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A few days ago, the the State Council executive meeting deployed measures to increase the basic living security of the people in need, so as to secure the bottom line of people’s livelihood.

At the regular briefing on the State Council policy held by the State Council Office on August 26th, Yang Yinkai, deputy secretary general of the National Development and Reform Commission, introduced that from September this year to March next year, the linkage mechanism of price subsidies will be adjusted in stages, and the policy of "expanding the scope of protection and lowering the starting conditions" will be implemented, so as to increase the price subsidies for the needy people and effectively grasp the bottom line of people’s livelihood. It is estimated that the policy will cover 67 million people after the expansion.

One-time living allowance will be issued to people with difficulties such as the minimum living allowance, which will be fully completed by the end of August.

Since the beginning of this year, the bottom-up safeguard measures have been continuously improved, and the assistance to the people in need has also increased. By the end of June this year, 40.62 million people had received assistance from urban and rural residents, including 7 million urban residents and 33.62 million rural residents. The national urban minimum living standard is 734 yuan per person per month and the rural minimum living standard is 554 yuan per person per month; In the first half of this year, the accumulated expenditure on subsistence allowances was 92.62 billion yuan.

In order to implement the requirements of "expanding the minimum living allowance and increasing efficiency", the civil affairs department has continuously improved the minimum living allowance system. Liu Xitang, director of the Social Assistance Department of the Ministry of Civil Affairs, said that seriously ill and severely disabled people in marginal families have been included in the subsistence allowance alone, forming a combination of household insurance and personal insurance, and the system has more capacity; Encourage all localities to decentralize the examination and confirmation authority of subsistence allowances from the past counties to streets and towns to improve the efficiency of examination and verification; In addition, for low-income families whose per capita income exceeds the local minimum living standard after employment, a gradual retirement period of six months to one year will be given.

The temporary assistance system is mainly aimed at solving the sudden, urgent and temporary basic living difficulties encountered by urban and rural people. Since the beginning of this year, affected by epidemic and disaster, the number of people in need has increased. A few days ago, the the State Council executive meeting requested that the one-time living allowance issued to the needy people such as the minimum living allowance should be paid in place as soon as possible.

Residents, including migrant workers, who are unable to return to work due to the epidemic, have no income for three consecutive months, and are not included in unemployment insurance, can apply for a one-time temporary relief fund at their place of residence or domicile. Liu Xitang said that the work is progressing smoothly. Seventeen provinces in the country have all paid out, and all localities have issued an additional subsidy of 8.08 billion yuan for 40.18 million low-income recipients and extremely poor people, accounting for 90% of the total number of people in need. "It is expected that the work will be fully completed by the end of August, and the total amount of funds distributed is expected to be close to 10 billion yuan."

This year, the central government allocated 154.68 billion yuan to help the needy, an increase of 7.06 billion yuan over last year, and the local budget also increased investment accordingly. In the first half of the year, the national financial expenditure totaled more than 120 billion yuan, up 7% year-on-year.

Liu Xitang said, "Social assistance funds such as subsistence allowances are the focus of people’s livelihood security, and they are also the focus of financial support. It is no problem to implement special fund management and timely and fully distribute social assistance funds such as subsistence allowances."

The linkage mechanism of price compensation expands the scope of protection and reduces the starting conditions, which is expected to benefit about 9 million more people.

From January to July this year, China’s consumer price index (CPI) rose by 1.8% year-on-year, and rose by 2.7% year-on-year in July. Yang Yinkai said that due to factors such as imported inflationary pressure and seasonal increase in pork prices, the domestic price level may be slightly higher than that of the previous months in the latter months of this year to the first quarter of next year, which is lower than that of cardinal utility in the same period last year.

In order to alleviate the impact of rising prices on the basic livelihood of people in need, the linkage mechanism of price subsidies will be adjusted in stages from September this year to March next year.

After the adjustment, the scope of protection has been expanded. The current linkage mechanism of price compensation covers seven groups, including urban and rural minimum living allowances, destitute people, people receiving unemployment insurance benefits, special care recipients enjoying regular state pension subsidies, orphans, children who are actually left unattended and children infected with HIV, totaling about 58 million people.

On the basis of the above-mentioned seven groups, this time, two groups, namely, people receiving unemployment benefits and marginal population with minimum living allowance, will be added into the scope of protection of the linkage mechanism of price compensation. After expanding the scope of protection, it is expected to benefit about 9 million more people and cover about 67 million people in need. Conditional places can further expand the scope of protection.

Wan Jinsong, director of the Price Department of the National Development and Reform Commission, introduced that the people receiving unemployment benefits and the marginal population with low living allowances will be included in the scope of protection in stages, mainly considering that the people receiving unemployment benefits are unemployed, their income sources are unstable, and their lives are facing certain difficulties; Although the income of the marginal population is slightly higher than the minimum living standard, the living standard is generally low.

After adjustment, the starting conditions are reduced. The monthly year-on-year increase of CPI in the starting conditions of the price subsidy linkage mechanism was reduced from 3.5% to 3.0% in stages, while other starting conditions such as issuing price subsidies when the food price in CPI rose to 6% year-on-year, were kept unchanged, and the price subsidy linkage mechanism was started when any conditions were met.

"Reducing the start-up conditions is mainly due to the impact of epidemic situation and disasters. The income growth of people in need faces more difficulties, and the feeling of rising prices may be more obvious." Wan Jinsong said that after lowering the starting conditions, it is expected that the number of months and the starting area of the price subsidy linkage mechanism will increase significantly, which means that more people in need can receive price subsidies.

All localities will grant temporary price subsidies of about 20 billion yuan to people in need.

According to statistics, since 2020, local governments have distributed temporary price subsidies of about 31.5 billion yuan, benefiting 530 million people in need.

After adjusting the linkage mechanism of price subsidies in stages, it is estimated that from September this year to March next year, all localities will provide temporary price subsidies of about 20 billion yuan to the needy, of which about 7 billion yuan will be increased due to expanding the scope of protection and lowering the starting conditions.

Where does the additional funds come from? According to reports, the additional funds for those who receive unemployment insurance benefits and unemployment subsidies are paid from the unemployment insurance fund; The central government will provide subsidies to other needy people in different regions, including 30% in the eastern region, 60% in the central region and 80% in the western region.

"Temporary price subsidies are issued by the local authorities first and settled by the central government." Wan Jinsong said, in the current situation that governments at all levels are living a "tight life", the state still decided to adjust the linkage mechanism of price subsidies in stages and increase the price subsidies for the needy people, which fully demonstrated that the CPC Central Committee and the State Council always cared about and cared about the needy people, and always placed the protection of their basic livelihood in a prominent position.

Yang Yinkai said that the National Development and Reform Commission will work with relevant departments to strengthen work guidance, ensure that all the work of price subsidies is carried out in an orderly manner, and ensure that policy deployment can be fully implemented. (Reporter Lu Yanan)

Special feature of 1905 film network The spring love movie is playing continuously, and it will be broadcast for you on March 3.

Simple Cinderella, how to become the prince’s lover?

Fantasy story — — Everyone knows the ending, but it’s still attractive

As the most film in history that is not afraid of being spoiled, I’m afraid there is no one who doesn’t know the story of Cinderella. The kind Cinderella met her evil stepmother and suffered all kinds of torture. Finally, she waited for the help of the fairy, turned into a princess and finally got married with the prince.

However, it is such a perfect fairy tale that will still touch the hearts of "Cinderella" in reality, waiting for a prince who really belongs to her to come.

It is precisely because the core fairy tale dream of girls is eternal that the story of Cinderella is often shot new.

Excellent visual effects — — Reproduce the real fairy tale world

This live-action version of Cinderella reproduces a real fairy tale world with excellent visual effects and artistic design.

The scene setting in the first half maintains realistic natural scenery, beautiful countryside and dreamy castle, and has the style of pastoral naturalism. In the second half of the magic moment, the dazzling golden carriage and crystal shoes will be unveiled, which will surely impress audiences of different ages.

Especially when the door of the golden carriage is opened, as the hearts of countless girls are opened. There is also the scene where the midnight bell rings, which can be called the brilliant fireworks over the classic palace, which is dizzying.

Gorgeous costumes — — Beauty never seen in fairy tales

If you just read fairy tales, you can never imagine how beautiful those crystal shoes are, and how amazing the four-seat skirt is to match such beautiful crystal shoes. The movie didn’t live up to those romantic fantasies. Cinderella shone from head to toe and earned enough attention.

All the costumes in Cinderella were designed by designer sandy powell, and preparations were started two years before the film started.

In order to make Cinderella’s blue dancing skirt flow like water when running, sandy powell used 12 layers of blue fabrics with different shades.

She has designed nine kinds of skirts. The final version of the skirt has 12 layers from the inside out, using more than three different fabrics such as silk, nylon and polyester fiber. The skirt is decorated with countless turquoise and tens of thousands of crystals. There are tights and several layers of petticoats inside, which took 18 tailors and 500 hours to complete.

In the film, Cinderella likes to communicate with animals, and butterflies are one of them. In order to match the plot, sandy powell also decorated Cinderella’s blue dance skirt with butterflies.

In the film, Cinderella’s crystal shoes can’t be put on in reality, and only appear in close-ups. You can only wear shoes with the same shape when shooting, and then make them look like crystal shoes with special effects.

Meet the movie channel Universal Cinema at 22:20 on March 3rd.

Let Cinderella share a fairy-tale girl dream with you!

　　The the Political Bureau of the Communist Party of China (CPC) Central Committee Conference held a few days ago emphasized that "consumption should play a leading role in the economic cycle", which is an important work deployed on the basis of a comprehensive analysis of the economic situation. In connection with the "Opinions on Further Releasing Consumption Potential and Promoting Sustainable Recovery of Consumption" issued by the General Office of the State Council not long ago, 20 key measures in five aspects were put forward. The "combination boxing" to promote consumption in order to consolidate and develop the market of more than 1.4 billion people has aroused widespread concern at home and abroad.

　　From the perspective of national economic operation, consumption has a lasting driving force for economic development, is an important engine to smooth the domestic cycle, and is also a key link to form a higher level dynamic balance between demand and supply, which is related to the national economy and people’s livelihood. Judging from the current economic situation in China, the triple pressures of demand contraction, supply shock and expected weakening have not changed, and some unfavorable factors are still evolving in a complicated way, and the new downward pressure has further increased. In the face of the situation, tasks and severe tests, we should not only have a full understanding, but also have countermeasures. It is undoubtedly crucial to do everything possible and comprehensively implement policies to release consumption potential and promote sustained recovery of consumption.

　　Statistics from the National Bureau of Statistics show that in 2021, the contribution rate of China’s final consumption expenditure growth to economic growth is 65.4%, which is higher than the contribution rate of total capital formation, and it is the main driving force for the stable recovery of the national economy, and the "ballast stone" role of consumption is prominent. In the first quarter of this year, thanks to the transformation and upgrading of traditional consumption, the release of new consumption potential and the strong "blood supplement" of online consumption, the overall market sales maintained steady growth. However, since March, domestic epidemics have occurred frequently, which has had a great impact on the consumer market. In March, the total retail sales of social consumer goods decreased by 3.5% year-on-year. Residents’ trips have been significantly reduced, and contact and aggregate consumption have been greatly affected. The foundation for sustained recovery of consumption still needs to be consolidated.

　　Among the key measures put forward in the Opinions, the first one is "increasing efforts to help enterprises bail out the difficulties around the main body of the insurance market", which is a key to promoting the orderly recovery and development of consumption and thus stabilizing the basic economic disk. As the COVID-19 epidemic directly impacts the consumer, small and medium-sized enterprises and individual industrial and commercial households, it has a great impact on low-income groups and basic people’s livelihood. At present, there are more than 150 million market players in China, carrying hundreds of millions of people to find jobs and start businesses. If you keep the market players, you can keep employment; If there is employment, there will be income and consumption, which will promote economic growth. The central and local governments have introduced relief measures such as tax reduction and fee reduction, and deferred payment of social insurance premiums. Some related companies such as take-away platforms have also responded positively, helping small and medium-sized businesses tide over the difficulties by reducing commissions.

　　Practice shows that reducing taxes and fees is a direct and effective way to help enterprises get rid of difficulties. All localities should, in light of the actual situation, introduce effective measures such as tax reduction and exemption according to law, so that the intensity of tax reduction and fee reduction will only increase, so as to stabilize market expectations. In addition, the financial system should also make profits to the real economy by reducing interest rates, reducing fees and other measures, and provide financing support to enterprises in industries seriously affected by the epidemic to avoid industrial loan restriction, loan withdrawal and loan suspension.

　　Stabilizing consumption growth and promoting consumption upgrading is a systematic project. Doing a good job in ensuring the supply and price stability of basic consumer goods, promoting the upgrading of physical consumption, continuously expanding cultural tourism consumption, fully tapping the consumption potential of counties and towns, reasonably increasing public consumption, and creating a safe, secure and honest consumption environment are all important tasks to increase the weight of consumption.

　　It should be noted that the impact of the epidemic on consumption is phased. With the effective control of the epidemic and the gradual emergence of policy effects, the normal economic order will be quickly restored and consumption will gradually pick up. China has a population of more than 1.4 billion, the largest domestic market with middle-income groups in the world, and the policy support and work deployment with both far and near, and the fundamentals of long-term positive consumption will not change. We should have full confidence in this. (This article Source: Economic Daily Author: Jin Guanping)

CCTV News:Another feature of Mid-Autumn Festival tourism this year is that cultural leisure tourism is favored. All localities combine the activation of intangible heritage with immersive experience to improve people’s sense of participation and identity with intangible heritage. Many places have also launched theme tourist routes such as Mid-Autumn Festival custom experience, attracting a large number of tourists. According to the data of special survey in china tourism academy, 94.1% of tourists participated in cultural leisure during holidays, and 24.8%, 35.6% and 25.6% visited historical and cultural blocks, museums, art galleries and art galleries respectively.

Traditional culture stimulates the consumption of cultural tourism in Mid-Autumn Festival holiday.

In flying tigers Scenic Area, Zaozhuang, Shandong, a group of children, dressed in Hanfu, listened to the historical story of wickerwork’s craft, made strips with straw ropes by themselves, and wound them around wicker baskets ring by ring, patiently weaving a beautiful yearning for the future.

During the Mid-Autumn Festival holiday, in Shanghai Haichang Ocean Park, a round of "bright moon" rippled in the water. Professional synchronized swimmers dressed in ancient costumes performed a series of underwater "the Goddess Chang’e flying to the moon" cultural feasts for the audience. In addition to "the Goddess Chang’e flying to the moon", there is also a cruise full of national trends, which attracts many tourists.

Characteristic cultural activities promote "night economy"

In addition to traditional cultural tourism, immersive moon viewing has also brought fire to urban night tours. Night tourism projects such as theme park night tours, river night tours and city night sightseeing have attracted many tourists.

According to the special survey data of china tourism academy, 29.3% of tourists experienced night tours during the Mid-Autumn Festival holiday.

Recently, with the overall promotion of epidemic prevention and control and economic and social development, the production and living order has been accelerated, the income growth rate of the national residents has maintained a rebound, and the consumer market has continued to rise steadily. Analysts believe that the strong resilience of China’s consumption has become an important ballast stone for China’s economy to resist the wind and waves in the first half of the year. In the second half of the year, the continuous efforts of policies such as expanding domestic demand, helping enterprises to bail out difficulties and stabilizing employment are expected to promote further compensation and recovery of consumption, thus adding more impetus to promoting the "big cycle" of domestic economy and the "double cycle" of domestic and international.

Income recovery and demand recovery

According to the latest data, in June, the total retail sales of consumer goods nationwide was 3.35 trillion yuan, down 1.8% year-on-year, and the decline narrowed for four consecutive months, with a cumulative decrease of 18.7 percentage points. From January to June, the total retail sales of social consumer goods was 17.23 trillion yuan, down 11.4% year-on-year, and the decline was 7.6 percentage points narrower than that in the first quarter.

"In the first half of the year, all localities adhered to the orientation of people’s livelihood, issued various consumer vouchers, developed the’ night economy’ through the integration of literature and tourism, helped invigorate the’ small store economy’, expanded consumption according to local conditions and took various measures to vigorously promote the recovery of household consumption. In the first half of the year, the decline in per capita consumption expenditure of the national residents narrowed significantly, with the nominal decline and the actual decline narrowing by 2.3 and 3.2 percentage points respectively compared with the first quarter. Residents’ daily necessities such as rice, flour, grain and oil, vegetables, meat, poultry and eggs were fully guaranteed, and residents’ home meals increased. In the first half of the year, the per capita expenditure on food, tobacco and alcohol increased by 5.0%, 2.9 percentage points faster than that in the first quarter. " Fang Xiaodan, director of the Household Survey Office of the National Bureau of Statistics, said.

It is worth noting that the rising growth rate of national residents’ income is inseparable from the gradual recovery of residents’ consumption level. The data shows that in the first half of the year, the per capita disposable income of the national residents was 15,666 yuan, a nominal increase of 2.4% over the same period of last year, and the nominal growth rate was 1.6 percentage points higher than that in the first quarter. After deducting the price factor, the actual decline was 2.6 percentage points narrower than that in the first quarter. At the same time, in the first half of the year, the per capita wage income of the national residents was 9010 yuan, an increase of 2.5%, 1.3 percentage points faster than that in the first quarter, and the per capita disposable income of the national residents increased by 1.4 percentage points.

Fang Xiaodan said that in terms of wage income, the resumption of work and production in various places has been solidly promoted, the vitality of economic and social development has recovered, and the economic fundamentals have laid the foundation for wage income growth; In operational income, the phased tax reduction and fee reduction, rent reduction and interest rate reduction, inclusive finance and other policy support have effectively reduced the production and operation costs of self-employed households and small and micro enterprises, and their operating conditions have improved compared with the first quarter.

There are many highlights in online consumption.

In the first half of this year, "offline limited online replenishment" became an important feature in the consumer field.

According to the data of the National Bureau of Statistics, under the prevention and control of the normalized epidemic situation, new consumption formats and new modes such as online shopping, online entertainment and online classroom are growing against the trend. For example, in the first half of the year, the number of people buying goods or services through the Internet generally increased, and the per capita postage expenditure increased by 10.8%. For another example, in order to meet the needs of home office study, the per capita spending on home desktop computers and notebook computers increased by 19.4% and 79.6% respectively in the first half of the year.

According to the Report on Economic War and Epidemic in 2020 yards jointly released by Tsinghua University China Economic and Social Research Center and Tencent Social Research Center, in the economic recovery, leisure, entertainment, restaurants, hotels and transportation rebounded most significantly, and the number of WeChat transactions increased by 7-10 times. In the last week of April, the average daily commercial transaction volume of WeChat payment has recovered to the level of the end of 2019. The report believes that the innovation of online mode under the WeChat ecosystem will further promote the upgrading of people’s lifestyles, and the depth and breadth of lifestyle online will enter a new stage, and scene, intelligence and personalization will become the development trend of lifestyle change.

Fu Yifu, a senior researcher at Suning Financial Research Institute, analyzed that in the first quarter, affected by the COVID-19 epidemic, the all-round rise of online consumption was the biggest highlight. In the second quarter, as the domestic epidemic prevention and control situation continued to improve, all walks of life resumed production and markets steadily, and the intensity of new kinetic energy for online consumption did not decrease. At the same time, offline consumption scenes such as scenic spots, restaurants and hotels also returned to the public’s field of vision, and many consumers’ consumer demand that was forced to postpone during the epidemic prevention and control period began to restart.

Zhao Ping, director of the International Trade Research Department of the China Council for the Promotion of International Trade, believes that the epidemic has further enhanced consumers’ online consumption habits, and the growth rate and proportion of online consumption have continued to increase, which has become the biggest highlight of consumption growth in the first half of the year. At the same time, online consumption has also spawned new consumption patterns such as community e-commerce, social e-commerce, community e-commerce and live delivery, thus effectively releasing the potential of online consumption.

Tamp the economic pressure resistance.

Weigh, a researcher at the Institute of World Economics of Shanghai Academy of Social Sciences, pointed out in an interview with this reporter that both the "six stability" work and the "six guarantees" task will ultimately be supported by strong consumption power. Since the beginning of this year, in the face of the great test brought by the COVID-19 epidemic, China has scientifically handled the relationship between the prevention and control of normalized epidemic and economic and social development, especially by adjusting the consumption pattern in time and effectively meeting the rigid consumption demand, thus achieving the maximum risk hedging and economic stability.

"In the process of gradually forming a new development pattern with domestic big circulation as the main body and domestic and international double circulation promoting each other, consumption is an important connection point of domestic and foreign market players and plays a very important role. Judging from the actual situation in the first half of the year, the rebound of consumer demand in China has not only become an important supporting force for China’s economy to resist all kinds of risks, but also injected strong confidence into the world economy. In the future, the role of consumption will be further highlighted. " Weighing theory.

In the eyes of many analysts, consumption is a clear manifestation of China’s economic resistance to pressure in the first half of the year. Yu Hong, a senior researcher at the Institute of East Asian Studies at the National University of Singapore, believes that China has a huge domestic market and a vibrant regional economy. In addition, the government has launched targeted fiscal, taxation and financial measures to support enterprises, which plays an important role in restoring economic growth and shows the resilience and potential of China’s economy.

Xing Ziqiang, chief economist of Morgan Stanley China, said that compared with developed countries, China’s consumption structure is currently dominated by physical consumption. In the future, as residents gradually pursue high-quality life, their consumption focus will shift from meeting basic needs to increasing life experience, and their consumption structure will also shift to service consumption. Xing Ziqiang predicts that consumption will gradually recover in the second half of this year and become the mainstay of economic growth next year, driving economic growth back to its potential level. (Reporter Wang Junling)

Legend of origin

The Dragon Boat Festival, also known as Duanyang Festival and Chung Wu Festival, is said to be the day when Qu Yuan, a great poet in ancient China, threw himself into the Guluojiang River to be martyred. For more than two thousand years, the fifth day of the fifth lunar month has become a traditional festival to commemorate Qu Yuan. According to historical records, on the fifth day of the fifth lunar month in 278 BC, Qu Yuan, a doctor and patriotic poet of the State of Chu, was filled with grief and indignation after hearing the news that Qin Jun had breached the capital of the State of Chu, and his heart ached, so he resolutely wrote Huai Sha. He threw himself into the Miluo River and died. People along the river have led boats to race to salvage, evoking souls along the water and throwing zongzi into the river to prevent fish and shrimp from eating into his body.

Today, the Dragon Boat Festival is still a festival that our people attach great importance to. On May 20th, 2006, this folk custom was approved by the State Council to be included in the first batch of national intangible cultural heritage list. Dragon Boat Festival is now a legal holiday in China.

Festival custom

01 Dragon Boat Race

Dragon boat race is the main custom of the Dragon Boat Festival. According to legend, people who originated in the ancient state of Chu were reluctant to part with the death of Qu Yuan, a sage, and many people rowed to catch up and save. They scrambled to catch up with each other and disappeared when they reached Dongting Lake. After that, I will row a dragon boat on May 5th every year to commemorate it. Dispel the fish in the river by rowing dragon boats, so as not to eat Qu Yuan’s body. The habit of racing is prevalent in Wu, Yue and Chu.

02 eat zongzi

Eating zongzi is another traditional custom of Chinese people. Zongzi, also known as "corn millet" and "zongzi". It has a long history and various patterns. From the Spring and Autumn Period to today, at the beginning of May every year, every family in China has to soak glutinous rice, wash zongzi leaves and make zongzi, with more varieties of colors. From the perspective of stuffing, there are many Beijing jujube dumplings with small dates in the north; In the south, there are many kinds of fillings, such as bean paste, fresh meat, ham and egg yolk, among which Zhejiang Jiaxing Zongzi is the representative. The custom of eating zongzi has been popular in China for thousands of years, and spread to Korea, Japan and Southeast Asian countries.

03 Artemisia argyi and calamus

A folk proverb says, "Willows are inserted in Qingming Festival, and Ai is inserted in Dragon Boat Festival". Every family sweeps the court, putting calamus and moxa sticks in the eyebrows and hanging them in the hall. Acorus calamus, Folium Artemisiae Argyi, Liuhua, Garlic and Dragon Boat Flower are made into human or tiger shapes, which are called Ai Ren and Ai Hu. It is made into garlands and ornaments, which are beautiful and fragrant, and women compete to wear them to drive away evil.

04 hanging bell statue

It is the custom of Dragon Boat Festival for Zhong Kui to catch ghosts. In the Jianghuai area, every family hangs bells and statues to ward off evil spirits. It is said that Emperor Kaiyuan of the Tang Dynasty returned to the palace from Lishan Mountain, and malaria was rampant. He dreamed that two ghosts, one big and one small, were wearing red crotch pants, stealing Yang Guifei’s sachet and Yu Di of the Ming Dynasty, and ran around the temple. GREAT GHOST wears a blue robe and hat, catches the kid, gouges out his eyes and swallows it in one gulp. When the Emperor of the Ming Dynasty asked questions, GREAT GHOST said, "My surname is Zhong Kui, that is, I am not the best in martial arts. I am willing to rid your majesty of demons." After the Ming Emperor woke up, malaria was cured, so Wu Daozi, a painter, painted a portrait of Zhong Kui catching ghosts according to what he saw in his dream, and ordered all the people to post it during the Dragon Boat Festival to exorcise evil spirits.

05 series baisuo

It is made of five-color silk, also known as Baisuo, Longevity Cord, Continuity Cord, Bing Shao, Five-color Cord, Zhu Suo and so on. Or hanging on the door, or wearing children’s neck, or tying children’s arms, or hanging on bed curtains, cradles, etc., it is said that it can avoid disasters, protect health and prolong life. In Ying Shao’s "Customs Tongyi" in the Han Dynasty, it is recorded: "On May 5, the five colors were given to continue life, and the popular saying was beneficial to human life." "The Chronicle of Jingchu’s Age" says: "It is not a disease to tie the arms with colorful silk, which is called" Bing Bing ".

06 drink realgar wine

Painting forehead is the custom of daubing children’s forehead with realgar on Dragon Boat Festival, which is said to ward off poisonous insects. The typical method is to draw the word "Wang" on children’s foreheads with realgar. One is to borrow realgar to drive away the poison, and the other is to borrow tiger’s forehead ("Wang" is like a tiger, and the tiger is the king of beasts, because it is replaced by a tiger) to suppress evil spirits. Qing Fucha Dunchong’s "Yanjing Year’s Chronicle": "From the first day of the first lunar month, take realgar and sprinkle it with wine, and apply it to the collar and nose and ears of children to avoid poison."

07 Dai Xiangbao

The sachet, also called sachet, sachet, purse, etc., is wrapped with colored silk thread and sewn with rags. It is filled with spices (made from Chinese herbal medicines, such as Radix Angelicae Dahuricae, Rhizoma Chuanxiong, Radix Scutellariae, Herba Paicao, Rhizoma Kaempferiae, Gan Song, and Radix Kaempferiae), which is worn on the chest and smells fragrant. Chen Shiliang’s Guang Ji at the Age of Years quoted Miscellaneous Notes at the Age of Years as saying, "Duanwu is made of red and white colors, and colored lines run through it, making it look like a flower." The contents of these carry-on bags have changed from sweat-absorbing mussel powder, talisman to exorcise evil spirits, copper coins and realgar powder to sachets filled with spices, and their production has become increasingly exquisite, becoming a unique folk art of the Dragon Boat Festival.

08 collecting miscellaneous drugs

Herb picking is also one of the oldest customs of Dragon Boat Festival. "Xia Xiaozheng" contains: "Store medicine this day to remove poisonous gas." Volume 22 of "Collection of Miscellaneous Drugs" quoted the lost article of "Collection of Miscellaneous Drugs at the Age of Jingchu": "On May 5, competing for miscellaneous drugs can cure all diseases." There is a record of catching toads in May in Qi Min Yao Shu Miscellaneous Notes in the late Wei Dynasty, which is also used for pharmacy.

09 Mulan decoction

It is an ancient custom recorded in "Da Dai Li" to bathe in orchid soup at noon. At that time, orchids were not today’s orchids, but Eupatorium odoratum of Compositae, which had fragrance and could be decocted and bathed. "Nine Songs in the Cloud" also has the sentence "Bathing orchid soup will make you fragrant". "The Chronicle of Jingchu’s Age": "May 5th is called the Orchid Bathing Festival." "Five Miscellanies" records that people in the Ming Dynasty took a bath with five-colored grass at noon because "orchid soup is not available." Later, it was usually fried cattails, wormwood and other herbs to take a bath.

10 doucao

Fighting grass was popular in the Southern and Northern Dynasties, and it was called "stepping on a hundred herbs", and it was called "fighting grass" or "fighting a hundred herbs" in the Tang Dynasty. "The Story of Jingchu’s Age": "On May 5th, the four people stepped on a hundred herbs together, and there was another scene of fighting a hundred herbs." After that, it is not limited to the Dragon Boat Festival.

Original title: Chinese traditional festival-Dragon Boat Festival

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　　CCTV News:On the afternoon of December 13th, the State Council Joint Defense and Control Mechanism held a press conference. A reporter asked, some elderly people wanted to be vaccinated before, but they were assessed as inconsistent due to basic diseases and other reasons. Does this mean that they have not been vaccinated against COVID-19?

　　Wang Huaqing, chief expert of immunization program of China CDC, responded that if there is a serious allergic reaction after vaccination, this kind of vaccine can’t be vaccinated again in the future, and most other situations belong to a slow vaccination scenario. In the early stage, because of the basic diseases, we assessed that it was impossible to vaccinate, and most of this situation belonged to delayed inoculation.

　　He said that if this elderly person has a basic disease, he is in the early stage of attack, he is in a stable stage after a period of treatment, or he can’t be vaccinated because of special treatment. When the special treatment is over, these people can consider vaccination, especially in the current situation where the epidemic intensity is relatively large and there are many sources of infection, these people can be vaccinated again after re-evaluation and permission. The elderly should be well protected before they are vaccinated, and this kind of protection is also needed in the later period. If he enters the stable period of the disease and after the special treatment, it is recommended to vaccinate as soon as possible if he meets the conditions.

　　Evening News (Reporter Yan Li) For children who have not yet entered adolescence, precocious puberty is not a good thing, so many parents are concerned about it. Huang Le, chief physician of endocrinology department of Tianjin Children’s Hospital, suggested that the appearance of precocious puberty will not only hinder children’s growth and development, but also affect their physical and mental health.

　　A sign of precocious puberty

　　The precocious puberty signals of boys and girls are very different. Generally speaking, girls develop puberty before the age of 8 or boys before the age of 9, which can be preliminarily judged as precocious puberty. If a girl has breast enlargement, pubic hair growth, armpit hair growth, vaginal discharge increase before the age of 8 or menstruation before the age of 10, parents should pay attention to any of these changes, which is the signal of precocious puberty of girls. Before the age of 9, if boys have testicles and penises growing up, scrotal skin folds increase and the color deepens, penile erection increases, and even some boys produce semen, these are all signs of precocious puberty in boys.

　　In addition, children’s precocious puberty has several characteristics, such as sudden increase in height, obvious development in a short time, and may have symptoms such as headache, vomiting and blurred vision. If children who have not entered adolescence have the above phenomenon, parents should also pay attention to it in time.

　　The harm of precocious puberty

　　The most obvious harm of precocious puberty is that it may affect the height of children. Adolescence is the fastest stage of children’s growth and development. If children have precocious puberty before puberty, it may affect their height development. Clinical cases show that some children with precocious puberty will greatly slow down their growth rate and their height will be shorter than that of normal children.

　　Secondly, precocious puberty will affect children’s mental health, and children with precocious puberty may have some physical differences with children of the same age, which will have an impact on children’s psychology.

　　Furthermore, precocious puberty may affect the development of children’s reproductive system. With the continuous improvement of people’s living standards and the improvement of dietary nutrition, children’s sexual development is now relatively advanced, so parents need to pay more attention to this aspect. In addition, the causes of children’s precocious puberty are complicated and influenced by many factors such as heredity, diet and environment, so it is more necessary to seek medical treatment as soon as possible, otherwise it is likely to affect the child’s future development.

　　Prevention of precocious puberty

　　In order to avoid precocious puberty, parents can adjust their children from the aspects of diet, exercise and sleep.

　　Parents should pay attention to balance their children’s diet, and don’t have to deliberately emphasize fineness. It’s best to eat coarse grains and flour and rice in a balanced way. The doctor suggested that children should eat less snacks and eat some fruits in addition to the normal three meals a day, but they should not delay the dinner. Parents should drive their children to exercise moderately. Doctors suggest that when the weather is fine, parents should take their children outdoors for at least one hour at a time. Parents should urge their children to get enough sleep every day and try to sleep around 21 o’clock. Children generally need 10 to 12 hours of sleep every day, and at least 9 to 10 hours of quality sleep should be guaranteed.

　　In addition, doctors remind parents that if children are found to have precocious puberty, they should go to regular hospitals in time, be tested by scientific diagnostic methods such as hormone level, B-ultrasound and CT, and be treated according to the doctor’s advice.

Only after handing over the best mid-year report in history, BYD (002594.SZ) immediately encountered the test of investor confidence by Buffett’s reduction.

Since 2022, BYD’s various businesses have generally been "opened". In terms of new energy vehicles, sales exceeded 100,000 vehicles for five consecutive months, and surpassed Tesla to top the global sales in the first half of 2022. At the same time, the installed capacity of power batteries has steadily increased. In May, it surpassed LG in the installed capacity ranking of global power battery enterprises and became the second in the world.

Under the blessing of two ace businesses and high market valuation, BYD ushered in an unexpected but unexpected Davis double click — — On June 10th, BYD’s total market value successfully exceeded one trillion, becoming the first domestic automobile brand with a market value exceeding one trillion.

But there were Ning Wang and Tesla before, followed by Wei Xiaoli. Can the trillion "Diwang" take the lead in the increasingly white-hot global new energy vehicle war and bring more imagination beyond the valuation of nearly 300 times?

Berkshire’s answer now seems to be no: for the first time in 14 years, it reduced its holdings by more than 6 million shares. There are still 219 million shares in hand, will the market outlook continue to cash out? This makes the market quite a bit floating.

Go back to the basic disk. BYD has been building its own winning weapon for many years — — The industrial chain layout and vertically integrated business structure have made it frequently criticized, and now it is highly respected and has become "the only company that has completely withstood the blockade, chip shortage and rising raw material prices".

After the profit turning point, whether BYD’s whole industrial chain layout can escort and promote its sustained high growth, and how unique industrial ecological landscape will be generated, this paper will deconstruct and analyze its two main businesses, new energy vehicles and power batteries, and find out.

The full text is long, mainly from the following aspects:

New energy vehicle business

1.1 Upstream chip: self-core-made, and it has become the power semiconductor faucet of domestic vehicle specifications.

1.2 Mid-stream auto parts: Can the "Foday System" be both internal and external?

1.3 intelligent mid-stream vehicles: self-research capability needs to be improved.

1.4 Downstream production base: The layout quantity is relatively advanced.

Second, the power battery business

2.1 upstream lithium ore and raw materials: self-production and equity participation.

2.2 Battery technology and key equipment are independently developed.

2.3 layout power battery recycling, trying to solve the demand for raw materials.

2.4 The production capacity continued to expand, adding multiple production bases.

I. New energy vehicle business

Cars are undoubtedly BYD’s most profitable business segment.

In the first half of 2022, BYD sold 646,400 vehicles, up 162.03% year-on-year, of which 638,200 were new energy passenger vehicles, up 324.84% year-on-year, and the domestic market share reached 24.7%, up over 7.5 percentage points from 2021.

In terms of revenue, in the first half of 2022, the proportion of automobiles, related products and other products in total revenue increased from 52.20% in the first half of 2021 to 72.55% in the first half of 2022, achieving revenue of 109.267 billion yuan, a year-on-year increase of 130.31%.

In terms of profit, BYD ended the situation of increasing income without increasing profit. In the first half of the year, it realized a net profit of 3.029 billion yuan, a year-on-year increase of 721.72%.

"BYD has a high configuration and a low price, so it sells well. After its market share is stable, it will gradually raise prices and its profitability will improve." A new energy fund manager said that the complete industrial chain layout has also promoted BYD’s profitability.

Wang Chuanfu once said that foreign suppliers despises new independent brands and can only rely on themselves at first. It is both a challenge and an opportunity. It is from the initial forced "self-production and self-supply" that BYD has stepped forward to the present.

1.1 Upstream chip: self-core-made, and it has become the power semiconductor faucet of domestic vehicle specifications.

In 2002, BYD set up the integrated circuit design department, which started almost simultaneously with its plan to build cars and batteries. In 2004, IT officially entered the field of microelectronics and optoelectronics in the IT industry, and BYD Microelectronics was established, which was later BYD Semiconductor. Recently, BYD Semiconductor has submitted a prospectus to Shenzhen Stock Exchange, intending to be listed on GEM.

BYD has been developing its own chips for 20 years, and now it has become the largest power semiconductor IDM enterprise in China. According to BYD Semiconductor’s prospectus, the company’s main business is divided into five sectors: power semiconductor, intelligent control IC, intelligent sensor, photoelectric semiconductor, manufacturing and service, and the revenue in 2021 accounts for 43.22%, 13.46%, 19.25%, 18.69% and 5.38% respectively.

Among them, the power semiconductor business with the largest proportion of revenue mainly adopts IDM business model, and has formed a complete industrial chain including chip design, wafer manufacturing, module packaging and testing, and system-level application testing. The products mainly include IGBT chips, FRD chips, IGBT modules, IGBT single tubes, IPM modules, SiC modules, etc., which are applied to new energy vehicles and other fields.

BYD Semiconductor has set up an IGBT R&D team since 2005. IGBT can convert direct current into alternating current, which is an indispensable device for new energy vehicles. At present, the company’s vehicle-class IGBT module has matched BYD’s new energy vehicles, and the total shipment volume ranks first in China, breaking the monopoly of overseas manufacturers.

At the same time, BYD Semiconductor is also the first power semiconductor enterprise in the world and the only one in China to realize the large-scale loading of SiC three-phase full-bridge modules in motor drive controllers of new energy vehicles. It has broken through technical problems such as high-temperature packaging materials, long-life interconnection design, high heat dissipation design and vehicle regulation level verification, and realized the large-scale application of SiC modules in high-end models of new energy vehicles.

Intelligent control IC products include MCU chip, power IC and BMSAFE chip. At present, Fabless business model is mainly adopted.

In the field of vehicle regulation MCU, BYD Semiconductor is also the first echelon in China. The company’s car-level 8-bit MCU chip has been mass-produced since 2018, and is mainly used in automotive electronic control scenes such as car lights and car buttons; The 32-bit MCU chip of vehicle regulation level is designed according to the requirements of ISO26262 safety level standard, and it integrates various communication modules, which can be applied to automotive electronic control scenes such as electric windows, electric seats, wipers, lights and instruments.

Wang Chuanfu once said that the electrification of automobiles has brought about great changes that have never happened in a hundred years, and the industrial supply chain system is bound to be reconstructed. "In the field of semiconductors, the demand for semiconductors in electric vehicles is 5-10 times higher than that in traditional vehicles. Electric cars are in the first half, smart cars are in the second half, and smart cars have greater demand for semiconductors. "

However, there are only a handful of car companies that make their own chips. After all, the research and development cycle is long and the investment is large, which is not cost-effective, especially the IDM model with heavy asset investment.

In the tide of core shortage that swept the world in the past two years, automobile chips were in the most shortage, especially the power semiconductor of automobile gauge and MCU in vehicle. The advantages of BYD’s self-made chips were fully reflected.

Can BYD Semiconductor supply in bulk to other car manufacturers in the future? At present, in addition to supplying BYD Group, its vehicle-grade power semiconductor products have entered the supply systems of manufacturers such as Xiaokang Automobile, Yutong Automobile, Foton Motor, Ruiling, Beijing Times, Invigorate, Blue Ocean Huateng and Huichuan Technology, but in 2021, the revenue from BYD Group still accounted for more than 60%.

1.2 Mid-stream auto parts: Can the "Foday System" be both internal and external?

"BYD’s overall supply chain was relatively weak during the epidemic. Some core components were done by its own business department, and the control of the supply chain was relatively in place." A new energy analyst of a brokerage recently said in an interview with CBN.

In March 2022, BYD launched an independent Foday brand and officially announced the establishment of Foday Company. The company has operational autonomy and the core components of new energy are sold to the outside world.

According to Wang Chuanfu, as a sub-brand of BYD, Foday Department is a complete auto parts supporting system, which is an inevitable choice for BYD after years of vertical integration. After the split, it will be priced according to the market-oriented mechanism to form a profit center.

On the one hand, Foday Company guarantees the safety of BYD’s industrial chain, on the other hand, it can broaden the company’s growth space through external supply, which is expected to open a second growth curve in the field of auto parts.

Up to now, BYD has five auto parts companies: Foday Mould, Foday Power, Foday Battery, Foday Technology and Foday Vision, and through these five companies, it has realized self-supply in the fields of power battery, electric drive system, electric vehicle platform, thermal management system, lighting system and battery management system.

In terms of batteries, since 2020, Foday Battery has established a number of "Foday Department" battery companies.

From Bengbu Fudi Battery Co., Ltd. in 2020 to Wuwei, Yancheng, Jinan, Shaoxing, Chuzhou, Fuzhou Fudi Battery Co., Ltd. and Chongqing Fudi Battery Research Institute Co., Ltd. in 2021, and then to Xiangyang, Taizhou, Nanning, and Guangxi Fudi Battery Co., Ltd. in 2022, the total number is more than ten.

In February 2022, the power battery project of FAW Fudi New Energy Technology Co., Ltd., which was jointly registered by China FAW Group and BYD, officially started. With a total investment of 13.5 billion yuan, the project can meet the configuration requirements of 600,000 electric vehicles every year after it is completed and put into operation, and realize an annual output value of more than 20 billion yuan.

In terms of electric drive, in March 2022, Skyworth Motor released the Skyworth HT-i model. Some insiders said that the Skyworth HT-i model adopted the HT-i system developed by Foday Power and Skyworth, and the HT-i system was tailored for Skyworth Motor.

As early as 2019, BYD released the "BYD New Energy Vehicle Parts Selection Manual", which externally supplied core components such as powertrain, motor, electronic control and power supply.

1.3 intelligent mid-stream vehicles: self-research capability needs to be improved.

BYD, which started from the traditional manufacturing industry, did not have the conditions to impact the high-end in the era of fuel vehicles. With the advent of the intelligent era, BYD’s self-research and foreign cooperation were driven by both, and it got the tickets for the second half in advance.

Yang Dongsheng, vice president of BYD and president of Product Planning and Automotive New Technology Research Institute, once said that the core of automotive intelligence lies in the intelligent cockpit. After three years of development, BYD’s DiLink system applied to the intelligent cockpit has launched version 4.0 in 2021.

Previously, in the second half of 2020, BYD Intelligent Networking Center also released DiPilot, an advanced intelligent driving assistance system for automobiles, for the first time, which includes DiDAS intelligent assistance technology and DiTrainer coaching mode.

At present, BYD’s main subsidiary, Foday Technology, is engaged in research related to intelligent cockpit, ADAS and vehicle networking. The specific products include multimedia systems, blind spot monitoring systems, automatic parking, panoramic images and intelligent forward-looking. At the same time, Foday Seiko has relevant layout in smart car, and its specific products are lighting combination headlights and rear lights, rearview mirrors, indoor and outdoor photo lamps, etc. In addition, the Automotive Smart Ecology Research Institute is engaged in the research and development of open smart car platforms, smart customer relationships and smart car applications.

However, compared with electrification, BYD’s intelligent self-research ability needs to be improved.

"It is difficult for BYD to make breakthroughs in intelligent driving and software systems. Now it is basically the world of Huawei and several foreign players." The above fund manager said. There are even more extreme voices saying that BYD’s shortcomings in the direction of intelligence are as obvious as its advantages in electrification.

Among them, hardware configuration and OTA (over-the-air download technology) are the main gaps between BYD and the new car-making forces.

The Qualcomm Snapdragon SM6350 chip used in BYD DiLink 4.0 platform is a mid-to high-end processor, while the mainstream cockpit chips of Tucki P5, Weilai ET7 and ET5 all use Qualcomm Snapdragon SA8155P chip. SA8155P chip is the top-level chip in Qualcomm, and it is in the first echelon in the automotive chip industry. At the same time, BYD has also faced problems such as upgrade trouble and poor user experience in OTA.

Judging from the layout of BYD’s R&D, it seems that the company really prefers electrification. In 2021, BYD’s R&D investment reached 10.63 billion yuan, a year-on-year increase of 24.20%. The projects involved mainly included blade battery technology, energy storage products (BMS-active) and DM-i super hybrid.

How will BYD handle itself in terms of intelligence?

At the same time of self-research, BYD chose to strengthen cooperation with the outside world in an effort to make up for the shortcomings of the industrial chain.

In 2018, BYD and Baidu Apollo signed cooperation agreements related to new energy vehicles, driverless technology and vehicle asset sharing operations.

In 2019, BYD signed a strategic cooperation agreement with Huawei, and BYD Han was equipped with Huawei HiCar；; In March 2021, the company strategically invested in Horizon, an automotive smart chip enterprise; In November 2021, Momenta, a company related to autopilot software, established a joint venture company "Dipai Zhixing" for high-level autopilot layout; In December 2021, it reached a strategic cooperation agreement with sagitar Juchuang (mainly engaged in intelligent lidar system), and officially led sagitar Juchuang in February 2022. In February 2022, Baidu was selected as the supplier of intelligent driving system; In March of the same year, it reached a cooperation with NVIDIA, and it is planned to install NVIDIA DRIVEHyperion platform on some vehicles in the first half of 2023 to realize a higher level of intelligent driving function.

1.4 Downstream production base: the layout quantity is relatively advanced.

In April 2022, when the epidemic was serious, BYD’s pure electric and plug-in hybrid products were ranked first in the sales of passenger car brands.

The reason why BYD’s sales volume can ride the dust, in addition to the materials needed for self-supply, the widely distributed production base also contributed.

Compared with enterprises such as Weilai, Ideality and Tesla, which have only one production base in China, BYD has built four automobile production bases in Shenzhen, Xi ‘an, Changsha and Changzhou. In June 2022, the first complete vehicle Qin PLUSDM-i of BYD Hefei Base Phase I was successfully rolled off the assembly line, and five other factories, including Fuzhou, were under construction. This means that once there is an emergency, BYD can minimize the risk of downtime.

According to the data of China Investment Network, as of May 2022, BYD’s annual production capacity has reached 1.3 million vehicles, and it is expected to reach 3.4 million vehicles in 2022. With the steady implementation of mass production plans of some factories, the vehicle production capacity will reach 4.05 million vehicles in 2023, and the scale effect will be further revealed.

It is reported that at present, BYD’s four bases in Jinan, Hefei, Zhengzhou and Shenshan all adopt the mode of "parts+whole vehicle", which can predict in advance to reduce the accumulation of parts and spare parts and reduce the stocking cost as much as possible.

Second, the power battery business

The struggle between Ferrous lithium phosphate and Sanyuan never stopped. Wang Chuanfu, who has worked with batteries for decades, insists that BYD can only find a way out in China and the world if it is Ferrous lithium phosphate. Despite the twists and turns, BYD finally won back the main battlefield of lithium iron phosphate battery with its high-performance blade battery.

According to the data of China Automotive Power Battery Industry Innovation Alliance, with the accelerated loading of blade batteries, the installed capacity of BYD power batteries increased from 16.2% in 2021 to 22.25% in the first seven months of 2022.

However, the financial report shows that in 2021, BYD’s secondary charging and photovoltaic business (including power battery business) achieved revenue of 16.471 billion yuan, a year-on-year increase of 36.72%; The gross profit margin was 11.94%, down 8.22 percentage points year-on-year.

To say who is holding back the profitability of power batteries, the high probability is the lithium mine whose price is "constantly rising". BYD’s power battery business has undoubtedly faced the challenge of high raw material prices since 2021. In fact, in order to stabilize the supply chain and control the battery cost, BYD has been trying to enter the upstream lithium mine field in recent years, and at the same time, it has intensified its efforts to lay out the middle-stream lithium battery equipment, downstream power battery recycling and other businesses.

2.1 upstream lithium ore and raw materials: self-production and equity participation.

In March, 2022, Wang Chuanfu said at the committee of 100 Forum on Electric Vehicles in China that the soaring price of battery raw materials was a challenge that the industry needed to overcome. He suggested that the layout and production capacity of lithium carbonate resources should be comprehensively sorted out, the domestic mining volume and foreign imports should be increased, and the price expectation should be stabilized.

BYD mainly arranges lithium resources by investing in lithium resource enterprises, establishing joint ventures with lithium resource enterprises, and directly purchasing lithium mine mining rights.

As early as 2010, BYD invested about 200 million yuan to acquire an 18% stake in Zabuye High-tech Lithium Industry Co., Ltd. in Shigatse, Tibet. According to the data, Zabuye High-tech Lithium Industry is a holding subsidiary of Tibet Mining and has the exclusive mining right of Zabuye Salt Lake for 20 years. The salt lake is the third largest lithium mine salt lake in the world and the largest in Asia, with proven lithium reserves of 1.841 million tons.

Since 2022, the company’s lithium resource layout has been more intensive. In January, BYD won the bid of $61 million for the Chilean lithium mine, but unfortunately the project was stopped by the local court; In March, it is planned to invest 3 billion yuan in Shengxin Lithium Energy. In April 2022, the company signed an agreement with Yinhe Lithium Industry to purchase 60,000 tons of lithium concentrate every year. At the same time, the planned new 60,000-ton lithium salt project in Indonesia is expected to be put into production in 2023. At the end of March, BYD Auto Industry, a subsidiary, invested 6 million yuan and held 30% of the shares, and set up a mining company with Sichuan Luqiao, aiming at developing Sichuan lithium mine resources; In May, it was reported that BYD had found six lithium mines in Africa, all of which had reached the acquisition intention. The output of lithium carbonate in these six lithium mines is reported to reach 1 million tons, which can cover the company’s raw material demand in the next decade.

As for cathode materials, BYD, as an enterprise specializing in lithium iron phosphate batteries, can imagine the demand for Ferrous lithium phosphate. Therefore, on the basis of self-research and self-production, the company also guarantees the supply through the mode of foreign equity participation.

In 2019, the Ecological Environment Bureau of Haidong City, Qinghai Province issued a public notice of environmental impact assessment, and accepted the construction project of Ferrous lithium phosphate with an annual output of 20,000 tons of Qinghai BYD Industrial Co., Ltd., with a total investment of 710 million yuan.

In July 2022, Anda Technology announced that BYD spent 30 million yuan to subscribe for the company’s directional issuance of shares, with a shareholding ratio of 2.11%. In addition, BYD also took a stake in Hunan Yuneng, another leading anode manufacturer in Ferrous lithium phosphate, with a shareholding ratio of 5.27%.

In addition to lithium ore and cathode materials, the company’s annual report revealed that a series of related businesses such as battery aluminum foil, aluminum-plastic film, separator and electrolyte additives were also laid out in the field of power batteries, and the upstream and downstream industries were continuously strengthened.

In 2021, North China Aluminum Company established a battery aluminum foil company, which attracted many battery companies to become shareholders, of which BYD held 2.97%.

Zijiang New Materials is one of the leading enterprises in the domestic aluminum-plastic film industry. In the second half of 2021, strategic investors such as BYD were introduced through capital increase and share expansion, and BYD directly held 3.87% of the shares. At the same time, BYD was the largest customer of Zijiang New Materials.

BYD’s diaphragm layout started as early as 2009, when the company and Foshan Plastic Group Co., Ltd. jointly expanded the lithium-ion battery diaphragm project with a total investment of about 105 million yuan. By August, 2016, BYD’s power battery separator has been partially produced.

In terms of electrolyte additives, in February 2021, BYD took a stake in Huasheng Lithium Battery, which had just been IPO, and held 1.98% of the shares.

2.2 Battery technology and key equipment are independently developed.

Insisting on being long and thin is the development direction of BYD’s battery technology.

The company’s main product, the blade battery, adopts the Ferrous lithium phosphate scheme of long battery cells, flattens the battery cells, and uses the module-free technology to form a battery pack, so that the utilization rate of the internal space is increased to about 60%, and the cost can be reduced by about 25%.

According to TF Securities, in November 2021, Foday battery ranked second in the domestic market share of power battery cells. Foday battery joint venture FAW Foday New Energy Technology Co., Ltd. is mainly engaged in the manufacturing of core components such as new energy batteries, modules and related supporting industries. After the factory is fully put into production, the annual production capacity of power battery can reach 45GWh, which will provide long-life blade batteries for more than 1 million vehicles.

Because the shape of the blade battery is different from that of the traditional power battery, the ready-made standard equipment can’t be used directly. BYD takes advantage of being a "tech man" and the equipment for key processes is developed by itself.

For example, the lamination process adopts the equipment and cutting scheme independently developed by BYD. The pole piece with a length of nearly 1 meter can achieve the accuracy and speed of tolerance control within ±0.3mm and single lamination efficiency of 0.3s/pcs, which is the first in the world. At the same time, self-developed equipment and systems are also used in the assembly and liquid injection.

2.3 layout power battery recycling, trying to solve the demand for raw materials.

In September 2015, BYD and GEM jointly established a recycling system of "material recycling-battery recycling-new energy vehicle manufacturing-power battery recycling". In January 2018, BYD signed a strategic partnership agreement with Tower Company for recycling new energy power batteries. At present, BYD has set up more than 40 power battery recycling service outlets in more than 10 provinces and cities.

In addition to solving the urgent demand for raw materials and reducing the cost of raw materials, another significance of the power battery recycling business is that it may open up a new growth curve for BYD.

Judging from the performance of battery recycling leaders GEM and Tianqi, in 2021, GEM’s power battery recycling business achieved revenue of 151 million yuan, a year-on-year increase of 61.63%; Jiangxi Tianqi Jintaige Cobalt Co., Ltd., the core subsidiary of Tianqi’s lithium battery recycling business, achieved an operating income of 988 million yuan in 2021, a year-on-year increase of 52%; The net profit of returning to the mother was 224 million yuan, a year-on-year increase of 622.58%.

According to the data, the business scope of Taizhou Fudi Battery Co., Ltd., a subsidiary of Fudi Power, includes battery manufacturing and sales, recycling and cascade utilization of waste power batteries in new energy vehicles, and research and development of new materials and technologies. At present, the company is indirectly wholly-owned by BYD Co., Ltd.

2.4 The production capacity continued to expand, adding multiple production bases.

"In 2021, the bottleneck of battery capacity had a certain impact on the mass production of the whole vehicle. With the production capacity of the battery base in 2022, the automobile production capacity will also increase. In April, the proportion of BYD’s loading on the battery side has reached 32.18%, and the gap with Contemporary Amperex Technology Co., Limited is gradually narrowing." The above analyst said.

Since 2021, BYD has successively expanded eight battery production bases in Jinan, Shandong, Wuwei, Anhui, Yancheng, Jiangsu, Wuhan, Hubei, Shaoxing, Zhejiang, Ningbo, Chuzhou, Anhui and Fuzhou, Jiangxi, with a total new production capacity of 205GWh. In 2022, bases in Xiangyang, Hubei and Changchun, Jilin were successively opened, and two base projects in Taizhou, Zhejiang and Nanning, Guangxi were signed.

In terms of production capacity, BYD plans to have a production capacity of 135GWh in 2021 and an available production capacity of 80GWh；; In 2022, the planned production capacity is 285GWh, and the available production capacity exceeds 200GWh；; By 2023, the planned production capacity will exceed 500GWh, and the available production capacity will exceed 350GWh.

The expansion of production capacity has also accelerated the process of BYD’s battery supply.

In 2018, BYD Power Battery only had two commercial vehicle customers, Taikai Automobile and Xugong Machinery. In 2019, the external supply of passenger cars was opened, and Changan Automobile, FAW and Changan Ford became new customers.

After BYD launched the blade battery in March 2020, it attracted more car companies to discuss cooperation.

In 2021, the external supply ratio of BYD power battery is about 10%. From the perspective of specific customers, FAW is the first third-party passenger car enterprise to adopt blade batteries, and BYD power batteries account for 25% of its total installed capacity; Dongfeng, Changan and BAIC use ternary batteries, and BYD’s supply accounts for 6%, 4% and 0.1% respectively.

Cinda Securities believes that with the increase of the acceptance of Ferrous lithium phosphate route, the external supply business is expected to usher in a substantial breakthrough, and the power battery business may become another important growth pole of the comparable automobile business.

Third, the conclusion

From about 60 yuan/share in June 2020 to a high of 358.86 yuan/share in June 2022, BYD’s share price has nearly tripled in just two years, which is supported by performance and the result of high valuation given by the market.

It can’t be denied that BYD seems to have opened up the second vein of Ren Du in the past two years, and the vertical integration layout that has been painstakingly managed for many years has soared to generate, resulting in great synergy, forming a virtuous circle of the whole industrial chain of new energy vehicles and constantly gaining positive feedback.

But after the market value once broke through one trillion, where is BYD’s next stop?

There were many optimists. Head brokers use the segment valuation method and think that the company’s reasonable value is 1.4 trillion yuan; There is also a view that new energy vehicles will be not only a means of transportation in the future, but also the next generation of intelligent terminals. If the new energy vehicle industry will produce a company with a market value of 2 to 3 times that of Apple’s stock, the market value of BYD may be trillions of dollars against Tesla.

Real money traders are obviously more rational. The latest market value of BYD’s A-shares has dropped to around 850 billion yuan, and the news that the stock god has reduced its holdings may further return it.

Charles Munger once said, "Wang Chuanfu knows what he can do and what he can’t do, while Musk thinks he can do anything. I prefer to choose those who have self-knowledge. " This is a high evaluation, but obviously, this does not affect Berkshire’s reduction of cash BYD, at the time he thinks it is appropriate.

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This article does not constitute any investment advice, and investors should act accordingly at their own risk. The market is risky and investment needs to be cautious.

　　Xinhua News Agency, Beijing, August 20th (Reporter Xia Ke) Summer is the season of high incidence of intestinal infectious diseases, with high temperature and humidity, which is conducive to the reproduction of germs, and food is easily contaminated. People like to eat cold food to relieve summer heat, and the chances of infection are further increased. Beijing CDC reminds that attention should be paid to drinking water hygiene and food safety. High temperature can kill pathogenic microorganisms, and drinking water should be boiled before drinking. In addition, don’t use antibiotics as soon as diarrhea occurs. Abuse of antibiotics may lead to imbalance of normal intestinal flora, which is not conducive to recovery.

　　According to reports, the main manifestations of intestinal infectious diseases are diarrhea, nausea, vomiting, abdominal pain, loss of appetite, etc. Serious cases can lead to dehydration, and very few cases are even life-threatening.

　　Experts from Beijing CDC said that to prevent intestinal infectious diseases, first of all, food should be separated from raw food and cooked food to avoid cross-contamination. Leftover food should be stored in the refrigerator in time, and the storage time should not be too long. Before eating again, it needs to be heated until it is completely hot, because the low temperature of the refrigerator can only delay the growth of bacteria, but it cannot be sterilized. In addition, it is necessary to eat as little as possible foods that are easy to carry pathogenic bacteria, such as snails, shells, crabs and other aquatic products, especially seafood stalls on mobile roadsides, and products that are eaten raw or half-eaten. For families with pets, we must do a good job in pet hygiene, and at the same time, we must warn our children not to feed their pets while eating.

　　Experts suggest that if diarrhea occurs, fasting and water restriction are not recommended, and light and digestible liquid or semi-liquid food should be eaten, and the symptoms will gradually transition to a normal diet after improvement. If diarrhea is not serious, the symptoms can be improved within 2 -3 days by adjusting diet, rest and symptomatic treatment. People with severe diarrhea, especially those with dehydration symptoms, should go to the hospital intestinal clinic for medical treatment in time. In order to prevent dehydration, you should drink more sugar and salt water, and it is best to buy "oral rehydration salt" at the pharmacy; Patients who have suffered from dehydration or severe vomiting and can’t drink water should go to the hospital in time and take intravenous rehydration and other treatment measures according to the doctor’s advice.

　　Experts suggest that it is wrong for many patients to use antibiotics as soon as they have diarrhea. Because most diarrhea does not need antibiotic treatment, abuse of antibiotics may lead to imbalance of normal intestinal flora, which is not conducive to the recovery of diarrhea. If you are not sure whether antibiotics should be used, patients should go to the intestinal clinic.