Cancer, as one of the most common diseases with high mobility and high mortality in the world, the clinical treatments for its tumors generally include surgery, chemotherapy and radiotherapy. Due to the shortcomings of chemical drugs and various toxic and side effects, people have been committed to developing more effective drug delivery systems for cancer treatment, with the aim of reducing side effects and ensuring its efficacy.

With the progress and maturity of nanotechnology, its advantages are gradually reflected.

Introduction of nano-drugs

Diagram of sustained release process of nano-drugs

Nano-drug and its delivery system

Nano-medicine refers to nanoparticles or nano-carriers, which is a new product produced by the combination of nano-technology and medicine.

Nano-drug delivery system refers to the integration of small drug molecules into nano-materials by means of encapsulation or adsorption.

Advantages of nano-drugs

First, improve the solubility and absorption of drugs.

Nano-sized drugs are different from most chemotherapy drugs. Nano-sized drugs have larger specific surface area, better solubility, faster dissolution, improved absorption properties and better therapeutic effect.

At the same time, due to better solubility, the dosage of patients can also be appropriately reduced.

Second, prolong the drug’s circulation time in vivo, and enrich it to the focus.

Through some modification and treatment on the surface of nano-drugs, the circulation time of drugs in human body can be prolonged, which is beneficial for drugs to reach the lesion site, and special modification may make drugs more concentrated in the tumor site, resulting in better selectivity and targeting properties.

Nano-drugs can enter the tumor tissue through the porous blood vessels of the tumor, and achieve a high degree of penetration and retention in the tumor. Therefore, nano-preparation has excellent properties of high drug loading rate, passive targeting and controlled drug release.

Clinical application of nano-preparation.

Paclitaxel albumin nanoparticles

Paclitaxel is a commonly used anticancer drug in clinic. Here is a brief introduction to the nano-preparation of paclitaxel:

Paclitaxel, a commonly used anticancer drug

Albumin nanoparticles

Albumin nanoparticles are nano-particles based on albumin.

Albumin is an endogenous natural product with the advantages of safety, non-toxicity, non-immunogenicity, biodegradability and good biocompatibility. Moreover, the nanoparticle carrier system has unique targeting, sustained and controlled release characteristics and drug protection.

By high-pressure homogenization, paclitaxel and human serum protein preparation were made into nanometer freeze-dried powder, which can improve the solubility, avoid a large number of paclitaxel nanoparticles aggregation, and help the drug to be absorbed into tumor cells and give full play to its role.

Pharmacological action of paclitaxel

Paclitaxel is an anti-microtubule drug, which can stabilize microtubules by promoting the polymerization of tubulin dimer and inhibiting its depolymerization, thus inhibiting the normal dynamic reorganization of microtubule network during interphase and mitosis.

In addition, paclitaxel can lead to abnormal arrangement of microtubule "bundles", affect the division of tumor cells and promote tumor cell apoptosis during the whole cell cycle and cell mitosis.

indication

The application of albumin nanoparticles in the in vivo delivery of paclitaxel and cancer treatment has become a hot topic in recent years.

Albumin paclitaxel nanoparticles are mainly suitable for the treatment of metastatic breast cancer that failed in combination chemotherapy or breast cancer that recurred within 6 months after adjuvant chemotherapy.

Unless there are clinical contraindications, an anthracycline anticancer drug should be included in previous chemotherapy.

matters need attention

In the process of using paclitaxel albumin nanoparticles, it should be noted that paclitaxel for injection (albumin binding type) also has adverse drug reactions and must be used under the guidance of a doctor with chemotherapy experience.

Only with perfect diagnosis and treatment facilities can the complications and adverse reactions caused by drugs in treatment be effectively controlled.

references

[1] Jie Chen, Cao Ye, Li Shuangshuang, Luo Lailong, Yu Peng, Li Mingyuan. Research progress of novel nano-drug delivery system for tumors [J]. China Journal of Pharmacy, 2020,55(21):1749-1756.

Xin li, Zhu Dandan, Chen Yu, Lin Shuting, Han Lili, Li Ying, Liu Xiaoxuan. Research progress of nano-drug delivery system in promoting deep penetration of tumor [J]. Zhongnan Pharmacy, 2020,18(12):2009-2018.

Zhao Shuang, Zhang Shaofang, Mu Xiaoyu. Research progress of nano-drugs [J]. Tianjin Pharmacy, 2020,32(02):57-61.

Chen Dongxiao, Zhang Juanmei, Li Jianye, Xu Tianhong, Dong Yaqin, Pu Xiaohui. Research status and progress of paclitaxel albumin nanoparticles [J]. Journal of Henan University (Medical Edition), 2017,36(04):296-300.

[5] Chen Kang. Analysis of the research progress of paclitaxel pharmaceutical preparations [J]. Heilongjiang Medicine, 2019,32(06):1390-1392.

Contributed by: Song Haolin (Ruijin Intern Pharmacist)

Original title: "How do nano-warriors fight cancer-do you understand? 》

Read the original text

On July 18, 2018, Dakar, Senegal, the Museum of Black Civilization. Xinhua News Agency reporter Yan Yanshe　　　

Seven million years ago, in the active primate community in Africa, a figure stood up and took a small step for the individual at the "fork in the road" when the apes were about to leave, but it became a big step for mankind.

Today, this "fork in the road" is located in a remote desert in Chad. The skull left by that figure has been fossilized by the years and inadvertently exposed in front of people in the sand.

"This is the earliest known ancient human," Michel Bruehne, the leader of the fossil discovery team and a professor at the Institut fran? aise, said in an interview with Xinhua News Agency recently. "His name is Toumai, which means" hope of life "in the local language.

What is Man: The Controversy Faced by Tumai

Tumai’s skull fossil was discovered by Bruehne’s team in 2001. The original is now in the National Research and Development Center of Chad, and the replicas are exhibited in the National Museum of Chad and the Senegalese Museum of Black Civilization. Aimei Contusan, the chief researcher of the Museum of Black Civilization, said: "Tumai is considered to exist between the primate chimpanzee genus and the human genus." This expression reflects the controversy that Tumai once faced.

The facial image reconstructed from Tumai’s skull can directly explain the controversy. The hair and facial features on the reconstructed head look a bit like orangutans. Experts believe that Tumai is a male, and his fossils show the mixed characteristics of apes and humans: the skull shape is similar to that of apes, the brain volume is close to that of chimpanzees, and the orbital spacing is similar to that of gorillas.

Only three months after Bruehne’s team published a paper on Tumai in the British journal Nature in July 2002, milford Wolpov of the Paleoanthropology Laboratory of the University of Michigan and others published a questioning article in Nature in October, arguing that Tumai was still an ape rather than a human being.

However, there is also a lot of evidence to support that Tumai is a human being. Bruehne published a response article in Nature in 2005. He told reporters: "Some people say that this is a gorilla, and the canine teeth will be hollow and very large, but this is the canine teeth of human beings. The position of the foramen magnum on the skull is also different from that of gorillas and chimpanzees, but it is in line with the characteristics of human legs walking upright. "

"What is a person?" Wu Xiujie, a researcher at the Institute of vertebrate paleontology and Paleoanthropology, Chinese Academy of Sciences, pointed out in an interview with Xinhua News Agency that the focus of relevant disputes is actually the definition of human beings.

"Before the 1960s, paleoanthropologists generally used whether they could make tools as the boundary between humans and apes. However, it was later discovered that making tools is not a unique ability of human beings, and animals such as chimpanzees can also make tools. Therefore, paleoanthropologists gradually adopted a new standard: habitual walking with two legs upright. "

Wu Xiujie said that the position of the foramen magnum of Tumai’s skull is as downward as ours, indicating that the skull is vertically located on the spine, indicating that it has habitually walked upright with two legs. "This is decisive evidence." She said that the current academic classification of Tumai is the Sahelian Chad species. Although it does not belong to the genus of modern people, it belongs to the human family, which is the same as other ancient humans.

On April 8, 2009, several primary school students watched the reduced image of human ancestor fossil "Lucy" at the National Museum in Addis Ababa, Ethiopia. Xinhua News Agency reporter Deng Jianshe　

"The Ape": The Fork of 7 million years ago

Since Tumai is a human being, its "age" is particularly meaningful. Bruehne’s team published a paper in the Journal of the National Academy of Sciences in 2008, saying that the dating result of Tumai skull is between 6.8 million and 7.2 million years, which is often said to be 7 million years for convenience. He said: "So far, no human beings older than this have been found."

This means that the time of human origin has been pushed forward by Tumai.

For many years, Lucy, a famous ancient human fossil, has been called "the old grandmother of mankind". This female skeleton fossil, discovered in Ethiopia in 1974, is highly valued for its completeness and antiquity. Fossils include skulls, ribs, arm bones, etc., and are the most complete fossils of their kind. Its "age" is about 3.5 million years, and it has been firmly in the top spot in the world for a long time after being discovered.

But older fossils have appeared one after another. An ancient human fossil found in Kenya in 2000 was named Millennials because of its discovery time. It was about 6 million years ago and won the throne of "the highest generation". Only one year later, Tumai was discovered in Chad, which pushed forward the time of human origin by 1 million years.

The significance of Tumai is not only in time, but also in space. Before Tumai, because important early human fossils such as Lucy were found in eastern Africa, Yves Copon, a famous French paleoanthropologist, put forward the theory of "East Story", which believed that human beings originated in the east of the Grand Canyon in East Africa. Tumai appeared in the desert of Chad in central Africa and moved about 2500 kilometers west of the Grand Canyon, breaking the theory of "East Story".

"Tumai’s discovery shows the progress of scientific research," Contusan said. "With the further development of science and technology, we may find more ancient humans."

On August 8, 2019, Michel Brunet, a professor at the French Academy, was interviewed in his office in Paris. Xinhua News Agency reporter Gao Jingshe

The blind touch the elephant: the evolutionary tree of ancestors has not yet been explored

Tumai, who stood 7 million years ago, is the earliest ancestor we can see now. Is he our ancestor?

Ordinary people may naturally have such an idea. In Chad, most people know Tumai and are proud of it. Abubakar Saleh, a citizen of Chad, said: "Tumai is the ancestor of mankind, and we are the descendants of Tumai. This is a great honor."

But in the opinion of experts, the evolutionary tree of human ancestors is far from clear. Wu Xiujie said: "Because of the scarcity of fossils, our research on the evolutionary tree of ancient humans is still blind."

Now, a mainstream view in paleoanthropology is the "African origin" of early humans, because all the ancient human fossils found 2 million years ago are in Africa. "Human beings have spent a long time in Africa," Bruehne said. From a very long time scale, "we are all Africans, and outside Africa, we are all immigrants".

However, there is still controversy in academic circles about how modern people originated in more recent places. For example, for the ancestors of Chinese, there is an international view that although there were Yuanmou people 1.7 million years ago and Peking Man 770,000 years ago, these ancient humans may not have survived the Ice Age, and another group of ancient humans came out of Africa about 60,000 years ago.

Recently, however, many new fossil evidences have been found in the paleoanthropologists in China, such as Xu Changren, Dao County Man, Huanglong Cave Man, Chongzuo Homo sapiens Cave Man, etc. about 100,000 years ago. These new fossil evidences challenge the view that there are no modern people in China earlier than 60,000 years.

Wu Xiujie said: "The evolution of ancient human branches is not an isolated and linear process, but a complex bush-like process. There may be a mixture between branches, some branches may later perish, and new branches may arise somewhere. The trunk and panorama of the human evolutionary tree have not been explored yet. "

It is not clear whether Tumai is the ancestor of today’s modern people, even the Chadians. Wu Xiujie said: "But if we look at it from a particularly long time scale, we can say that Tumai and all of us modern people are relatives."

(The original title is "Special Feature: 7 million years ago, the" fork in the road ",he went to the human side")

　　[PConline first evaluation]This generation of Turing graphics card is rarely divided into two series by NVIDIA, one is RTX 20 series graphics card which focuses on ray tracing and is aimed at higher-end players, and the other is GTX 16 series which is relatively cost-effective. The first shot of GTX 16 series was started by GTX 1660 Ti as early as last month. Its price in the early 2000 yuan is more than 30% ahead of GTX 1060, and its performance is really cost-effective. Today, GTX 16 series welcomes a new member. GTX 1660 has no Ti, so today, let’s take a look at whether the performance of GTX 16 series is satisfactory.

　　For Turing architecture graphics cards, everyone should be familiar with it. It has been half a year since the first Turing architecture graphics card RTX 2080 Ti was released. Compared with Pascal’s, SM of Turing GPU architecture has been greatly changed, reducing the number of CUDA cores in Turing SM units to 64 (Pascal is 128), but increasing the number of SM units. TU102 has 6 GPC graphics processing clusters, each with 12 groups of SM units, totaling 72 groups of SM units, while GP102 has 36 groups of SM units, and at the same time increasing the cache of each group of SM units. L0 cache is added, and L1/ shared cache is increased to 96KB, which seems to be reduced, but the allocation method is more flexible. When necessary, L1 cache is allocated to 64KB, which is 50% higher than Pascal graphics card’s 48KB.

　　For the technical analysis of product detailed analysis, you can also jump here to consult.https://diy.pconline.com.cn/1172/11720764.htmlcheckread

　　However, the Turing core used in GTX 16 series and RTX 20 series is still slightly different.

　　GTX 1660 Ti and GTX 1660 useThe redesigned TU116 coreTU116 has reduced the SM unit of GPC to 8 groups per cluster, while the core of RTX 20 series graphics cards is 12 groups. The complete TU116 core has 3 sets of GPC, including 24 sets of SM and 1536 CUDA stream processors, which is also the specification of GTX 1660 Ti, while the TU116-300 core used in GTX 1660 only castrates two sets of SM, and the number of stream processors reaches 1408.

　　In addition, RTX series graphics cards use FP16 to calculate Tensor Core, while TU116 replaces tensor Core with a dedicated FP16 computing Core.

　　Another castrated place is memory. GTX 1660 uses GDDR5 memory of the same model as GTX 1060, and the memory frequency is far less than GDDR6.

　　Detailed parameters of GTX 1660 are as follows.

　　Parameter comments:The number of GTX 1660 CUDA stream processors is 1408,It is 128 less than GTX 1660 Ti, but it will still be 128 more than GTX 1060.

　　GTX 1660 still uses GDDR5 video memory, which means that the graphics cardThe bandwidth of video memory is the same as GTX 1060, which is 50% lower than GTX 1660 Ti.

　　The core frequency of the public version is 1530-1785MHz, which is slightly higher than GTX 1660 Ti. 　

　　The TDP of the graphics card is still 120W, which means that the power consumption of the graphics card is not much different from that of GTX 1060.

　　Official guide price of GTX 1660Starting from 1799 yuan, 400 yuan less than GTX 1660 Ti, and 200 yuan less than GTX 1060 when it was first launched, so is the graphics card worth it? Just look down.

　　Let’s go directly to the testing link. Before testing, let’s briefly introduce the testing platform.

　　Since there is no public version of GTX 1660 Ti, this time we first got the Galaxy Gemini, namely GTX 1660 Master and GTX 1660 General. In the end, GTX 1660 will be appointed as the test graphics card. The core frequency of the graphics card is 1530-1830MHz, and the BOOST frequency is 45MHz higher than that of the public version. In theory, the performance will be 1~2% higher than that of the public version.

　　Many factors have been considered in the selection of the graphics card that participated in the comparison. From the specifications, we know that the performance of GTX 1660 is definitely between GTX 1660 Ti and GTX 1060 6GB, so these two graphics cards will definitely be used as a comparison. GTX 1060 6GB uses the public version, and GTX 1660 Ti also takes a model with the same frequency as the public version, just consider it as a public version.

　　AMD’s competing products chose RX 590 with the same performance between GTX 1060 and GTX 1660 Ti. Here, the 8 GB version of ASUS ROG STRIX RX 590 is used, and the public version frequency. In fact, the frequency difference of RX 590 on the market is very small, and the performance can’t be opened.

　　It is also stronger than GTX 1060 and weaker than GTX 1660 Ti, so who is better than GTX 1660 or RX 590? Let’s reveal it below.

　　As for the CPU, I 9-9900K, the strongest game CPU, is selected with two 8GB 3200MHz high-frequency memories to ensure that other hardware of the platform will not become the test bottleneck.

　　If you don’t accept it, run a score first. In addition to our commonly used Fire Strike Extreme and Fire Strike Ultra tests, there is also Time Spy for DirectX 12 benchmark performance test of game PC.

　　Summary of theoretical performance test: I don’t know, I was shocked at the test, but I didn’t expect it to be justCastrated two groups of SM units and switched to GDDR5 memory, which can reduce the FSE of Turing graphics card by nearly 1500 points!The FSE and running score of GTX 1660 are basically the same as the public version of GTX 1060 6GB, and the FSU running score is even worse, but fortunately GTX 1660 regained a city in TS running score, surpassing GTX 1060 6GB by 29%.

　　The comprehensive running score of GTX 1660 is only 7% higher than that of GTX 1060 6GB.This promotion … is … equivalent to nothing?There is also a 20% performance gap from the big brother GTX 1660 Ti.It seems that switching to GDDR5 memory is still very painful. So is GTX 1660 such a weak chicken in the game measurement? Is it a non-public GTX 1060 6GB? Let’s measure and verify it immediately.

　　This time, we expanded the lineup of evaluation games, and the number of games tested reached nine, mainly the latest and most popular 3A masterpieces, such as Assassin’s Creed: Odyssey, Subway: Leaving, Resident Evil 2 Remastered Edition, as well as classic old games, Wizard 3 and Survival of the Jedi, which made the test results more objective and convincing.

1. Tomb Raider: Shadow

　　Unconsciously, Laura has been with us for 20 years, and has developed into the 11th generation. Today, she has been able to support all kinds of latest, true and most eye-catching graphics technologies. It should be noted that Tomb Raider 11 is a game that natively supports DX12.

2. Assassin’s Creed: Odyssey

　　Assassin’s Creed: Odyssey is the 11th work in the Assassin’s Creed series, which was created by Ubisoft. In the game, players will return to ancient Greece and play a mercenary with Spartan ancestry who was sentenced to death by his family, thus starting an epic journey from a young abandoned man to a legendary hero. The game’s plot design and image quality are very brilliant, and it is a strong competitor for the best game of the year in 2018.

3. Strange Squad

　　"Strange Squad" was a game that went on the market at the end of August last year. The PC started and supported DX12 perfectly, and the Steam list was highly rated.

4. "Singularity Ash"

　　Microsoft’s personal work to promote DX12 API perfectly supports all the effects of DX12. Benchmark optimization is in place, and it is also very suitable for testing DX12 performance and graphics performance of graphics cards.

5. Resident Evil 2 Remastered Edition

　　Capcom’s latest fried cold rice, the sales volume of the game reached 3 million in just a few days, which was very popular among players. The test is based on the gas station scene at the beginning of Lyon, and the test results are recorded by running laps for 60 seconds. The game defaults to DX12 mode.

6. Battlefield V

　　Battlefield V is a hot game recently, not because it is fun, but because it is the only game that supports ray tracing on the market at present, and it is also a game promoted by NVIDIA. War stories, an African-American infantryman, was chosen as the first 30s in the test scenario, and DX11 mode was chosen in the test, because the number of game frames in DX11 mode was higher for both A card and N card.

7. "Wizard 3"

　　Super classic AAA masterpiece, needless to say. The field scene was selected for the test, and the horse rode on a fixed route for about 60 seconds to record the results.

8. Subway: Leaving

　　Although I didn’t log in on steam, Subway: Leaving is still a good game. The most amazing thing about it is its excellent picture quality. This game is also the first game with ray tracing, DLSS and Hairworks installed.

　　Because of the excellent picture quality, the game became a graphics card killer, and the number of frames of the tested graphics card was extremely low at 1080p resolution, so the test used high picture quality, not the ultimate picture quality.

9. Survival of the Jedi

　　A historic game with a record sales volume, the game of Jedi survival does not need much introduction.

　　Summary of game performance test:In order to let everyone see the performance gap between each graphics card more intuitively, Xiao Bian takesThe comprehensive performance of GTX 1060 in the above nine games is 100%., get the following chart.

　　At the resolution of 1080p, GTX 1660 can achieve 16% higher frame rate than GTX 1060, which is a big lead. Compared with competing RX 590, the performance of game frames is basically the same, but there is still a 17% gap between the graphics card and the big brother GTX 1660 Ti.

　　Because the video memory bandwidth of GTX 1660 is the same as that of GTX 1060 6GB, the gap between them is the same at 2K resolution. The gap between GTX 1660 Ti and the video memory bandwidth is naturally widened to 20%, which is also surpassed by RX 590.

　　The measured performance of the new card is still good, which is 17% stronger than GTX 1060 and basically consistent with RX 590.

　　Since it is impossible to test the power consumption of a piece of hardware alone,So the following are the power consumption of the whole machine.When the graphics card is fully loaded, the peak power consumption of the whole machine in 3DMark stress test is selected.

　　The graphics card basically maintains the same power consumption as GTX 1060 6GB, but reaches the performance of RX 590. Turing architecture +12nm technology makes the energy consumption of N card reach a new level, and the power consumption of GTX 1660 is about 130W lower than that of RX 590, which has obvious advantages.

　　Next, let’s take a look at the temperature, stability and noise performance of the Galaxy GTX 1660. These tests are related to the design skills of the manufacturer’s graphics card. Even if the same chip, different models will be very different.

3DMARK stress test results:

　　In 3DMark stress test, 97% passed,Finally, the graphics card passed the test with 97.8%, indicating that the stability of the graphics card is no problem. Graphics card in stress testThe highest instantaneous frequency is 1920MHz.This is also the characteristic of N card. The actual BOOST frequency will be much higher than the nominal frequency. Click on the image to enlarge to see the specific value.

　　By the way, I summed up the stability results of the participating graphics cards, and the performance of the Galaxy GTX 1660 is still good.

Temperature test

　　In fact, the 3DMARK stress test just now also showed this temperature performance. The temperature environment of the four graphics cards in this test is exactly the same.

　　The full-load temperature of the graphics card is not high, only 69℃.

Noise test

　　The full-load noise is only 47dB, which is basically inaudible, thanks to the new satellite obsidian radiator.

About noise:

　　0-20 decibels: very quiet, almost imperceptible; 20-40 decibels: quiet, like whispering; 40-60 decibels: general indoor conversation; 60-70 decibels: noisy: harmful to nerves; 70-90 dB: It is noisy and nerve cells are destroyed. 90-100 decibels: increased noise and hearing loss; 100-120 decibels: unbearable, temporarily deaf after staying for one minute. Above 120 decibels: extremely deaf or totally deaf; About 300 dB or above: 20km of people in Fiona Fang are irreparably deaf.

　　Finally, it is inevitable to sum up. First, a performance percentage chart is put forward, which combines the results of four graphics cards in 1080p resolution, 2K resolution and 3DMARK theory running score test. This comprehensive performance is still very important. After all, we can’t test all the games on the market, but we can get a general idea of the comprehensive performance of graphics cards in all games by combining the game performance and running score.

　　The comprehensive performance of GTX 1660 is 11% stronger than that of GTX 1060 6GB, and the performance gap is really a little small, which is 6% lower than that of competing RX 590. This is mainly because the two 3DMARK scores of GTX 1660 are so weak that the possibility of bug follow-up driving or 3dmark optimization cannot be ruled out. However, GTX 1660 Ti has been released for more than a month, which does not necessarily mean that FSE and FSU have much improvement. Can it be said that NV?

　　The performance of the graphics card is 19% worse than that of GTX 1660 Ti. Under the castration of the yellow knife method, the graphics card class of each model of N card is very fixed.

　　It is reported that GTX 1660 is the graphics card that replaces GTX 1060 6GB. It is a good thing that the inventory of GTX 1060 is finally cleared after so long.

　　The starting price of the new graphics card is 1799 yuan, which is almost the same as the starting price of GTX 1060 6GB after the mine disaster. That is to say, after two or three years, the performance of the graphics card bought by consumers with the same money is only 11~17% higher, which is far from meeting the expectations of consumers. Therefore, it is reasonable to say that the price of GTX 1660 card will continue to be reduced to around 1500 to replace GTX 1060 3GB.

GTX 1660 is a product with general competitiveness.

　　Is GTX 1660 very competitive in the market? There should be a question mark on xiaobian here. The performance of graphics card is basically the same level as RX 590, and the price is similar. At that time, RX 590 was still cost-effective because GTX 1060 sold for 1900~2100 when it came out. Now GTX 1060 has dropped to 1600~1800, and RX 580 even dropped to 1500, so the competitiveness of GTX 1660&RX 590 products is much weaker.

　　Compared with competing products at the same price, it may also be a competitor RX 590 for a long time in the future. Their performance is basically at the same level, and the bigger difference lies in other aspects.The advantage of GTX 1660 lies in its lower power consumption, which is about 140W lower than that of RX 590, which can save a lot of money on purchasing power supply and optimize the user experience in noise and heat accumulation in the chassis, while the advantage of RX 590 lies in the additional 2GB of video memory.

　　6GB of video memory is enough for playing 1080p resolution games, but playing 2K resolution games may lead to the explosion of video memory in very few games. However, in terms of the performance of these two graphics cards, it is more suitable for playing 1080p resolution games.

　　So, if you have to choose between the two,At the same price, GTX 1660 is more worth buying.And it is necessary for RX 590 to further reduce its price to maintain its competitiveness. At present, GTX 1660 wins!

　　In fact, the comparison between GTX 1660 and RX 590 is the repetition of GTX 1060 VS RX 580, which is basically the same in performance, low in power consumption of N card and larger in memory of A card.

　　Xiao Bian believes that,Graphics cards with the same materialsRX 590 is at least 100 yuan cheaper than GTX 1660, so it is worth considering which one to buy. For example, the beggar version of GTX 1660 sells for 1799, so the beggar version of RX 590 should sell for 1699.

　　This time we got the Gemini GTX 1660 Master and GTX 1660 General from Galaxy.

　　GTX 1660 is priced at 1799 yuan, while GTX 1660 uses better materials and has higher frequency, and the price naturally rises, reaching 1899 yuan.

　　Evaluation we use the GTX 1660 general, and the appearance of the graphics card is mainly blue and black, which is more eye-catching.

　　The brand-new Star Yao radiator stabilized voltage TU116-300 core, in the above evaluation, we also saw the power of this radiator.

　　The graphics card has a large-area backplane, which can assist heat dissipation and strengthen the strength of the graphics card. The whole graphics card is not thick, and it is designed for a standard 2-slot card.

　　The video output interface is 1dp+1dmi+1dvi with rich interfaces.

　　　　The measurement is 246*135*43mm, and the external power supply is 6pin, so the graphics card has good adaptability.

　　There are RGB lights on the top of the graphics card, which is full of e-sports.

　　Next, let’s take a look at the inside of the graphics card.

　　Electrical components with orderly layout.

　　High-definition codeless TU116-300 core.

　　GDDR5 memory produced by magnesium light.

　　4+1 phase power supply, which helps higher frequency on the graphics card.

　　Let’s take a look at the Xingyao radiator used in the graphics card, two 6mm nickel-plated heat pipes and nickel-plated fins, which are quite sufficient in materials.

　　The part in direct contact with GPU uses a large area of pure copper base, no wonder the graphics card is so low temperature.

　　Let’s take a look at what the non-public GTX 1660 looks like.

Colorful iGame GTX 1660 Ultra

　　GTX 1660, produced by Colorful, a graphics card manufacturer, has the same appearance as iGame GTX 1660 Ti Ultra, and the highest core frequency is 1860MHz.

Sotai GTX1660-6GD5 Destroyer OC HA

　　The MINI has a big heart, and the BOOST frequency of the graphics card core reaches 1805MHz, which is suppressed by double heat pipes and powered by 4+1 phases.

Gigabyte GeForce GTX 1660 OC

　　The cool and low-key appearance, although not the high-end model under AORUS, already feels very good.

MSI GTX 1660

　　There are many GTX 1660 models launched by MSI. Let’s count them one by one.

　　GeForce GTX 1660 AeroITX 6OGOC with single fan design is suitable for small chassis.

　　GeForce GTX 1660 Armor 6OGOC with high cost performance.

　　A new generation of magic dragon GeForce GTX 1660 GAMING X 6G to replace the classic Red Dragon series.

　　Geforce GTX 1660 Ventures XSC 6OC, which is relatively close to the people.

Gengsheng GTX 1660

　　Gengsheng also brought two non-public graphics cards.

　　The design of GTX 1660 glare radiator is very special.

　　Gengsheng GTX 1660 chasing the wind version, the red and black color matching is very e-sports.

Yingzhong GTX 1660 Black Gold Extreme Edition

　　The design of the MINI with the same body, coupled with the excellent power consumption performance of GTX 1660, Yingzhong GTX 1660 will definitely become the gospel of ITX lovers.

　　So many GTX 1660′ s are estimated to be messy. The evaluation of these graphics cards is also in progress. If you want to know which GTX 1660 is better, just keep paying attention to us.

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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!

　　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.

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.

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.

Topic: Commemorating the 88th anniversary of the founding of the Communist Party of China (CPC).

　　Xinhuanet Beijing July 1 ST

　　The Communist Party of China (CPC) inner-party statistical bulletin in 2008

　　Organization Department of the CPC Central Committee

　　By the end of 2008, the total number of members of the Communist Party of China (CPC) was 75.931 million, a net increase of 1.778 million over the previous year.

　　There are 3.718 million grass-roots organizations in the Communist Party of China (CPC), a net increase of 55,000 over the previous year, including 179,000 grass-roots party committees, 229,000 general branches and 3.310 million branches.

　　I. Team structure in party member

　　Gender, ethnicity and education in party member. There are 15.969 million women in party member, accounting for 21.0% of the total number in party member, with an increase of 0.6 percentage points over the previous year. There are 4.944 million ethnic minorities in party member, accounting for 6.5% of the total number of party member, which is basically the same as last year. There are 25.833 million party member with college education or above, accounting for 34.0% of the total number of party member, an increase of 1.6 percentage points over the previous year.

　　Party member’s age. There are 17.855 million party member under the age of 35, accounting for 0.2 percentage points higher than the previous year; There are 17.19 million party member between the ages of 36 and 45, accounting for 0.3 percentage points lower than the previous year; There are 22.22 million party member people aged 46 to 59, accounting for 0.4 percentage points lower than the previous year; There are 18.666 million party member people over 60 years old, accounting for 0.6 percentage points more than the previous year.

　　Party member’s time to join the Party. 733,000 people who joined the party before the founding of the People’s Republic of China; 7.996 million people joined the Party after the founding of the People’s Republic of China and before the Cultural Revolution: 12.309 million people joined the Party during the Cultural Revolution; Crushed the Gang of Four to 38.036 million people who joined the Party before the 16th Party Congress; 16.856 million people have joined the Party since the 16th National Congress of the Communist Party of China.

　　Party member’s occupation. There are 7.336 million workers, 23.612 million farmers, herdsmen, 6.208 million staff of party and government organs, 16.876 million managers and professional technicians of enterprises and institutions, 2.014 million students, 14.282 million retirees and 5.601 million other occupations.

　　There are 3,582,000 employees in non-public units in party member, including 1,635,000 workers and 1,947,000 managers and professional technicians.

　　Second, the development of party member.

　　In 2008, 2.807 million party member people were developed, 25,000 more than the previous year, with an increase of 0.9%.

　　Develop gender, ethnicity, age and education in party member. There are 1.023 million women in party member, accounting for 36.4% of the total number of developing party member, an increase of 0.7 percentage points over the previous year. There are 198,000 ethnic minorities in party member, accounting for 7.1% of the total number of developing party member, an increase of 0.4 percentage points over the previous year. There are 2.268 million people under the age of 35 in party member, accounting for 80.8% of the total number of developing party member, an increase of 0.7 percentage points over the previous year. There are 862,000 party member with college education or above, accounting for 30.7% of the total number of developing party member, down 0.4 percentage points from the previous year.

　　Develop party member’s career. In the developed party member, there are 209,000 workers, 559,000 farmers, herdsmen, 123,000 staff of party and government organs, 581,000 managers and professional technicians of enterprises and institutions, 1.067 million students and 268,000 other occupations. Among them, the number of developing students in party member increased most obviously, with an increase of 71,000 over the previous year, accounting for 2.2 percentage points of the total number of developing party member.

　　There are 126,000 employees in party member in non-public units, including 47,000 workers and 79,000 managers and professional technicians.

　　Develop 1.291 million party member in the front line of production and work; 25,000 people in party member were developed under special circumstances such as earthquake relief.

　　Iii. commendation within the party

　　In 2008, Party organizations at all levels commended 311,000 advanced Party organizations, 1.526 million outstanding Communist party member and 246,000 outstanding Party workers. Among them, 3,000 advanced party organizations, 14,000 outstanding Communist party member and 487 outstanding party workers were commended for their outstanding performance in resisting ice and snow disasters; Commend 14,000 advanced party organizations, 55,000 outstanding Communist party member and 30,000 outstanding party workers for their outstanding performance in earthquake relief; There are 2000 advanced party organizations, 10000 outstanding Communist party member and 635 outstanding party workers who have made outstanding achievements in the Olympic and Paralympic Games.

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