Worried! Hong Kong A auto stocks collectively weaken, and brokers’ medium-term strategy bet on these two points!

  On July 6th, in the afternoon, the auto sector of Hong Kong stocks fell. As of press time, shares of Dongfeng Group, () fell more than 5%, () fell more than 4%, Geely Automobile fell more than 3% and () fell more than 2%.

  At the same time, the A-share auto sector is also falling, Hanma Technology has fallen, and Guangzhou Automobile Group, () and () have weakened.

  Year-to-date, the share price of () has risen by over 388%, and the share price of Xiaokang has also risen by over 250%.

  On January 12th this year, Zotye Motor announced the progress of public recruitment of investors, saying that two prospective investors had paid the corresponding confidentiality deposit and intention deposit, and started to carry out specific due diligence work after paying the deposit. Since then, Zotye Auto’s share price has been rising all the way.

  However, up to now, two prospective investors have terminated their investment and one has suspended their investment. This also means that the pre-reorganization plan started by Zotye Automobile last year may fail.

  It is worth mentioning that Zotye Motor has a huge loss. According to the data of Zotye Auto’s annual report, the company lost 10.801 billion yuan in 2020, and its net assets at the end of 2020 were-4.423 billion yuan. At the same time, the company’s main business vehicle business is in a state of suspension or semi-suspension.

  Xiaokang Co., Ltd. is an entity manufacturing enterprise with engines and new energy vehicles as its core business and complete vehicles as its main business. Now it has formed a complete industrial chain integrating independent research and development, manufacturing, sales and service of complete vehicles, engines and auto parts. In addition, Xiaokang’s stock business also involves car rental and Internet consumer finance.

  The previous rise seems to have exhausted the market enthusiasm. What will happen to the market structure of the automobile industry in the second half of the year? What should investors focus on?

  It is worth noting that many brokers frequently mention two points in the strategy of automobile industry: intelligence and independent brands.

  Northeast Securities: Automotive Intelligentization Welcomes Turning Point, Huawei Leads the Wave.

  We believe that intelligent transformation is a clear trend in the automobile industry, and it has already reached an inflection point. Intelligent automobile is the main investment logic in the next few years. At present, both OEMs and Tier1 manufacturers are actively increasing the intelligent layout. We are most concerned about Huawei. Huawei entered the automotive field and positioned itself as a Tier1 manufacturer. We judge that Huawei will lead the wave of automobile intelligence. We believe that intelligent driving and intelligent cockpit are the core solutions of Huawei, and these two segments are also the core of the wave of automobile intelligence.

  Investment advice:

  Great Wall Motor

  Among domestic vehicle manufacturers, Great Wall Motor has a prominent strategic layout in the field of intelligent driving, and cooperates with Qualcomm and Huawei. Great Wall Motor will be the first to launch a coffee intelligent driving system based on the SnapdragonRide platform in the high-end models launched in 2022. Great Wall Motor and Huawei also cooperate in the fields of intelligent networking and intelligent driving. Huawei will provide Great Wall Motor with a high computing power intelligent driving computing platform based on MDC, and cooperate with Great Wall Motor to complete various evaluations and tests of the sensing components required for intelligent driving.

  Changan automobile

  () Join hands with Huawei and () to cooperate in the field of automotive intelligence. Changan Automobile has a strong ability to build cars, and it also has the accumulation of intelligent driving schemes. Combined with Huawei’s technical modules, it is expected to launch excellent intelligent cars.

  Baolong technology

  ADAS is still a good landing point for intelligent driving, and we continue to firmly recommend it (). Baolong Technology’s ADAS business made great efforts, and in 2021, it became the leading commercial vehicle ADAS in China, and subsequent passenger cars continued to follow up. At the same time, the company’s multi-category sensor business has developed rapidly and has broad application space in the field of autonomous driving.

  Fuyao glass

  Under the wave of intelligence, the permeability of skylight glass and HUD glass has increased, and the automotive glass business has ushered in a new space. As a new kind of automobile glass, skylight glass is widely used in electric vehicles. In recent years, HUD glass has gradually sunk from high-end cars to low-end models, accelerating market penetration and leading the trend of automobile intelligence. As a leader in the automotive glass industry, the company is expected to take the lead in benefiting from the growth space.

  China Merchants Securities: "Intelligent Control, Electric Future" Accelerate Development

  Automobile industry: the chip problem is expected to be solved in the third quarter, and the economy will pick up in the fourth quarter.

  Passenger cars: It increased by 38.1% year-on-year from January to May, and it is estimated that the industry will be 7.5% in 2021.

  New energy vehicles: From January to May, it increased by 2.5 times year-on-year, the C-end increased by 263%, and the supply of high-quality products increased. In May, the monthly penetration rate of new energy passenger cars was 11.5%, and the curtain of marketization opened, which will usher in a decade of high growth.

  Commercial vehicles: It is estimated that the sales volume of heavy trucks will be under pressure with the strict implementation of the national six emission standards in the second half of 2021, and the national six emission upgrade will activate the 100 billion post-processing market.

  "Intelligent control, electric future", the industry is advancing at full speed.

  1. The whole vehicle: electrified and intelligent. The launch of new models in the electric vehicle industry will be accelerated, and the C-end consumption will rise and enter an accelerated penetration period. It is estimated that the industry sales will reach 2.2 million units in 2021, and electrification will change the cost structure of the industry for a long time; The accelerated investment in the direction of intelligence will change the industry ecology and change the business model. New elements will drive hardware intelligence and software-defined cars.

  2. Parts and components: high-end, modular and international. High-end products enhance the value of products, modularity and then enhance the supporting value. The large domestic market and low cost determine the inevitable trend of the internationalization of parts and components.

  Investment strategy: pay equal attention to structure and trend, and comprehensively lay out the automobile industry.

  From top to bottom, we are optimistic about the systematic opportunities in the automobile industry. In terms of structural performance, new energy, parts and intelligence are the sub-sectors with high prosperity in 2021.

  Passenger car: Great Wall Motor and Geely Automobile with strong product cycle are recommended; Guangzhou Automobile Group and () whose current valuation is still at a relatively low level in history are recommended.

  Parts and components: Grasp "high-end, modular and international", and recommend (), (), (), (), () and so on.

  Intelligence: Intelligent driving is the general trend, and many links have investment value. We recommend (), () and (), and pay attention to Shunyu Optics (electronic group coverage), () (electronic group coverage), () (electronic group coverage), () (electronic group coverage) and () (computer group coverage). The new forces represented by Tesla are growing fast and making high profits, and the relevant targets of the industrial chain are recommended.

  New energy vehicles: electrification ushered in a blowout of good products and the rise of market-oriented C-end consumption, recommended BYD, paid attention to the formation of Huawei’s automobile industry ecology, and paid attention to Changan Automobile, () and Xiaokang shares; Short-term policies for fuel cells are frequent, focusing on Yihuatong, () and ().

  China galaxy: Electric power has arrived, and intelligent driving is escorting.

  After the epidemic, the demand picked up, and the long-term space was huge. Due to the epidemic and extreme weather, the global supply of automobile chips was in short supply, and the terminal production was reduced, which made the industry enter a tight balance state where demand exceeded supply. It is expected that the supply pressure of 21Q3 chip will be gradually eliminated.

  We estimate that the sales volume of passenger cars in 2021 is expected to reach 21.7 million, Yoy+7.7%;

  There is still room for doubling the total automobile sales for a long time. At present, the average number of cars per thousand people in China is less than 200. In the long run, there is still much room in absolute terms. Referring to the development history of the United States, Japan and South Korea, we predict that by 2030, the domestic car ownership is expected to be close to 400 vehicles per thousand people, and the CAGR is expected to reach 8% in 9 years;

  It is estimated that 2.5 million new energy passenger cars will be sold in 21 years. The electrification penetration rate will exceed 10% from January to April in 21 years, and the year-on-year growth rate will exceed expectations. The annual sales volume is expected to increase by nearly 100% year-on-year. The products of traditional car companies have been accelerated, and the technology giants have successively entered the market. The trend of electrification is a foregone conclusion.

  Intelligent components accelerate the penetration of new forces to build cars. At present, intelligent driving and cockpit equipment are stronger than traditional OEMs. We judge that traditional OEMs will accelerate the transformation to comprehensive intelligence, and the market for automatic driving and intelligent cockpit components will be the main increase in the future;

  A new generation of hardware paves the way for intelligent driving. Driving assistance and intelligent cockpit have given birth to the application of a new generation of electronic and electrical architecture, which has stronger computing power. The increase in the types and quantity of bicycle driving assistance sensors is a general trend, and the difference in bicycle value between high/low-level driving assistance systems is about 10 times. Independent component suppliers have the advantage of being a latecomer and are expected to emerge suddenly.

  Investment suggestion: For the whole vehicle, we suggest paying attention to Changan Automobile with strong cycle products, Great Wall Motor, the leader in segmentation, and SAIC Motor, whose relative valuation is at a low level. The parts industry suggests paying attention to 1) intelligent targets: (), (); 2) Internationalized and high-end modular leaders: Huayu Automobile and Chineydy; 3) Increase in bicycle value: (), Fuyao Glass;

  Shanxi Securities: With the rise of independent brands, the new energy vehicle market has broad prospects.

  Industry Review & Prediction: In the first half of 2021, the overall automobile consumption remained stable, the overall profitability of enterprises was restored, and the cumulative sales volume and cumulative retail sales of automobile products increased at a high speed year-on-year. In the short term, due to the chip supply problem and the sharp rise in raw material prices, the automobile industry is still facing downward pressure on performance, but the economy continues to recover steadily, the production and operation of enterprises continue to expand steadily, and the industry still has room for growth. The overall trend of the industry in the second half of 2021 remains unchanged.

  1) The overall positive trend of passenger cars in the second half of the year remains unchanged, and self-owned brand passenger cars and electric vehicles are expected to maintain rapid growth. 2) The overall demand for buses is declining. With the gradual advancement of new energy technologies and the gradual growth of the RV market, the new energy and emerging markets of road buses are expected to provide an increase for the bus market. 3) Heavy trucks are expected to continue to operate at a high level throughout the year. However, due to the emission regulations, the demand for heavy trucks is mainly released in the first half of the year, and the sales volume may narrow to some extent in the second half of the year.

  The share of SUV continues to increase, and the self-owned brand passenger cars are gradually laid out in a high-end way. Since the beginning of 2021, the cumulative production and sales of passenger cars have continued to grow at a high speed year-on-year, but the growth rate has narrowed. In terms of vehicle types, SUV is the model that contributes to the main increment of passenger car sales, and its year-on-year performance is better than other models as a whole, and its sales share has been continuously improved since 2010. In terms of car system, the cumulative sales growth rate of self-owned brand passenger cars is ahead of the industry, and the trend of high-end is obvious. Self-owned brand vehicle manufacturers with high-quality brands and active layout of high-quality tracks are expected to continue to seize market share by relying on their own high-quality models. In addition, luxury cars are still outstanding, with diversified products, obvious characteristics of consumption upgrading in the automobile market, and the threshold for overlapping car purchases has dropped, and luxury cars are expected to maintain their leading position. On the whole, we are optimistic about the market segments of self-owned brand passenger cars under the trend of luxury cars and high-end, as well as the structural opportunities of cars, SUVs and other market segments. It is suggested to pay attention to vehicle manufacturers with high-quality brands, novel designs and perfect vehicle matrix, and actively lay out the fields of automobile intelligence and electrification.

  The penetration rate of new energy vehicles has gradually increased, focusing on core components and battery industry chain. From January to May in 2021, the production and sales of new energy vehicles reached 967,000 and 950,000 respectively, up 2.2 times year-on-year, and the penetration rate of new energy vehicles was 9.4%, which became the core driving force to support the demand and performance growth of passenger car and parts enterprises. In the long run, the policies of "peak carbon dioxide emissions", "carbon neutrality" and "fuel vehicle license restriction" make it clear that new energy vehicles will gradually replace fuel vehicles in the future, and the intelligent networking, automatic driving and quick response of products will inject more advantages into new energy vehicles. In the past, battery life and safety problems have been improved with the improvement of battery and fast charging technology. At present, the cost performance of domestic new energy vehicles is gradually equal to that of fuel vehicles, and the market prospect is broader. It is expected that battery core components with high barriers, such as high nickel anode, cathode and membrane faucet, will gain rapid development opportunities by virtue of scale effect and local advantages.

  Investment suggestion: the consumption structure of passenger car market is continuously optimized, independent brands are gradually rising, luxury cars continue to lead the market, the penetration rate of new energy vehicles is steadily increasing, and there are many structural investment opportunities to maintain the industry’s "optimistic" rating. Industry stock selection suggestions focus on two main lines: first, the vehicle leader with high-quality brand and high-quality track layout; The second is to focus on new energy vehicles and automobile intelligence, focusing on core components and battery industry chain. Suggested attention: Guangzhou Automobile Group, Great Wall Motor, BYD, (), (), ().

  Guosen Securities (Hong Kong) Financial Holdings: Embracing the Advantages of Independent Brands.

  The market share of independent brands continues to rise.

  According to the data of China Automobile Association, in the first five months of 2021, the market share of self-owned brand passenger cars recorded 41.6%, up 3.2 percentage points from 2020. If we look at the monthly data, the market share of independent brands fell to a multi-year low of 33.5% in June 2020, and then it continued to rise significantly, and the trend of continuous decline in share in recent years was obviously reversed.

  By analyzing the sales data of specific vehicle manufacturers, we can see that the share of independent brands continues to rise, which is not driven by the high sales of a few car companies, but that most car companies have achieved good performance beyond the industry. For example, the sales growth rate of Great Wall Motor, Changan Automobile, Chery Automobile, BYD and other car companies in the first five months of 2021 far exceeded the industry average.

  The overall competitiveness of mainstream independent brands has improved significantly.

  The share of self-owned brand car companies continues to increase. We think one of the main reasons is that the overall competitiveness of mainstream self-owned brands has improved significantly, and this improvement has certain universality. The obvious improvement of competitiveness is first reflected in product competitiveness. In the past, self-owned brand models often attracted consumers through rich configurations and relatively low prices. In recent years, with the overall progress of self-owned brand car companies in vehicle interior and exterior design, dynamic performance, driving quality and other aspects, product competitiveness has been significantly improved. Especially since the second half of last year, Geely, Great Wall and other self-owned brand head car companies have successively launched models whose performance and quality have not lost or even surpassed those of joint venture brands, driving the competitiveness of self-owned brand models to a new level.

  The promotion of product competitiveness is driven by the continuous improvement of research and development and technical strength. In addition, in the past two years, independent brands have made considerable progress in vehicle planning and design, market positioning, market promotion and other soft power. Some car companies have achieved quite good results in the youth and trend strategy of vehicle design and promotion.

  Generally speaking, the overall competitiveness of independent brands has improved significantly, which is the result of years of accumulation by car companies. At present, the gap between the product strength of self-owned brand models and joint venture brands is shrinking, and even some models have surpassed it. Moreover, from the aspects of new product launch frequency, iterative speed of vehicle renewal, intelligence, vehicle design route, marketing promotion strategy, etc., some head independent brands have begun to surpass the traditional joint venture brands. We believe that the overall competitiveness of independent brands is expected to continue to improve in the future, thus further promoting the continuous expansion of market share.

  We believe that in terms of short-term and medium-term sales growth in the industry, the growth rate of passenger car sales in the third quarter may be lower, and it may pick up in the fourth quarter. In the medium and long term, the market share of independent brands will continue to expand or will become a general trend, while the share of mid-end joint venture car companies may be squeezed. In the future, we think it will focus on two aspects: 1. Independent brand advantage car companies; 2. Subdivision of new energy vehicles. Maintain the industry rating of outperforming the market. In terms of specific targets, we suggest focusing on Great Wall Motor, BYD, Geely Automobile and Guangzhou Automobile Group.

Civil Aviation Administration: The national transport aviation has been flying safely for 121 months continuously, and the industry safety level has remained the world leader.

  CCTV News:On October 22nd, the State Council held a press conference on the development achievements of transportation in the 13th Five-Year Plan. Feng Zhenglin, director of the Civil Aviation Administration of China, introduced at the meeting that the transportation scale of the civil aviation industry in the "Thirteenth Five-Year Plan" has grown rapidly, the security situation is generally stable, the service quality has been steadily improved, the support capacity has been significantly enhanced, the deepening reform has been comprehensively promoted, the overall development of the industry is in line with the planning expectations, and its comprehensive strength is at the forefront of international civil aviation, and it is striving to achieve a leap from an air transportation power to an air transportation power.

  First, the scale of transportation has grown rapidly.During the "Thirteenth Five-Year Plan" period, China’s civil aviation still maintained a relatively fast development speed under the increasing downward pressure of the domestic economy. 2015— In 2019, the total turnover of civil aviation transportation, passenger traffic and cargo and mail traffic increased at an average annual rate of 11%, 10.7% and 4.6% respectively. China’s civil aviation transportation scale has been ranked second in the world for 15 years in a row, and the gap with the first has been narrowed year by year.

  Second, the accessibility of the route network has been greatly improved.Since the "Thirteenth Five-Year Plan", the Civil Aviation Administration has actively served the national strategy, supported local economic and social development, guided airlines to optimize the route network layout, and continuously improved the route network. By 2019, there were 234 domestic navigable cities and 4,568 domestic routes (including 111 Hong Kong, Macao and Taiwan routes); There are 167 cities in 65 countries and 953 international routes.

  Third, the industry’s safety level continues to lead the world.China Civil Aviation adheres to the bottom line of safety, adheres to "zero tolerance" for potential safety hazards, lays a solid foundation at the grass-roots level, works hard on basic skills, and carries out in-depth work style construction with "respect for life, respect for regulations and respect for duties" as its core, thus greatly improving its safety governance capacity. By the end of September this year, the national transport aviation has been flying safely for 121 months and 86.69 million hours, ensuring air defense safety for 18 consecutive years.

  Fourth, the infrastructure support capacity has been significantly enhanced.Since the "Thirteenth Five-Year Plan", in accordance with the principle of moderate advancement, efforts have been made to improve the functions of international and regional hub airports, vigorously enhance the capacity of large airports, and enhance the support capacity of small and medium-sized airports. A number of regional airports and general airports have been newly built, and three world-class airports in Beijing, Tianjin and Hebei, the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area, 10 international aviation hubs in Beijing, Shanghai, Guangzhou, Chengdu and Xi’ an, and 29 regional hub and non-hub transport airports have been built in an all-round way, with wide coverage and reasonable distribution.

  Fifth, the quality of transportation services has steadily improved.During the "Thirteenth Five-Year Plan" period, the Civil Aviation Administration vigorously improved the normal level of flights, and the normal rate of flights has greatly increased from 67% at the end of the "Twelfth Five-Year Plan" period to 81.6% in 2019, exceeding 80% for two consecutive years. For five consecutive years, we launched a special campaign on service quality, focusing on "paperless" flight, opening 12326 supervision and complaint telephone number, and implementing the ladder rate standard for ticket refund and change, so as to create a better travel experience and service quality for passengers.

  The sixth is to deepen reform and comprehensively promote it.During the "Thirteenth Five-Year Plan" period, we will adhere to the problem orientation, promote development through reform, and promote the in-depth development of industry reform. Ten aspects, 40 special reform tasks and 158 reform measures were identified, forming a "1+10+N" overall framework for deepening civil aviation reform. Since the "Thirteenth Five-Year Plan", 1,544 reform tasks have been arranged, from 2017— The completion rate of reform tasks in 2019 reached 93.6%, 94.5% and 91.3% respectively.

2021 Chang ‘an Avenue Good Book | Annual Recommended Cadre Learning List of Chang ‘an Avenue Reading Club (Classic)

  "2021 Chang ‘an Street Good Books" is led by the comprehensive group of Chang ‘an Street Reading Club. According to the performance data of more than a thousand issues of good books and new books columns pushed by publishing units and media departments in the past year on the theoretical learning platform of Chang ‘an Street Reading Club, it has been jointly evaluated by experts such as publishing group, media group, cadre education group and doctoral group, and with reference to Party building group, Zhongzhi group, Jingzhi group, political and legal group, enterprise cadre group and health group.

  1. A Brief History of communist party, China

  Publishing House: People’s Publishing House, CPC History Publishing House.

  Author: writing group of this book

  "A Brief History of communist party, China" is a concise reader of party history compiled in accordance with the deployment of the CPC Central Committee and to cooperate with the whole party in carrying out the study and education of party history. In the process of writing the manuscript, the central leading comrades repeatedly put forward clear requirements for drafting and revision.

  A Brief History of communist party, China consists of 10 chapters, 70 sections and about 362,000 words. It fully absorbs the latest achievements in the study of party history, and focuses on describing and evaluating major historical events and important historical figures, major principles and policies, important strategic arrangements, major theoretical innovations and their development process in the form of combining history with theory. Explain why the Communist Party of China (CPC) can, why Marxism can and why Socialism with Chinese characteristics is good. Focus on carrying forward the lofty revolutionary spirit and demeanor of the Communist Party of China (CPC) people; A profound interpretation of the inherent logic contained in historic changes, the advantages of roads, theories, systems and cultures behind historic achievements, and a simple and easy-to-understand style of writing are important reading materials for the whole party, especially grassroots party member cadres, to learn the history of the Party.

  2. History of Marxism in China.

  Publishing House: Fujian People’s Publishing House

  Author: Li Junru

  The History of Marxist Thought in China takes the Chinese nation’s "stand up", "get rich" and "get strong" as perspectives and clues, and comprehensively and systematically studies the Communist Party of China (CPC)’s efforts to realize the great rejuvenation of the Chinese nation, insisting on closely combining the basic principles of Marxism with China’s reality and characteristics of the times, constantly promoting theoretical innovation and practical innovation, and constantly advancing the ideological process of China Marxism; It reveals a series of basic concepts, basic categories and their internal relations and logical relations formed and put forward in the process of combining the basic principles of Marxism with the reality of China. It is a recent masterpiece of studying Marxism in China and its ideological history in China.

  3. Twelve Lectures on the History of the Communist Party of China

  Publishing House: Life Reading Xinzhi Sanlian Bookstore

  Author: Xie Chuntao, etc

  This book is written and edited by Xie Chuntao, vice president of the Central Party School. He and Luo Pinghan, Gao Zhonghua, Lu Yi, Liu Baodong, Zhang Xudong, Li Qinggang, and Shen Chuanliang, eight experts in the field of party history and party building, talked about twelve topics, namely: why the Communist Party of China (CPC) "can", Zhu Mao’s Red Army and Gutian meeting, Zunyi meeting and the victory of the Long March, the unity and unity between the Kuomintang and the Communist Party and War of Resistance against Japanese Aggression, Yan ‘an rectification and the party, the historical experience of the party in seizing state power, and the idea and practice of establishing a new China. The transition from new democracy to socialism, the Party’s exploration of China’s socialist construction road, the Third Plenary Session of the Eleventh Central Committee of the Party and the great historical turning point, and the historic achievements and changes since the 18th CPC National Congress. These twelve lectures highlight the course of revolution, construction, reform and important nodes of the new era that the CPC has gone through in the past 100 years.

  4. Understanding the 14th Five-Year Plan: Reform Agenda under the New Development Pattern

  Press: CITIC Publishing Group

  Author: Liu Shijin

  During the "Fourteenth Five-Year Plan" period, China will embark on a new journey of building a socialist modern country in an all-round way. In order to achieve high-quality development, build a modern economic system and improve the country’s modern governance system, forward-looking thinking, overall planning and strategic layout are needed to promote reform and break through. This book is edited by Liu Shijin, deputy director of Chinese People’s Political Consultative Conference Economic Commission and former deputy director of the State Council Development Research Center. With a high sense of historical responsibility, profound theoretical foundation and professional spirit, the authors deeply analyze the background, challenges, opportunities and key areas of reform and breakthrough in the 14 th Five-Year Plan from three dimensions: new development stage, new development pattern and new development concept, and comprehensively expound the development concept, guiding principles, main objectives and strategic layout of this period.

  5. Outline of Double Cycle

  Publishing House: Guangdong People’s Publishing House

  Authors: Cai Fang et al.

  The tide of globalization has ended, the world economy has been stagnant for a long time, and the window of reshaping the global value chain is coming. How can China’s economy seize new opportunities and achieve contrarian growth? The domestic economic stage has entered a period of high-quality development, and the "troika" of economic growth has undergone profound changes. How to improve the "potential growth rate" and realize the double cycle of the national economy? Under the double-cycle long-term strategy, China will form a brand-new development pattern in the next decade, which includes macro-propositions such as high-level opening to the outside world, industrial chain remodeling, financial reform, regional balance, aging challenges, and also involves key areas related to your daily life, such as pension, common prosperity, income distribution and consumption. Cai Fang, the chief expert of the national high-end think tank of China Academy of Social Sciences, and senior experts from various fields of the Academy of Social Sciences jointly "diagnosed" the new situation of China’s development, and went deep into the national economic fields such as population, agriculture, investment and finance, providing authoritative answers to ten key issues that China’s economy is about to face.

  6. National Finance (2nd Edition)

  Publishing House: Peking University Publishing House

  Author: Chen Yunxian

  This book is different from some related national financial affairs issues involved in the general Finance, and it starts with eight issues that are the core of a country’s financial development and urgently need to be solved — — That is, after the top-level layout and supervision mode of national finance are selected, the financial development problems involving countries and places vertically and offshore and onshore horizontally, and facing the financial rise of countries all over the world, how is a country’s finance? In the face of the rapid development of artificial intelligence+blockchain high technology in the world, how does a country’s finance respond? The eternal theme of finance is security, liquidity and profitability. How to prevent and deal with a country’s systemic or regional financial risks? How can a country build and promote a new international financial system and a new international financial order in the face of international financial hegemony? — — They are the subjects that national finance must face. The book is divided into ten chapters, including: introduction, top-level layout of national finance, coordination of national financial supervision, development of national financial hierarchy, internal and external linkage of national finance, overtaking of national financial curve, national financial technological innovation, prevention of national financial risks, international participation of national finance, and eight problems to be solved in China’s financial development.

  7. "Faithful Descendants: How Leading Cadres Inherit and Carry Forward the Party’s Glorious Tradition and Fine Style"

  Press: Party School Press of the CPC Central Committee

  Author: Hong Xianghua

  On March 1, 2021, the General Secretary delivered an important speech at the opening ceremony of the training class for young and middle-aged cadres of the Central Party School (National School of Administration), stressing that the glorious tradition and fine style of the Party are precious spiritual wealth that inspires us to be brave and forge ahead, regardless of the past, present and future. Young cadres are the successors of the cause of the party and the state, and they must be determined to be faithful successors of the glorious tradition and fine style of work of the party. In order to help cadres, especially young and middle-aged cadres, thoroughly study and implement the requirements put forward by the General Secretary, our agency invited Professor Hong Xianghua from the Central Party School (National School of Administration) to write "Faithful Descendants — — How leading cadres inherit and carry forward the glorious tradition and fine style of the party. This book closely combines the spirit of the important speech delivered by the General Secretary at the opening ceremony of the training class for young and middle-aged cadres of the Central Party School (National School of Administration) in the spring semester of 2021, clearly points out that loyalty to the Party is the primary quality of communist party people, and profoundly expounds the value of party member leading cadres in the new era to inherit and continuously carry forward the glorious tradition and fine style of the Party. The language style of each chapter is popular and easy to understand, which has both theoretical height and practical breadth. This book is not only suitable as a bibliography for the study and education of Party history, but also as a teaching material for Party schools and party organizations at all levels to train cadres in party member and party member, especially young cadres.

  8. Choice: On-the-spot Documentary Debate on Major Ideological Decisions of the Republic (Commemorative Edition)

  Publishing House: People’s Publishing House

  Authors: Wang Binglin et al.

  Looking back at the glorious history of the Republic, whether it is to open up the road or to innovate in theory, it is inseparable from ideological contention. Whenever the situation changes at a critical juncture, before and after the introduction of major decisions, there will always be some collisions of different views, and there will always be arguments of different opinions. From resisting U.S. aggression and aiding Korea to peaceful development, from socialist transformation to reform and opening up, from the discussion of truth standards to the struggle in the ideological field … … This book selects major ideological arguments that affect the development process of the Republic, examines the origin of the mirror, and clarifies right and wrong. History is the preferred textbook. By discussing the pros and cons of ideological debate, we can better learn from historical wisdom and strengthen Socialism with Chinese characteristics’s road confidence, theoretical confidence, institutional confidence and cultural confidence.

  9. What about the Civil Code? 》

  Publishing House: China Social Sciences Publishing House

  Author: Sun Xianzhong

  The book How to Look at the Civil Code, written by Professor Sun Xianzhong, a famous civil jurist in China, embodies the author’s academic skill of studying and discussing civil law for decades, and the author, as one of the comprehensive and in-depth participants and legislators in the compilation of civil code, analyzes and interprets important papers and articles of the civil code. The author creatively puts forward the basic approach to the study and implementation of China’s Civil Code from three factors: legal thoughts, legal feelings and legal techniques, which provides readers with abundant information about the past and present life of the birth of China’s Civil Code, the function of governing the country according to law undertaken by the Civil Code, the main system renewal, the main disputes in the compilation process and legislators’ views on these disputes. This book also includes the legislative proposals, suggestions and legislative reports put forward during the compilation of the Civil Code by Professor Sun Xianzhong, a famous jurist, as a deputy to the National People’s Congress and a member of the Constitution and Law Committee of the National People’s Congress, as well as some speeches and published articles about the Civil Code.

  10. From Agriculture 1.0 to Agriculture 4.0: Ecological Transformation and Agricultural Sustainability.

  Publishing House: Oriental Publishing House

  Authors: Wen Tiejun, Tang Zhenghua, Liu Yahui, etc

  The Zhu Kezhen hypothesis, which focuses on the influence of climate change on the development of human civilization, is broken. Based on the latest archaeological discovery of "Zhejiang people", this paper discusses the far-reaching influence of climate change and the difference of geographical environment on the origin of agricultural diversity from a grand historical and geographical perspective. The book not only systematically combs the evolution process of agricultural development, but also explains in detail the pattern of the world agricultural development model in modern times, and introduces the rich experience of agricultural sustainable development at home and abroad from the perspective of international comparison.

Ministry of Housing and Urban-Rural Development: Meet the reasonable financing needs of real estate enterprises with different ownership equally.

According to China real estate newspaper WeChat official account, on the morning of January 26th, the Ministry of Housing and Urban-Rural Development held a meeting to deploy the coordination mechanism of urban real estate financing. Ni Hong, Party Secretary and Minister of the Ministry of Housing and Urban-Rural Development of the People’s Rerublic of China attended the meeting and stressed that the spirit of the Central Economic Work Conference should be thoroughly implemented, the coordination mechanism of urban real estate financing should be accelerated to be effective, the development and construction of real estate projects should be supported, the reasonable financing needs of real estate enterprises with different ownership systems should be met equally, and the stable and healthy development of the real estate market should be promoted.

The meeting also requested that we should adapt to the new situation in which the relationship between supply and demand in the real estate market has undergone major changes, speed up the construction of a new model of real estate development, combine the long and short, treat both the symptoms and the root causes, and promote the stable and healthy development of the real estate market. It is necessary to adhere to the policy of the city, precise policy, one city and one policy, make good use of the policy toolbox, and fully give urban real estate regulation and control autonomy. Cities can adjust their real estate policies according to local conditions.

Editor in charge: Chen Haiqin