Text/Zhou Daoxu Director of Financial Security Research Center of Tsinghua University Wudaokou Finance College

Capital market is essentially an information market, and enterprise value is continuously priced in information interaction. When the crisis of public opinion occurs, the sudden change of information environment will trigger the market to re-evaluate the fundamentals of enterprises.

First, the financial transmission mechanism of public opinion shock

The surge in the cost of information verification is the primary transmission channel. When an enterprise is caught in a crisis of public opinion, the market will doubt the authenticity of its information disclosure, and investors need to invest additional resources for due diligence, including consulting financial statements, analyzing industry data, and referring to third-party audit opinions. This extra verification cost will reduce market liquidity and may lead some investors to choose to withdraw from the market because of information asymmetry. At the same time, institutional investors may adjust their investment portfolio to reduce the risk exposure related to the enterprise, thus triggering a further decline in the stock price.

In addition, the intensification of information asymmetry will lead to an increase in the market’s risk premium requirements for enterprises. When faced with information uncertainty, investors often demand higher risk compensation to make up for potential losses. The rise of this risk premium will not only be directly reflected in the decline of the company’s share price, but also affect the financing cost of the company, which will challenge its refinancing ability in the capital market. In extreme cases, enterprises may fall into a liquidity crisis due to the loss of market trust, and even go bankrupt and reorganize.

The dynamic adjustment of credit rating forms the second pressure. In the face of major public opinion crisis, rating agencies usually quickly adjust their credit ratings to reflect the latest market awareness of corporate credit status. However, the adjustment of rating agencies is often characterized by "over-revision", that is, a large downward adjustment in a short period of time to avoid their own reputation risks. This rating adjustment not only affects the debt financing cost of enterprises, but also may trigger a chain reaction in the bond market, leading to sharp fluctuations in bond prices.

The downgrade of credit rating may also trigger the "cross-default" clause in the financial market, that is, some loan or debt agreements of enterprises may stipulate that once the credit rating falls below a certain level, enterprises need to repay debts in advance or provide additional guarantees. This means that enterprises may face sudden cash flow pressure after the public opinion crisis, further aggravating the deterioration of their financial situation. This chain reaction will amplify the market’s concerns about the fundamentals of enterprises, and may even lead enterprises to enter debt restructuring or bankruptcy procedures.

Second, the empirical analysis of typical cases

In April 2020, Luckin Coffee’s self-disclosure of financial fraud caused widespread market panic, which spread to CAR Inc., which belongs to the "Shenzhou Family". Affected by the crisis of investor confidence, CAR Inc.’s share price plummeted by 17.11% on April 8th. The market’s doubts about CAR Inc. focus on the expansion model similar to that of Ruixing, the authenticity of financial data and the joint liability of the major shareholder Lu Zhengyao. At the same time, international rating agencies Standard & Poor’s and Moody’s quickly downgraded CAR Inc.’s credit rating, which further aggravated investors’ panic. This incident shows that in the capital market, the financial transparency and governance structure of enterprises are very important. Once the trust crisis breaks out, it will not only increase the cost of information verification, but also trigger a series of chain reactions such as stock price crash, financing difficulties and credit rating downgrade.

Third, the impact of public opinion risk on different financing channels

1. Bond market

In the bond market, the impact of public opinion risk on credit bonds is particularly significant. For bond investors, the credit status of enterprises is one of the key factors in their decision-making. Negative public opinion events may cause investors to worry about the solvency of enterprises, which in turn will lead to the decline of bond prices and the expansion of credit spreads. For example, after the public opinion of financial fraud or poor management of some enterprises spreads, the credit rating of their bonds may be lowered, which will not only increase the financing cost of enterprises, but also make it more difficult to issue bonds. In addition, public opinion events may also trigger a chain reaction in the bond market, affecting the performance of credit bonds in the whole industry, and even impacting the stability of the bond market.

2. Equity market

In the equity market, public opinion risk will also have a significant impact on the stock price and equity financing cost of enterprises. Investors’ confidence in the enterprise is an important support for the stock price, and negative public opinion may weaken investors’ confidence and lead to a decline in the stock price. At the same time, the cost of equity financing will also rise due to the reassessment of corporate risks by the market. For example, when an enterprise faces public opinion events such as product quality problems or management scandals, investors may demand higher rate of return to compensate for risks, which will directly lead to an increase in the cost of equity financing. In addition, public opinion events may also affect the refinancing ability of enterprises, and may even cause enterprises to lose financing opportunities in the capital market.

3. Bank credit market

Bank credit market is one of the important financing channels for enterprises, and public opinion risk will also have an impact on bank credit. When deciding whether to provide loans to enterprises, banks will comprehensively consider the credit status, operating conditions and market reputation of enterprises. Negative public opinion events may make banks doubt the credit status of enterprises, thus raising the loan interest rate, increasing the collateral requirements or shortening the loan period. For example, when a company has a major negative public opinion, the bank may reassess the loan risk of the company and adopt a more cautious credit policy. This will not only increase the financing cost of enterprises, but also limit the liquidity of enterprises and affect the normal operation of enterprises.

Fourth, the relationship between public opinion risk and corporate governance structure

1. The role of the board of directors

The board of directors of enterprises plays a key role in dealing with the risk of public opinion. An effective board of directors can find and deal with public opinion risks in time and protect the interests and reputation of enterprises. For example, the board of directors can strengthen the supervision of enterprise operation and management by establishing a sound internal supervision mechanism, and discover potential public opinion risk factors in time. In addition, the board of directors can also communicate with investors, the media and the public to convey the positive information of the enterprise and alleviate the impact of the public opinion crisis on the enterprise.

2. Responsibility of management

Management also bears an important responsibility in public opinion risk management. The management needs to report the operating conditions and potential risks of the enterprise to the board of directors in time to ensure that the board of directors can fully understand the public opinion risk of the enterprise. At the same time, the management also needs to formulate and implement effective public opinion management strategies, strengthen the management and control of internal information of enterprises, and prevent the leakage of negative information. In addition, the management also needs to maintain good communication with external stakeholders, respond to market concerns in a timely manner, and maintain the good image of the enterprise. For example, when a public opinion crisis occurs, the management can clarify the truth by releasing accurate information in time, stabilize market expectations, and reduce the impact of public opinion risks on enterprises.

3. The role of internal audit

Internal audit also plays an important role in public opinion risk management. Internal audit can find out the potential risk factors of public opinion through auditing the internal financial and operational activities of the enterprise and report to the management and the board of directors in time. For example, internal audit can audit the authenticity, completeness and accuracy of enterprise financial statements to prevent negative public opinion events such as financial fraud. At the same time, internal audit can also evaluate the effectiveness of the internal control system of enterprises, put forward suggestions for improvement, and enhance the ability of enterprises to resist the risk of public opinion. In addition, internal audit can also participate in the formulation and implementation of enterprise crisis response plans to ensure that enterprises can quickly take effective response measures when public opinion crisis occurs.

V. Interaction between public opinion risk and macroeconomic environment

1. The impact of the economic cycle

The economic cycle has an important influence on the formation and spread of public opinion risk. In the period of economic prosperity, enterprises are in good operating condition, market confidence is high, and the risk of public opinion is relatively low. However, during the economic recession, enterprises are faced with great operating pressure and are prone to various problems, such as financial difficulties and layoffs, which may lead to negative public opinion. At the same time, during the economic recession, some enterprises suffered losses or closed down due to poor management. These negative events caused public concern about the operating conditions of enterprises in the same industry through media reports and network communication, which further aggravated the public opinion risk of the remaining enterprises in the industry. In addition, the change of economic cycle will also affect investors’ risk preference and market confidence, and then affect the impact of public opinion risk on corporate financing costs.

2. The impact of the policy environment

The policy environment also has an important impact on the risk of public opinion. The government’s policy adjustment and regulatory measures may lead to the public opinion risk of enterprises. For example, the strengthening of the government’s environmental protection policy for enterprises may make some highly polluting enterprises face greater operational pressure, which may lead to negative public opinion.

3. The influence of market confidence

Market confidence plays a key role in the interaction between public opinion risk and macroeconomic environment. When the market confidence is insufficient, negative public opinion events may be amplified, which will have a greater impact on the financing cost and market performance of enterprises. For example, in the period of economic instability or market volatility, investors’ confidence in enterprises is relatively fragile, and any negative public opinion may lead to panic selling or financing difficulties. On the contrary, in the case of sufficient market confidence, even if there are some negative public opinions, investors may treat them more rationally and will not easily overreact to enterprises. Therefore, enterprises need to pay close attention to the changes of market confidence and adopt corresponding strategies in public opinion management to reduce the impact of public opinion risk on enterprises.

Sixth, the industry differences of public opinion risk

1. Public opinion sensitivity of different industries

There are significant differences in the sensitivity of different industries to public opinion risk. Some industries are more sensitive to the risk of public opinion because of their business nature and high social concern. For example, in the financial industry, food industry and medical industry, once negative public opinion appears in enterprises in these industries, it may quickly arouse public concern and doubt, which will have a significant impact on the financing cost and market performance of enterprises. Taking the financial industry as an example, the credibility of banks and financial institutions is the key to their survival and development. Any public opinion about financial fraud, poor risk management or poor management may trigger market panic, leading to a sharp drop in stock prices and a sharp rise in financing costs.

2. Transmission mechanism of industry public opinion risk

The risk transmission mechanism of public opinion in different industries is also different. In some industries that are highly dependent on market confidence and public image, such as tourism, hotels and aviation, negative public opinion may directly affect the income and cash flow of enterprises through changes in consumer behavior. For example, when there are security problems or negative public opinions in tourist destinations, consumers may choose other destinations, which will lead to a sharp drop in the income of local tourism enterprises, thus affecting their financing ability and financing cost. In some technology-intensive industries, such as science and technology and Internet industry, public opinion risk may be transmitted by affecting the technological innovation ability and market competitiveness of enterprises. For example, when technology leakage or public opinion of product quality problems occur in technology enterprises, it may lead to their disadvantage in market competition, and then affect their financing environment and financing cost.

VII. Future development trend of public opinion risk

1. The challenge of public opinion risk in the digital age

With the rapid development of digital technology, the spread speed and influence of public opinion risk will be further enhanced. The popularity of social media, network platform and mobile Internet makes information spread more rapidly and widely, and public opinion events can trigger global attention and discussion in a short time. For example, some companies’ inappropriate comments or behaviors posted on social media may quickly trigger public doubts and criticisms, which in turn will affect the financing costs and market performance of enterprises. Therefore, in the digital age, enterprises need to pay more attention to public opinion management, establish a sound public opinion monitoring and early warning mechanism, and timely discover and deal with public opinion risks.

2. The combination of artificial intelligence and public opinion management

The development of artificial intelligence technology provides new means and methods for public opinion management. Through artificial intelligence technology, enterprises can realize real-time monitoring and analysis of massive public opinion data and quickly identify potential public opinion risks. For example, using natural language processing technology, enterprises can analyze the emotion and identify the theme of text data on social media, and find the signs of negative public opinion in time. At the same time, artificial intelligence technology can also help enterprises formulate more accurate public opinion coping strategies, analyze and predict historical public opinion events through machine learning algorithms, and provide decision support for enterprises. For example, some enterprises have developed a public opinion early warning model by using artificial intelligence technology, which can predict the occurrence probability and influence degree of public opinion risk in advance, provide early warning information for enterprises, and help enterprises prepare in advance.

3. Long-term management of public opinion risk

The management of public opinion risk needs to pay attention not only to short-term crisis response, but also to long-term reputation building and risk prevention. Enterprises need to establish a good brand image and social image through continuous reputation management, and enhance public trust and recognition of enterprises. For example, enterprises can enhance their social reputation and public image by actively fulfilling their social responsibilities and strengthening communication and cooperation with stakeholders. At the same time, enterprises need to establish a sound risk management system, incorporate public opinion risk into the overall risk management framework of enterprises, and reduce the impact of public opinion risk on enterprises through institutionalized, standardized and normalized management measures. For example, enterprises can conduct public opinion risk assessment regularly, formulate public opinion management strategies and plans, and establish public opinion response teams and working mechanisms to ensure that they can respond quickly and effectively when public opinion crises occur.

In a word, public opinion risk has become one of the important factors affecting the financing cost of enterprises. Through in-depth analysis of the pricing mechanism, transmission mechanism and management strategy of public opinion risk, enterprises can better cope with public opinion crisis, reduce financing costs and enhance their market competitiveness. In the digital age, the spread speed and influence of public opinion risk will be further enhanced. Enterprises need to pay more attention to public opinion management, establish a sound public opinion early warning and response mechanism, and use new technical means such as artificial intelligence to improve the efficiency and effectiveness of public opinion management. At the same time, enterprises need to pay attention to long-term reputation building and risk prevention, and enhance their anti-risk ability and market competitiveness through continuous efforts. Future research needs to further quantify the elasticity coefficient of public opinion risk in different industries, provide more scientific theoretical support for accurate risk management of enterprises, and promote the scientific, standardized and professional development of public opinion management of enterprises.

This article is published by Tsinghua University Institute of Financial Science and Technology, a columnist of Weiyang.com, and the content belongs to the author’s personal opinion, not the website’s. It is forbidden to reprint it without permission, and offenders will be prosecuted!

The growth rate of China market is higher than that of the whole world.

From 2010 to 2020, the market size of China’s pet industry increased from 13.44 billion yuan to 72.73 billion yuan, with a compound annual growth rate of nearly 20%, which is higher than that of the whole world. In 2020, the US pet consumption market accounts for 41.1% of the world, ranking first, and China accounts for 8.1%. The pet raising rate and the annual consumption of a single pet in China are far below the level of developed countries, and there is much room for growth in the future.

Judging from the proportion of pet expenditure in household consumption, in 2014, the difference in the proportion of pet expenditure in household consumption between China and the United States was 3.1 times, and in 2019, the difference dropped to 1.8 times.

1. The average annual compound growth rate of China’s pet industry is nearly 20%, accounting for less than 10% of the global market.

With the development and prosperity of China society, the role of pets is gradually changing — — Cats and dogs are increasingly regarded as indispensable members of the family, rather than simply companion pets. Social media has also promoted pets to become an important part of young people’s lives, and the trend of "raising cats in the cloud" has made owning pets more desirable. Therefore, the pet market has grown rapidly in the past 10 years. In 2020, the pet consumption market in China will be 72.73 billion yuan, up 21.1% year-on-year, and the CAGR will be 18.4% in 10 years.

With the development of economy, the consumption of pets is also increasing. Families in most developed countries regard pets as family members, and the spending on pets is increasing. According to Euromonitor data, in 2020, the global pet market industry scale will be about US$ 138.2 billion, up by 4.4% year-on-year, and the CAGR will be 3.6% in 10 years. Among them, the pet consumption market in China, Japan and the United States accounted for 8.1%, 4.2% and 41.1% of the global market respectively.

2. There is a big gap between China’s pet raising rate and single pet consumption amount and developed countries, and there is huge room for improvement.

In the past decade, the changing population and social structure, as well as the improvement of income and adoption rate, have become the main factors to promote the growth of pet keeping rate in China. Compared with other parts of the world, in 2019, the family pet raising rate in China was only about 17%, far lower than 67% in the United States, 62% in Australia and 44% in the United Kingdom. The pet raising rate in China is far lower than that in developed countries, and there may be several times room for improvement in the future.

Since 2016, the growth rate of China’s single pet consumption has increased year by year, mainly driven by the increase of per capita disposable income and the enhancement of pets’ kinship attributes; In 2020, the annual consumption of a single pet in China will be $59. Compared with other countries, in 2020, the consumption of single pet in Japan and the United States will be $317 and $343, respectively, and the consumption of single pet in China is still lower than that in developed countries.

3. The proportion of pet expenditure in household consumption in China has increased, and the gap with the United States has narrowed.

From 2014 to 2019, the proportion of pet expenditure in household consumption in China increased from 0.16% to 0.29%, and the proportion of pet expenditure in household consumption in the United States in 2019 was 0.52%. In 2014, the difference in the proportion of pet expenditure in household consumption between China and the United States was 3.1 times. In 2019, the difference dropped to 1.8 times.

It can be seen that there is an obvious trend of consumption upgrading in the pet market in China, which accelerates the expansion of the pet market. With the stronger willingness of consumers in China to invest in pets in the future, the pet industry has great development potential.

For more data and analysis, please refer to Forward-looking Industry Research Institute, and at the same time Forward-looking Industry Research Institute provides solutions such as industry, industry declaration, industry investment attraction, IPO fundraising feasibility study and prospectus writing.

CCTV News:The latest statistics show that since the beginning of this year, China’s industry, light industry, retail and other fields have continued to pick up.

Since the beginning of this year, the revenue of industrial enterprises in China has improved significantly.

According to the data released by the National Bureau of Statistics recently, in the first two months, the operating income of industrial enterprises above designated size increased by 4.5% year-on-year, which was 3.4 percentage points higher than the annual revenue growth rate of last year. The recovery trend of enterprises was obvious, creating favorable conditions for profit growth. Among the industrial enterprises above designated size, the profits of state-owned holding enterprises increased by 0.5% year-on-year, the profits of private enterprises increased by 12.7%, and the profits of foreign-invested enterprises from Hong Kong, Macao and Taiwan increased by 31.2%. The profits of large, medium and small enterprises increased by 8.0%, 6.0% and 18.9% respectively.

In the first two months of this year, the light industry economy rebounded.

According to the data released by China National Light Industry Federation, 1-mdash; In February, there were more than 130,000 light industrial enterprises above designated size, achieving an operating income of 3.26 trillion yuan, a year-on-year increase of 4.1%. The production of light industry shows a rapid growth trend. The market vitality of light industrial consumer goods has gradually increased. In the first two months, the retail sales of 11 categories of light industrial goods reached nearly 1.3 trillion yuan, up 5.2% year-on-year. The export volume of light industry increased by 17.4%.

In April, China’s retail boom index was 50.4%.

According to the latest China Retail Prosperity Index released by China Business Federation, in April, China’s retail prosperity index was 50.4%, up 0.3 percentage points from the previous month, and remained in the expansion range for one year in a row.

At the end of March, China’s foreign exchange reserves rose to $3,245.7 billion.

According to the data released by the State Administration of Foreign Exchange on April 7th, by the end of March 2024, the scale of China’s foreign exchange reserves was US$ 3,245.7 billion, up by US$ 19.8 billion or 0.62% from the end of February. China’s economic recovery has been consolidated and strengthened, and the long-term positive fundamentals will not change, providing support for maintaining the basic stability of foreign exchange reserves.

The central bank set up 500 billion yuan for scientific and technological innovation and technological transformation refinancing.

On April 7th, the People’s Bank of China announced that in order to better meet the financing needs in the fields of scientific and technological innovation, technological transformation and equipment renewal, a second loan for scientific and technological innovation and technological transformation was set up, with a quota of 500 billion yuan and an interest rate of 1.75%. The distribution targets include 21 financial institutions such as policy banks, state-owned commercial banks and joint-stock commercial banks.

The special promotion meeting of "Investing in China" was held in Germany

Recently, the special promotion activity of "Investing in China" sponsored by the Ministry of Commerce of China was held in Stuttgart, Germany. More than 200 representatives of Chinese and German government agencies, enterprises and business associations attended the meeting to discuss the topic of investment in China.

China’s Ministry of Commerce said at the meeting that German investment in China accounts for 30% of EU investment in China. Bilateral economic and trade cooperation is not only the "ballast stone" of Sino-German relations, but also the "stabilizer" of China-EU relations. China’s emerging fields such as scientific and technological innovation, green and low carbon, and digital economy are full of business opportunities. Investing in China is a bright future for Sino-German economic and trade cooperation. Friedrich, chairman of the German-Chinese parliamentary group of the German Bundestag, said that German-Chinese economic and trade cooperation is a model of globalization, and the two countries should work together to meet the challenges and bring greater certainty to German-Chinese enterprise cooperation.

Data show that Germany has been China’s largest trading partner in Europe for 49 consecutive years, and China has been Germany’s largest trading partner in the world for 8 consecutive years. Sino-German trade accounts for about 30% of China-EU trade.

China’s first deep geothermal scientific exploration well exceeding 5000m.

The reporter learned from China Petrochemical that China’s first over 5,000-meter deep geothermal scientific exploration well — — Well Fushen Re 1 is expected to be drilled to 5,200m underground today (April 8th), setting a new record for geothermal exploration in China. Well Fushen Re-1 is located in Haikou City, Hainan Province. It is located in the high-temperature geothermal belt around the Pacific Ocean, one of the four high-temperature geothermal zones in the world, and it is a rich area of deep geothermal resources.
Previously, the geothermal resource reservoir with the temperature of 150 degrees Celsius was drilled in Fushen Re-1 well near 3,900 meters underground, and the geothermal reservoir with the temperature of 188.71 degrees Celsius was drilled in the depth of 5,123 meters.

5.189 million people entered and exited the country during the Qingming holiday.

On April 7, the National Immigration Bureau released data showing that during the Qingming holiday this year, a total of 5.189 million Chinese and foreign personnel entered and exited the country, an increase of 69.6% over the same period last year. Among them, mainland residents entered and exited 2.422 million people, an increase of 101.7% over the same period of last year; Foreigners entered and exited 500,000 people, an increase of 163.2% over the same period of last year; Hong Kong, Macao and Taiwan residents entered and exited 2.267 million people, an increase of 35.9% over the same period last year.

The inspection and release hall for vehicle-mounted personnel at Hengqin Port was officially opened on the 9th.

The inspection and release hall of passenger and truck combined with one-stop lane attendant at Hengqin Port has been completed and will be officially opened on April 9. There are 22 passages in the inspection and release hall for vehicle-mounted personnel, with 11 passages in the entry and exit directions, including 8 passages for quick inspection and 3 passages for manual inspection, all of which adopt the inspection mode of "cooperative inspection and one release".

Super-long cruise ships docked in Tianjin, and nearly 2,000 international tourists started the Beijing-Tianjin tour.

On April 7th, the cruise ship "Ocean Melody" carrying nearly 2,000 tourists from all over the world docked at the home port of Tianjin International Cruise, and tourists from the United States, Canada, France and other countries officially started a two-day tour of Beijing and Tianjin. The 275-day round-the-world travel route operated by this cruise ship is the longest round-the-world route at present.

Heilongjiang: More than 500 white-headed cranes fly to Wuyuer River Nature Reserve.

Over the past few days, more than 500 national first-class protected animals, white-headed cranes, have been welcomed to Wuyuer River Nature Reserve in Heilongjiang. These cranes bow their heads in the wetlands or wander in the water, adding agility and vitality to the earth in spring. Every year, during the spring migration season, the crane stops here for more than 30 days to replenish, and then continues to fly north to the breeding ground.

With the increasingly fierce competition in the automobile market, there is a cruel elimination match between automobile enterprises, some of which have been forced to withdraw from the stage, while others are being pushed out of sight by the "big waves".

For example, Roewe, a brand that was once popular in the market with its star model RX5. In 2018, with the help of Roewe RX5, Roewe went to the "highlight" moment with a performance of over 470,000 vehicles.

However, with the rise of new forces and the efforts of various traditional car companies in technology and new products, the labels and selling points of Roewe RX5 are no longer competitive. Since 2021, the sales volume of Roewe RX5 has entered a state of sharp decline. In 2022, the sales volume continued to decline, with a direct drop to "freezing point" in April, with a monthly sales volume of only 1,990 vehicles.

The sales volume of Roewe RX5 has shrunk, which directly affects the overall performance of the brand. In 2021, the sales volume of Roewe was only 348,400, and in 2022 it dropped to 260,000. You know, in 2017, the sales volume of Roewe RX5 alone was 237,000, which shows how much it was affected.

To sum up the decline of Roewe, it is precisely because it relies too much on the sales support of Roewe RX5, and the brand performance is in trouble because the number of vehicles is too single. The decline in sales of Roewe RX5 is due to the "short board" of product strength, which has no advantage compared with the current new energy vehicles and the market competitiveness is greatly reduced.

Fortunately, in the face of successive declines, Roewe also took out its own attitude step by step, stepped up the push of new cars, and strived to catch up.

The latest news shows that Roewe will launch a new car, Roewe D7, this month. The new car is aimed at medium and large cars, and it will launch a DMH hybrid version and an EV electric version respectively. At the same time, the new car will integrate scientific and technological equipment such as Yunsu cockpit and zebra intelligent driving machine system.

From the appearance, the front face of the new car adopts a brand-new inductive design language, which is different from the design of the existing Roewe series products and is more recognizable as a whole. Specifically, Roewe D7 EV and DMH adopt different shapes, and D7 EV adopts the design of closed front face and split headlights. The D7 DMH adopts integrated headlights, and the front air intake grille adopts the extension design elements of left-right expansion and up-and-down support, which makes the vehicle’s vision more spacious.

From the side of the car body, this car is equipped with hidden door handles and 18-inch wheels with low wind resistance, which is more scientific and technological as a whole. In terms of the rear end, the tail shape is round and generous, full and full of tension.

The taillights are slender in shape, with the duckling tail design with the edge of the trunk slightly upturned, which is full of movement. In terms of body size, the length, width and height of the new car are 4890/1872/1510mm and the wheelbase is 2810mm respectively.

In terms of interiors, the two cars are consistent, equipped with an integrated large screen and made of a lot of suede. It is worth mentioning that the seat is decorated with diamond-shaped elements, which increases the sense of advanced vehicle.

In terms of power, Roewe D7 pure electric version was born in SAIC Nebula pure electric platform, which will provide two new Rubik’s cube batteries, corresponding to CLTC comprehensive cruising range of 510km and 610km respectively. In terms of power, the new car will be a VGA six-in-one motor and a permanent magnet synchronous motor with a maximum power of 155kW.

The DMH hybrid version is equipped with a hybrid engine with a thermal efficiency greater than 43% and a fuel consumption of 4.3L/100km. Under CLTC condition, its pure electric cruising range is 125km and its comprehensive cruising range is 1400km.

Write it at the end

As a medium-sized and large-sized car, Roewe D7 combines advanced technology design and diverse power options, which is very in line with the current mainstream. After the new car goes on the market, it will compete with BYD Seal and Deep Blue SL03. It is said that the price will start from 130,000, which is still attractive to consumers.

The ending song "Crowd" of the movie "Crowd" MV

Wang Baoqiang and Rene Liu.

On December 31st, Rene Liu shared the MV of the ending song "Crowd" that he sang for the movie "Crowd" in Weibo, saying: "I can sing the ending song of" Crowd "more because I know Hua Ge, and Andy Lau starred in this movie. In the crowd, we once met and missed each other. After each meeting, we will go in different directions, may meet again, may walk on different roads, and miss each other far away. Who will you meet on the last day of 2020? What do you miss? How would you sing this song in Crowd? "

Later, Wang Baoqiang forwarded this Weibo and said, "After listening to this song, I remembered the days 16 years ago, and I will always remember the companionship and encouragement my sister and Brother Hua gave me. Thank you for meeting you’. " It is reported that Wang Baoqiang met Rene Liu and Andy Lau in 2004 for filming world without thieves, in which Andy Lau played Wang Bo, Rene Liu played Wang Li and Wang Baoqiang played Silly Root. Fan comments: "Thanks for meeting, Brother Bao keeps going", "Stupid root at that time, come on".

　　UAE sends aerobatic team and cavalry to escort Putin (Russian News Network Today)

　　Overseas Network October 16thRussian President Vladimir Putin visited the United Arab Emirates on the 15th and signed a new contract with the UAE worth about $1.4 billion. In order to welcome Putin’s visit, the UAE dispatched aerobatic teams and cavalry teams, and held a grand welcoming ceremony in the palace.

　　Sputnik news agency & radio reported on the 15th that Putin was welcomed by Crown Prince Mohammed of Abu Dhabi, United Arab Emirates, at the airport after arriving in Abu Dhabi that day. After that, he drove through the center of Abu Dhabi, and the roads were covered with Russian flags and UAE flags.

　　The cavalry escorting Putin holds the national flags of the two countries (Russian News Network Today)

　　Putin’s welcome is not limited to this. Three white horse riders and 10 brown horse riders form a cavalry team, holding the national flags of the two countries and marching in a neat and rhythmic pace to escort Putin’s car.

　　The UAE Air Force also sent an aerobatic team. Seven planes pulled out white, blue and red smoke symbolizing the Russian flag and flew over Putin’s car and the escort cavalry.

　　UAE Army Plays Russian National Anthem (Russian News Network Today)

　　Later, Putin arrived at the United Arab Emirates Palace and watched the military band play the Russian national anthem with Crown Prince Muhammad. However, from the expression, Putin does not seem to be very looking forward to it.

　　According to an earlier report on today’s Russian website, Putin visited Saudi Arabia on the 14th. At the welcoming ceremony held by King Salman, when the Saudi military orchestra played the Russian national anthem, an embarrassing scene appeared: it was out of tune. As can be seen from the video published on this website, Putin’s expression is "slightly embarrassed".

　　On 15th, Putin and Crown Prince Mohammed were talking (Oriental IC).

　　According to Sputnik news agency & radio, after the welcoming ceremony, Putin held talks with Crown Prince Mohammed of Abu Dhabi, the United Arab Emirates, mainly discussing mutual cooperation between the two countries on the international stage and cooperation in the fields of energy, aerospace and tourism.

　　UAE and Russian discuss business cooperation and other matters (Sputnik news agency & radio)

　　Putin later said in a discussion with the UAE business community that Russia and the UAE signed a new contract worth about $1.4 billion. Every effort will be made to make foreign investors, including UAE, feel comfortable in the Russian market.

　　Putin also said that the UAE Sovereign Fund is one of the first partners of the Russian Direct Investment Fund (RDIF), and the two sides have jointly implemented more than 45 projects worth 2.3 billion US dollars, and the return on investment of these projects has obviously exceeded the global level. (Overseas network Wang Xiluo)

　　[car home Information] On April 15th, Starway (|) officially opened for pre-sale.The new car has launched a total of 8 configuration models.,The pre-sale range is 199,000-329,000 yuan.. The new car is based on Chery’s brand-new E0X global ultra-comfortable high-performance electric platform, positioning medium and large SUVs and providing two power options: pure electric and extended range. The new car extended range version has a pure battery life of 200km and a comprehensive battery life of 1500km+. The pure electric version will provide 77kWh and 100kWh battery versions, covering different cruising ranges of 540-760km.According to official information, the pure electric series of ET will be delivered as soon as it is pre-sold, and the extended range series of ET will be delivered in May.

● New car features:

　　From the appearance, the ET in Xingji Era has a steady atmosphere, the front design is simple and avant-garde, and the LED penetrating light belt is matched with the lower light language to create a technological dreamy visual effect. The disappearing middle net is a typical feature of new energy vehicles. This design also highlights the EXEED Star Road brand logo, and the front enclosure is decorated with different materials and colors to create a layered feeling.

　　The younger and even a little sporty roof curve and waistline are used on the side of the body of Xingjiyuan ET. Frameless doors and hidden door handles are all common configurations of new energy vehicles nowadays, which cooperate with large rims to create an atmospheric field. In addition, the car is also equipped with a roof lidar, which is expected to support a high level of driver assistance. In terms of body size, the length, width and height of the new car are 4955/1975/1698mm and the wheelbase is 3000mm respectively.

[New car and front case]

　　The shape of the rear end is very full and round, and it also uses a penetrating taillight group. This penetrating taillight contains 262 LED beads, and the lighting effect is quite exquisite. The front of the new car is treated with bright black from the side skirt to the rear bumper, so that the body will not be too dull and create a strong sense of integrity.

　　The interior of Star Era ET incorporates the design concept of "Welcome Home", and the light color style creates a warm and simple style. According to the official introduction, high-end environmental protection materials such as marble slate, real wood decoration and Microfiber microfiber are also used in the car. The style of steering wheel is rare, with flat bottom and two spokes, which is a bit like the style of concept car.

　　The 15.6-inch 2.5K central control large screen in the center console is very eye-catching. The smart home voice based on the Lion AI big model includes 20 smart home scenes such as car home interconnection, baby mode, pet mode and karaoke mode, which endows more home attributes for Star Age ET. At the same time, the center console also broke the traditional fixed instrument panel mode, equipped with an electric sliding auxiliary instrument panel and a "star-moving bar", with double-layer storage compartments and warm atmosphere lights, so that passengers in the car can experience the comfort without barriers. In addition, the front and rear rows can be electrically moved by voice or physical buttons, which further improves the flexibility of the interior space.

　　Xingjiyuan ET also has a "home theater" with 7.1.4 panoramic sound and 23 speakers, and a 2.38㎡ canopy to improve ride comfort. Among them, the double-layer flow and three-temperature heat pump air conditioner can quickly reach a comfortable temperature of 18℃ in the low-temperature heating test. At the same time, Star Age ET is equipped with intelligent driving system and high-performance sensing hardware.

　　In terms of power, Xingjiyuan ET pure electric version provides two sets of power systems: single motor and double motor. The maximum power of the single motor version is 230kW, and the peak torque is 425N·m, 6.4 seconds and 6.6 seconds. Two-motor four-wheel drive model, the front axle motor entry version is 123kW, the high version is 183kW, and the maximum power of the rear axle motor is 230kW. The peak torque is 238N·m before and 425N·m after the PRO four-wheel drive version. The Ultra version is 266N·m before and 425N·m after, and the fastest Ultra can "break 100" in 3.8 seconds.

　　In terms of configuration, except for two models with minimum extended range, other models are equipped with air suspension +CDC continuous damping and vibration reduction control system as standard.In terms of intelligence, Star Age will launch a map-free scheme for urban assisted driving in the fourth quarter of this year.

　　Star Era ET will be equipped with Contemporary Amperex Technology Co., Limited Shenxing rechargeable battery, which is available in 77kWh and 100kWh. Relying on the global 800V platform, it can drive 400 kilometers in 10 minutes at 25℃ room temperature. It only takes 24 minutes for the SOC to be 20%-80% in the extremely cold environment at MINUS 20℃, which effectively solves the problem of tram charging for northern users.

　　The extended-range version of Star Era ET will be equipped with a 1.5T turbocharged engine with the engine model SQRH4J15B, and equipped with a plug-in hybrid system. The engine can output a maximum power of 115kW, a peak torque of 220N·m, a maximum motor power of 195kW, a maximum torque of 324N·m, and a "breaking 100" in 7.8 seconds. The extended range version is equipped with a 32kWh battery pack, with a pure battery life of 200km and a comprehensive battery life of 1500+km.

Competitive product analysis:

"Tucki G9"

『Aouita 11』

『Wen Jie M7』

『Ideality L7』

『Tengshi N7』

　　Star Era ET locates medium and large SUV models, providing pure electric and extended range power systems. In view of the pure electric market, its main competitors are nothing more than Tucki G9, Aouita 11, Haobo HT and so on. In the extended range market, competitors have become rich, such as some popular products in the near future, such as Jiejie M7, Ideal L7, Lantu FREE, Tengshi N7, etc. The above-mentioned products have good competitiveness in the market, and each of them has strong product labels. With the rich choice of two kinds of power and the blessing of intelligent auxiliary systems, Xingjiyuan ET is expected to compete in the competition.

Full text summary:

　　At present, competitors in the large and medium-sized SUV market, such as Yunyun, are also rolling even harder, which makes Xingjiyuan ET face considerable competitive pressure when it enters it. We should know that the Star Age is an extension to the direction of electrification on the basis of the high-end star route, and its goal is to create the ultimate comfortable travel experience for users. Xingjiyuan ET focuses on the mobile meeting room, and it will also have a good performance in intelligent driving, which lays a good foundation for entering the medium and large SUV market. Now that the pre-sale price of the car has been announced, I look forward to the performance after the subsequent listing. (Text/car home Li Na)

"Juvenile Xue Baochai" Li Qin and "Adult Jia Baoyu" Yang Yang.

　
"Lin Daiyu" Jiang Mengjie is cute and pouting.

Yang Yang smile sunshine.

　　The new TV series "Dream of Red Mansions" is about to meet the audience in the Year of the Tiger. The young boys and girls coming out of the Grand View Garden are young and energetic, and they are deeply loved by major fashion magazines. Recently, a series of color digital blockbusters shot for a magazine by "adult Jia Baoyu" Yang Yang, "Lin Daiyu" Jiang Mengjie and "teenager Xue Baochai" Li Qin were exposed. In the picture, "Bao Daichai" looks like a ghost horse and staged a group of fashionable and lovely eight continuous shooting.

　　Before filming A Dream of Red Mansions, Yang Yang and Jiang Mengjie were still wet behind the ears, studying their dances at school. And a Dream of Red Mansions made them famous, and they contacted more people and things one after another, and their attitude towards things also changed a lot. Moreover, A Dream of Red Mansions also gave them an opportunity to strengthen their future direction, as Yang Yang said: "After filming a Dream of Red Mansions, it was like having a dream, and after waking up, their orientation was clearer".

　　A Dream of Red Mansions, the first of Four Great Classical Novels in China, has been sung for hundreds of years. It can be said that from the book to the present, and even in the future, it has lived in the "youth" era, full of vigor and vitality, and there is no aging. Yang Yang, Jiang Mengjie and Li Qin, who play Jia Baoyu, Lin Daiyu and Xue Baochai in the new version of A Dream of Red Mansions, are three young children who inject new vitality into A Dream of Red Mansions with their youthful faces and classical temperament.

[car home Qujing Preferential Promotion Channel] At present, there are large-scale preferential activities in Qujing area, with the highest discount reaching 50,000 yuan, making the minimum starting price only 428,000 yuan. If you are interested in Mercedes-Benz EQE, you may wish to click "Check the car price" in the quotation form and strive for higher discount.

Mercedes-Benz EQE adopts a family-oriented front face design, and the front grille adopts a closed design with streamlined body lines, which highlights the unique style of electric vehicles. The LED headlight group at the front of the car is closely connected with the front grille, creating a strong visual impact. On the whole, the overall shape of Mercedes-Benz EQE is simple, stylish and luxurious.

Mercedes-Benz EQE has a body size of 4969*1906*1514 mm, a wheelbase of 3120 mm, a front tread of 1634 mm and a rear tread of 1645 mm.. Its smooth side lines match the right proportion of the car body, showing the elegant demeanor that a luxury car should have. In addition, the car is equipped with 255/45 R19 tyre size, which complements the exquisite 19-inch rim, further enhancing the sense of movement and texture of the whole car.

The interior design of Mercedes-Benz EQE shows a sense of luxury and technology, and the steering wheel made of leather has electric adjustment function, which makes the driver more convenient to operate. The 12.8-inch large screen on the center console adds a technological atmosphere to the vehicle, and supports various voice recognition controls such as multimedia system, navigation, telephone, air conditioner and sunroof. In terms of seats, Mercedes-Benz EQE is made of imitation leather. The main and co-pilot seats are equipped with heating and ventilation functions, and it supports electric adjustment, including front and rear, backrest, height (4-way), leg rest and lumbar support adjustment, and also has memory function. In addition, the front row and the rear row are equipped with a Type-C interface and a USB/Type-C interface respectively, and the front row also has the function of wireless charging of mobile phones. These configurations not only enhance the driving experience, but also reflect the luxury and comfort of Mercedes-Benz EQE interior.

Mercedes-Benz EQE is equipped with a powerful motor, which can output the maximum power of 350 kW and the maximum torque of 858 Nm, bringing excellent power performance and driving pleasure to drivers.

The owner of car home said that although the price of Mercedes-Benz EQE was slightly higher than the budget, it was excellent in appearance, internal comfort, configuration and battery life, and its cost performance was quite good.

　　"Admission fee" is not a strange word for many suppliers of supermarket chains. What many consumers don’t know is that these "entrance fees" and "rebate fees" have been exposed by CCTV, which is considered to be an important factor to promote high prices.

　　A supplier in Yichang sued Hubei Yasi Chain Commercial Co., Ltd. (hereinafter referred to as Yasi Supermarket) for charging a high "entrance fee". After the second trial, Yichang Intermediate People’s Court recently ruled that Yasi Supermarket should refund the overcharged "rebate fee" of more than 330,000 yuan. Yesterday, according to Yas Supermarket, a complaint was filed with the Provincial High Court.

　　Sue the supermarket: the supplier asks for a refund

　　It is Yichang Xinliu Trading Company that has been supplying Yasi Supermarket for more than 3 years.

　　As a former partner, Xinliu Trading Co., Ltd. has been supplying all kinds of brewed and leisure foods for Yasi Supermarket’s stores in Yichang, Jingmen and Xiangyang since 2009.

　　Mao Liangyan, the company’s attorney and lawyer of Hubei Puji Law Firm, told the reporter that from 2010 to 2012, the company signed two supply contracts with Yasi Supermarket. As stipulated in the contract, the company supplies goods to Yas Supermarket, and the supermarket can charge basic promotional rebate fees, as well as certain publicity fees, commodity discounts and other fees as appropriate.

　　"However, in the past few years of cooperation, the fees charged by Yas Supermarket to the supply company have increased year by year, which is too much beyond the scope of the contract agreement. I feel that it is really unsustainable." Mao Liang Yan showed a statistical table to the reporter.

　　The reporter saw that the statistics of Xinliu Trading Company showed that from January 2011 to March 2012, Yasi Supermarket charged Xinliu Trading Company 10 items including rebate, management fee and exhibition fee, totaling 410,000 yuan.

　　This 410,000 yuan fee is directly deducted by Yas Supermarket from each supplier’s payment settlement. "These fees are actually commonly known as entrance fees." Xinliu Trading Company said that if the contract is strictly fulfilled, Yasi Supermarket should only charge a rebate fee of more than 70,000 yuan.

　　After the second trial: the supermarket should refund 330,000 yuan

　　In April last year, Xinliu Trading Company sued Yasi Supermarket in Xiling District Court.

　　After receiving the lawsuit, the head of the legal department of Yas Supermarket appeared in court. According to Yas Supermarket’s explanation to the court, Yas Supermarket and the supplier have no formal written contract, and the deduction is a rebate fee charged according to the "trading habits" of both parties.

　　After investigation by the court, it was found that there was a clause on "basic promotion rebate" in the agreement signed by both parties. According to different sales outlets inside and outside Yichang area, Xinliu Trading Company agreed to give Yasi Supermarket a rebate of 2.5% to 3% of the total payment.

　　During the cooperation between the two parties, the total sales of Xinliu Trading Company in Yas Supermarket was 2.51 million yuan, and Yas Supermarket should charge more than 70,000 yuan for the "rebate fee", but actually charged more than 410,000 yuan.

　　In July last year, the Xiling District Court made a first-instance judgment that Yasi Supermarket should refund the overcharged fee of more than 330,000 yuan.

　　In this regard, Yasi Supermarket refused to accept the judgment and appealed to Yichang Intermediate People’s Court. The supermarket believes that "the expenses agreed in the contract should also include other expenses such as promotion activities and management fees for promoters."

　　On December 6, last year, Yichang Intermediate People’s Court, after retrial investigation, thought that Yas’s appeal reason lacked evidence support and rejected its appeal.

　　It is understood that Xinliu Trading Company is still applying for judgment execution. On the afternoon of March 17th, the reporter learned from Hubei Yasi Commercial Chain Company that the company had filed a complaint with Hubei Provincial High Court.

　　Suffering from criticism: "entrance fee" drives up retail price

　　Why is the price difference of the same bag of potato chips near 1 yuan in different supermarkets? In an online survey on supermarket satisfaction conducted by the Three Gorges News Network, the option of "the same commodity, the price is much higher than other supermarkets" has become one of the most dissatisfied options for consumers.

　　According to industry insiders, this is related to the "entry fee" between suppliers and supermarkets.

　　The reporter interviewed a number of chain supermarkets in the city randomly. In front of the food counter of a supermarket, the salesperson explained that the prices of the goods were all priced by the supermarket and the supplier and released to the sales store in a unified way.

　　But in fact, some suppliers admitted to reporters that "part of the price of goods includes supermarket entrance fees. If we only sell them at the actual price of goods, we will have lost money."

　　It has become an unspoken rule in the industry that supermarkets charge "entrance fees", which not only includes supermarket rebates, but also many inexplicable "publicity fees" and "discount points". Business people believe that "wool is on sheep, and suppliers can’t sell it at a loss, so they can only find a way from the price of goods."

　　But despite this, it is rare for suppliers to sue supermarket chains. "We have not heard of the second case in Yichang so far." A lawyer who has been engaged in commercial litigation cases for more than ten years in Hubei Province told reporters that this is mainly because many suppliers are in a weak position compared with supermarkets. "I would rather pay more money or increase the cost of goods than offend cooperative supermarkets."
　　(Three Gorges Evening News He Fan)