of 2019 and 457 at the end of 2020 to 527 at the end of 2021, among which the proportion of R&D technicians has increased steadily, reaching 71% at the end of 2021, with 373 employees. With the development of the company’s business and continuous R&D investment, the company’s R&D technicians will continue to maintain a reasonable growth. The characteristics, technical reserves and R&D stage of each R&D project will be different, and the company will arrange corresponding R&D personnel and investment according to the needs of different R&D projects. Generally speaking, the increase of the company’s R&D personnel is mainly concentrated on new products, including AI chips and PCIe Retimer chips.

　　Q: Does the company consider investing in mergers and acquisitions to accelerate its development?

　　A: On the one hand, the company will achieve high-quality endogenous growth by strengthening R&D, on the other hand, it will continue to pay attention to the development trends of the industry and use its own resources to find suitable industrial chain investment and M&A opportunities;

　　The main business of Lanqi Technology Co., Ltd. is to provide chip-based solutions for cloud computing and artificial intelligence; The company’s main products are memory interface chip, Tianjin server platform and consumer electronics chip; In 2018, the company was awarded the 20th China Patent Excellence Award by China National Intellectual Property Administration. In 2018, the company’s product "the second generation DDR4 memory buffer controller chip" won the "China Core" annual major innovation breakthrough product award; In November, 2018, the "Dynamic Security Monitoring Technology" adopted by the CPU of Tianjin Capture Server and its platform was awarded the "World Internet Leading Scientific and Technological Achievements" in the 5th world internet conference.

　　Details of participating institutions are as follows:

　　　　Since the beginning of this year, listed real estate companies have raised more than 100 billion yuan in total through additional issuance, and these companies have been staking huge sums of money in major cities.

　　　　Financing-the issuance of real estate stocks is booming

　　　　According to the data of the National Bureau of Statistics, from January to June in the first half of the year, the housing sales prices in 70 large and medium-sized cities in China increased by 5.6%, 5.9%, 5.9%, 5.4%, 6.4% and 7.1% respectively, showing an overall upward trend. The rising house prices make investors look forward to the future performance growth of real estate listed companies. Poly Real Estate opened at 44.62 yuan on July 2 and reached a stage high of 87.99 yuan on August 27. It only took more than a month, and its share price rose by nearly 100%.

　　　　The good performance of real estate stocks has brought opportunities for listed companies to raise funds through the capital market. In July this year, gemdale issued 173 million A shares, successfully raising 4.5 billion yuan. In August, gemdale announced that it planned to issue corporate bonds of no more than RMB 1.2 billion. In addition, the company also plans to publicly issue no more than 360 million A shares.

　　　　In August, Vanke A-share issuance raised 10 billion yuan, which was the highest single fundraising record in the history of China’s stock market issuance. Later, it was announced again that it planned to issue corporate bonds with a total amount not exceeding 5.9 billion yuan.

　　　　Other companies don’t want to be left behind at all. In August, Poly Real Estate publicly raised 7 billion yuan, and suning universal plans to issue 380 million-420 million shares, raising as much as 11 billion yuan; Qixia Construction, Shennanguang A, and SIIC Development also issued additional issuance plans, raising a total of 7.19 billion yuan …

　　　　According to incomplete statistics, since the beginning of this year, listed real estate companies have raised more than 100 billion yuan by issuing additional shares and placing shares.

　　　　Enclosure-non-stop of listed companies

　　　　What do most listed companies do with huge financing? The Research Report on Competitiveness of Real Estate Enterprises in China released by the State Council Development Research Center on September 16th shows that with the continuous adjustment of national land and real estate financial control policies, real estate enterprises are constantly innovating financing channels, the capital scale is rapidly expanding, and the land purchase area is also increasing.

　　　　Obviously, almost all the financing is put on the land reserve, which can directly push up the company’s future development evaluation.

　　　　Listed companies hold huge sums of money to bid for land plots. As a direct result, land prices across the country keep hitting new highs, and records in Shanghai, Hangzhou, Dongguan, Tianjin, Xiamen and other places are constantly being refreshed, and one by one "land kings" make their debut: Shanghai and suning universal Group won the unit price "land kings" with a floor price of 67,000 yuan/square meter and a sky-high price of 4.4 billion yuan; Wuhan and Shanghai Yuyuan Mall won a piece of land at a sky-high price of 3.502 billion yuan …

　　　　In this regard, many people in the industry are not worried. Because the land king effect not only leads to the rise of land price, but also has obvious pulling effect on house price. There are endless examples of rising prices of surrounding buildings for sale due to rising land prices all over the country. At the Boao Real Estate Forum in August 2007, Chen Qizong, chairman of Hang Lung Group, one of the four largest real estate developers in Hong Kong, warned: "In fact, there has been a phenomenon that’ flour is more expensive than bread’ in mainland land transactions, which means that the price of land is higher than the surrounding housing prices, which is very dangerous."

　　　　Land hoarding-giants occupy a lot of resources

　　　　In recent years, developers have repeatedly commented that the rise in housing prices is mainly attributed to the lack of land supply. The land management department has repeatedly clarified that the land supply is not scarce. What is the truth?

　　　　Although it is difficult for us to know how much real estate enterprises have, they clearly give us the answer in the interim report of real estate enterprises.

　　　　According to the interim report of Country Garden, a real estate company listed in Hong Kong, as of August 15th, the company’s land reserve was 54 million square meters, an increase of 180% compared with 19 million square meters before listing on April 20th, making it one of the largest real estate companies in China. According to the latest announcement of Vanke, the total land reserve of Vanke is 21.57 million square meters, of which the construction area belonging to Vanke’s rights and interests is 18.18 million square meters. And with the completion of Vanke’s 10 billion yuan public offering, it is believed that the investment in land reserve will continue to expand.

　　　　According to the mid-year report, Poly Real Estate had a land reserve of 10.07 million square meters as of July 31. In 2007, China Merchants Property added a land reserve construction area of 1.68 million square meters, and gemdale won five projects in the first half of the year, with a leasable construction area of 2.35 million square meters …

　　　　Ye Jianping, director of the Land Management Department of Renmin University of China and director of the Real Estate Information Center, believes that it is understandable for developers to hoard land on a large scale as an enterprise behavior under the conditions of market economy. From a social point of view, this kind of behavior has certain negative effects, because the scarcity of land brings monopoly to enterprises and forms monopoly prices. Although the statistics of the land department show that the supply of land is very large, the core of the problem lies in how to improve the effective supply of the final product (housing), otherwise, it is easy to form a monopoly of land from government to enterprise. Therefore, he suggested that the competent authorities should adjust by dividing plots and increasing effective supply. At the same time, additional clauses can be added to the land transfer contract to clarify the development cycle, so that the government’s land supply can be quickly transformed into effective supply through management means.

　　　　Professor Liu Hongyu, director of Tsinghua University Real Estate Research Institute, reminded that the greater the land reserve, the greater the risk of future market changes. I hope enterprises can think calmly.

　　　　Worry-linkage of risks in property market and stock market

　　　　According to insiders, most of the land hoarded by developers was acquired before the "August 31 deadline" in 2004. According to the national regulations, after August 31st of that year, the operating land shall not be sold by agreement, and shall be subject to public bidding. Since then, developers have shouted "lack of land" every year. Moreover, with the gradual tightening of bank credit in recent years, the developer’s capital chain is generally tight.

　　　　But in the big bull market, real estate enterprises have innovated financing channels. Compared with the strict examination of bank loans, in terms of high cost, financing from the stock market has low cost, no need to repay capital and interest, and the risks are scattered and passed on to real estate investors, and big real estate developers are of course very happy to do it. As a result, outside the two gates of "credit" and "land", which are strictly controlled by real estate macro-control, real estate giants can finance the enclosure more easily.

　　　　Rising house prices-appreciation of real estate stocks-huge financing enclosure-sufficient land reserves to raise stock prices and high land prices to raise house prices … A circular picture of the stock market, land and property market dancing hand in hand with high prices seems to have emerged in front of our eyes!

　　　　This is a picture worthy of our vigilance. Ye Jianping believes that there are risks involved. At present, enterprises take land at a high price because they can pass on the cost to the market, and some buyers can absorb the rising cost. If the situation changes in the future, the expected cost of land will be out of touch with the actual cost, which may lead to the break of the capital chain of real estate enterprises. This is the risk of real estate enterprises themselves, but it is not terrible. What really needs to be vigilant is the second risk, that is, the risk of the joint financial market, which may lead to the systematic risk of the real estate market gradually shifting to the stock market.

　　　　Liu Hongyu also believes that this cycle has bred huge real estate price risks and stock price risks. Therefore, at present, when house prices and stock prices are at a high level, we must warn of risks and invest rationally. (Shen Yin Zhang Xiangyong)

Editor: Zhang Pengfei

CCTV News:Today (August 6th), China Business Federation released the China Retail Prosperity Index, and the China Retail Prosperity Index was the same as last month.

In August, China’s retail prosperity index was 50.2%, the same as last month. With the accurate epidemic prevention measures in place, the government’s policies and measures of continuously lowering standards and interest rates, reducing taxes and fees, smoothing logistics and stimulating consumption have landed, operators and consumers have gradually recovered their confidence, market flows have become more active, the retail market has stabilized, and consumption recovery is expected to be stable.

From the perspective of industry classification, the commodity management index was 50.4%, a slight decrease of 0.1 percentage points from last month; The leasing business index was 50.8%, a slight decrease of 1.6 percentage points from last month; The e-commerce business index was 49.2%, a slight increase of 1.7 percentage points from the previous month. In July, the customer unit price level index of e-commerce business was 45.8%, up by 3.8 percentage points, indicating that the customer unit price of e-commerce channel customers increased. On a year-on-year basis, the retail industry in July continued its slow recovery since the second quarter.

　　People’s Daily Online, Beijing, July 12 The website of the Supervision Department of the Central Commission for Discipline Inspection reported on the 11th that Chang Xiaobing, the former party secretary and chairman of China Telecom Group Company, was expelled from the Party membership and public office, and his disciplinary problems included serious violation of political discipline and interference with the special inspection work of the central government. According to the investigation, since the implementation of the Regulations on Inspection Work in the Communist Party of China (CPC) in August, 2015, except Chang Xiaobing, CPC Central Commission for Discipline Inspection has notified many officials and units of cases of obstructing and interfering with the central inspection work.

　　Deputy Secretary of the former Party Group of China Southern Airlines Group Corporation,General manager si xianmin

　　Notification time: February 3, 2016

　　Notification content: After investigation, Si Xianmin seriously violated political discipline, interfered with the inspection work, and seriously violated the spirit of the eight central regulations, playing golf with public funds. Serious violation of organizational discipline, failure to truthfully report personal matters as required, serious violation of integrity discipline, accepting gifts and cash gifts, using his authority to seek benefits for others, and his son accepting property and using his authority to seek benefits for relatives’ business activities. Approving the company to pay public funds to others in violation of regulations. Take advantage of his position to seek benefits for others and accept property in business operations. Among them, taking advantage of his position to seek benefits for others and accepting property is suspected of accepting bribes.

　　Zhou Laizhen, former member and deputy director of the Civil Aviation Administration of China

　　Notification time: January 19, 2016

　　Contents of the notification: After investigation, Zhou Laizhen seriously violated political discipline, interfered with and hindered the inspection work, and resisted the organization review; Serious violation of organizational discipline, taking advantage of his position to seek benefits and accept property for others in the selection and appointment of cadres, illegally intervening in personnel arrangements of relevant units, failing to hand in personal passports and truthfully reporting personal matters as required; Seriously violating the discipline of honesty, handing over the expenses that should be paid by individuals to subordinate units or others, accepting gifts and cash gifts, taking advantage of his position to seek benefits for relatives’ business activities, and engaging in power trading; Serious violation of the spirit of the eight central regulations, illegal possession and use of golf cards, acceptance of over-standard public banquets, and acceptance of tours arranged by subordinate units; Seriously violating work discipline and changing the route without authorization during going abroad; Take advantage of his position to seek benefits for others and accept property in business operations. Among them, taking advantage of his position to seek benefits for others and accepting property is suspected of accepting bribes.

　　Deng Qilin, former Party Secretary and Chairman of WISCO Group

　　Notification time: January 8, 2016

　　Contents of the notification: After investigation, Deng Qilin seriously violated political discipline, interfered with and hindered the inspection work, opposed organizational review, and engaged in superstitious activities for a long time; Serious violation of organizational discipline, illegal selection and appointment of cadres, taking advantage of his position to seek benefits and accept property for others in the selection and appointment of cadres, failing to truthfully report personal matters according to regulations, and failing to truthfully explain problems to the organization when talking; Serious violation of integrity discipline, taking advantage of his position to seek benefits for others and accept property in business operations, taking advantage of his position to seek benefits for relatives’ business activities, occupying houses in violation of regulations, receiving bonuses in violation of regulations, and occupying hotel rooms for personal use for a long time; Seriously violate the discipline of the masses, work discipline and life discipline, and trade power and sex. Among them, taking advantage of his position to seek benefits for others and accepting property are suspected of accepting bribes.

　　Hu Zhengming, former director of the Party Committee Office of China Export Credit Insurance Corporation.

　　Notification time: November 21, 2015

　　Informed content: After investigation, Comrade Hu Zhengming interfered with the special inspection work of the company by the Central Inspection Team during its stationing in the company, which constituted a violation of the discipline of the Central Inspection Team and the party’s political discipline. In order to enforce the Party’s discipline, according to the relevant provisions of the Regulations on Patrol Work in the Communist Party of China (CPC) and the Regulations on Disciplinary Actions in the Communist Party of China (CPC), Comrade Hu Zhengming was given a serious warning in the Party and transferred from the post of office director of the Party Committee.

　　Wu Changshun, former director of Tianjin Public Security Bureau.

　　Notification time: August 20, 2015

　　The website of the Supervision Department of the Central Commission for Discipline Inspection disclosed in the sixth interpretation of the Regulations on Inspection Work in the Communist Party of China (CPC) published on August 20th, 2015 that during the inspection in Tianjin, the Fifth Inspection Team of the Central Committee fought with Wu Changshun, then vice chairman of the Tianjin Municipal Political Consultative Conference and director of the Public Security Bureau, not only to guard against being monitored and leaked information, but also to find ways to ensure the safety of informants.

　　Individual units of China Eastern Airlines Group

　　Notification time: October 18, 2015

　　When the Ninth Inspection Team of the Central Committee gave feedback to China Eastern Airlines Group on the special inspection, it pointed out that some party organizations did not have a strong sense of the party, and the management of the party was not strict. The implementation of the "two responsibility" was not in place, and individual units had to interfere with the inspection work, and individual leaders violated organizational discipline.

　　In January, 2016, when China Eastern Airlines Group Company reported the inspection and rectification, it said that the Party Secretary of a subsidiary that had interfered with the inspection work would be dismissed from his post within the party, and the Party Secretary of the marketing department of the company would be dismissed from his post within the party, subject to administrative demotion. Both of them made written inspections and conducted informed criticism within the group.

　　zhengzhou railway bureau

　　Notification time: August 20, 2015

　　The website of the Supervision Department of the Central Commission for Discipline Inspection disclosed in the sixth interpretation of the Regulations on Inspection Work in the Communist Party of China (CPC) published on August 20, 2015 that when the Eighth Inspection Team of the Central Committee went to Zhengzhou Railway Bureau to understand the situation, it asked its office to provide reception accounts. The unit provided a batch of vouchers to the inspection team, including more than 400 vouchers of more than 2,000 yuan and more than 100 vouchers of more than 3,500 yuan. With such a large amount and so many times, how many people eat each meal and what do they eat? The inspection team requested relevant materials. The unit refused to provide it, saying that it could not be found, the work notebook was destroyed and the menu could not be provided. The inspection team found the party secretary and director and asked them to perform their main responsibilities to investigate this. It turns out that all the documents provided earlier are false. It turned out that the reception department knew that the inspection team was coming. In order to cover up the serious extravagance and waste, it was suggested to handle the accounts and break them into parts. A large account was processed into several small accounts, and the relevant business departments were asked to fabricate the eating experience. According to the investigation, they spent more than 13,000 yuan on a meal, and the cost of drinks alone was more than 9,000 yuan.

　　On August 11th, according to the situation and clues discovered by the inspection team, the party group of China Railway Corporation held a video teleconference to report the recent investigation and punishment of 13 mental problems of leading cadres violating the eight central regulations. Among them, Zhang Junbang, former director of Zhengzhou Railway Bureau, was given a serious warning within the party for seriously exceeding the standard of official reception and eating and drinking public funds, and Yang Weijun, secretary of the Party Committee of Zhengzhou Railway Bureau, was given a warning within the party for failing to conscientiously perform the main responsibility of building a clean and honest party style.

　　> > relevant regulations:

Regulations of the Communist Party of China (CPC) Municipality on Inspection Work

(August 3, 2015)

　　Thirty-seventh patrol area (unit) and its staff in any of the following circumstances, depending on the seriousness of the case, the main person in charge of the leadership of the area (unit) or other relevant responsible personnel, to give criticism and education, organizational treatment or disciplinary action; Suspected of a crime, transferred to judicial organs according to law:

　　(a) concealing or deliberately providing false information to the inspection team;

　　(2) refusing or failing to provide relevant documents and materials to the inspection team as required;

　　(three) instigating or forcing the relevant units or personnel to interfere with or obstruct the inspection work, or falsely accusing or framing others;

　　(4) refusing to correct the existing problems without justifiable reasons or failing to make rectification as required;

　　(5) Strike, retaliate against or frame up cadres and the masses who reflect the problems;

　　(six) other circumstances that interfere with the inspection work.

　　　　　　 CCTV News:Together with skateboarding, rock climbing and surfing, break dancing has become an official event of the Olympic Games. A few days ago, when IOC President thomas bach announced this decision, it really caused quite a stir. When it comes to break dancing, friends over 40 must have special feelings. In the 1970s and 1980s, break dancing became popular in China. No matter the streets and alleys, as long as the dynamic music rang, there were young people with explosive heads, bell bottoms and open-fingered leather gloves, while stepping on the spacewalk, cleaning the glass with their bare hands and dancing with each other, showing their youthful vitality. In many variety shows at present, break dancing is even more cool, and the limelight is the same.

　　　　　　 [After all] What kind of dance is "Olympic" break dance?

　　　　　　 Break dancing, English name Breaking, is sometimes translated as "floor dancing" because of its classic movements on the ground. From leading the trend of street culture to becoming an official Olympic event, what kind of dance is break dancing?

　　　　　　 Hold the ground with one hand, exert your strength instantly, and your body will fly and spin rapidly. The young man who danced like a tornado and looked wild and free was 20-year-old Shang Xiaoyu. As the only break dancer in China, he played in the 2018 Youth Olympic Games, competing with the world’s top players, and finally broke into the top eight.

　　　　　　 Break dancing originated from American hip-hop culture in the 1960s and 1970s, and it is a kind of generalized hip-hop. Its symbolic action is that dancers support their bodies with their hands and heads to do rapid rotation and tumbling on the ground, which has the elements of sports competition since its birth, and street cheers are the basis for judging the success or failure of fighting dancing. In 1987, the American film "Break Dance" was released in China, and it was all the rage to take a "spacewalk" with a tape recorder on your shoulder or "clean the glass" in the air. However, these movements are not break dancing.

　　　　　　 Su Jie, Secretary-General of China Sports Dance Federation: "The break dance in the movie is the predecessor of breaking now."

　　　　　　 According to experts, the most obvious feature of break dancing is that athletes are no longer satisfied with expressing music with their bodies, but pursue to explore the limits of the human body in rhythm, and Thomas and handstand rotation have become symbolic movements.

　　　　　　 [Question in the end] There are various forms of street dance. Why can break dance "enter the Olympics"?

　　　　　　 As a competition, break dancing made its debut at the Youth Olympic Games in Buenos Aires in 2018, which also played an important role in promoting its official entry into the Olympics. There are many forms of street dance, so why can break dance "enter the Olympics"?

　　　　　　 Su Jie, Secretary-General of China Sports Dance Federation, said: "One of the strong characteristics of break dancing is that it is very competitive. The form of competition generally appears in the form of fighting dance, that is, one-on-one PK, and the criteria for judging are relatively clear, so it can be the official event of the Olympic Games first."

　　　　　　 In China, break dancing has also become the only dance in the street dance competition of the 2nd Youth Games held in 2019, and China break dancing has officially entered the preparation stage for the 2024 Paris Olympic Games.

　　　　　　 Experts believe that dance presentation, music understanding, dance culture interpretation and innovation may be the scoring points of break dancing after entering the Olympics.

　　　　　　 How to form a national break dance team?

　　　　　　 The reporter learned from the China Sports Dance Federation that the formation of the national break dance team for the 2024 Paris Olympic Games has started, and talent selection has begun. At the same time, the preparation and selection plan has also entered the revision stage and is expected to be announced to the public in the first half of 2021. How to form the national team of break dancing? In particular, everyone is very concerned about whether those stars who are good at break dancing will also have the opportunity to enter the national team.

　　　　　　 Su Jie, secretary-general of China Sports Dance Federation, said: "We will decide who can be selected into our large talent pool by comprehensive standards, not whether he is an performing star or a person engaged in a certain profession. We are based on sports performance."

　　　　　　 According to reports, it takes two steps to form a national team of break dancing. First, a talent pool is established by extensively selecting talents in the whole society, and then the national team candidates are finally determined through a competitive selection mechanism.

　　　　　　 Su Jie, Secretary General of China Sports Dance Federation: "Now the selection method has entered the revision stage, and then it will be reported to the relevant departments for review, and finally we will announce it to the whole society. The announcement time is probably before the first half of next year. "

　　　　　　 [After all] Is everyone suitable for break dancing?

　　　　　　 The door of the national break dance team is open to the whole society. Are you also moved? It is estimated that many parents will be busy letting their children practice again. Is it suitable for everyone to break dance? What should we pay attention to when engaging in this sport?

　　　　　　 In the face of zero-based reporters, Shang Xiaoyu only selected a few simple warm-up professors, but the reporters still found it difficult to control.

　　　　　　 Wang Hong, a professor at Beijing Sport University and a member of the "Source News" expert database of the China Association for Science and Technology, said: "Many movements really violate some concepts of traditional sports training, and the risk of injury is great. Some movements of flexibility and explosive force may be harmful to a child who does not grow well, to the development of his bones or to his ligaments, for example, to the lumbar spine. If children and young people want to do this kind of action, you must first practice basic physical fitness and special physical fitness before you can rise to the level of technical training. "

　　　　　　 Shang Xiaoyu, the only player of the China team in the break dance event of the 2018 Youth Olympic Games, said: "Don’t always focus on these rotations and difficult movements. In fact, breaking is more interesting in its dance."

　　　　　　 [After all] Although break dancing is cool, can everyone try it?

　　　　　　 Finally, I would like to remind you that although break dancing is cool, its difficult movements such as tumbling, handstand, head turning and Thomas require very high strength, flexibility and coordination. Don’t try rashly if you don’t have a certain physical quality. Especially parents and friends, all want to build a handsome baby, but break dancing is fierce and difficult, and it is not suitable for children who are too young to learn, so as not to get hurt.

　　[News] Just now, the auto market has just experienced a wave of new car listings, and May was relatively calm. However, there are also many brand-new cars that didn’t "join in the fun" at the auto show. The new cars listed this month include the new H8 and a series of new cars of China brand, which originated from Italian personality and were born and raised in Italy. In terms of quantity, China brand new cars were the main force in May, while in terms of attention and influence, it seems that overseas brands are more like protagonists. Let’s take a look.

■ Alfa Romeo Stelvio

　　The Alfa Romeo Stelvio ordinary model has just been exhibited at the Shanghai Auto Show, and its domestic price is expected to be announced on May 18th, with an estimated price of 430,000 yuan.

　　The front face of the new car adopts Alfa Romeo’s family-style front face, and the grille arranged in scales is used inside the air intake. The shape of the headlights on both sides is similar to that of the new one, but some changes have been made on the basis of the latter to make it more dynamic.

　　As a regular model, the car did not use a bilateral four-outlet exhaust layout that showed performance, but instead used a bilateral two-outlet exhaust layout with chrome decoration. At the same time, the silver Alfa Romeo Stelvio 2017 basic color guard at the back also adds a touch of wildness.

　　Compared with the previous high-performance models, the design of Stelvio regular model has not changed much, but its interior does not use a lot of carbon fiber materials. At the same time, although the style of the steering wheel of the new car has not changed, the leather material wrapped outside is more low-key, but the design of flat bottom+thin spokes+one-button start is still very avant-garde and sporty. In addition, shift paddles, central control large screen and double-tube instruments are also equipped on the new car.

　　In terms of power, Stelvio Normal Edition is equipped with a 2.0T inline four-cylinder with a maximum power of 280 HP and a peak value of 400 Nm. The transmission system is matched with an 8-speed automatic manual transmission, and a four-wheel drive system is standard. Driven by this powertrain, the official 0-100km/h acceleration time of the new car is 5.7 seconds.

Editor’s comment:

　　Alfa Romeo Stelvio’s unique style is unique in the same class, and SUVs from Italy are relatively rare in the market, which has a strong sense of freshness for consumers. The performance of the new car is also remarkable. The power parameters of the 2.0T engine used are in the forefront of the same class. The official acceleration of 5.7 seconds should be said to be a faster type in SUV, and the performance is worth looking forward to. The new car is suitable for young consumers who have certain requirements for power handling performance and like to be different and show their individuality.

■ T700

　　Zotye T700 was officially released at the Shanghai Auto Show, and will be officially launched in May. In the early stage, 1.8T and 2.0T versions were listed, and only 5 seats were available. At the end of 2017, the 2.0T version of SAIC will also be launched, and the 4-seat version and 7-seat version will also be launched.

　　In terms of appearance, Zotye T700 retains the original design style, and at the same time, some details are adjusted, such as the more conventional design of the exterior rearview mirror. The new car door pillar is painted in black to create a suspended roof effect, and the lines are very tough. In addition, the new car is also equipped with a set of simple double five-spoke wheels, and the headlights are also equipped.

　　For the interior, Zotye T700 is equipped with a large-size central control LCD screen, a three-spoke, all-LCD display instrument panel, shift paddles, and a knob shift mechanism. In the storage compartment in front of the gear shifting mechanism, the new car is also equipped with a mobile phone wireless charging function, and drivers and passengers can put the mobile phone supporting the wireless charging function in the storage compartment to charge at any time.

　　In terms of configuration, Zotye T700 is equipped with:/ventilation,,, and rear row, etc., and the configuration is quite rich.

　　In terms of power, Zotye T700 will be equipped with 1.8T and two 2.0T engines, of which the 1.8T engine has a maximum power of 177 HP and a peak torque of 245 Nm. Mitsubishi S4T 2.0T engine has a maximum power of 190 HP and a peak torque of 250 Nm. The maximum power of SAIC 2.0T direct injection engine is 220 HP and the peak torque is 350 Nm. In terms of transmission system, the 1.8T engine is matched with 5-speed manual or 6-speed; The two 2.0T engines are matched with 6-speed dual-clutch gearboxes.

Edit comments：

　　Zotye T700 positioning, at least, looks imposing enough. The design also adopts the style of wide air intake grille and slender headlights. Although we can learn from the design of mature products in the market in many details, we can see that there are signs of originality in the overall style. Naturally, there is no need to worry that Zotye’s models will be inferior to competing products of the same level. The large-size central control screen, full LCD instrument panel and knob shift mechanism have all enhanced the sense of technology in the car. In terms of power configuration, it also looks like the mainstream models at the same level. The 1.8T and 2.0T engines do not lose competing products at the same level in terms of parameters. Although Zotye T700 is listed later than GS8 and other competing products, its configuration is not inferior, and it is expected to adopt the strategy of low price and high allocation to impact the market at a lower price.

■ S7

　　Jianghuai Ruifeng S7 is expected to be officially launched in May this year. The pre-sale price of the new car was announced at the Shanghai Auto Show. The new car is equipped with 1.5T and 2.0T engines, and its pre-sale price range is 109.8-151.8 million yuan. At present, new cars begin to accept reservations, and orders made during the pre-sale period can enjoy the policy of lifetime warranty, and there are concessions such as upgrading 5 seats to 7 seats.

　　In terms of appearance, the overall design of Ruifeng S7 is eye-catching, the irregular air intake grille is the biggest highlight, the Aquarius design is a new family style, and the chrome trim connected with headlights is also the mainstream of current design. A large number of sharp lines are also used at the rear of the car, and the exhaust design of both sides enhances the sports atmosphere. In terms of body size, the length, width and height of the new models are 4790/1900/1760mm and 2750mm respectively.

　　In terms of interior design, the style of Ruifeng S7 can be seen in the series style, especially the center console part and the circular air outlet design. In terms of power, 1.5T and 2.0T engines will be provided. The maximum power of 1.5T engine is 174 HP and the peak torque is 251 Nm; the maximum power of 2.0T engine is 190 HP and the peak torque is 300 Nm. Both engines will be equipped with 6-speed and 6-speed dual clutch gearboxes.

Editor’s comment:

　　Ruifeng S7 seats are basically at the middle level of the same class in terms of body size, and 7-seat models are provided at the same time, which are basically the same as the same class models in configuration. From the pre-sale price, Ruifeng S7 is basically close to the price one level lower, with low price advantage in the same level, configuration and space advantage in the same price range, and it has gained a place in the market between compact and medium-sized SUVs by dislocation competition. Ruifeng S7 is suitable for consumers who pay attention to large space and high cost performance, and it is one of the few medium-sized SUVs in the price range below 150,000.

On May 23rd, Net Chuan Beijing Dacheng (Changzhou) Law Firm sent a letter of marriage proposal with a fresh seal: I hope you will immediately agree to our client’s request for marriage proposal. If you don’t reply within the time limit, you will miss your lifelong happiness. In this regard, Dai Xu, the managing partner of the institute, initially responded that it was under investigation. In addition, the headquarters of Beijing Dacheng Law Firm was also involved in the investigation.

This proposal letter circulated in the circle of friends shows that Ms. Ren, the lawyer group of Beijing Dacheng (Changzhou) Law Firm, accepted the entrustment of Mr. Wang, and sent you a lawyer letter regarding Mr. Wang’s proposal to you. The details are as follows: On May 20, 2016, in a building in Qinhuai District, Nanjing, you met Mr. Wang. In the following three years, Mr. Wang and you have a harmonious relationship and live in harmony. Mr. Wang has been fascinated by your beauty and impressed by your knowledge, and the feelings between the two sides have been heating up. Based on this, the team of lawyers believes that our client has established a deep affection with you and has all the requirements for entering the next stage. In view of the above situation and in accordance with Articles 4 and 9 of the Marriage Law of the People’s Republic of China, this lawyer team sends you this lawyer’s letter, hoping that you will immediately agree to our client’s proposal. If you don’t reply within the time limit, you will miss your lifelong happiness.

To sum up, for your lifelong happiness, please give full consideration to the opinions of our lawyer team and give our client a positive reply as soon as possible.

▲ A letter from a marriage proposal lawyer.

Zhang Xinnian, a well-known lawyer, commented in his circle of friends that it was incorrect to quote Articles 4 and 9 of the Marriage Law in this lawyer’s letter and misinterpreted the legal provisions. In addition, according to the Lawyers Law, the lawyer’s business should be limited to the scope of legal services, and the provision of legal services should be prudent and rigorous. "It is recommended to change to a matchmaking agency."

The upstream journalist noticed that this online lawyer’s letter was stamped with the official seal of Beijing Dacheng (Changzhou) Law Firm.

It is reported that it was an intern lawyer who stole the impression of the law firm and exercised the romance of the legal person in the name of a lawyer’s letter. As a result, the proposal was successful, and I am being investigated by Changzhou Institute and Beijing Headquarters.

▲ WeChat official account, official WeChat of Dacheng Law Firm, replied.

According to an insider of Beijing Dacheng Lawyer, Dacheng Law Firm has a set of strict procedures for issuing a lawyer’s letter. The lawyer system submits an application, drafts a lawyer’s letter, two partners review it, Beijing headquarters reviews it, and the administrative department approves it. "If it is true, it needs at least five people to cooperate before it can be stamped."

For this online news, Dai Xuchu, a partner of Beijing Dacheng (Changzhou) Law Firm, sent a praise expression to the upstream journalists.

The date of the proposal letter was May 20th, and some netizens questioned whether this was a deliberate speculation by the law firm.

At noon on the 23rd, WeChat official account, WeChat of Dacheng Law Firm, published a "Thank you letter to the online lawyer’s letter of compulsory marriage proposal", saying that the official seal of the lawyer’s letter of marriage proposal was made of collage, and the process was commendable, but it had no chance with Dacheng. Four words were added after the date of signature: Dacheng official announcement.