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Review of hot new cars listed in July with ignition at the beginning of half a year

    [XCAR New Car Review Original]

    In this hot summer, the domestic auto market is also agitated, and the enthusiasm continues unabated. Looking back on the past July, new products were put on the market in all market segments. Nearly 30 new cars listed in July include FAW-Volkswagen brand-new Magotan, SAIC Roewe RX5, GAC Acura CDX, SAIC-GM Chevrolet brand-new Cruze, FAW Toyota RAV4 Rongfang and Dongfeng Nissan brand-new Teana. In the following article, we will review a number of popular models listed in July, hoping to help you buy cars in the future.

Review of new cars listed in July

 

    FAW-Volkswagen brand-new Magotan

    Price range: 189,900-316,900 yuan

    Time to market: July 27th.

    New car comments: Compared with the current models, the new Magotan based on Passat B8 has been fully upgraded from the inside out. More fashionable styling, extended wheelbase and powerful technology configuration once again let us set our sights on the brand-new Magotan. It can be said that the brand-new Magotan has enough strength to become a new benchmark in the same level market both from the product itself and the brand perspective, and can the brand-new Magotan reach a new level on the basis of good sales in the past? We will wait and see.

    On July 27th, 2016, the highly anticipated brand-new Magotan of FAW-Volkswagen was officially launched. It is reported that the new Magotan has launched a total of 9 models based on the difference of configuration on the basis of 1.4TSI, 1.8TSI and 2.0TSI engines respectively.The price range is 189,900-316,900 yuan.. In addition, the new Magotan also launched as many as 10 optional packages with different configurations for consumers to choose from. The specific price is as follows:

 

FAW-Volkswagen brand-new Magotan listing conference

FAW-Volkswagen brand-new Magotan listing conference

FAW-Volkswagen brand-new Magotan listing conference

FAW-Volkswagen brand-new Magotan listing conference

    Modeling is younger and more fashionable.

    Based on Volkswagen’s new MQB/B platform, FAW-Volkswagen’s new Magotan basically continues the design language of the overseas version of Passat B8 in terms of styling design. Compared with the current models, the styling design of the new Magotan is undoubtedly younger and more fashionable. The new car adopts Volkswagen’s latest family-style front face design, and the front grille is integrated with the sharp headlight group, which not only stretches the horizontal visual width, but also makes it look more stable as a whole.

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

    When coming to the side of the car body, the sharp waistline of the car body extends from the front fender to the rear taillights. Although the shape of the rear end still has some shadow of the current Magotan, the taillights with full LED light source will show better display effect when they are lit at night, and the sporty atmosphere at the rear of the car will be further strengthened by cooperating with the flat exhaust of two sides.

    The interior design is simple and atmospheric/equipped with a 12.3-inch digital LCD instrument panel.

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

    The interior design of the new Magotan adopts more straight lines, and the simple design style still brings us a familiar business atmosphere. It is worth mentioning that the new Magotan has improved to a certain extent in terms of interior materials compared with the previous generation models. The center console has adopted a large-area wooden decorative board, and the air conditioning outlet is also integrated into the chrome-plated decorative strip.

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

    As the biggest highlight of the interior, the top model is equipped with a 12.3-inch digital LCD instrument panel, which integrates various information functions such as speed, speed, navigation and entertainment, and the display effect is excellent. In addition, the new Magotan is equipped with an 8-inch touch screen using the latest MIB car entertainment system, which can support both Apple CarPlay and Android Mirror-Link functions.

    The wheelbase is greatly improved/the technology configuration is outstanding.

    In terms of body size, the length, width and height of the new Magotan are 4866*1832*1464mm respectively. Compared with the old models, the length and width are increased by 1mm and 12mm respectively, while the height is reduced by 111mm.. The wheelbase is 2871mm, which is 59mm more than the current model. The overall improvement of the body size has also brought more spacious seating space for the rear passengers.

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

    Overall, the performance of the new Magotan in terms of configuration can be described as very strong. The new car is fully equipped with body stability system, tire pressure monitoring system, air purification system, collision warning system, exterior rearview mirror heating, full LED taillights, rear air outlet, 8-probe parking radar and car Bluetooth system.

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

    Including 12.3-inch digital LCD instrument panel full LED headlights, AFS curve auxiliary lighting system, third-generation ACC adaptive cruise system, third-generation PLA parking auxiliary system, 360-degree panoramic camera, second-generation DCC dynamic chassis control system, electric trunk lid, HUD head-up display system and 12-speaker Dana audio are all assembled on its top model.

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

    In addition, the new Magotan will provide 10 optional packages according to different models for users to choose from. This optional package includes 18-inch wheels, rear seat heating, sunshade, panoramic sunroof, 360-degree panoramic camera and Dana audio. In addition, the 12.3-inch digital LCD instrument panel equipped with the top model can also be installed in the distinguished model.

    Equipped with the third generation EA888 series engine.

    In terms of power system, the new Magotan is equipped with EA211 series 1.4TSI engine and the third generation EA888 series 1.8TSI engine and 2.0TSI engine respectively. The maximum output power of 1.4TSI engine is 110kw(150Ps) and the peak torque is 250Nm. The maximum output power of 1.8TSI engine is 132kW(180Ps) and the peak torque is 300Nm. The 2.0TSI engine has a maximum output of 162kW(220Ps) and a peak torque of 350Nm.

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

FAW-Volkswagen 2017 Magotan

    In the transmission part, the 7-speed dry dual-clutch gearbox with model DQ200 is matched with the 1.4TSI engine, and the 7-speed wet dual-clutch gearbox with model DQ380 is matched with the 1.8TSI and 2.0TSI engines. In addition, the electronic handbrake +Auto Hold automatic parking, engine start/stop system and energy recovery system are all equipped on the new Magotan model.

 

  Dongfeng Citroen brand new C4L

  Price range: 134,900-182,900 yuan

  Time to market: July 29th.

  New car comments: Dongfeng Citroenbrand-newC4L has adopted a new family-style design style, which is more stable and caters to popular aesthetics. The newly added configuration improves the comfort and active safety of the interior, creates new selling points and enhances competitiveness.

  It was learned from the official that Dongfeng Citroen’s new C4L was officially launched. The new car adopted Citroen’s latest family-style front face design, and the power will be equipped with 1.2T and 1.6T engines. The original 1.8L displacement was cancelled. The new car will be officially sold at various dealer outlets of Dongfeng Citroen nationwide from July 29th.The price range is13.49-18.29 million yuan, the specific model price is shown in the following table:

 

Dongfeng Citroen 2016 Citroen C4L

  ● Adopt a family-like appearance

  In terms of appearance, Dongfeng Citroen’s new C4L front face adopts the latest family-style design style. Compared with the current models, the most obvious change of the new C4L is that the chrome decoration extends to both sides and blends with the headlights. In addition, the LED daytime running lights, which were originally located at the fog lights below, also moved to the interior of the headlight group.

Dongfeng Citroen 2016 Citroen C4L

  Compared with the front face with obvious changes, the changes in the rear part are not big. In addition to adding LED light source to the taillight group and adding chrome-plated decorative strips to the lower edge of the rear bumper, the shape of the exhaust pipe has also changed, and the overall visual effect is more exquisite. The new car has five body colors to choose from: pearlescent white, tourmaline orange, carbon crystal black, agate red and haoyue gray.

Dongfeng Citroen 2016 Citroen C4L

Dongfeng Citroen 2016 Citroen C4L

  In terms of body size, due to all changes in appearance, the length, width and height of the new car have also been adjusted, which are 4675/1780/1500mm respectively, which is 55mm longer than the current model and 2 mm higher. The wheelbase has not changed, it is still 2710 mm.

  ● Basically continue the cash interior, with richer configuration.

  Coming to the interior part, Dongfeng Citroen’s new C4L basically continues the overall interior style of the current model, but only adjusts some local details such as storage compartment and knob modeling. The black interior theme is matched with silver decorative pieces, which makes the whole look very textured. Coupled with a large area of soft materials, the interior is at the middle and upper reaches of the same level.

Dongfeng Citroen 2016 Citroen C4L

Dongfeng Citroen 2016 Citroen C4L

Dongfeng Citroen 2016 Citroen C4L

Dongfeng Citroen 2016 Citroen C4L

  In terms of configuration, the new C4L will be equipped with a 7-inch LCD screen, adding practical functions such as electronic handbrake, blind spot monitoring, lane keeping system, collision prevention system and engine start/stop. Comfort configuration also adds a rear soft headrest, a rear air outlet and a new original driving recorder.

Dongfeng Citroen 2016 Citroen C4L

  ● Equipped with two engines

Dongfeng Citroen 2016 Citroen C4L

Dongfeng Citroen 2016 Citroen C4L

  As for the powertrain, Dongfeng Citroen’s new C4L will continue to be equipped with two engines of 1.2T/1.6T, and the 1.8L engine on the old models will be cancelled. The transmission part is matched with 5-speed manual and 6-speed automatic manual transmission. The maximum power of the 1.2T model is 100kW(136Ps) and the maximum torque is 230Nm;. The 1.6T model has a maximum power of 123kW(167Ps) and a maximum torque of 245Nm.

Dongfeng Citroen 2016 Citroen C4L

     Analysis of price competitiveness

    The new C4L has launched two powertrains and six models, with the price range of 134,900-182,900, among which there are three models in 1.2THP, the five-speed manual leading model and the third-generation 6-speed manual integrated leading and elite version, with the price range of 134,900-151,900; 1.6THP also has three models, namely, leading model, elite model and flagship model. All three models are equipped with 6-speed automatic manual transmission, and the price range is 15.19-18.29 million. From the price list alone, we may not be able to directly perceive whether the new C4L is worth buying, because its price range is completely in line with the current market level. However, if we compare and analyze it horizontally, we can see that the price of the new C4L is still very competitive.

    In the 1.0-1.4L small displacement group, it can be seen that the 1.2THP leading manual version of the new C4L is 11,900 yuan lower than the sagitar T-power entry-level 1.4T manual comfort model, even the top-of-the-line model of the new C4L is 151,900 yuan, which is only 5,100 yuan more than the sagitar 1.4T comfort model. Moreover, it is equipped with such equipment as IDVR intelligent driving monitoring, LDW lane departure intelligent early warning, FCW pre-collision intelligent early warning and SAFEYE blind zone monitoring, which are also rare in the same class.

  Compared with Weilang’s 1.5T model, the starting price of the new C4L 1.6THP model is 11,000 yuan less, and even the official guide price of the elite version of the new C4L 1.6THP model is 2,000 yuan lower than that of Weilang’s 1.5T entry-level model. However, the new C4L still has certain advantages in terms of scientific and technological equipment, comfort equipment and safety equipment.

 

 

    SAIC-GM Chevrolet brand new Cruze

    Price range: 109,900-169,900 yuan

    Time to market: July 20th.

    New car comments: In the past two years, the overall sales volume of the current Cruze is not satisfactory. The main reason is that its shape is not accepted by the majority of young consumers, and the body size is at a disadvantage compared with competitors. The new Cruze listed this time makes up for these two shortcomings. Both the new family-style design language and the overall upgraded body size have improved their own competitiveness, which is also expected to boost the overall sales of Cruze to a new level.

    On July 20th, 2016, the highly anticipated brand-new Cruze of SAIC-GM Chevrolet was officially launched. It is reported that the new Cruze is equipped with a 1.5L naturally aspirated engine and a 1.4T turbocharged engine respectively, and a total of seven models are launched according to the difference in configuration.The price range is 109,900-169,900 yuan.. besidesConsumers who buy cars before September 30 can also enjoy the preferential policies of three gift packages consisting of tax-free package, peace of mind package and burden reduction package.The specific price is as follows:

 

SAIC-GM Chevrolet brand new Cruze

The new Cruze is on the market.

The new Cruze is on the market.

    Modeling gives people a brand-new feeling.

    The new Cruze launched this time is based on the American version of the new Cruze, which gives people a brand-new feeling in modeling. This is also reflected in the fact that its front face adopts the latest design language of Chevrolet brand like Mai Rui Bao XL. Although the front grille of the new Cruze continues the split design, it is closely connected with the headlight group, which not only stretches the horizontal visual width, but also makes its front face look younger and more fashionable, with a more distinct sense of hierarchy.

SAIC-GM Chevrolet 2017 Cruze sedan

SAIC-GM Chevrolet 2017 Cruze sedan

SAIC-GM Chevrolet 2017 Cruze sedan

SAIC-GM Chevrolet 2017 Cruze sedan

    The new Cruze has dynamic and smooth side lines, especially the fastback design on the roof, which adds the coupe-like temperament. The tail design is not as brilliant as the front face, but the adjustment in some details still makes the new Cruze tail design very full. Equipped with double "U"-shaped taillights, the display effect will be even better when it is lit at night.

    The interior continues the flying wing double cockpit design/the local details are slightly adjusted.

SAIC-GM Chevrolet 2017 Cruze sedan

    The new Cruze interior continues the Chevrolet family flying wing double cockpit design, but slightly adjusts some details, including some simplified control knobs and buttons, and multimedia control buttons are set under the 7-inch LCD touch screen. In addition, the shift lever has adopted a new style, and the manual shift operation mode has also changed from up-and-down push-pull to top button addition and subtraction.

SAIC-GM Chevrolet 2017 Cruze sedan

SAIC-GM Chevrolet 2017 Cruze sedan

    In addition, the new Cruze also adds the cool gray and black matching in the picture in the interior color matching, and uses the blue stitching design, and changes the materials on both sides of the center console and the elbow rest to leather and is decorated with double stitching technology, which makes the visual effect more upscale.

    Overall improvement of body size/outstanding configuration performance

    In terms of body size, the length, width and height of the new Cruze are 4666*1807*1460mm respectively, which are increased by 99mm, 21mm and 4mm respectively compared with the old models. The wheelbase is 2700mm, which is 38mm more than the old models. The overall improvement of the body size not only improves the rear seat space, but also makes the new Cruze not at a disadvantage in the competition with competitors.

SAIC-GM Chevrolet 2017 Cruze sedan

SAIC-GM Chevrolet 2017 Cruze sedan

    Overall, the performance of the new Cruze is still outstanding in terms of configuration. In terms of technology configuration, the new Cruze is equipped with four keyless entry, a new generation of MyLink intelligent in-vehicle interconnection system, a new generation of Onstar intelligent driving partner, 4G LTE original integrated in-vehicle Wi-Fi, a 7-inch multi-touch capacitive color screen as standard and an Apple CarPlay system.

SAIC-GM Chevrolet 2017 Cruze sedan

SAIC-GM Chevrolet 2017 Cruze sedan

SAIC-GM Chevrolet 2017 Cruze sedan

    In the safety configuration part, including ESC electronic body stability control system, TPMS intelligent tire pressure monitoring system (four-wheel independent digital display), APA automatic parking system, side blind zone alarm, electronic handbrake, all-round airbag and reversing image system, etc. will also be assembled on the middle and high-end models.

    Continue to carry a 1.5L naturally aspirated /1.4T turbocharged engine.

    In terms of power system, the new Cruze will continue to be equipped with the 1.5L naturally aspirated engine and 1.4T turbocharged engine equipped with the old models. The maximum output power of the 1.5L engine is 84kW(114Ps) and the peak torque is 146Nm. The maximum output power of 1.4T engine is 110kW(150Ps) and the peak torque is 240Nm. Compared with the old models, the peak torque has increased by 5Nm.

SAIC-GM Chevrolet 2017 Cruze sedan

SAIC-GM Chevrolet 2017 Cruze sedan

    In the transmission part, 6-speed manual transmission and 6-speed automatic manual transmission are matched with the 1.5L engine. Matching the 1.4T engine is a 7-speed dual-clutch gearbox. In addition, the new Cruze has adopted an electronic handbrake to replace the traditional handbrake design, including the engine start-stop system.

Reflections on the disposal scheme of contractor’s bank’s creditor’s rights-solving negative macro spillover with TLAC

  The securities research information involved in this subscription number is compiled by the fixed-income research team of Everbright Securities (601788), which is only for the professional investors and customers of Everbright Securities, and is used for the communication of research information and research opinions under the new media situation. Customers who are not professional investors of Everbright Securities, please do not subscribe, receive or use any information in this subscription number. It is difficult to set access rights for this subscription number. Please forgive me if it causes you any inconvenience. Everbright Securities Research Institute will not regard relevant personnel as customers of Everbright Securities because they pay attention to, receive or read the content pushed by this subscription number.

  Author of this article

  Zhang Xu/Wei Weixiao

  abstract

  The disposal of creditor’s rights of Baoshang Bank has caused us to think: Can the financial supervision department put forward higher supervision requirements for banks, so that they can reserve enough internal bail-out funds to absorb losses in the process of risk disposal?

  TLAC is the abbreviation of Total Loss-Absorbing Capacity, which refers to the sum of various capital or debt instruments that can absorb bank losses through write-down or share conversion when G-SIBs enters the disposal procedure, that is, the ability of "internal bail-out".

  How can we replenish TLAC capital as soon as possible? We believe that regulatory capital can be supplemented and debt instruments that are not included in regulatory capital but meet the requirements of TLAC can be issued.

  Perpetual bonds of commercial banks can be a breakthrough to supplement tier-one capital. Today (July 26th), ICBC is issuing 80 billion yuan of open-ended bonds.

  Since the beginning of this year, in order to issue perpetual bonds smoothly, the People’s Bank of China and China Banking and Insurance Regulatory Commission have also provided relevant policies. For example, the People’s Bank of China has created CBS, and primary dealers can use the qualified perpetual bonds they hold to exchange them for central bank bills.

  In addition to using existing tools to supplement regulatory capital, TLAC can also be supplemented by some innovative capital tools.

  Most banks in the United States meet the regulatory requirements of TLAC by issuing senior bonds by holding companies, while banks in EU countries tend to use senior non-priority bonds to supplement TLAC capital.

  1. Thoughts on the disposal scheme of creditor’s rights of contractor bank.

  The capital of commercial banks plays a role in absorbing losses before ordinary creditors. For example, in the process of disposing the creditor’s rights of contractor banks, the losses are first absorbed by the original shareholders and the holders of secondary capital bonds. Due to the credit crisis of Baoshang Bank, even if the equity is cleared 100%, it still can’t absorb all the losses, so some subsequent losses need to be absorbed by the deposit insurance fund management company and some creditors.

  How much loss should the deposit insurance fund bear? In order to avoid risks, the Deposit Insurance Fund fully guarantees the principal and interest of all personal savings deposits, corporate deposits of less than 50 million yuan and interbank liabilities through debt acquisition, corresponding to 5.2 million depositors, 25,000 enterprises and interbank institutions respectively. Obviously, the part undertaken by the deposit insurance fund far exceeds the limit of 500,000 yuan stipulated in the Deposit Insurance Ordinance, and its initiative to bear losses is mainly to protect the interests of ordinary creditors as much as possible.

  However, this has also triggered our new thinking: the failure of commercial banks has negative macro-spillover, and in order to prevent systemic risks, the government has to use public funds to provide assistance. Then, is it possible to put forward higher regulatory requirements for banks, so that they can reserve enough internal bail-out funds to absorb losses during the disposal process, instead of relying on external public funds for assistance?

  In fact, the problem of "negative macro spillover" is not unique to China, and the more important the bank, the greater its spillover, which is called "too big to fail". During the international financial crisis in 2008, the American and British governments were worried that the bankruptcy of Citibank and Royal Bank of Scotland would lead to systemic risks, so they injected 45 billion dollars and 45.5 billion pounds into the two banks respectively.

  Such external assistance with public funds will not only increase the burden on taxpayers, but also lead to moral hazard of banks. In order to solve this problem, the FSB (Financial Stability Board) issued the Key Elements of Effective Disposal Mechanism of Financial Institutions at the G20 Cannes Summit in 2011, and put forward the goal of "internal bail-out" instead of "external assistance" of public funds in times of crisis. In November, 2015, FSB issued the Principles and Clauses of Loss Absorption and Capital Reorganization Ability in the Disposal of G-SIBs (referred to as TLAC Clause), which put forward higher requirements for the loss absorption ability of G-SIBs (global systemically important bank) than Basel III.

  2. What is TLAC?

  "TLAC" in the above-mentioned TLAC Clause is the abbreviation of Total Loss-Absorbing Capacity, which refers to the sum of various capital or debt instruments that can absorb bank losses through write-down or share conversion when G-SIBs enters the disposal procedure, that is, the ability of "internal bail-out". A higher TLAC ensures that banks have sufficient capacity to absorb losses when they enter the disposal procedure, thus reducing the probability that "too big to fail" banks will "fail" in a crisis and cause systemic risks. In addition, the "internal bail-out" model helps to encourage bank shareholders and management to increase risk management and reduce the possibility of excessive risk taking and falling into crisis.

  According to the TLAC Clause, qualified TLAC tools need to meet the following criteria at the same time: 1. Paid-in; 2. Unsecured; 3. The ability to absorb losses in the process of disposal will not be weakened by the right of offset and net liquidation; 4. The remaining term of the contract is not less than one year or perpetual (no expiration date); 5. There is no investor’s right to sell back in the coming year; 6. No funds shall be provided directly or indirectly by the disposal entity or its related parties, unless approved by the regulatory authorities of the home country and the host country.

  At the same time, qualified TLAC instruments cannot be excluded liabilities, that is, they cannot be any of the following liabilities: 1. Deposits protected by deposit insurance; 2. Demand deposits and deposits with an original term of less than one year; 3. Liabilities arising from derivatives; 4. Debt instruments with derivative linkage characteristics, such as capital preservation bills; 5. Liabilities arising outside the contract, such as tax obligations; 6. Liabilities (such as secured liabilities) stipulated in the bankruptcy law that are paid before senior unsecured creditors; 7. Liabilities excluded from internal bail-out by law or unable to be written down or converted into shares by relevant disposal authorities.

  Qualified TLAC tools must absorb losses before being excluded from liabilities, so as to ensure the disposal ability of G-SIBs. In fact, the other side of loss absorption preposition is the secondary in compensation, and the secondary attribute can be realized in the following three ways:

  1. contractual subordination: it is agreed in the form of contract that the TLAC instrument is subordinated to the excluded liabilities in the disposal entity table.

  2. statutory subordination: In the statutory creditor hierarchy, the TLAC instrument is lower than the excluded liabilities in the disposal entity table.

  3. structural subordination: TLAC instruments are issued by a disposal entity (such as a holding company) with no excluded liabilities on the balance sheet.

  For example, in the terms of the bond, it is agreed that "the repayment order of the principal of the current bond and the interest payment order are after the depositor and the general creditor", which is the secondary agreement mentioned above, and banks in EU countries tend to use this method. The mode of issuing bonds by non-operating holding companies in the United States is the secondary structure mentioned above. In this mode of secondary structure, the excluded liabilities of subsidiaries are paid off first, and the bonds of holding companies play the role of loss absorption.

  3. Applicable objects of TLAC

  Basel III applies to all banks, while TLAC applies to G-SIBs. The list of G-SIBs is published by FSB every November. In November 2018, there were 29 banks in groups 1-4, corresponding to 1%-2.5% additional capital. At present, the Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China and China Construction Bank are on the list, among which Agricultural Bank of China and China Construction Bank are in the first group, which are applicable to 1.0% additional capital, while Bank of China and ICBC are in the second group, which are applicable to 1.5% additional capital.

  According to FSB rules and practical experience, those with a total score of 130 are more likely to be selected for G-SIBs. (Among the 29 G-SIBs selected in November, 2018, the lowest total score was BPCE, and its score was 130. The Bank of Communications is very close to the above standards. In the results disclosed in November 2018, the total score of the bank was 118, ranking 31 ST.

  The results disclosed by FSB in November 18 correspond to 17 years’ data, and the results to be disclosed in November 19 correspond to 18 years’ data. We find that the data of most subjects of Bank of Communications have improved to varying degrees in the past 18 years. Among them, the highest increase rate is the third-tier assets, with the data of 910 million yuan in 17 years and 2.55 billion yuan in 18 years, an increase of 1.8 times. In addition, assets between financial institutions, payments settled through payment systems or correspondent banks, and cross-border liabilities have also increased by more than 15% respectively. Obviously, according to the current growth rate, it is a high probability that Bank of Communications will be included in G-SIBs in the next few years.

  The score and ranking of Industrial Bank (601166) are not far from those of Bank of Communications, with 96 ranking 36. Next, the rankings of Shanghai Pudong Development Bank (600,000), China CITIC Bank (601,998) and China Merchants Bank (600,036) are relatively close, ranking 40th, 43rd and 44th respectively. The scores of Minsheng Bank (600016), China Everbright Bank (601818), Ping An Bank (00001), Guangfa Bank, Bank of Beijing (601169) and Huaxia Bank (600015) are all below 50% of the threshold of G-SIBs 130, so it is less likely to be recognized as G-SIBs in a short time.

  The minimum TLAC requirements apply to every disposal entity in every G-SIB. The disposal entity here refers to the entity to which the disposal tool is applied in the G-SIB disposal strategy. According to different disposal strategies, the disposal entity can be the parent company, the intermediate or final holding company and the operating subsidiary. Moreover, a G-SIB can own one or more disposal entities.

  A disposal entity and all entities owned and controlled by this disposal entity are regarded as a disposal group. It should be noted here that the above-mentioned entity owned or controlled should not be a disposal entity, and each disposal entity and the entity owned or controlled by it can only belong to one disposal group.

  In addition, within a disposal entity, the direct or indirect subsidiaries that meet the requirements form an important disposal subgroup. In order to facilitate the cooperation between the authorities of the home country and the host country and realize the effective cross-border disposal strategy, FSB requires the appropriate allocation of loss absorption and capital reorganization capabilities within the disposal group. In view of this, FSB puts forward the requirements of internal TLAC for the important sub-groups of G-SIB. The minimum internal TLAC standard is 75%-90% of the minimum external TLAC standard.

  4. TLAC regulatory requirements

  FSB formulates the most basic requirements for G-SIBs, including TLAC requirements based on risk-weighted assets and TLAC requirements based on total assets exposed to risk (i.e. leverage ratio). In addition to the requirements of FSB, the regulatory authorities of various countries or regions may put forward additional requirements for banks according to local actual conditions, and the specific standards shall be decided by the local regulatory authorities themselves.

  The TLAC Clause requires that for banks that become G-SIBs before the end of 2015, the TLAC shall account for no less than 16% of risk-weighted assets and the leverage ratio shall be no less than 6% from January 1, 2019; From January 1, 2022, the above two proportions will be increased to 18% and 6.75% respectively. In addition, G-SIBs also needs to meet the requirements of buffer capital, including reserve capital (2.5%), countercyclical capital (0-2.5%) and additional capital of G-SIBs (1-3.5%). For banks that become G-SIBs between 2016 and the end of 2018, they need to meet the above requirements from January 1, 2022; For banks that become G-SIBs after the end of 2018, they need to meet the requirements within 36 months after becoming G-SIBS.

  Considering the actual situation of emerging market countries, FSB gives them a grace period of six years, that is, the time to meet the standards is extended from 2019 and 2022 to 2025 and 2028. (Note: In fact, up to now, only China’s banks have been selected as G-SIBs among emerging market countries. However, there is an accelerated condition for this grace period: if the balance of financial and non-financial corporate bonds (excluding policy banks) in emerging market countries accounts for more than 55% of the country’s GDP within five years after the publication of the TLAC Clause, the grace period will be shortened by three years and advanced to 2022 and 2025 respectively.

  The TLAC clause of FSB was published in November 2015, so the final judgment of the accelerated clause will be in November 2020, and the data at the end of 2019 will be used for this judgment. By the end of 2018, the ratio of the balance of financial bonds and non-financial bonds excluding political bonds to GDP in China was close to 50%. If we extrapolate linearly at the current growth rate, the above ratio was very close to the threshold of 55% at the end of 2019.

  In addition to the above-mentioned mandatory provisions, FSB also put forward the regulatory expectation in the TLAC Clause, that is, it is expected that the standard TLAC debt instruments will account for no less than 33% of the total capital of TLAC. This regulatory expectation is to ensure that G-SIBs has sufficient capital absorption losses when it enters the disposal procedure. According to the RAW standard of 16%, FSB expects the debt instruments in TLAC capital to account for no less than 5.28% of RAW.

  At the same time, the TLAC Clause stipulates that if the relevant government departments promise in advance to reorganize the capital, bear the cost of the disposal fund or provide temporary disposal funds during the disposal of G-SIBs, the minimum requirements of TLAC can be reduced to some extent. For example, due to the commitment of deposit insurance system in Japan, the minimum TLAC requirement can be exempted: when the minimum TLAC requirement is 16%, it can be exempted from 2.5% (reduced to 13.5%); When the minimum requirement of TLAC is 18%, 3.5% can be exempted (reduced to 14.5%).

  In addition, in order to reduce the cross-infection of risks in the banking system, the TLAC Clause also puts forward the deduction requirements for holding TLAC tools. Since then, it has been further clarified in the Basel III framework that the bank’s investment in non-capital TLAC tools issued by G-SIBs should be deducted from its own tier 2 capital.

  The regulatory authorities in various countries and regions may put forward additional requirements for banks on the basis of FSB requirements according to local actual conditions. At present, there are some differences in the regulatory requirements of the United States, Japan and the European Union, which we will elaborate in the next part.

  5. Implementation of TLAC in USA, Japan and EU

  5.1. Implementation of TLAC in the United States

  In December 2016, the Federal Reserve finalized the American version of the TLAC rules, which are applicable to the global systemically important bank holding companies (covered BHCs) in the United States and the important intermediate holding companies (covered IHCs) of foreign banks in the United States. The US TLAC rules formulated by the Federal Reserve are obviously stricter than the requirements of the FSB. For external TLAC, the difference between the minimum requirements of the Federal Reserve and the FSB is mainly reflected in the following three points: the transition period is cancelled, the leverage ratio is higher, and the hard requirements for long-term debt are increased.

  1. Cancel the transition period: In the requirements of FSB, the period from 2019 to 2022 is a transition period. From 2022, the ratio of TLAC to risk-weighted assets and total risk exposure is not less than 18% and 6.75%, while only 16% and 6% are required during the transition period. TLAC in the United States canceled the transition period arrangement, requiring that it should not be lower than the final level required by FSB from 2019. (Note: The requirement of the Federal Reserve for leverage ratio is higher than that of the FSB’s TLAC. )

  2. Increase the leverage ratio: FSB requires the leverage ratio to be greater than 6%, while in the Federal Reserve version of TLAC, it is obviously more stringent to require the leverage ratio to be greater than 7.5% plus 2% capital buffer.

  3. Put forward the requirements of Ltd.: FSB only puts forward the regulatory expectations for the proportion of debt instruments, while the Federal Reserve puts forward mandatory regulatory requirements for the scale of long-term debt instruments. According to the requirements of the Federal Reserve, from 2019, the ratio of LTD/RWA (that is, the ratio of long-term debt instruments to risk-weighted assets) should be greater than 6% (in addition, G-SIBs has additional capital buffer requirements), and the total assets of LTD/ risk exposure should be greater than 4.5%.

  For internal TLAC, the Federal Reserve has put forward different requirements according to the nature of intermediate holding companies and different implementation strategies:

  1. The intermediate holding company is the disposal entity, and the MPOE strategy (multi-point disposal entity strategy) is applicable: the Federal Reserve requires that the ratio of TLAC to risk-weighted assets and total risk exposure should be no less than 18% and 6.75%, which is consistent with the external TLAC of the corresponding banks in the United States (the internal TLAC requires lower leverage ratio), and the ratio of TLAC to average total assets should be no less than 9% (that is, Tier 1 capital leverage ratio). The requirements of the Federal Reserve for LTD are not less than 6%, 2.5% and 3.5% of risk-weighted assets, total risk exposure and average total assets.

  2. The intermediate holding company is not a disposal entity, and the SPOE strategy (single disposal entity strategy) applies: the Federal Reserve requires that the ratio of TLAC to risk-weighted assets and total risk exposure should be no less than 16% and 6%, and the ratio of TLAC to average total assets should be no less than 8%. The requirements of the Federal Reserve for LTD are not less than 6%, 2.5% and 3.5% of risk-weighted assets, total risk exposure and average total assets.

  5.2. TLAC implementation in Japan

  In the TLAC requirements formulated by the Financial Services Agency of Japan (FSA), it is considered to extend the scope of supervision to some D-SIBs, such as Nomura Holdings, Daiwa Securities, Japan Central Agriculture and Forestry Treasury, and Sumitomo Mitsui Trust Holding Company. Other regulated banks are called "Covered SIBs" together with G-SIBs in Japan. At present, there are four Covered SIBs in Japan, namely Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Nomura Holdings. The first three are G-SIBs recognized as of November 2018, and these three banks need to meet FSB standards from March 1, 2019. Nomura Holdings, as a domestic D-SIB in Japan, needs to meet the corresponding standards in two years (2021 and 2024). In addition, Japan’s TLAC rules have been implemented since March 31, 2019, which is slightly different from January 1, 2019 stipulated by FSB.

  5.3. Implementation of TLAC in EU

  Similar to the TLAC of FSB, the European Union has put forward the Minimum Requirements for Self-owned Funds and Qualified Liabilities (MREL), which was implemented on January 1, 2016. The difference between MREL and FSB minimum TLAC requirements is mainly reflected in the following six points:

  1. Different startup time: MREL requirements were implemented on January 1, 2016; The requirements of TLAC were implemented on January 1, 2019.

  2. Different coverage: TLAC is only for G-SIBS; MREL covers all credit institutions and investment companies in the EU.

  3. The denominators of the indicators are different: the denominators of the two indicators in TLAC are risk-weighted assets and total risk exposure assets respectively; MERL contains all liabilities and self-owned funds.

  4. The criteria for identifying qualified debt instruments are different: when the debt instruments in MREL are converted into shares or written down during self-rescue, they must conform to the principle of "no credit or worse off (NCWO)", so the qualification identification is stricter than the TLAC standard of FSB.

  5. The uniformity of standards is different: FSB has uniform minimum TLAC requirements for all G-SIBs; MREL determines the specific requirements of each bank on a case-by-case basis.

  6. Different deductions: under the framework of TLAC, it is necessary to deduct the TLAC qualified tools held by other G-SIIs from Tier 2 capital; The current version of MREL framework does not involve deduction for the time being.

  6. TLAC gap of G-SIBs

  6.1. Current global TLAC compliance of G-SIBs.

  Up to now (note: July 26, 2019), six countries or regions, including the United States, Britain, Japan, Canada, Switzerland and China, have met the external TLAC requirements. Among them, TLAC supervision in Japan began on March 31, 2019, which is slightly different from January 1, 2019 required by FSB. The EU MREL framework has been put into operation, which covers not only G-SIBs, but also D-SIBs and other banks.

  At present, some G-SIBs have disclosed their TLAC ratio and leverage ratio in their 2018 annual reports, such as JPMorgan Chase, Credit Suisse Group and UBS Group AG. These three banks have met the minimum TLAC requirements stipulated by FSB, while JPMorgan Chase has also met the stricter TLAC rules formulated by the United States.

  6.2. TLAC gaps of four G-SIBs in China.

  The TLAC Clause requires G-SIBs to meet the corresponding regulatory requirements from January 1, 2019, but gives emerging market countries a grace period of six years, so China has not yet implemented TLAC regulation. Because China’s G-SIBs has not issued corresponding TLAC debt instruments for TLAC rules, the TLAC ratio is close to the capital adequacy ratio after deducting the capital buffer. By the end of 2018, the average capital adequacy ratio of the four major banks of industry, agriculture, China and construction was 15.67%, and the capital adequacy ratio after deducting the capital buffer was 11.92%, which was still far from the regulatory ratio of 16%.

  In terms of leverage ratio, by the end of 2018, the leverage ratios of ICBC, Agricultural Bank, Bank of China and China Construction Bank were 7.8%, 6.8%, 6.9% and 8.1% respectively, all of which were higher than 6%, and the leverage ratio pressure was relatively small.

  Based on the calculation results of leverage ratio and TLAC ratio, the total TLAC financing gap of four G-SIBs in China at the end of 2018 was 2.35 trillion yuan. According to the current capital and operation of the four banks, if we want to meet the minimum TLAC requirements in 2025, we need to increase the TLAC by 392.4 billion yuan annually in the next six years.

  The regulatory expectation is that TLAC debt instruments that meet the standards account for no less than 33% of the total capital of TLAC. According to the minimum external TLAC requirement of 16%, debt instruments such as convertible bonds, perpetual bonds, subordinated bonds, mixed capital bonds and tier 2 capital instruments are not less than 5.28% of RWA’s. By the end of 2018, the above-mentioned debt instruments issued by the four major banks accounted for an average of 1.75% of RWA, which was significantly lower than the above-mentioned regulatory expectation of 5.28%. It is necessary to continue to promote the issuance of debt instruments.

  7. Ways to promote TLAC standards

  There is not much time for the TLAC of four G-SIBs in China to reach the standard. In terms of the time limit for TLAC to reach the standard, although China has been granted a grace period of six years, there is a big TLAC capital gap among the four G-SIBs, so the replenishment pressure of TLAC capital is enormous. How can we supplement TLAC as soon as possible to meet the requirements in the TLAC Clause? We believe that existing capital replenishment tools can be used to supplement regulatory capital, and debt instruments that are not included in regulatory capital but meet the requirements of TLAC can be issued.

  7.1. Supplementary regulatory capital within the framework of Basel III

  The TLAC of commercial banks consists of two parts: one part is the regulatory capital of Basel III, and the other part is the TLAC debt instruments that meet the requirements outside the regulatory capital. Obviously, supplementing the regulatory capital of Basel III can not only improve the capital adequacy ratio, but also improve the TLAC, thus killing two birds with one stone.

  Compared with tier-one capital, tier-two capital is more convenient to replenish. In 2017 and 2018, China’s commercial banks issued 482.4 billion yuan and 493.7 billion yuan of tier-two debt respectively, which effectively supplemented tier-two capital. For Tier-1 capital, the traditional supplementary methods are mainly to issue common shares, preferred shares and convertible bonds into shares. However, the approval process of these options is long, involving many departments, and may disturb the capital market, so they will be restricted by the regulatory authorities in the issuance process.

  Perhaps, the perpetual bonds of commercial banks can be a breakthrough to supplement tier-one capital. At the end of January this year, China Bank successfully issued 40 billion yuan of write-down bonds with no fixed term, which is the first issuance of perpetual bonds of Chinese commercial banks in the interbank market. Up to now (July 26th), among the four G-SIBs in China, BOC and ICBC have issued 120 billion yuan of write-down perpetual bonds, and a total of 200 billion yuan of perpetual bonds of BOC, ABC and CCB have passed the shareholders’ meeting and can be issued after obtaining the approval from China Banking and Insurance Regulatory Commission and the People’s Bank of China.

  In order to issue perpetual bonds smoothly, the People’s Bank of China and China Banking and Insurance Regulatory Commission have also formulated relevant policies. On January 24, the People’s Bank of China decided to create CBS, so that primary dealers in the open market can use the perpetual bonds issued by qualified banks held by them to exchange them for central bank bills. Since then, the People’s Bank of China has launched CBS operation three times on February 20th, June 27th and the end of July to support banks to issue perpetual bonds to replenish capital. In addition, the People’s Bank of China will include the perpetual bank bonds with the subject rating of not less than AA into the eligible collateral of MLF, TMLF, SLF and refinancing. In essence, these two policies use the liquidity creation function of the People’s Bank of China to improve the potential financing ability of perpetual bonds investors, provide liquidity support for the issuance of perpetual bonds and reduce the issuance cost of perpetual bonds. It is worth mentioning that the above two policies introduce positive incentives, which are more sustainable than the traditional negative incentives of administrative orders.

  7.2. Explore the issuance of bonds to improve TLAC.

  In addition to using existing tools to supplement regulatory capital, TLAC can also be supplemented by some innovative capital tools. On January 18, 2018, the former China Banking Regulatory Commission, the People’s Bank of China, the China Securities Regulatory Commission, the former China Insurance Regulatory Commission and the Foreign Exchange Bureau jointly issued the Opinions on Further Supporting the Innovation of Capital Instruments of Commercial Banks (Y.J.F. [2018] No.5), proposing to "summarize the practical experience of commercial banks in issuing preferred stocks and write-down tier 2 capital bonds, promote the revision of relevant laws and regulations, study and improve supporting rules, and issue open-ended capital bonds and write-down tier 2 capital bonds for commercial banks. On February 28th, 2018, the People’s Bank of China issued Announcement [2018] No.3 of the People’s Bank of China, encouraging banking financial institutions to issue new capital supplementary bonds with innovative loss absorption mechanisms or triggering events, and clarifying that "banking financial institutions can explore issuing bonds to improve their total loss absorption capacity".

  In the innovation of TLAC qualified tools, other countries have a lot of experience to learn from. Most banks in the United States meet the regulatory requirements of TLAC by issuing senior bonds by holding companies. For example, JPMorgan disclosed in its annual report that the company has a large number of long-term unsecured debts issued by the parent company to provide maximum flexibility to support the financing needs of banks and non-bank subsidiaries. JPMorgan, the mode of supplementing TLAC by issuing bonds from non-operating holding companies, is the secondary structure mentioned above. In this mode of secondary structure, the excluded liabilities of subsidiaries are paid off first, and the bonds of holding companies play the role of loss absorption.

  Banks in EU countries tend to use "senior non-priority bonds" to supplement TLAC capital. In order to coordinate the EU’s regulations on the hierarchy of bank creditors and promote the formation of a disposal plan for cross-border institutions, the European Commission finally decided to choose the "French model" as the EU standard in November 2017. The "French model" adds the bond varieties of "Non-Preferred Senior Debts" as qualified TLAC tools in the traditional creditor rank sequence by agreeing on the secondary.

  The repayment order of senior non-priority bonds is between subordinated debt and senior unsecured debt, which is superior to subordinated debt in grade, but inferior to senior unsecured debt, that is, a new interlayer is added on the basis of the existing debt structure. When issuing senior non-priority bonds, banks in the European Union need to meet the following agreements:

  1) The original contract term is at least one year;

  2) Bills cannot be derivatives and cannot contain embedded derivatives;

  3) The relevant contract documents must clearly stipulate that the repayment order of debts is between subordinated debts and senior unsecured debts.

  8. Summary

  The disposal of the contractor bank has also triggered our new thinking: the failure of commercial banks has negative macro-spillover, and in order to prevent systemic risks, the government has to use public funds to provide assistance. Then, is it possible to put forward higher regulatory requirements for banks, so that they can reserve enough internal bail-out funds to absorb losses during the disposal process, instead of relying on external public funds for assistance?

  In fact, in order to solve the problem of "negative macro spillover", the FSB (Financial Stability Board) has released "Key Elements of Effective Disposal Mechanism of Financial Institutions" at the G20 Cannes Summit in 2011, proposing the goal of "internal bail-out" instead of "external assistance" of public funds when in crisis. In November, 2015, FSB issued the Principles and Clauses of Loss Absorption and Capital Reorganization Ability in the Disposal of G-SIBs (referred to as TLAC Clause), which put forward higher requirements for the loss absorption ability of G-SIBs (global systemically important bank) than Basel III.

  The above-mentioned "TLAC" is the abbreviation of Total Loss-Absorbing Capacity, which refers to the sum of various capital or debt instruments that can absorb bank losses through write-down or share conversion when G-SIBs enters the disposal procedure, that is, the ability of "internal bail-out". A higher TLAC ensures that banks have sufficient capacity to absorb losses when they enter the disposal procedure, thus reducing the probability that "too big to fail" banks will "fail" in a crisis and cause systemic risks. In addition, the "internal bail-out" model helps to encourage bank shareholders and management to increase risk management and reduce the possibility of excessive risk taking and falling into crisis.

  Basel III applies to all banks, while the minimum TLAC requirements of FSB apply to G-SIBs. The minimum TLAC requirements include TLAC requirements based on risk-weighted assets and TLAC requirements based on risk-exposed total assets (i.e. leverage ratio). In addition to the above-mentioned mandatory provisions, FSB also put forward the regulatory expectation in the TLAC Clause, that is, it is expected that the standard TLAC debt instruments will account for no less than 33% of the total capital of TLAC. In addition to the requirements of FSB, the regulatory authorities of various countries or regions may put forward additional requirements for banks according to local actual conditions, and the specific standards shall be decided by the local regulatory authorities themselves.

  The TLAC Clause requires that for banks that become G-SIBs before the end of 2015, the TLAC shall account for no less than 16% of risk-weighted assets and the leverage ratio shall be no less than 6% from January 1, 2019; From January 1, 2022, the above two proportions will be increased to 18% and 6.75% respectively. Considering the actual situation of emerging market countries, FSB gives them a grace period of six years, that is, the time to meet the standards is extended from 2019 and 2022 to 2025 and 2028. However, there is an accelerated condition for this grace period: if the balance of financial and non-financial corporate bonds (excluding policy banks) in emerging market countries accounts for more than 55% of the country’s GDP within five years after the publication of the TLAC Clause, the grace period will be shortened by three years and advanced to 2022 and 2025 respectively.

  In December 2016, the Federal Reserve finalized the American version of the TLAC rules, which are applicable to the global systemically important bank holding companies (covered BHCs) in the United States and the important intermediate holding companies (covered IHCs) of foreign banks in the United States. The US TLAC rules formulated by the Federal Reserve are obviously stricter than the requirements of the FSB.

  In the TLAC requirements formulated by the Financial Services Agency of Japan (FSA), it is considered to extend the scope of supervision to some D-SIBs, such as Nomura Holdings, Daiwa Securities, Japan Central Agriculture and Forestry Treasury, and Sumitomo Mitsui Trust Holding Company. In addition, Japan’s TLAC rules have been implemented since March 31, 2019, which is slightly different from January 1, 2019 stipulated by FSB.

  Similar to the TLAC of FSB, the European Union has put forward the Minimum Requirements for Self-owned Funds and Qualified Liabilities (MREL), which was implemented on January 1, 2016. The difference between MREL and FSB’s minimum TLAC requirements is mainly reflected in the following six points: start-up time, coverage, denominator of indicators, identification standard of qualified debt instruments, unity of standards and deduction items.

  There is not much time for the TLAC of four G-SIBs in China to reach the standard. In terms of the time limit for TLAC to reach the standard, although China has been granted a grace period of six years, there is a big TLAC capital gap among the four G-SIBs, so the replenishment pressure of TLAC capital is enormous. How can we replenish TLAC capital as soon as possible to meet the requirements in the TLAC Clause? We believe that existing capital replenishment tools can be used to supplement regulatory capital, and innovative debt instruments that are not included in regulatory capital but meet the requirements of TLAC can be issued.

  The TLAC of commercial banks consists of two parts: one part is the regulatory capital of Basel III, and the other part is the TLAC debt instruments that meet the requirements outside the regulatory capital. Obviously, supplementing the regulatory capital of Basel III can not only improve the capital adequacy ratio, but also improve the TLAC, thus killing two birds with one stone. Perhaps, the perpetual bonds of commercial banks can be a breakthrough to supplement tier-one capital. At the end of January this year, China Bank successfully issued 40 billion yuan of write-down open-ended bonds, and Industrial and Commercial Bank of China also issued 80 billion yuan of open-ended bonds. In order to issue perpetual bonds smoothly, the People’s Bank of China and China Banking and Insurance Regulatory Commission have also formulated relevant policies. For example, the People’s Bank of China has created CBS, and primary dealers can use the perpetual bonds issued by qualified banks held by them to exchange them for central bank bills.

  In addition to using existing tools to supplement regulatory capital, TLAC can also be supplemented by some innovative capital tools. In the innovation of TLAC qualified tools, other countries have a lot of experience to learn from. Most banks in the United States meet the regulatory requirements of TLAC by issuing senior bonds by holding companies, while banks in EU countries tend to use "senior non-priority bonds" to supplement TLAC capital.

  9. Risk warning

  If the standard of qualified TLAC debt instruments applicable to China is not clear for a long time, it will not be conducive to the four G-SIBs to supplement TLAC, and ultimately have a negative impact on the ability of finance to support the real economy. In addition, the centralized issuance of TLAC tools will also test the affordability of the bond market to some extent.

This article first appeared on WeChat WeChat official account: EBS fixed income research. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.

(Editor: Li Jiajia HN153)

QQ Music X Pepsi Campus’s strongest voice sings the desire to witness the birth of the next music star!

On July 14th, Pepsi-Cola and QQ Music, the head music platform of the young trend, successfully held the strongest sound on the 2024 Pepsi campus. With the blessing and influence of QQ music of the leading young audience, the strongest sound on the 2024 Pepsi campus is also regarded as a new starting point for the next ten-year journey of the Pepsi campus brand IP.

There is no limit to music, but desire is possible! The strongest voice of this year’s Pepsi campus is composed of 20 groups of campus singers from 26 competition areas across the country, which successfully entered the finals stage. Among them, powerful artists Ronghao Li, Dylan, Wan Nida, Shan Yichun and Che Che Che presented wonderful interactions and performances for the audience. QQ Music, as the joint producer of the strongest sound in this year’s Pepsi campus, provides all-round resource support and fully empowers young campus musicians to provide a stage to realize their dreams.

When you are young, you must sing your desire loudly, and 20 groups of players will compete at the peak to witness the birth of the strongest voice champion on campus!

The strongest voice of Pepsi campus has been committed to providing a multicultural youth stage for young people, tapping the creativity and possibility of music, and bringing courage and strength to the new generation to challenge themselves. This competition is divided into three parts: releasing the desire for new voices, singing the desire attitude, and dreaming for the peak. The contestants on the scene also showed their wonderful performances. On-site judges gave wonderful comments through the comprehensive performance of the contestants’ stage and typhoon. This time, the top three contestants with the strongest voice in Pepsi campus in 2024 were finally decided, namely champion Zhao Binbin, runner-up Yu Peishan and runner-up Zhang Mai.

Always love, always keep longing! The strongest sound of Pepsi Campus, which has arrived on schedule every year for eleven years, not only creates a stage with different energy and value for young musicians, but also enables countless musical talents to be realized. QQ Music and Pepsi have been working hard to find, excavate, respect and encourage young musicians, release their aspirations, and strive for their own high-light stage in life and realize their own dreams!

Release the young and eager attitude, and the annual music carnival is at this moment!

After the national finals of the strongest sound on Pepsi campus, the music carnival officially started! The singers present this time: Ronghao Li, Wan Nida, Shan Yichun, all made the top charts of QQ music for many times with their hit singles. More importantly, Dylan, the spokesperson of Pepsi, came to the scene to share his eager attitude, and brought surprise interaction with Che Che, the content partner of Pepsi’s strongest original club and one of the judges of this finals.

Shan Yichun set off a chorus with a song "When I miss you, the wind rises" and ignited the atmosphere. Wan Nida’s "MoJiaDai Mogadai" was sung in his hometown Fuzhou dialect, and the unique melody brought everyone to the free world that belongs only to her. Ronghao Li not only sang The Composer this time, but also performed a new song "One Hundred" specially created for Pepsi-Cola brand. He said that he not only wanted to do his best, but also wrote it in the summer, which was a good blessing to all graduates. He hoped that the new generation of musicians could keep their love for music in Do not forget your initiative mind forever.

As a spokesperson for Pepsi, Dylan also came to the scene wearing his own brand D.desirable and Pepsi’s co-branded money. His understanding of "Desire is possible" is that you should be bold when you are young, play bravely, desire comes from love, and as long as you are eager for the future, you can create infinite possibilities. The strongest sound of QQ Music X Pepsi Campus links young people with music, and pours music genes into Pepsi brand culture. The strongest sound of this year’s Pepsi Campus combines the cultural attributes of the young trend of QQ music to jointly help young people release their musical talents and young blood creativity, and resonate with the times.

With music as the carrier, we can ignite our dreams, so that every eager young person can draw a blueprint of their dreams and let their love and creativity continue. Just like the spirit conveyed by Pepsi brand, young people are encouraged to express themselves bravely and find the real meaning and value in their lives.

As the domestic head music platform, QQ Music represents the choice and authority of the music market. Apart from this cooperation with Pepsi, QQ Music also has deep interaction with many partners such as Heineken, Watsons, JD.COM, Mentholatum and Super IP. QQ Music links to more audiences through innovative content experience, conveys more profound cultural connotation and higher social value in music, and helps young people to grow up from growth to fame. At the same time, in the future, QQ Music will join hands with more brands to create more innovative marketing cases.

Disclaimer:


China Entertainment reprints this article for the purpose of transmitting more information, and does not represent the views and positions of this website.


The content of the article is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.

Procuratorial organs play public interest litigation and administrative procuratorial functions to serve the construction of beautiful China.

Build a harmonious beautiful homeland.

-Procuratorial organs play public interest litigation and administrative procuratorial functions to serve the construction of beautiful China.

"Everything has its own harmony and life, and each has its own cultivation."

In Liaodong Bay, 23 spotted seals were rushed home after being rescued in time by procuratorial organs and multi-departments. On the Qinghai-Tibet Plateau, the procuratorial organs of Qinghai Province continued to carry out special activities to strengthen the public welfare judicial protection of wild yak; From Wanfeng Lake to the Yangtze River, cross-regional law enforcement and judicial linkage along the great rivers and lakes guards the blue waves; New environmental pollution problems such as urban light pollution and air pollution have entered the field of public interest litigation.……

The Opinions of the State Council City, the Central Committee of the Communist Party of China on Promoting the Construction of Beautiful China in an All-round Way recently demanded that "public interest litigation should be improved and judicial protection in the field of ecological environment should be strengthened". In recent years, the procuratorial organs have been guided by the supreme leader’s thought of ecological civilization and the supreme leader’s thought of rule of law, fully performing the functions of public interest litigation and administrative procuratorial work, and have further thought and practice in exploring and better handling the most basic relationship between man and nature.

Focus on solving major cross-regional ecological and environmental problems

On September 22, 2022, some media reporters and prosecutors patrolled the lake together to check the water quality of Wanfeng Lake after treatment.

Over the years, the problem of aquaculture pollution in Wanfeng Lake basin has been puzzling the people along the lake, and it has also been listed as a key issue by the Central Environmental Protection Inspector Group. However, due to the inconsistent law enforcement in three provinces and five counties (districts), it has not been solved from the root for a long time.

The protection of ecological environment and resources has the characteristics of systematicness, integrity and coordination across departments, fields and regions. How to solve cross-regional ecological and environmental problems? In particular, there is insufficient linkage in joint law enforcement and justice in the tributaries, upstream and downstream, and left and right banks of major rivers and lakes, and it is difficult to handle cross-regional cases, which is difficult to trace and has a long cycle. For procuratorial organs, coordinating and solving major cross-regional ecological and environmental problems is a major problem in handling cases.

In view of the fact that the local procuratorial organs can’t solve the basin problems alone, the Supreme People’s Procuratorate chose to face the difficulties and file a case directly, which not only solved the problem of aquaculture pollution, but also led to the rise of ecological fisheries. This is the first public interest litigation case directly filed by the Supreme People’s Procuratorate.

After that, the Supreme People’s Procuratorate also directly filed a case for the ecological damage project in Nansihu Basin and the pollution control project of ships in the Yangtze River. The procuratorates of 11 provinces and cities in the Yangtze River Economic Belt participated in the special case handling in groups, and conducted investigation visits to ports and docks in the Yangtze River Basin, effectively promoting the improvement of facilities for receiving, transshipment and disposal of pollutants from ships in the Yangtze River, improving the closed-loop supervision process for receiving, transshipment and disposal, optimizing charging items and prices, standardizing ship construction, repair and dismantling, and promoting multi-sectoral coordination and basin-wide linkage management.

On August 10th, 2023, the Procuratorate of Qinghai Province and the Procuratorate of Sanjiangyuan Region formed a public interest litigation patrol inspection team, and together with the prosecutor of Maqin County Procuratorate, they came to Animaqing District of the county to carry out the patrol inspection of ecological environment public interest litigation. (data picture)

At the same time, local procuratorial organs have also begun regional cooperation and linkage, giving full play to the advantages of integrated handling of cases by procuratorial organs in the basin. The Qinghai Provincial Procuratorate and the Xizang Autonomous Region Procuratorate signed the Opinions on Establishing a Cross-regional Procuratorial Cooperation Mechanism for the Judicial Protection of Ecological Public Welfare in the Qinghai-Tibet Plateau, actively promoting the high-level protection of the ecological environment and the high-quality economic and social development in the Qinghai-Tibet Plateau; Procuratorial organs in Beijing, Tianjin, Hebei and Shanxi have clearly defined the working objectives of cross-regional procuratorial cooperation and Daqing River basin management, established mechanisms such as clue transfer and collaborative investigation, and built a large collaborative pattern of water ecological environment protection in key river basins.

Actively perform their duties and investigate the liability for compensation for ecological environment damage according to law.

A good ecological environment is the fairest public product and the most inclusive people’s livelihood. Article 1232 of the Civil Code stipulates that if the infringer intentionally pollutes the environment and destroys the ecology in violation of the law, causing serious consequences, the infringed has the right to request corresponding punitive damages.

In handling cases, the procuratorial organs conscientiously implemented the Civil Code and the punitive compensation system for ecological environment damage, leading to the establishment of the concept of "malicious destruction of the environment should be severely punished". In June 2023, the Supreme People’s Procuratorate issued a typical case of peak carbon dioxide emissions’s carbon neutrality in the service guarantee of procuratorial organs. The Procuratorate of Shuyang County, Jiangsu Province supervised and supported the eco-environmental department to carry out a civil public interest lawsuit against a new material company for eco-environmental damage compensation, and promoted the conclusion of an eco-environmental damage compensation agreement: the company paid 2.92 million yuan for eco-environmental restoration and invested no less than 2.91 million yuan to implement three alternative restoration projects.

The handling of such cases will guide the enterprises involved to adopt alternative repair methods, carry out energy-saving and carbon-reducing technological transformation in an orderly manner, realize the synergy of pollution reduction and carbon reduction, promote the green transformation of enterprises in economic development and achieve greater development in the green transformation.

According to the characteristics of different types of cases, the procuratorial organs have adopted the methods of compensation for damages, proliferation and release, replanting and greening, restoration in different places, and labor compensation to urge the ecological restoration work to be done well. Naked carp, commonly known as Huangyu, has almost no scales all over its body. It is a unique aquatic animal in the Qinghai-Tibet Plateau. It is praised by local people as an "elf" in the water and one of the endangered species. In handling related cases, the procuratorial organs in Qinghai adopted the way of proliferation and release to restore the ecology, and explored and promoted the formation of a "low-cost, high-efficiency, diversified" public interest litigation claim mechanism.

The administrative prosecution "supports two companies with one hand", which bears an important responsibility in the service guarantee of ecological environment and resource protection. On June 11, 2023, the Supreme People’s Procuratorate issued a number of typical cases of administrative procuratorial work around the theme of "administrative procuratorial assistance for ecological environment and resource protection". According to reports, in the process of handling these typical cases, the procuratorial organs focused on the problems in ecological environment management and resource protection, such as failing to fulfill the responsibility of mine restoration and management, illegal sewage discharge, illegal occupation and destruction of forest land, idle land and irregular management of land storage and storage, and supervised the fair administration of the court according to law, and promoted the administration of the administrative organs according to law.

Among them, the Henan procuratorate handled the case of a sewage treatment company’s administrative non-litigation execution of procuratorial supervision for excessive discharge of sewage, and the case-handling personnel played the role of "supporting two companies with one hand" in administrative procuratorial work. On the one hand, they supervised the administrative organs to make administrative punishment decisions according to law to prevent enterprises from falling into operational difficulties due to unreasonable fines; On the other hand, it urges sewage treatment enterprises to strictly perform relevant responsibilities, bear the legal consequences of excessive discharge according to law, and realize the organic unity of protecting the ecological environment, optimizing the business environment and ensuring people’s livelihood and interests.

Leverage big data to do a good job in ecological environmental protection procuratorial work

"I can only be’ Lao Lai’, and all the illegal income is used for the reclamation project around Dajieyu Wharf." When the procuratorate of Pingtan Comprehensive Experimental Zone in Fujian Province handled a case of illegally occupying agricultural land and refusing to execute a judgment or ruling, a sentence from the party concerned caught the attention of the prosecutor.

Starting from this clue, the procuratorate combed out a number of clues about illegally occupying the coastline. However, in the face of the long coastline and the severe illegal situation, it is far from enough for prosecutors to find it manually. The Procuratorate of Pingtan Comprehensive Experimental Zone explores the development of supervision model with the help of "big data+artificial intelligence technology", and uses satellite remote sensing geographic information data, government affairs data, etc. to discover the illegal acts of illegal occupation of coastline across regions and the clues of legal supervision problems of administrative organs’ illegal performance or inaction in batches, so as to enlarge and strengthen the "data pool" of legal supervision. Under the authorization of the Fujian Provincial Procuratorate, the Procuratorate of Pingtan Comprehensive Experimental Zone initiated the establishment of an ecological procuratorial cooperation mechanism for Fujian procuratorial organs to protect the coastline, and established a big data application platform for marine public interest litigation centered on Pingtan Comprehensive Experimental Zone and radiating other six coastal cities.

Using big data screening, comparison and collision, all kinds of information have intersection and series connection, and the problem clues can be clearly revealed. Digital prosecution has played an important role in handling more and more public interest litigation cases. In the Nansihu project handled by the Supreme People’s Procuratorate, the task force visited and sorted out 237 clues, and 84 important clues were highly confirmed by the clues quickly identified by the Aerospace Information Innovation Institute of China Academy of Sciences through satellite remote sensing technology.

Ying Yong, Party Secretary and Procurator-General of the Supreme People’s Procuratorate, stressed that the digital procuratorial strategy should be implemented in depth, legal supervision in the new era should be empowered, fairness and justice should be promoted and maintained, and Chinese modernization should be better served by the modernization of procuratorial work. Consciously and effectively use modern scientific and technological means, mobilize the joint efforts of all parties with the power of the rule of law, and promote the modernization of the national governance system and governance capacity. The procuratorial organs implement the requirements of the CPC Central Committee with practical actions, and move forward towards the goal of beautiful environment, rich people and green development.

(Reporter Yan Jingjing)

Nirvana Rebirth, Ten-year Memorabilia of Buick Excelle

  3G Guide: The new Excelle will inherit the elements and concepts of Buick’s new family design, and will bring more humanized, comfortable and convenient technology configuration.

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  The brand-new Buick Excelle is scheduled to go on sale on February 1st, 2013. Since its listing in 2003, this evergreen tree has been setting new records in the mid-level car market, not only setting a new standard in the mid-level car market with its outstanding styling design and comfortable space, leading efficient power and chassis technology, and caring Buick service, but also becoming a reliable partner in the career and life of 1.8 million car owners within 10 years. Success is definitely not accidental, especially in the most competitive mid-level car market. It can be said that the road to the king of Buick Excelle comes from the continuous accumulation and lasting breakthrough. Now let’s review the important course of the king of mid-level cars in the past ten years!

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  April 2003

  The first "global car" in the mid-level car market — — Buick Excelle released. It shocked the whole market segment with its outstanding advantages such as fashionable appearance, comfortable and spacious space, luxurious human configuration and high efficiency and strong power, and at the same time completely refreshed the value benchmark and technical standard of mid-level cars, and prompted the family car market to start a far-reaching reshuffle.

  In the first month of listing, the sales volume of Buick Excelle exceeded 7,500 units, and in November of the same year, the monthly sales volume of new cars broke 10,000 records, winning the title of "model of the year" in that year, and it stood out in the same market, and was hailed as the "new three" leader in the mid-level car market.

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  September 2004

  On the occasion of Buick Excelle’s sales reaching 100,000 vehicles a year, in order to better carry forward Excelle’s spirit of "all-out and enterprising" and express its concern and support for China’s sports cause, Shanghai General Motors, as a partner of the Chinese Olympic Committee, presented Excelle with a 1.6L luxury sedan to five athletes who made a major and historic breakthrough in the traditional strengths of China and China in the 2004 Olympic Games.

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  October 2004

  The intermediate hatchback Buick Excelle HRV was released, advocating a Healthy, Recreational and energetic lifestyle. It defines the new hatchback with five-door hatchback dynamic modeling, ample flexibility, fashionable interior and efficient power, creating a new pattern of hatchback market segments in China, and it is also an important step in the process of completeness and diversification of Excelle and Buick cars.

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  November 2004

  One year after Excelle went on the market, according to the feedback from consumers, the shift mechanism of manual gearbox equipped with 1.6L engine was refined and improved, which made the driver feel more accurate and smooth in shifting. At the same time, the management module of the 1.8L engine was re-adjusted, which reduced the fuel consumption by 10% and improved the acceleration performance by 0.3 seconds. In addition, two humanized and convenient functions are added: the warning display of trunk opening at the back of dashboard and the luminous lighting display of electric lifting window button.

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  May 2005

  The Excelle automatic transmission model is replaced with the AF20 automatic gearbox with the advanced function of "intelligent switching neutral", which not only reduces the fuel consumption of the vehicle under comprehensive working conditions by 6%, improves the fuel economy, but also shortens the acceleration time from 0 to 100 km/h by one second and prolongs the service life of the gearbox. In September of the same year, Excelle’s engine control module was re-optimized, further improving fuel economy. In the same year, Excelle also added a shock absorber to the drive shaft to reduce vehicle vibration and noise.

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  November 2005

  At the Guangzhou International Auto Show in 2005, Excelle Station wagon appeared, creating a brand-new "modern family station wagon" market segment, filling a gap in the domestic mainstream intermediate family car market, and bringing consumers more comprehensive and personalized choices. Excelle station wagon is another important measure in the process of completeness and diversification of Buick car series after the introduction of hatchback HRV, so Buick Excelle became the most complete car sub-brand under the single car series in China at that time.

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  December 2005

  Buick Excelle was awarded the "Best Intermediate Car of the Year in China in 2005" award. In the mid-level car market where there are many new cars and fierce competition, Buick Excelle once again shows its strong comprehensive competitiveness with its excellent cost performance, fashionable design, abundant interior space, rich interior configuration and high-level "Buick Care" after-sales service.

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  In 2006

  Buick Excelle launched a new model in 2006, and installed a reversing radar, which provided great convenience for parking berths. Excelle 1.8LS-AT automatic transmission top version has added a fixed speed cruise device. At the same time, in order to meet the needs of users who pursue strong power and manual control, a comfortable version of the sedan Excelle 1.8MT-LE manual transmission is newly launched. In addition, Excelle put on "green running shoes" and equipped with new "green tires" with environmental protection and low pollution. The new formula can reduce the rolling resistance of green tire, and enhance the wet grip, tear strength and tread impact resistance. After testing, green tires can reduce the braking distance on wet ice surface by 15%, improve the driving performance in winter by 10% to 15%, and reduce fuel consumption by 5%. This alone makes Excelle take a big step towards giving consideration to excellent performance and environmental protection.

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  In 2007

  Buick Excelle has once again completed important overall technical improvements, including improving the braking system and strengthening the body structure, thus enhancing safety; Improve the air conditioning performance of vehicles, so that the air output is larger, the refrigeration performance is better, and the comfort of vehicles is improved; At the end of the year, all the engines that have been newly adjusted have achieved Euro 4 emission ahead of schedule, which is more environmentally friendly. In many other configuration details, Excelle is also constantly moving. For example, adding the instrument that car owners are accustomed to now shows the warning of trunk opening, the luminous lighting shows the lifting button of electric window, and the comfortable version comes standard with skylight, etc. Even as small as the door handle, according to the feedback from the market, it is changed from the pull-up type to the grip type. In the same year, the Buick Excelle station wagon was launched in version 1.6L. The new model is equipped with the same 1.6L Twin-Tec high-efficiency and energy-saving engine as the Excelle sedan. With rich and complete humanized comfort configuration and safety equipment, it provides more affordable choices for consumers who like to travel and pursue free fashion.

  April 2008

  08 New Excelle goes on the market. The 2008 new Excelle not only updated the exterior interior and configuration, but also recalibrated the engine and completely adjusted the chassis, which not only maintained the advantages of Excelle, but also highlighted the high-tech, modern and international product design DNA of Buick family. 08 New Excelle has begun to reflect the genetic characteristics of Buick’s future products from the exterior to the interior, and its luxurious configuration and readjusted chassis have also brought about the improvement of grade and quality.

  October 2008

  Buick, as the main sponsor brand of China National Gymnastics Team, wholeheartedly encourages China Gymnastics Team to achieve good results in this Beijing Olympic Games. At that time, Yang Wei and Zou Kai, Olympic champions of the national gymnastics team, were awarded honorary owner certificates of Buick New Excelle Champion Edition and new car keys, and they became honorary owners of the "Champion Edition" New Excelle.

  October 2009

  Buick Excelle has accumulated more than 1,000,000 vehicles, and officially entered the "Million Club" in China, becoming the youngest honorary member of the models with accumulated sales exceeding one million in the domestic automobile market. It took only six years to reach this height, which once again set a new record in the domestic car market and perfectly interpreted the legend of the classic "king of intermediate family cars".

  May 2010

  In the selection of "China mainstream family car reliability survey", Buick Excelle ranked first in the reliability of joint venture products with the lowest failure rate, which not only confirmed Buick Excelle’s consistently excellent product quality and quality, but also reflected Excelle’s confidence as the "king of intermediate family cars" and an evergreen tree in the market.

  October 2010

  The 2011 Excelle with built-in double-layer electric sunroof went on the market, becoming the only joint venture brand model with sunroof below 100,000 yuan. At the same time, the engine power of the 2011 Excelle has been re-calibrated, achieving the maximum power of 81 kW/6000rpm and the maximum torque of 146 Nm /3600rpm. While improving the power, the fuel consumption of all Excelle models has also been reduced by nearly 4% through the optimization of the variable speed shifting mechanism.

  In 2011

  Buick Excelle sold 253,514 vehicles throughout the year, up 14% year-on-year, and won the annual single-vehicle sales ranking, and set a new record for the annual single-vehicle sales in China.

  In 2012

  Excelle’s total sales in 10 years exceeded 1.8 million vehicles, and its annual sales in 2012 exceeded 277,000 vehicles, ranking first in domestic sales of single vehicle.

  February 2013

  The new Buick Excelle will be launched on February 1st. The new Excelle will be equipped with the latest small-displacement high-tech engine of Shanghai General Motors — — 1.5L DVVT inline four-cylinder engine, with a new generation of 6-speed automatic manual transmission and 5-speed manual transmission, has achieved comprehensive improvement in fuel consumption, power performance and silence. In addition, the new Excelle will inherit the elements and concepts of Buick’s new generation family design, and will bring more humanized, comfortable and convenient technology configuration.

Nantong FAW-Volkswagen CC price reduction news, a discount of 36,000! limited in number

[car home Nantong Preferential Promotion Channel] Recently, a large-scale preferential activity is being carried out in Nantong market, with the highest preferential amount reaching 36,000 yuan and the lowest starting price dropping to 188,900 yuan. This preferential activity provides consumers with a rare opportunity to buy a car. Consumers who are interested in buying FAW-Volkswagen CC may wish to click "Check the car price" in the quotation form to strive for higher discounts.

南通地区一汽-大众CC降价消息,优惠3.6万!数量有限

FAW-Volkswagen CC has attracted the attention of many consumers with its dynamic and elegant design. The front face adopts fashionable family-style design, the air intake grille is decorated with chrome, and with sharp LED headlights, it shows a strong visual impact. The overall body lines are smooth and dynamic, showing a luxurious and dynamic style.

南通地区一汽-大众CC降价消息,优惠3.6万!数量有限

The body size of FAW-Volkswagen CC is 4865mm*1870mm*1459mm, the wheelbase is 2841mm, the front tread is 1586mm and the rear tread is 1572 mm.. The body lines are smooth and dynamic. Equipped with 18-inch rims, tyre size is 245/45 R18, which shows the style of coexistence of sports and elegance.

南通地区一汽-大众CC降价消息,优惠3.6万!数量有限

The interior style of FAW-Volkswagen CC is simple and full of science and technology, showing high-end and fashion. The steering wheel is made of genuine leather, which is comfortable to hold. It also supports manual adjustment up and down and back and forth, so that the driver can adjust to the most comfortable position according to his own needs. The central control area is equipped with a 9.2-inch central control panel, and the operation interface is simple and intuitive, which supports the voice recognition control of multimedia system, navigation, telephone and air conditioner, greatly improving the driving pleasure and convenience. The seat material is made of leather /Alcantara, which not only has the comfort and durability of leather seat, but also adds Alcantara material, which increases the wrapping and friction of the seat and improves the driver’s experience. The front seats are also equipped with heating function, which provides comfort for cold weather. The rear seats support the proportional tilting, which increases the flexibility and practicability of the trunk.

南通地区一汽-大众CC降价消息,优惠3.6万!数量有限

FAW-Volkswagen CC is equipped with a 2.0T turbocharged engine with a maximum power of 137kW and a maximum torque of 320 N m. This engine provides a strong power output, and with a 7-speed wet dual-clutch gearbox, the vehicle can accelerate and shift gears more smoothly.

The owner of car home said that he had bought four hatchbacks, each of which he deeply liked, especially the appearance of hatchbacks. He mentioned that "I just like the appearance of the hatchback …", which not only expressed his love for design, but also reflected his unique views on FAW-Volkswagen CC.

More than half of Sushi Technology’s revenue comes from Xiaomi, and the supervision questioned the independence of related party transactions.

  Author: Li Juan

  After updating the information, many Xiaomi eco-chain enterprises continued their process of sprinting A-share listing.

  It is a common practice for some listed companies to be deeply tied up with giants such as Xiaomi Group (01810.HK) in the industrial chain. Shenzhen Sushi Technology Co., Ltd. (hereinafter referred to as "Sushi Technology") is one of them. The sponsor is China Merchants Securities (600999.SH), which recently updated the financial data for 2021 and the reply to the regulatory inquiry letter.

  Sushi Technology’s main products are small personal care appliances such as electric toothbrushes, and more than half of its income comes from Xiaomi Group. The first financial reporter found that there is a big difference in gross profit margin between self-owned brands and products supplied to Xiaomi Group, and how to maintain independence in the future is a problem. Before the issuance, Xiaomi Group held nearly 20% equity of Sushi Technology through its affiliated investment company.

  More than half of the income comes from Xiaomi.

  Xiaomi Group is not only the major shareholder of Sushi Technology, but also the largest customer.

  Sushi Technology’s main business is the research, development, design, production and sales of small household appliances. Focusing on the head care scene, it has formed three product categories: oral care, hair care and hairdressing care. The products are divided into self-owned brand products and Xiaomi customized Mijia brand products, among which the most important oral care products mainly include electric toothbrushes, tooth flushers and peripheral products.

  In the inquiry letter, the regulatory authorities raised such questions and asked Sushi Technology to make a reasonable explanation for related party transactions: "The actual controllers of Tianjin Jinmi and Shunwei Technology are both Lei Jun.. There are related purchases and related sales between the issuer and Xiaomi Group during the reporting period. " "Explain the issuer’s position in Xiaomi eco-chain enterprises, cooperation and competition with eco-chain enterprises; Whether the issuer’s sales to Xiaomi Group are relatively high is reasonable, and compared with comparable companies of the same type, it shows whether there is industry universality in this situation. "

  The shareholding structure shows that Tianjin Jinmi and Shunwei Technology hold 10.90% and 8.57% of Sushi Technology respectively. Sushi Technology said that before the issuance, Xiaomi Group held 8.57% of the shares of the company through Tianjin Jinmi controlled by it, and director Chen Bo was the representative of Tianjin Jinmi on the board of directors; Xiaomi related Fang Shun holds 10.90% of the company’s shares for Technology. Tianjin Jinmi and Shunwei Technology’s investments in Sushi Technology are all equity investments with voting rights, but they have no control over the business decisions of Sushi Technology.

  According to the disclosure data, from 2019 to 2021, the income realized by Sushi Technology through Xiaomi mode accounted for 59.39%, 59.82% and 55.56% of the main business income respectively.

  According to Sushi Technology, the company is one of the Xiaomi eco-chain enterprises that focuses on protecting small household appliances. As a customized product supplier, it provides Mijia brand products such as Mijia electric toothbrush, Mijia tooth punch, Mijia electric razor, Mijia hair dryer and some self-owned brand products for Xiaomi Communication. Xiaomi Group is the largest customer of Sushi Technology. Xiaomi Communication (100% owned by Xiaomi Group) specifies the trademark, industrial design and packaging design scheme for Mijia brand products, and is responsible for the publicity and sales of Mijia brand products. Sushi Technology is responsible for the overall development and production of Mijia brand products, and is responsible for transporting them to the warehouse designated by Xiaomi Communication. The channels for Xiaomi Communication to sell Mijia brand products include Xiaomi Mall, Youpin and other Xiaomi’s own platforms, Xiaomi’s offline channels and third-party platforms.

  Sushi Technology suggested in the prospectus that there is a certain degree of competition between the company’s own brand products and Xiaomi’s customized Mijia brand products. Xiaomi, as an independent market entity, can carry out competitive business with Sushi Technology by itself or through cooperation with other third parties.

  In this regard, a sponsor representative analyzed to the First Financial Reporter that Xiaomi Group, as an H-share listed company, the interests of Sushi Technology may sometimes conflict with the interests of Xiaomi shareholders or their affiliates. However, the pricing and gross profit margin of sales to Xiaomi and other customers are inconsistent, which also lays a certain hidden danger for future management.

  Gross profit margin varies greatly, how to maintain independence?

  The gross profit margin of its own brand is quite different from that of products supplied to Xiaomi. How can Sushi Technology maintain its operational independence?

  In the inquiry letter, the supervisor also asked the company to explain the reasons, necessity, average selling and purchasing price of related party Xiaomi Group during the reporting period, and whether the pricing of related party transactions is fair in combination with the price of selling and purchasing similar products to other independent third parties in the same period.

  From 2019 to 2021, the gross profit margin of Mijia brand electric toothbrush was 17.04%, 13.67% and 15.60%.

  Sushi Technology explained that the decline in gross profit margin in 2020 was caused by the increase in sales of products with lower gross profit margin and the increase in the proportion of sales revenue; In 2021, when the gross profit margin increased, the company implemented supplier cost reduction. By introducing new suppliers or negotiating prices with the original suppliers, the purchase prices of the two main sales models were reduced. In addition, the company adjusted its product strategy and gradually stopped selling a model product with low price and low gross profit margin, thus increasing the gross profit margin.

  During the reporting period, the gross profit margin of Sushi brand electric toothbrush was 33.17%, 43.41% and 50.22%, which showed a steady upward trend and was much higher than that of Xiaomi brand.

  Sushi Technology said that since 2019, the gross profit margin of the company’s own brand electric toothbrush has increased, mainly for two reasons: the introduction of smart electric toothbrushes with higher unit price and more functions and usage modes, the expansion of product sales scale, the decline of its average unit cost and the increase of gross profit margin. Through multi-brand strategy for differentiated competition, the positioning of different brand products is quite different, resulting in different gross profit margins of different brand products.

  Regarding the inconsistency in pricing, Sushi Technology explained: Mijia brand products are positioned in the mass market, and the unit price is relatively low, and most Mijia brand products are sold through the sharing model; Sushi brand products mainly focus on fashion, high value, personalized design and function, focusing on the aesthetic preferences of young consumers, especially young female consumers. The appearance and positioning are different from Mijia brand products, and some products can be directly sold to end consumers, so the gross profit margin is higher than Mijia brand products.

  In addition, the cooperative sales mode of Sushi Technology and Xiaomi Communication is mainly divided mode, and a small number of products are direct sales mode. Under the sharing mode, the settlement price between the company and Xiaomi Communication is the basic purchase price plus the sharing amount, and the sharing ratio is usually 30%-50% of the final sales profit, but there are differences between different products. Under this business model, part of the profit of Mijia products is enjoyed by Xiaomi Communication, resulting in a lower gross profit margin of the sharing model.

  Referring to the comparison with Xiaomi’s eco-chain enterprises, Sushi Technology explained that the cooperation mode and benefit distribution mechanism between the company and Xiaomi are not significantly different from those of Roborock (688169.SH) and No.9 Company (689009.SH). Because the main products of Fun Sleep Technology are self-owned brand products, Xiaomi has few customized products, and its business model is different from that of typical Xiaomi eco-chain enterprises. Therefore, there is no significant difference between the sales model and profit distribution mechanism of the company and Xiaomi and the cooperation model of other enterprises in Xiaomi ecological chain, and the pricing is fair.

  Recently, both Roborock and No.9 Company, which have been listed, have made great efforts to reduce their holdings.

  In addition, Sushi Technology is expected to raise 775 million yuan, which will be used to promote four projects, including product upgrading, brand promotion and marketing upgrading, "R&D center construction" and "supplementary liquidity". Among them, the largest investment in the whole product upgrade project is nearly 300 million yuan, including the purchase of office buildings in Luohu, Shenzhen. The specific way is to build the company to raise funds related to newly acquired real estate. At present, the company has signed a purchase intention agreement with Shenzhen Guosu Real Estate Development Co., Ltd., and plans to subscribe for some floors of Guosu Century Building located at No.3029 Baoan South Road, Luohu District, Shenzhen, of which 2,864.4 square meters will be used for the construction of this project. However, the prospectus did not disclose the specific transaction price of the floor. Public information shows that the current office price in Luohu District of Shenzhen is about 30,000 yuan per square meter.

Mazda "Fuel-saving King" has a stronger sense of luxury.

No matter where you travel, your face value is impeccable, whether it is to give you the first look of fashion and dynamic, or to be exquisite for a long time. The streamline of the car body continues the family design concept, and the front face of the whole car looks very layered. The headlights on both sides are quite magical, and the headlights on the front face look very energetic after being lit. From the side waistline, the new car adopts the design of waistline, which prolongs the visual effect of the car to a certain extent. At the same time, the reasonable proportion of luggage compartment cover and enclosure also endows the rear shape with a simple and generous visual center of gravity, and the taillight shape also has a certain sense of advanced.

As far as the interior of the car is concerned, Mazda 3 Angkeira is younger. The large plastic coverage of the three-position steering wheel brings a good sense of luxury, and it is equipped with shift paddles, which is very practical. In the central control part, there are door handles, etc., which are covered and wrapped with a lot of plastic and leather materials. The touch is simple, and the 8.8-inch floating central control screen has simple screen design but complete functions. The front row is also equipped with a manual air conditioning control system to freely debug the most comfortable space atmosphere. The seat is surrounded by relative sports style, which can firmly grasp the family.

The length, width and height are 4662×1797×1445mm respectively, and the wheelbase has reached 2726 mm. In the same class, the wheelbase of Mazda 3 Angkeira ranks 15th. The interior space of the car is relatively spacious at the same level, the height and width of the car are ideal, and the legroom in the back row will not feel cramped, which belongs to the upper-middle level at the same level. The sunroof of Mazda 3 Angkor Sela 2.0L automatic premium edition provides a wider view, which can create a better visual environment and good sensitivity for the rear passengers and increase the light entrance for the whole vehicle. Among the models of the same price and class, the trunk volume of Mazda 3 Angkeira ranks 31st. The storage space in the car is quite satisfactory and basically sufficient. The interior space of the luggage compartment is relatively regular, with very good longitudinal depth and high expansibility, and the space performance is generally ideal.

Mazda 3 Angkeira is equipped with a 2.0 engine with a maximum output of 116kW and a maximum torque of 202Nm. The whole power parameters are superior in power performance among engines of the same class, which can provide better power performance. Ranked fifth among the 80,000-120,000 compact car models.

Mazda 3 Angkeira has complete active/passive safety configuration, includingAutomatic parkingZero tire pressure endurance tireAutomatic parkingSteep slope descenthill start assist controlknee airbagHUD head-up displayAnti-lock braking (ABS)Braking force distribution (EBD/CBC, etc.)Brake assist (EBA/BAS, etc.)Traction control (ASR/TCS, etc.)Active noise reductionEngine start and stopSide safety air curtainWireless charging of mobile phonenight vision systemLED daytime running lightsForward reversing radarTire pressure monitoringSteering wheel heatingBody stability control (ESP/DSC, etc.)Rear reversing radarFatigue reminderRemote parkingChild seat interfaceLane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

In addition to the above description, we can also go to the Easy Car Forum to browse more real car feedback from actual buyers, or use our experience.

Made in Changsha! "Infrastructure Mad Devil" adds another weapon!

The domestic shield machine is new again!

On September 27th, the "Jinghua" extra-large diameter shield machine rolled off the assembly line in Changsha. This shield machine is 150 meters long, with a total weight of 4,300 tons and a maximum excavation diameter of 16.07 meters. This is the largest diameter shield machine developed in China so far, and it will participate in the reconstruction project of Beijing East Sixth Ring Road after leaving the factory.

The equipment was jointly developed by China Railway Construction Heavy Industry Group and China Railway 14th Bureau Group, and it was the first time that Chinese enterprises successfully realized the industrial manufacture of 16m-class super-large diameter shield machine. The reporter saw at the scene that the equipment was huge, like a steel giant lying workshop, with a height of more than 5 floors. The cutter head painting extracted visual elements from Peking Opera masks, and took the red masks representing loyalty, courage and righteousness in Peking Opera as the design prototype. The appearance was bright and eye-catching, highlighting the regional cultural characteristics of Beijing.

Many netizens saw it and called this Facebook "absolutely"!

In fact, the painting of Beijing Opera theme of "Jinghua" is not the first case.

China shield machine has excellent performance, and its "skin" is also very distinctive.

China exports Russian money ("Victory"):

China exports to India:

China exports French edition:

China exports to Sri Lanka:

In terms of color, there are blue ones:

Red:

Green:

Colored:

Behind every "new skin" is the story of China people’s struggle to break the blockade and monopoly.

Shield machine, also known as tunnel boring machine, was invented and used in foreign countries as early as 1825.

Due to the difficulty in manufacturing, the shield machine market has been occupied by Germany, the United States and Japan for a long time.

Developed countries monopolize technology and market, and buyers have no bargaining power.

"Spending money depends on your face", and China at that time was no exception.

In 1997, when China was building the Qinling Tunnel of Xikang Railway, the first tunneling equipment was introduced from Wilt Company of Germany.

When I bought two machines, that was 700 million.

It was 700 million yuan in the 1990s, and people’s attitude was like that: Love buy buy, don’t buy it.

Tan Shunhui of China Railway Engineering Equipment Group recalled this past event and said that at that time, the right to speak about the price was in the hands of foreigners. He said that the money was as much as he wanted. If you want to make any changes, you should add the price first.

Because foreign countries have occupied the highest point in technology, their arrogance of looking down at people is the most unacceptable and uncomfortable.

The "after-sales service" of foreign experts is also very expensive, with an hourly salary of 600 to 800 euros.

Besides, when to repair it depends on people’s work schedule and mood.

In this way, foreign experts have to set up a cordon to prevent China people from watching.

In 2001, the foreign side proposed that an old shield machine should be sold at the price of a new shield, and the accessories should be increased by 100%.

In their view, China people can’t make it themselves, and they will accept the harsh conditions.

Generations of China people are fighting in their hearts: "We must use our own equipment in the future."

No matter how hard and bitter it is, we must build our machine!

Starting from the design drawings, China began to explore his own shield machine under the background of inexperience.

Really, start from scratch.

Follow suit, the shape is there, but it is still far from "domestic".

Li Jianbin of China Railway Industry said: "If you really do it yourself, you will know how difficult it is to manufacture the key components."

For example, knives, how many knives are arranged? What is the height? What is the spacing between knives? What is the opening rate of the cutter head?

China people don’t know these things, so they have to start from scratch and conduct theoretical research.

In actual work, the machine may encounter granite and limestone; May face hard soil, soft soil, silt, silty clay … These all need different tools according to different geology to make the best design.

It took China nearly five years to figure out the problem of cutting tools.

Under such difficulty, China people just chewed this bone down.

In 2008, China’s first shield machine with independent intellectual property rights was successfully rolled off the assembly line.

In 2013, the "Big Brother" German Wilt Company was acquired by China Railway Equipment.

Nowadays, the domestic shield machine has broken the monopoly of foreign technology and market, and lowered the price of similar products by 40%.

Domestic shield machines have also reached the top in many fields, with innovations: the world’s first horseshoe shield, the world’s largest rectangular shield, the world’s first inclined shaft dual-mode TBM, and the world’s first permanent magnet motor-driven shield machine …

Being "stuck in the neck" Sorry, now it’s: "No one has me, and everyone has me."

Not only the technology is good, but also many styles, large output and low price.

"There is a Shenzhou in the sky, a dragon in the sea, and a shield in the ground", and "a great country’s weapon" is both a starting point and a monument.

Like for Hunan manufacturing!

(Source: Economic Daily Editor: Yan Xin Trainee Editor: Jiang Xiaojing)

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Hunan Free Trade Zone is coming, how can Changsha exert its strength?

Gather the voices of the world and tell the story of Changsha

Original title: "Made in Changsha! "Infrastructure Mad Devil" adds another weapon! 》

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Langyi 1.5 manual dang low-profile

Hello! In response to your question, the following is a detailed answer to LaVida 2022 1.5L Manual Fashion Edition:

The bare car price of LaVida 2022 1.5L manual fashion version (taking the official guide price as an example) is 112,900 yuan. If you choose the scheme that the down payment ratio is 20% and the loan period is 36 installments, then the total down payment is 22,600 yuan, the total loan is 90,300 yuan, the monthly payment is 2,697 yuan, the installment fee is 2,000 yuan, and the interest is 0.68 million yuan. In addition, necessary expenses such as licensing fee, purchase tax, travel tax, compulsory insurance fee, commercial insurance fee, etc. shall be paid. Therefore, the total cost of purchasing LaVida 2022 1.5L manual fashion edition by loan is 137,000 yuan, which is 8,800 yuan more than the full purchase.

If you want to know the price of 19 1.5L manual gears, please consult the dealer specifically, and they will provide you with detailed quotation information.

On the issue of bargaining, I suggest you communicate with the dealer in detail to understand the specific preferential margin.

As for the lowest landing price, according to the information you provided, the lowest price of this car is 65,000 yuan.

Regarding the lowest price of bare cars, taking the official guide price as an example, it is 112,900 yuan.

If you want to know the minimum price of manual bare car in Santana, I suggest you consult the dealer, and they will give the most accurate quotation information.

Regarding the model year and style, according to the information you provided, it is the 2021 manual 1.5 fashion version.

朗逸

Finally, the dealer quoted 52,900 yuan as the 2021 manual 1.5 fashion version.