FAW Pentium B50 has not been listed since it was officially released at Beijing Auto Show. This year is a year of rapid development of self-owned brand cars, and many self-owned brand car manufacturers have a lot of new cars listed this year. It is understood that the FAW Pentium B50 will be equipped with a sagitar 1.6L engine and will be launched in the middle of this year. By then, FAW Pentium will have two vehicle series, and the product line will continue to expand.

　　According to the sales staff of FAW Pentium 4S store, Pentium has been connected to the grid with Hongqi brand, and the second model B50 of Pentium brand will be listed in the middle of this year, with an estimated price of 100,000-120,000 yuan.

　　It is reported that the Pentium B50 is equipped with the FAW-Volkswagen BWH 1.6L engine, and this engine is also equipped with sagitar. Although Pentium B50 and sagitar are equipped with the same engine, there are still some differences in the power performance of the two cars.

　　FAW launched B50 on the existing production platform in order to extend the product line and cover lower-end markets. Judging from the long-span pricing of B70, it is estimated that the price range of B50 is between 100,000 and 120,000 yuan.

　　The dimension parameters of the body of Pentium B50 are 4600mm long, 1785mm wide and 1435mm high, in which the width of the body is almost the same as that of Pentium B70, and the reduced body height is exactly the same as that of mazda 6. Moreover, Pentium B50, B70 and mazda 6 use the same production platform, and the wheelbase of the three models is 2675mm, which ensures a spacious interior space. (Text/Fan Jia)

　　Cctv newsAs a unique cultural symbol of New Year’s Eve, the TV Spring Festival Gala has been with the audience for 35 years and has become another New Year’s Eve dinner that people all over the country are looking forward to. The annual TV Spring Festival Gala not only engraves the brand of the times, but also constructs the common meaning space of the national party. As "the first Spring Festival Evening in the new era", this year’s program presents a new sports atmosphere that is eye-catching. Recently, Wen Wei Po praised the CCTV Spring Festival Evening in 2018 as "the dance language and music language are very rich, grounded, warm and magnificent." "Let the large-scale song and dance of strength and beauty show the majestic momentum."

　　Traditional program forms integrate sports elements.

　　This year’s Spring Festival Evening still continues the pattern of dance, song, language and folk art programs. Different from previous years, this year, under the traditional program form, it not only absorbed the spirit of national traditional culture, spread the fresh flavor of the times, but also integrated diversified sports elements.

　　Martial arts program "Double Heroes" and so on, combined with the grand and magnificent dance design, show a period of flowing, vigorous and powerful martial arts movements; Against the backdrop of the magnificent army and all kinds of advanced weapons, "Sharpen Soldiers in the Battlefield" shows the audience the powerful military strength and majestic spirit of the motherland through the dancers’ difficult sports movements. "Above the Waves" is an innovative combination of sports and dance, which makes the program both enjoyable and thrilling, attracting applause from the audience, and sports elements have become a beautiful landscape in this year’s Spring Festival Evening.

　　Sports athletes participate in program performances.

　　The choice of performers also reflects the promotion and promotion of sportsmanship in this year’s Spring Festival Evening. The dancers in Above the Waves are from the Nanjing Institute of Physical Education’s Skill Team, who once won the gold medal in the World Skill Championship. This year, the performance form of sports combined with dance appeared for the first time on the stage of the Spring Festival Evening. It was the participation of professional athletes that ensured the technical height and program quality and presented the audience with a wonderful performance with world-class difficulty.

　　Not only live performances, but also sports athletes appeared in off-site videos. After careful rehearsal and training, 48 parachutists from all over the world finally completed the challenge of forming the Chinese character "Fu" in the air, and achieved the double success of combination and shooting. Foreign athletes have presented the most sincere New Year greetings to the people of the whole country with their professionalism and spirit of striving for perfection.

　　Tai Chi and Wushu are on the same stage for the first time.

　　One of the highlights of this year’s Spring Festival Gala program is the wonderful scenes of Tai Chi versus Wushu and Shaolin versus Wudang. The poetic stage background, elegant and elegant costumes, and heroic martial arts movements make an unforgettable audio-visual feast come to the fore.

　　On the one hand, the performance of combining rigidity with softness reveals a strong cultural charm. There is a cultural pulse that lasts for thousands of years between the exchanges between Wushu actors. While watching the program, people taste the strong core of Chinese culture. The perfect interpretation of the program fully inspired people’s cultural consciousness and self-confidence, and also expressed China people’s strong desire to promote their excellent culture "going out".

　　On the other hand, the program realizes the perfect integration of stage art and sports competition, and the suspense brought by competition just enriches the plot clues of martial arts performance programs, and the high-quality stage effect that fits the theme also sets off the unique charm of sports competition. This year’s Spring Festival Gala has become a dazzling confrontation stage, bringing a fresh and special viewing experience to the audience.

　　Four sub-venues advocate "sports for all"

　　In addition to the live broadcast of CCTV Hall 1, this year’s Spring Festival Evening also set up four sub-venues in Qiandongnan, Guizhou, Zhuhai, Shandong Qufu Taian and Sanya, Hainan. The grand festival of the sub-venue not only reflects the different customs and cultural characteristics of China’s vast land, but also conveys an open cultural temperament from the scene of people gathering in the square.

　　On the "Colorful Guizhou" branch, the Dong people dressed in traditional national costumes sang big songs of the Dong people, which constituted a shocking scene of a chorus of thousands of people. It conveys the new atmosphere and full happiness of Guizhou people, and also shows the pride and sense of gain of people of all ethnic groups entering a new era. On the "friendly shandong" branch, when the song "Descendants of the Dragon" was played, the dancers standing on the steps of the square held hexagonal bronze mirrors in their hands, and vividly imitated the surging magnificent landscape of the Yangtze River and the Yellow River … …

　　The program design of the sub-venue fully takes into account the characteristics of the square stage, combines the square culture emerging in China with the appearance of the city, and shows the new achievements of urban development and the new pursuit of people’s life in the new era. The elements of the square highlight the mass and show the spirit of the people of the whole country who are positive and sunny. On the Hainan Branch, the appearance and blessing of the representatives of China athletes conveyed the life concept of national fitness to the national audience and spread the majestic glory of China sports to the world.

　　Chinese culture has a long history. In the long historical years, the Chinese people, through unremitting thinking and practice, have created cultural treasures that condense national cultural characteristics and strong sportsmanship. The artistic presentation of traditional Wushu in this year’s Spring Festival Evening is the inheritance and development of traditional culture by Chinese sons and daughters in the new era, expressing strong cultural consciousness and self-confidence.

　　National fitness is national happiness. The strength of the Spring Festival Evening program in sports is the concrete embodiment of the program group’s insistence on taking the people as the center, paying attention to the masses and people’s livelihood. Advocating a healthy life for all is conducive to improving people’s quality of life and enhancing people’s happiness.

　　The golden rooster resigns the old year, and the Swiss dog announces the spring. CCTV Spring Festival Evening in the Year of the Dog of 1898 shows the vigorous development of sports culture and the diversified connotation of sports spirit through the integration of sports elements, the participation of athletes, the confrontation between Taiji and Wushu, and the setting of sub-venues, leading a unique new sports atmosphere.

Ashton Chen took a photo with his childhood.

On December 19th, Ashton Chen took a group photo with his childhood, which caused people to watch, and they all felt that time passed quickly. Ashton Chen’s eyebrows were almost the same as when he was a child.

In the photo, Ashton Chen, wearing leather trousers and wearing a monk’s suit when he was filming as a child, put on the same kung fu gesture together, which was creative, funny, cute and funny, and set off a wave of netizens’ memories.

Netizens have been watching: "Is that a wax figure?" "Really handsome, my dream lover in elementary school." "It looks like two fathers and sons!"

Domestic Mazda fans should feel sad again. Mazda has sold 2025 models in overseas markets. If you put it in China, you can only choose 1.5-liter and 2.0-liter naturally aspirated engines, and there is no power at all in this era. However, in overseas markets, you can choose a 2.5-liter self-priming engine, which is already a big-name self-priming engine in this era, and the most exaggerated thing is that he can even choose a 2.5-liter turbocharged engine. The 2.5T version even only provides four-wheel drive, which is simply the favorite Mazda model for domestic fans. So will it be introduced to China in the future?

The first thing to say is that Mazda 3 abroad is very fragrant, but its price is not cheap. Among them, the overseas price of the sedan version is 23,950 US dollars to 36,950 US dollars, which is equivalent to about 170,000 to 260,000 RMB. The most interesting thing is that the sedan version is even more expensive than the sedan price, which is more than 1,000 US dollars. If we look at the price in overseas markets, then the highest-equipped model has reached 300,000, then two pure fuel performance cars like R can already be bought in China, and there are many versions of pure trams. Therefore, it can only be said that this price is not cheap whether it is overseas or domestic.

The new model has been upgraded in terms of configuration, and the price has also dropped compared with the old model. Let’s focus on its two engines, the 2.5-liter naturally aspirated version of 191 HP and 252 Nm, which is equivalent to a high-power 1.5T engine, so the power is not as good as everyone thinks. 2.5T is different. 250 HP and 434 Nm are better than most 2.0T engines, and the driving characteristics and handling characteristics of the four-wheel drive version are also better.

In fact, we have been saying that it is necessary for Mazda to introduce these relatively good foreign cars into China. After all, the domestic Mazda is not an orthodox Mazda at all, and its power is weak and its positioning is low. It is a bit self-deception to say that Mazda does not need such a large market share. Mazda fanatics don’t dislike the expensive cars, but just don’t introduce them. We should know that Mazda fans in China can still choose Mazda until now, which is a recognition of Mazda. If they have enough financial resources, they will definitely choose imported high-performance Mazda models.

However, there is still a problem here, that is, judging from the prices of overseas versions of Mazda 3 and other models, even if it is introduced to China at the original price, I am afraid that not many people will buy it. For example, this 2.5T four-wheel drive version of Mazda 3 hatchback will be welcomed to China, so it is really hard to say how to choose it. And if the price rises to a certain extent after import, after all, there are tariffs, then the probability will reach about 400,000. At this time, Audi S4 can already be bought. This is a medium-sized car with 3.0TV6 engine and 8AT. Do you still have to think about which one to buy?

Therefore, how does Mazda feel at present in China? It is a success to only produce and introduce low-end models and rely on fans’ beliefs to buy a car. After all, Mazda is really unable and unwilling to sell tens of thousands of cars a month like other main sales models. It’s a good development idea to set up a small stall, earn less, and make a profit comprehensively.

"You wear short sleeves in the house in the north and I tremble in the bed in the south."

Accompanied by the end of the year is a burst of winter wind, blowing people shivering.

At this time, it is time to move out the magic weapon for heating that has been treasured for many years.

Soak in a hot pool and a hot spring & eat a strong roast whole lamb

The end of the year is a good time for the company to build a group and get together with relatives and friends.

Don’t be extravagant in winter, get some of these comfortable boards.

Eat roast whole sheep and get； rid of cold; Soak in hot springs and get rid of the cold!

Yubei District

Bubble: Tongjing Hot Spring　

As a 4A-level scenic spot, Tongjing Hot Spring must not lose.

It is covered with light smoke, beautiful environment and natural water quality.

Take charge of mountains, waters, forests, springs, gorges, caves and waterfalls.

Tianchi, Island and Ancient Village are called natural museums.

Soak in the hot springs and enjoy the beautiful scenery around you.

I am lucky to see wild monkeys.

Address: No.66 Jingquan Road, Yubei District

Eat:Tongjing roast whole lamb　

In Tongjing Hot Springs, you can not only soak in hot springs but also eat roast sheep.

If you have accommodation needs, you can book a room directly.

The roasted sheep here are all grazing goats raised by local farmers.

Charcoal baking is healthy and healthy.

Address: No.66 Jingquan Road, Yubei District

Beibei district

Bubble: Bailian Hot Spring　

Bailian Hot Springs is located on the edge of the cliff of the historic North Hot Springs.

Jialing River runs away from its feet. Adjacent to the ancient temple

Gather the aura and fairy spirit of Jinyun Mountain.

It has 26 hot spring Tang Chi with different styles, all of which are outdoor.

Embedded in a green forest.

Address: North Hot Spring Park, Beibei District

Bubble:Banyan tree　

Banyan Tree Beibei is located at the foot of Jinyun Mountain.

Have a quiet atmosphere close to nature and full of spirituality.

Chinese architecture and unique environment with the style of the Republic of China

Known by netizens as "the most beautiful hotel in history"

The price of hot springs is moderate. At this price,

Soak in this environment, cost-effective der~

Address: No.101 Wenquan Road, Chengjiang Town, Beibei District

Bubble:Xinjing hot spring　

Xinjing Hot Spring is built in accordance with Jinyun Mountain, and is born in close proximity to Jialing River.

There are 30 hot spring pools hidden in bamboo forests.

So it is also called "bamboo forest hot spring"

It perfectly integrates mountains, water, bamboo, springs and forests.

It is a theme hot spring with distinctive bamboo culture.

Address: No.1 Yunhe South Road, Shili Hot Spring City, Jinyun Mountain, Beibei District

Bubble:Haiyu yunshui hot spring　

Haiyu Yunshui Hot Spring is the only one in Beibei District.

Hot springs in five-star hotels

The spring water comes from a high-quality hot spring with a depth of 1600 meters underground.

Homogeneity with the famous North Hot Springs.

Address: No.198 Shuangyuan Avenue, Beibei District

Eat:Xinjing roast whole lamb　

Xinjing roast whole lamb is made of local black goat.

Use the original forest charcoal and marinate it for 2 hours with the exclusive secret recipe.

After 5 hours of artificial baking. Golden and shiny roast whole lamb,

The external meat is brown and crisp, and the internal meat is soft and tender.

The mutton smells fragrant, mellow and delicious.

With a milky white mutton offal soup, absolutely!

Address: No.1 Yunhe South Road, Shili Hot Spring City, Jinyun Mountain, Beibei District

Eat:Cableway roast whole lamb　

The ropeway roast whole lamb is located under the ticket office of Jinyun Mountain ropeway.

The price is very cheap, and it is close to those hot springs in Beibei.

Beibei’s old brand roast whole sheep has a super good business.

The meat is crisp outside and tender inside, and the sea pepper noodles on it taste strong.

Address: No.210, Beiquan Road, Beibei District (near Jinyun Mountain Cableway)

Jiulongpo District

Bubble: Hailan Yuntian Hot Spring　

Hailan Yuntian Hot Spring is next to Longtan Lake.

Backed by the scenic Jiufeng Mountain and Baitaping Forest Park.

It can be called "Xanadu" in the center of the city.

Hot springs are taken from underground natural hot spring water, and the temperature is about 40℃

There are about 21-30 open-air hot springs, Tang Chi and swimming pools.

Address: Hailan Yuntian Hot Spring Resort Scenic Spot, Yunyao Road, Jinfeng Town, Jiulongpo District

Bubble: Bedi Yiyuan Hot Spring　

The water temperature of Bedi Yiyuan Hot Spring is 52℃

From the 2800-meter deep vein of Zhongliang.

Rich in various trace elements, it nourishes people wholeheartedly.

There are more than 30 Tang Chi with various themes, as well as private soup houses.

Address: No.288 Nongke Avenue, Jiulongpo District (Bedi Yiyuan Resort)

Bubble: Pushi Hot Spring in Shangbang　

Shangbang Pushi Hot Spring originates from 2900 meters underground.

Pure and natural, it is a neutral calcium sulfate medical health hot spring.

There are more than 30 Tang Chi with different functions, which are divided into spa areas.

Fish therapy area, essential oil area, medicated bath health area, etc.

Address: No.3, Banglu Village, Lan Village, Jinfeng Town, Jiulongpo District

Eat:Hai LAN yun Tian roast whole lamb　

Roasted whole lamb in Hailan Yuntian Hot Spring Resort

Pippi is crisp enough for people to eat, and the meat inside is super tender.

Mutton soup pot with unlimited supply of side dishes is excellent!

Address: Hailan Yuntian Hot Spring Resort Scenic Spot, Yunyao Road, Jinfeng Town, Jiulongpo District

Eat:Mu mutton Zhuang roast whole lamb　

Time-honored brands around Hailan Yuntian Resort

It has been open for nearly 20 years, and the venue is relatively large.

Mainly roast whole lamb, roast chicken and firewood chicken. ..

Address: No.100, Hailan Village, Jinfeng Town, Jiulongpo District

Nan ‘an District

Bubble:Haitang xiao yue Shengdihot spring　

It can be regarded as a hot spring closest to the main city.

Located in the original site of "Haitang Yanyu", one of the twelve scenic spots in Bayu.

Hot springs are taken from deep hot water 3000 meters underground.

There are 52 natural hot spring pools.

Address: No.589 Nanping East Road, Nan ‘an District

Bubble: chongqing nanshan Haichang Tangdu　

You don’t have to go to Japan, but you can experience the pure Japanese style in Chongqing.

Everything from the scene to the experience is restored, and men and women are separated from each other.

Tang Chi is divided into indoor and outdoor, each of which has its own different functions.

Address: No.35 Chongwen Road, Nan ‘an District

Eat: Haichang TangduRoast Whole Lamb　

After taking a warm bath, have a bite of roast whole lamb with tender inside and scorched outside.

Really don’t make your wife too happy, okay?

Mutton became golden and crisp because of the fire.

Sprinkle a handful of soul chopped green onion, and the saliva will really be lost.

Address: No.35 Chongwen Road, Nan ‘an District

Eat: old back to XinjiangRoast Whole Lamb　

This is a chain store, but all the reviews are good.

Crispy outside and tender inside is the best evaluation of it.

In the process of eating, you don’t need a knife at all, and you will come with your hand gently tearing the meat.

Single-family environment, Chinese garden style

Address: No.11, No.1 Attached to Yanyu Road, Nan ‘an District

Shapingba district

Bubble: ronghui hot spring　

Ronghui Hot Spring is also a relatively close one to the main city.

Hot spring water is taken from more than 1800 meters deep underground rock.

It has great medical, health care and beauty value.

Of course, the most worthwhile punch is the hot pot hot spring.

Let’s "throw" ourselves into the hot pot this time ~

Address: Lishuwan, No.6 Huiquan Road, Shapingba District (near Three Gorges Square)

Eat: Hailan Yuntian (Mongolia)Roast Whole Lamb　

This sea blue sky is the sea blue sky of Shapingba.

Sitting in a yurt and eating roast whole sheep seems to have gone to Mongolia.

Sheep are of good quality, and the vegetarian dishes and sheep blood are provided free of charge.

Address: No.9 Lizhiqiao, Shapingba District (next to Landi Driving School)

banan district

Bubble: Xiuquan Yingyue Hot Spring　

Banan East Hot Spring has long been famous.

This is the best hot spring in Banan District.

The daily flow of hot springs here is more than 5,000 tons, and it is 52℃ all the year round.

Hot spring water is also a precious mineral water.

Rich vegetation and high cost performance ~

Address: No.102, Dongquan Main Street, Dongquan Town, Banan District

Bubble: Witkasi East Hot Spring　

The hot springs in Dongquan have good water quality.

This family has a quiet environment, and Tang Chi is located in the forest.

It is a natural sulfur hot spring pool, which is divided into ordinary tickets and vip tickets.

Address: No.3, Fuling Street, Dongquan Town, Banan District

Eat: Xiuquan reflects the moon.Roast Whole Lamb　

If you are recommended to soak in the hot spring in Xiuquan Yingyue, you can eat roast whole sheep at his house.

After all, it’s convenient. If there are many people, you can call in advance.

Get discounts on hot springs and roast whole sheep. It’s delicious!

Address: No.102, Dongquan Main Street, Dongquan Town, Banan District

Eat: Happy ForestRoast Whole Lamb　

Punch-in place where country dishes and roast whole sheep are delicious.

Sheep raised in mountainous areas are selected, and the meat is tender and firm.

This is a specialty store of hot springs. Roasted sheep and roast chicken are super happy to eat ~

Address: Dongquan Town, Banan District (near Celestial Hotel)

Original title: Overcoming Chongqing’s winter? 13 hot springs+roast whole sheep, the most detailed raiders, take it away!

[Disclaimer] The texts, pictures, audio and video that are not marked with "Source: Upstream News-chongqing morning post" or "Upstream News LOGO" on the upstream news client are all reposted. If the reposted manuscript involves copyright issues, please contact the upstream news.

Xpeng Motors has recently stood on the cusp. First, the incident of P5 car owners’ rights protection caused a lot of noise in the circle of riders. After that, there was a dispute with Huawei’s AEB, and it was "hanged" by friends in the actual measurement. Although the situation temporarily subsided with Yu Chengdong and He Xiaopeng shaking hands, Xpeng Motors could be said to have lost face, and Tucki car owners also buried it in their hearts.unhappyThe seeds of ".

Now, following the joint rights protection of Tucki P5, more than 1,500 Tucki p7 car owners have also published a letter to Tucki CEO He Xiaopeng, also claiming that they are suspected of false propaganda.Smart driving system, abandoning old users, and especially questioning the performance problems of its AEB.

(The picture is from the Internet and has nothing to do with this incident.)

Some time ago, hundreds of Tucki P5 cars publicly defended their rights, saying that Xpeng Motors failed to open the city’s NGP function as promised, which caused quite a controversy in the automobile circle. In response, Xpeng Motors said that he would continue to upgrade OTA and issue a voucher of 20,000 yuan to purchase Tucki G6, P7i, G9 and X9 vehicles equipped with XNGP intelligent driver assistance system. (Full content view: Tucki responded to the collective rights protection incident of P5 car owners: continuous OTA upgrade, and issued 20,000 yuan vouchers.)

Perhaps it was because the riders’ demands were responded, and the owners of Tucki P7 couldn’t sit still and took the same approach to launch rights protection.

The joint letter of the owner of Tucki P7 adopted the template of the owner of P5, and some of the contents were basically the same as those of the owner of P5. It is said that the official has publicized that the Tucki P7 exclusive edition model will be equipped with the XPILOT3.0 automatic driving assistance system as standard, and the optional price of other models is 36,000 yuan, which will be upgraded to the XPILOT4.0 automatic driving assistance system in the future. But up to now, Tucki officials still haven’t mentioned when to upgrade XPILOT 4.0.

On the Science and Technology Day on October 24th this year, Xpeng Motors announced that XNGP will support automatic assisted driving in 25 to 50 cities by the end of this year, and described the new G6, G9 and P7i in detail, but said nothing about the automatic assisted driving of P7 Extreme Edition.

P7 car owners can’t help but question that "every time Xpeng Motors releases a new car, it will abandon its old users".

In addition, the owner of P7 also said that he had complained many times about the slow start-up of the car system, stuck interface, frequent crashes and navigation failures, but the official ignored them. Recently, the topic of AEB is hot, and the owner also pointed out that "Xpeng Motors AEB exists in name only and has already hit it.Are not activated.”。

At the same time, the owner of P7 compared the practices of a number of friends. Krypton, Weilai, LI and Blueprint all have measures to upgrade and update old users, and sorted out the quotation fees of friends, some of which are even free!

On the other hand, in Xpeng Motors, we choose to put it off again and again in dealing with the problems left over by history, so that car owners can give up automatically.

In view of the above problems, Tucki P7 car owners put forward nine demands, including the replacement of car chip, OTA upgrade, software version update and so on, hoping that Xpeng Motors will reply.

The joint letter was originally released on the 8th of this month. At that time, 290 Tucki P7 car owners participated. By the afternoon of the 10th, the number had exceeded 1,500, and Tucki officials have not yet responded.

Author: MANU

Source: First Electric Network (www.d1ev.com)

　　Beijing, March 10 (Reporter Cheng Chunyu) The US WTI crude oil futures recorded the largest intraday decline in history, the US stock market rarely triggered the fuse mechanism, the US treasury bond futures "daily limit", and more than half of the world’s important stock market indexes fell by more than 6%. March 9, 2020 is destined to be a day worth recording in the history of global financial markets.

　　Data Map: new york Stock Exchange.

　　set records

　　— — Crude oil futures hit the biggest intraday decline in history.

　　After the Organization of Petroleum Exporting Countries (OPEC) failed to reach a production reduction agreement with oil-producing countries, Saudi Arabia drastically cut oil prices, which led to a sharp drop in international oil prices. Brent crude oil futures plunged 30% to $31.02/barrel in early trading, the lowest level since February 2016; US WTI crude oil also plunged 27% in early trading, and once fell more than 33% in intraday trading to $27.34, setting a new record for the largest intraday decline in history.

　　— — US stocks rarely trigger fuse mechanism.

　　The U.S. stock market plunged at the opening, and the S&P 500 index fell by 7% at the beginning of the session, triggering the first-level fuse mechanism, causing the U.S. stock market to suspend trading for 15 minutes. This is the first time since the financial crisis in 2008 that US stocks have been blown down due to a sharp fall. There are even media reports that this is the second real fuse in the history of US stocks. The last real fuse of US stocks was on October 27, 1997.

　　— — More than half of the important stock indexes fell by more than 6%

　　According to Wind’s statistics, among the 16 important indexes of global stock market, on the 9th, in addition to the three major indexes in the United States, the FTSE 100 in Britain, DAX in Germany, CAC40 in France, Nikkei 225, Standard & Poor’s 200 in Australia, etc., a total of nine indexes fell in intraday trading, and even closed down more than 6% on the same day. The three major European stock indexes fell more than 8% in intraday trading, followed by the China Shanghai Composite Index, which fell by about 3%.

　　— — Us debt futures "daily limit", yield hit a record low

　　Under the safe-haven demand, the influx of funds caused the US 10-year treasury bond futures to hit the upper limit and the trading was temporarily suspended. The yield of the US 10-year treasury bond once fell to a record low of 0.318%, with an intraday decline of nearly 40%. The 30-year US Treasury bonds once dropped to 0.702%, continuing to hit a record low, with a daily decline of nearly 30%. Moreover, as the leading indicator of economic recession, the yield curves of 3-month and 10-year US government bonds were once upside down, which sounded a panic alarm.

　　— — The price of gold returned to $1,700 per ounce after eight years.

　　After the sell-off of crude oil and stock market, investors flocked to the safe-haven assets including precious metal gold. On the 9th, the international gold futures price broke through the $1,700/oz mark, the highest since December 2012.

　　source map

　　(blasting) fuse

　　— — The price war of crude oil suddenly opened after six years.

　　Affected by the COVID-19 epidemic and other factors, the U.S. stock market plunged continuously. In view of the evolving risks brought by the epidemic to economic activities, the Federal Reserve cut interest rates by 50 basis points on the 3rd, and then the U.S. stock market fluctuated widely, and a roller coaster market was staged last week.

　　"The crude oil price war started in Saudi Arabia over the weekend became the fuse of the global financial market’s plunge on the 9th." According to foreign media reports, Russia refused to cut production at the OPEC+policy meeting on March 6, and OPEC and its allies in oil-producing countries failed to reach any production reduction agreement, which means that from April, OPEC-related oil-producing countries will completely liberalize production restrictions.

　　On March 7th (Saturday), Saudi Arabia, the main OPEC country, drastically reduced the price of crude oil sold to foreign markets such as Europe, the Far East and the United States, with the largest discount in more than 20 years, in order to attract foreign refineries to buy Saudi crude oil. Saudi Arabia also said that if the market needs it, Saudi Arabia can reach the level of 12 million barrels per day.

　　The market generally believes that after a lapse of six years, Saudi Arabia took the initiative to start a crude oil price war, which exceeded the market’s previous expectations. Previously, many financial analysts predicted that OPEC would further cut production to boost oil prices.

　　On the 9th, US President Trump sent a tweet to appease the panic market. It said that the debate between Saudi Arabia and Russia on oil prices and production, as well as the false news spread by political opponents, were the reasons for the stock market decline that day, and the decline in gasoline prices was also a good thing for ordinary consumers.

　　ChrisRupkey, an economist at Mitsubishi UFJ Finance, said: "The plan to reduce oil prices will make more cash flow into people’s hands, which can drive consumer spending and boost the economy, but this does not seem to alleviate the impact of the stock market on investors. The plight of Wall Street may have a negative impact on the economy. "

　　"The plunge in oil prices has once again aggravated the fragility of the market," JasonDaw, head of Asian foreign exchange strategy at Societe Generale, told the media. "The longer the global epidemic lasts, the greater the risk of a full-scale crisis."

　　afternoon trading

　　— — Will crude oil prices continue to fall?

　　On the 9th, the international oil price plummeted, once falling more than 30%, setting a new record for the biggest intraday decline in history. NYMEX crude oil futures closed down 26.74% to $30.24/barrel, the lowest since February 2016; Brent crude oil futures fell 26.24% to $33.39/barrel, both the biggest one-day declines since the Gulf War in 1991.

　　As of press time, the price fluctuation of energy and chemical futures such as crude oil.

　　In the latest report, Goldman Sachs analysts said that Brent crude oil price may drop as low as $20 per barrel, which will test some oil producers. "The price war has completely changed the prospects of the oil and gas market. Goldman Sachs lowered its oil price forecast for the second and third quarters to $30 per barrel."

　　Hong Hao, managing director and head of research department of Bank of Communications International, believes that the impact of the oil crisis is reflected in the following aspects: the price of junk bonds in the United States will plummet, the stability risk of the financial system will rise, and the expectation of deflation will increase the difficulty of monetary policy.

　　However, in the view of Xi Jiarui, a senior analyst of Jinlianchuang Crude Oil, this oil price drop will not become a long-term trend like the oil price crash in 2014. Saudi Arabia’s behavior is to force Russia to continue to cooperate with OPEC. It is expected that once the oil price falls to a level that Russia itself feels unable to bear, it is likely to restart the production reduction agreement.

　　According to the latest report of Everbright Securities, the special alliance between Saudi Arabia and the United States means that it will be difficult for the United States to accept the prospect that oil prices will continue to slump because of the price war in Saudi Arabia. Therefore, the current plunge in oil prices is unsustainable, and there may be variables in the future.

　　Xi Jiarui said, "The next production reduction meeting is on June 9, and it is very likely that Saudi Arabia and Russia will jointly cut production again. At that time, oil prices may rebound in retaliation."

　　On the 9th, the decline of major stock indexes in European and American stock markets.

　　— — European and American stock markets enter a technical bear market?

　　As of the close of the 9th, the Dow Jones index plunged more than 2,000 points, closing down 7.79%, the biggest one-day drop since 2008. The S&P 500 index fell by 7.60%, and the Nasdaq index fell by 7.29%. Oil stocks suffered heavy losses, and Chevron fell more than 15%, leading the Dow. So far, the Dow has dropped by 19.34% compared with the historical high set by this bull market.

　　On the same day, major European stock indexes closed down across the board, and many stock indexes entered a technical bear market. Britain’s FTSE 100 index fell 7.69%, France’s CAC40 index closed down 8.39%, and Germany’s DAX index fell 7.94%. Among them, Germany DAX index, France CAC40 index, Italy FTSE MIB index, Europe Stoxx 50 index and Britain FTSE 100 index entered the technical bear market.

　　Yang Delong, chief economist of Qianhai Open Source Fund, pointed out that US stocks will fall sharply after peaking. According to the experience of US stocks, a decline of 20% is generally called the dividing line between bulls and bears. If it falls below 20% and does not come back, it shows that the bear trend is confirmed and will fall further by 20%.

　　Xie Feng, a researcher at China Banking Research Institute, believes that the debt level of American enterprises is high, and the debt quality of residents has deteriorated. Once the economic slowdown exceeds expectations, corporate profits will further decline, and residents’ wealth will also be damaged, which may lead to more risk release in the financial market.

　　A-share major stock indexes closed on the 9th.

　　— — Can China A-shares be immune?

　　On the 9th, among the world’s important stock indexes, the overall decline of A shares was lower. The Shanghai Composite Index fell 3.01%, the Shenzhen Composite Index fell 4.09%, and the Growth Enterprise Market Index fell 4.55%. In the whole day, the transaction between the two cities broke through one trillion yuan. The net outflow of northbound funds from Shanghai Stock Connect was 9.671 billion, and that from Shenzhen Stock Connect was 4.648 billion.

　　Chen Li, chief economist of soochow securities, said in an interview with the media that the main reason for the A-share slump on the 9th was the violent fluctuation of the global capital market, and the violent fluctuation of the external market aroused the concern of domestic investors. The turnover of the two cities has continuously exceeded one trillion, indicating that there are great differences in funds. Some funds are leaving the market, and some funds are considered to be opportunities to buy on dips.

　　It is noteworthy that on the 9th, the FTSE China A50 index futures, as the leading indicator of the secondary market of the stock market, rebounded and turned red at night, and now rose by more than 1%. At one time, it was close to 2% in intraday trading, and once fell by more than 1%.

　　"The fundamental reason for the sharp decline of US stocks is that the valuation is too expensive." Everbright Securities believes that A shares are more immune to overseas fluctuations. Under the analytical framework of the policy economic cycle, it is not only economic data but also policy tightness that determines the market trend. Oil prices fell sharply beyond expectations, reducing the risk of stagflation in the near future and broadening the space for domestic policy easing.

　　Great Wall Securities believes that in the context of global risk assets being sold by funds, the short-term growth of the A-share market is facing emotional selling pressure. In the medium term, China’s securities market shows very obvious value toughness under the background of global general decline, and RMB assets are expected to become a safe haven favored by global funds. (End)

Real estate is too profitable, so Gree never touches real estate. Because it is too easy to make money, no one wants to engage in manufacturing, thus losing the spirit of challenge. I have always thought that corporate profits are inevitable, but they are not the purpose. So even if we lose money, we will continue to do manufacturing. -Dong Mingzhu

Dong Mingzhu has an enigmatic insistence on manufacturing. On Gree’s official website, the slogan "Let the world fall in love with Made in China" is impressively written.

During the years when Dong Mingzhu took the helm of Gree, Gree gradually emerged. As one of the best manufacturing enterprises in China, Gree has been practicing the power of science and technology with quality.

Although the cross-border of Gree has not been successful in recent years, as one of the most generous companies, Gree has created the greatest benefits for shareholders.

In 2016, Dong Mingzhu decided to enter the automotive field, as the world’s largest outlet. Later, the popularity of Tesla also proved Dong Mingzhu’s foresight.

What Dong Mingzhu didn’t expect was that Gree Electric’s proposal to buy Zhuhai Yinlong was rejected by a group of small and medium-sized shareholders. In order to cut into the field of car manufacturing, Dong Mingzhu paid 1 billion yuan, and then Wang Jianlin and Liu Qiangdong jointly invested 3 billion yuan to acquire 22.388% of Zhuhai Yinlong’s equity. Later, she personally increased her shareholding all the way to 17.46%.

However, Dong Mingzhu’s luck is really bad. With the decline of subsidies for new energy vehicles and the contradiction with Wei Yincang, the founder of Zhuhai Yinlong, this enterprise gradually lost its "voice" in the market.

Since July last year, Yinlong’s equity auction has been going on, and the unit price of equity has also dropped from 35 yuan/share, but there are still very few people concerned.

On the evening of August 31st, an announcement in Gree Electric brought Zhuhai Yinlong back to the stage. Gree said that the company acquired a 30.47% stake in Zhuhai Yinlong at a price of 1.828 billion through public bidding through judicial auction. At the same time, Dong Mingzhu also entrusted Gree with the voting rights corresponding to his 17.46% equity.

After the completion of this transaction, Gree Electric will become the controlling shareholder of Zhuhai Yinlong.

According to the contents of Gree’s announcement, Gree Electric held a seven-member board of directors chaired by Dong Mingzhu on August 30th, and all the other six directors agreed to the above transactions except Dong Mingzhu who abstained from voting because of related party transactions.

And the transaction does not constitute a major asset restructuring, so it does not need to be submitted to the shareholders’ meeting for consideration.

Regarding the acquisition, Gree Electric said in the announcement that in order to actively respond to the national "double carbon" goal and related policies, we should accelerate the diversified development.

In fact, Gree has been trying to diversify in recent years, but it has not been very successful. In addition to the mobile phone business, the pressure on new energy projects is also relatively large. However, in recent years, the fire of new energy has driven the whole industrial chain, and the energy storage-related sectors are also a development direction in the future.

Therefore, I think that after Gree holds Yinlong, Yinlong will have three development directions in the future:

First, get rid of the baggage and start again. In the past two years, Yinlong has been listed as an executor for many times, and it has been executed for six times in the first half of this year. The latest execution target is about 240 million yuan. At present, the company has no property available for execution;

Second, get "blood transfusion" and increase production capacity. In the past two years, due to the reconstruction of the value of the new energy vehicle industry, Weilai Automobile and Xpeng Motors have achieved good results in the capital market. If Yinlong can increase production capacity and complete the upgrade, it is not counted that the current price wins the controlling stake of Yinlong;

Third, strengthen the cooperative relationship between Gree and Yinlong, for example, equip Yinlong new energy vehicles with Gree air conditioners, and take the opportunity to open the car air conditioning market. At present, air conditioning is still Gree’s main income, accounting for more than 70% of its revenue. As long as Gree can take the opportunity to open up new markets, then the acquisition is successful.

On the whole, Yinlong has reached an important juncture. If Gree does not help, the road of Yinlong will become more and more difficult. After Gree enters the market, its dream of new energy may be "rekindled".

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