In 2023, the soda ash market experienced great changes, and the price fluctuation was obviously intensified. This paper mainly analyzes the changes of soda ash market in 2023, and looks forward to the changes and unchanged in 2024.

　　I. Important changes in soda ash market in 2023

　　In 2023, the soda ash market has undergone many changes, both in supply and demand, and in the market competition pattern. As an important part of three acids and two alkalis, soda ash is known as the "mother of chemical industry". Because of its high degree of standardization and relatively easy preservation, there are more participants in soda ash futures and spot. On the whole, the changes of soda ash market in 2023 include the following five aspects:

　　First, the price fluctuation cycle of soda ash is shortened, and the price elasticity is intensified. Taking the price fluctuation of 1000 yuan/ton as the boundary, it will take several months or even years for soda ash to get out of a 1000 yuan/ton band before 2022, and the soda ash market will experience two waves of 1,000 yuan rise and two waves of 1,000 yuan fall in 2023. In 2023, the huge fluctuation of soda ash showed the characteristics of short-term strong outbreak, and most of the thousand-point market in the year was completed within 1.5-2.0 months. This change has an obvious impact on market participants. If we can’t change our thinking quickly, both spot and futures operations are prone to losses.

　　The picture shows the trend of domestic soda ash futures and spot prices from 2021 to 2023 (unit: RMB/ton).

　　Second, the supply of soda ash continued to increase, and the production capacity increased to a new high. In 2023, the domestic output of soda ash was about 32.54 million tons, an increase of 3.34 million tons, with an increase of 11.44%. This output accounts for nearly half of the global soda production, and has reached a record high. The sharp increase of soda ash production in 2023 is mainly affected by the release of daily production capacity and the increase of operating rate. In 2023, the domestic soda production capacity will increase by 6.3 million tons.Head enterprises represented by Jinshan, Henan Province continued to expand their production capacity. In 2023, the profits of ammonia-alkali method and combined alkali method (double tons) were 876 yuan/ton and 1387 yuan/ton respectively, which stimulated the operating rate to increase by 2.78% to 88.04% during the year.

　　Third, the concentration of soda ash upstream is further improved. The biggest change of soda ash market in 2023 is the sharp increase of industry concentration, and the leading enterprises’ control over prices is obviously enhanced. According to the data of Baichuan Yingfu, by the end of 2023, the effective production capacity of domestic soda ash was about 37.8 million tons, among which the top three enterprises (Henan Jinshan, Boyuan Yingen,The total production capacity is 13.2 million tons, accounting for 34.92%; The total production capacity of the top ten enterprises is 23.7 million tons, accounting for 62.70%. If the production capacity of the same group is combined, the top five enterprises in Henan Jinshan, Zhongyan Group,The total production capacity is about 22.1 million tons, accounting for 58.47%; By the end of 2022, the production capacity of the top five soda enterprises accounted for about 51.11%. Not only is the number improved, but Jinshan, Henan Province is the lowest-cost soda enterprise in China and the lowest-cost chemical soda enterprise in China. The market share of low-cost enterprises has increased, and the impact of the change in operating rate on the market has greatly increased. In addition, China National Salt Group, which ranks in the top five, is the main producer of soda ash delivery products in China, and the domestic soda ash production cost is high. The ecological environment in Qinghai is fragile, environmental protection problems are prone to repeated fermentation, the cost of seawater is high, the price sensitivity is high, and it is easy to reduce production after losses.

　　Fourth, the downstream demand of soda ash reached a record high. In 2023, the domestic total consumption of soda ash was about 31.32 million tons, an increase of nearly 2 million tons compared with 2022. The main increase comes from the increase of photovoltaic glass production. From January to November 2023, the domestic photovoltaic glass output was 22,593,300 tons, an increase of 8,119,300 tons compared with the same period of last year, with a growth rate of 56.10%. It is estimated that the domestic photovoltaic glass output will be 25 million tons in 2023, an increase of 8.8 million tons compared with the same period of last year, and the demand for soda ash will increase by 1.76 million tons. In addition to the impact of the increase in photovoltaic glass production, the increase in lithium carbonate production also brought about some increase.

　　Fifth, soda ash imports hit a new high for many years. In 2023, the export volume of soda ash was about 1.47 million tons, and the import volume was about 770,000 tons, which reached a new high in more than ten years. In 2023, overseas soda production capacity increased slightly, but the growth rate of overseas demand was low. In 2023, the center of gravity of domestic soda ash price moved up, and the spot price rose above 3,000 yuan/ton for many times. After the price difference between domestic and foreign markets was opened, leading glass enterprises and large traders actively imported natural alkali with lower price, mainly American alkali and Turkish alkali. According to the CIF price of US$ 210/ton and the exchange rate of US$ 7.10 against RMB, the total cost of importing trona (including customs duties, value-added tax and transportation fees) for glass enterprises is only RMB 2,000/ton. When the domestic price rises above 2600 yuan/ton, and the price difference is greater than that of 600 yuan/ton, even considering the risk of falling spot price, the import is still profitable.

　　Second, the change and invariability of soda ash market in 2024

　　1. Constant: High volatility continues.

　　The constant price of soda ash, a basic chemical, will be its frequent change, and the high fluctuation characteristics of soda ash will continue in 2024. Soda soda, a non-hazardous chemical, has a high degree of standardization, so it has been widely concerned by market funds. In addition to institutional investors, in recent years, soda production, consumption and trade enterprises have also actively participated in the futures market, and the current institutions are constantly emerging and their influence on the market is increasing. In the constant game of the market, the price fluctuation of soda ash is also obviously intensified, and the high fluctuation will continue in the future.

　　Due to the high fluctuation of soda ash, there are obvious hedging opportunities in the upper, middle and lower reaches of the industrial chain. From 2021 to now, domestic spot price and futures of Shahe heavy soda ashThe price difference of the contract fluctuates obviously, and most of the futures are discounted to the spot, but there have also been several waves of futures premium spot trends. Under the pessimistic expectation, the soda ash futures price in 2023 is mostly discounted in cash, but two waves of soda ash surge in the year make the basis quickly repaired. At present, the soda ash market is still characterized by a large discount on spot futures, and downstream enterprises should actively pay attention to the opportunity to buy soda ash near the cost price in the distant month for hedging. Upstream enterprises rely on spot prices to sell recent contracts for hedging.

　　2. unchanged: the expectation of oversupply is hard to change.

　　Since March 2023, the main trading logic of soda ash market has been the expectation of oversupply brought by production capacity. In 2023, the domestic soda production capacity increased by 6.3 million tons, and there are still nearly 3 million tons of production capacity to be released in 2024. According to the production pace of soda ash, the oversupply of soda ash in 2024 is expected to be obvious, especially in the first half of the year, there are few maintenance arrangements for enterprises, and the supply pressure brought by new production capacity will have a greater impact on prices, and the trend of SA2405 is downward.

　　3. No change: the maintenance effect will continue to ferment.

　　In 2023, the soda ash market fluctuated greatly, and besides the impact of the release rhythm of new capacity, the phased maintenance of old equipment also had a more obvious impact on the price. The surge of soda ash from July to August, 2023 was driven by "delayed launch of new production capacity" and "large-scale overhaul of old equipment", and the surge of soda ash in November, 2023 basically continued the dual drive. Looking forward to 2024, the spot and futures prices of soda ash will face obvious price pressure in the first half of the year, with the increase in imports and the release of new capacity at the beginning of the year, and the maintenance in the first half of the year is usually less. If the price drops sharply in the first half of the year, especially after falling below the cost of ammonia-alkali process, the overhaul of soda ash market will increase obviously, and it is likely to exceed the supply increment brought by new production capacity. From the time point of view, the large-scale overhaul of soda ash in 2024 may take place in June-August, and the double pressure of high temperature superposition and falling prices in summer will promote the overhaul of soda ash enterprises. If the maintenance happens as scheduled, the price of soda ash is likely to rebound in stages.

　　The table shows the influence matrix of soda plant commissioning and maintenance on the price.

　　4, unchanged: photovoltaic glass brings incremental demand.

　　In 2023, 19 domestic photovoltaic glass production lines will be added, and the daily melting capacity will increase by 19,750 t/d to 99,810 t/d. In 2023, the incremental demand of photovoltaic glass for soda ash will be nearly 1.8 million tons. In 2024, domestic photovoltaic glass will still be in the cycle of capacity expansion, and the demand for soda ash will increase, which will still be the main source of incremental demand for soda ash. Affected by the early warning system of photovoltaic glass production capacity and the slowdown of demand growth, after considering the maintenance and other factors, it is estimated that the domestic photovoltaic glass production capacity will increase by 20,000-25,000 t/d to 120,000-125,000 t/d in 2024, the annual output will increase by about 6 million tons, and the demand for soda ash will increase by 1.2 million tons.

　　5. Constant: Downstream demand remains rigid.

　　In 2023, the market of soda ash is mainly driven by the supply side, and the demand side is relatively less sensitive to the price. The downstream of heavy alkali is mainly used for float glass and photovoltaic glass, while the downstream demand of light alkali is relatively dispersed but closely related to food, clothing, housing and transportation. Before the price of soda ash rose above 3000 yuan/ton, the demand of heavy alkali and light alkali changed little; When the price rises above 3000 yuan/ton, the downstream of heavy alkali will obviously reduce the purchase, and some downstream of light alkali will reduce the production to reduce the loss. Because the demand for soda ash is relatively rigid, changes in the supply side will lead to huge price fluctuations. With the continuous increase of photovoltaic glass production, the proportion of heavy alkali demand will continue to increase, and the change of soda ash demand side will be smaller.

　　6. Change: non-traditional demand or exceeding expectations

　　In 2024, the demand for soda ash is expected to increase by 2 million tons, which is close to that in 2023. The incremental demand brought by photovoltaic glass is slightly reduced, and the demand for float glass is slightly increased. Represented by lithium carbonateThe demand for alkali will increase, and new fields such as nano-zinc oxide will create some new demand areas. On the whole, the demand for soda ash in 2024 is not pessimistic, and we will continue to pay attention to the production capacity of photovoltaic glass and the non-traditional demand changes represented by lithium carbonate in the later period.

　　7. Change: the end of the high-profit pattern

　　On the whole, the pattern of soda ash market in 2024 is set to be loose supply, especially in the first half of the year. In 2024, the expectation of oversupply in soda ash market will be fulfilled with a high probability, and the price center may be significantly lower than that in 2023. According to the average price of 2000 yuan/ton of heavy alkali, the average profit of ammonia-alkali process may drop to 200-300 yuan/ton in 2024, which is obviously lower than the average profit of 876 yuan/ton in 2023. In 2024, soda ash spot enterprises may experience staged losses, and individual enterprises may withdraw from the market.

　　8. Change: The overall operating rate of the industry will decline.

　　Under the background of production capacity, it is expected that the price of soda ash will drop and the profit will drop in 2024, and the industry operating rate will decline. Among them, the low-cost natural alkali may maintain a high operating rate, and the operating rate of high-cost combined alkali and ammonia-alkali method may show a downward trend. Periodic losses and maintenance may lead to the operating rate of soda ash industry falling below 80%.

　　9. Change: The import volume may be significantly reduced.

　　In 2023, the import of soda ash increased sharply, and the core reason was the expansion of internal and external price difference. In 2024, the operation center of soda ash price will move down and the import window will be closed. It is estimated that exports will drop significantly in 2024, and the annual export volume may drop to around 400,000 tons, which is lower than 770,000 tons in 2023.

　　10. Change: The mode of trade may continue to change.

　　Influenced by the opportunity brought by the fluctuation of soda ash price, a large number of current institutions have emerged in the domestic soda ash market since 2021, among which Jiangsu, Zhejiang and Shanghai-based institutions are deeply involved. With the advantages of capital, talents and information, current merchants have become one of the leading forces in soda pricing. Through the combination of existing machines, the spot price has become an important way of soda ash spot circulation. Leading float glass enterprises, such as Qibin and Xinyi, also began to use the point price to purchase. Under the impact of the new model, the trade pattern of soda ash has changed greatly, especially in Shahe and Hubei, two delivery warehouses.

　　11. Change: the direction or change of goods.

　　In 2023, a large amount of new capacity of soda ash was released, among which 4 million tons of new capacity of Yuanxing Energy and 2 million tons of new capacity of Jinshan, Henan Province had the most significant impact. Due to the limited consumption of soda ash in northwest China, most of the soda ash in Inner Mongolia and Qinghai needs to be sold abroad. With the continuous release of new production capacity, the trade pattern of domestic soda ash market will also change in the future. The low-cost Yuanxing trona will mainly circulate in the northern region, and Henan Jinshan will further enhance its market share in Central China and East China. The original soda enterprises with North China and Central China as the main consumption areas will pay more attention to the regional markets such as East China and South China in the future, and the competition will be more intense.

　　12. Change: Downstream pricing power will be significantly enhanced.

　　In 2024, the price of soda ash shows a downward trend as a whole, the upstream pricing power will be weakened, the downstream pricing power will be enhanced, and the profit of the industrial chain is expected to be reconstructed. In the downward price stage, the downstream wait-and-see mood may intensify, leading to "negative feedback" in the spot market. When the price of soda ash falls to near the cost of ammonia and alkali, downstream enterprises may increase their replenishment efforts, and then the inventory will be transferred from upstream to downstream. Benefiting from the downward trend of raw material prices, the profit of float glass in 2024 may be slightly better than that in 2023. (Author:Futures)

　　The newspaper reported on 6th (reporter Guo Minghua, Xue Jing, Sang Lei) that on 6th, Chinese People’s Political Consultative Conference, a member of Heilongjiang Province who attended the 14th session of Chinese People’s Political Consultative Conference, attended the group meetings of his respective sectors, discussed the government work report, plan report and budget report with members from all over the country, and continued to review the work report and proposal work report of the Standing Committee of Chinese People’s Political Consultative Conference.

　　Lan Shaomin, member of Chinese People’s Political Consultative Conference and chairman of the Heilongjiang Provincial Political Consultative Conference, said during the discussion that the past five years have been extremely unusual and extraordinary. In the past five years, the overall situation of the world has changed, the epidemic situation in the century has been violently impacted, and the risk challenges have followed, and the stormy waves are gripping. Under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, historic achievements and changes have taken place in various undertakings of the party and the country. Premier Li Keqiang’s report on government work is a practical chapter on government work that thoroughly implements Socialism with Chinese characteristics Thought of the Supreme Leader in the new era and the spirit of the 20th Party Congress, a summary of the laws and experiences of high-quality development in the past five years, and a policy-oriented declaration on restoring economic growth in the post-epidemic era, which fully embodies the firm stand with a clear-cut stand, profound thinking from practice, and the scientific spirit of seeking truth and being pragmatic. I fully agree with the government work report. The plan and budget reports are also very realistic, and I fully agree with them. Two suggestions are put forward: First, regarding the issue of supporting small and medium-sized enterprises, the financing environment of small and medium-sized enterprises should be further optimized, and the capital occupation of small and medium-sized enterprises by upstream and downstream should be further rectified. Second, on the issue of solidly promoting the strategy of coordinated regional development, we should support greater agglomeration and better development of industries in high latitudes.

　　Huang Jiansheng, member of Chinese People’s Political Consultative Conference and former chairman of the Heilongjiang Provincial Political Consultative Conference, said that the government work report held high the banner, was pragmatic and inspiring. First, great achievements have not come easily, and China’s development has stood at a new and higher historical starting point. Second, the development goals are positive and feasible, in line with the central decision-making and deployment and the expectations of the people. Third, the work suggestions are scientific and reasonable, which fully embodies the economic thought of the supreme leader and the spirit of the 20 th Party Congress. The work report of the Standing Committee of Chinese People’s Political Consultative Conference has a clear-cut stand, stressing politics, concentrating on development and summing up experience before moving forward. First, the work is upright and innovative, with many bright spots and many new achievements. Second, experience comes from practice and is precious. The reason why the CPPCC has flourished lies in the strong leadership of the CPC Central Committee with the Supreme Leader as the core and the scientific guidance of Socialism with Chinese characteristics Thought in the new era of the Supreme Leader. Third, the cause will carry forward the past and have broad prospects. We must firmly support the "two establishments" and resolutely achieve the "two maintenances" to promote the continuous development of the CPPCC cause in the continuous struggle.

　　Xu Jianguo, member of Chinese People’s Political Consultative Conference, member of the Standing Committee of Heilongjiang Provincial Party Committee and director of the United Front Work Department, said that the government work report runs through Socialism with Chinese characteristics Thought of the Supreme Leader in the new era and the spirit of the 20th Party Congress, embodies the fundamental requirements of high-quality development, and responds to the common expectations of the people. It is a good report that holds high the banner, is pragmatic and inspiring. In the past year and five years, China’s economic and social development has made remarkable and extremely difficult achievements, which are fundamentally due to the steering of the Supreme Leader General Secretary and the scientific guidance of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era. We should focus on the primary task of high-quality development, give play to the powerful magic weapon of the United front, make extensive efforts to promote Chinese modernization, support "two establishment" and achieve "two maintenance" with practical actions.

　　Han Shengjian, member of Chinese People’s Political Consultative Conference and vice governor of Heilongjiang Province, said that the government work report continued to emphasize "unswervingly expanding opening to the outside world" and supported Heilongjiang to build a new highland open to the north, further demonstrating to the international community China’s confidence and determination in opening to the outside world. In the future, we will continue to work hard from two aspects. On the one hand, we will use greater efforts to attract and utilize foreign capital; On the other hand, we should support China enterprises to go out in a healthy and orderly way, and maintain the tenacity and stability of the global industrial chain and supply chain.

　　Zhang Xianyou, member of Chinese People’s Political Consultative Conference and vice chairman of the Heilongjiang Provincial Political Consultative Conference, said that in the past five years, under the strong leadership of the Central Committee of the Communist Party of China with the supreme leader as the core, China has overcome various unfavorable factors and made new achievements in many fields that have attracted worldwide attention. As a member of Chinese People’s Political Consultative Conference, who lives in Heilongjiang Province, we should thoroughly study and implement the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, perform our duties with high standards, make suggestions with high quality, and contribute wisdom and strength to unswervingly promote the practice of Chinese modernization in Longjiang.

　　Pang Da, member of Chinese People’s Political Consultative Conference and vice chairman of the Heilongjiang Provincial Political Consultative Conference, said that in the past five years, in the face of extremely complicated and severe development environment, the Central Committee of the Communist Party of China, with the Supreme Leader as the core, United and led the people of all ethnic groups across the country to overcome difficulties, stabilized the economic market and made new achievements in various undertakings. The recommendations of the government work report on this year’s work are focused, especially the measures to support market players, continuously stabilize employment, and ensure and improve people’s livelihood. It is a good report that unites strength and leads development.

　　Chi Zijian, member of Chinese People’s Political Consultative Conference and vice chairman of the Heilongjiang Provincial Political Consultative Conference, said: the common feature of the work report of the Chinese People’s Political Consultative Conference Standing Committee and the report on the proposal work is that the style of writing is simple. Over the past five years, Chinese People’s Political Consultative Conference has clearly defined its responsibilities, and promoted its work in an orderly way, keeping a low profile and being pragmatic. In seeking good strategies for the government, we have stood high, conducted in-depth research and made accurate contributions, and achieved hard-won and remarkable results. The construction of scholarly CPPCC is one of the highlights of the 13th Chinese People’s Political Consultative Conference.

　　Qian Fuyong, member of Chinese People’s Political Consultative Conference and vice chairman of the Heilongjiang Provincial Political Consultative Conference, said that China has made great efforts in the past five years and in 2022, and achieved "hard-won new achievements". The achievements have benefited from the guidance of the Supreme Leader Socialism with Chinese characteristics Thought in the new era, the strong leadership of the Central Committee of the Communist Party of China and the United struggle of the people of the whole country. In the government work report, the guiding ideology, development expectation and key tasks of this year’s work have fully implemented the spirit of the 20 th National Congress of the Communist Party of China and the deployment of the Central Economic Work Conference, providing guidance for the next step.

　　Sun Shen, member of Chinese People’s Political Consultative Conference and chairman of Harbin CPPCC, said that in the past five years, the central government has made high-quality development the primary task of building a socialist modern country in an all-round way, and laid a solid foundation for Chinese modernization with high-quality development. In the past five years, the cause of the CPPCC has achieved new development and created a new situation. We should conscientiously digest and absorb the good experiences and practices accumulated by Chinese People’s Political Consultative Conference, and strive to promote innovation, breakthrough, development and progress in all our work.

　　Cao Zhian, member of Chinese People’s Political Consultative Conference and chairman of Harbin Electric Group Co., Ltd., said that he will conscientiously implement the deployment of government work report, implement the main responsibility of enterprise innovation, promote the deep integration of innovation chain, industrial chain, capital chain and talent chain, continuously improve the development vitality and competitiveness of equipment manufacturing industry, lead and promote the high-quality development of equipment manufacturing industry, and earnestly shoulder the historical mission and responsibility of the times to promote China’s transformation from a manufacturing power to a manufacturing power.

　　Zhang Li, Fang Chuanlong, Kong Lingquan, Fan Feng, Xiao Xinguang, He Wenhui, Zhang Aman, Wu Ligang, Zhang Yichen, Zhang Hong, Wu Xiaoke, Zhao Kunyu, Joseph Yue, Zhou Chunling, Mingde Wei, Zhang Haihua, Zhang Zhongkai and other 17 members of the National Committee of the Chinese People’s Political Consultative Conference who live in Heilongjiang Province also focused on discussing and speaking on the government work report. Everyone agrees that the summary of the government work report is objective and comprehensive, and the planning work is clear and practical, full of the country’s greatness and the people’s concern, conveying a pragmatic work attitude and innovative and pragmatic work style, which further boosted confidence for CPPCC members to perform their duties.

produce｜Vehicle domain information

author｜Xiao Xiao has words

At the launch conference of Xiaomi Automobile, the founders of the three new forces of "Wei Xiaoli" appeared at the event site, and the chairman, the new chairman Zhang Jianyong, CEO and other big names also appeared at the conference. The guest lineup was comparable to the top forums in the industry.

In addition, before the press conference that day, Lei Jun, Chairman of Xiaomi Automobile, and Wei Jianjun, Chairman of Great Wall Motor, presented each other with a car ceremony. Wei Jianjun, Chairman of Great Wall Motor, visited the site and presented a car to Lei Jun, founder of Xiaomi. As a gift, Lei Jun also presented Wei Jianjun with a top-of-the-line SU7. This is probably the first time in the industry for so many years.

The pricing that the market is generally concerned about is chosen to be announced in the last link. The new car is divided into three versions, including SU7 standard version, which has 700 km long battery life and intelligent driving function, and the price is 215,900 yuan; SU7 Pro version comes standard with 830km long battery life and Xiaomi Zhijia Max city NOA, with a price of 245,900 yuan; SU7 Max version, with more emphasis on performance and benchmarking, is priced at 299,900 yuan. The above three models will be booked from now on.

butXiaomi SU7 series will start to pay the deposit at 22:00 on March 28th.Before April 30, Dading will give free car smart refrigerators, luxury stereos and leather seats. Xiaomi Zhijia Pro is free to use for life.Dading customers who place orders before April 30 can get three free gifts with a total value of 16,000 yuan. These include a smart car refrigerator worth 2,000 yuan, a luxurious sound system worth 6,000 yuan and a Nappa leather seat worth 8,000 yuan..According to this calculation, the price of the standard version of Xiaomi SU7 is less than 200,000 yuan, the Pro version is less than 220,000 yuan, and the Max version is less than 250,000 yuan. This is the cleverness of Xiaomi’s pricing. The service that should have been included in the price of the whole vehicle is kept at a reasonable level by giving it away for free.

Lei Jun said that intelligence is essentially "car × electric × intelligence". In the past decade, the industry has solved the problem of electrification, and the next decade will be a decade of intelligence. "Intelligence is the soul of a car, and intelligence will become the decisive point of this era." And products also appeared at the press conference, such as flashlights, fragrance systems,Back flat bracket set, car-mounted wireless charger bracket, speaker changeable, changeable central control panel, changeable center console, walkie-talkie,Sunshade, vehicle-mounted portable charging and discharging gun, vehicle-mounted karaoke microphone,Pickup ambient light, intelligent double dial, outdoor sound, car model, etc. In addition, there is Xiaomi’s 澎湃 OS and its APPlication app ecosystem. It can be predicted that Xiaomi SU7 can make a lot of money without making money.

Welcome to car home Wuhan Special Promotion Channel to bring you the latest and most affordable car information. At present, the high-profile series is carrying out an unprecedented preferential activity in Wuhan. The maximum discount amount has reached an astonishing 100,000 yuan, which means that the BMW i5 model, which was originally sold at 339,900 yuan, now has the opportunity to start with a more competitive price. This rare opportunity should not be missed. Friends who want to seize this opportunity of price reduction should click "Check the car price" in the quotation form quickly, and let’s explore more possible space savings together!

The exterior design of BMW i5 is very dynamic and futuristic. The front face adopts the iconic kidney air intake grille, combined with LED headlights, creating a sharp and technological visual impact. The body lines are smooth, which shows the perfect combination of details and strength of BMW brand. The overall style is elegant without losing the sense of strength, which fully embodies the luxury and innovative spirit of I-series models.

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The interior design of BMW i5 fully demonstrates the perfect combination of luxury and technology. It adopts exquisite leather steering wheel, which provides electric up and down+front and rear adjustment function to ensure driver’s comfort and convenient operation. The 14.9-inch central control screen stands in the car, equipped with multimedia system, navigation, telephone and air conditioning voice recognition control system, which is convenient for users to operate. The seat is made of imitation leather, and the front and rear rows have the functions of front and rear adjustment, backrest adjustment, height adjustment and lumbar support. The driver’s seat is also equipped with electric seat memory, which provides passengers with an excellent riding experience. At the same time, the car is equipped with a variety of USB/Type-C interfaces and mobile phone wireless charging function, which meets the needs of modern drivers for convenient interconnection.

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Generally speaking, car home car owners are full of praise for the exterior design of BMW i5, thinking that its body lines and luxurious temperament are unparalleled, and driving it back to their hometown is enough to arouse the envy of neighbors. This evaluation undoubtedly highlights the extraordinary charm of BMW i5 as a luxury car, which makes people have deeper trust and expectation.

1905 movie network news Recently, a staff member of a suspected program group secretly broke the news in a circle of friends, saying that Jason Wu took part in a reality show too seriously, threw Li Mingshun to the ground with his martial arts skills, and continued to violently press Li Mingshun, which was suspected of hitting people. Li Mingshun, on the other hand, said it was normal and the beginning of friendship. The day after the incident, the two men were having fun in Weibo, joking about "seeking the truth" and directly debunking the rumor of discord.

Netizens have been unfair to Wu Jingming: The program "Let’s Go Love" is to survive in the wild in the form of a team of husband and wife. The guests need to have a fierce contest for basic food and shelter. Men can fight to the death, but it is absolutely impossible to suffer from their wives. It’s normal to start work in a hurry, but it’s a bit "exaggerated" to describe it as "rough".

The director group also responded that there is a great disparity between sleeping in the sand and heating on the villagers’ heatable adobe sleeping platform. The winning or losing of each fight directly affects whether the couple can get the necessary materials. The living conditions of wives are directly linked to the bravery of their husbands and the tacit understanding between husband and wife. Jason Wu and Li Mingshun are eager to protect their wives, so it is inevitable that there will be conflicts during the contest. Jason Wu stood up to protect his wife, and it was totally understandable that there was a physical collision. Li Mingshun, who has been overwhelmed in the photo, is open-minded and encourages himself and his opponent, "Qi Xin! Forward! The beginning of friendship! " There is quite a meaning of no discord, no concord.

Netizens support Jason Wu.

# Jason Wu hits people # When the incident came out, many netizens supported Jason Wu and thought that "Wu Jing really started, and all ten people fell down in an instant?" It’s just a joke. Many netizens also pointed out that Jason Wu, the god of war, only used one thousandth of his martial arts skills, and did not hurt his body, let alone his feelings. The audience should still look at the violent behavior that happened in the link rationally.

Some netizens have proved that "Wu Jingzhen is a man" and spoke with facts: For example, remember to bring sunscreen before Jason Wu leaves, because his wife Iola is allergic to ultraviolet rays, which is very intimate. In the program, Jason Wu, who has rich experience in survival in the wild, never forgets to help other teammates: when Fan Wenfang, the "little dragon girl", fell into the water, he was the first to fly to the seaside, and he also left materials for Li Mingshun, the "exiled", many times; Secretly give wormwood to Bao Li; Put forward safety measures to protect wives when playing killing games in the wild; Everyone slept at night, and Jason Wu was always worried about the gas. He got up alone at night to check whether it was safe and so on.

Jason Wu Li Mingshun sun frolicking photos Weibo interactive breaking discord rumors

On May 30th, Jason Wu Li Mingshun sent Weibo a response to the scuffle. In the photo, the two fell to the ground and laughed, showing no signs of tearing their faces. Both of them jokingly complained "seeking the truth". Jason Wu also generously forwarded Li Mingshun and Weibo, piteously "seeking the truth", with an open tone of seeking clarification, and Li Mingshun wrote "we" on the good photos of the two brothers, which was more appropriate, and the rumors were not broken.

At home, he is a good husband who loves his wife, and outside, he is a tough guy with a thoughtful mind. Many netizens expressed their firm belief in Jason Wu, and the girls also praised Iola as "the winner of life" with envy.

Musk suddenly sent a message from Weibo.

On June 9th, elon musk, CEO of Tesla, issued a document in Weibo, saying that Tesla will not launch a "redesigned" Model Y this year.

Musk also said that Tesla continues to upgrade existing vehicles through OTA and other means, and Tesla vehicles will be significantly improved in many aspects every six months.

Musk previously revealed in the earnings conference call that Tesla will continue to update the vehicle lineup and accelerate the launch of new models.

Tesla’s wave of price cuts in China

Not long ago, Tesla set off a wave of price cuts in China. On April 21st, Tesla China official website comprehensively lowered the prices of its various Model S, including Model Y, Model Y Long Life Edition, Model Y High Performance Edition, Model S, Model S PLAID Edition, Model X and Model X PLAID Edition, etc., with reductions ranging from several thousand to tens of thousands of RMB.

At the same time, Tesla’s preferential activities in the China market are also increasing. Tesla China officially announced on May 17th that it would launch 0 down payment /0 interest activities for Model 3 and Model Y, with two options available.

According to the activity plan, consumers can have two options when ordering the designated version of Model 3: First, the down payment is limited to 0, starting from 0 yuan, and the daily supply can be as low as 136 yuan; Second, the time limit is 0 interest, the down payment starts at 79,900 yuan, and the daily payment can be as low as 85 yuan. There are two schemes: 0 down payment and 0 interest in limited time when ordering the designated version of Model Y.

Previously, on April 24, Tesla officially announced that it would launch a "0 down payment" car purchase benefit for the designated versions of Model 3 and Model Y. At that time, according to the content of the activity, there was no zero interest plan for ordering Model 3. Earlier, on April 3rd, Tesla China announced that it would launch the "0 interest" phased car purchase preferential policy for the first time in view of the low-interest replacement policy for the Model 3/Y model, and order the latest Model 3/Y model, which can enjoy 0 interest for 3 years or ultra-low interest for 5 years at the longest.

In April, Tesla released its financial report for the first quarter of 2024. According to the financial report, Tesla’s revenue in the first quarter decreased by 9% year-on-year to $21.3 billion, which was lower than the market expectation of $22.3 billion. It was not only the first year-on-year decline in the past four years since the COVID-19 epidemic disrupted operations in the second quarter of 2020, but also the biggest decline since 2012, with a month-on-month decline of over 15% compared with $25.17 billion in the fourth quarter of last year, mainly due to the slowdown in global demand for electric vehicles.

Musk also revealed in the earnings conference call that Tesla will continue to update its vehicle lineup and accelerate the launch of new models. Some production plans originally scheduled for the second half of 2025 may be advanced to the beginning of 2025 or even the end of 2024, including cheaper models. The new model will use the next generation platform and the current platform technology, and will be able to use the production line of the current model. He also said that the delivery of electric vehicles in 2024 will be higher than last year, and the growth rate of energy storage business will be higher than that of electric vehicles.

Tesla Shanghai Energy Storage Super Factory started construction.

In addition, the Tesla Super Energy Storage Factory also has new developments. On May 23rd, the groundbreaking ceremony of Tesla Shanghai Energy Storage Super Factory was held in Lingang, Shanghai.

It is understood that Tesla Shanghai Energy Storage Super Factory is Tesla’s first energy storage super factory outside the United States, and the first order for its main product Megapack, a large electrochemical commercial energy storage system, in China was also signed by Lingang Group and Tesla on the same day.

Shanghai Energy Storage Super Factory will produce Megapack, a Tesla super-large electrochemical commercial energy storage system, which is expected to be put into production in the first quarter of 2025. It is estimated that the annual production capacity will reach 10,000 units and the energy storage scale will be nearly 40 GWh (1 GWh = 1,000 MWh).

At the groundbreaking ceremony, Zhu Xiaotong, senior vice president of Tesla, said that Tesla is committed to solving fundamental problems in the fields of travel and energy with subversive technologies, and forming an innovative technology complex with vertical integration of the entire industrial chain in the fields of electric vehicles, energy storage products, artificial intelligence and robots. As an important part of its diversification strategy, Tesla’s energy storage business is leading the development of the global energy storage market with its leading technology and innovative products. The start of the Shanghai Energy Storage Super Factory will further consolidate Tesla’s leading position in the field of energy storage and promote the progress and development of the global green energy industry.

Since 2015, Tesla has launched Powerwall, a household energy storage battery, and Megapack, a super-large electrochemical commercial energy storage system in the United States, which are aimed at the household energy storage market and the commercial and industrial energy storage market respectively. Tesla’s energy storage products are currently distributed in more than 65 countries and regions around the world. In 2023, the installed capacity was 14.7 GWh, and in the first quarter of 2024, the installed capacity reached a record 4.1 GWh. The gross profit of energy storage business increased by 140% year-on-year, making it one of Tesla’s fastest growing businesses.

Musk once said that the future of renewable energy depends on large-scale energy storage. Tesla Megapack energy storage system can support low-cost, high-density public utilities and commercial projects up to gigawatt-hours. Flexibility is also a major feature of Megapack energy storage system, which can be integrated with battery module, inverter and temperature system at any time to help the power grid run more stably and sustainably.

At present, Tesla Megapack energy storage system has helped the United States, Britain, Australia and other regions to develop new energy. For example, in Victoria, Australia, Victoria Big Battery is currently one of the largest renewable energy storage projects in the world. The completion of renewable energy power generation facilities and 212 Megapack units has provided sufficient backup power protection for the region.

On December 4th, citizens experienced Chengdu Metro Line 7 in advance. (Reporter Hao Fei photo)

　　On December 4th, the Information Office of Chengdu Municipal Government announced that with the approval of Chengdu Municipal Government, Chengdu’s first subway ring line, Line 7, will be officially put into trial operation at 9: 00 am on December 6th, 2017.

　　The trial operation of this line marks that the backbone of rail transit in the central city of Chengdu has become a network, and Chengdu Metro has officially entered the era of "well+ring" network. As the backbone loop connecting the comprehensive transportation hub, Line 7 has broken through many records in the history of Chengdu rail transit, and its opening is of great significance to improve the operation framework of the network, improve the accessibility of the network, promote the smooth congestion of the city, and guide green travel.

　　With the trial operation of Line 7, the mileage of Chengdu Metro will reach 179 kilometers. At present, 11 lines of Chengdu rail transit are under construction at the same time, with a mileage of 368 kilometers, and the construction intensity ranks among the top in the country.

　　Faster

　　There are 8 transfer stations on Line 7, and it takes about 66 minutes to complete a lap.

　　Metro Line 7 is the first closed circular line in Chengdu, located in the circular traffic corridor with the densest residential land between the Second and Third Ring Roads. It connects chengdu railway station, Chengdu East Railway Station, Chengdu South Railway Station and Chengbei Passenger Transport Center in series, and forms a transfer relationship with urban rapid rail transit and urban rail transit radiation. The total length of the line is 38.6 kilometers, with 31 underground stations, forming 8 interchange stations with the existing subway line.

　　Chengdu Metro Line 7, which was built by China Railway, has taken on many "first" responsibilities since its planning and design: it is the longest line opened in Chengdu Metro at one time, with the largest number of stations and the largest number of transfer stations at one time. According to the latest network planning revealed by the Chengdu Municipal Government Information Office, there will be 22 transfer stations on Line 7 in the future.

　　Line 7 adopts a single loop operation organization mode, and the new concept of "inner/outer ring" is first introduced. The inner ring runs clockwise and the outer ring runs counterclockwise, and the lines of the outer ring and the inner ring do not overlap.

　　At the beginning of its opening, Line 7 was equipped with 44 vehicles. The vehicle is a 6-section A-type vehicle with a maximum running speed of 80km/h, which is 30% higher than that of the existing vehicles used in Line 1-4. It is the largest train in Chengdu Metro at present, and its facilities and equipment such as signal, vehicle, interior and traction have all been truly "made in Chengdu".

　　After the trial operation of Line 7, the inner ring of North Railway Station-chengdu east railway station-South Railway Station-North Railway Station takes about 66 minutes. Combined with the operation characteristics of the loop line and the capacity matching of the line network, the minimum train interval during the peak period of Line 7 is 3 minutes and 30 seconds at the initial stage of opening.

　　More convenient

　　The fare is still starting from 2 yuan, and you can buy tickets with WeChat Alipay.

　　The initial operation time of Line 7 is 06:15-22:55, and the operation time will be adjusted later according to the actual situation of passenger flow. After the opening, the fare will still start from 2 yuan. Due to the increase of transfer routes, the transfer distance between lines will be shortened, and the network fare will be reduced. For example, the fare from chengdu east railway station to South Railway Station will be reduced from 5 yuan to 4 yuan.

　　In order to adapt to the daily management under the network operation mode, the COCC ("super brain") project of Chengdu Metro will also be put into use simultaneously when Line 7 is opened. In addition to real-time display of network, passenger flow and major fault information, it can also be combined with historical data to give an early warning of passenger flow.

　　The automatic ticket vending machines in all stations of Line 7 have added the function of mobile payment, which has realized the business of purchasing tickets and recharging with WeChat and Alipay QR codes. At the same time, all stations of the line that has been opened for operation have also realized the mobile payment ticket purchasing function of all automatic ticket vending machines, and truly realized the full coverage of mobile payment of all subway stations in the whole network.

　　In order to meet the increasing experience needs of passengers, the new version of official website and APP of Chengdu Metro was officially launched yesterday. Log in to the new version of official website, which can quickly realize the query of key functions such as transfer scheme, stations and surrounding areas, planning and construction. The official APP of Chengdu Metro has also launched 18 practical functions, such as travel route planning and selection, network congestion display, transfer guidance, lost and found, and emergency information push. In the APP, passengers can choose the best travel route by checking the congestion of the route.

　　Synchronous broadcast

　　Chengdu Metro Line 7 is about to open, and the reporter’s test ride experience-

　　Comfort! You can take all subway lines without leaving the station.

　　Chengdu’s first subway ring line, Line 7, will be officially opened for trial operation on December 6th. On the afternoon of the 4th, Chengdu Metro Operation Company invited 30 representatives of citizens to try out Line 7.

　　The reporter’s experience found that under the pattern of "well+ring" network, it is more convenient to transfer, and all lines of the network can be transferred without leaving the station.

　　Comfortable and stable ride, more humanized service.

　　What is the "well+ring" network? Zhang Zipeng, deputy director of the new line department of Chengdu Metro Operation Company, took out the network map of Chengdu Metro: Metro Lines 1, 2, 3, 4 and 10 formed an irregular "well" shape, and Line 7 was surrounded by these five lines. "The loop line and the ray intersect, and there are more transfer points." Zhang Zipeng said that you can easily transfer to all the subway lines that have been opened without leaving the station on Line 7.

　　The reporter found that there are 31 stations on Line 7, and there are 8 transfer stations, which can be transferred with the opened subway line. "There will be 22 transfer stations on Line 7 in the future." Zhang Zipeng said.

　　It is not only convenient, but also saves money. After the opening of Line 7, the fare will still start from 2 yuan. "Because there are more transfer stations and the transfer distance between lines is shortened, the average fare of the network will decrease." Zhang Zipeng said.

　　On the same day, I experienced the inner ring line. The reporter got on the bus at Huaishu Store. The train ran smoothly and felt comfortable. The backpacks and purses placed beside me did not move because of the acceleration of the train. After passing through chengdu east railway station, South Railway Station, North Railway Station and other stations, it takes 66 minutes to complete a lap.

　　Line 7 is the first "endless" line in Chengdu Metro. The reporter saw that there are obvious signs of inner and outer rings at stations and trains, so don’t worry about taking the wrong bus.

　　Humanization is also a major feature. Compared with Lines 1-4, the carriages of Line 7 are wider, with 3 rows of handrails and more pull rings in each carriage.

　　With the increase of passenger flow, the crowded stations are transformed.

　　Convenient transfer will greatly increase the passenger flow. According to the analysis of Chengdu Rail Transit Group Co., Ltd., a considerable part of the increased passenger flow will be concentrated in transfer stations, especially the North Railway Station, chengdu east railway station and other stations.

　　The morning rush hour of Line 1 has been seriously congested. If the passenger flow increases again, will it be "blocked and blocked"? At the South Railway Station where Line 1 and Line 7 changed, Liu Wei, deputy director of Station No.1 Center of Chengdu Metro Operation Company, held out a thick stack of data maps and told reporters: "According to the previous analysis, the South Railway Station has undergone a large passenger flow transformation."

　　According to the heat map analysis, there will be three "blocking points" at the South Railway Station: the station hall of Line 1, the station hall where Line 1 and Line 7 transfer, and the escalator to the station hall of Line 7. In order to divert and block points, internal and external measures have been taken: internally, the first is the transformation of the station hall, which has expanded 3000 square meters in the "two wings" of the original station hall; The second is to add more staff. During the peak period, there will be more than 80 staff and security guards to guide passengers to take the bus. Externally, bus No.2 has been added to connect with the South Railway Station, and the bus line is parallel to Metro Line 1, which can directly reach Tianfu Third Street and Tianfu Fifth Street. (Reporter Yan Qianting, Fan Kunpeng, reporter Wang Meiling)

On September 5th, the much-anticipated League of Legends IP derivative animation-League of Legends: The Battle of Two Cities, the second season, was officially finalized in Chinese mainland, and will be officially launched on November 9th for Tencent video broadcast.

It took three years from the first quarter of 2021 to the second quarter of 2024. As the final chapter of League of Legends: The Battle of the Twin Cities, the second season of League of Legends: The Battle of the Twin Cities brought together major figures such as Jin Kesi, Wei, Caitlin, etc. With the intensification of the conflict between the two cities, the fate of the two cities and the ending of Jin Kesi and Wei will come to an end.

The story of the Twin Cities ushered in the final chapter, and the fate of the sisters in the bottom city confronted each other

League of Legends: The Battle of the Twin Cities takes Piertewoff and Zuan, two opposing city-states in the League of Legends universe, as the stage where the story takes place, and takes Jinksy and Wei as the narrative center of the story.

In the first season, we witnessed the breakup between Wei and Jinkesi in childhood, and when Jinkesi lit a signal flare, Wei came to meet each other. Later, due to different experiences, the contradiction between the two sides intensified until.At the end of the animation,JinkesiA missile blasted into Picheng Council ….. As the story reached its climax, Jin Kesi and Wei, two sisters who were originally in love with each other, stepped towards the two ends of the balance of fate.

Thanks to excellent plot design and exquisite production, League of Legends: Battle of Two Cities won the reputation of both professional film critics and audiences in the first season. IMDb scored 9.4 points, topping the list of animated dramas; The freshness of rotten tomatoes is 100%, and the popcorn index of the audience is 98%; And won the 49th Animated Annie Award for Best Television, Best Director and other 9 awards, the 74th Emmy Award for Creative Arts for Best Animation Program, the 2022TGA Award for Best Adaptation and many other media awards, and became a phenomenal animation in 2022.

In the upcoming second season of League of Legends: The Battle of Twin Cities, the story of twin sisters will come to an end. In the previous announcement, the story of the second season will follow the story of the first season: Wei becomes the magistrate of Picheng, and Jinkesi is gradually becoming the symbol of the bottom city.

The change of identity deepened the differences in the first season, and there was a flash of confrontation in the trailer. Wei and Jin Kesi will usher in the final battle? In what form will it happen? Do the two sides still have a chance to untie the knot? How did the twin cities sisters end up? The answer to the question needs the audience to find it in the second season of League of Legends: The Battle of Two Cities.

The previous multi-line foreshadowing recovery, League of Legends worldview reveals the tip of the iceberg

In addition, other foreshadowing of the first season will also be recycled. In the brand-new notice, Jinx’s position in the bottom city is becoming more and more important … But what’s her plan? Wei and Caitlin are preparing to hunt down Jinks. They are still focused and determined. Ambersa hinted that Noxas was engaged in a power struggle, and her battle armor flashed by. Ike mentioned the cost of progress, and we can also feel from the preview that he will make his contribution in the new season. Of course, more importantly, Arcane is sleeping.Wake up,The final fate of Pi Cheng and Zuan’s characters will be revealed in the second season of League of Legends: The Battle of Two Cities.

It is worth mentioning that although the second season of League of Legends: Battle of the Twin Cities will be the end of the story of the Twin Cities, co-creator Christian Linke said that the play is only the beginning of their story-telling journey, and more stories will be put on the screen in the land of runes. At present, the next film and television project has entered the preparatory stage. In the future, there will be more heroes in the League of Legends universe to meet us.

The first season of Tencent video was opened for free viewing, and a number of fist games were launched simultaneously.

At the same time, a series of warm-up activities to welcome the second season of League of Legends: Battle of Two Cities will also be launched.

Tencent Video specially launched the limited-time free viewing activity of League of Legends: Battle of Two Cities. During the event, users can watch League of Legends: Battle of Two Cities for free by logging in to Tencent Video. By this activity, I hope that the old audience can relive the wonderful story of the first season while waiting for the second season to air, and I also hope that the new audience can take this opportunity to appreciate the charm of this animated series.

At the same time, the first single "Paint The Town Blue" in the second season of League of Legends: Battle of Two Cities was officially launched on various music platforms. The song is sung by the famous American singer Ashnikko. Under the passionate melody, the audience will enter the blue rhythm of Jinkesi together with the strong music rhythm.

The second season of League of Legends: The Battle of Two Cities is coming in November.Tencent video was launched on the 9 th.I look forward to your going to relevant activities to make an appointment. On the stage of twin cities, where will the fate of each character go? Let’s wait and see.

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Cao Dewang was interviewed by reporters.

　　Last year, Bill Gates, the richest man in the world, and Warren Buffett, who ranked second in the global wealth list, donated their property one after another. At home, many entrepreneurs have followed suit. There are many rich people who have announced the donation of huge assets, and even have their own naked donations. However, these behaviors often attract a voice of doubt, and they are accused of being a show, or even a secret for commercial operation. Not long ago, another rich man, Cao Dewang, the chairman of Fuyao Glass, stood up and declared that he would also donate most of his personal assets to accumulate virtue and do good deeds. Will he be questioned like this?

　　Cao Dewang’s 60% stock donation foundation under the name of Cao Shi family was questioned.

　　Reporter: "Today, we visited Cao Dewang, the chairman of Fuyao Glass Co., Ltd., who is the king of glass in China. Every two cars in China use Fuyao glass. In the past five years, Cao Dewang has invested more than 5 billion yuan in industrial expansion, so the outside world also called him an industrial expansion crocodile. Recently, this glass crocodile suddenly announced that he would donate most of his shares and those of his family. The news is indeed caused by rumors and speculations from the outside world. What is the mystery of this? Let’s go to Cao Dewang’s home in Fuzhou and seek answers from him. "

　　To outsiders, Cao Dewang, the glass king of China, can be said to have lived an enviable rich and peaceful life. However, in March this year, Fuyao Glass issued an announcement to the outside world, which unexpectedly broke the now peaceful life in Cao Dewang.

　　Cao Dewang, Chairman of Fuyao Glass Co., Ltd.: "I began to choose to retire, and it is useless to get this money back. I can’t sell this stock in that place, and I don’t want to sell it. I will stay in that place to pay dividends and take it out. There is no place to invest, so many people still don’t have a house. I will take it out to do good deeds and accumulate virtue."

　　In February this year, Cao Dewang revealed in an interview that he would donate 70% of Cao Shi’s shares to the Foundation. However, the official announcement of Fuyao Glass on March 5th showed that the original donation figure of 70% proposed by Cao Dewang was reduced to 60%. Why did the donation figure decrease?

　　The announcement is interpreted to avoid the complicated procedures and huge cost of triggering tender offer. According to the Measures for the Administration of the Acquisition of Listed Companies, when the acquirer, that is, the future charitable foundation, wants to own more than 30% of Fuyao Glass by agreement, it must make a full or partial offer to the shareholders of Fuyao Company and buy back the shares in cash. In the end, Cao Dewang can only choose to donate 29.5% of the company’s total share capital, which is exactly equivalent to 60% of the shares held by the Cao Shi family.

　　Cao Dewang: "What Cao Dewang donated will never look back. It’s not mine. I threw it away."

　　In fact, it is not uncommon for entrepreneurs to donate shares naked before. For example, the founder of a well-known domestic enterprise founded a foundation in his name. However, it was later discovered that the money originally promised for charity was actually mortgaged to Morgan Stanley for loan. Under the background of current business difficulties and tight funds, is Cao Dewang’s donation just another capital game?

　　Reporter: "Are you doing capital operation? Through this kind of foundation, this inexplicable way has actually turned these shares into a kind of treasury that you can use in Cao Dewang?"

　　Cao Dewang: "Bill Gates abroad went bankrupt personally, and he couldn’t use any money from the foundation. Cao Dewang’s donation set an example for China people. If it is donated, it won’t be mine. It is the money of those in need in China, and it will be supervised by the public."

　　In fact, in order to build this charity, Cao Dewang entrusted Fujian law firms and local banks to provide operational plans as early as a year ago. However, these plans all involved a fundamental problem, which made Cao Dewang very dissatisfied.

　　Reporter: "What kind of framework is it?"

　　Cao Dewang: "Protect my framework. What I am doing now is not protecting my framework."

　　Reporter: "What’s the difference?"

　　Cao Dewang: "This plan is for me to be the trustee and the client. This equity trust is given by the equity trust, and the trust is given to the trust institution. This equity is still in my pocket and has not been donated. The person who did it with me is my good friend. All those who advised me, 80% mentioned this plan."

　　Cao Dewang thinks that both the lawyer and the custodian bank have set up an equity trust in the middle of the stock donation plan for him, so that the actual ownership of these donated stocks is still in Cao Dewang’s hands, and once Cao Dewang or the company needs it, these funds can be used at his own disposal at any time. Cao Dewang feels that this donation method is fooling the public.

　　Cao Dewang: "The scheme I made here, I said I don’t want to protect it, so I will donate the money to this (charity) organization."

　　Reporter: "There is no intermediate commission."

　　Cao Dewang: "Nothing."

　　Reporter: "There is no intermediary agent."

　　Cao Dewang: "I will handle the transfer procedures for you (Foundation)."

　　Another question reported by the outside world about this charitable donation is: since Fuyao Glass went public, the funds raised from the capital market are 703 million yuan, but by the end of 2008, Fuyao Glass’s annual cash dividend has accumulated to 1.22 billion yuan; At the same time, the total amount of shares issued and transferred to shareholders is as high as 1.88 billion yuan. However, this famous cash machine in the stock market did not pay dividends in any form last year. Why is Fuyao’s wealth used for charity but not for shareholders?

　　Reporter: "The word Fuyao Glass has always been synonymous with laying hens in the A-share market, because over the years, the total amount of dividends you have made to shareholders has even exceeded the total amount you have raised from the stock market, but it is precisely this year that you have not made such dividends, so there is a saying outside that you have started to be an iron rooster this year. Can you accept this statement?"

　　Cao Dewang: "Sometimes you can’t pay dividends. Like this year’s economic crisis, you can’t pay dividends, because Fuyao is a highly indebted enterprise. At this time, my major shareholder should consciously cooperate with the bank and don’t hollow out the company’s money and win the trust of the bank. In fact, this year’s dividend is the most cost-effective for me."

　　Reporter: "Dividends are actually more for you, Cao Dewang and your wife."

　　Cao Dewang: "Think about it this way. There are 2.1 billion shares, of which I account for 480 million shares, 54%, and I get 100 million points. I get 54 million points, 200 million points, and I get 108 million points. Do you want to give it to me or to you (the minority shareholder)? They say I am a miser, and I can’t accept it."

　　Today, the domestic oil meal has increased its position in an all-round way. The strength of soybean meal has a certain component of Trump’s coming to power, but the strong rise of oil is expected to be mainly driven by the strong logic of palm oil in the medium and long term, because today it is still led by palm oil. Yesterday afternoon to night, the horse palm disk continued to rise.

　　The short-term bullish news mainly includes: Yesterday’s news showed that India’s palm oil imports increased by 59% to 840,000 tons in October, due to the demand of Diwali in India. With the recent spread of soybean and palm oil, the increase of India’s imports in October has weakened the market’s concern about the international palm oil demand in the later period. In addition, an industry conference will be held in Indonesia on November 6-8, and it is expected that there will be many views. In addition, the international price is strong recently, and the market predicts that Indonesia’s palm oil export tax will continue to increase in December, and the export tariff may be raised by two grades. On November 11th (next Monday), MPOB will release the supply and demand data of horse palm in October, and it is estimated that the inventory will decrease slightly from the previous month.

　　The actual supply and demand neutrality of international palm oil is slightly tight, and the recent strength is mainly in the long-term logic of trading. That is to say, November-February is the seasonal production reduction season, and the stocking of Ramadan in India will overlap with the end of the production reduction season in February-March, 2005. B40 in Indonesia will be implemented in January, 2005, and LEVY in Indonesia’s exports may need to be raised in the first and second quarters of 2005. Before the medium and long-term logic has not changed, there is no reason for palm oil to call back. In November, the logic of origin gradually entered the redemption period. In the short term, we should pay attention to the expected changes of horse brown inventory in November.