It has been half a month since the normalization of nucleic acid screening in various places. As the weather turns hot, the work of nucleic acid sampling and sample transportation becomes more difficult. Experts said that although the working environment is even worse, especially for some outdoor sampling points, the sample collection, storage and transshipment work should still be carried out in accordance with the specifications and should not be slack.

　　Battery car transfer sample

　　June 15th is the first hot day since Shanghai entered Mei, with the temperature climbing to 36 degrees and the outdoor ground temperature even higher. The first financial reporter saw in an open-air nucleic acid detection point in Shanghai that the temporary tent could not stop the scorching sun, and the sampling personnel wore protective clothing, and their faces were sweating, while there were no electric fans or cooled ice cubes outdoors. Also exposed to the scorching sun are tubes of nucleic acid reagent samples being collected.

　　The sampling time at this sampling point is from 1: 00 to 4: 00 in the afternoon. After the sampling stopped at 4: 00, the staff put the last batch of samples into a suitcase-sized small refrigerator, which was close to 4: 30. A courier arrived at the testing point by car battery car, ready to take them away.

　　I saw that the picker opened the refrigerator and hastily stuffed nearly 20 tubes of nucleic acid reagents in sealed bags into black shoulder bags, while the battery car was filled with yellow medical waste bags collected from multiple inspection points.

　　Now he will carry the samples and medical wastes to a nearby "transfer station", and then these uniformly collected samples will be transferred to the designated testing laboratory by special vehicles. He claimed that this was the sixth time he had transshipped samples today, three times in the morning and three times in the afternoon, thus ending the six-hour working day agreed in the contract.

　　According to the transshipman, the point where he collects samples every day is not completely fixed, and sometimes an extra sampling point is added temporarily, which leads to the delay of his arrival at the next point, so the actual working time is more than 6 hours.

　　A sampler of normalized nucleic acid kiosks told the First Financial Reporter that in principle, a batch of samples will be transported away every hour, but in practice, the time is not so fixed, mainly depending on whether there are enough people to transport them. Their main tool is a battery car, which transports the reagents collected from several nearby testing points to the assembly point and then sends them to the testing laboratory by special car.

　　However, for the above process, an infectious disease expert with rich field sampling experience said that this sample processing method is worrying, and the sample storage and transshipment are very inconsistent with the basic norms.

　　"We who do infectious diseases know that the most important thing is that all operations must be carried out in strict accordance with norms and standards. The storage temperature and transfer time of nucleic acid samples have strict standardized processes, which is definitely not convenient." The above experts told the First Financial Reporter.

　　The guide has clearly stipulated.

　　The Implementation Guide for COVID-19 Nucleic Acid Testing Organization (Second Edition) clearly stipulates the preservation and transportation of samples, which should be kept at low temperature (2-8 degrees Celsius). In principle, samples should be collected every 2 hours for transportation, and the samples should be delivered to the laboratory 4 hours after collection.

　　On the basis of the above guidelines, Shanghai has further put forward "126" requirements for nucleic acid testing institutions, that is, collecting and transporting a batch of samples every hour, transporting the samples to the testing institutions in 2 hours by vehicles, and completing the testing in the laboratory within 6 hours. In terms of sample transfer, the time requirement is reduced by half compared with the guideline, but in fact, it is very difficult to achieve such a goal. If the sample is not transferred in time, it will not only affect the quality of the sample, but also affect the waiting time for detection.

　　In this regard, the above-mentioned infectious disease experts told the First Financial Reporter: "Since there are norms, it should be strictly implemented in accordance with the norms. For example, it is stipulated that samples should be shipped every hour or two, and someone should come to pick them up when they arrive, instead of seeing that there are enough people to pick them up. If not, just wait."

　　The expert also warned that as the weather gets hotter, if the nucleic acid reagent cannot be stored at low temperature in time during transportation, or exposed to the sun for a long time, it will increase the risk of inaccurate nucleic acid test results.

　　He told the First Financial Reporter: "You should know that ribonuclease is ubiquitous. It exists in the air and anywhere. When you open the lid of the nucleic acid test tube, it may enter the test tube. At the temperature above 37 degrees, Rnase will easily degrade RNA, and the whole process only takes 10-15 minutes. If there is a very low virus load in the test tube, it will be diluted after ten mixes.

　　According to the observation of the first financial reporter at some nucleic acid detection points, in some mixed-tube tests, the actions that do not meet the operating standards include picking a person without screwing on the cover, which also increases the risk of exposing the sample to the air.

　　The above experts added that although adding some components, such as diethyl pyrocarbonate (DEPC), to the reagent can help to inhibit Rnase, these components will increase the cost of the reagent, and standard nucleic acid reagents are generally not added. "The easiest way is to keep it at low temperature and transport it in time. Even using ice cubes to cool down is helpful. Ice cubes have no cost and can be reused." He told the first financial reporter.

　　He also stressed that the basic operation in transferring samples is to put the samples into two-layer sealed packages and avoid the test tubes from tipping, so as to prevent the reagent from leaking and polluting other samples because the cover is not tightened.

　　Professor Lu Hongzhou, president of Shenzhen Third People’s Hospital, told the First Financial Reporter: "The best way to solve this problem is to collect samples regularly."

　　Professor Shen Hanming, an expert in cell biology at the University of Macau, told CBN: "In theory, there is a protective solution in nucleic acid reagents, and some components can inhibit RNA degradation to a certain extent, but even so, in principle, reagents should not be stored at room temperature and high temperature for a long time."

　　Changsha Evening News (all-media reporter Peng Fang correspondent Chloe Wang Zeng Fan) Ms. Li, 50, has the greatest pleasure of cooking a sumptuous dinner for her family after work every day. A few days ago, Ms. Li participated in the physical examination of the unit. The results of low-dose spiral CT showed that "the space-occupying lesion of the upper lobe of the right lung does not rule out malignant lesions", and she was subsequently diagnosed as peripheral lung cancer in Hunan Cancer Hospital. Ms. Li wondered how she and her family could get lung cancer because they don’t smoke, and they usually have a healthy diet and a regular schedule. Wang Wenxiang, director and chief physician of the Second Department of Thoracic Surgery, Hunan Cancer Hospital, pointed out that in recent years, more and more patients with peripheral lung cancer were found in physical examination, and most of them were female patients who did not smoke. The academic circles thought it was related to their long-term exposure to high-temperature kitchen fumes.

　　Some surveys have found that women’s long-term exposure to high-temperature fumes will increase their risk of lung cancer by 2-3 times. Among non-smoking female lung cancer patients, more than 60% have long-term exposure to kitchen fumes; 32% women like to fry food in high-temperature oil when cooking, and the kitchen doors and windows are closed or poorly ventilated.

　　Wang Wenxiang pointed out that different cooking oils have different smoke points, and the higher the smoke point, the healthier the cooking oil. Among the commonly used edible oils, camellia seed oil has a high smoke point and can be used as a healthy first choice for cooking. In the cooking process, try to use medium fire, and control the temperature when cooking, so as not to smoke as the limit, which can not only reduce the damage of fatty acids and vitamins caused by high temperature, but also minimize the generation of smoke; Try to choose a pot with a thick bottom for cooking, so as to reduce a lot of oil smoke generated by the sharp rise of temperature in the wok; Try to use cooking methods such as steaming, boiling and stewing to reduce the oil smoke caused by frying; Ensure good ventilation in the kitchen, clean the range hood regularly, and wear a mask when necessary to reduce the smoke inhalation.

　　Wang Wenxiang reminded that the clinical cure rate of early lung cancer is over 80%, especially for women’s early lung cancer, most of which are peripheral lung cancer. Thoracoscopic surgery can achieve radical cure of lung cancer through 1 ~ 3 keyhole-sized operation incisions, and the curative effect is not inferior to that of large incision open surgery.

It is understood that Apple plans to release a new generation of 16 series in September this year. Recently, digital bloggers "Instant Digital" and "I Ice Universe" shared the screen cover drawings of iPhone 16 Pro Max, and said that the design was consistent with their actual measurement data, which made people believe in the existence of this new type of mobile phone.

If the border design on these CAD drawings is finally adopted, then iPhone 16 Pro Max will become one of the smartphones with the narrowest borders in the global market. According to the data, except for the iPhone 16 Pro Max, the border widths of the other three models are as follows: the border of the iPhone 16 is 2.0497mm；; IPhone 16 Plus frame is 2.0599mm；; The border width of iPhone 16 Pro and iPhone 16 Pro Max is 1.2mm respectively.

From the data point of view, the screen border control of these new machines is excellent, especially the iPhone 16 series, which is more intense in the positive visual effect with the large screen design. In terms of hardware configuration, all three phones will be equipped with A18 chipset, while iPhone 16 Plus and iPhone 16 ProMax will be equipped with A18 Pro chipset. At the same time, the new chipset is also manufactured by the latest N3E enhanced 3nm process from TSMC.

It is worth mentioning that the upgraded neural engine will greatly improve the artificial intelligence performance of the iPhone 16 series such as intelligent voice and machine learning. In addition, it is reported that the iPhone 16 series will have more exciting functions and features.

guide reading

On September 4th, the newly-developed recombinant novel coronavirus vaccine for inhalation (adenovirus type 5 vector) was put forward by the National Health and Wellness Commission, and was approved by National Medical Products Administration to be used as booster for emergency use, making it the first inhaled COVID-19 vaccine in the world.

On October 25th, Shanghai started the registration of intensified immunization with recombinant Covid-19 vaccine for inhalation (adenovirus type 5). On 26th, the immunization with recombinant Covid-19 vaccine (adenovirus type 5) for inhalation was started.

What is recombinant Covid-19 vaccine for inhalation? This non-injected, non-cold chain COVID-19 vaccine was called "revolutionary ideal" by Academician Chen Wei. What’s good about this "ideal" vaccine?

Chen Wei, researcher of Academy of Military Sciences, vice chairman of China Association for Science and Technology and academician of China Academy of Engineering.

↓↓↓

Studies at home and abroad have proved that enhanced immunization with Covid-19 vaccine can enhance the protection effectiveness and prolong the protection period.

The so-called atomization inhalation immunity means that the vaccine is atomized into tiny particles by an atomizer, and then enters the respiratory tract and lungs by breathing inhalation, thus stimulating mucosal immunity, which cannot be brought by intramuscular injection. Generally, intramuscular injection of COVID-19 vaccine can only induce humoral immunity and cellular immunity. In addition, immunization with atomized inhalation is painless and has higher accessibility.

Immune response and specific antibodies induced by intramuscular injection are easier to enter the blood circulation system, but their contents in nasal cavity and lungs are not high enough to achieve immune effect quickly when the virus invades. It takes a certain reaction time for these antibodies to reach the respiratory tract from the blood, but the virus invades our body and usually seizes this time difference, so many people are infected during this time.

However, this non-injected vaccine is inhaled, and only one-fifth of the dose of the vaccine is injected each time. It can also induce mucosal immunity through atomized inhalation to achieve the best effect of triple immunity, which can not only block the infection of Covid-19, but also inhibit the spread of the virus.

According to the relevant requirements of the state, citizens only need one dose of hypohomologous booster immunization or sequential booster immunization at present. When people aged 70 and over are vaccinated, they should be accompanied by family members or volunteers.

COVID-19 vaccine for inhalation 18 questions

1. What is recombinant Covid-19 vaccine for inhalation?

Answer: The recombinant Covid-19 vaccine for inhalation (adenovirus vector type 5) uses an adenovirus vector harmless to human body to deliver the genetic material expressing S protein into human body, and uses an atomizer to atomize the vaccine into tiny particles, which can reach the lung tissue through oral breathing by inhalation, thus stimulating triple immunity of mucosa, body fluid and cells.

2. What are the conditions for inoculation of recombinant Covid-19 vaccine for inhalation?

A: At this stage, the inactivated vaccine produced by Sinopharm China Biotechnology Co., Ltd., Beijing Institute of Biological Products Co., Ltd., Sinopharm China Biotechnology Co., Ltd., Wuhan Institute of Biological Products Co., Ltd. and Beijing Kexing Zhongwei Biotechnology Co., Ltd. and the intramuscular recombinant COVID-19 vaccine (adenovirus type 5) produced by Kangxinuo Biological Co., Ltd. can be used to carry out one dose of booster immunization for people aged 18 and above for six months. Recombinant Covid-19 vaccine for inhalation (adenovirus type 5 vector) is not used for basic immunization for the time being.

All kinds of people only need to be vaccinated with one dose of hypohomologous booster immunization or sequential booster immunization.

3. What is the dose of recombinant Covid-19 vaccine for inhalation?　

A: The dosage is 0.1mL each time.

4. Can people over 60 be vaccinated? Can people under 18 be vaccinated with recombinant Covid-19 vaccine for inhalation?

A: At present, the recommended vaccination population for inhalation dosage forms is people aged 18 and above.

5. How effective is the booster immunization of recombinant Covid-19 vaccine for inhalation?　

A: At present, the clinical study of sequential booster immunization with recombinant Covid-19 vaccine for inhalation and inactivated novel coronavirus vaccine in healthy adults aged 18 and above in China shows that sequential booster immunization with recombinant Covid-19 vaccine for inhalation and inactivated vaccine can significantly enhance the immune response.

6. What is the immune persistence of recombinant Covid-19 vaccine for inhalation?

A: Immunization persistence research shows that after 6 months of heterologous inoculation with recombinant Covid-19 vaccine for inhalation, the neutralizing antibody remains at a high level.

7. What is the safety of recombinant Covid-19 vaccine for inhalation?

A: A safety study conducted among tens of thousands of people showed that the recombinant Covid-19 vaccine for inhalation was safe for people over 18 years old, and no serious adverse reactions were found.

8. What are the vaccination contraindications of recombinant Covid-19 vaccine for inhalation?

Answer: (1) Those who are allergic to the active ingredients, any inactive ingredients and substances used in the production process, or those who have been allergic to similar vaccines before.

(2) Those who have had severe allergic reactions to vaccines in the past (such as acute allergic reactions, angioneurotic edema, dyspnea, etc.).

(3) Patients with uncontrolled epilepsy and other progressive nervous system diseases have a history of Guillain-Barre syndrome.

(4) People who are suffering from fever, or acute diseases, or acute attacks of chronic diseases, or patients with uncontrolled serious chronic diseases;

(5) Pregnant women.

9. Can patients with chronic diseases be vaccinated with recombinant Covid-19 vaccine for inhalation?

A: According to the Technical Guidelines for Vaccination in Covid-19 (First Edition), people with chronic diseases are at high risk of severe illness and death after being infected with Covid-19. People with chronic diseases with stable health and good drug control are recommended to be vaccinated. Vaccination is suspended when chronic diseases are in acute attack. Have a history of convulsion, epilepsy, encephalopathy or mental illness or family history; Have a history of asthma, chronic obstructive pulmonary disease, pulmonary fibrosis and other basic diseases or abnormal lung function; Use with caution in patients with impaired immune function (such as malignant tumor, nephrotic syndrome and other immunodeficiency diseases).

10. Do people cured in COVID-19 need to be vaccinated with recombinant Covid-19 vaccine for inhalation?

A: According to the Technical Guidelines for Vaccination in Covid-19 (First Edition), it is rare for Covid-19 to be reinfected within 6 months after infection. In the past, COVID-19 virus infected people (patients or asymptomatic infected people) can be vaccinated with one dose after 6 months on the basis of full notification.

11. Can people with allergies be vaccinated with recombinant Covid-19 vaccine for inhalation?

A: In the Technical Guide for Vaccination in Covid-19 (First Edition), it is clear that those who have had severe allergic reactions to vaccines in the past (such as acute allergic reactions, angioneurotic edema, dyspnea, etc.) are contraindications for vaccination of Covid-19 vaccines; In addition, the severity of allergies and allergens should be considered and implemented according to the doctor’s advice.

12. How to inoculate recombinant Covid-19 vaccine for inhalation?

A: Please practice several times before inhaling, and then start the formal vaccination.

Step 1: Take a deep breath first (do not exhale into the atomizing cup);

Step 2: hold the nozzle of the atomizing cup in your mouth, and inhale deeply until there is no fog in the cup;

Step 3: Hold your breath for more than 5 seconds (at least 5 seconds), then breathe normally, and the inoculation is over.

13. Under what circumstances should we re-inhale recombinant Covid-19 vaccine for inhalation on the spot?

Answer: (1) There is obvious misty gas in the atomizing cup after inhalation;

(2) Cough and early exhalation occur during inhalation (including 5-second breath-holding period).

Suction failure needs to inhale a dose of vaccine again, and only one repeated inhalation is allowed.

14. What should I pay attention to after vaccination with recombinant Covid-19 vaccine for inhalation?

A: You should stay on the spot for at least 30 minutes after inoculation. Avoid contact with previously known allergens and common allergens within one week after inoculation, and try not to drink alcohol, eat spicy food or seafood. It is recommended to have a light diet and drink plenty of water.

15. What adverse reactions may occur after vaccination with recombinant Covid-19 vaccine for inhalation?

A: Common systemic adverse reactions include symptoms such as fatigue, headache, fever, dry mouth and swollen throat. Generally, they can recover by themselves without special treatment.

16. Will the inoculation of recombinant Covid-19 vaccine for inhalation affect the results of nucleic acid test and antigen test?

Answer: The characteristic of adenovirus vector COVID-19 vaccine is that it only contains the gene sequence of S protein and expresses antigen in human cells, and it does not contain the open reading frame 1ab(ORF1ab) and nucleocapsid protein (N protein) at the nucleic acid detection site, so the vaccination of this vaccine will not cause COVID-19 to be positive for nucleic acid detection.

17. Can I be vaccinated during pregnancy?

A: If you are pregnant after vaccination or have been vaccinated in the case of unknown pregnancy, based on the understanding of the safety of the above vaccines, it is not recommended to take special medical measures (such as termination of pregnancy) just because you have been vaccinated with Covid-19 vaccine. It is recommended to do a good job in pregnancy examination and follow-up. For women who have a pregnancy plan, it is not necessary to delay the pregnancy plan just because of Covid-19 vaccination.

18. After three injections, do I need to get another vaccine for inhalation?

A: According to the guidelines on vaccination work, those who have already completed the booster immunization will not be given further booster immunization at this stage.

Source: The Paper, Shanghai Publishing, Jinshan CDC, Science and Technology Daily. 　 　

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.

　　Not long ago, an App called "Master Amoy" was popular in the used car market. This App has magical functions-as long as you pay 29 yuan, you can query the maintenance records, accident history, last mileage and restore the most authentic records of vehicles.

　　This information is especially important for many used car dealers in the market. When deciding whether to buy this second-hand car, it depends on whether there is something wrong with the car, such as whether it has been flooded, burned, and had an accident. These safety hazards will become important factors to consider.

　　As a result, this App quickly caught fire in the circle. But few people have thought about where these car data come from.

　　On May 17, 2017, the person in charge of an automobile 4S shop in Yancheng City, Jiangsu Province reported that they found that the account login of DMS system used by Gao, the after-sales supervisor in the store, was abnormal. In recent days, this account will query the relevant data of different vehicles for more than 500 times every day, which obviously exceeds the normal workload of 4S stores.

　　The so-called DMS system is an internal operating system used by automobile dealers to register and upload vehicle maintenance records and find relevant information such as vehicle owners. As long as you enter the frame number in the system, you can query the relevant data of each car of the car brand nationwide.

　　After the police searched, they found that a USB flash drive was inserted behind the computer host used by Gao, an employee of the 4S shop, and there were abnormal programs running in it.

　　After analysis by the Judicial Appraisal Center, it is found that there is a program customized for the DMS system of 4S shop in the U disk. This program can query the owner’s name, license plate number, frame number, maintenance information and other related information in the system, which is actually a plug-in program.

　　With the deepening of the investigation, the police found that this was not a case, but a criminal gang specializing in illegally obtaining automobile data and information. On October 27th, the Ministry of Public Security listed the case for supervision.

　　The police investigating the case said that through the review, the suspect Gao was an "inner ghost" who sold vehicle data information. According to his account, in March 2017, Ma, an employee of a company in Shenzhen, went to the 4S shop and contacted him privately. Both parties agreed that Gao would provide Ma with the account number and password of DMS system in order to obtain vehicle data, and the company would pay Gao a monthly fee.

　　It is understood that as long as you can browse the DMS system of 4S stores, you can not only illegally obtain owner information, but also obtain a lot of vehicle information. These data include vehicle accident records, maintenance records, maintenance records, replacement of spare parts records, vehicle mileage and so on.

　　The police investigating the case said that during the investigation of the case, three core data servers and 21 computer hard disks were seized at the scene. The appraisal results of the appraisal agency showed that the criminal gang obtained relevant data involving 32 automobile brands and more than 1.55 million vehicles.

　　According to the criminal suspects, they privately agreed with a number of 4S shop employees that the 4S shop employees would provide their account numbers and passwords, and the companies involved paid the fees on a monthly basis, with a cumulative payment of more than 500,000 yuan to the 4S shop employees, and the most people made illegal profits of more than 50,000 yuan.

　　According to the police investigating the case, the company involved in the case is engaged in the evaluation of the condition of used cars offline, and they need relevant data of vehicles. Initially, they bought data from other companies. Because of the high cost, it took a long time to get the data. Some shareholders proposed to develop software programs and obtain relevant data from 4S stores through technical means.

　　The company used the illegally obtained data on the repair and maintenance of various brands of vehicles to research and develop the "Taobao Master" App query platform, and then provided this platform for others and units to use for profit. In addition, they also sell the illegally obtained car data to other used car evaluation and acquisition platforms, and charge them at the contract price.

　　The police found that the case belongs to a new type of "black production" crime on the Internet operated by companies, with a high level of criminal technology. Compared with traditional crimes, internet crimes have the advantages of low cost, easy implementation and low risk, and are not easy to be found.

　　Most activities of Internet crimes are carried out on the Internet platform, and the suspects only need to operate on a computer connected to the Internet. Cybercrime is only an instant electronic data transmission, which is easy to modify and delete and highly virtual.

　　According to the police investigating the case, the internal information system security management of many vehicle production and sales enterprises involved in the case is chaotic, and there are not many corresponding security measures taken by enterprises, and some employees are not aware of the confidentiality of vehicle information and other data.

　　Some Internet companies have a weak legal awareness, and unilaterally think that the new field is a gray area, and they will do whatever it takes to obtain data. Some automobile production and sales enterprises have loopholes in internal automobile information management, failed to take effective preventive measures, and even colluded internally and externally to illegally transmit citizens’ personal information.

　　The police found that vehicle transactions in the used car market generally need vehicle-related data to support them, but the acquisition of vehicle data is often "opaque and irregular", which also provides favorable conditions for Internet crimes. (Reporter Li Chao correspondent Zhang Tianpeng Cao Lei)

Big gem ring+Exquisite Ring

Collocation analysis:The wearing of the ring should also be selected according to the overall dress style. The large green gem ring with the exquisite letter ring presents a fashionable sense of retro and modern design style between the fingers, which not only enhances the charm of details, but also makes the fingers more interesting.

Chloé Gem Gold Ring E-commerce Reference Price: 3,256CNY

Maria Black gold-plated knuckle ring e-commerce reference price: 713 CNY

Recommended reason:Matching the gem ring with the exquisite mini ring not only forms a contrast in style, but also realizes the trend of mixing fingers. The exaggeration of the striped green gem ring and the exquisiteness of the gold-plated joint ring perfectly show the fashionable style on the fingertips.

---

Big gem ring+Mini Joint Ring

Collocation analysis:It is also a big gem, which will form another style when matched with different styles of rings. The huge tawny gem ring, with a pearl and diamond joint ring, makes the fingers instantly become the highlight of the details to enhance the overall shape. Even if the dress is dull, there is no lack of fashion.

By Malene Birger stainless steel resin finger ring e-commerce reference price: 1,067 CNY

Arme De L’Amour gold-plated ring e-commerce reference price: 2,611 CNY.

Recommended reason:The tawny resin finger ring, with its unique shape design, can satisfy the fashionable charm between the fingers, and the finishing touch of the gold-plated joint ring will bring the "overlapping" style to the fingers.

---

Hexagonal geometric ring+pearl half ring

Collocation analysis:If you prefer exquisite style, you can choose a ring with simple and exquisite design. Geometric diamond-encrusted ring, with pearl-decorated half-circle ring, is simple and fashionable. The difference is that the diamond-encrusted rings are worn in multiple times, showing a fashionable style of "overlapping", and the decoration of black diamonds also makes the rings form a sense of layering in color.

Ileana Makri 18K gold diamond ring e-commerce reference price: 8,427 CNY

Delfina Delettrez Gold Pearl Ring E-commerce Reference Price: 4,136 CNY

Recommended reason:The hexagonal ring with simple and modern design style adds geometric beauty to the fingers. When matched with round pearls, it will also form a breakthrough and contrast in appearance, and the decoration of black diamonds adds a low-key luxury charm.

---

Metal ring+hinged ring

Collocation analysis:As one of the fashion styles of jewelry, the connecting ring is of course an indispensable part of ring matching. The small chain connects the golden rings together, showing a handsome style in fashion. Of course, if you feel that it is not fashionable enough, you can also choose the same color ring to match. It forms a visual style impact with the pink in the dress.

Maison Margiela Gold-plated Ring E-commerce Reference Price: 3,324 CNY

Arme De L’Amour gold-plated ring e-commerce reference price: 2,585 CNY.

Recommended reason:Gold-plated rings can also connect fingers. With the same color multi-ring design ring, there is no lack of unique style charm in fashion.

---

Connecting ring+silver ring

Collocation analysis:In addition to matching with the same color, the connecting ring can also be matched with different styles of rings. Unique design of silver jewelry or exquisite mini multi-ring ring perfectly shows the charm of fingertip mix and match.

EddieBorgo rose gold plated five-finger ring e-commerce reference price: 2,132 CNY

Monica Vinader Diamond Rose Gold Ring E-commerce Reference Price: 5,352 CNY

Recommended reason:Elegant rose gold is one of the most respected colors in the current jewelry trend, and different styles will also show different charms. The rose gold five-finger ring, matched with the diamond ring of the same color, and decorated with diamonds add a sense of splendor to the fashion and low-key.

---

Multi-color diamond ring

Collocation analysis:In the ring mix and match style, you can have unlimited imagination and creativity. Matching colored diamond rings with different colors can also be called mashup. Green retro and purple mystery make fingertip diamonds more fashionable and charming.

SCOSHA gold emerald ring e-commerce reference price: 17,276 CNY

Aurélie Bidermann painted gold-plated ring e-commerce reference price: 2,183 CNY.

Recommended reason:Emerald diamond-encrusted rings with classic gold rings are charming and retro. Gold-plated brass rings with similar styles are decorated with bright blue paint details, showing a layered wearing style of exquisite styles.

---

Diamond ring+hollow ring

Collocation analysis:Rings of the same material can also present a mashup style. Simple and gorgeous single diamond ring, matched with rings inlaid with multiple diamonds and designed with hollowed-out fish scales, adds a fashionable charm to the splendor, and also realizes a mix and match style for diamonds.

Bottega Veneta oxidized pure silver square zircon ring E-commerce reference price: 2,462CNY

Delfina Delettrez Platinum Diamond Ring E-commerce Reference Price: 53,528 CNY

Recommended reason:The simplicity of white zircon and the plaid ring woven with pure silver form a perfect retro style. The platinum diamond ring surrounded by ridge shape, each branch is decorated with a diamond, shining with amazing brilliance. Rings with the same tone, because of different styles, present a mix and match charm.

---

Metal hinged ring+mini ring

Collocation analysis:If the color of the dress is bright enough, the ring can be used as the finishing touch. The articulated ring with full personality, dazzling gold presents a sense of handsomeness, and with the exquisite retro mini ring, it not only contrasts in style, but also realizes the ring mix and match style.

Lito gold ring e-commerce reference price: 17,369 CNY

SCOSHA Gold Diamond Ring E-commerce Reference Price: 6,889 CNY

Recommended reason:The golden ring with concise lines and a great sense of sculpture has a fashionable graphic aesthetic feeling. It is different from the slender, arched diamond ring in style, but it can also be mixed and matched.

---

Multi-ring silver ring+diamond ring

?

Collocation analysis:Simple silver jewelry is not a popular color in jewelry trend, but it can present a sense of fashion by mixing and matching. The way of wearing multi-ring rings and a dazzling square diamond ornament are enough to set off the simple charm between diamonds and silver ornaments.

Bottega Veneta sterling silver ring e-commerce reference price: 2,902 CNY

Pamela Love Opal Silver Ring E-commerce Reference Price: 2,988 CNY

Recommended reason:Woven plaid silver ornaments and opal silver rings combine retro and exquisite charm, and also realize the fashionable style of overlapping.

---

Hollow pattern ring

Collocation analysis:Let the fingertips present a unique fashion charm, and you can also choose a ring with a unique design style. The ring with a hollow pattern is unique and has a national style. Form a different mix and match style with the patterns in the dress.

Maria Black sterling silver double ring e-commerce reference price: 1,966 CNY

Arme De L’Amour silver-plated ring e-commerce reference price: 2,456 CNY.

Recommended reason:Double ring rings with different designs of the same color are worn between the ring finger and the middle finger, showing a mix and match style of the same color and different styles.

---

Silver ring+turquoise

Collocation analysis:The mix and match of rings can also present an exotic national style. The combination of exaggerated silver ornaments with unique eye rings or turquoise rings not only breaks through the monotony brought by silver, but also presents a unique charm for the matching between fingers. Turquoise is also the finishing touch to enhance the mix and match style.

Maison Margiela Gold-plated Silver-plated Ring E-commerce Reference Price: 3,144CNY

Jennifer Meyer 18K gold, turquoise, lapis lazuli and diamond rings. E-commerce reference price: 36,667 CNY.

Recommended reason:The hinged design of the long version of the ring looks like armor, and it bends flexibly with the natural activities of fingers, which is quite modern and attractive. It is matched with the turquoise diamond ring to create the most visually impactful shape.

---

Stereoscopic decorative ring+retro tail ring

Collocation analysis:The three-dimensional decorative ring is matched with the Vintage tail ring, which is a simple shape and presents a trace of detail charm. Two completely different ring styles, together, have no sudden feeling at all, and the three-dimensional design brings a unique feeling to the style.

Lanvin artificial pearls, crystals and silver-plated rings e-commerce reference price: 2,239 CNY.

SCOSHA Gold Diamond Ring E-commerce Reference Price: 13,580 CNY

Recommended reason:Cross-shaped design, inlaid with transparent crystal, and decorated with a huge pearl on the face of the ring, makes the simple shape more fashionable, and the combination with the gold ring shows the charm of mixing and matching in different styles.

---

Metal ring+diamond ring

Collocation analysis:The fashionable multi-ring design ring is matched with the unique chain ring, and there is no lack of handsome feeling in simplicity. Not only that, but it can also be matched with an elegant and charming diamond ring. The charm of ring mashup is to combine different styles.

Repossi 18K rose gold diamond ring e-commerce reference price: 44,053 CNY.

Maison Margiela Fine Jewelry 18K White Gold, Sapphire and Diamond Ring E-commerce Reference Price: 34,453 CNY

Recommended reason:The simple and fashionable rose gold diamond ring presents the style of modern jewelry design, while the noble and charming blue gem ring also has a unique design, which divides the sapphire and the diamond-encrusted outer ring into two three-dimensional faces, showing a subversive design style.

---

Exotic gemstone+classic ring

Collocation analysis:The mix and match of rings is not only reflected in one hand. When wearing a unique gem ring, you can also choose to wear a classic ring between your fingers. Different ring styles also show the charm of mix and match in details.

Bibi van der Velden rings of sterling silver, scarab, diamond and saffron stone E-commerce reference price: 27,687 CNY.

Bulgari B.zero1 18K rose gold black ceramic four-ring ring price shop contact.

Recommended reason:The charming Shafuli stone is made into a scarab-shaped ring, showing a unique and charming charm. Compared with the classic black ceramic four-ring ring in different styles, it can also achieve a mix and match style when worn on both hands alone.

---

Electro-optic blue metal ring+gold coin tail ring

Collocation analysis:If you like exaggerated style, try to match the "large" ring together. The metallic ring set is matched with an exaggerated design ring, and a gold coin style ring is selected for the tail ring, which perfectly presents the combination charm of modernity and retro.

Maison Margiela Silver-plated Ring E-commerce Reference Price: 2,877 CNY

Givenchy Palladium, Ruthenium and Gold Yellow Iron Ore Brass Ring E-commerce Reference Price: 3,094 CNY

---

Big gem ring+Exquisite Ring

---

Big gem ring+Mini Joint Ring

---

Hexagonal geometric ring+pearl half ring

---

Metal ring+hinged ring

---

Connecting ring+silver ring

---

Multi-color diamond ring

---

Diamond ring+hollow ring

---

Metal hinged ring+mini ring

---

Multi-ring silver ring+diamond ring

---

Hollow pattern ring

---

Silver ring+turquoise

---

Stereoscopic decorative ring+retro tail ring

---

Metal ring+diamond ring

---

Exotic gemstone+classic ring

---

Electro-optic blue metal ring+gold coin tail ring

　　[Analysis of car home’s refit case] When the "most beautiful public" CC evolved again, "beauty" was redefined. Applying the flatness and streamline of sports cars to family cars, (|) From the first generation to today’s third-generation models, it has been announced to the world with an aesthetic design that distinguishes ordinary Volkswagen-who said that Volkswagen must be ordinary?

　　As always, the current CC has inherited the sports posture different from that of the same class, with a flat and powerful car body and rounded lines, which is both rigid and flexible. The convex daytime running lights are impressive. With the shape of the grille, the front face of the vehicle is layered, and the scale between complexity and simplicity is just right.

　　Therefore, it has been a controversial topic to change or not to change the original model that is already excellent in design. "refit, make it a beauty that belongs only to him." This is the answer given by the owner Xiao Tian.

　　This CC in this paper has replaced the black overseas R-line version with the front surround, which seems to be a very basic OEM+ gameplay. Faced with the problem that there are few optional parts for new models, the owner’s choice is to use his imagination to design and customize.

　　The resulting products are the front shovel, side skirt, tail wing and tail lip of carbon fiber. These kits, which seem to have the temperament of Audi RS, not only have the design completion and workmanship comparable to the finished kits, but also make the whole car look a little luxurious and elegant with the exhaust tail from Audi RS, and become a sports gentleman.

　　Airbft pneumatic vibration reduction can realize four-wheel independent lifting and five-segment memory. It is matched with VOSSEN HF4 20-inch forged rim. When the car body is lowered to the lowest height, the rim will be slightly hidden in the wheel arch, which makes the wide-body design of CC more obvious and presents an excellent attitude visual experience together.

　　As the interior part that car owners have the most daily contact with, a set of customized golf R steering wheel with driving mode selection and start button similar to Audi R8 adds a bit of fighting atmosphere to driving. The use of carbon fiber and suede, green stitching and more carbon fiber interior panels makes the pure black interior style more breathing in color and less depressing.

　　Of course, it’s just the modification of the appearance goods, which is not perfect in the owner’s mind. HDP specially adjusts the program and matches the HKS pressure relief valve, which brings more powerful output performance. In response to the enhanced power output, the chassis reinforcement and Michelin PS4S tires with stronger grip are enough for people to fully enjoy the blurred vision brought by acceleration and the charm of centrifugal force in corners in this small car.

　　Therefore, it is not difficult to see that Xiao Tian loves modification. He even chose a low-grade CC with huge "modification potential". At present, the car can see the LCD central control panel, headlights with follow-up steering and automatic far and near light, lane change assistance, Dana speakers, carbon fiber decorative panels and atmosphere lights. All of them are purchased by the owner himself and supervised by himself. In order to perfectly adapt to the upgraded technology configuration, he did not hesitate to empty the interior and carried out strict rerouting construction according to the specifications of the original factory.

Write at the end:

　　After all this trouble, why don’t you buy a high-quality one? Many people have raised such doubts. So, why do people have to modify? Probably the original road car can be bought by everyone as long as they spend money, and a thousand players may have a thousand modified styles that cannot be completely copied. And the sense of belonging brought by such uniqueness is often more intuitive than the owner’s name printed on the driving book. Create your own beauty-this is the answer given by the owner Xiao Tian. (Compile/car home Jiang Che)

The 2023 global box office ranking was released, and Barbie topped the list! (Including the estimated value on January 1st, unit: USD)

01. Barbie-1,439,843,998

02. Super Mario-1,363,298,473

03. Oppenheimer-955,244,872

04. Galaxy Guard 3-845,468,744

05. Speed and Passion 10-714,581,860

06. Spider-Man: The Universe-682,624,639.

07. Man Jiang Hong-673,596,577

08. Wandering Earth 2-604,460,538

09. The Little Mermaid-568,345,048

10. Mission Impossible 7-566,325,939

11. Put all your eggs in one basket-540,457,308

12. Crazy Element City-486,663,342

13. The Lost She-486, 153, 324

14. The Ant Man and the Hornet Woman: Quantum Frenzy-463,635,303

15. Transformers: The Rise of Super Warriors-437,669,281

16. Rush for Kill 4-432,710,881

17. Meg 2-394, 266, 444

18. Indiana Jones 5-381,561,976

19. Wonka-379,003,000

20. "Worship the Gods: Singing in the Wind"-372,945,945

21. The Hunger Games: Song of the Songbird and the Snake-312,999,879

22. In the octagonal cage-304,280,699

23. The Five Nights of the Teddy Bear-295,050,902

24. Quiddie 3-274,448,615

25. Nun 2-268,057,328

26. The Flash-266,516,138

27. Aquaman 2-251,445,000.

28. Taylor Swift Times Tour-250,300,168 (China’s first day to be counted)

29. Freedom Voice-250,257,604

30. Three Wan Li in Chang ‘an-250,189,145.

The latest development of Tesla FSD entering China

On August 10th, a blogger broke the news on the social platform that the test version of Tesla’s fully automatic driving function FSD has been pushed to the China market, and data will be collected in the "shadow mode" at the initial stage. After the relevant feasibility verification is completed, it will be gradually activated for a small-scale trial.

Although there is no official response to this, there have been new developments in the past two days in response to the FSD’s entry into China. Some media reported that Tesla plans to set up a team of about 20 people in China to promote the landing of FSD in China. At the same time, Tesla will set up a data marking team of about 100 people in China to prepare for FSD algorithm training.

AI perspective

If these revelations are true, it means that Tesla FSD Beta will come to China soon, which is expected to accelerate the intelligent process of China Automobile Company as a whole. However, industry analysts said that Tesla FSD faced two thresholds of qualification and data when it entered China.

In terms of qualification threshold, because Tesla needs to achieve automatic driving through "shadow mode", when the vehicle is driving, the system will automatically detect the surrounding environment and learn the driver’s driving style in relevant sections. This practice may be judged as a map mapping behavior, and it needs to obtain relevant qualifications before it can be carried out.

As for the data threshold, in order to ensure information security, Tesla also needs to set up a data center in China to store and process the China road data collected by the autopilot system locally, and cannot send it back to the United States. However, on August 14th, Tesla officially announced that it had established a data center in China, and the data collected by all Tesla models sold in China would be stored in China.

It is worth noting that many brands in China are developing their own assisted driving systems, including Tucki, Weilai, Zhiji, Ideality, Huawei, Great Wall, etc., which plan to launch products equipped with urban NOA, that is, pilot assisted driving functions.

In the second half of this year, it will be the peak moment for intelligent driving to fight the urban scene.

BYD withdrew from the autopilot cooperation with Baidu.

According to two people familiar with the matter, BYD has withdrawn from the agreement to equip its electric vehicles with Baidu autonomous driving technology and chose to develop its own smart car software. According to people familiar with the matter, BYD decided to suspend cooperation with Baidu because it believes that autonomous driving technology has no prospect in the mass market in the near future.

AI perspective

BYD initially agreed to use Baidu’s technology in its electric vehicles in March 2022, including navigation and automatic parking service function. This cooperation is regarded as one of the major changes of Apollo, Baidu’s autonomous driving department. Subsequently, Baidu said at the third quarter performance meeting held in November 2022 that the cooperation with BYD was a sign of "the growing interest of automakers in their autonomous driving solutions". Obviously, the cancellation of this agreement will be a huge blow to Baidu’s autonomous driving business.

Although the development of autonomous driving business is quite bumpy, the latest progress has been made by Baidu’s Jidu Automobile. Insiders said that they are no longer called Jidu, but extremely yue. The first model of the original Jidu automobile "Jidu ROBO-01" was renamed as "Extreme Yue 01" and entered the latest batch of new automobile products public announcement of the Ministry of Industry and Information Technology. It can be understood that Extreme Yue 01 has obtained the qualification for marketing.

It is reported that Jiyue is a newly established automobile sub-brand under Geely Holding, and the main body of the company is Hangzhou Jiyue Automobile Technology Co., Ltd., which was newly established on August 9 this year. It is worth noting that the shareholding ratio of Baidu and Geely has changed: Baidu holds 55% of the shares, Geely holds 45%, and Baidu dominates; Now, from the perspective of the new company "Extreme and Yue", Geely holds 65% of the shares, Baidu holds 35%, and Geely dominates.

Baidu’s change from a major shareholder who took the lead in building a car to a technology provider who participated in building a car means that Baidu founder Li Yanhong has given up building a car and returned to his original heart in 2018: "Baidu will not build its own car, will not open its own production line and design its own engine, and only do research and development of autonomous driving technology that it is good at."

Vice President of Weilai Hardware: In the next 1-2 years, some key self-developed chips of Weilai will be mass-produced.

Recently, Bai Jian, vice president of Weilai Automotive Hardware, said that in the field of intelligent hardware, starting from NT1, Weilai’s domain controller circuit and structure will be designed by itself and entrusted to the foundry for production. Even in OEM production, the test fixture and test software development of the production line are self-developed and transferred to the foundry for use. In the next 1-2 years, some key self-developed chips of Weilai will be mass-produced.

Feifan Automobile Releases "Three Electricity" Technical System

On August 14th, Feifan Automobile held the theme communication meeting of "Feifan Energy Day" in Beijing. At the meeting, Feifan Automobile released its "Three Electricity" technology system. At the same time, Feifan Automobile’s first power station in Beijing was launched. In terms of battery, Feifan CTP battery structure adopts "double-layer lying" battery layout. With this layout, the batteries are distributed in the cells in pairs, and the contact area between batteries is reduced by 70%, thus avoiding the chain reaction of battery thermal runaway.

In terms of power exchange, during the power exchange process of Feifan Automobile, the vehicle is constantly powered on, and the power exchange time is only 2.5 minutes. In terms of power exchange layout, SAIC and China Petrochemical, China Petroleum, Contemporary Amperex Technology Co., Limited and Shanghai International Automobile City Group jointly invested to establish Jieneng Zhidian, and completed the layout of more than 10 cities and more than 50 power exchange stations by the end of 2023.

Huawei’s patent for integrated structure of battery and car body was announced, which can integrate battery into car body.

Tianyancha App shows that on August 15th, the patent of "Integrated Structure of Battery and Body and Electric Vehicle" applied by Huawei Technologies Co., Ltd. was announced. It is shown that the patent is an integrated structure of battery and car body, including car body frame and battery pack, the car body frame has two threshold beams arranged in parallel and an accommodation space between the two threshold beams, and the battery pack includes a shell, as well as battery cell components and beams arranged in the shell, and the beams are connected with the shell.

Beiqi New Energy Huawei Zhixuan new car positioning C-class pure electric smart car, unveiled next year.

On August 15th, some media learned from insiders of Beiqi Blue Valley that the first new car after the cooperation between Beiqi New Energy and Huawei was positioned as a C-class pure electric smart car, which will be officially unveiled next year. According to this source, the new product is defined by Huawei, and BAIC New Energy is responsible for providing chassis architecture and vehicle production. The new car will enter Huawei’s sales channel, and the brand name has not yet been determined.

With an investment of 50 billion yuan in the next three years, Dongfeng Group expects its net profit to drop by 75% in the first half of the year.

On August 14th, Dongfeng Group announced its share disclosure, and it is estimated that the net profit returned to the mother in the first half of 2023 will decrease by about 75% year-on-year. According to the plan, in the next three years, Dongfeng Motor will invest 50 billion yuan to vigorously develop new energy vehicles, high-computing digital bases and materials technology.