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What kind of woman is a real celebrity?

A real celebrity needs a rich culture and family background, and her temperament and self-restraint have their own noble aperture between a smile and a gesture. She is a woman with soft heart but her own strength. She is by no means just a rich flower wrapped in money and beauty.

In the twenties and thirties of last century, there were celebrities and beauties like Xinghai on the Shanghai Beach, and some of them could be copied.

But there is a strange girl, whose grace and grace in her bones are as beautiful as flowers. Her beauty has followed her all her life. She is a top real celebrity.

She socializes, she dances, she acts, and she loves all beautiful things.

She left home for half her life and returned as a beauty. She is beautiful all her life, and loving herself is the beginning.

She is Tang Ying, a Jiangnan beauty in "Southern Tang and Northern Land".

Zhenmingyuan: Beauty is an ability.

Tang Ying was born in Shanghai in 1903.

His father, Tang Naian, was the first batch of students studying in foreign countries who were funded by the Qing government from boxer indemnity, and the first western doctor studying in China. Mother is the first batch of graduates from Jinling Women’s University.

After returning to China, Tang Naian worked as a doctor in beiyang fleet, and later opened a private clinic in Shanghai to treat famous families at that time.

Mr. and Mrs. Tang believe in Christianity, and the Tang family is well-off and open-minded. The daughter brought up in this way is unparalleled in her style.

Beauty is the background of Tang Ying’s life. But beauty needs both capital and the ability to maintain.

At home, Tang girls should cultivate the basic skills of celebrities-pay attention to food and clothing. The family specially hired tailors to customize clothes, and also invited chefs to make Chinese dim sum, western dim sum and big dishes respectively. Every meal should be matched according to a reasonable nutritional balance, and breakfast, dinner and afternoon tea should follow an accurate timetable. Even carrying a bag and picking up things have a standard posture.

At school, Tang Ying studied in the Chinese and Western Girls’ School, which is the alma mater of the three sisters of the Song family. A completely westernized girls’ school teaches girls dance, English, opera and so on in an aristocratic style.

Tang Ying, who has grown up richly, has beautiful eyes, clever smiles, sweet voice and dual talents.

She is proficient in English and good at singing Kunqu opera. When she first appeared in the social circle, she became the most dazzling celebrity in Shanghai.

Tang Ying’s outstanding clothes are the fashion vane of old Shanghai. Chanel No.5 perfume, Celine clothing, CD lipstick, LV handbag and Ferregamo high heels, which were owned by French ladies at that time, were owned by Tang Ying.

She will also design her own clothes. She will go to the fashion that can inspire her and surprise her, and go home and ask a tailor to do it. Her cheongsam has a wide edge, and there are hundreds of butterflies embroidered with gold and silver thread and ruby buttons on the edge. Every time she wears a new dress out of the street, the style is chic and avant-garde, and she can become the explosion queen of the day.

Her skirt can support all the beauty in the world.

Linglong magazine once regarded Tang Ying as a model of socialite and encouraged women to live their own lives.

The beauty of women is actually a kind of ability, which is to make live high look the truest.

Love yourself is the beginning of a lifetime of beauty.

If Tang Ying’s life is dreamy and beautiful like a fairy tale, then her own intelligence and personal charm are absolutely worthy of the name of princess.

She dances in parliaments. Eye-catching, toe-spinning, long skirt mopping the ground, dancing lightly, every swan-like gorgeous turn silently whitewashes the injury and suffering of falling down while practicing dancing. Her performance in the drama "The Fan of a wealthy family" is unforgettable and full of praise.

She performs in the theater. In 1927, she and Lu Xiaoman jointly performed the Kunqu Opera "Picking up Paintings and Calling them Paintings" at the Central Grand Theatre, which became the headlines of major newspapers at that time. In 1935, Wang Baochuan, starring in Kalden Grand Theatre, was a sensation and a great success. She was labeled as an original singer of Beijing Opera in English, and it was popular for half the sky.

Once when the British royal family visited, Tang Ying went to perform the piano. In the spotlight, she was like a fairy pointing out the keys, and a large jade photo was as dazzling as a collector’s postcard. This is the most beautiful peak of her communication career.

There is no life that is not gorgeous, only yourself who doesn’t work hard.

The best person is yourself, and cherishing yourself is the best gift in life.

Love yourself unconditionally is the beginning of a lifetime of beauty.

Such a beauty is always troubled by love.

Tang Ying’s love is like her favorite drama, with beautiful words and three sighs. She is floating in boundless love, wishing for one person, appreciate each other.

As a girl, Tang Ying got to know the handsome, rich and mature Song Ziwen because of her elder brother. Tang Ying, with a fragrant soul, strongly attracted Song Ziwen, and his passionate love letters also touched Tang Ying’s heart. In front of the dressing table, under the evening breeze and the moon, she was ashamed to show her notes. However, Tang Naian doesn’t want his children to be related to politics. Later, Song Ziwen was assassinated, but Tang Tuo was killed by mistake. The Song and Tang Dynasties were destined to be inseparable.

It is inevitable to fall in love when you are alive.

Tang Ying married Li Zufa, the son of Li Yunshu, a wealthy businessman in Shanghai. Li Tang has two suitable families, and Tang Ying continued her rich and wonderful social life after marrying into the family of a famous businessman. However, Li Zufa, who is engaged in technical engineering, is an introverted and quiet person. He is very opposed to his wife’s socializing. golden couple may not be a match made in heaven, so it is better to say goodbye to each other.

A woman who loves herself will not deny herself because others are not sure.

A woman who loves herself does not neglect herself, has the ability to correct mistakes, and does not embarrass herself and others.

It’s not appropriate, it doesn’t matter, clean up your mood and start again, and the road to love won’t be bumpy all the way. Love can heal when it breaks, and you shouldn’t let your life be full of dust.

When you know how to love yourself, you will meet better love.

There is always an encounter that is mutual appreciation, common growth, and coming to you from a vast sea of people.

Loving life is the highest form of beauty.

Tang Ying, who returned to single, lived more and more freely.

She goes to the theatre and movies, she wears beautiful clothes, she has dinner and socializes with friends, and she knows that only by loving life can she live more and more beautifully.

Even in the cold winter, you keep your enthusiasm for life and make your life steaming, so warm spring will definitely allow you to be alone in April.

With bright eyes, he came gently and slowly from the depths of time and came for her.

Tang Ying met Rong Xianlin, a soul mate with himself. Rong Xianlin is the nephew of Rong Hong, the father of overseas students in China. He is lively, humorous, diversified, proficient in riding and dancing, and a literary lover.

Their meeting is like an old friend reunited after a long separation. They have both become better selves, and they can calmly hold each other’s hands for the rest of their lives.

After remarriage, Tang Ying went to Hongkong with her husband and then settled in the United States.

On weekends on the other side of the ocean, Tang Ying took her son to watch art exhibitions, listen to concerts or go out for a picnic. If you don’t go out and eat snacks at home, it’s all her own craft. The small wonton she made should only be tasted by the Tang family.

Life can’t always be smooth and smooth;

Life needs you to love it.

A woman who loves life always exudes a beautiful, elegant and advanced temperament.

A woman who loves life can always find the beauty in the nuances of life, thus edifying people around her.

My son loved painting since he was a child, so Tang Ying bought various brushes to encourage him to paint and practice more, cultivate his perception of beauty and tolerate his personality development. Perhaps he inherited his mother’s aesthetic taste and artistic talent, and Li Mingjue became a master of American stage design. His Broadway work Waiting for Godot influenced a generation of Americans.

Life is a multiple-choice question, and there is no unique answer and standard. Tang Ying did not live herself as a woman with only one fulcrum. If there is, the final destination is still beauty.

In her later years, Tang Ying went back to China to visit relatives. Dressed in a lush cheongsam, she was like a lush girl. She was the most exquisite, beautiful, top and most advanced century celebrity all her life.

In 1986, Qiao Tang Ying died of illness in her apartment in new york.

She walked cleanly and quietly, waving her sleeves and shaking off the wonderful life.

All her life, she opened passionately and fell quietly, never competing for other people’s scenery or disturbing other people’s world.

Celebrity Tang Ying, beauty is beauty, but she has been beautiful all her life.

Being beautiful is luck, and living beautiful is confidence.

Writer Li Xiaoyi once said: "The right sensibility and rationality are valuable for women."

Nine times out of ten, life is unsatisfactory, endure it, enjoy it, and love yourself is the most splendid life.

Know how to break away from those gorgeous troubles and sorrows, and learn to care for and cherish yourself from every detail.

Years have a letter, you wait carefully, and the United States will definitely come to the appointment.

May all your efforts and efforts get what you want, and don’t forget to be beautiful when you are on your way in the fleeting time.

Original title: "Tang Ying, a real celebrity in the Republic of China: loving yourself is the beginning of a lifetime of beauty."

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　　() The Record Form of Investor Relations Activities was released on January 30, and the company was investigated by 84 institutions on January 29, 2024. The types of institutions are QFII, insurance companies, others, fund companies, overseas institutions, securities companies and Sunshine private equity institutions. The main contents of investor relations activities are introduced:　

　　I. Ms. Shen Jingwei, the director and secretary of the company, introduced the overall situation of the company in 2023. Dear investors, good evening, I am Shen Jingwei, secretary of Runze Technology. Thank the Changjiang team for organizing this meeting for us, and welcome everyone to attend the 2023 annual performance forecast exchange meeting tonight. In the last month, the market expectation was weak, and there were many market corrections, but we are still full of confidence in the market, and we also cheer everyone up. I hope everyone will have confidence. The company has been deeply involved in the field of digital economy for 15 years, and has always insisted on continuous and large-scale investment in the fields of intelligent computing power and computing power infrastructure. Although the competition in the data center industry was fierce in the past year, it was also the biggest opportunity in the data center industry in the past decade. In the industry, we think that 2023 is the "first year of liquid cooling" and also the "first year of intelligent calculation". In terms of technology, the power of single cabinet in the market has jumped, and new liquid cooling technology has been gradually applied. In terms of demand, there are large AI artificial intelligence model customers in the market, and the demand is growing very fast. Let me briefly talk to you about the latest performance of the company in 2023. Financially, the company achieved a net profit of 1.75-1.85 billion yuan in 2023, a year-on-year increase of 46.05%-54.39%; The net profit after deducting non-homecoming was 1.74-1.84 billion yuan, a year-on-year increase of 52.91%-61.70%. Since its establishment in 2009, the company has always adhered to the super-large-scale park-level model, and has been in the early stage of investment loss for the first ten years.In 2019, it began to make a profit, and in that year, it realized a net profit of 108 million yuan, which was not returned to the mother. Up to now, it has achieved rapid growth for four consecutive years, with a compound annual growth rate of 100.26%-103.08%. Business: 2023 is a very important milestone year for the company. Before 2022, all the company’s income came from Langfang Park. In 2023, foreign parks were put into operation one after another, and the company officially entered a new stage of contributing income from one park to three parks. In 2023, the company delivered five new data centers, three from Langfang, one from the Yangtze River Delta and one from Guangdong-Hong Kong-Macao Greater Bay Area, with a total delivery of about 3w cabinets. By the end of 2023, the company had delivered 13 data centers and nearly 8w cabinets, and the number of cabinets delivered increased by 65.22% compared with the end of 2022. In addition to the rapid growth in the number of deliveries, the cabinet power delivered by the company in combination with market demand in 2023 has also been greatly improved compared with previous years. In 2023, the company delivered the whole pure liquid-cooled intelligent computing center with a single cabinet power of 21.5KW and the high-density air-cooled data center with a single cabinet power of 10.5KW, and gradually upgraded the low-power cabinets in Langfang Park. In terms of shelving rate, the original data center still maintains a high shelving rate, and the shelving speed of the newly delivered data center is in line with expectations, with the shelving speed of liquid cooling and high-density air cooling reaching the best level in history. The stable operation of the original data center and the gradual delivery of the new data center provide a stable profit source and cash flow increment for the company’s performance development.Power supply: The company’s self-built 220KV substation was put into operation this month. The substation is very high in configuration, with a total capacity of 4 * 240,000 KVA transformers, and the maximum power supply is as high as 960MW. The power supply of the whole Langfang Park is directly increased by more than 2 times, which can at least meet the rapid development of Langfang Park in the next five years and provide the most powerful guarantee for the company to undertake the growing demand of digital economy industry in Beijing, Tianjin and Hebei. New business of AIDC Intelligent Computing Center: In 2023, the company delivered the first pure liquid-cooled intelligent computing center in the industry. With a deep customer trust foundation, the company established a strong first-Mover advantage and accumulated rich experience in the design, research and development, construction and operation and maintenance of liquid-cooled intelligent computing centers. Benefiting from the rapid growth of demand for intelligent computing driven by the application of liquid cooling solutions and the outbreak of AI artificial intelligence, the company is cooperating with its ecological partners in the industry, Qi Xin, to deploy large-scale computing modules. The large team has the full link delivery capability of computing modules and the technical level is leading in the industry. New layout: 2023 is the third year for the company to acquire resources, and it is located in Danzhou, Hainan, with an overall planning of about 30,000 cabinets.

　　Second, investors are more concerned about the issue

　　Q: The performance has exceeded the market expectation. What about the traditional IDC customers, customer structure and the proportion of head manufacturers?

　　A: There is no essential change in the customer structure of the traditional IDC business, but the main change is the increase in the power of the delivered single cabinet. At present, the market demand for high-power cabinets is relatively strong, and the demand for cabinets below 5KW is gradually shrinking. Therefore, the shelves of high-power air-cooled and ultra-high-power liquid-cooled cabinets delivered by our mainstream in 2023 are very fast.

　　Q: What is the current market competition pattern? What is the market demand and when will the inflection point appear?

　　A: First of all, let’s limit the scope: first-tier cities and surrounding areas. 2023 is the most competitive year for traditional IDC. On the supply side, the market is constantly clearing out, even if it has not reached the inflection point, it is approaching the inflection point. This can refer to whether the shelf rate of first-tier cities is improving. If the improvement indicates that the inflection point has appeared; On the price side: In 2023, there were many large-scale accidents in Internet companies, cloud vendors and even financial industries all over the country, which will force end customers to pay more attention to the quality of service and the price will improve. Therefore, we judge that the inflection point of first-tier cities, whether on the left or on the right, is very close to the current time. Secondly, let’s talk about the current market situation. There are three types of cabinets in the market: traditional IDC rooms, modern IDC rooms and future AIDC rooms. Traditional IDC computer room: mainly produced in 2016 -2019, this kind of cabinets seized the dividend of the rapid development of mobile Internet. At that time, the market was in short supply, and the cost was recovered very early and the profit was realized. The characteristics of this kind of computer room are: small scattered points and average overall quality. At present, the difficulties are: after the servers that were put on the shelves gradually expired in 2017 -2019, they were continuously put off the shelves. Due to the small scale, high PUE and difficult transformation of such computer rooms, the head Internet or cloud vendors will not return their rents after they are taken off the shelves. They are under great pressure to take off the shelves and also face great transformation pressure. Modern IDC computer room: mainly produced in 2021 -2023,Due to the shortage of traditional IDC computer rooms before 2019, and the encouragement of new infrastructure at that time, many new market entrants poured into the industry, and this part of computer rooms were put into the market one after another in 2021, resulting in short-term oversupply in the market. With the introduction of policies such as "double carbon" and "calculating from the east to the west", the supply balance was alleviated to some extent. Due to centralized supply, and the traditional computer room has recovered its cost, it is also constantly reducing its price. At present, this kind of computer room is facing a low shelf rate and is in a difficult stage of recovering its cost. The future AIDC computer room was mainly produced in 2023. Due to the rapid outbreak of AI demand, the market put forward higher requirements for computing power per unit area. Now the IDC computer room can’t meet the transformation needs of AIDC. At the same time, AIDC needs multi-parties to participate in the planning and design, which is technically difficult and the investment scale is relatively large. Because the existing IDC participants were injured in previous years, their overall participation enthusiasm is not high. On the contrary, there are more cross-border participants, but the future AIDC computer room needs more. Let’s talk about our situation again. Since its establishment, Runze Technology has been focusing on ultra-large-scale park-level data centers, and there is no pressure on the removal of traditional IDC rooms. At the same time, the company actively controlled the delivery pace. The early delivery rate of eight modern IDC rooms exceeded 90%, so it has the resources, technology and strength to develop AIDC rooms. Regarding the market demand, it is divided into two parts: 1. As for the general server, because the market traffic is still increasing,The total number of servers in the overall market is still increasing. Although the growth rate of server demand is declining due to various capital expenditure plans, some new large-scale bidding orders can still be seen in the open market. 2. In terms of high-performance servers, AI broke out in February 2023, when the market was in a wait-and-see state. In the second half of the year, the market began to really invest. At present, the overall investment of customers who insist on making large models is not small, and foreign large models are also developing rapidly. Although domestic chips are limited to some extent and the development speed is also very fast, we should have full confidence in domestic related manufacturers.

　　Q: What is the difference between traditional IDC services and AIDC services? Is AIDC technically difficult?

　　A: Traditional IDC mainly serves general-purpose servers, that is, traditional X86CPU servers. Traditional IDC mainly focuses on how many basic resources we have, how many cabinets we can build and how many servers we can carry from the perspective of our own resources. AIDC business mainly serves high-performance servers, that is, GPU servers. AIDC mainly focuses on how much computing power the customer requires per square meter to provide and how large a computing power cluster to build. Therefore, the whole building of AIDC is equivalent to a super server. AIDC manufacturers need to organize the design of the internal architecture of this super server, and at the same time, they need to pay attention to "short distance", "high density", "high speed", "network architecture" and "expanding resources". I’ll give you some concrete technical examples. A computing POD is 64 high-performance servers, which is a layer of network. The two-tier network is spine-leaf. According to the calculation of 8 high-performance servers with a single port of 400G, the two-tier network of high-performance switches can interconnect 256 high-performance servers, and the three-tier network is core-spine-leaf, which can interconnect 8192 high-performance servers at the maximum. At the same time, the power demand of a high-performance server is 10KW, which also puts very high demands on the cabinet side. Therefore, it is very difficult to achieve such a large cluster interconnection. At present, there are very few manufacturers in the market who have built a three-tier network architecture.However, our joint ecological partners belong to a few who can do it, whether it is IB networking or RoCE networking. In addition, with regard to the delivery of large clusters, it is the first step to have equipment, but also to be able to buy enough auxiliary materials (cables and modules) to understand the track optimization of IB network. At the same time, it has the debugging ability of IB network, the tuning ability of server side, the understanding of large model communication library, and even the need to write monitoring software. Many factors are superimposed to have the full link delivery ability of large clusters, and even large manufacturers generally have their own "disassembly, modification and distribution" workshops. Because the motherboard design ideas of different brands of servers are different, when the same cluster involves multiple brands and specifications, it needs to be configured in a unified way. At this time, a "disassembly and assembly" workshop is needed to carry out standardization operation to improve efficiency, and at the same time, it is necessary to understand the motherboard design topology of different models of server manufacturers in order to facilitate the optimization of large clusters. It is difficult for any single manufacturer to do these things. We have also combined with many eco-partners. Qi Xin worked together to build a computing module to understand these things. Our technology and resources in this area are in the leading position in the industry.

　　Q: What is the revenue and net profit of IDC business and AIDC business in 2023? Why did the actual profit in 2023 communicate better than that in the performance briefing of the third quarterly report, and what part of the contribution mainly came from?

　　A: In 2023, the company’s operating income was about 4.4 billion yuan, of which AIDC business was less than 1 billion yuan, including our liquid cooling business and intelligent computing related business. Due to more company deliveries this year, the gross profit margin and net profit margin of traditional IDC business have been affected. The overall gross profit margin of AIDC business is about 40%, but it has developed rapidly. The actual profit in 2023 was better than that in the performance briefing of the third quarterly report, mainly due to the rapid growth of demand for intelligent computing driven by the application of liquid cooling solutions and the outbreak of AI artificial intelligence, the smooth expansion of new AIDC-related businesses and the continuous expansion of corresponding revenue scale.

　　Q: What is the future delivery plan communicated with customers and the future capital expenditure?

　　A: Our business model is based on sales and production. At present, there are still 4-5 data centers under construction in China. If customers have a clear demand for new orders, the company can complete the delivery quickly and need some new capital expenditure. Since the second half of 2023, the company has felt that the demand for AIDC business is relatively strong, so Heping Lake in Langfang Area B is planned according to AIDC mode. The company’s Langfang A data center has grasped the wave of mobile Internet in 2016-2019 and achieved good development. Pinghu, Zhejiang plans to become an intelligent computing center, hoping to seize the opportunity of AI development. At present, this piece of progress is relatively smooth, and it has also achieved a certain market position and popularity. The local government has also given some basic resources support. At present, the company has also established a stable ecological partnership with end customers, network cards, switches, servers and other manufacturers, and jointly completed the design of AIDC computer room. Business development stems from design, and design promotes customer strategy, which has formed a benign positive cycle.

　　Q: The specific composition of the company’s business, the removal of traditional IDC friends, and the company’s leaseback.

　　A: In 2022, the company’s traditional IDC business income was 2.7 billion, and in 2023, the traditional IDC business income was about 3.5 billion, an increase of 30%. The increase mainly came from: two buildings were full this year, and two new traditional buildings were added, and the shelves were not bad. During the reporting period, the company took the initiative to speed up the upgrading of low-power cabinets. The power of cabinets delivered in the early stage was mainly 4.4KW. At the end of the service of the servers carried by the aforementioned low-power cabinets, the company quickly upgraded them. At present, some low-power cabinets have been upgraded and have begun to be rented back. AIDC business mainly includes liquid cooling and intelligent calculation business.

　　Q: What is the synergy between AIDC business and traditional customers? How many traditional customers have been introduced into AIDC business? How many AIDC customers are waist customers? How long is the signing span of AIDC business?

　　A: Big model customers need computing power, algorithms and data. At present, there are mainly two types of customers in the market, one is large Internet companies and cloud vendors, and the other is entrepreneurial AI model companies, which is what everyone calls waist customers. We think that 2023 is the "first year of smart calculation". After another 3-5 years, waist customers will run out of great companies. Regarding the types of customers, we have signed a strict confidentiality agreement with our customers, and even the company will give customers a code name, so it is not convenient to say too much.

　　Q: How to predict the company’s performance in 2024, and are you confident in the completion of its performance commitment in 2024?

　　A: The company is full of confidence in its performance in 2024 and more confident in its performance commitment in 2024. In 2024, the company will continue to take the differentiation strategy: first, in terms of traditional IDC business, the company will mainly supply high-power cabinets that are scarce in the market in the future. The five data centers delivered in 2023 will continue to steadily increase the shelf rate in 2024, and make steady contributions to the performance together with the original eight data centers. Second, in terms of AIDC business, many AIDC customers of the company are growing sturdily and the demand for AIDC is increasing. Therefore, the company will continue to cooperate with ecological partners to the greatest extent, create an ecological circle of computing power, provide the most effective computing power, and then obtain business orders from the reasoning side with a larger market scale. Third, in 2024, the company will still combine the market demand and gradually deliver multiple data centers in Beijing-Tianjin-Hebei, Yangtze River Delta, Chengdu-Chongqing, Guangdong, Hong Kong and Macao to meet more customer needs and steadily improve the company’s performance.

　　Q: Is Foshan IDC or AIDC?

　　A: The first building delivered by Foshan is still a traditional data center, and there are also customers communicating, which can be transformed according to customer needs. AIDC is also an important development direction in the future.

　　Q: What is the progress and shelf rate outside Langfang?

　　A: Pinghu was put on the shelves slowly in the first three months, but now it is put on the shelves quickly. Foshan just delivered it at the end of the year, and the early stage is in the running-in stage, which is also in line with the company’s expectations. At present, the time is short and there is no reference.

　　Q: What is the trend of AIDC gross profit margin?

　　A: There was no AIDC business in previous years.

　　Q: What is the proportion of high-power cabinets in 2024?

　　A: Langfang Area B and Pinghu Phase II are both planned by the Intelligent Computing Center. In addition to high-power liquid cooling, at present, the company’s air cooling can be up to 40KW, and the company will mainly deliver high-power cabinets in the future, and the lowest power delivered in the future can also be 7KW, and the low power will be mainly used as cache nodes.

　　Q: Will the structure of IDC and AIDC change further in 2024? Will it maintain a steady year-on-year growth in 2024?

　　A: The traditional IDC business will continue to grow steadily. AIDC is not easy to predict. On the one hand, supply will affect business development, and on the other hand, the outbreak time of AIDC application side is uncertain. If it breaks out, the growth will be very rapid.

　　Q: What is the company’s dividend expectation?

　　A: At present, the company’s dividends are relatively stable, and it is also actively giving back to institutional shareholders and small and medium investors. The specific plan needs to wait until the annual board of directors puts forward a plan;

　　Details of participating institutions are as follows:

In 2024, the word "trade-in" has received unprecedented attention.

At this year’s National People’s Congress, the government work report stated this year’s tasks: stabilize and expand traditional consumption, encourage and promote the trade-in of consumer goods, and boost the mass consumption of intelligent networked new energy vehicles and electronic products.

This is the third time recently that the Central Committee has mentioned trade-in at a heavy meeting.

The reporter interviewed relevant departments, enterprises and experts in Chongqing, all of whom were eagerly awaiting this round of trade-in, hoping that the national policy would be more powerful and targeted.

But this time it’s obviously different. First, the scope of this trade-in is wider. As can be seen from the contents of the central meeting, it covers household appliances, automobiles and industrial and agricultural equipment updates. Second, the supporting role of current consumption in economic development has become more prominent, which means that more funds and resources will be invested in this round of trade-in. According to the data of the Ministry of Commerce, the contribution rate of consumption to economic growth reached 82.5% in 2023, while the average annual contribution rate of final consumption expenditure to economic growth in China in the past 10 years was 50.4%. It is not difficult to see behind the digital changes that this round of trade-in of consumer goods will be expected to be higher. Third, related consumer goods have entered a window period of upgrading. Wang Wentao, Minister of Commerce, introduced at the economic theme press conference held at the Second Session of the 14th National People’s Congress that there are more than 16 million passenger cars in use in China, of which more than 7 million are over 15 years old. On average, about 270 million household appliances exceed the safe service life every year. Wang Wentao judged that the potential renewal demand of consumer goods has entered a concentrated release period. According to the estimation of Pacific Securities Research Report, according to the average selling price of new cars of 170,000 yuan, the replacement of old vehicles is expected to bring about 1.3 trillion yuan of consumption scale increase in 2024.

Lang Xuehong, Deputy Secretary-General of china automobile dealers association, said in an interview with the media that by the end of 2023, there were about 340 million cars in China, but only 20 million new energy vehicles, accounting for only about 6% of the total number of cars. The replacement cycle of traditional fuel vehicles is about 6 to 8 years, and that of new energy vehicles is about 3 to 5 years. "From the perspective of the whole society, 40% of the increase in new car consumption this year will come from trade-in." Combined with the consumption of about 25 million new cars in China last year, Lang Xuehong judged that the market size of trade-in was about 10 million.

And the scale of equipment renewal is even larger. At the economic theme press conference of the Second Session of the 14th National People’s Congress, Zheng Shanjie, director of the National Development and Reform Commission, said that recently, the National Development and Reform Commission, together with relevant departments, studied and formulated the Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods, focusing on the implementation of the "four major actions" of equipment renewal, trade-in of consumer goods, recycling and standard improvement. Taking equipment renewal as an example, the focus will be on seven fields: industry, agriculture, construction, transportation, education, cultural tourism and medical care. With the deepening of high-quality development, the demand for equipment renewal will continue to expand, and it is estimated that it will be a huge market with an annual scale of more than 5 trillion yuan.

Mo Xin, vice president of Suzhou Institute of Environmental Innovation in Tsinghua, once participated in the research and formulation of the "trade-in" policy for automobiles and household appliances in 2009. He said that the new round of large-scale equipment renewal and trade-in of consumer goods are greatly different from the past in terms of implementation areas and subsidy standards, and are expected to be broader and higher.

The reporter learned from the Municipal Commission of Commerce that the 2024 "Aishang Chongqing" green smart home appliances promotion campaign to enter towns, streets and communities was launched on the 8th. Various home appliance enterprises will take home appliances to the countryside, trade-in subsidies, full reduction and discount, etc., and carry out various forms of green smart home appliances trade-in to benefit the people. Enterprises participating in the activities will give consumers who meet the scope of trade-in subsidies a maximum subsidy of 10%, and consumers will write off subsidies or deduct the actual price according to the corresponding standards when paying and settling accounts.

For example, Chongbai Trading Co., Ltd. will organize its 41 stores to carry out the promotion activities of "315 billion yuan subsidy" to benefit the people. Suning carried out activities such as trade-in and high subsidy of 10%; JD.COM will carry out the 315 Home Appliances Life Festival, and trade in the old for the new to make up for the 1000 yuan and other promotional activities; Midea Electric has carried out activities such as trade-in of all its categories and subsidizing 1000 yuan.

The "Smart Home Dishwasher Festival" was also launched on the same day. Citizens can enjoy the subsidy of the Supreme 1000 yuan Association when buying dishwashers, and can recycle old household appliances for free, and enjoy the recycling subsidy of the Supreme 300 yuan.

On March 9th, Chongqing Custom Home Furnishing Association and Chongqing Household Electrical Appliances Service Federation will organize more than 100 brands of various types to hold "315" home industry promotion activities at the main venue of Guanyinqiao Business Circle, launch "home trade-in start-up activities, and launch welfare packages such as full subsidy coupons and discount for old goods evaluation". According to reports, the Municipal Commission of Commerce will provide special funds to support the "Aishang Chongqing" Green Home (Spring) Huimin Expo, which started on March 7, and support key enterprises to trade in old smart home appliances.

Liu Yi, vice chairman and president of Chongqing Akita Gear Co., Ltd., told the reporter, "We are also waiting for this policy to come out. It can be said that we have been waiting for a long time." Liu Yi said that Akita Gear spends more than 100 million yuan on equipment upgrading every year, mainly for technical transformation and expansion of production capacity, and both domestic and foreign equipment are being purchased. In 2023, Akita Gear spent 160 million yuan to update high-end motorcycle gear processing equipment and new energy vehicle gear processing equipment. Liu Yi believes that the demand for equipment renewal in Chongqing’s manufacturing industry is considerable, and the new round of policies will accelerate the overall upgrading of Chongqing’s manufacturing industry.

The reporter then interviewed Yang Qiang, the equipment supervisor of the assembly workshop of Changan Automobile Liangjiang Factory. He told reporters that with the explosion of sales of Changan Automobile, there are three kinds of equipment to be upgraded in this year’s workshop: one is adaptive cruise and panoramic image calibration equipment, the other is initialization and ECU comprehensive electrical inspection equipment, and the third is antifreeze filling machine, all of which are used for the manufacture of intelligent networked new energy vehicles.

Chen Jiawei, head of marketing planning of Chongbai Electric Strategy Department, told the reporter, "We are very much looking forward to the introduction of this trade-in policy. Now our sales platform and manufacturers are jointly doing trade-in. It is not enough to rely on our strength. The country and the government will pull it together and the strength will be even greater. " Chen Jiawei said that Chongbai Electric has paid more attention to the stock market and put it on the old-for-new, and is very much looking forward to this policy. "Not only us, but almost all electrical appliance sales platforms, Suning and JD.COM, have great expectations for this policy, hoping to set off a wave of trends. Judging from our exchanges with electrical appliance manufacturers, regardless of Haier, Midea, Gree and Changhong, they are vigorously promoting trade-in this year, which is their focus this year. " Chen Jiawei believes that now everyone has paid more attention to health. From the sales situation, green smart home appliances are now attracting more attention from consumers, such as fresh air conditioners, dishwashers and dryers in air conditioners, which bring great convenience to life.

Hu Yangji said that in 2023, Chongqing Zhongtian Electronic Waste Treatment Co., Ltd. and Chongqing Zhongjia Environmental Protection Engineering Co., Ltd., the two largest recycling enterprises of old household appliances in Chongqing, recycled 2.32 million sets of old electrical appliances. From this, he speculated that the current actual renewal in Chongqing is 4 million sets per year. If we calculate according to the life cycle of general household appliances of 8-10 years, this round of old-for-new trade-in may bring 10 million sets of replacement to Chongqing market every year.

Hu Yangji believes that last year, the municipal government invested 10 million yuan in financial subsidies, which were used up in a few days, thus boosting sales by more than 400% year-on-year. "This round of central policies has not yet come out, but we are looking forward to it. The activities organized at the government level have stronger credibility and better results than those organized by the merchants themselves. " Hu Yangji hopes that compared with last year’s subsidy of 200 million yuan in Jiangsu and 100 million yuan in Shanghai, from the perspective of Chongqing’s market size, it should at least catch up with Shanghai’s subsidy level and reach 100 million yuan.

Mo Yuanming, a researcher at the chongqing technology and business university Chengdu-Chongqing Shuangcheng Economic Circle Collaborative Development Center, believes that in recent years, both the Central Financial and Economic Committee meeting and the the State Council executive meeting have emphasized the trade-in of old products and accelerated the upgrading of products, resulting in the scale effect of upgrading. This government work report proposes to encourage and promote the trade-in of consumer goods and boost the mass consumption of intelligent networked new energy vehicles and electronic products, which is in line with the spirit of the above meeting. This series of policy measures shows that "trade-in" has become the key measure to promote the steady growth of consumption this year.

On the other hand, boosting consumption needs intelligent networking, new energy vehicles, electronic products and other large-scale consumption to drive. This means that mass consumption of intelligent networked new energy vehicles and electronic products is becoming an important thrust to stimulate consumption and expand domestic demand, and also an important engine to stimulate economic growth.

　　I can’t sleep. Do you have any medicine? "Some time ago, a news that" taking melatonin for a long time will lead to infertility "went on a hot search, which opened the public’s topic about insomnia. Recently, initiated by the Psychiatric Branch of the Chinese Medical Association and the People’s Daily Health Times, Lingbei Company supported the "Sunshine Mind, Workplace Peer — — The Green Ribbon Action for Caring for the Mental Health of the Workplace Population was held in Guangzhou. Gong Meien, chief physician of the Department of Psychology of the Second Affiliated Hospital of Guangzhou Medical University, and Zhang Lulu, chief physician of the Department of Psychiatry of the First People’s Hospital of Guangzhou, gave a popular science lecture on depression. Experts remind that people who suffer from insomnia for a long time are prone to depression, and melatonin health products derived from food actually have little effect on improving insomnia symptoms.

　　Insomnia is related to many factors.

　　Liang Kuan (pseudonym), born in 1990s, has been suffering from insomnia for several months. "I can’t sleep, but I wake up easily when I sleep, feeling very anxious, and my mood is easily agitated during the day, which makes me unable to work."

　　Zhang Lulu introduced that insomnia is very common in clinic, and the survey from International Sleep Day shows that 45.4% people in China have insomnia.

　　There are many reasons for insomnia, including external environmental factors, genetic factors, taking certain drugs, bad living habits and so on. Among them, insomnia accompanied by mental illness and physical illness, such as schizophrenia and depression, and physical diseases such as cardiovascular disease, digestive system disease, respiratory system disease and Parkinson’s disease, is also one of the causes of insomnia.

　　Zhang Lulu pointed out that people with chronic insomnia have three times the risk of depression as normal people. 34.6% of depressed patients are accompanied by insomnia. It can be said that depression and insomnia are mutually causal, forming a vicious circle.

　　According to statistics, the incidence of insomnia is 20%— 50%, women are higher than men. With the increase of age, the central nervous system will undergo degenerative changes, and the elderly will have symptoms such as sleep rhythm disorder and night sleep. There is evidence that insomnia can reduce the elderly’s evaluation of their own health and increase the risk of depression, which can cause cognitive decline and increase the risk of dementia. It will also affect immunity, and the immunity of patients with long-term insomnia will decrease, and their risks of colds and infections will increase; The risk of cardiovascular disease increases, and some studies suggest that insomnia will also affect the digestive system, which will cause indigestion and even increase the incidence of digestive tract ulcers.

　　Gong Meien reminded that emotional symptoms of depression are easily concerned, but physical symptoms and cognitive symptoms are often ignored. "The number of 400 numbers in the psychology department of our hospital is in short supply every day, and most of them are referred from gastroenterology and cardiovascular departments." Patients with depression sometimes show insomnia, loss of appetite or palpitation, palpitation and chest tightness, but patients can’t solve the problem by turning to various departments. In addition, depression can also lead to memory loss (always unable to remember), attention loss (always distracted at work), slow mental movement (slow response, unable to keep up with other people’s thinking), and impaired executive function (indecision, difficulty in making decisions, and serious procrastination). These cognitive symptoms may appear before other symptoms of depression. Cognitive impairment will seriously affect the social function of patients and may also bring more serious emotional symptoms.

　　Melatonin health care products tend to have "comfort effect"

　　The treatment of insomnia requires the right medicine. For example, insomnia caused by depression and anxiety disorder needs to be treated in psychiatric department in time for anti-depression and anti-anxiety treatment.

　　The drugs for insomnia mainly include traditional benzodiazepines, such as estazolam, alprazolam, lorazepam and clonazepam, and non-benzodiazepines, such as zolpidem, zobiclone and zaleplon. Severe insomnia can be improved by drugs.

　　Recently, some media reported that there are 200 million insomnia patients in China, and many insomnia patients turn to melatonin for help in falling asleep. According to the data of an e-commerce platform, from January to August this year, 62% of the total consumers bought imported sleep aid products after 1990s, and 85% consumed melatonin products after 1990s. Some doctors pointed out that taking melatonin products in large quantities for a long time will cause side effects such as hypothermia, infertility, and reducing male physiological desires.

　　In this regard, Zhang Lulu introduced that melatonin is a hormone secreted by the pineal gland, reaching its peak at two or three in the morning. The level of melatonin at night directly affects the quality of sleep. "Melatonin drugs can play a role because it can act on the central nervous system of the brain through the blood-brain barrier. However, melatonin health care products or foods sold online actually have few active ingredients, and the proportion that can pass through the blood-brain barrier is very low, which has little improvement for insomnia patients. But for people who only have insomnia symptoms, eating such melatonin products will have certain effects, mainly because there is still a small amount of melatonin acting on the brain, and the second is psychological suggestion. "

　　Experts say that the melatonin sustained-release drug used in clinic to treat insomnia is a prescription drug, which needs to be applied under the guidance of a doctor and will not have a devastating impact on the fertility of patients. "More objectively, some individuals may have reduced physiological needs and male sexual dysfunction after using such drugs, but they will not lose their fertility or have an impact on sperm. Most patients are also reversible after stopping taking the drugs."

　　■ Expert advice

　　Non-drug intervention therapy

　　Effective methods for insomnia

　　Zhang Lulu pointed out that non-drug intervention in the treatment of insomnia is also very important, including maintaining a comfortable bedroom environment, free from interference from light and sound, maintaining the best sleep temperature (16℃-20℃), and not being too cold or too hot; Exercise regularly, but try not to exercise 3 hours before going to bed; Eat regularly, don’t go to bed on an empty stomach, eat a small amount of snacks before going to bed, but avoid too greasy or indigestible food; Avoid drinking alcohol, strong tea, coffee, smoking, etc. When you can’t sleep, don’t force yourself. You can help yourself to sleep by imagining relaxation, breathing relaxation, muscle relaxation, or listening to sleep-helping music before going to bed. Insomnia patients can eat Ziziphus jujuba seeds, lilies, longan, lotus seeds, propolis, etc. every day, all of which have the effect of relieving depression and calming the nerves. (Nanfang Daily reporter Yan Huifang)

[trend of individual stocks]

23-27 October

Last week, the S&P 500 fell 2.53%, the Nasdaq Composite Index fell 2.62% and the Dow Jones Industrial Average fell 2.14%.

Alibaba’s US stocks rose 3.6% last week.Last week, the total turnover was 5.397 billion US dollars. As of last week’s close, the US stock price was 82.82 US dollars. The cumulative monthly decline of US share capital is 4.52%, the cumulative decline this year is 5.98%, and the cumulative increase in the past 52 weeks is 29.93%.

Last week, the Hang Seng Index rose by 1.32% and the Hang Seng Technology Index rose by 3.93%.

Alibaba -SW Hong Kong stocks rose 4.97% last week.Last week, the total turnover was HK$ 12.018 billion. As of last week’s close, the stock price of Hong Kong stocks was HK$ 82.40 and the market value was HK$ 1.68 trillion. Hong Kong stocks fell 3.74% this month, 4.46% this year and 33.44% in the past 52 weeks.

[Company comparison]

[Related News]

Alibaba Cloud Li Feifei: In the future, the acquisition of computing power will inevitably move towards serverless.

According to Interface News, Li Feifei, the head of Alibaba Cloud Database Products Division, ACM, CCF and IEEE, said in his speech that in the future, the industry’s acquisition of computing power will definitely move from traditional server to server-less. He said that in the AGI era, cloud computing will become a standard, and the acquisition and use of serverless computing power will be the standard computing power usage in the future, that is, users only care about computing power and computing power costs, and will no longer care about computing power hardware and deployment methods.

The e-sports category grew strongly, and Tmall double 11 opened the door to pre-sale video game equipment by 150% year-on-year

According to the Beijing News, at 8: 00 pm on October 24th, the pre-sale of Tmall double 11 2023 officially opened, and the brands of mobile phones, digital products and home appliances ushered in strong growth. Kitchen air conditioners, embedded refrigerators and other sub-categories of household appliances that improve the quality of life are selling well this year. In the first hour of pre-sale, the turnover of kitchen air conditioners increased by 1800% and that of embedded refrigerators increased by 450%. In addition to the traditional home appliance industry, several new trend categories of consumer electronics in Tmall double 11 also broke out strongly this year. For example, the peripheral products driven by e-sports that young people like have become popular at the moment, and the pre-sale of video game equipment for the first hour has increased by 150% year-on-year. As an emerging tens of billions track of Tmall, e-sports has become the official event of Hangzhou Asian Games for the first time this year.

On the first day of pre-sale of Tmall double 11, the turnover of gold categories increased by more than 250% year-on-year

According to Dongfang. com, at 8: 00 pm on October 24th, Tmall double 11 opened the pre-sale in 2023, and jewelry broke out. The gold market is heating up again, and the figures on the first day of pre-sale show that the turnover of gold categories has increased by more than 250% year-on-year. Gold brands, such as Chow Tai Fook, Zhou Shengsheng, (), Laomiao Gold, Kelaidi, have increased several times year-on-year. Pearl category is hot this year, and the turnover of pearl category on the first day of Tmall double 11 pre-sale increased by over 450% year-on-year.

Causes and compensation scheme of the failure of the language bird publishing service under ant group

According to Yuque Weibo, Yuque, an online document editing and collaboration tool under Ant Group, apologized for the major service failure that lasted for more than 7 hours the day before, and announced the cause of the failure and compensation scheme. Yuque said that on the afternoon of October 23, when the data storage operation and maintenance team serving Yuque was upgrading, the production environment storage server in East China was mistakenly offline due to a bug in the new operation and maintenance upgrade tool. Yuque will provide compensation to all users affected by the failure, give 6 months of membership service to individual users of Yuque, and make a separate compensation plan for users of Yuque Space. In terms of language birds, it is emphasized that all data of users have not been lost.

Tmall released the "double 11" pre-sale battle report: iPhone 15 was robbed of tens of billions of subsidies in Taobao.

According to Yinshi Finance, at 8: 00 pm on October 24th, in 2023, Tmall "double 11" opened for pre-sale, which ushered in strong growth at the beginning of brand transaction. Within an hour, there were more than 1,300 brands with turnover exceeding 200% year-on-year, and nearly 700 brands with turnover exceeding 500% year-on-year. (), L ‘Oré al, Haier, Philo, Lancome, Midea, Guerlain, Nike and other brands competed to break through 100 million yuan, and the new brands of primary domestic products were also among the "100 million yuan clubs". The low-priced iPhone 15 on the whole network was snapped up by consumers. Within one hour of the sale, the iPhone 15 with a price of 5,198 yuan was robbed 6 times in Taobao’s 10 billion subsidy and 8 times in iPhone 15 Pro Max, and many merchants relayed replenishment overnight. In addition, the demand for niche segments such as e-sports is on the rise. In the first hour, video game equipment increased by 150% year-on-year. Intelligent flying equipment such as drones increased by 300%, embedded refrigerators increased by 450% compared with last year, and kitchen air conditioners increased by 1800%; Nearly 160 brands such as Nintendo, vivo, DJI, Meizu, Laifen and Dell grew by over 100%.

In the first hour of the pre-sale of Tmall double 11, the growth of more than 1,300 brands tripled.

At 8: 00 pm on October 24th, the pre-sale of Tmall double 11 in 2023 started. Tmall Battle Report shows that within one hour, there were more than 1,300 brands with turnover exceeding 200% year-on-year, and nearly 700 brands with turnover exceeding 500% year-on-year. Domestic beauty products have become one of the most popular pre-sale categories of Tmall in double 11. The iPhone 15, the reserve price of 5,198 yuan, has also been snapped up by consumers, and many merchants have replenished it overnight. (Interface News)

The turnover of flying pigs in double 11 for 13 minutes broke 1 billion yuan.

According to The Paper, double 11, the flying pig, was officially launched in 2023. It was learned from the flying pig that after 13 minutes of sale, the turnover of products on the flying pig platform exceeded 1 billion yuan, significantly exceeding the first day of sale in 2022.

(): The company sells "metformin hydrochloride and glibenclamide tablets Capsule" on e-commerce platforms such as JD.COM, Taobao and Pinduoduo.

Shapu Aisi said on the investor interaction platform that the company sells "metformin hydrochloride and glibenclamide tablets Capsule" on e-commerce platforms such as JD.COM, Taobao and Pinduoduo.

Tmall double 11 opens 10 billion subsidies to support the dynamic price comparison of the whole network.

According to Securities Daily, on October 23rd, 2023, Tmall double 11 counted down for one day, and Taobao added "10 billion subsidies" to launch a special show in double 11. Mobile phone digital, big-name beauty cosmetics, warm shoes and clothing, seasonal fashion products and other industries exploded goods, seasonal new products subsidized to the annual new low-priced spot sale. All products that participate in Taobao’s tens of billions of subsidies support consumers to buy expensive goods on the whole network. At present, Taobao’s 10 billion subsidy has been launched, and consumers can view it through Taobao APP homepage or search for "10 billion subsidy". The reporter saw that the latest "hard currency" products of the whole network, such as iPhone 15 series, Dyson hair dryer, SK-II Fairy Water, Hailan Mystery Cream, Lancome Black Bottle, are all within the scope of this overweight subsidy, and Bosideng down jacket, NIKE sports shoes and other seasonal fashion products have also set up subsidy zones.

Taobao’s tens of billions of subsidies plus double 11: all the goods in the station are sold in stock, and the whole network is supported to buy expensive ones.

According to CBN, on October 23rd, 2023, Tmall double 11 counted down for one day, Taobao added "10 billion subsidies", launched a special show in double 11, and the explosive products in industries such as mobile phone digital, big-name beauty cosmetics, warm shoes and clothing, and seasonal new products were subsidized to the new low price of the year and sold in stock. All products that participate in Taobao’s tens of billions of subsidies support consumers’ price comparison across the whole network, and they will lose if they buy expensive ones. At present, Taobao’s tens of billions of subsidies have been launched, and consumers can view them through Taobao APP homepage or search for "tens of billions of subsidies". The reporter saw that the latest "hard currency" products of the whole network, such as iPhone 15 series, Dyson hair dryer, SK-II Fairy Water, Hailan Mystery Cream, Lancome Black Bottle, are all within the scope of this overweight subsidy, and Bosideng down jacket, NIKE sports shoes and other seasonal fashion products have also set up subsidy zones.

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