Memory chips arrive late in spring, but? AI ignites demand HBM "saves the field" Hynix, Samsung and other giants’ financial reports.

According to Cailian News, with the continuous injection of artificial intelligence by various capitals, the supply of high-bandwidth memory (HBM) is in short supply, and global technology giants including NVIDIA, AMD, Microsoft and Amazon are all bidding for the fifth-generation high-bandwidth memory HBM3E of SK Hynix. Recently, HBM’s "rescue" memory chip giant reported that the loss of DS department where Samsung’s electronic storage business is located narrowed in the second quarter, and SK Hynix’s sales in the second quarter exceeded analysts’ expectations. The company said that the expansion of the generative AI market has rapidly pushed up the demand for AI server memory, so the sales of high-end products such as HBM3 and DDR5 increased. Judging from the performance of the secondary market, A-share listed companies with the concept of HBM have also taken advantage of the wind. The stock prices of HBM epoxy plastic packaging supplier Huahai Chengke, HBM agent Shannon Xinchuang and HBM substrate supplier Zhongfu Circuit have increased by 157%, 158% and 136% respectively since May.

Micron Technology has previously stated that the capacity requirements for DRAM and NAND of AI servers are 8 times and 3 times that of conventional servers, respectively. Memory chips can be divided into volatile memory chips and nonvolatile memory chips according to whether data is lost after power failure. DRAM is the most common volatile memory chip, and NAND flash memory chip and NOR flash memory chip are the most common nonvolatile memory chips. According to WSTS statistics, in the memory chip market in 2021, DRAM accounts for 61%, NAND Flash accounts for 36%, and other memory chips account for only 3%.

Oriental fortune securities’s February research report pointed out that DRAM’s market head enterprises are Samsung, SK Hynix, Micron, etc., and Chinese mainland’s representative enterprises include Changxin Storage and Fujian Jinhua. The market head enterprises of NAND Flash are Samsung, Chivalrous, Western Digital, etc., and the representative enterprises of Chinese mainland are mainly Changjiang Storage; NOR Flash’s market head enterprises are Winbond, Wanghong, Zhaoyi Innovation, etc., and Chinese mainland’s representative enterprises are mainly Zhaoyi Innovation.

▌ SK Hynix, Samsung and Micron, the three leading global memory chips, pointed out that the price, supply and demand and space end blew the horn of industry recovery.

HBM is a DRAM product with the fastest data processing speed. It is a DRAM memory chip based on 3D stacking technology. After stacking multiple DDR chips, it is packaged with GPU, which can achieve higher bandwidth, higher bit width, lower power consumption and smaller size. The latest financial report shows that the performance of SK Hynix, Samsung and Micron, the three leading memory chip DRAM, began to rebound. Samsung Electronics 23Q2′ s revenue declined due to the decline in smartphone shipments, but its storage business improved compared with the previous quarter. The official said that it was mainly due to the company’s focus on HBM and DDR5 products; SK Hynix’s sales in the quarter ended June 30 were 7.31 trillion won (about 5.7 billion US dollars), down 47% year-on-year, but exceeding analysts’ expectations of 6.05 trillion won. Although HBM’s revenue in SK Hynix currently accounts for less than 1%, this proportion is expected to rise to 10% this year; Meguiar’s 23Q2 performance rebounded after three consecutive quarters of decline. In addition, the monthly performance of the original factory in Taiwan, China also improved continuously month on month.

The research report released by Pan Chang, TF Securities on July 17th pointed out that recently, the favorable turning point of memory chips has been frequently reported, and the horn of recovery seems to be in our ears. From the perspective of historical cycle, the cycle of the storage industry is about 3-4 years. This cycle starts from 2020Q1, and the price peaks in stages in 2022Q1. At present, the price has been reduced for six consecutive quarters, and it is in the bottoming stage of the cycle.

In terms of price, since Q2 this year, a number of suppliers have issued bottoming signals. First, Samsung and Micron issued a notice to dealers, no longer taking orders from DRAM and NANDFlash at low prices, and refused to accept quotations lower than those in April. In May, it was reported that Samsung Electronics and SK Hynix were considering raising their quotations after the original flash memory of Changjiang Storage officially started to increase its price by 3-5%. In late June, only Samsung was willing to conduct cSSD (Consumer Solid-State Disk) transactions in advance, and the dealers hoped that the suppliers would make concessions, but they were all rejected.

Pan Wei pointed out that on the demand side of supply, Micron announced in June that it expected to reduce production to 2024. Earlier, in 2022Q4, the original factories drastically cut their capital expenditures. If the normal production cycle is 3-4 months, the effect of supply contraction and production reduction will be accelerated in Q2 and Q3. South Asia Branch said that the company had urgent orders in some application fields. Recently, Winbond’s demand for three major applications, such as consumer electronics, television and Internet of Things, has warmed up, and industrial control-related orders have continued to be hot, and customers have rushed in, and there are also a lot of them.

In addition, on the space side, in the short term, the scale of memory chips will increase quarter by quarter, and in the long term, the storage demand under the catalysis of AI is expected to increase several times. On the geopolitical side, overseas manufacturers gradually withdrew from the niche market, and Meguiar’s incident accelerated local substitution.

▌ The memory chip will be reversed or "late" at the bottom. In the two quarters, the organization expects DRAM or NAND Flash to recover the cross-border layout of many A-share listed companies faster.

It is worth noting that at present, the memory chip industry seems to be confirming that it is about to bottom out, but the share price of 76 billion A-share leader Zhaoyi Innovation is "still calm". In fact, the impending reversal has even been "late". Recently, Yole Intelligence, a market research organization, updated a monitoring data report of the memory chip market. In Yole’s original forecast, the global memory chip market will start to recover in the second quarter of 2023, but its latest report points out that there is no need to hold too much hope for the memory chip market in the third quarter of 2023, and it is optimistic that the market will start to pick up in the fourth quarter of this year.

However, Yole is not the only one who predicts that the storage market will recover in the coming fourth quarter. According to Taiwan Province Economic Daily and Science and Technology News, citing the latest report issued by the American market research organization, Micron, Western Digital and other memory chip suppliers think that the product prices have fallen to the bottom, and began to cancel the mode of bulk trading at discounted prices in advance, and even began to raise prices. The survey agency predicts that the decline rate of memory chip prices will narrow from Q3, and the contract prices of some products are likely to rise from Q4. The situation of different product lines is different, and it is expected to fully recover next year.

Judging from the market news, the recovery of DRAM may be faster than that of NAND Flash. TrendForce Jibang Consulting recently estimated that the average price of NAND Flash in the third quarter continued to drop by about 3%-8%, and it is expected to stop falling and rebound in the fourth quarter, and the average price decline of DRAM in the third quarter will converge to 0-5%. The article "The Cold Wind of Memory Chips, Will Stop" published by the semiconductor industry on July 25th pointed out that DRAM bottomed out in the third quarter and NAND waited for another season. Earlier, some people in the industrial chain said that Samsung, SK Hynix and Micron all hoped to raise the contract price of DRAM orders in the third quarter, with a target increase of 7%-8%. However, because the terminal market has not seen obvious signs of recovery, there are obvious signs of seesaw in the upstream and downstream. In terms of NAND, recently, the market also heard that the original upstream NAND factory plans to raise the price from July.

In addition, according to the information of the Internet Office in May, Micron, which occupies a lot of land in China storage market, failed to pass the network security review. Ping An Securities Research Report pointed out that in 2022, Micron’s operating income in Chinese mainland was $3.311 billion. Analysts pointed out that if Micron’s business in China is limited, the niche storage market will naturally benefit first. In the niche storage field with relatively low technical barriers, Zhaoyi Innovation is the fastest growing and strongest company. In addition, Beijing Junzheng, the leader in vehicle storage, and Dongxin, the leader in domestic SLC NAND field, are expected to benefit. In the downstream storage module industry, Jumbo Long and Baiwei Storage also have strong competitiveness in the global market, among which Jumbo Long’s eMMC and UFS products have a global market share of 6.5%, ranking sixth in the world and first in China; The global market share of eMMC and UFS stored by Baiwei is 2.4%, ranking eighth in the world and second in China. The main suppliers of these two companies include Micron.

Analysts pointed out that although the inventory pressure downstream of memory chips is still there, the bottom is just around the corner through the dynamics of major manufacturers and industry analysis data. In order to catch up with the next wave of boom cycle after the turning point of the industry, Wanrun Technology, Liyuan Information, Shannon Core and Guoxin Technology and many other manufacturers have cross-border layouts. However, analysts also pointed out that even if the existing domestic storage companies, such as Zhaoyi Innovation, Beijing Junzheng, Eastcore and Puyan, are counted, most of the domestic storage products are at the SSD module and NOR Flash level, and it is difficult to touch the high-end DRAM and other markets vigorously promoted by international manufacturers, which makes it difficult for domestic storage manufacturers to enjoy the dividend in the incremental market and need to follow the trend in the supply and demand of the storage market.

Original title: Memory chips arrive late in spring? AI ignites demand for HBM to "rescue" the financial reports of giants such as Hynix and Samsung. Can A shares fully blow the "counterattack assembly number"

Editor: Lareina C

Editor: Wu Zhonglan

Audit: Feng Fei

Look quickly! Regarding the health pass code, Shandong issued the latest notice!

The reporter learned from the leading group (headquarters) of novel coronavirus, Shandong Province that a few days ago, the office of the leading group (headquarters) of COVID-19, a provincial party committee, issued the Notice on Further Improving the Promotion and Application of Electronic Health Passwords. The Notice pointed out that from the current distribution of health codes, the promotion and application of health codes in various cities and industries still need to be further strengthened.

The Notice pointed out that the Shandong Electronic Health Passcode (hereinafter referred to as "Health Code") is a electronic certificate for individuals to travel during the epidemic prevention and control period, an important measure to support the epidemic prevention and control by using information technology, and an invisible electronic defense line deployed in urban and rural communities and public places. At present, the health code system of our province has achieved real-time comparison with the information of the national integrated government service platform and the provincial epidemic prevention database, and it can automatically issue red codes or yellow codes to the confirmed patients, suspected cases, asymptomatic infected persons, close contacts, people with fever and other symptoms, people entering Shandong from abroad, people from medium and high-risk areas and other people who need to be managed. By checking the health code, we can limit the contact between people at risk and society, reduce the risk of epidemic spread and promote the orderly flow of people.

The Notice makes it clear that,

Further do a good job in the promotion and application of health codes

The requirements are as follows:

First, strengthen publicity and promotion to enhance people’s awareness. Departments in charge of various cities and industries should attach great importance to it, pay attention to giving play to the leading role of the government, guide the news media to take active actions, interpret the Interim Provisions on the Application of Health Access Codes in Shandong Province (hereinafter referred to as the Interim Provisions) in various ways, publicize the functions, application ways and usage methods of health codes in a high frequency and wide coverage, and strive to make health codes known to everyone.

Second, speed up industrial application and strengthen manual inspection. Municipalities and industry departments should strictly implement the "Interim Provisions" and other documents, further standardize the application and management of health codes, and continuously increase the popularization and application of health codes. Especially for communities, restaurants, shopping malls, hospitals, schools, hotels, vehicles, tourist attractions, administrative service halls and other key places, the competent departments of various industries should specially formulate and issue notices on the popularization and application of health codes in the industry, take health code inspection and body temperature monitoring as important means of prevention and control, strictly carry out manual inspection of health codes, guide the masses to take the initiative to apply for and produce health codes, and improve the application rate and inspection rate of health codes as soon as possible.

Third, strengthen supervision and compact work responsibilities. Municipalities and industry departments should strengthen supervision and implementation, clarify the division of responsibilities, comprehensively monitor and timely dispatch the application of health codes in this city and this industry. The Office of the Leading Group (Headquarters) of the Provincial Party Committee will check the promotion and application of health codes in various cities and units through unannounced visits, collecting the number of codes issued, checking video images, etc., combined with the complaints and reports of the 12345 hotline, and will notify the places and units that have failed to implement health codes and have been reported many times.

How to apply for health pass code in Shandong province

Let’s watch together!

01

What is the health pass code of Shandong Province?

"Shandong Health Pass Code" (hereinafter referred to as "Health Pass Code") is a electronic certificate for individuals to travel during the epidemic prevention and control period, an important measure to realize effective management of epidemic prevention and control by using information technology, and an invisible electronic defense line deployed in urban and rural communities and public places. According to the different situations of personnel, the health pass code system has set up several modules, such as "application for pass code", "declaration for coming to Shandong" and "agency for family members", which can not only realize the accurate investigation and strict control of "four types of personnel", but also strengthen the scientific management of those returning to work and school during the epidemic prevention and control period, and facilitate the travel of personnel during the epidemic prevention and control period. The Office of the Leading Group (Headquarters) of COVID-19 Provincial Committee of the Communist Party of China issued the Interim Provisions on the Application of Health Pass Codes in Shandong Province, which played a positive role in promoting the orderly flow of personnel and accelerating the recovery of production and living order. The health pass code is loaded with three colors of red, yellow and green, which indicate the health risks of the epidemic respectively, corresponding to high risk, medium risk and low risk respectively.

02

Why should I handle and use the health pass code?

Our province’s health pass code was determined and built by the leading group (headquarters) of COVID-19, the provincial party committee, under the unified requirements of the State Council’s joint prevention and control mechanism. It has been connected to the national integrated government service platform, and mutually recognized with the health pass codes of all provinces (autonomous regions and municipalities) and the "national epidemic prevention information code" in technology. By calling the national integrated government service platform and the province’s epidemic prevention database, the health status of people from overseas and other provinces, as well as residents of this province, is recognized and managed. After big data comparison, at present, there are still some people in our province who have close contacts with COVID-19, who have not entered Shandong for a long period of isolation, and who have issued red and yellow codes from medium and high-risk areas. They also need to be quarantined for medical observation according to the requirements of epidemic prevention and control. Therefore, it is still necessary to check the necessary health pass codes in key places such as communities, restaurants, shopping malls, hospitals, hotels, vehicles, cultural tourism, office buildings, etc., so as to restrict the passage of people with red and yellow codes or without health pass codes. Only through the strict implementation of the health pass code inspection system can we limit the contact between people at risk and society and reduce the risk of epidemic spread.

.

03

How to apply for and use the health pass code?

Travelers apply for it in three ways. First, use WeChat to pay attention to the "Healthy Shandong Service Number" WeChat WeChat official account-"Epidemic Prevention Zone"; The second is to download the "Love Shandong" app-the home page "Hot Applications"; The third is to use Alipay homepage to search for "Shandong Health Pass Card".

(Click to view larger image)

(1) Residents in Shandong Province can directly click on the column of "Health Pass Card" and select "Pass Code Application". According to the prompts, they only need to fill in seven basic information, including name, certificate type, certificate number, mobile phone number, nationality (region), residence address and contact history within 14 days, and then they can get the health pass code after making a commitment.

(two) people from other provinces to Shandong (back to Shandong), after arriving in our province, must be transcoded into the health pass code of Shandong Province through the "declaration of coming to Shandong" module, and all those who hold the green code will pass. All localities are not allowed to set additional conditions for traffic, and do not take centralized or home isolation measures. The personnel leaving the province shall be implemented according to local policies.

(Click to view larger image)

(3) After the expiration of the quarantine period for those who have entered (returned to) Shandong from abroad, those who have passed the inspection shall apply for the health pass code through the "declaration for coming to Shandong" module, and the code will be automatically assigned after big data comparison.

04

What are the categories of health pass codes?

What are the red, yellow and green health pass codes? What does it mean? What measures need to be taken?

(1) Code Red (high risk)

(Style, privacy treated)

The red health pass code mainly includes the following people: people from key areas of epidemic prevention and control and high-risk areas; Confirmed patients; Suspected patient; Asymptomatic infected persons who are undergoing centralized isolation medical observation; Close contacts who are conducting centralized or isolated medical observation at home; Other personnel who need to be included in the management of high-risk personnel.

Persons shown in code red should immediately report to local epidemic prevention and control institutions or community health service centers and disease prevention and control centers for centralized isolation medical observation.

(2) Yellow code (medium risk)

(Style, privacy treated)

The yellow health pass code mainly includes the following people: those who have a fever clinic record within 14 days; Persons with fever, dry cough, shortness of breath and respiratory symptoms; Abnormal personnel in the province’s epidemic database within 14 days; The patients who were cured and discharged after 14 days of home observation were diagnosed; Contact with asymptomatic infected persons who have been under medical isolation for less than 14 days; Persons from overseas who have not completed the isolation period; People from risk areas in the epidemic; Other personnel who need to be included in the management of medium-risk personnel.

Persons shown in yellow code need to strictly observe the medical isolation at home. In case of any discomfort such as fever (body temperature greater than or equal to 37.3℃), fatigue, cough, diarrhea, conjunctivitis, etc., they should wear masks to see a doctor in a nearby medical institution at the first time, or contact the local epidemic prevention and control group or community health service center and disease prevention and control center immediately.

When people in middle-risk areas move across regions, they need to stay at home for 14 days after arriving at their destination.

(3) Green code (low risk)

(Style, privacy treated)

Except for the red and yellow people, other people’s health pass codes are all green, which can pass normally with bright codes.

In case of any discomfort such as fever (body temperature greater than or equal to 37.3℃), fatigue, cough, diarrhea, conjunctivitis, etc., put on a mask and go to a nearby medical institution for treatment as soon as possible. If you find that your green code turns yellow or red, please deal with it according to the above two colors.

05

Old people and children don’t have mobile phones. What should I do?

For the elderly, children, primary and secondary school students, etc., it is inconvenient to use the health pass code. You can bind the family health pass code in the "Agency for Family" module of the health pass code, and show or print the paper health pass code on your behalf. It is valid for 14 days and has the same effect as the electronic health pass code. After the expiration of 14 days, you can reprint it.

06

Do you still need to scan the code for verification in the province?

Temperature detection and green code access are important means of prevention and control in communities, units and key places. In communities, restaurants, shopping malls, hospitals, hotels, transportation, cultural tourism, office buildings and other key places, residents and all kinds of service personnel who hold the green code of the health pass in the province will pass by bright code, and the place code scanning and manual code scanning verification will no longer be carried out, but manual inspection of the health pass code is still required. For those who travel with green codes, no organization or person may hinder entry on the grounds of epidemic prevention and control, and may not collect other personal health information. If the staff find the yellow code or the red code, they should immediately report to the local epidemic prevention and control department.

070

What if there is something wrong with my health pass code?

The health password system is updated in real time according to the changes of epidemic situation and policy requirements. If you encounter problems such as slow opening and the color of the password is not displayed, please wait patiently and use it normally after the update is completed. If you can’t register normally, have questions about health information or have other problems, you can click "…" in the upper right corner to select the "feedback and complaint" module for feedback, and the staff will handle it in time. You can also call the technical contact number below the system for consultation, but due to the large number of consultations, it may be impossible to connect.

081

What should I do if I encounter problems such as not allowing traffic when I travel?

When traveling, you can call the local 12345 hotline to make a complaint if you encounter problems such as staff not checking the health pass code, scanning the QR code, recording personal health information, and the green code is not allowed to pass. Places and units that have been reported many times will be held accountable.

093

What is the use of electronic health password?

The "electronic health pass code" is based on the national resident electronic health card, which is a special symbol used by the electronic health card for the personal health status of residents during the epidemic protection period. What is an electronic health card? Electronic health card is a universal medical and health service card in China. It is a unified standard medical service card for urban and rural residents handled by health departments according to resident identity cards and other legal documents. It is uniformly generated, authenticated and managed by the national electronic health card system service platform and is universal in China.

Therefore, the electronic health pass code is actually an electronic health card with color to distinguish personal health status. During the epidemic period, it can be used not only for travel management and health status, but also for "non-contact" treatment by directly brushing the QR code of the electronic health pass card in hospitals where electronic health card reading equipment has been deployed. You can also click on the medical service in "Health Shandong Service Number" and select the "Show it when swiping the card" function to use.

Important tips

Your health information is very important for epidemic prevention and control. Please fill in the true information when you apply, and you will bear legal responsibility if you conceal or make false reports. Your electronic health password has been valid since the date of handling during the epidemic period, and the dynamic comparison management of epidemic big data is carried out through the provincial epidemic database every day.

Original title: "Look quickly! Regarding the health pass code, Shandong issued the latest notice! 》

Hard-core New Choice Try SAIC MAXUS D90 Pro Diesel Edition

  [car home Original Test Drive] On April 10th, SAIC MAXUS D90 Pro (abbreviated as D90 Pro in the text) was officially launched, and there were seven new models with the price range of 179,800-279,800 yuan. In fact, this car was unveiled at the Guangzhou Auto Show last year and accepted the reservation. After more than four months, it finally came. We also conducted a field test drive for this car at the first time. Compared with our AH-100 professional test site, the off-road test site is not difficult. Surely such a simple "test" can’t help this "tough guy" who is good at off-road?

Home of the car

  The test drive of the SAIC MAXUS D90 Pro is equipped with a 2.0T diesel engine and matched with the 8AT automatic manual transmission. As a modified model of SAIC MAXUS D90, this car has also been given a brand-new naming method. The appearance of the word Pro makes us look forward to the improvement of its strength.

● Test drive models

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  Although it is said that there are seven models on the market, in fact, there is no fixed configuration version of the D90 Pro. The "recommended models" and prices are only for reference. Users can determine the configuration they want through the wise selection of SAIC MAXUS Spider, and specifically customize their favorite models.

● The appearance is masculine.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  The body size of the D90 Pro is relatively large, which also determines that it is "born" with a strong gas field. The hexagonal mesh shape looks a bit exaggerated, but at present, "big mouth" is also a popular design style. For most users who choose the D90 Pro, they definitely bought a car to go out in the wild, so it is more important to choose a set of off-road kits. The off-road kits provided by SAIC MAXUS for the D90 Pro include original 18-inch off-road tires, wading throats, bottom off-road fenders, off-road wheel eyebrows and sand barriers, etc. The D90 Pro equipped with these kits is like an athlete in a competition suit, and its heroic spirit is compelling. It’s a little pity that we didn’t assemble all the off-road kits for this test drive.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

Body size comparison car make and model D90 Pro
Haval H9 Roewe RX8 changan cs95 Length (mm) 5005 4856 4923 4949 Width (mm) 1932 1926 1930 1930 Height (mm) 1875 1900 1840 1790 Wheelbase (mm) 2950 2800 2850 2810

  Compared with the competitors of the same level, the body size of the D90 Pro does not fall in the wind, and the wheelbase length is obviously superior to that of the competitors of the same level. As a car with off-road capability as its selling point, the passability is a very important indicator. The minimum ground clearance of D90 Pro is 210mm, and the maximum wading depth is 800 mm. The low point of the chassis uses a waterproof one-way valve, and the approach angle is 28, and the departure angle is 25, so it will not easily rub when facing complex road conditions.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

● Interior materials are graded.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  The design style of the interior is quite fashionable. When you only look at the interior, it is hard to imagine that this is a medium-sized off-road vehicle. The silver decorative strips in the details, the large-area suede material coverage and the 12.3-inch central control screen all show you: "Although I am big, I can be exquisite."

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  The 12.3-inch central control screen is not so big in the current trend of big screen popularity. It feels just right on this car, and the clarity of the screen and the fluency of the system response are good. SAIC Ali Zebra Zhixing system can be said to be an "old friend" of everyone. Now this system has been upgraded to version 3.0, with more and more functions, including voice control, music, navigation, remote control of vehicles and other functions. The original car is also equipped with a high-tech navigation map.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  The seat configuration of this test drive model is quite high. With the help of Spider Smart Choice, the rich seat functions are no longer exclusive to the top model. Users can customize their favorite configurations according to actual needs, and the diversified seat layout forms also give consumers more choices.

● Summary

  In fact, there is not much to describe about the static part. The exterior design and interior design are two separate things, and it is most important for users who really want to buy a car to look pleasing to the eye. The spider intelligent selection function launched by SAIC MAXUS has raised the user’s independent choice to a new height. This intelligent customization service provides nearly 100 choices including powertrain, seat form, appearance kit, interior material and configuration equipment, and can directly place orders with the factory, and can also track the manufacturing status of the vehicles it has ordered in real time. With this feature, you will avoid a lot of time entangled in the configuration table.

● Power system

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  The 2.0T diesel engine mounted on the D90 Pro is named SAIC π (meeting the national VI b emission standard). This engine adopts two-stage supercharger, which can exert the maximum value of turbocharging under different load intensities, and has obvious effect on improving the low-speed torque of the engine. In addition, the friction work of the piston at medium and low speed is reduced by staggering the crankshaft centerline and the cylinder bore centerline, which is beneficial to improving fuel economy and reducing noise.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  The so-called all-terrain intelligent timely four-wheel drive system is actually several torque output forms calibrated by manufacturers according to different road conditions and the conclusion of road test. If you are a "super hard core" cross-country player, you can also choose to install the part-time 4wd system. In terms of gearbox setting, this gearbox will not shift up automatically in manual mode, so as to ensure stronger torque output in low-speed gear and cope with more complicated off-road conditions.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

● Simple off-road experience

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  The D90 Pro has smooth power and sensitive throttle adjustment. Although the size of the whole vehicle is not small, it doesn’t feel heavy when driving, and there will be no hesitation even when completing cross-country projects. During the test drive, for safety reasons, parking on the slope is not allowed at the site, so there is no difficulty in completing the climbing project (about 40 slope).

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  The overall texture of the chassis is relatively compact, the support effect of the suspension is good, it is somewhat tenacious, and the handling of bumps on the road surface is relatively simple. When walking on the continuous undulating road surface, the rear suspension has no obvious redundant ricochet, and there will be no feeling like sailing. The steering system in the form of electronic power is exchanged for a lighter steering feel, and driving in daily urban traffic environment will not feel tired.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  During the cross-axle project, according to the coach’s arrangement, the rear differential lock was locked. Faced with such a challenge, I passed easily. In the subsequent experience, I didn’t lock the rear differential lock, but the vehicle could pass smoothly.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  The suspension stroke of the D90 Pro is relatively long, and the ground clearance is enough, so it is more calm when facing the shell pit, and the phenomenon of bottoming will not easily occur. The wheel-to-wheel slip restriction effect is excellent, the response is rapid, and it is easier to pass.

More exciting videos are all on the car home video platform.

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

SAIC Chase SAIC MAXUS D90 Pro 2020 2.0T Four-wheel Drive Diesel Edition

  Two "opponents" were also found at the scene, and I experienced Haval H9. The overall feeling of Haval H9 is more "tight". From the chassis texture to the steering feel to the feeling of the accelerator pedal, H9 is more "hard", but the low-torque dynamic performance is better than D90 Pro. Like an athlete on the basketball court, H9 is like a center, heavy and slow, but as long as the action is in place, it must be an effective action; The D90 Pro is more like a power forward, with more agile performance and richer actions and means of "scoring". The setting of each project in the off-road test drive venue is relatively simple, and both cars can pass easily, so it is impossible to tell the absolute advantages and disadvantages in this competition.

● Summary

  SAIC MAXUS D90 Pro is a car with high attention, which can be seen from the fiery degree of car home Forum. Through the spider intelligent selection function, users can have a high degree of "autonomy", which is undoubtedly a good thing. A short field test drive can’t have a deep driving experience for this car, but as far as the test items in the field are concerned, no one can stand the D90 Pro hard, which can also prove that the off-road ability of the D90 Pro is really good. Next week, we will welcome the D90 Pro test car. At that time, we will pull it to a professional off-road field in car home for the AH-100 off-road test, and then we will see how its "real strength" is. (Text/map/photo by car home Fu Bo)

● Extended reading

Home of the car

Experts’ Interpretation of the Technical Guide for Derivation of Marine Biological Water Quality Standards (Trial)

  In order to protect the marine environment and promote the work of marine environmental standards, the Ministry of Ecology and Environment issued the Technical Guide for Derivation of Marine Biological Water Quality Standards (Trial) (HJ1260—2022) on July 18, 2022 (hereinafter referred to as the Guide). This is the first standard to guide and standardize the derivation of marine environmental standards in China, and relevant experts have answered relevant questions.
  Q: What is the significance of the publication of the Guide for China’s marine environmental protection?
  Researcher Yao Ziwei of National Marine Environmental Monitoring Center: Marine environmental benchmark is an important part of modern ecological environment governance system, and it is the basis and scientific basis for formulating China’s marine ecological environment quality standards, which can provide important support for China’s marine ecological environment risk assessment and emergency response.
  The current Standard for Seawater Quality (GB3097—1997) has played an important role in the prevention and control of marine pollution in China, but when the standard was first formulated, it was based on one or more foreign seawater quality standards (marine life, senses, health, etc.). As for marine biological water quality standards, there are great differences between different countries and even the same country in different periods due to the differences in derivation methods and concerned species. When conditions permit, countries should carry out relevant benchmark research according to their own marine ecological environment characteristics.
  The publication of the Guide is of great significance for strengthening the research of marine environmental standards in China, accelerating the transformation and application of research results, and improving the level of marine ecological environmental protection.
  Q: Since the 1980s, some developed countries and international organizations have successively issued water quality standards for marine organisms. In contrast, what are the unique features of the Guide in terms of methods and technical requirements?
  Researcher Wang Ying, National Marine Environmental Monitoring Center: Since 1980s, the environmental management departments of the United States, the European Union, the Netherlands, Australia/New Zealand and Canada and other countries and international organizations have successively issued technical guidelines for deriving water quality standards for protecting aquatic organisms (freshwater organisms and marine organisms) and water quality standards for protecting marine organisms according to their environmental management needs and water pollution status. In the process of compiling the Guide, domestic and foreign scientific research achievements were fully absorbed and used for reference.
  Methodologically, it is stipulated that the species sensitivity distribution method is used to derive the water quality standards of marine organisms, which is the mainstream method to derive the water quality standards of freshwater and marine organisms in the world at present, and it is also the method stipulated in the Technical Guide for Deriving Water Quality Standards of Freshwater Organisms (HJ831—2022).
  In terms of technical requirements, the characteristics and working basis of China’s marine ecosystem are fully considered: first, the toxicity data of marine species in China are required to be used to derive the water quality standards of marine organisms; Secondly, according to the species distribution of marine ecosystems in China, the minimum toxicity data requirements of "5 families and 8 species" based on the characteristics of marine biota in China are put forward; Thirdly, the calculation method of acute value/chronic value of the same effect is proposed, which solves the problem that different types of toxic effects have different weights and achieves the purpose of better protecting marine species in China. At present, only the European Union has put forward this technical requirement internationally.
  Q: How to consider the minimum toxicity data requirements of "8 species in 5 families" based on the characteristics of marine biota in China?
  Yan Zhenguang, researcher of china environmental science Research Institute: According to statistics, there are more than 3,000 species of microalgae and macroalgae in China, accounting for 11% of the total marine species in China; Arthropoda, Chordata, Annelida, Mollusca, Echinoderm and Rotifera are the main animal groups in China’s sea areas, with more than 17,000 species, accounting for 59% of the total marine species in China. The number of marine species in the above key groups of marine life in China accounts for more than 70% of the total marine species in China.
  In order to make the derivation of marine biological water quality benchmark reflect the characteristics of marine ecosystem in China, it is a basic principle to determine the minimum toxicity data requirements for the derivation of the benchmark. The tested species in seawater should cover the key groups of marine organisms in China, which is embodied in the following aspects: 1 family of microalgae or macroalgae, 2 families of crustaceans in Arthropoda and 1 family of bony fishes in Chordata; Other phylum, such as annelids, molluscs, echinoderms, rotifers, etc., or an unused family among crustaceans and teleost fishes.
  The minimum toxicity data requirements of 8 species are mainly considered from the following two aspects: from the point of view of mathematical statistics, the more species, the better the model effect; From the point of view of the robustness of species sensitivity distribution model and the reliability of reference value, if the toxicity data covers key biological groups, then the uncertainty of reference value based on more than 8 species is within the acceptable range. There are eight criteria for evaluating the number of species as "good" in the minimum toxicity data requirements of the Australian/New Zealand Technical Guidelines for Derivation of Water Quality Standards.
  At the same time, from the perspective of protecting marine biodiversity and marine ecology, it is clear that alien invasive species should not be used as a benchmark to deduce the tested species, such as marine microalgae that produce microcystins and Spartina alterniflora that compete with native species for nutrition.
  Q: We have noticed that there are great differences in the exposure time of different kinds of marine life in the Guide. How do you consider it?
  Professor Tan Qiaoguo of Xiamen University: Based on the standard testing methods of marine ecotoxicology at home and abroad, in order to protect marine species in China more pertinently, on the basis of analyzing the life history and reproductive characteristics of different types of marine species, the Guide puts forward the differential exposure time for 7 categories and 43 families of marine organisms such as algae, rotifers, annelids, molluscs, arthropods, echinoderms and chordates. According to the acute toxicity test, the generation cycle of Brachionus plicatilis is only about 2 days, and it is recommended that its exposure time should not be longer than 48 hours. For most arthropods and fish, the generation cycle is long, and the exposure time is recommended to be no more than 96 hours. According to the chronic toxicity test, the generation cycle of cladocera such as Daphnia mongolica is 5-7 days, and the exposure time is recommended to be no less than 5 days. However, the generation cycle of fish such as medaka can reach 3-4 months, and it is recommended that its exposure time should be no less than 21 days.
  Q: As the vice chairman of the National Expert Committee on Environmental Standards, I would like you to talk about what work needs to be promoted in the field of marine environmental standards in China during the 14 th Five-Year Plan period.
  Researcher Wang Juying, National Marine Environmental Monitoring Center: Marine environmental standards mainly include marine biological water quality standards and sediment quality standards for protecting marine ecosystems, nutrient standards for preventing water eutrophication, and people’s health standards for consuming seafood and marine recreational water.
  China’s marine environmental benchmark research began in 1980s, and made some progress. For example, related research provided direct technical support for the formulation of Marine Sediment Quality (GB18668—2002); The national "863" special project "Research on Key Technologies for Determining the Threshold of Marine Environmental Effects of Typical Organic Pollutants from Land-based Sewage Discharges into the Sea" and the marine public welfare scientific research special project "Research and Formulation of Offshore Seawater Quality Standards/Standards" won the first prize and the second prize of the Marine Engineering Science and Technology Award respectively.
  China’s sea area spans temperate zone, subtropical zone and tropical zone, and the marine ecosystem is diverse. From the perspective of protecting China’s marine ecosystem, during the Tenth Five-Year Plan period, based on protecting the integrity of China’s marine ecosystem, we should speed up the research and construction of China’s seawater quality benchmark system, develop the target pollutant marine biological water quality benchmark that has an important impact on China’s marine ecological environment quality, carry out the ecological risk threshold research of new pollutants such as endocrine disruptors, and develop the nutrient water quality benchmark of key sea areas such as Bohai Sea and South China Sea based on classification and zoning.
  Experts in the field of marine environmental benchmark research in China are distributed in different institutions. In order to ensure the smooth progress of the marine environmental benchmark work in the 14th Five-Year Plan, we should give full play to the role of the National Environmental Benchmark Expert Committee as a think tank platform, and the superior research teams in the United Nations should work together to organize joint research. Through cooperation in a wider space and at a higher level, we will contribute wisdom and strength to the marine environmental benchmark work in China, better serve the marine ecological environmental protection in China, and meet the urgent need to speed up the modernization of the ecological civilization governance system and governance capacity.
 

Continue to promote the construction of Xingfu River and Lake, and let the people share ecological welfare.

  Continue to promote the construction of Xingfu River and Lake, and let the people share ecological welfare.

  Reporter Hu Hailin reported that a few days ago, Zhang Guoqing, secretary of the provincial party committee, director of the Standing Committee of the Provincial People’s Congress, and chief river officer of the province, Li Lecheng, deputy secretary of the provincial party committee, governor and chief river officer of the province, and the chief river officers of various cities signed the "Task Book for Making Rivers and Lakes Long" (hereinafter referred to as the "Task Book"), demanding that the responsibilities be compacted and implemented, effectively promoting the chiefs of rivers and lakes at all levels to perform their duties, and promoting the construction of happy rivers and lakes in the province.

  The "Task Book" defines the objectives and tasks of water resources protection, requires that the total water consumption and water efficiency control targets of each city meet the annual assessment standards, and decomposes and implements the relevant control targets during the "14 th Five-Year Plan" period to each county (city, district); Strict management and supervision of water functional areas to ensure that the water quality compliance rate of important water functional areas in China is above the annual control target.

  In strengthening the management and protection of water shoreline, it is necessary to carry out the investigation and rectification of outstanding problems that hinder river flood discharge, and promote the normalization and standardization of the work of "cleaning up the four chaos"; Strengthen the management of river sand mining and implement the responsibility system of river sand mining management; Strengthen the comprehensive utilization management of river dredging sand, carry out special rectification of illegal sand mining in rivers, and promote the establishment of a long-term mechanism for sand mining management in rivers; Review and improve the demarcation results of river and lake management scope, and strengthen the control of shoreline zoning; Strengthen reservoir reinforcement and operational management and protection, and form a long-term mechanism for operational management and protection; Promote the construction of annual flood control and upgrading projects.

  Around the prevention and control of water pollution, it is necessary to strengthen the supervision of sewage outlets into the river and promote the "one-bite, one-policy" rectification and standardization pilot of sewage outlets into the river; Carry out sewage treatment in industrial parks, promote urban sewage treatment to improve quality and efficiency, prevent and control livestock and poultry breeding pollution, and control aquaculture pollution; Implement the system of receiving, transshipment and disposal of pollutants from ships (except fishing ships) in river waters. Around the water environment management, it is required that the proportion of excellent river water quality (reaching or better than Class III) in the assessment section of rivers and lakes and surface water reaches the annual assessment target, and the water quality of groundwater points does not deteriorate and remains stable as a whole; Consolidate and improve the level of drinking water safety and the achievements of black and odorous water treatment in the built-up areas of prefecture-level cities; Strengthen the comprehensive improvement of rural water environment, and complete the preparatory work for the short-board project of rural domestic waste disposal facilities in accordance with the planning requirements by county.

  In the aspect of strengthening water ecological restoration, it is required to promote ecological enclosure of river beaches, consolidate the achievements of ecological enclosure of returning farmland (forest) to rivers in key rivers, implement enclosure subsidy funds, and crack down on rehabilitation, indiscriminate reclamation, indiscriminate planting and grazing; Carry out health assessment of key rivers (lakes) within the jurisdiction, promote the construction of health records of rivers and lakes, and continuously promote the construction and high-quality development of water conservancy scenic spots; With the goal of improving the soil and water conservation rate, we will scientifically promote the comprehensive, systematic and precise management of soil and water loss, and complete the annual management objectives and tasks.

  In strengthening law enforcement supervision, it is required to further promote the cooperation mechanism of "river chief+sheriff" and "river chief+procurator-general" and strengthen the connection between public interest litigation and execution; Severely crack down on illegal sand mining, illegal fishing of aquatic products and water pollution in rivers and lakes, and continue to carry out in-depth crackdown on black and evil crimes in natural resources such as "sand tyrants" and "mine tyrants"; Continue to improve and apply the management information system of long rivers and lakes; Strictly implement the assessment system for rivers and lakes, establish a "four-in-one" assessment mechanism for the government, departments, rivers and rivers, and conduct accountability and rewards according to regulations.

  Our province requires that river chiefs at all levels should give full play to the role of "leading geese", compact their work responsibilities, benchmark key tasks and work requirements, strictly supervise and assess, comprehensively improve the management and protection level of rivers and lakes in our province, and strive to create a water ecological environment with "smooth rivers, clear waters, green shores and beautiful scenery", and continue to promote the construction of happy rivers and lakes so that people along the river can share ecological benefits.

Chinese Medicine Law of People’s Republic of China (PRC)

    Chairman People’s Republic of China (PRC), Supreme Leader
December 25, 2016 

                                                                                                                                                                                                                             


Beijing released social prevention and control measures for respiratory infectious diseases such as mycoplasma pneumonia in autumn and winter.

CCTV News:According to the client news of Beijing Youth Daily, in order to actively prevent and control respiratory infectious diseases in autumn and winter, Beijing has issued social prevention and control measures for respiratory infectious diseases such as mycoplasma pneumonia in autumn and winter, giving specific prevention and control suggestions from schools, students, parents, pension institutions and medical institutions.

First, school prevention and control measures

1. The school strictly implements the system of morning and afternoon inspection, registration and reporting of absence due to illness. When students are found to have fever, cough and other symptoms, they should wear masks for students and contact their parents in time, ask for medical treatment in time, rest at home after diagnosis, and actively treat them to avoid participating in group activities and entering public places. Teachers and students infected with influenza, COVID-19 and mycoplasma pneumoniae are not allowed to go to work and go to school with illness.

2. Maintain air circulation in classrooms, dormitories, canteens and other public places, strengthen daily window ventilation, and maintain indoor air circulation.

3. Do a good job in environmental sanitation, carry out daily disinfection, set up adequate hand washing facilities and sanitary products such as hand sanitizer or soap, and actively guide students to increase the frequency of hand washing after recess activities.

4. Classes with suspected or clinically diagnosed respiratory infectious diseases should strengthen measures such as symptom monitoring, case management, disinfection and ventilation.

5. Schools with concentrated fever epidemics advocate that students in the class where the case is located wear masks during the epidemic.

6. The school should do a good job in health education for teachers, students and parents on the prevention and control of infectious diseases in autumn and winter. Considering that influenza, COVID-19 and other respiratory infectious diseases may appear after entering winter, the content of health education should focus on the common prevention of multiple diseases.

7. The school reduced the organization of collective activities this winter.

Second, students’ countermeasures

1. Students should report to teachers and parents immediately when they feel unwell, so as to avoid attending classes with illness.

2. Maintain good personal hygiene habits, cover your nose and mouth when coughing or sneezing, pay attention to hand hygiene, and try to avoid touching your mouth, eyes and nose with unclean hands.

3. Balanced diet, regular work and rest, moderate exercise, and enhance physical fitness and immunity. Add clothes in time for outdoor activities to avoid increasing the chance of infection due to catching cold.

4. In the high-incidence season, activities in crowded places should be minimized to avoid contact with patients with respiratory infections, and masks should be worn when entering crowded places.

5. Reduce going out when you have respiratory symptoms, and wear a mask when you go out.

Third, parents’ response measures

1. Pay attention to the child’s mental state and health status. If the child is unwell such as fever and cough, he should seek medical treatment in time, rest at home and not go to school with illness.

2. Keep the living room clean and well ventilated, 2-3 times a day for at least 30 minutes each time, and keep the indoor air circulating.

3. Parents help their children to have a balanced diet, drink plenty of water, work and rest regularly, exercise moderately, and help and drive their children to develop good hygiene and living habits.

4. After the child has respiratory symptoms, pay attention to the changes of the condition. If the child has persistent fever, severe cough and repeated illness, he should seek medical advice in time. When family members take care of patients and accompany them to see a doctor, they should also wear masks and protect themselves. After the child is diagnosed, he should be treated according to the doctor’s advice, rest at home and avoid repeated visits.

Fourth, the prevention and control measures of hospital institutions

1. Medical institutions should pay attention to the prevention and control of nosocomial infection while increasing the ability of diagnosis and treatment services, so as to avoid nosocomial infection of respiratory infectious diseases caused by patients gathering in autumn and winter.

2. By optimizing and strictly implementing the treatment process, cross-infection among general outpatient, emergency patient and fever outpatient can be eliminated.

3. Strengthen the ventilation of public areas such as outpatient and emergency departments and wards, and equip them with disinfection and protective articles.

4. Arrange medical personnel with professional ability and experience to strictly implement the pre-inspection and triage system.

5. Carry out time-sharing appointments, control the density of medical personnel in public areas such as outpatient clinics, and guide medical personnel and accompanying personnel to wear masks.

6. For patients with stable condition, adopt graded diagnosis and treatment measures or actively guide them to complete follow-up treatment in community hospitals to ease the pressure of medical institutions. Doctors should do a good job in health science, inform parents of the clinical characteristics, treatment points and protection requirements of respiratory infectious diseases in autumn and winter, avoid anxiety of parents and children, and increase the pressure of medical institutions.

V. Prevention and control measures for old-age care institutions

1. Strengthen environmental sanitation management and renovation, and comprehensively and thoroughly clean key areas such as living quarters, activity areas, canteens and toilets. The rooms, canteens and other places where people are concentrated should be disinfected irregularly, and the windows should be opened frequently to keep the air circulation in the places, so as to ensure that the indoor "microclimate" meets the hygiene requirements and prevent the occurrence of respiratory infectious diseases.

2. Give special lectures on infectious disease prevention and control knowledge to the elderly and staff, and consider that influenza, COVID-19 and other respiratory infectious diseases may appear after winter, and the content of health education should pay attention to multi-disease prevention. Enhance the awareness of health and disease prevention of the elderly and staff, and develop good personal hygiene habits.

3. Strictly implement the registration management system of suspected cases or clinically diagnosed cases. When the elderly are found to have symptoms such as fever and cough, they should seek medical treatment in time to avoid participating in group activities and entering public places.

4. Promote a good lifestyle, provide the elderly with an adequate and balanced nutritious diet, a quiet sleeping environment and suitable entertainment and exercise facilities to help them improve their resistance.

5. Protect vulnerable groups. Carry out targeted preventive measures in the hospital to improve immunity. Actively organize the elderly to be vaccinated with COVID-19, influenza, pneumococcus and other vaccines to prevent related respiratory infectious diseases.

6. Advocate to vaccinate the staff against COVID-19, influenza, pneumococcus and other vaccines, so as to further reduce the risk of respiratory infectious diseases among the elderly in the old-age care institutions.

Analysis on the Development Trend of Furniture Industry in China: The estimated growth rate in the next few years is 15%.

Rhapsody of explosion of home building materials

Original title: Analysis of the development trend of furniture industry in China: the estimated growth rate in the next few years is 15%.

At present, the furniture industry in China has entered a relatively stable growth period, and the growth rate is expected to remain at around 15% in the next few years. The industry is shifting from export to domestic sales; Low-end demand is still huge, but high-end and personalized demand has begun to rise; Some sub-industries tend to be concentrated. We believe that companies with sinking channels and high brand awareness will have advantages in the future. In addition, the growth rate of custom furniture companies will be faster.

  The growth rate of furniture industry is becoming more and more stable, and furniture enterprises are transforming the domestic market.

  The extensive export-oriented growth has left, and furniture manufacturers have increased the domestic market.

  In 2003, the national real estate investment exceeded 1 trillion yuan for the first time, so the furniture industry ushered in the best era. However, the high-speed growth of China’s furniture industry came to an end after the global financial crisis in 2008. Affected by factors such as reduced export demand, rising raw material prices, appreciation of RMB, and decline in export tax rebate rate, furniture enterprises were hit, and the furniture industry entered a more gentle and stable growth period. In 2009, the export delivery value of furniture manufacturing industry decreased by 6.98% year-on-year, which had a great impact on the industry. Many furniture enterprises began to implement the dual-track system of export and domestic sales, and gradually increased the domestic market.

  Compared with the growth rate of more than 25% in almost every year from 2003 to 2007, the growth rate of output in the last three years is more stable, with CAGR of 17.8%. According to Zhu Changling, chairman of the Furniture Association, in 2012, the total output value of China’s furniture industry reached 1.13 trillion, making it the largest country in furniture production and consumption in the world. According to the revised data of the National Bureau of Statistics, from 2011 to 2013, the total sales of furniture manufacturing companies above designated size in China were 496.68 billion, 565.42 billion and 646.28 billion respectively, with year-on-year growth rates of 25.71%, 13.84% and 14.30% respectively. The CAGR for three years was 17.8%, and the total profit was 299.

  The low growth rate of exports and the high growth rate of domestic sales offset each other, and the scale of the industry entered a period of gentle growth. In 2013, real estate sales picked up, and the growth rate of sales area in that year reached 17.3%, much higher than in previous years. Even so, the growth rate of furniture sales has not been significantly improved, mainly because of exports. In 2013, the growth rate of exports was only 6.94%, which lowered the total growth rate, while the growth rate of domestic sales was 16.77%. In the first half of 2014, the sales growth rate of furniture industry was 12.87% and the profit growth rate was 17.32%. According to the growth rate of 12.87%, the furniture sales volume in 2014 is estimated to be 729.5 billion, which is slightly lower than that in 2013. We believe that China’s furniture manufacturing industry has entered a stage of steady growth, and the growth rate will be maintained at around 15%, and there will be no large fluctuations in the total amount in the short term.

  From the perspective of the proportion of import and export, China’s furniture industry is less and less dependent on exports, and the proportion of domestic sales is increasing. Since 2008, the export volume of China’s furniture manufacturing industry has declined every year. In 2013, the proportion reached a low of 23.49%, which was more than 13 percentage points lower than the proportion of 37% in 2008. In the first half of 2014, China’s furniture export delivery value was 78.35 billion yuan, accounting for 23.87%. According to previous years’ experience, the proportion of export delivery value in the first half of 2014 was generally higher than that in the second half. Therefore, we predict that the proportion of exports in 2014 will be around 22.37%, which is 1.12 percentage points lower than that of 23.49% in 2013.

  Wooden furniture takes the lead, accounting for over 60%.

  According to the Classification and Code of National Economic Industries issued by the National Bureau of Statistics, China’s furniture manufacturing industry can be divided into five categories according to varieties, namely, wooden furniture manufacturing, bamboo and rattan furniture manufacturing, metal furniture manufacturing, plastic furniture manufacturing and other furniture manufacturing. Furniture owners in China mainly rely on wooden furniture, accounting for more than 60%.

  The marketing model is mainly based on distribution and joining, supplemented by direct sales.

  China’s furniture manufacturing enterprises export mainly in ODM/OEM mode. The domestic sales model is mainly based on distribution and joining, and the proportion of direct stores is small. Even some large enterprises are far behind foreign countries in the construction of direct stores. Among the four China furniture companies we counted, Yazhen, a high-end furniture manufacturer, has the highest proportion of direct stores, accounting for 17.5%, which is still lower than the three American companies.

  The increase in income promotes the transformation of demand to a high level, and high-end furniture manufacturers welcome the opportunity.

  Income, real estate and export are the main reasons for demand, and urbanization promotes the steady growth of the industry.

  Based on the data from the third quarter of 2011 to the first quarter of 2014, through regression analysis, we found that the sales area of commercial housing, urbanization rate, per capita disposable income of urban population and export volume all have significant positive effects on furniture sales, and the per capita income of rural residents has almost no impact on furniture sales. Among them, the growth of urban residents’ total disposable income has the greatest impact on furniture income in the past three years, which has led to a total increase of 19.6%, the growth of furniture exports has led to a total increase of 17%, and the growth of real estate sales area has led to a total increase of 10%.

  Urbanization and per capita income are improving, which is the biggest driving force for future demand growth.

  Since 2011, China’s urbanization rate has increased by more than 1% every year, reaching 53.73% in 2013. According to the goal of "National New Urbanization Plan (2014-2020)" issued by the State Council in early 2014, China’s population urbanization rate will reach 60% in 2020. In addition, the Plan also calls for the promotion of basic public services such as compulsory education, employment services and affordable housing, so as to solve the problems that it is difficult for agricultural migrants to integrate into urban society and the quality of urbanization is low. If these requirements are implemented, the quality of urbanization will be improved, and the consumption power of new urban population will be improved, which is conducive to furniture consumption demand.

  The per capita disposable income of urban residents in China is increasing at a rate of about 10% per year. In 2013, the per capita disposable income of urban residents in China reached 26,955 yuan. From the historical experience of the furniture industry in developed countries, furniture consumption will rise sharply and last for a long time after the per capita income reaches 3,000 US dollars, while the per capita disposable income of urban residents in China exceeded 3,000 US dollars in 2011, so we think that this period will be a time when urban residents pay more attention to furniture consumption, and in this respect, the furniture demand in the domestic market will be improved.

  Real estate is mixed, and second-and third-tier cities are better than first-tier cities.

  In 2013, China’s real estate sales area reached 1,305.51 million square meters, an increase of 17.3% compared with 2012, much higher than the previous two years. Correspondingly, the growth rate of furniture sales in 2013 also increased to 14.3%. In the first half of 2014, although the sales area of real estate fell again, the sales area of 40 major cities decreased by 6% compared with the same period in 2013, but if the effect of large base in 2013 was removed, the sales area in the first half of 2014 still increased by 21% compared with the same period in 2012. Among them, the sales area of first-tier cities performed poorly, increasing by 8% compared with the same period in 2012, while the second-and third-tier cities performed well, increasing by 18% and 28% respectively compared with the same period in 2012. At present, the purchase restriction policies in second-and third-tier cities have begun to relax, while those in first-tier cities have not. We believe that the relative prosperity of real estate in second-and third-tier cities will make the demand for furniture in second-and third-tier cities grow faster, and the sales of furniture enterprises whose target markets are second-and third-tier cities will also grow faster.

  The slowdown in export growth does not hinder the overall demand growth.

  In the past three years, the annual growth rate of China’s furniture exports is very small, CAGR is 7.27%, and the proportion of exports to total sales is decreasing year by year, 26.82%, 25.11% and 23.49% respectively. The main exporting country of China’s furniture is the United States. At the same time, the current furniture imports of the United States mainly come from China, and the amount of furniture imported from China accounts for 56.4% of its total furniture imports and 21% of its total furniture consumption. In the long run, the export competitiveness of China furniture enterprises has weakened due to the increase of wages, electricity charges and other raw material prices in China, the reduction of export tax rebates and anti-dumping duties. From 2009 to 2011, the furniture import situation in the United States was not optimistic. Among its furniture suppliers, the furniture supply increased fastest in Vietnam, with an average increase of 15.3%, followed by Mexico and Taiwan, China, and Chinese mainland ranked fourth, with an increase of 9.9%. It can be seen that the share of China furniture in the US import market is slowly decreasing.

  Although the export growth rate is slow, the strong domestic demand supports the steady growth of total demand. According to the quarterly data, we get the formula of the relationship between the annual sales of furniture and real estate, urban income and export volume. We estimate that the sales area of commercial housing in 2014 will be 1,240.23 million square meters, the total disposable income of urban residents will be 22,718.8 billion yuan, and the export volume will be 160.3 billion yuan. Therefore, the furniture sales in 2014 will be 724.73 billion yuan, an increase of 12.14% compared with 2013, which is consistent with the year-on-year growth rate of sales in the first half of the year.

  The demand of domestic furniture industry is polarized, which will be "dumbbell-shaped"

  With the growth rate of disposable income of urban households and exports relatively stable, the scale of furniture industry is closely related to real estate. We predict the population distribution in 2030 according to the mortality rate and birth rate, and point out that the number of people aged 20-44 (the main buyers) has reached its peak, and the proportion will drop from 33% in 2010 to 24%, and the proportion of people aged 25-35 (the main buyers of the first suite) will also drop from 15% to 9.

  From this point of view, it is difficult for the total demand of the whole furniture industry to increase continuously in the next fifteen years. Enterprises need to seize the changes in demand types and levels, find new ways to improve profits, and pay attention to potential sub-sectors is king.

  Domestic furniture demand will change from "pyramid" to "dumbbell"

  Due to the low per capita consumption level of furniture and the long-term dependence of furniture manufacturing enterprises on exporting a single variety of furniture, the overall grade of China’s furniture industry is low, showing a pyramid shape. About 80% of furniture enterprises are small and medium-sized enterprises, producing and selling low-grade furniture. However, this phenomenon is changing. On the one hand, with the increase in the number of high-yield people in cities, the demand for furniture in star-rated hotels and the upgrading of consumption concepts, the demand for high-grade furniture and personalized furniture has gradually increased. On the other hand, the development of urbanization leads some low-yield rural population to enter cities, which brings a new round of low-end demand to the furniture industry.

  The increase of star-rated hotels and the mass affluent class brings opportunities for the high-end furniture industry.

  Star-rated hotels continue to grow, and the demand for replacement furniture is about to peak. Star hotels are a major source of consumption demand for high-end furniture. The number of five-star hotels in China increased from 302 in 2006 to 739 in 2013, and the CAGR was 12.85%. The number of four-star hotels increased from 1,369 in 2006 to 2,361 in 2013, with a CAGR of 9.46%. We divide the demand of star hotels for furniture into:

  1) New furniture demand. Since 2006, five-star hotels and four-star hotels in China have added 19,300 sets of rooms annually, and 27,800 sets of rooms annually. We estimate that each set of furniture in five-star hotels costs 100,000 yuan and each set of furniture in four-star hotels costs 60,000 yuan, so the average annual demand for new furniture in these hotels is 3.6 billion yuan.

  In July, 2014, Premier Li Keqiang presided over the the State Council executive meeting, determined the policies and measures to promote the reform and development of tourism, and proposed to strengthen the driving force of tourism development, increase investment in infrastructure, and vigorously develop the elderly, folk customs and health tourism. Therefore, we expect that the construction of star-rated hotels will continue.

  2) Replace the furniture demand. Generally, four-star and five-star hotels are required to change furniture once every five years. According to this frequency, we predict that China is about to usher in a wave of demand for furniture replacement. In 2013, the demand for furniture replacement in star hotels in China will be about 5.2 billion, and in 2017, we expect that the demand for furniture replacement in star hotels in China will be nearly 13 billion.

  The increase in the number of wealthy people in China provides a foundation for the development of high-end furniture. The number of affluent people in China was 11.97 million in 2013, and it is expected to reach 14.01 million in 2014, up 17.04% year-on-year, with a rapid growth rate. Among them, most people are in the age of the main group of buyers, accounting for 53.6% of the people under 40, and over 80% under 50. In addition, their children are younger, accounting for 34.2%, 32.5% and 24.4% under 10 years old, 10-20 years old and 20-30 years old respectively. This age structure that the number of people decreases with age makes the demand for wedding furniture increase year by year.

  The change of consumption concept and finely decorated houses jointly promote the scale growth of customized furniture industry.

  Custom-made furniture is tailor-made, personalized design, and large-scale and standardized production of furniture. Although custom-made furniture has entered the domestic market for more than ten years, it still belongs to a new industry, accounting for about 10% of the total furniture market share, with great development potential. Custom-made furniture well meets the difference between the use space of furniture and the individual needs of users. With the younger age structure of furniture consumers, individual needs have become the first appeal of decoration, which also brings opportunities to custom-made furniture manufacturers.

  According to the White Paper on the Development and Consumption of Customized Household Industry in China in 2013 issued by the Solid Wood Customization Committee of the Furniture and Decoration Industry Chamber of the All-China Federation of Industry and Commerce, at present, among about 100 million urban households in China, the ownership rate of the whole kitchen, cloakroom and private wine cellar is only 6.8%, far below the average level of 35% in developed countries in Europe and America. In addition, about 29% of urban households said that they would buy and install the whole home in the next three to five years. In the next five years, the total demand or intentional purchase of customized homes in China will be about 29 million sets, with an average of 5.8 million sets per year.

  Hardcover brings opportunities for overall custom furniture. The proportion of hardcover houses in China is relatively low, and the average proportion of fine decoration in China is less than 10%. In 2011, the proportion of hardcover houses in Beijing and Shanghai was around 21%, and that in Guangzhou was 32.9%, far below 80% in developed countries, which has broad room for improvement. From 1966 to 1975, Japan experienced the golden period of residential fine decoration and industrialization, which was driven by three main factors: 1) the post-war generation had higher requirements for urban housing conditions and decoration; 2) The rising labor cost of decoration makes batch decoration the only way; 3) Policy promotion. These three driving factors are consistent with China’s current situation. The rising income of urban residents has higher and higher requirements for housing, the increase in labor costs and the encouragement of the Ministry of Housing and Urban-Rural Development for finely decorated housing will drive the development of finely decorated housing in China. In 2012, among the projects of major real estate developers in China, the proportion of fine decoration projects exceeded 50%.

  The increase in finely decorated houses means an increase in the demand for overall customized furniture. At the same time, selling furniture directly to large customers such as real estate developers saves the marketing management expenses of enterprises. We expect this to become a big profit growth point for customized furniture manufacturing enterprises.

  The demand for low-end furniture is still the cornerstone of China’s furniture market.

  The huge scale of the low-end market is the present situation of China’s furniture industry. Affected by urbanization, a large number of rural people with low consumption capacity will enter cities, which will provide impetus for new low-end demand.

  The industry pattern is loose and there are many opportunities for leading enterprises.

  Judging from the trend and external conditions, the furniture manufacturing industry has gone through a period of rapid growth and started to enter a period of steady growth. Therefore, furniture manufacturing enterprises will face more intense competition, and the profit growth needs to be realized by expanding market share and brand strategy.

  The overall industry concentration is low, and the integration will be carried out from mattresses and customized furniture.

  Multi-level demand structure and large low-end demand are the two main reasons for the low concentration of China’s industries. Furniture manufacturing industry has the characteristics of low entry threshold and diverse choices of consumers, so the concentration of furniture industry in all countries is low. Yihua Wood, the largest furniture manufacturer in China, accounts for less than 1% of the market, and the market share of the top 10 enterprises is less than 3%. As the second largest furniture producer in the world, the United States is also the same. The share of the top 50 furniture manufacturers in the United States is only about 40%, and the concentration is slightly higher than that in China. There are two main reasons why the concentration of furniture manufacturing industry in China is lower than that in the United States. The first reason is that the uneven development of urban and rural areas and the eastern, central and western regions in China has formed a multi-level demand structure, and the products of a single enterprise are difficult to meet different levels of consumer demand, and most enterprises only focus on a certain level of consumption.

  Secondly, there is a huge demand for low-end furniture, poor consumer brand awareness and lack of industry standards, which directly leads to a large number of small and medium-sized furniture manufacturers targeting low-end consumers in China. According to statistics, 80% of furniture manufacturing enterprises in China are small and medium-sized enterprises. On the one hand, the gross profit margin of these furniture enterprises is low (about 15%), and they don’t have enough expense space to achieve large-scale national expansion. On the other hand, their capital strength is limited, and it is difficult for the whole industry to have large-scale mergers and acquisitions.

  Although the phenomenon of low concentration in the whole furniture industry is difficult to change for a while, the concentration in some sub-sectors is expected to be improved in the future, such as mattress industry and customized furniture industry. The mattress industry has concentrated space and motivation. The top 10 mattress manufacturers in the United States are expected to expand rapidly, accounting for more than 75% of the market share, while the top eight mattress brands in China only account for 11.16%, and the leading mattress enterprise Xilinmen only accounts for 3.98%. The main reason is that the history of China’s mattress industry is short, the functional characteristics are not generally recognized, and the market share is still homogenized.

  Product possession. With the improvement of residents’ consumption level and people paying more and more attention to sleep quality, we believe that enterprises with technological advantages and independent brand advantages will gain greater market share, and small enterprises that focus on manufacturing and light quality will be eliminated because of increasingly fierce industry competition.

  Sophia and Haolaike, two leading enterprises of custom furniture, are growing rapidly.

  At present, the concentration of customized furniture industry in China is not high, and the market share of the top five companies is around 12%, which has room for improvement. The reasons for the concentration trend of custom-made furniture industry are as follows: First, the production of custom-made furniture stems from consumers’ requirements for personalization and craftsmanship at the same time, and the main consumers in the future tend to be middle and high-end consumers, who pay more attention to quality and brand, so the living environment of small and medium-sized enterprises is difficult. Second, although the entry threshold of custom-made furniture industry is low, there are many barriers to make it bigger, which require the gradual accumulation of flexible manufacturing mode, information system construction and service capacity construction, so it is easy for large enterprises to consolidate their market share.

  The industry leader Sophia’s revenue has been growing at a high speed in the past six years, with CAGR of 50.55%. In 2013, the revenue was 8.85 times that of 2008, and the company’s market share was 7% in 2011, more than doubling from 3.3% in 2006. Guangzhou Haolaike, the second largest company, has a CAGR of 30% in the past two years, which has grown rapidly and is higher than the market average. We expect that the scale and market share of leading customized furniture enterprises will increase rapidly.

  The business strategy of enterprises should be paid attention to when exporting to domestic market.

  Since the financial crisis, the export proportion of China’s furniture manufacturing industry has been declining every year. The unstable foreign economic environment and the growing domestic demand have made many enterprises begin to transform and aim at the domestic market. The most obvious manifestation of this phenomenon is the enterprises with a relatively large proportion of exports before, such as Yihua Wood and Meike Home. Yihua Wood’s export revenue accounted for 98.19% in 2008, and fell to 84.98% in 2013. The company continuously promoted the domestic marketing model of "experience hall+specialty store" and established a WeChat marketing platform with Tencent, aiming at vigorously deploying domestic furniture sales. Meike Home’s export revenue accounted for 61.54% in 2008, and decreased to 39.89% in 2013.

  The operating expenses of large enterprises perform well, which is conducive to the development of brand strategy.

  Compared with similar furniture companies in the United States, large furniture manufacturing companies in China have performed well in operating expenses. The average sales and management expenses of similar furniture companies in the United States account for more than 80% of the gross profit, while China only accounts for 57%. It can be seen that China’s furniture manufacturing enterprises still have a lot of room for independent changes in sales management expenses, which is conducive to the development of enterprise strategy.

  China’s furniture industry is still in the growth stage, with low brand recognition, and there is still room for improvement in the future. At present, the good performance of operating expenses makes the company have enough space to enhance its brand competitiveness in the industry while maintaining profitability, such as expanding sales channels, improving research and development capabilities and expanding advertising.

  Gross profit margin has an upward trend.

  Compared with batch export, the gross profit margin of domestic sales is higher. The average comprehensive gross profit margin of the nine furniture manufacturing enterprises that have been listed and are going to be listed is about 39%, the average export gross profit margin is 22.43%, and the average domestic gross profit margin is 40.67%. Among them, Zhejiang Yongyi’s main business is seat production and sales, which is quite different from other furniture companies’ products, so the gross profit margin is significantly lower; Sophia’s main product, customized furniture, cannot be exported, and its export products are basically furniture parts and floors with lower gross profit margin, so the gross profit margin of export is far lower than that of its domestic business.

  The average gross profit margin of similar furniture manufacturing listed companies in the United States is 40%, which is similar to that in China. However, among the furniture manufacturing companies in the United States, the gross profit margin of some companies is obviously low, because they include transportation expenses in their operating costs. If the transportation expenses are added back to the gross profit according to the average transportation expenses of 7.5% in the United States, the average gross profit margin of similar furniture companies in the United States will be 45%, slightly higher than that in China.

  In recent years, the gross profit margin of large furniture manufacturing companies in China has basically increased, and we think this trend will continue in the future for two main reasons:

  1. Continuous optimization of business structure. The company gradually increases the proportion of businesses with higher gross profit margin (such as retail business and domestic sales business) and reduces the proportion of businesses with low gross profit margin. For example, Meike Home has increased the proportion of its retail business with higher gross profit margin from 36% in 2006 to 59% in 2013.

  Therefore, the comprehensive gross profit margin has also increased from 30% to 52%. The comprehensive gross profit margin of Yihua Wood also increased with the continuous increase of the proportion of domestic sales. We believe that the business trend of furniture manufacturing companies in the future will be to combine production and marketing, to domestic sales and retail sales, so the gross profit margin will be further improved.

  2. The cost of advertising is increasing. Advertising is the key to enhancing brand recognition, and enhancing brand recognition is the key to improving gross profit margin. The average advertising cost in China accounts for only 7.71% of gross profit, which is far lower than the level of 15.8% in the United States, and there is room for improvement. In recent years, the advertising expenses of three furniture listed companies except Yihua Wood Industry are on the rise. We believe that with the intensification of brand competition, the advertising expenses of the companies will continue to increase in the future. In addition, as Yihua Wood further expands its sales in the domestic furniture market, its advertising expenditure will certainly increase in the future. In addition to the above two reasons, if large furniture manufacturers can further strengthen the construction of direct stores,

  Its gross profit margin will also increase. Generally speaking, for furniture manufacturers, the gross profit margin of direct stores is higher than that of dealer stores. Take Sofia as an example. In 2010, the gross profit margin of direct stores was as high as 55%, while that of dealer stores was only 35%. Direct stores have the disadvantages of large initial investment, low short-term return and high management cost. But for companies with capital strength and long-term strategic vision, direct stores can not only bring higher gross profit margin, but also better implement the company’s business philosophy and feedback the user experience, which is beneficial to establishing brand effect and is a better choice.

  Optimistic about the expansion speed of channel sinking enterprises

  The sinking of channels is conducive to the expansion of sales scale.

  From the perspective of regional structure, both East China and South China are the most developed areas in furniture industry, and their furniture income accounts for 64.7% of the total furniture income in China. The regional differences in export delivery value are more obvious. export delivery value in East and South China accounts for 90% of the total exports, while export delivery value in Southwest China is almost zero because of its geographical location.

  We compared the income of furniture industry in different regions in 2008, 2009 and recent years, and found that the proportion of furniture income in East China and South China is shifting to Central China and Southwest China, and its proportion has dropped from 72.4% in 2008 to 66% now. Combined with the fact that the growth rate of consumption level in different regions is similar, we believe that the reason for the above phenomenon is that the furniture consumption growth in the relatively backward central and western regions is higher than that in the more developed east. By comparing the income of furniture industry in Beijing, Shanghai and the four richest provinces, Guangdong, Jiangsu, Zhejiang, Shandong and other provinces and cities, we get similar results. The proportion of furniture income in the six richest provinces and cities has dropped from 67% in 2008 to 53% now. In view of the fact that the consumption growth level of different regions in China is very similar in recent years, we don’t expect this trend to change in the future, so the furniture consumption growth rate of regions with low consumption level will be higher than that of regions with high consumption level in the future.

  Earlier, we explained the impact of real estate transactions on furniture demand. From the perspective of real estate transactions in first, second and third tier cities, the growth rate of real estate transactions in first-tier cities was basically lower than that in second and third tier cities in recent years. From 2011 to 2013, the average annual growth rate of first-tier cities was 6.4%, the growth rate of second-tier cities was 12.3%, and the growth rate of third-tier cities was 9.6%. Based on the above two points, we think that some companies that sink their sales channels will be more likely to expand their sales scale.

  Discussion on four major trends

  We have the following judgments on the future trend of the furniture industry: 1. The proportion of domestic sales will be further expanded, and furniture companies with domestic sales as the mainstay have greater opportunities to outperform the market. 2. The future profit growth rate of customized furniture companies will be higher than average. 3. Brand competition is the focus of future furniture company competition, and dominant brands are favored by investors. 4. Channel sinking is the marketing trend of large furniture companies.

  1. The proportion of domestic sales will be further expanded, and furniture companies mainly engaged in domestic sales will have greater opportunities to outperform the market. The domestic sales growth rate of the whole furniture industry is obviously higher than the export growth rate, and the furniture companies also pay more attention to the domestic market. Judging from the market reaction, four listed companies in the furniture manufacturing industry have outperformed the Shanghai Composite Index since their listing, and Sophia and Xilinmen, which account for a large proportion of domestic sales, have a weak correlation with the Shanghai Composite Index; The stock price of Yihua Wood, which is mainly sold in domestic market, fluctuates in the same way as that of the Shanghai Composite Index. However, Meike Home, which has experienced the transition from export to domestic sales, was in line with the fluctuation of Shanghai Composite Index before the transition, and gradually outperformed the market after the transition. Therefore, we believe that the domestic furniture market has more potential than foreign countries, and the domestic sales of furniture manufacturing companies are the key to their stock price outperforming the market.

  2. The future profit growth rate of customized furniture companies will be higher than average. The development of customized furniture in the future is driven by the following factors: 1) the upgrading of consumption concept and the demand for personalized home; 2) The increase of small and medium-sized housing in cities leads to people’s concern about space utilization; 3) The increase of finely decorated houses. From the historical trend, the net profit and share price of Sophia, the only customized furniture listed company, have risen rapidly.

  3. Brand competition is the focus of future furniture company competition, and dominant brands are favored by investors. In China, most kinds of furniture belong to durable consumer goods. With the improvement of consumption power, people will pay more attention to quality when buying furniture, so brand competition will become the focus of future competition for enterprises. Judging from the market reaction, investors also pay more attention to the brand building of enterprises. Take Xilinmen as an example, the stock price of Xilinmen increased by as high as 83.7% from July 2013 to April 2014. During this period, the company carried out a number of projects conducive to brand building, such as holding a national new product order meeting, cooperating with Disney and Aiying Company, accepting Disney brand license and Doraemon brand authorization, and signing a cooperation agreement with Melaleuca Home Network.

  4. Channel sinking is the marketing trend of large furniture companies. The overall demand for furniture consumption in China’s second-and third-tier cities is huge. If we count the cities with per capita consumption expenditure exceeding 20,000, we estimate that the furniture consumption in second-tier cities accounts for 53.2%, that in first-tier street furniture accounts for 31.2%, and that in third-tier street furniture accounts for 15.7%. If all the first, second and third tier cities are counted, the consumption of second-tier street furniture accounts for 44.8%, that of third-tier street furniture accounts for 37.8%, and that of first-tier street furniture accounts for 17.4%. In addition, the sales of real estate in second-and third-tier cities are better than those in first-tier cities, and the growth rate of consumption level in second-and third-tier cities is similar to that in first-tier cities, and the stimulation of furniture consumption brought by consumption growth is higher than that in first-tier cities, so we predict that the growth rate of furniture demand in second-and third-tier cities will be faster. At present, the sales networks of four furniture listed companies are all spread all over the country, and the trend of opening specialty stores in second, third and even fourth tier cities is also obvious. It has become the consensus of furniture manufacturing companies that the sinking of channels is conducive to expanding market share.

(Internship Editor: Jiang Dongni)

According to the survey, the average monthly living expenses of college students are 1212 yuan, which is more than 30% and not enough.

  BEIJING, Beijing, Feb. 15 (Reporter Kan Feng) It is another school season, and the "school-starting economy" of college students in China is once again hot. In recent years, online consumption, campus express delivery, campus loan and other college students’ consumption phenomena and behaviors have been continuously concerned by the society. So, what is the average consumption level and financial management means of college students? Recently, MyCOS Research Institute released a survey report on the consumption behavior of college students in China.

  How much can college students spend every month?

  — — The average monthly consumption is 1212 yuan, boys love socializing and girls love food.

  The survey, named "College Students’ Views on Consumption and Financial Management", was completed by means of online survey. The survey target was only college students, and a total of 1,289 valid answers were collected from college students in 2016.

  The survey shows that the average monthly expenditure of college students is 1212 yuan (excluding tuition and round-trip transportation between home and school). Family is the main source of students’ living expenses. 94% of students’ living expenses are provided by their parents or relatives, followed by part-time jobs.

  Where do college students spend their living expenses? According to this survey, the main consumption chosen by the surveyed boys is social and entertainment, other foods besides basic meals and image consumption, and the main consumption chosen by the surveyed boys is other foods besides basic meals, image consumption and social and entertainment consumption.

  The proportion of boys spending money on communication/Internet surfing fees (31%) and digital electronic products (16%) is 7 and 11 percentage points higher than that of girls, while the proportion of boys spending money on image consumption (38%) is 24 percentage points lower than that of girls.

  What do college students mainly look at when shopping?

  — — Shopping mainly depends on price and quality.

  It is found that the most important factor for students to consider in shopping is "price", and the second and third places are "quality" and "personal preference".

  According to the analysis of the report, as a college student class who has not formally entered the society, the source of living expenses is limited, and students pay more attention to price and quality than the brand, grade and advertising of goods when shopping, which shows that most students can spend rationally.

  With the living expenses in hand, will college students give up their money to "Qian Shengqian"? According to the survey, 57% students have managed their finances in different forms. Among the college students surveyed, 42% chose products such as Yu ‘ebao, Zhaocaibao and Licaitong, 24% chose traditional bank time deposits, and only 3% and 2% bought stocks and invested in P2P online loans. Most students choose a low-risk, robust financial management method.

  Is the living expenses of college students enough?

  — — Over 30% of the respondents sigh beyond their means.

  The survey results show that among the students surveyed, 41% of college students’ living expenses can meet their daily needs and have a balance. More than 30% of college students have made ends meet. According to the survey, 24% of the students’ living expenses are insufficient occasionally, and 8% are often insufficient.

  According to the analysis of the report, students’ living expenses are not enough. On the one hand, it may be due to factors such as the economic situation of individual families, and on the other hand, it may be due to students’ lack of planning for the use of living expenses.

  The survey shows that 40% of college students will not plan and arrange the use of living expenses. When the living expenses can’t meet the expenses, 43% of college students choose to give up consumption, while others will choose to ask their parents for help (40%), spend first and then pay (20%) and borrow money from friends (15%) to meet their consumption needs.

  The survey also showed that 39% of the students surveyed reported that someone around them had used campus loans. The report suggests that colleges and universities should pay more attention to students’ lives, guide students with financial difficulties to seek help and give them help, strengthen risk prevention education, and guide college students to spend rationally and plan their consumption. (End)

The change of village "two committees" nationwide was successfully completed.

  Xinhua News Agency, Beijing, May 22nd  Title: Build a battle fortress for comprehensively promoting rural revitalization — — The change of village "two committees" nationwide was successfully completed.

  Xinhua news agency reporter

  If the nation is to be revived, the countryside will be revitalized; To revitalize the countryside, the "leading geese" must be strong.

  In October 2020, the term of office of the village "two committees" was changed from three years to five years, and the first change of office was started in 31 provinces, autonomous regions and municipalities and Xinjiang Production and Construction Corps, which was carried out simultaneously with counties and townships. At present, 491,000 village teams across the country have successfully completed the transition.

  The cadres and the masses generally reflected that the change was strict, vigorous, positive and effective, and they chose to be a good team, which changed the situation of stability and unity, formed a good atmosphere for entrepreneurs, and solidly built a fighting fortress for comprehensively promoting rural revitalization.

  Strengthen organization and leadership, and compact the responsibility of the change of work layer by layer.

  The leadership of the party is the key to do a good job in the transition.

  The CPC Central Committee and the State Council attached great importance to the change of the village’s "two committees". General Secretary of the Supreme Leader made important instructions for many times, went deep into the village for investigation when visiting relevant places, raised ardent hopes for village cadres, and cared for party member and the masses, which pointed out the direction and set an example for party committees at all levels to earnestly fulfill their responsibilities of managing the party and the party and carefully organize the change.

  The Organization Department of the Central Committee and the Ministry of Civil Affairs conscientiously implement the spirit of the important instructions of the Supreme Leader General Secretary, and guide and promote all localities to do a good job in the village "two committees" change. Party committees and governments at all levels shoulder their responsibilities and pay close attention to reality, ensuring the successful completion of this general election and achieving the expected purpose.

  "The cadres in the county towns often come to the village, and the policy and discipline of re-election are household names." Liu Rongwen, the leader of Kewang Village, Shijiao Town, Fogang County, Guangdong Province, said that after the re-election work was carried out, cadres would come at night when they were not available during the day and at weekends when they were not available on weekdays, patiently preaching policies and guiding work.

  In order to compact the responsibility, Fogang County set up a leading group and office for the change of work headed by the county party secretary; The whole county implements the mechanism of leading cadres’ joint responsibility for villages, and 29 county leaders "stick their hands in the end". Every week, they lead teams to sink villages (groups) to analyze and judge the truth, investigate and resolve contradictions, and publicize the discipline of change.

  All localities strengthen the leadership of the Party, give full play to organizational advantages, and do all the work in detail to ensure the smooth and smooth progress of the general election. Thirty-one provinces, autonomous regions and municipalities and Xinjiang Production and Construction Corps have set up a new leading group headed by Party secretary, deputy secretary or organization minister, and established a working mechanism in which the organization department takes the lead in coordination, the civil affairs department cooperates closely and the relevant departments participate together. Party Committee secretaries of Beijing, Tianjin, Shanghai, Guangdong, Chongqing, Xinjiang and other provinces and cities all went deep into the village to investigate, regularly listened to the change of office and promoted the work to be carried out in a solid manner.

  At the same time, all localities generally implement the guidance and promotion mechanism that provincial leaders contact cities, counties, municipal leaders Bao County Lian Xiang, county leaders Bao Xiang Lian Cun, township (street) cadres and resident cadres, especially to promote the secretary of county and township party committees to firmly grasp the change of office.

  "We have fully implemented the system of hanging points and linking. The city leaders have covered 90 counties (cities, districts), and more than 3,000 county-level leadership team members have fully covered the countryside, from the preparation work to the completion of the whole change." The relevant responsible comrades of the Organization Department of Zhejiang Provincial Party Committee introduced that the leaders of Baolian County, the leaders of towns and streets, and the "three-person group" of resident cadres provided all-round guidance.

  In Weishan Yi and Hui Autonomous County, Yunnan Province, the township party committees have accurately identified the operation of the team, the current situation of party member, the reserve of candidates, the demands of the masses, potential risks, etc., so as to make the base clear and the election clear; At the same time, party member cadres from counties, townships (towns) and villages held mass meetings in 1341 villagers’ groups throughout the county to ensure that the work covered every branch, every party member and the masses.

  The organization and leadership are strong, and the transition work is carried out in an orderly manner. All localities adhere to the unity of the party’s leadership, promote democracy and act according to law, adhere to the combination of goal orientation, problem orientation and result orientation, organize and implement with high standards and quality, and implement a series of effective measures throughout the process of re-election.

  "Going deep into the water" selects talents and makes "good seedlings" stand out.

  In Chudun Village, luozhuang, Linyi City, Shandong Province, baskets of vegetables are being sealed and packed on the assembly line. Yu Zhang, a retired soldier born in 1991, returned to the village to stand for election as a "soldier’s branch secretary". He showed his specialty and led the village party branch to establish an e-commerce cooperative. Relying on the emerging formats such as "internet plus", e-commerce and live broadcast, he promoted the sales of agricultural products to the fast lane of "e-commerce economy" and promoted the collective income of the village.

  The quality of candidates determines the quality of the whole transition work. In order to select "good seeds", Shandong Province insists on putting political standards in the first place, so that outstanding talents who are willing, practical and successful have the opportunity to have a stage. The province has organized two rounds of analysis and judgment, and all localities have selected talents and appointed talents in the "deep water", implemented the "return plan" for outstanding talents in rural areas and the "progressive training plan" for reserve talents, and successively returned 36,000 talents abroad.

  Qianqiu inheritance, talent-oriented. Selecting excellent and strong cadres is an important task in this transition. All localities have broadened their channels, and selected talents and abilities in an eclectic way by "staying" among current village cadres, "picking" among rural youth with outstanding performance in major work, "choosing" among rich leaders and outstanding veterans, and "inviting" among migrant workers and university graduates.

  "Before the re-election, village cadres were generally older, with low academic qualifications and weak ability." The relevant person in charge of the Organization Department of Changzhou District Committee of Wuzhou City, Guangxi Province frankly stated that at the beginning of the change, the district paid attention to strictly selecting people from the source. Changzhou District dispatched 31 department-level cadres to lead the team, investigated and analyzed 45 villages in the district one by one, conducted heart-to-heart talks, and produced a "physical examination report" to check the political performance, performance of duties, honesty and self-discipline of 835 initial candidates. At the same time, through research, recommendation from the masses in party member, selection of government agencies and units, and external liaison and feedback, we will comprehensively broaden the channels for talent selection.

  "Did you see the candidates posted in the village? Which cadres are you impressed with? " "What do you think is good about this cadre?" With questions, the new working group went door to door to collect opinions and suggestions from the masses, weed out "sick seedlings" and pick out "good seedlings", and a group of capable and responsible people stood out. "By the masses to participate in the screening, let us really realize that the golden cup and the silver cup are not as good as the reputation of the people." Li Liusong, newly elected secretary of the Party branch and director of the village committee of Ludong Village, Daoshui Town, said.

  Choosing the best and matching the best is the goal, and strict control is the guarantee. Tangshan City, Hebei Province refined the negative list, set up a special class for joint qualification examination, introduced a joint qualification examination method, and checked all interested candidates at different levels. There were 30,130 pre-qualified candidates in county and township qualifications, and 1,389 unqualified candidates were cleared. Qilian County, Qinghai Province, through the village-level "entrance", the township "supervision" and the county-level "examination", the 150 members of the village party organizations to be recommended are comprehensively portrayed from five dimensions, such as qualifications, mass base and moral conduct, to prevent "recommendation with illness" and "election with illness".

  Focusing on rural revitalization, all localities have chosen the best among the good and the best among the strong "leading geese", and a large number of outstanding talents who are interested in rural revitalization have entered the village "two committees" team, which has injected momentum into the realization of high-quality rural development.

  The data shows that the overall optimization of the village team structure, especially the leaders’ team, has been achieved after the re-election: the academic qualifications have been significantly improved, with 74% of the members of the village "two committees" having a high school (technical secondary school) education or above, an increase of 16.7 percentage points, and 46.4% of the village party secretary having a college education or above, an increase of 19.9 percentage points. The proportion of capable people has increased, and 73.6% of the village party secretaries are experts in getting rich in their villages, people returning from work and business, college graduates, retired military personnel and other people with strong ability to get rich, an increase of 23.6 percentage points. Women members have increased, accounting for 28.1% of village teams, up by 7.1 percentage points, and each village team has at least one woman member. The age has generally declined, and the average age of the members of the village "two committees" is 42.5 years old, a decrease of 5.9 years; The average age of village party secretaries is 45.4 years old, down by 3.9 years, and 96.7% of villages have team members under the age of 35.

  When talents get together, careers flourish. The new team with high academic qualifications, full energy and vitality is showing a new atmosphere with hard work.

  Strict discipline and clear rules ensure that the general election is clean and upright.

  Wu Mingxia, member of the Party Committee of Dongwu Town, Yinzhou District, Ningbo City, Zhejiang Province, was deeply impressed by the first voter on the election day of Xiaobai Village Committee: "Before dawn, the 80-year-old Lin Rubao came to the ballot box and cast his sacred vote." The villagers are used to getting up early, and the day before the vote, the staff made full preparations to welcome the voters early.

  In order to ensure the smooth transition process, Dongwu Town has launched the "two calendars and five processes". "With the calendar and process, it is clear what to do every day and which steps to perform, and it is very convenient to operate." Dong Yingying, a cadre of the Party and Government Office in Dongwu Town, said.

  It is directly related to the success or failure of the re-election work to promote strictly according to the law and regulations and create a clean and tidy environment. All localities strictly abide by relevant laws and regulations, and keep a close eye on key nodes such as voter registration, candidate nomination and voting to ensure that the general election is carried out in a healthy and orderly manner within the policy framework and laws and regulations.

  Tianjin has instructed all districts to formulate the work flow chart of the general election, democratic recommendation, voter registration and other more than 20 kinds of normative supporting guides to provide behavioral norms and basic compliance. Shanghai issued a guide manual, revised the general election instructions and work procedures, organized business training in different levels and categories, and organized a total of 5,877 trainings covering 280,000 person-times. Chongqing uses the intelligent governance platform to automatically publish announcements, count votes, make statistics and generate electronic files, and dynamically track and master the election progress of each district, county and town … … Through the production of work manuals, election templates, simulation drills and training courses, the work level of front-line personnel has been effectively improved in various places.

  All localities also insist on giving priority to education, warning and prevention, generally carry out publicity and warning education on the change of discipline, and sign a letter of commitment on discipline to ensure that the election is clean and tidy. Shanxi, Inner Mongolia, Heilongjiang, Jiangxi, Tibet and other places have made the people of party member know the bottom line and the red line by widely distributing and posting publicity materials on the discipline of the new term. Jilin, Anhui, Sichuan, Shaanxi, Xinjiang Production and Construction Corps and other places have taken various ways to carry out discipline education for the new term, such as watching warning education films, having heart-to-heart talks, and signing discipline commitment letters, so as to lay a good "vaccination".

  In this round of change, all localities have fully covered the supervision of the village’s "two committees", especially strengthening the supervision of the election Committee’s selection, candidate nomination and voting, setting up "high-voltage lines" and reading "tight spells". At the same time, all localities have established a quick check mechanism for changing letters and visits, and the "12380" comprehensive report acceptance platform is open 24 hours a day, checking the report clues one by one and finding that they are investigated together.

  "We have seen every step of this transition, and we are polite, open and transparent. The elected secretary is smart, capable, and fair, and is the masses ‘ On my mind ’ People, we have one hundred support and one hundred rest assured. " Old party member, Lanlong Village, Henan Mongolian Autonomous County, Qinghai Province, said.

  In accordance with the law, discipline and discipline, a clean and tidy transition environment laid the foundation for the smooth handover of the new and old teams, and also unloaded the burden for the new team to go into battle lightly. According to statistics, the number of cases of violation of discipline and law investigated and dealt with in various places decreased by 65.4% compared with the last round of change, and the number of letters and visits received decreased by 62.1%.

  Do a good job in the second half of the article and promote the new team officers to start businesses.

  How is the new team running in? How are the promises made during the election? Three months after the end of the term change, Zhengzhou City, Henan Province launched a comprehensive initial evaluation and carried out the activity of "Bright Commitment Competition Performance Compared with Motivation" for the village party secretary.

  On June 9, 2021, Zhengzhou City held the "Top Ten" village party organization secretary competition, and a total of 16 village party organization secretaries participated in the competition after layers of screening. Combined with the previous field trip and on-site performance, the "Top Ten" village party secretary was selected, and the municipal finance gave his village a reward of 200,000 yuan. For the secretary of the party organization in "Baiyou" villages, the county-level finance will give each village a reward of 100,000 yuan to increase the operating funds of village-level organizations.

  After watching the competition, Lu Yafei, secretary of the Party Committee of Houhe Lu Cun, Zhongyuan District, Zhengzhou City, said excitedly, "This stage is tailor-made for our grassroots cadres and was selected ‘ Top ten ’ The secretary is an example for us to learn, and I know what to do! "

  Changing well is the foundation, and doing well is the key. All localities should pay close attention to supporting facilities, closely connect, engage in training and strengthen supervision, do a good job in the second half of the post-change, and promote the new team to clear their minds and enter the role as soon as possible.

  "There are 23 square ponds in our village, but they have not been used. The training visit opened my mind. " Wang Xing, secretary of the Party branch of Xicun Village, Harqin Town, Jianping County, Chaoyang City, Liaoning Province, immediately organized a discussion between village cadres and representatives of the masses in party member. In order to adjust the industrial structure, everyone brainstormed a development idea of leisure tourism covering rice planting, pond fishing and folk experience. At present, relying on rice fields and square ponds, Xicun has built Mongolian yurts with folk characteristics, striving to create a good place for tourists to spend their holidays.

  Some provinces, autonomous regions and municipalities have promoted the new team to roll up their sleeves and work hard in promoting rural revitalization in an all-round way by carrying out performance training, supervision and guidance, and improving mechanisms. By February 2022, 87% and 86.2% of the members of the village "two committees" had been trained, and 60% of the village party secretaries were trained at the provincial and municipal levels. Other members of the "two committees" were generally trained in rotation at the county level. Hunan, Hubei, Hainan, Guizhou, Gansu and other places have carried out large-scale training for village party secretaries at the provincial level; Fujian, Sichuan, Ningxia and other places, in combination with the pilot of "mentoring system", organized mentoring for new village cadres.

  In Hejian Village, Dongba Street, Gaochun District, Nanjing City, Jiangsu Province, all the newly appointed village cadres made a package to enter the household. Through extensive consultation with the masses, eight projects, including road improvement around the village, renovation of 269 mu of abandoned land and maintenance of seven public toilets, were identified as the first batch of things to be done, and they were implemented in full swing … … In all parts of the country, the new team that just took office combined with the study and education of party history to do a good job of "opening the door", win support with hard work and win word of mouth with actual achievements. They went to every household to listen to opinions and ask for needs, determined key issues, and implemented them one by one, making real contributions and seeking practical results in improving people’s production and living conditions, enhancing the appearance of villages and developing characteristic industries.

  A strong grass-roots unit makes the country strong, and a secure grass-roots unit makes the world safe. At present, the new village "two committees" team has taken over the baton, and the majority of village cadres will work hard and persevere in the new journey of comprehensively promoting rural revitalization, take a new road to catch the exam with new weather and new actions, and write a new chapter worthy of history, the times and the people.