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　　CCTV News:The reporter learned from the Railway Public Security Bureau that at present, Spring Festival travel rush has entered the final stage of tackling key problems, and local railway police authorities have taken the form of unannounced visits to further strengthen supervision and inspection, pay close attention to the implementation of various security measures, purify the public security environment of stations and buses, and ensure the safe travel of passengers.

　　Railway police authorities around the country focus on high-speed rail safety, fire and explosion prevention, safety inspection, station and train order, public security situation, etc., and organize inspection departments to take the form of on-site inspection and video inspection to supervise and inspect the security situation of key stations and key trains, and timely feed back the problems found to relevant police stations and responsible police, and make timely rectification. The Railway Public Security Bureau also dispatched personnel from local inspectors and public security departments to carry out supervision and inspection on key stations and trains such as Beijing, Shanghai, Guangzhou, Beijing-Tianjin intercity, Beijing-Shanghai high-speed railway and Beijing-Guangzhou high-speed railway, and timely reported the findings of supervision and inspection to ensure that all measures can be implemented.

　　In the course of work, the local railway police authorities have continuously strengthened the supervision work in light of the actual situation. The Beijing Railway Public Security Bureau implements the responsibility system for ensuring the security of cadres, and stipulates that the cadres of the Public Security Bureau and the Public Security Department should be stationed in key stations such as Beijing Railway Station, Beijing West Railway Station and Beijing South Railway Station in accordance with the division of labor to keep abreast of the security situation and take targeted measures. The security management detachment of Taiyuan Railway Public Security Bureau has strengthened the supervision and inspection of security guards, and from the aspects of service system, operation process and personal safety, it has supervised and inspected the security posts of 13 lines of Daxi High-speed Railway, and continuously strengthened the supervision and management of patrol security of high-speed railway lines. Shenzhen, Jiamusi, Urumqi and other railway public security departments dispatched inspectors to key stations to carry out immediate inspections and correct existing problems in time. Police detachments of railway public security departments such as Harbin, Shijiazhuang and Yanbian insist on self-examination, and learn about the implementation of the police service system and the train security situation from train staff and station police stations along the way through WeChat and telephone every day.

　　At the same time, local railway police authorities have also taken timely relevant measures against illegal acts that disturb the normal work of the police and infringe on their rights and interests, and actively "supported" the police in safeguarding their rights. The supervision department of Chengdu Railway Public Security Bureau organized relevant police stations to hold discussions and listen to opinions and demands. Shenzhen, Yan ‘an, Hami and other railway public security departments have strengthened police education and strictly enforced the use of recorders. Xuzhou North Station Police Station of Xuzhou Railway Public Security Bureau strengthens the police law enforcement education, and insists that every brigade should summarize the police work and law enforcement in time after work. On February 25, two men made trouble at Longjiang Railway Station in Heilongjiang Province by drinking, disturbed the order, refused to listen to dissuasion, and insulted and beat the police on duty. After receiving the situation report, the inspector department of Qiqihar Railway Public Security Bureau immediately started the police rights protection mechanism. After the matter was investigated clearly, one of the men was criminally detained on suspicion of obstructing official duties according to law, in order to prevent the staff of state organs from performing their duties according to law and administratively detain the other man. (Liang Xizheng Chen Feifei)

Bureau of Commerce of each district, Bureau of Commerce and Finance of Economic Development Zone, and relevant enterprises:

　　In order to implement the requirements of "Specific Measures for Helping Enterprises to Rescue and Accelerate the Recovery of Consumption" (No.907 [2022] of Beijing Development and Reform Commission), increase the assistance of industries affected by the epidemic, support the stable development of large shopping malls, and encourage the department stores and shopping centers in this city to give rent relief to settled merchants during the epidemic, it is planned to give appropriate subsidies to operating enterprises that take rent relief measures. The relevant work is hereby notified as follows:

　　I. Scope and conditions of support

　　Applicable to the operating enterprises of department stores and shopping centers that meet the following conditions at the same time:

　　1. Department stores and shopping centers with a construction area of more than 20,000 square meters within the administrative area of this Municipality (the complex is only a commercial part of the construction area, excluding office buildings and hotels, etc.);

　　2. From January 1 to August 31, 2022, rent reduction measures were taken for more than 30% of the settled merchants (number), and the reduction time was more than 30 days (inclusive).

　　Second, the subsidy standard

　　Give a financial subsidy of not more than 500,000 yuan to large shopping malls with a construction area of 100,000 square meters (inclusive);

　　Give a financial subsidy of no more than 250,000 yuan to large shopping malls with a construction area of 50,000 square meters (inclusive)-100,000 square meters;

　　Large shopping malls with a construction area of 20,000 square meters (inclusive)-50,000 square meters will be given a financial subsidy of no more than 100,000 yuan.

　　Third, the declaration process

　　Large shopping malls in this city shall submit the following application materials to the local Bureau of Commerce and the Bureau of Commerce and Finance of Economic Development Zone (see Annex 1 for contact information) before August 31st.

　　1. A copy of the business license.

　　2. For large-scale shopping malls that use their own houses, copies of real estate registration certificate, planning and construction permit or other property rights certification materials are required (only the commercial part is required for the complex); If the leased premises are used, the relevant materials of the owner and a copy of the lease contract within the validity period shall be submitted.

　　3 letter of commitment (see Annex 2 for the format).

　　4. Enterprise information table (see Annex 3 for the format).

　　The application materials are in duplicate, which shall be bound into volumes in sequence and stamped with the official seal of the enterprise. Project application materials will not be returned.

　　Fourth, the job requirements

　　1. The Bureau of Commerce of each district and the Bureau of Commerce and Finance of Economic Development Zone are responsible for the preliminary examination of the application materials of enterprises, confirming the declared area and rent reduction. Before September 10th, the confirmed list of enterprises and related materials will be formally reported to the Municipal Bureau of Commerce for review, and the project information passed through the review will be publicized on the extranet of the Municipal Bureau of Commerce. All reporting enterprises should ensure that the contents of the application materials are true, accurate and complete, and accept the supervision of the relevant departments. If there are violations of laws and regulations, they will bear corresponding responsibilities.

　　2. After the funds are allocated, the Municipal Bureau of Commerce will entrust a professional organization to conduct spot checks on the actual rent reduction and exemption behavior of enterprises. For the false declaration, the Municipal Bureau of Commerce has the right to recover all the subsidy funds, and deal with it according to the "Administrative Measures for the List of Bad Credit Records in Beijing Commercial Fields (Trial)".

　　3. The use of subsidy funds shall be subject to the supervision and management of relevant departments, and those who violate relevant regulations shall be dealt with according to relevant laws and regulations.

　　4. Encourage all districts to study and introduce policies for the stable development and consumption promotion of large shopping malls in this district with reference to municipal subsidy policies. Please send a written copy to our bureau in time for the formulation and support of relevant policies.

　　I hereby inform you.

CCTV News:According to the website of the State Commission for Discipline Inspection of the Central Commission for Discipline Inspection, according to the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection in State Grid Corporation of China and the Supervision Committee of Anhui Provincial Commission for Discipline Inspection, Shen Jianxin, director, general manager and deputy secretary of the Party Committee of State Grid Smart Car Networking Technology Co., Ltd., is suspected of serious violation of the law and is currently under joint investigation by the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection in State Grid Corporation of China and the Supervision Committee of Maanshan City, Anhui Province.

　　Resume of Shen Jianxin

　　Shen Jianxin, male, Han nationality, was born in May 1967 in Wuxi, Jiangsu Province. He joined the work in August 1989 and joined the Communist Party of China (CPC) in October 2000.

　　From May 2006 to September 2012, he served as director and deputy director of marketing department of Jiangsu Electric Power Company of State Grid, general manager of rural power company, director of marketing department and deputy chief economist;

　　From September 2012 to November 2013, he served as deputy director and member of the party group of the Customer Service Center of State Grid Corporation;

　　From November 2013 to December 2017, he served as deputy director of the marketing department of State Grid Corporation;

　　Since December 2017, he has served as director, general manager and deputy secretary of the Party Committee of State Grid Electric Vehicle Service Co., Ltd. and State Grid Smart Car Networking Technology Co., Ltd.

(Discipline Inspection and Supervision Team of State Supervision Commission of Central Commission for Discipline Inspection in State Grid Corporation of China, Supervision Commission of Anhui Provincial Commission for Discipline Inspection)

Russian Navy aircraft carrier Kuznetsov Image source: Dongfang. com

　　The global financial crisis is spreading. At the critical moment when the new round of nuclear disarmament negotiations between the United States and Russia is about to begin, Russia has thrown out a military reform plan that is said to be "unprecedented", aiming at building a world-class army through streamlining reforms. This reform plan involves many aspects, such as the reduction of middle and senior officers, the reform of the establishment system, and the renewal of weapons and equipment, and proposes to complete the disarmament reform goal within three to four years.

　　The Russian military’s military reform plan this time reflects the tough attitude of the new president Medvedev towards military reform, and its intensity is indeed unprecedented. However, the author believes that the Russian military reform is bound to be affected by the world financial crisis and other factors, and will face many difficulties. There are still many variables in whether its reform goals can be achieved as scheduled.

　　The new and old presidents relay disarmament to promote the reform of the Russian army, and the "Mapo combination" and "strong alliance" are conducive to the development of the Russian army

　　In 2000, when Putin took over the presidency from Yeltsin, he was faced with the great challenge of revitalizing the Russian economy and reducing the Russian army. After eight years in office, President Putin, known as the strongman of Russia, showed his strong ruling style with all his strength and boldly reformed the economy, so that the Russian economy gradually stepped out of the trough and its international status rose day by day.

　　At the same time, he also attached great importance to Russia’s national defense construction, especially the military reform, advocated reducing the redundant establishment of various powerful departments, and put forward the idea that the quality of army building and army building should be adapted to the country’s economic capacity, and the military strength of the Ministry of National Defense and other powerful departments should be developed in a balanced way. In fact, during his presidency, Putin put forward the goal of reducing Russian troops from 1.2 million to 1 million. However, due to various reasons, the goal of army reduction was finally not achieved.

　　After taking office as president, Medvedev continued the "Putin line", still defended Russia’s national interests as strongly as Putin, took building a stronger Russia as his own responsibility, and appeared in front of the world in a tougher posture, "inheriting" Putin’s thoughts on issues involving the fundamental interests of Russia, such as political diplomacy, economic development and national defense construction. For example, in terms of national security strategy, it is still necessary to rely on strong military strength to prevent and contain various threats to Russia, requiring the Russian army to always maintain a high degree of combat readiness and ensure strategic containment of any potential enemy, especially strategic nuclear containment to deal with possible invasion; In national defense construction, we will persist in building a "more efficient and modern" army and "build an army that conforms to the country’s economic strength and can reliably guarantee national security." In particular, it is very important for Russia’s political stability and inheritance to let former President Putin become the prime minister of the government and form a "strong alliance" political situation.

　　Although there have been many new speculations in the western media about the relationship between the "Mapp combination" in the past year, the two men are politically consistent, especially in their understanding of the goal of military reform. Although Putin became prime minister, he still paid attention to the army and supported its reform. Last year, when the Russian army clashed with the Georgian army, Putin personally flew to North Ossetia for inspection. The introduction of the plan to reduce the army to 1 million is not only the continuation of President Medvedev’s "disarmament line" to former President Putin, but also the consensus reached by President Mei and Prime Minister Pu on the future reform and development of the Russian army.

　　One is a strong president and the other is a strong prime minister. This politically highly consistent "strong alliance" and "Mapp combination" will be conducive to the realization of the Russian military reform goal. However, the reform of the Russian army will still face pressure from many sides, even opposition and blame.

　　The contradiction between rebuilding an economic power and building a military power is prominent, and it is difficult to have both fish and bear’s paw at the same time.

　　Since Putin took office as federal president, he has regarded the development of military forces as an important part of Russian national development. With the Russian economy gradually coming out of the trough, the Russian government has gradually increased its investment in national defense, showing a trend of substantial increase year by year. During Putin’s eight years as president, Russia’s military expenditure increased by about 27% every year. In order to carry out the new "realistic containment" military strategy and further demonstrate its military strength, since 2008, Russia has dispatched navies and air forces to all the oceans in the world, as far away as Venezuela, Cuba, Somalia and other regions and sea areas, and even envisaged the establishment of military bases in Yemen, Cuba, Venezuela and Syria, which seems to make people feel that Russia has become an economic and military power that can compete with the United States.

　　However, this is not the case. Russia is still far from the goal of "building an army that conforms to the country’s economic strength and can reliably guarantee national security." Judging from the current situation of the Russian army, although it has been disarmed several times, the army is still plagued by the problem of redundant staff. The Russian army has about 1.2 million regular troops, but the proportion of its officers is as high as 30% (the proportion of officers in the western developed countries is 7.5% ~ 15%). In addition, there are more than 2.1 million paramilitary forces in Russia, which add up to about 3.3 million people. The Russian Ministry of Defence has publicly admitted that over the years, as much as 70% of the Russian military’s military expenditure has been used for salaries. As a result, we can’t squeeze enough money to buy new weapons and equipment, strengthen the development of new weapons and upgrade the existing weapons.

　　It can be seen that although the Russian economy has gone out of the trough, there is still a gap between its strength and status as an economic power, and it is still inadequate to build a world-class army in a short period of time. Only when the country is rich can the army be strengthened. Without the development of the national economy, it is impossible to develop the army building. Only when the army building develops in harmony with the national economic construction is the most reasonable development. Russian military construction will also follow this development path, and it may take longer.

　　US-Russian nuclear disarmament affects Russian military reform plan.

　　After the new US President Barack Obama took office, in order to promise the concept of "pursuing a world without nuclear weapons" put forward during the election campaign, he advocated to start negotiations with Russia as soon as possible to reduce their respective nuclear weapons reserves by 80%, that is, to keep 1,000 nuclear warheads in the United States and Russia. On the one hand, the United States wants to deploy anti-missile systems in eastern Europe, and on the other hand, it wants Russia to reduce its nuclear weapons in large numbers, which has caused strong opposition in Russia:

　　Russian military experts first raised strong opposition to this, warning that Russia’s nuclear weapons will not be able to deal with the US anti-missile system after reduction, and warned that by 2015, the US nuclear forces will be able to destroy all Russian nuclear weapons at one time, and Russia should be prepared for this.

　　In fact, there are still substantive differences of position between Russia and the United States on some principled issues of signing the new treaty. The Russian side believes that "the number of nuclear warheads in the arsenal should be clearly defined and documented in legal form, which is transparent and clear to people." The United States wants to be limited to nuclear warheads deployed on delivery vehicles, so that the nuclear warheads in stock and strategic delivery vehicles will not be within the scope of the treaty. Russia believes that nuclear disarmament negotiations should not only include the reduction of strategic nuclear weapons, but also extend to all aspects of this issue, such as the deployment of missile defense systems by the United States in Eastern Europe.

　　Russia has always been dissatisfied with the deployment of the missile defense system by the United States in Eastern Europe, and NATO has been expanding eastward, even setting up missile early warning systems and anti-missile bases in Poland and other countries, which makes Russia very angry. Russia warned that if the United States insists on deploying a missile defense system in Europe, the planned base will become the target of Russian attack.

　　Under the severe situation of American strategic squeeze and NATO’s eastward expansion, whether Russia’s existing military strength can effectively deal with the surrounding security threats is the most worrying thing for Russia. Only by "retaining a considerable number of nuclear forces" as a deterrent force can Russia ensure the reasonable scale of conventional forces and compete with the United States and NATO, which will directly affect Russia’s reform and development of the military.

　　The military reform plan is ambitious, and it is difficult to push forward the reform.

　　At the end of 2005, the Russian military proposed a new reform plan to reduce the total number of Russian troops from 1.2 million to 1 million. According to the idea, the existing organizational system of services and arms will be abolished, and the corresponding command institutions will be dissolved, replaced by six headquarters, the military region will be abolished, and the functions of the Ministry of National Defense and the General Staff will be divided into two lines according to government decrees and military orders. But a few years later, the slogan of disarmament is still "thunder is loud, little rain". Obviously, the Russian military’s disarmament has encountered great resistance. From the analysis, there are three major difficulties:

　　One is political pressure. The Russian Communist Party recently openly opposed the military reform carried out by Russia, calling it destructive. Serdyukov, the Russian defense minister, was asked to resign. In a recent statement issued by the Central Committee of the Russian Communist Party and the Duma Party Group of the party, it was pointed out: "This reform may be the most destructive since Peter the Great founded the Russian army in the 3rd century. If our army moves from the most difficult Great Patriotic War to a strong one, it may lose its ability to defend Russia in general because of serdyukov’s’ reform’ in peacetime. "

　　Some military experts also said that in the face of NATO’s eastward expansion and the pressing policy of the United States to deploy anti-missile systems in Eastern Europe, once Russia is disarmed to 1 million people, it will be difficult to cope with conventional military actions, and the terrorist forces are even more important.

　　In addition, it is still unknown whether the uncertain factors in India-Pakistan border, Israel-Pakistan conflict, Afghanistan, Iraq, Iran, Somalia, the DPRK and the ROK can give Russia a "peaceful environment" to make its army calm down and carry out reforms.

　　Second, it comes from economic difficulties. Affected by the world financial crisis, it is also unknown whether the Russian government can guarantee the funds needed to realize the reform goal of "making the army more efficient and modern and making the life of Russian soldiers more comfortable" in the next three to four years.

　　The third is the resistance from senior officers. The war made the Russian army realize the inevitability and urgency of military reform, but the military layoffs also made the officers realize the cruelty and helplessness of giving up their interests. The number of Russian military disarmament this time is not large, but the layoffs are mainly officers. By 2012, the number of Russian military officers will be reduced from 355,000 to 150,000. In particular, the reduction focuses on middle and senior officers, of whom the number of generals has been reduced from the current 1,107 to 877. Some of these officers may retire directly, and some may face the situation of no fixed place, unemployment and long-term inability to find a job. Therefore, it is not difficult to understand the strong resistance from military officers, especially senior officers, to military reform. However, the reform will be inevitable, and where the disarmament plan goes will ultimately depend on whether President Medvedev’s disarmament determination is firm enough.

　　The financial crisis has spread all over the world, and the reform and development of the Russian army will certainly face greater challenges.

　　According to reports, Russian Prime Minister Vladimir Putin announced that from 2009 to the end of 2011, Russia will spend 4 trillion rubles (about 140 billion US dollars) on the upgrading plan of military weapons and equipment. In 2009, the Russian government will provide 1 trillion rubles to the Ministry of National Defense, which is mainly used to purchase new weapons technology and equipment.

　　According to previous reports, Russian military procurement in 2009 increased by 30% year-on-year, which will set a new record of 1.3 trillion rubles, while in 2010 and 2011, it will increase by 30 billion rubles and 70 billion rubles respectively. It seems that Russia’s plan to develop its army in recent years has been finalized and will soon enter the implementation stage.

　　However, the financial crisis is spreading around the world, which will directly turn into an economic crisis. Russia’s economic growth has begun to slow down. Since last year, Russia’s oil revenue has been greatly reduced, and the government’s fiscal revenue has decreased. The Russian ruble has depreciated by 35% against the US dollar. Last year, Russia’s stock market fell by 70%. There are indications that Russia’s economic situation this year is not optimistic.

　　The financial crisis has greatly affected Russia’s fiscal revenue, which has restricted the realization of Russia’s military budget from the macro-economic level and will definitely affect the realization of Russia’s military development plan. In addition, due to the impact of the international financial crisis, the military departments and military industries of all countries in the world have been severely impacted, lacking funds, laying off employees and turbulent raw material markets. Therefore, Russia’s military production will be seriously affected, which will further affect the realization of the planned development goals of the Russian army. The crisis is still spreading, and it seems that it has not bottomed out. The reform and development of the Russian army will certainly face greater challenges brought about by the financial crisis.

　　In short, the direction of Russian military reform and development is in line with the requirements of the times, and the practice of saving financial resources and improving capabilities through "downsizing" of the military is also in line with Russia’s actual situation. However, due to the global financial crisis, international politics, domestic economic development and social environment, its reform and development will not be smooth sailing.

Editor: Li Yongchao

　　The three major A-share indexes collectively pulled back today. As of the close, the Shanghai Composite Index fell 0.46% to close at 3,109.57 points. The Shenzhen Component Index fell 1.23% to close at 9391.05 points; The GEM index fell 1.35% to close at 1806.25 points. The turnover of Shanghai and Shenzhen stock markets was only 741.7 billion yuan, which was more than 30 billion yuan less than the previous trading day.

　　Industry sectors rose less and fell more, with power industry, power grid equipment and electronic chemicals among the top gainers, while real estate services, household light industry, real estate development, cultural media and games were among the top losers.

　　In terms of individual stocks, there were only more than 1,100 stocks that rose and more than 4,100 stocks that fell. The power and power grid industrial chains continued to rise against the trend, with green power and smart grid leading the way, while Chendian International, Star Power, Jinkong Power, Huayin Power, Electric Power Research Institute and Zhongzhi Technology had daily limit. The chip semiconductor plate strengthened against the trend, with the daily limit of Taiji, Yangfan New Materials, Broadcom Integration and Shanghai Belling. Non-ferrous and other resource stocks are active, Huayu Mining and Liyuan shares have daily limit, and Yuguang Gold and Lead and Huaxi Nonferrous have risen sharply. In terms of decline, the real estate sector surged back, Xinhua Lian and Zhengyuan shares fell, and Derby Group, Tefa Service, I love my family and gemdale fell sharply.　　

　　Industry capital flow: 1.269 billion net inflow into the power industry.

　　In terms of industry funds, as of the close, the net inflow of power industry, semiconductors and shipping ports ranked high, of which the net inflow of power industry was 1.269 billion.　　

　　In terms of net outflow, real estate development, chemicals, communication equipment and other net outflows rank high, of which the net outflow of real estate development is 2.041 billion yuan.　　　　Today’s news

　　Xinhua News Agency talks about "strengthening patient capital": based on the long-term without the interference of short-term market fluctuations

　　Recently, the word "patient capital" has come into public view — — When the central government deployed "developing new quality productive forces according to local conditions", it clearly stated that "we should actively develop venture capital and expand patient capital". "Patience capital", as its name implies, is to guide capital to be a "friend of time", not disturbed by short-term market fluctuations, and to accompany hard technology, scientists and entrepreneurs to "long-distance running". Both "patient capital" and new quality productivity reflect a truth of economic development: we must have a forward-looking vision, but also have strategic determination, not afraid of risks and challenges, persist in doing the right thing, and bear fruitful results in long-term investment and persistence.

　　Shanghai Jiutiao landed for 12 hours: the sales office did not close, and some new sites planned to recover the discount. The second-hand landlord raised the price.

　　On May 27th, the Shanghai Municipal Housing and Urban-Rural Construction Management Committee, the Municipal Housing Authority, the Municipal Planning and Resources Bureau and the Municipal Taxation Bureau jointly issued the Notice on Optimizing the Policies and Measures for the Stable and Healthy Development of the Real Estate Market in this Municipality, with a total of nine adjustment policies. According to industry experts, this policy not only exceeded expectations, but also made precise measures in an all-round and multi-angle way.

　　General Administration of Financial Supervision: Meet the reasonable financing needs of real estate projects and vigorously support the construction of "three major projects" such as affordable housing.

　　On the afternoon of May 27th, the General Administration of Financial Supervision held a party committee meeting to convey the spirit of studying the the Political Bureau of the Communist Party of China (CPC) Central Committee Conference, and to study and deploy measures to implement the Provisions on Accountability for Preventing and Resolving Financial Risks (Trial). The meeting stressed that it is necessary to promote the virtuous circle of finance and real estate, further play the role of the coordination mechanism of urban real estate financing, meet the reasonable financing needs of real estate projects, and vigorously support the construction of "three major projects" such as affordable housing. It is necessary to cooperate with the prevention and resolution of local debt risks and guide financial institutions to carry out debt restructuring and replacement in a market-oriented manner.

　　The rise of central China welcomes heavy documents. These stocks deserve attention.

　　Debon Securities believes that there are five points worthy of attention in the rise of the central region: First, technological innovation and industrial integration are the first hand to create new quality productivity; Second, the importance of industrial gradient transfer under common prosperity has increased; Third, it emphasizes deep-seated reform and high-level opening up, and the business environment for private enterprises and foreign investment continues to be optimized; Fourth, green and low carbon is the road to long-term development. This year, the two sessions will revisit the energy consumption constraint index; Fifth, the attention to resource security has increased, including food and energy.

　　SASAC: Promote the integration and reorganization of state-owned enterprises, advance and retreat in an orderly manner, improve quality and efficiency, and actively lay out new industrial tracks.

　　On May 27th, the Party Committee of the State Council State-owned Assets Supervision and Administration Commission held an enlarged meeting. The meeting stressed that it is necessary to maintain the sense of responsibility of climbing over the hill, pay close attention to implementation and unswervingly push forward the reform, deepening and upgrading of state-owned enterprises. It is necessary to deepen the reform around the strategy of serving the country, promote state-owned enterprises to give full play to the strategic functional value, and give full play to the supporting role of scientific and technological innovation, industrial control and security in building a modern industrial system and building a new development pattern; Deepen reform around optimizing resource allocation, adhere to taking enterprises as the main body and marketization as the means, highlight the main business and focus on industry, pay more attention to becoming stronger and better, promote the integration and reorganization of state-owned enterprises, advance and retreat in an orderly manner, improve quality and efficiency, actively lay out new industrial tracks, develop new quality productivity according to local conditions, and vigorously cultivate new kinetic energy for development.

　　Institutional point of view

　　Guojin Securities: It is suggested to maintain the strategy of "large-scale value defense"

　　Guojin Securities said that it will maintain the strategy of "defending the market value", pay attention to banks+gold, which are highly defensive and have sustained excess returns, and choose high dividends next. Diffusion strategy include: 1. surplus commodities with low sensitivity to domestic economy and benefit from global liquidity; 2. Industries with "dilemma reversal" logic, with clear supply, stable demand and even recovery; 3. For high dividend industries with low price sensitivity; 4. Having "relative income" benefits from strong fundamentals and liquidity overseas.

　　CITIC Securities: The third phase of the big fund set sail, and it is recommended to continue to pay attention to leading enterprises in related fields.

　　CITIC Securities pointed out that the third phase of the National Integrated Circuit Industry Investment Fund (Large Fund) was formally established. From the perspective of this capital contribution, it focuses on financial support entities and the orientation of expanding patient capital. There may be some adjustments and optimizations in the entrusted management mode and investment period compared with the first phase and the second phase. Taking a long-term goal orientation will help avoid short-sightedness and contribute to long-term industrial development. It is estimated that in the third phase of investment, semiconductor manufacturing is still the largest, and it is expected to further increase support for equipment, materials, components, EDA, IP and other fields. It is recommended to continue to pay attention to leading enterprises in related fields.

　　Huatai Securities: The defensive industry allocates the bottom position for funds, and the export of the real estate chain is the direction of capital concern.

　　Huatai Securities believes that last week, the real estate policy was expected to be fulfilled, superimposed by domestic and foreign factors, the market volatility fell, the industry rotated rapidly, but the capital inflow was not sustained, and the defensive industry was among the top gainers. Specifically: 1. Under the rapid rotation of the industry, short-term funds are mainly net outflows; The net inflow of foreign capital is small, in which the net outflow of foreign capital in active allocation has narrowed to the minimum since July last year, and the net inflow in passive allocation is large → Allocated foreign capital inflows for two consecutive weeks; Long-term funds have entered the market steadily. 5.24 After the promulgation of the Interim Measures for the Administration of Shareholder Reduction of Listed Companies and its supporting rules, the industrial capital ecology is expected to improve; 2. The defensive industry is the bottom warehouse allocated by the consensus of funds. Although the funds flow into industries such as nonferrous metals and electric power, the sustainability is low. In addition, the consensus of funds focuses on the direction of export (light industrial manufacturing) in the real estate chain, and there are still differences in other directions.

　　CICC: Since the beginning of the year, the amount of industrial capital reduction has dropped significantly, which has promoted the marginal improvement of A-share funds.

　　According to the China Gold Research Report, since the CSRC issued an important policy to implement the active capital market on August 27, 2023, and standardized the behavior of share reduction, the scale of capital reduction of shareholders and directors of listed companies has been at a low level. From the beginning of 2024 to the present (as of May 24, 2024), the scale of industrial capital reduction was 33.5 billion yuan, the scale of industrial capital increase was 32.8 billion yuan, and the final scale of industrial capital net reduction was 700 million yuan. In the same period last year, the scale of industrial capital reduction, increase and net reduction were 1908, 325 and 158.3 billion yuan respectively. At the level of individual stocks, since the beginning of the year, shareholders and executives of 522 listed companies have reduced their holdings, and shareholders and executives of 781 listed companies have increased their holdings. On the whole, under the background of optimizing the reduction system, the scale of industrial capital reduction has dropped significantly, and more listed companies have increased their holdings than those have reduced their holdings, which has promoted the marginal improvement of A-share funds.

Recently, at the 16th China Automotive Blue Book Forum, Autonavi Maps officially released AutoSDK 750 for the automotive industry, launchingNew energyNavigation, multi-scene lane-level safety warning, lane-level navigation 5.0, co-pilot screen weekend travel assistant, driver interconnection seamless connection experience, scene engine quick departure and other functions have been updated.

　　Recently, the evaluation results of the 7th Top Ten Transmission of "Dragon Pan Cup" were officially released, and the 9AT transmission of Great Wall Motor was once again on the list, winning the top ten transmission in the world. This award not only represents that Great Wall Motor’s technological innovation in the field of transmission has once again been recognized by professional authorities in the industry, showing its leading strength in hard core, but also means that China automobile brands are constantly moving up in the field of high-end powertrain and entering the high-end market occupied by international mainstream brands. The award-winning Great Wall 9AT transmission is mounted on China’s first large-scale high-performance luxury pickup truck Shanhai gun, which meets the high-performance demand of global users for high-end pickup trucks. With the ultimate product strength, the popularity of Shanhai Gun continued to rise after its listing, fully empowering users to cross mountains and seas.

　　China’s first vertical 9AT fills the technical gap of high-order hydraulic automatic transmission.

　　Great Wall Motor 9AT is the first longitudinal 9AT transmission in China, which fills the technical gap of China automobile brand in the field of high-grade hydraulic automatic transmission. Great Wall 9AT adopts compact and efficient clutch design, self-developed structural scheme optimization program of hydraulic automatic transmission and intelligent integrated electro-hydraulic module to achieve the performance breakthrough of transmission. Under the condition that the size of the transmission is controllable, the transmission load capacity is up to 750N·m, which can match the torque requirements of different engines such as 2.0T, 3.0T gasoline engines or diesel engines.

　　Great Wall Motor 9AT transmission has a speed ratio range of 8.843, with dense gear ratios, better gear shifting smoothness, effective consideration of power and economy, and a gear ratio of 5.288 in the first gear, which has more sufficient torque output and stronger ability to get rid of difficulties in low gear. It can meet the power demand of users for high-end quality and hard-core cars in business, home, travel, cross-country and other full scenes, and is suitable for medium and large SUVs, pickups and cars with different performance.

　　In the field of pickup trucks, Shanhai Gun is the first to be equipped with the Great Wall 9AT transmission and matched with the 3.0T V6 engine that won the "Top Ten Engine of China Heart" in 2022, so as to build a high-performance and ultra-luxury high-end pickup truck in China, which conforms to the high-end demand trend of users for high-end power pickup trucks.

　　The perfect combination of hard-core off-road and smart luxury redefines the global performance luxury pickup truck.

　　As a masterpiece of category innovation of the Great Wall Gun brand in the era of 2.0, Shanhai Gun Passenger Edition was listed at the Guangzhou Auto Show in 2022, which filled the gap of high-end luxury pickup trucks in China with its three ultimate product strengths of "high performance, super luxury and super fun". 3.0T V6 dual supercharger engine +9AT transmission’s high-order powertrain endows Shanhai Gun with unparalleled crossing ability, changeable refitting ability, outstanding towing ability and full-scene leisure adaptability, which satisfies users’ longing for outdoor life and everything in the mountains and seas.

　　At the Guangzhou Auto Show in 2023, the performance version of Shanhai Gun was officially launched. It was also equipped with a 3.0T V6+9AT power combination, with a maximum net power of 260kW and a maximum net torque of 500N·m, making it a domestic power ceiling. As the real king of outdoor, Shanhai Gun Performance Edition perfectly integrates hard-core off-road and intelligent luxury, redefining the global performance luxury pickup truck.

　　Shanhai Gun Performance Edition is equipped with Borg Warner 4A+MLock four-wheel drive system, integrated with mechanical LOCK structure, and equipped with front and rear axle differential locks as standard. It is a real "three locks" with overall leading performance. It has nine driving modes, such as standard, snow, sand, 4L, rock and expert, to meet the needs of all-terrain driving, and also has off-road functions such as tank turning, off-road cruising and wading depth detection. AT the same time, Shanhai Gun Performance Edition comes with millions of off-road equipment, such as wading throat, 18-inch Bailuchi KO2 off-road AT tire, K-MAN nitrogen reducer and 12,500-pound T-MAX winch, to cope with complex off-road conditions calmly.

　　Shanhai gun performance version has the largest body in its class, close to the full-size level; The driving space is the largest, widest and most comfortable in its class. The elbow width in the car reaches 1.6 meters, and the electric adjustment of the rear seats is the first. The maximum backrest angle reaches 33 degrees, and the comfort is comparable to that of a large luxury SUV. Strive to build the most luxurious and quiet performance pickup truck within one million. Shanhai Gun Performance Edition comes standard with streaming media rearview mirror, 8155 chip, 12.3-inch instrument +14.6-inch floating central control panel, L2 intelligent driving assistance, 360 HD look around+transparent car chassis and many other scientific and technological configurations, and enhances intelligent driving with technology; Innovative use of double back wall design, back door seam moving backward, hidden door seam design, full sealing design between trunk and body, etc., through double-layer sound insulation glass, tail wing diversion and other blessings, NVH performance is far ahead.

　　In addition, the performance version of Shanhai Gun also has a variety of functional designs, which meet the ever-changing needs of outdoor life with ever-changing containers and universal modification. It is the first design in China that the rear tailgate is split+opened horizontally. There are 24 matrix anchors and 4 hooks reserved in the trunk, and the dual 220V power interfaces inside and outside the vehicle are intimately designed to help users play the life of pickup trucks in the whole scene. The original factory comes with C6 towing qualification, which meets the 3.3-ton trailer certification, and can tow RV, motorboat, yacht, etc., to unlock more creative ways for players.

　　At present, the sales volume of Great Wall pickup trucks has been the first for 26 consecutive years, and the global cumulative sales volume has exceeded 2.51 million. In 2023, the domestic terminal market share is nearly 50%. For every two pickup trucks sold in China, one is Great Wall.

　　With the leading strength of the world’s top ten transmissions and the hard-core strength of "bigger, stronger, more luxurious and more fun", Shanhai Gun Performance Edition will satisfy users’ longing for outdoor life and everything in the mountains and seas, and will also speed up the pace of going to sea, representing China pickup truck in the global market to fight the international mainstream brand, and pointing to the top three in the world, making China pickup truck popular all over the world. (Source: Changan Automobile)