Apple AI computer is coming! 8GB is equivalent to 16GB?

Editor: Big Moon

Apple’s spring conference in 2024 is approaching. Just as everyone is still guessing which new products will appear at this conference, Apple decided to play some new tricks this year and directly updated the MacBook Air without any notice.

This morning, Apple CEO Tim Cook promoted two new products in his personal Weibo. Cook said that the new 13-inch and 15-inch MacBook Air are equipped with powerful M3 chips, and their performance is better than before! Two perfect sizes, incredibly light and portable design, and all-day battery life.

Source: Weibo

Source: Weibo

Considering that the spring conference is just around the corner, Apple is eager to release new products, which means that Apple, which is slow in AI hardware, is in a hurry. So, how did Apple’s first answer about AI hardware perform?

01

MacBook Air finally ate M3 chip.

Yes, that’s right. The biggest change of the new MacBook Air is that it uses the M3 chip developed by Apple. This chip was a heavy product released by Apple at the press conference last fall, and it was first installed on iMac and MacBook Pro. After a lapse of five months, MacBook Air finally used this chip.

M3 MacBook Air is equipped with 8-core CPU and up to 10-core graphics processor, which supports up to 24GB unified memory and 2TB solid-state storage. Thanks to M3 chip, the new MacBook Air will support dynamic cache function, which can dynamically allocate appropriate cache for different tasks, improve the efficiency of GPU use, and support grid shading rendering and hardware-level ray tracing acceleration technology to achieve stronger graphics rendering effect in games, office and other scenes.

This has greatly improved the productivity of MacBook Air. Although it is slightly inferior to the MacBook Pro with M3 Pro and M3 Max, it is infinitely close to the M3 version of MacBook Pro. This makes the positioning of MacBook Air more three-dimensional, not only for light office scenes, but also for some professional scenes.

Source: Apple

Source: Apple

In order to let people have a more intuitive feeling about the performance of M3 MacBook Air, the official directly moved M1 MacBook Air as a reference. Compared with M1 MacBook Air, M3 MacBook Air’s performance is improved by about 1.6 times, and its graphics processing speed is up to 5.8 times.

At the same time of performance improvement, the energy consumption control of MacBook Air has also been upgraded accordingly, and the battery life of up to 18 hours is enough to support users’ long-term work needs.

02

stay true to our original aspiration

It’s still the familiar 8GB.

The reason why Xiao Lei focuses on the performance part is because the new MacBook Air is mainly upgraded with M3 chip, and its appearance, screen, interface and weight are the same as before.

Add support for Wi-Fi 6E, Bluetooth 5.3 technology and external display. We just need to know about these functions, because at best, it can only be regarded as Apple’s self-breakthrough, and users have become accustomed to competing products at the same price in the market.

Source: Apple

Source: Apple

In terms of price, the new MacBook Air has already landed in the Bank of China store, and will be ordered at 9: 00 am on March 6 and officially released on March 8.

The price of the new 13-inch MacBook Air top (8-core CPU/10-core GPU/16-core NPU/24GB+2TB) is 17,999 yuan, and the prices of other versions are as follows:

8-core CPU/8-core GPU/8GB+256GB, 8999 yuan.

8-core CPU/10-core GPU/8GB+512GB, 10,499 yuan.

8-core CPU/10-core GPU/16GB+512GB, 11999 yuan.

The price of the new 15-inch MacBook Air top (8-core CPU/10-core GPU/16-core NPU/24GB+2TB) is 19,499 yuan, and the prices of other versions are as follows:

8-core CPU/10-core GPU/8GB+256GB, RMB 10,499.

8-core CPU/10-core GPU/8GB+512GB, 11,999 yuan.

8-core CPU/10-core GPU/16GB+512GB, 13499 yuan.

If you have a greater demand for equipment storage space, brother Guo said that adding money can solve it. You need to add 1,500 yuan for each additional 8GB of memory, 1,500 yuan for each additional 256GB of hard disk, 70W charger and 150 yuan.

In today’s era when mobile phone and computer manufacturers are crazy about volume storage, Apple still maintains its own rhythm. The entry-level Air of 8999 yuan still provides 8GB+256GB configuration, which shows that the previous "golden memory" storm has no impact on Apple. It’s not that 8GB+256GB will have a great impact on the performance of MacBook Air, but in front of Youshang’s large memory, Apple users will have some bad feelings more or less.

03

So this is the answer sheet of Apple AI PC?

The improvement in the performance of the MacBook Air is certainly surprising. The most striking thing, however, is that Apple called the new MacBook Air "the best AI consumer notebook" in the official website publicity-this is the first time that Apple officially mentioned the concept of AI notebook, and it is also the first time that Apple has made a statement to follow the trend of AI hardware.

Prior to this, Apple completely abandoned the car-building project and turned to overweight AI, which made the outside world look forward to Apple’s actions on AI mobile phones and AI hardware.

2024 is the first year of AI PC, and head computer manufacturers including Lenovo, Asus and Hewlett-Packard have launched their own AI PC products. The new MacBook Air is the first AI PC launched by Apple after adding AI. But I prefer to call it AI MacBook than AI PC.

Source: Apple

Source: Apple

AI MacBook is a brand-new concept introduced by Apple based on M3 chip which integrates 16-core neural network engine, central processing unit and graphics processor. MacOS uses the powerful performance of M3 chip to provide users with real-time voice-to-text translation, text prediction, visual understanding, auxiliary functions and other functions.

In addition, the AI MacBook has a rich AI application ecosystem, which helps to support AI-enabled applications and help users better use these applications. For example, using Pixelmator Pro to automatically enhance photos, using "AI Math Assistant" in Goodnotes 6 to check homework, or removing background noise in videos through CapCut. ……

Apple official said that MacBook Air supports cloud-based solutions and runs optimized AI models locally, such as Large Language Model (LLM) and Image Generation Diffusion Model, so that users can better play the powerful productivity and creativity of AI.

Previously, Mac users imitated Chat with RTX and launched a framework of exclusive Mac: Chat with MLX. Let Apple computer run local big model, and complete seven kinds of open source big models, such as local document summary and YouTube video analysis. Although the effect is achieved, the complicated setting process makes ordinary users flinch. Nowadays, the official support for importing AI models will greatly reduce the cost for users to use AI functions.

As the first experience of Apple’s AI PC, the AI MacBook is remarkable in both the number of AI functions and the attitude towards AI applications. However, at present, Apple has only opened the AI interface, and there is still no official big model of its own, which is slightly inferior to the progress of other manufacturers.

In addition, Microsoft has just launched the Copilot Pro subscription service to provide users with AI functions. This service clearly puts forward new requirements for PC computing power and memory: the new Windows AI PC will need at least 40 TOPS computing power and 16GB memory to meet the threshold of AI PC. According to this standard, the MacBook Air is not an AI PC, at least the 8GB version is not counted.

Of course, Apple has a famous saying that "Apple’s 8GB is equivalent to other 16GB", so it can’t be refuted that the new MacBook Air meets the "16GB" memory of AI PC.

(Source: See Watermark)

(Source: See Watermark)

04

Write it at the end

For consumers, with the blessing of Apple M3 chip, the performance of the new MacBook Air has become even better while keeping the body small. It will also become one of the best solutions in the current computer market with both daily office and light professional productivity.

Source: produced by Lei Technology

Source: produced by Lei Technology

For Apple, the release of the new MacBook Air is not only an iteration at the hardware level, but more importantly, the first step of combining AI with hardware. Apple’s attitude shows that AI hardware is not a gimmick, but a battleground for military strategists.

If the new MacBook Air is a test of Apple’s AI field, then the next WWDC developer conference may be the key work of Apple’s AI. After all, AI hardware is inseparable from software and hardware, systems and application ecology, and the cloud and terminals support each other. At the same time as the terminal is AI, the software system is as important as the AI of application ecology. At present, IOS18′ s update on generative AI has attracted much attention. It will be the base of Apple’s AI hardware ecology, which will directly affect Apple’s most profitable iPhone business, and will also determine whether Apple can continue its head position in the era of smart phones in the AI ​ ​ era.

Then, whether Apple’s new MacBook Air can be "8GB as 16GB" or not is a qualified AI PC, and Lei Technology will provide an evaluation as soon as possible. Regarding the dynamics of Apple’s AI hardware and all AI hardware, please pay attention to Lei Technology, which focuses on AI "hard" technology.

What is palm oil?

palm oilAs an important vegetable oil, it plays an important role in the global food and non-food industries. It comes from the fruit of oil palm trees and is mainly produced in Southeast Asia, such as Malaysia and Indonesia. The climatic conditions in these areas are very suitable for the growth of oil palm trees.

The production process of palm oil begins with the harvest of oil palm fruit. After a series of treatments, including cooking, squeezing and refining, the fruit finally gets palm oil. Because of its high stability and low cost, this oil is widely used in food processing, such as baked goods, instant noodles and chocolate. In addition, palm oil is also used to produce non-food products such as biodiesel and cosmetics.

Palm oil futures is a popular commodity futures contract in the futures market. Investors can buy and sell palm oil futures contracts through exchanges to hedge the risk of physical palm oil price fluctuations or speculate. The price of palm oil futures is influenced by many factors, including the relationship between supply and demand, climate change, policies and regulations, and the global economic situation.

The following are some key factors that affect palm oil futures prices:

factor affect relation between supply and demand Changes in global demand and supply of palm oil directly affect the price. For example, an increase in demand or a decrease in supply may lead to an increase in prices. climate change Oil palm trees are very sensitive to climatic conditions. Bad weather conditions, such as drought or flood, may damage crops, reduce supply and push up prices. laws and regulations Government agricultural policies, trade restrictions or environmental regulations may affect the production and trade of palm oil, and then affect the futures price. Global economic situation The growth or recession of the global economy will affect the purchasing power of consumers, and then affect the demand for palm oil in food and non-food industries.

When investors participate in palm oil futures trading, they need to pay close attention to the changes of these factors and make wise investment decisions by combining technical analysis and fundamental analysis. In addition, understanding the historical price trend and current market dynamics of palm oil market is also very important for forecasting the future price trend.

In a word, palm oil, as a multi-purpose vegetable oil, plays an important role in the global market. The active trading in its futures market provides investors with rich investment opportunities, but also brings corresponding risks. Therefore, it is very important for any investor who intends to participate in palm oil futures trading to deeply understand the characteristics and market dynamics of palm oil.

(Editor: He Xian)

There is also a special arrangement for mainland social security to fully cover Taiwan compatriots in mainland China.

  CCTV News: TodayAt the press conference (11th), a reporter asked, "The Interim Measures for Hong Kong, Macao and Taiwan Province Residents to Participate in Social Insurance in the Mainland (Mainland)" was officially promulgated. Participating in social insurance in the Mainland is a matter of immediate and practical interest to Taiwan Province compatriots. What tangible benefits will Taiwan compatriots get from it? In this regard, Zhu Fenglian, spokesperson of the Taiwan Affairs Office of the State Council, introduced that the social insurance system is a kind of social welfare treatment provided by the state. The "Interim Measures" are very comprehensive in considering the applicable personnel of Taiwan compatriots and have achieved full coverage for Taiwan compatriots insured in the mainland.

  Zhu Fenglian said that the promulgation of the "Interim Measures" is an institutional arrangement to gradually provide equal treatment for Taiwan Province compatriots in the mainland, which was put forward by the 19th National Congress, and it is also a concrete measure to implement the important proposition of the Supreme Leader General Secretary on promoting cross-strait social security and sharing of public resources. It means that Taiwan compatriots who work, live and study in the mainland can enjoy the relevant welfare system provided by the state like mainland residents.

  Zhu Fenglian, spokesperson of the Taiwan Affairs Office:The "Interim Measures" are very comprehensive in considering the applicable personnel of Taiwan compatriots, and have achieved full coverage for Taiwan compatriots insured in the mainland. It is not only applicable to employed Taiwan compatriots in various forms such as unit employment, flexible employment and self-employment, but also applicable to unemployed Taiwan compatriots living in the mainland and Taiwan Province students studying in mainland universities. For Taiwan compatriots who participate in the basic old-age insurance for urban and rural residents and the basic medical insurance for urban and rural residents in the mainland, the mainland governments at all levels will give corresponding financial subsidies according to regulations to ensure the social security level of the insured Taiwan compatriots.

  Zhu Fenglian said that the Interim Measures made special arrangements for Taiwan compatriots to participate in social security in the mainland, taking into account the actual needs of reducing the pressure on Taiwan compatriots to pay fees and returning to Taiwan to work and study. If Taiwan compatriots do not choose dual insurance in mainland China and Taiwan Province, they can not participate in old-age insurance and unemployment insurance in mainland China on the basis of certificates issued by relevant authorized institutions, thus effectively solving the problem of dual insurance that Taiwan compatriots are concerned about. If Taiwan compatriots leave the mainland before reaching the prescribed pension conditions, they can choose to keep their accounts and continue to pay fees when they come to the mainland for employment or residence again. They can also choose to apply in writing to terminate the social security relationship and withdraw the amount stored in the social security personal account at one time.

  Zhu Fenglian, spokesperson of the Taiwan Affairs Office:The Interim Measures clearly stipulates that Taiwan Province compatriots have the right to participate in five social insurances, of which maternity insurance and work-related injury insurance are paid by employers in the mainland, and there is no need for individual insured Taiwan compatriots to pay any fees, which effectively enhances the scope and intensity of social security for Taiwan compatriots to participate in insurance in the mainland.

Volkswagen sagitar 15 models 1.6 automatic comfort type

Volkswagen sagitar 2015 1.6 automatic comfort is a compact car with stylish appearance and exquisite and comfortable interior. It is equipped with a 1.6L naturally aspirated engine with a maximum power of 110 HP and a maximum torque of 155 Nm. With the automatic transmission, it is easy and smooth to drive. Sagitar’s body size is moderate, the interior space is spacious, and the rear seats can be folded down, which increases the storage space of the trunk. In addition, sagitar is also equipped with a wealth of safety configuration, such as reversing radar, brake assist, etc., to provide drivers with all-round safety protection. In terms of intelligent technology, sagitar also performed well, equipped with functions such as central control large screen, navigation system and Bluetooth connection, which improved the convenience and comfort of driving. Generally speaking, Volkswagen sagitar is a cost-effective model, suitable for daily use and long-distance travel at home.

The latest developments in the Russian-Ukrainian war are very informative! The battle between the two cities entered a critical moment.

On the 24th, the war between Russia and Ukraine entered the 121st day. Ukrainian officials revealed that the Ukrainian army will withdraw from North Donetsk, while the Russian army said that it will completely surround Lisichansk in two or three days. The battle between the two cities entered a critical moment.

The time for Ukrainian troops to withdraw from North Donetsk has not been fixed.

On 24th, Reuters quoted Ukrainian officials as saying that the Ukrainian army planned to withdraw from North Donetsk, but the official did not disclose details such as when the Ukrainian army would withdraw.

The day before, the Tass news agency reported that the Ukrainian army in the nitrogen fertilizer plant in North Donetsk said that it was prepared to surrender in the case of a ceasefire and ensuring the safety of civilians in the plant.

The Russian side revealed that it would completely surround Lisichansk in two or three days.

On the night of 23rd, the leader of Donetsk armed forces said that the supply of Ukrainian defenders in Lisztsk was almost completely cut off, and Lugansk armed forces would completely surround Lisztsk in the next two or three days.

Ukrainian officials said that the whole of Lisichansk is within the firepower range of the Russian army, and their advantages in heavy artillery and strength are obvious. In this direction alone, the Russian army has concentrated more than 100 artillery units.

Us media: Russian troops tried to completely cut off the Ukrainian supply line.

Many sections in and out of Lisichansk were destroyed by shells. The Associated Press quoted the Ukrainian military as saying that Russian troops were crossing a hill overlooking the highway connecting Lisichansk and Bakhmut in the southwest, and they tried to completely cut off the supply line of the Ukrainian army.

British Ministry of Defence: Russian troops achieve tactical breakthrough and bypass.

According to the British Ministry of Defence, since June 19, it is very likely that Russian troops have advanced more than 5 kilometers to the southern battlefield of Lisichansk. For a long time, the fortifications built by the Ukrainian army in the local area have been the reason why the Russian army is difficult to advance. It is generally believed that the Russian army needs to take risks to cross the river after it has completely controlled the northern Donetsk, so as to threaten Lisichansk from the northeast, but unexpectedly, the Russian army avoided the northeast fortress that directly attacked the Ukrainian army and turned to flank the Ukrainian army from the south. The wave of Pasner, which had fallen into the hands of the Russian army earlier, became a great threat to the Ukrainian army in Donbass.

Among them, the battle for Zolott is extremely fierce. After the Russian side drove the Ukrainian army into the encirclement, it used artillery to clear the obstacles for the infantry, while the aviation attacked the enemy positions from the air.Russian media said that Russian aviation destroyed Ukrainian artillery, and the Ukrainian army has lost the support of artillery and drones in this position.

Russian media said that Russian artillery, planes, infantry and tanks formed three-dimensional firepower and stormed the Ukrainian army.The sound of heavy equipment can be heard one kilometer away. When you need to get close to the enemy secretly, you will call the fire fighters.Dozens of Ukrainian soldiers have surrendered.

Us media: Russian troops must win street fighting to win Lisichansk.

The US media said that the Russian military’s offensive was a setback for Ukraine. However, if the Russian army wants to seize the twin cities, it must fight street by street as it did in upor, Mali, so that it can be completely controlled. Analysts also agree with this view that although the Russian army has made a "tactical breakthrough", it is not a major turning point in the war. If the Russian army wins Lisiantsk, the next target will be Slavyansk.

The Russian Ministry of Defence first demonstrated the work of armored trains.

On the 23rd, the Russian Ministry of Defence demonstrated the work of the "Volga" armored train in Donbass for the first time, which is mainly responsible for engineering investigation, mine clearance and railway track repair.

Ukrainian Defense Minister: US "Haima" rocket has arrived in Ukraine.

On 23rd, Ukrainian Defense Minister Reznikov announced on social media that the American "Haima" highly mobile rocket launcher system had arrived in Ukraine.

According to Ukrainian media, the Haimasi rocket provided by the US has the longest range of 70 kilometers. If it is deployed to the front line, Donetsk, Lugansk, Hellson and even Snake Island are all within its fire coverage. Ukrainian media believes that this weapon will break the balance of power on the front line.

The United States has increased its military assistance and added four sets of "hippocampus"

On the same day, the United States announced that it would provide Ukraine with another 450 million U.S. dollars in military assistance.

In the latest military aid plan, there are four sets of "Haima" rocket launcher systems. The US military revealed that these four sets of "Haimas" rocket systems were pre-deployed in Europe, and the Ukrainian army has started relevant training.

However, Liesto, adviser to the Ukrainian President, said earlier that "Hippos" is indeed a weapon that can change the rules of the game, but it needs 60 sets to have a chance to fight against the Russian army.In the eyes of the Ukrainian army at the front, the Russian army has indeed more ammunition.

German government provides aid to 10 air defense systems in Ukraine.

In order to save the disadvantage of the Ukrainian army on the battlefield, the United States and the West have continuously increased their military assistance. On the 23rd, the Ukrainian ambassador to Germany revealed in an interview that Ukraine signed an IRIS-T air defense system contract with Germany, with a contract value of 178 million euros, and the relevant funds will be paid by the German government, while Ukraine will receive 10 IRIS-T air defense systems.

The Ukrainian army suffered hundreds of casualties every day, and the recruits went to the battlefield after five days of training.

According to the National Broadcasting Corporation (NBC), the Ukrainian side stated that the shelling of the Russian army in the Donbass area caused about 100 to 200 soldiers to be killed every day and at least 500 people were injured. With the deepening of the war, the Ukrainian army with military training has been constantly damaged, and soldiers lacking basic military equipment and training have been forced to push to the front. Officials in charge of training revealed that they can only train about 120 people a week, and recruits can only receive five days of training before being sent to the battlefield.

In this case, it is not surprising that foreign mercenaries are constantly pushed to the most dangerous front.

Russian Foreign Ministry warns US not to send mercenaries.

Recently, foreign mercenaries who participated in the fighting have been captured one after another. On June 9, Donetsk announced that three Ukrainian mercenaries involved in the Russian-Ukrainian conflict were sentenced to death, two of whom were from Britain. Since then, two more mercenaries from the United States have been captured, and it is not excluded that they will also be sentenced to death.

In fact, although the US government indicated that it did not support its own personnel to enter Ukraine to participate in the war, it did not take effective measures to stop it. The US Military Times website published an article entitled "Do you want to go to Ukraine to participate in the war? Here’s how to do it ",which lists in detail the steps and precautions for Americans to apply to join the Ukrainian" foreign legion ".

On 23rd, Russian Foreign Ministry spokesman Zacharova said that Russia insisted that the United States stop the open recruitment of mercenaries by the Ukrainian embassy in the United States, which may have unpredictable consequences.

(Original title: Uzbekistan withdraws from Russia! The battle between the two cities entered a critical moment)

Source: CCTV4

Process editor: tf008

Reporting/feedback

One-week exhibition guide | See Li Keran, Bai Jiao and Pan Tianshou Memorial Exhibition in Beijing, Shanghai and Hangzhou.

There are still many art exhibitions in winter. In the week of early December, the most interesting one is the "Gentleman as Orchid: Art Special Exhibition to Commemorate the 110th Anniversary of Bai Jiao’s Birth" in Shanghai Jinshan District Museum, which presents the brilliant artistic life of Bai Jiao, a poet, scholar and art educator. China National Museum’s "Commemorating the 110th Anniversary of Li Keran’s Birthday-Exhibition of Mo Tianjing Li Keran’s Works in the Last Ten Years" not only shows Mr. Li Keran’s paintings, but also presents the scenes where he once lived and created. In addition, the "Royal Crown Exhibition in West Cameroon, Africa" at the Metropolitan Museum of Art in the United States and the "Italian Moment-Masterpiece of Upper France" at the Lens Branch of the Louvre in France are also worth looking forward to.

Shanghai:

Art Exhibition of Ancient Murals in Shanxi Museum

Exhibition period: November 30, 2017-March 4, 2018

Venue: Shanghai Museum

This exhibition, jointly sponsored by Shanghai Museum and Shanxi Museum, selects 12 groups of 89 treasures of tomb murals unearthed in Shanxi during the Northern Dynasties and the Song, Jin and Yuan Dynasties, all of which are publicly exhibited for the first time. It is the largest special exhibition of ancient murals so far. The exhibition is divided into two parts. In the first part, "Heaven is like a vault", there are 36 exhibits in three groups, which are from Loucuo Tomb in Beiqi, Taiyuan, the mural tomb in Shuiquanliang, Shuozhou and the mural tomb in Jiuyuangang, Xinzhou. Among them, the Shuiquanliang Beiqi mural in Shuozhou painted the earliest and most complete picture of the zodiac, and the architectural mural of the Northern Dynasties was first discovered in Jiuyuangang mural in Xinzhou. The tomb of Shuiquanliang Beiqi mural will also be restored at the exhibition site. In the second part, "People are also Loess", there are 9 groups of 53 works, from the mural tombs of Song and Jin Dynasties in Queens Village of Yuxian County, the mural tombs of Jin Dynasty in Nanguan Village of Fanshi, the mural tombs of Nanhuyan Village in Xinzhou, M1 mural tomb in Xiguan Village of Pingding, Yuan tomb in Yangquan East Village, etc.

Peer-2017 "Belt and Road" International Art Joint Exhibition

Exhibition period: November 13, 2017-March 31, 2018

Venue: China Art Palace

"Peer-2017 Belt and Road International Art Joint Exhibition" includes four major exhibitions: "Beautiful Western Australia" China-Australia photography joint exhibition of "Beautiful Moisturizing Heart and Beautiful Two Cities" (from November 13th to January 30th, 2018), "Beyond the Heaven: Mongolian Art in Today’s Times" and "Sailing: A Tour of Serbian Contemporary Art" Through four exhibitions, people of different nationalities and cultures are connected to have a dialogue with common spiritual language.

A Gentleman Like a Orchid: An Art Exhibition to Commemorate the 110th Anniversary of Bai Jiao’s Birth.

Exhibition period: November 25th-December 24th, 2017.

Venue: Jinshan District Museum

Bai Jiao is a famous modern painter, art educator and a native of Zhangyan, Jinshan, Shanghai. This year marks the 110th anniversary of Mr. Bai Jiao’s birth. This exhibition is divided into four sections —— "Thousand-year-old town, romantic in the clouds", "Book is the heart painting, the charm of Wei and Jin Dynasties", "A generation of Lanwang, a friend of a gentleman", "It is the responsibility of every man to save the world", and through more than 100 collections of paintings and calligraphy works, celebrity relics and historical documents, Bai Jiao, a poet, scholar and art educator, is displayed beyond the dimensions of painters and painters previously known. Among them, the largest exhibition is the eight screens of Bai Jiao’s regular script "Preface to the 60th Birthday of Mrs. Liu, Zhang Mu" collected in Jinshan District Museum in 1939.

Shanghai visual art design exhibition

Exhibition period: December 3-December 13, 2017.

Venue: Liu Haisu Art Museum

Standing in the field of visual design, the exhibition revisits the concept of "open works" and does not call for giving up "technology", but on the contrary, it expects that new technology will bring about the reorganization in the creative sense, and the exhibition expects the new vitality nurtured by "creators, readers and works". Highlights of this exhibition include: Special Exhibition: Tribute to mitsuo katsui’s Visual Art Career, Global Exhibition of 25 Visual Art Designers, Extension of Interface-Dynamic Poster Art Design Exhibition, D&AD2017 Award-winning Works Exhibition and SIVA Design Education Achievement Exhibition. Among them, the special exhibition will display 42 posters by mitsuo katsui, a Japanese graphic design master, and 26 sets of precious book design masterpieces and some video works that run through the history of modern Japanese design, with a creation span of more than 40 years.

Xishan Qingyuan: Sean’s Chinese Painting Exhibition

Exhibition period: December 8 to December 17, 2017.

Venue: Jinghua Art Space 

As the vice president and painter of Shanghai Chinese Painting Academy, Sean originally graduated from the Chinese Department of Fudan University, and loved painting since childhood. His works are popular, elegant, fresh and natural, and have won the interest of predecessors’ pen and ink, elegant artistic conception, smooth brushwork, calm and bright colors. The works on display this time are hand-rolled, album-printed, vertical shaft, fan-shaped, sketch and other forms, all of which are meticulous works accumulated by artists for many years.

My 60 Years-Li Xiushi Art Retrospect Exhibition

Exhibition period: December 6-December 23, 2017

Venue: Shanghai Oil Painting Sculpture Institute Art Museum

This exhibition consists of 10 important nodes of Mr. Li Xiushi, which show his 60-year artistic course, and pay more attention to the exhibition and presentation of documents, with a strong sense of history. The sketches of the famous work Crossing the Yangtze River in 1959, the materials reported by the media at that time, the remnants of the thematic works replaced by Spring to Xing ‘an Mountains, the historical photos of the Huangshan Conference and the Fourth American Congress of the Chinese Artists Association in 1985, and the stories and graphic materials behind them will be vividly displayed in this exhibition.

Cloud Mountain for Swallows —— Special Exhibition of Yamagata Yashi and Ink Stone Mountain

Exhibition period: December 1-December 16, 2017.

Venue: Xuhui Art Museum

This exhibition is an attempt in the field of elegant play in the study. There are many kinds of elegant play, but only strange stones can be offered and rewarded, so there are the sayings of "offering stones" and "supporting clouds". Artists participating in this exhibition include Chai Yiming, Gan Yongchuan, Liu Xu, Liao, Ma Xinyang, Pang Fei, Shen Wei, Shen Ben, Yu Qiping and Zhao Xudong. These artists are fond of stone for a long time and have their own exploration of stone appreciation and painting. In this exhibition, I hope that visitors can gain an understanding of stone-to-art from their works.

Exhibition of Su Xiaosong’s Traditional Chinese Paintings in Italy and Ancient Society

Exhibition period: December 1st-December 3rd, 2017.

Venue: Duoyun Art Museum

More than 60 works by Su Xiaosong, an exhibitor, will be exhibited in this exhibition. Mr. Su Xiaosong studied under the painter Jiao Yu. In his early years, he imitated the painting style of virtual valley, and his brushwork and meaning were similar. Later, he mainly participated in editing the series of picture albums of "Yi Yuan Yi Ying".

Hidden-Exhibition of Bai Ying’s Works

Exhibition period: December 3-December 31, 2017.

Venue: No.8 Bridge Art Space-1908 Granary.

Bai Ying’s works are more based on the artistic representation of the shapes, lines and ink expressions of the characters. The works on display in this exhibition include a series of new works by Bai Ying in recent years, with the theme of "water", and the picture content presented is often not directly related to water. Taking "Huan" as the theme of the exhibition has become a position, that is, it is hidden and present, and the directness of the rippling blue waves can be an indirect one. This is the correlation between two levels, on the one hand, the spatial extension and diffusion of ink painting, on the other hand, the integration and infiltration of Chinese painting and western art after mutual introduction.

The lingering charm of three inks-Liu Sanyu’s Chinese painting exhibition

Exhibition period: December 8-December 12, 2017

Venue: Shanghai Library

Liu Sanyu studied under Mr. Xu Fang and Mr. Feng Shifu, and there are three kinds of brush and ink in his works: Jiao Mo, colored ink and ink. Needless to say, Jiao Mo’s Jiao Mo flowers and birds, unique pen and ink, unique charm. Colored ink, on the other hand, comes from tradition but does not stick to it. It is novel and colorful. Ink painting continues the tradition of literati painting and inherits the style of Shanghai painting school, and the charm of Shanghai painting school is more than that of Sichuan.

Stealth-Exhibition of Zhuang Jie&Mo Shuwen’s Works

Exhibition period: December 1-December 27, 2017.

Venue: melnikov Art Museum

The two artists participating in this exhibition, Zhuang Jie and Mo Shuwen, are two young artists. Zhuang Jie’s oil paintings reflect personal ingenuity in the use of concreteness and abstraction, gray and bright colors, and convey the traditional and innovative ideas of oil painting art. There are 18 pieces of her works in this exhibition. Mo Shuwen’s works are mainly abstract, drawing lessons from the exaggerated and distorted expressions of Ou Jifu and Yayoi Kusama, and her paintings are more inclined to the expression of mood than concrete things. She has 13 works on display in this exhibition.

Nourishing Vegetables in Qiuyuan —— Wang Gufu’s Landscape Painting Exhibition

Exhibition period: December 5-December 20, 2017

Venue: Deqiu Art Museum

A total of nearly 30 pieces of Wang Gufu’s works were exhibited in this essay exhibition, which was launched in the form of elegant collections. The author aims to study the organic combination of pen and ink spirit and cursive spirit of landscape painting, highlighting the writing. Under the guidance of its emotion, writing is characterized by continuity, correlation and germinal writing.

Beautiful Water —— Exhibition of Sun Jiapei’s Works

Exhibition period: December 3-December 31, 2017.

Venue: No.8 Bridge Art Space-1908 Granary.

Sun Jiapei, a painter living in Japan, rarely has a panoramic composition, but often intercepts the most artistic pictures to create a quiet effect. Realism is the main tone of many of his works, but at the same time, he also focuses on depicting the atmosphere, which is the characteristic of his paintings, and this characteristic can be realized in almost all his works. Sun Jiapei’s love for water towns dates back to his childhood. He likes to observe the changes of light and water, and he can also feel the implication of combining the scenery of water towns with the memories of his youth from his works. In addition to the water towns in the south of the Yangtze River, there are many works in this exhibition depicting the waterscape of European towns.

Beijing:

Commemorating the 110th Anniversary of Li Keran’s Birthday —— The Exhibition of Li Keran’s Works in the Last Ten Years of Mo Tianjing

Exhibition period: November 30, 2017-January 3, 2018.

Venue: China National Museum.

Li Keran was an outstanding painter and poet in modern China and a disciple of Qi Baishi. 2017 is the 110th anniversary of Mr. Li Keran’s birth. This exhibition specially selected 110 masterpieces and calligraphy works of Mr. Li Keran in the last 10 years from 1979 to 1989, and held this exhibition with the theme of "The Heaven of Mo" to commemorate this great artist. Mr. Li Keran’s last decade was his most brilliant one, and it was also the decade when he reached the peak of his life art. In the same period of the exhibition, Mr. Li Keran’s "Shi Niu Tang" studio was restored and reappeared. Through the restoration of the studio scenes, those moving historical pictures were reproduced, and the scenes where Mr. Li Keran once lived and created were vividly displayed.

Praise to British Artists and British Printing Culture —— From Huo Jiasi to Turner

Exhibition period: November 24, 2017-February 28, 2018.

Venue: Secler Museum of Archaeology and Art, Peking University

This exhibition mainly focuses on the golden age of English art, starting from william hogarth (1697-1764) and ending with Joseph Marlowe William Turner (1775-1851). For Britain, this hundred years has been a glorious era, and at this point, British art has also begun to move toward the center of the world stage. The exhibition will display watercolor paintings and prints from important artists in this period; At the same time, it will also focus on the "printing culture" with printmaking as the carrier. "From Huo Jiasi to Turner" is a grand proposition. This exhibition hopes to reproduce the prosperity of British art in the 18th and 19th centuries, and outline the British style hundreds of years ago with exquisite works.

Hangzhou:

Exhibition of female painters’ works in Ming and Qing Dynasties

Exhibition period: November 25th-December 24th, 2017.

Venue: Wulin Hall of Zhejiang Provincial Museum

China’s ancient paintings have experienced thousands of years of development, and famous artists have emerged in large numbers, but the footprints of female painters are often hidden. Especially before the Ming Dynasty, no matter from the historical records of painting or the circulation of works, female painters were rare. After the Ming Dynasty, Lv Kun, Tang Xianzu, Yuan Hongdao and other scholars with advanced ideas put forward new views on women’s issues in varying degrees, which caused the society to re-examine the value of women, and gradually enhanced women’s self-awareness and status. This exhibition integrates more than 60 paintings and calligraphy works of more than 30 boudoir painters in Ming and Qing Dynasties collected by Zhejiang Museum, Changzhou Museum and Changshu Museum.

The Great Exhibition of the 120th Anniversary of Pan Tianshou’s Birth

Exhibition period: December 1, 2017-January 14, 2018

Venue: Zhejiang Art Museum

Pan Tianshou (1897-1971) was a master of Chinese painting and an art educator in the 20th century. This exhibition is the largest exhibition of Pan Tianshou’s works in history. More than 120 representative works of Pan Tianshou and their manuscripts will be exhibited. The exhibition is divided into "high wind and strong bones", "drinking life", "blindly bullying and fierce", "strange rise and bright gap", "Yandang Mountain Flower" and "keeping constant and changing". Starting from artistic style, educational contribution, painting thoughts, pen and ink achievements, composition and composition, Chinese sketching, inheritance and innovation, this paper weaves painting, painting theory and poetry into one, tells Pan Tianshou as an artist, educator and painter in an all-round way, and shows the audience this three-dimensional painting history great man.

Guangzhou:

East and West on Fans: Exhibition of Chinese and Western Fans in 18th and 19th Century

Exhibition period: December 1, 2017-April 1, 2018.

Venue: Guangdong Folk Arts and Crafts Museum

Located on the coast of the South China Sea, Guangzhou has been the geographical hub of the "Maritime Silk Road" since ancient times. In the first half of 18th-19th century, Guangzhou’s various arts and crafts, including all kinds of exquisite export fans, confirmed the development of the golden age. Guangzhou’s export-made fans are excellent in technology and diverse in materials, which has also influenced the production styles of fans in Britain, France and other countries, and "China element" has appeared on fans. The exhibition will display 47 Guangzhou export fans and 26 European fans. The exhibition is made by borrowing fine fans with distinctive China brand from Victoria and Albert Museum, Fan Museum and Fitzwilliam Museum in England, and combining the collection with Guangzhou export.

Shenzhen:

Eating design: a solo exhibition by Dutch designer Marije Vogelzang

Exhibition period: December 2, 2017-March 4, 2018

Venue: Hua Art Museum

This exhibition is the first solo exhibition of Marije Vogelzang, a pioneer of global "eating" design, in China. Maregie Vogzan, from the Netherlands, graduated from Inhoffen School of Design and is currently the professional leader of "Man and Food" in the school. In 2016, she founded the Dutch Institute of Food and Design, and has been engaged in the research of "eating" for 18 years. A total of 14 installations, images and design works were exhibited in this exhibition. Marigi is not only the most intuitive discussion of the concept of "eating", but also helps people feel and understand that "food is the most intimate material with human beings" through various forms of interaction. On the opening day, she will have face-to-face communication with the audience through the lecture "Eating Design: Emotional Design Triggered by Food".

Ningbo:

Exhibition of Han Tianheng and His Disciples’ Works

Exhibition period: December 5, 2017-January 7, 2018

Venue: Ningbo Museum

This exhibition consists of two exhibitions: "Don’t overstep the bounds-Han Tianheng’s 70-year painting and calligraphy exhibition" and "Bai Le Ya Ji-the 12th painting and calligraphy exhibition of teachers and students in Han Tianheng". Han Tianheng’s nearly 210 calligraphy, painting and seal cutting works, including seal cutting Do not forget your initiative mind, painting misty rain tower in Nanhu, Jiaxing and Lingxiao, will be exhibited in the exhibition, which will present his creative style and philosophical ideas in different periods. The exhibition "Bai Le Ya Ji" integrates the calligraphy, painting, seal cutting, inkstone carving, stone carving, wood carving and photography of 216 Han Tianheng disciples, with rich categories and various forms. In addition, from December 5 to December 10, the academic lecture hall on the third floor of Ningbo Museum will also hold 15 art lectures on related topics.

Chongqing:

Impression of China and Japan: Feng Xuemin, a Chinese photographer living in Japan, exhibited.

Exhibition period: December 1st-December 20th, 2017.

Venue: Chongqing Art Museum

This exhibition will show 45 excellent photographs by Mr. Feng Xuemin. Feng Xuemin was born in Shanghai, China in 1953. He worked as a photojournalist for Shanghai Pictorial in 1982 and went to Japan to study photography in 1985. He has been studying and starting a business in Japan for 30 years, and has taken a large number of photographs reflecting Japanese folk customs. He returned to China for more than 70 times, taking photos of his hometown and China culture to capture the natural scenery of the motherland. He presents the beautiful scenery, customs and customs of China and Japan by photography, including some world heritages and the natural original ecology that is about to disappear or has disappeared. In addition, Feng Xuemin, an exhibitor, will give a "Photography Lecture on Chinese Cultural Journey" at the Academic Lecture Hall of Chongqing Art Museum at 15:30 on December 1st.

Hong kong:

Ifugao Sculpture: Expression of Philippine Mountain Art

Exhibition period: December 1, 2017-February 4, 2018.

Venue: Hong Kong University Museum of Fine Arts

This exhibition will display the artistic works of three tribes in northern Luzon, Philippines, including portrait sculptures and boxes used in ceremonies, showing the artistic features of indigenous sculptures in the Philippine mountains in the 18th and 20th centuries. The exhibits include all kinds of artifacts, including sculptures, such as the "bloor" god of rice, and the "Herb" god of war, which can summon God’s help; Boxes, such as sculpture boxes for celebrations called "Punan Han" and food containers called "Tang Gong Ge" and "Tano"; And other practical utensils, such as "Chenaihu", bowls and toys.

Taipei:

The Story of Brand: Emperor Qianlong’s Cultural Relics Collection and Packaging Art

Exhibition period: December 8, 2017-March 7, 2018

Venue: National Palace Museum, Taipei

This exhibition focuses on the collection of cultural relics and related packaging art of Emperor Qianlong of the Qing Dynasty (reigned from 1735 to 1795). The exhibits include various exquisite options such as utensils, paintings, books and documents. The exhibition echoes these historical relics with the concept of modern people creating new products and establishing brands, and then brews a forming perspective from the brand of Ganlong. The exhibition is divided into four units. In the first unit, "Opening the Treasure Box", the contents of the "Hundred Pieces" box displayed are rich and diverse, and different types of cultural relics are gathered in one place, which shows that the collection of emperors comes from all directions, and the time span and regional breadth far exceed our imagination. The second unit, "Favorite Antiques", shows Emperor Qianlong’s contact with antiquities, textual research and exploration of historical trajectory. The third unit, "Treasuring Treasures", through the interactive use of newly-made and reused boxes, completely records the idea of storage and the art of display arising from the emperor’s management of Qing palace cultural relics. The fourth unit, "Qianlong Brand", aims to convey that the imperial brand covers both new and old elements through the comparison between antiques and new products. The so-called Qianlong manufacturing marks his idea of taking the ancient as a model and intending to surpass it.

United States:

The face of the dynasty: the royal crown exhibition in western Cameroon, Africa

Exhibition period: December 4, 2017-September 3, 2018.

Venue: Metropolitan Museum of Art

This exhibition will display a newly acquired 18th-century Cameroonian crown mask (Tsesah) and three related exhibits. At present, there are only 15 such artworks in the world, which is the first time to be exhibited in the United States. Tsesah is 94cm high and 82.6cm wide, created by the artist Bamileke. Tsesah is the embodiment of the royal family and authority in western Cameroon. Chieftains and envoys in the family will wear this mask when attending the royal funeral, enthronement ceremony and other activities.

Days of our lives: Adolf de Meyer Photography Exhibition

Exhibition period: December 4, 2017-March 18, 2018

Venue: Metropolitan Museum of Art

Adolph de Meyer(1868-1946) was an American photographer who was active in the early 20th century. He was famous for taking portraits of famous people in Europe and America. He worked in vogue, Vanity Fair, Harper’s Bazaar and other magazines. However, most of his works were destroyed during World War II, and only a few of them have been preserved to this day. About 40 photographs of Meyer will be exhibited in this exhibition, presenting dazzling portraits of some famous people of his time. All the exhibits are collected by the Metropolitan Museum of Art, which is the first time that the museum has held his retrospective exhibition.

France:

Italian Moment-Masterpiece of Upper France Region

Exhibition period: October 18th, 2017-May 28th, 2018.

Venue: Lance Branch of Louvre

Through the unique arrangement of Italian works in nord-pas-de-calais and Piccadilly, this exhibition will focus on more than 20 masterpieces from the 16th, 17th and 18th centuries, and set four themes. The first theme will show the tragic color of landscape painting, the second theme will introduce the different changes of female images surrounded by children, the third theme will show the works of Caravaggio followers, and the last theme will show a series of historical paintings with mostly mythical works. This exhibition will also draw an ideal ending for the 2017 "Italian Moment" tour in North France.

Japan:

Kumatani Shouyi: The Joy of Life

Exhibition period: December 1, 2017-March 21, 2018.

Venue: Tokyo National Museum of Modern Art

This exhibition brings together about 200 works of Shouyi Kumatani collected in various parts of Japan, presenting his bright, simple, humorous and memorable artistic world. Kumagai Morikazu (1880-1977) is a modern Japanese painter. He is regarded as the iconic figure of "Les Fauves" in Japanese art history. He was born in a rich family but lived a poor life, and in his later years he was close to abstract painting. This exhibition is a special exhibition to commemorate the 40th anniversary of his death.

Japan Craft Exhibition-Cherish Nature

Exhibition period: December 1, 2017-February 18, 2018

Venue: Tokyo National Museum of Modern Art

Cherishing nature is a major theme of Japanese craft, which has developed into an inherent performance art according to the time. This exhibition will present about 120 collections of handicrafts, introducing the beautiful crafts bred by the heart of Japan, which cherishes nature. Exhibits include ice-painted porcelain Tang pattern vases, Youchan’s visit to the kimono "Guiyuan", "There is no calendar in the mountains", and Lao Song’s painting of dates.

Lecture information:

Shanghai:

Climate change and the rise and fall of Angkor civilization

Time: Thursday, December 7, 2017 at 19:00.

Venue: Academic Lecture Hall of Shanghai Museum

Speaker: Charles higham (Professor, Department of Anthropology and Archaeology, University of Otago, New Zealand)

In the late Iron Age, the decrease of monsoon and rainy season brought a relatively dry climate to Southeast Asia. Correspondingly, there is more evidence that the agricultural revolution is emerging in these areas, including reservoir construction, irrigation, and rice cultivation and cultivation in specific areas. In the 8th century, with the establishment of Angkor Kingdom, the management of water resources and irrigation system became very important, and became the key factor for the survival of the regime. The deified rulers have always been closely linked with the construction of reservoirs, the diversion of rivers and the construction of water conservancy networks in paddy fields. The ever-complex water conservancy management system became the key to the country’s well-being at that time. However, another climate change in the 15th century brought unpredictable climate fluctuation. Persistent drought and rapid precipitation led to land subsidence and the destruction of water conservancy facilities. Angkor, as the center of political power, soon died out.

Water, Ubiquitous Water Resources —— A Case Study of Petra Ancient City

Time: Friday, December 8, 2017 at 19:00.

Venue: Academic Lecture Hall of Shanghai Museum

Speaker: Susan E. Alcock (Professor, University of Michigan, USA)

The lecture will explore some understandings about Petra, an ancient city in the south of Jordan that was once the capital of Nabatai Kingdom at the turn of the AD, and some misunderstandings about this great city in the past. Although it is located in a semi-arid climate zone, Petra has been the core city in the long-distance trade chain in this region for a long time, and a large number of tombs, temples and palaces have been built here. In the Roman and Byzantine era, Petra also maintained prosperity. The speaker of this lecture participated in the investigation conducted by Brown University’s Petra Archaeological Research Project in the area north of the center of Petra, hoping to trace the historical changes of this inland city.

The Story of Two Icons —— Different Approaches to the Complexity of Prehistoric Society

Time: 19:00 on Saturday, December 9, 2017.

Venue: Academic Lecture Hall of Shanghai Museum

Speaker: Colin Renfrew (Professor of Archaeology, Cambridge University, UK)

The lecture will analyze and interpret the early sculptures of Clardy culture in the Mediterranean region and the jade cong of Liangzhu culture in China, and discuss the complicated process of prehistoric society in the world. Professor Lun Furu, the speaker of this lecture, presided over a large number of archaeological excavations in cyclades. He has made remarkable achievements in the research fields of prehistoric culture, linguistic diversity and the origin of human cognition, archaeological genetics and archaeological theory in the Aegean Sea.

Reading and the Art of Book Tickets

Time: 14:00 on December 2, 2017 (Saturday)

Venue: Art Salon, 0 m Floor, China Art Palace

Speaker: Jin Dapeng (Secretary General of Shanghai Alumni Association of China Academy of Fine Arts)

Book tickets originated in Europe in the 15th century. It is 300 years earlier than stamps. At that time, books were so expensive that the books in the library were even chained up. There is a book ticket on the title page of the book to show who the book belongs to. What exactly is a book ticket? How is the book ticket made? What kind of painting is "gem on paper"? What are the international regulations on book tickets? Is there a professional library ticket agency in the world? What is the artistic value of book tickets? Can we make a book ticket like celebrities? ….. This lecture will talk about and discuss the above questions.

Approaching the "doctor" of art

Time: 14:00 on December 2, 2017 (Saturday)

Venue: Multifunctional Hall, 0 m Floor, China Art Palace

Speaker: Situ Yong (Professor, Shanghai school of visual arts Institute of Cultural Relics Protection and Restoration) and Wang Chen (Deputy Director, painting conservation Center, Shanghai Academy of Fine Arts)

An oil painting will slowly decline and age with time. This is determined by the material and structure of oil painting itself and influenced by various environmental factors. Therefore, the protection and restoration of oil painting is particularly important. This lecture consists of two sessions, namely "Contemporary painting conservation and Practice" and "Protection and Maintenance of easel painting". In the first lecture, the speaker, Situ Yong, will talk about painting conservation and spiritual practice from the aspects of "oil painting and common damage in oil painting", "scientific principles and norms in restoration" and "general technical process and restoration cases". In the second lecture, Wang Chen, the speaker, will lead you to understand the possible problems in the maintenance of easel painting and the factors that lead to deterioration, and tell you how to carry out daily maintenance and avoid improper operation.

The structure of dialogue with architects

Time: December 5, 2017 (Tuesday) from 19: 00 to 21: 00.

Venue: Small Theater, 3rd Floor, Shanghai Museum of Contemporary Art

Speaker: Yastaka Konishi

This lecture will share with the audience the past structural design projects of the speaker Xiaoxi Taixiao. He is well known by the world for his desk as thin as a piece of paper and the workshop of KAIT (Kanagawa University of Technology) in cooperation with architect Junya Ishigaki. The incredible thinness and thinness of KAIT workshop can not be separated from his structural engineering. The residential work "porcelain doll Creative Workshop", which is co-operated by Koichi Taixiao and Maeda Keisuke, shows an amazing sense of suspension. The structural design projects introduced in this lecture include the Folk Art Museum of China Academy of Fine Arts in cooperation with Kengo Kuma, and the residential project "String and Arc" in cooperation with Zhongying Zhongshan. By explaining these cooperative processes, Xiaoxi Taixiao will convey his long-standing view, that is, "active communication and creative cooperation between architects and architects are important links in completing construction projects."

"Realism" and "Poetic" of China’s Landscape Paintings

Time: December 3, 2017 (Sunday) from 14: 00 to 16: 00.

Venue: Qianhe Art Space

Speaker: Zheng Wen (Vice President, Academy of Fine Arts, East China Normal University)

Is China’s landscape painting realistic? How do we understand the "drawing truth" put forward by Jing Hao in the Five Dynasties? What does it have to do with sketching in landscape painting? How is the poetic feature presented in landscape painting? This lecture will expound the core values of China’s landscape painting from two aspects: the "realistic" and the "poetic", so as to help people really understand China’s landscape painting.

Beijing:

Identity: Regional Practice of Introspection

Time: December 1, 2017 (Friday) from 18: 30 to 20: 30.

Venue: Lecture Hall, 4th floor, Tsinghua University Art Museum.

Speaker: Li Xiaodong (Professor, School of Architecture, Tsinghua University)

From the big cultural background, China has a very long and glorious history; From the perspective of space, the city of China now feels very modern. When you look closely at China, you will find that the urbanization of China is developing too fast, and many problems are too late to be considered, which has caused many very difficult things. This lecture will focus on the topic of "identity", starting with the problem of defining China, and combining with the reasons behind each small building made by the speaker himself and the methods adopted for in-depth discussion.

Brick writing in ancient China

Time: 9:30-11:30 on Sunday, December 3, 2017.

Venue: Floor 2, Linqiong Building, Ancient Books Museum, National Library

Speaker: Tianshu Zhu (distinguished professor, doctoral supervisor, Central Academy of Fine Arts)

The history of China’s calligraphy tells us that the evolution of calligraphy always stems from the people’s need for simplicity and the pursuit of beautification in the practice of using characters. Therefore, folk calligraphy can show us the various sections of this evolution process most directly. As an important part of folk calligraphy, brick writing has a position that other aspects can’t match, that is, the prosperous period of brick writing-from the Han Dynasty to the Six Dynasties, is precisely the most intense period of the evolution of calligraphy and brushwork. Moreover, the large number of brick texts is unmatched by other folk books. If the study of bamboo slips in the previous period has aroused a lot of enthusiasm, then today, the indifference to brick writing can not but cause us to think deeply.

If food safety is brought into the assessment of local political achievements, the serious impact will be severely blamed.

  BEIJING, Feb. 25 (Xinhua) According to the WeChat WeChat official account news of the General Administration of Market Supervision, the general offices of the General Office of the Central Committee of the CPC and the State Council recently issued the Provisions on the Responsibility System for Food Safety of Local Party and Government Leading Cadres, which clarified that local party committees and governments at all levels should take overall responsibility for food safety work in the region, and those who fail to do their work and lead to major or particularly serious food safety accidents or cause serious adverse effects should be severely investigated for responsibility.

  Data Map: The staff of the market supervision department conducts on-site vegetable testing for consumers. China News Service reporter Han Suyuan photo

  The General Offices of the General Office of the Central Committee of the CPC and the State Council recently issued the Provisions on the Responsibility System for Food Safety of Local Party and Government Leading Cadres, which clearly stipulated the food safety responsibilities, assessment and supervision, rewards and punishments of local party and government leading cadres. The relevant person in charge of the General Administration of Market Supervision answered the reporter’s questions on relevant issues.

  The person in charge said that the promulgation of the "Regulations" provided a new institutional guarantee for food safety work, which will more effectively urge local governments to implement the responsibility of territorial management of food safety, promote the improvement of local food safety work, and better protect the people’s "safety on the tip of the tongue".

  According to the person in charge, the "Regulations" clarify that local party committees and governments at all levels have overall responsibility for food safety work in the region. The main person in charge is the first person in charge of food safety work in the region, and other members of the team are responsible for food safety work in the industry or field in charge.

  — — The main leaders of local party committees at all levels "should comprehensively strengthen the party’s leadership over food safety work in the region";

  — — The main person in charge of local governments at all levels "should strengthen the leadership of food safety work in the region";

  — — The person in charge of food safety in local governments at all levels "should strengthen the leadership of food safety supervision in the region and be specifically responsible for organizing food safety supervision in the region";

  — — Other members of the Standing Committee of local party committees at all levels and other members of the government leadership team shall, in accordance with the division of responsibilities, strengthen their leadership over food safety-related work in the industry or field in charge.

  The person in charge said that the "Regulations" also clarified the three major means of supervision and implementation. The first is tracking supervision. It is clear that local party committees and governments at all levels should follow up and supervise the implementation of major deployment and key work of food safety. The second is duty inspection. It is clear that local party committees at all levels should check the performance of food safety duties by local party and government leading cadres in combination with the inspection work arrangements. The third is appraisal. It is clear that local party committees and governments at all levels should give full play to the role of "baton" in evaluation and assessment, and promote local party and government leading cadres to implement food safety responsibilities. The "Regulations" emphasize the application of the results, and clarify that the results of follow-up supervision, duty inspection and evaluation should be used as an important reference for the assessment, reward and punishment, use and adjustment of local party and government leading cadres.

  Regarding rewards and punishments, the person in charge introduced that the "Regulations" clearly and effectively organize the prevention of food safety accidents and eliminate major food safety risks in a timely manner, so as to protect the interests of the state and the people from major losses; Significant innovations have been made in food safety work and remarkable results have been achieved; In the case of outstanding achievements in the evaluation of food safety work, it shall be commended and rewarded in accordance with relevant regulations.

  Failing to perform the duties and requirements of the Regulations, or failing to perform their duties properly; Responsible for leading major food safety accidents in this region or food safety incidents with bad social impact; Failing to organize and lead the relevant departments to effectively deal with food safety accidents in this area in time, causing adverse effects or great losses; Leading responsibility for concealing, making false reports or delaying the reporting of food safety accidents; Violation of regulations, intervention in the handling of food safety accidents according to law and the handling of food safety crimes, etc., should be held accountable in accordance with relevant regulations.

  The "Regulations" also mentioned that those who report dereliction of duty in time and take the initiative to take remedial measures, effectively prevent or reduce the heavy losses of food safety accidents, recover serious adverse effects of society, or actively cooperate with accountability investigations and take the initiative to take responsibility shall be given a lighter and mitigated accountability in accordance with relevant regulations; If poor work leads to major or especially major food safety accidents, or causes serious adverse effects, the responsibility shall be severely investigated.

Six major consumption trends of the new middle class in 2023: the end point of consumption is "sense of relaxation"

"In 2023, most new middle-class people were cautious about consumption. 47.5% of new middle-class families expect their consumption expenditure to remain unchanged, and 44.5% will fluctuate slightly. Among them, the proportion of people who choose to increase slightly is slightly higher than that of people who shrink slightly. "

Text/dawn report

The White Paper on the New Middle Class in 2023 will be released soon, and the time is set in mid-January 2024.

Compared with usual, we delayed the release of this report and put it at the beginning of the new year.

Retreat, standing in 2024 and looking back at 2023, the perspective is higher and more comprehensive; Practically speaking, this gives us more time to use more accurate annual data, not only to see it all, but also to see it carefully.

In addition to the release time, the content of the New Middle-class White Paper in 2023 has also changed a lot. In the past, we may have observed the changes of the new middle class life from a similar angle more mechanically, with the intention of catching a glimpse of the leopard from the small life links. The problem with this is that the observation may be accurate, but there is no practical reference for future speculation.

If you still don’t know what the new middle class is, here is a long picture for your reference, which records the starting point and mental journey of our observation of the new middle class.

The theme of the White Paper on the New Middle Class in 2023 is "Globalization". We refer to the development experience of the new middle class in other countries and combine the current situation faced by the new middle class in China to find a reference value for consumption and life. On a similar path, see where you have gone, and then step on others’ footprints to decide your next step, so as to reduce the opportunity cost brought by the choice as much as possible.

So where did the new middle class go in 2023? From this new report, which is about to be completed, we have drawn six groups of intuitive conclusions and made a simple summary of the new middle class year with data.

In 2022, we defined the new middle class as people who have certain wealth and are in the period of rising career. They are an important force to promote the social development of China through many dimensions such as occupation and consumption, and they are also a group of people who are greatly influenced by the overall development level of society.

The data tells us that the wealth growth of the new middle class has also encountered certain bottlenecks. Only 17.5% of the respondents said that 2023 was a year of asset expansion, which directly mapped to every consumption of the new middle class.

Mark Twain said: "History does not simply repeat itself, but it always moves forward with the same rhyme."

Looking back at the development of China’s consumption era, it has gone through four stages since the 1990s:Food and clothing consumption → diversified brand consumption → personalized consumption → rational consumption.

In 1980s and 1990s, China residents concentrated on food and clothing and large household durable consumer goods, such as color TV sets, washing machines and refrigerators, and paid attention to the price. In the new century of 2000, consumers have initially formed brand awareness, which requires not only the basic functions of products, but also additional functions. From 2010 to 2017, personalized consumption rose, social media such as WeChat and Weibo became the main channels to influence consumers, and the focus of consumption also shifted from commodity to service consumption.

Since 2018, new domestic products have risen, consumption has been further upgraded, the new middle class has been expanding, and consumption has gradually returned to pragmatism and rationality, from brand consumption to quality consumption.

Based on the data dimensions of macroeconomic level, per capita disposable income and per capita GDP, there are many similarities between China and the United States and Japan in the past.

Generally speaking, the changes of consumption times in China, the United States and Japan will basically go through three stages.

At the beginning, the economy developed at a high speed, urbanization advanced, and mass consumer goods prevailed. Later, after the economy developed to a certain stage, consumers’ cognition improved, and faced with consumption upgrading, consumption began to enter the stage of high-end, brand and quality. Finally, when the economic growth slows down or even stagnates, residents’ consumption behavior will tend to return to rationality, instead of blindly pursuing brands, they will pay the bill on demand.

Click on the picture to enlarge it immediately.

As shown in the figure, China is currently in the transition stage from the second consumer society to the third consumer society, but it has emerged the characteristics of the fourth consumer society, and the overall level is closer to the Japanese level in the 1970s-1990s. In combination, it is more like being in the middle of the "3 consumption era".

The most typical data feature in the consumption era is the change of consumption expenditure of new middle-class families.

Judging from the specific expenditure figures, in 2023, the daily expenditure of the new middle class appeared the phenomenon of "tight monetary policy". In 2023, the proportion of the new middle class whose monthly household expenditure is less than 10,000 yuan is 12.9 percentage points higher than that in 2022.

Affected by the objective environment, the uncertainty of one’s own work and investment and other factors,In 2023, most of the new middle class were cautious about consumption. 47.5% of new middle-class families expect their consumption expenditure to remain unchanged, and 44.5% will fluctuate slightly. Among them, the proportion of people who choose to increase slightly is slightly higher than that of people who shrink slightly.

Positive, but positive is relatively limited. At present, the attitude of the new middle class towards household consumption expenditure is generally conservative.

The daily consumption of the new middle class is diligent and frugal, and it is also comfortable to streamline consumption. In the investigation in 2023, we found that when a commodity is related to keywords such as "cost performance", "basic/practical", "living artifact" and "tens of billions of subsidies", it is easier to attract the attention of the new middle class.

Referring to the United States in the 1990s, price comparison is one of the most common operations after returning to rational consumption. When millennials become the main force in the American consumer market, they attach great importance to the cost performance of goods. According to the survey of Bank of America Merrill Lynch, 71% of people will compare prices online before buying, and 50% will compare prices between stores.

Although there are signs of spending cuts, the new middle class has not completely given up the happiness brought by consumption. According to the survey data, the new middle class is willing to spend money on their hobbies, and it is also affordable to splurge occasionally for "experience upgrade", "high-end/quality", "delicious" and "fun".

"overall frugality, local arbitrariness",It is the consumption attitude of the current new middle class. But how to find a balance between these two almost completely different attitudes has become our next dismantling object.

Basic consumption is the main position for the new middle class to save money.

German sociologist Haltmut Rosa believes that the essence of modernity is social acceleration, which can be divided into scientific and technological acceleration, social change acceleration and life rhythm acceleration.

With the rapid development of the Internet, the new middle class is inevitably caught in the accelerated time. As a result, the demand of some new middle-class people for instant and entertainment has increased rapidly, and prefabricated dishes and mobile entertainment have naturally become the just-needed consumption of families living alone or having children late.

In 2023, the prefabricated vegetable market rose. From January to September, 2023, the sales volume of prepared dishes below 50 yuan was the highest in Tik Tok. 200 yuan’s sales at the price of 100-100 increased the fastest year-on-year, reaching 99%, including some complicated dishes, party packages, New Year’s Eve packages and so on.

Behind the rise of prefabricated dishes, it shows that the new middle class pursues frugality and quick satisfaction in food consumption, the consumption cost and time costs are reduced at the same time, and the living density is accelerated.

Prefabricated dishes greatly reduce the difficulty and threshold of home cooking and provide a kind of "quick fireworks". According to the report of iResearch, nearly 70% of consumers buy pre-cooked dishes because of "saving time", nearly 30% because they don’t like cooking, and nearly 20% because they can’t cook.

The macro reason behind this is inseparable from the changes in the country’s demographic structure. Singletonization, family miniaturization and increasing female employment rate in the 1990s made Japanese small-sized families more inclined to cook prepared dishes or eat out. After Japan’s household expenditure peaked in 1992, the per capita consumption of food sub-categories was generally still on the rise, including beverages, dairy products, condiments and prepared vegetables.

Where did the money saved by the new middle class by squeezing basic consumption go? It is likely to be used to enhance sensory stimulation.

In 2023, a short drama with an episode of 3-5 minutes but an unambiguous plot became one of the electronic mustard tuber that brought sensory stimulation. As long as the microwave oven heats a pre-cooked dish, it can meet the entertainment needs of the new middle class for simplicity, relaxation and direct delivery.

In 2023, the market size of micro-short plays in China reached 37.39 billion yuan, and in the third quarter, the circulation of online micro-short plays in China reached 150, nearly twice the total in 2022. On Aauto Quicker APP, nearly 200 million users watch short plays every week.

This year is also a year of performance economy. According to the data of China Performance Industry Association, the number of performances and box office receipts in the first three quarters of 2023 have exceeded the level of the whole year of 2019. Jumping and jumping in concerts and music festivals, as supporting guests and Wu Bai singing to the top of their lungs, is one of the ways for the new middle class to vent.

2023 is also a year of theme parks. According to the financial report of Disneyland, even though the ticket prices of Shanghai Disneyland and Hongkong Disneyland have been rising one after another, the number of tourists and spending in the park have increased. Disney has also become a new middle-class weekend resort. Among the preferences of theme parks of netizens in China in 2023, 43.6% of consumers like Disney best.

Before that, the new middle class rewarded themselves with a feast at the weekend, but now the saved meals are marked as light sticks at concerts and Lena Belle dolls in Disney Park.The sensory stimulation pursued by the new middle class has never disappeared, but the stimulation of taste has turned into more intense enjoyment in vision and hearing.

In 2023, the new middle class is not only used to "deslagging" consumption like chewing sugar cane, but also expects consumption to bring longer-term additional significance.

Compared with the survey data in 2022, we have the following three findings.

First of all, "children’s education" has been the champion of the main expenditure items of new middle-class families for two consecutive years. Specifically, the monthly child-rearing expenditure of the new middle class is highly concentrated in three places, namely education and study (73.4%), daily diet (46.3%) and interest cultivation (45.3%).

Although the travel consumption has risen rapidly, it has only returned to the normal level. However, the proportion of children’s education and learning improvement has increased significantly, which shows the long-term change of the consumption attitude of the new middle class. Investing in the growth and health of the next generation is still the most certain expenditure and the most worthy of persisting in "long-term doctrine".

In addition to basic and enjoyable consumption, in 2023, there will be two important words in the consumption of the new middle class-"indoor" and "outdoor".

According to the data of the National Bureau of Statistics, in the first three quarters of 2023, the per capita consumption expenditure of residents ranked second, second only to basic consumption (food, tobacco and alcohol).

Suning.cn’s "double 11 Electrical Appliances Consumption Watch" shows that the new trend of household appliances is intensive, and the sales of household appliances represented by washing and drying suits, dishwashers and sweeping robots have increased by 117%, 125% and 132% respectively.

The reason is that the long-term experience of staying at home makes the relationship between the new middle class and the space of "home" more and more intimate. With the recovery of consumption, the new middle class has continued and even upgraded the personalized demand for living space.

In terms of outdoor economy, China’s new middle class is now keen on suburban exploration and short trips.

In 2023, the outdoor travel frequency of the new middle class is higher than that of 2022, and nearly 40% of the new middle class will go outdoors every month. More than 40% of the new middle class said that they would try new products related to travel on a regular basis.

This is similar to Japan’s travel trend from 1984 to 2019. At that time, in Japan, short-distance tours with short distance, short time and low price constantly replaced European and American tours, and showed the characteristics of family and miniaturization. From 1992 to 2022, Japan’s sports-related consumption has also been rising, such as mountaineering, camping, cycling and gymnasiums.

According to the massive engine "2023 Tik Tok Tourism Content Experience Survey", in terms of travel days, the number of people who choose to travel for 1-3 days is the highest, reaching 44.2%. Even if they don’t take a three-day holiday, many new middle-class people have to "sleep somewhere else" for the weekend-or simply find a hotel in the city where they live.

The above are eight important figures that we extracted from the White Paper on New Middle Class: Consumption in 2023. In addition to consumption-related data, we also explored more data with the brand of the times from the perspectives of wealth, occupation and social relations of the new middle class. Teacher Wu will also use these findings in the "Foreseeing the 2024 Wu Xiaobo Factory Year-end Show" on December 30th.Welcome to make an appointment for live broadcast.


Author |
Awan
| responsibilityEdit | Tao Xu

Editor | He mengfei | Source | VCG

Cooperative support

Strategic partners:Jike intelligence science and technology

Special support unit:Xiamen jianfa group co., ltd

Industry partners:Gold kitchen cabinets, famous and excellent products, Goose Pass, Martian integrated stove, Baidu AI Cloud, flying books.

Exclusive watch support:Swiss blancpain watch

Designated wine:This election is stirring.

Joint production:Southeast satellite TV

Chief cooperative media:CBN, The Paper, Tencent News, Sina News

Special high-speed rail media support:Yongda communication

Exclusive imaging partner:Vision china

Special support partners:Baidu Finance, Taobao Live, Mi Gu, CITIC Publishing Group, Himalayan, Nail, Scene Lab, Business Weekly, China Business News, Xuetang Online, Economic Observer APP, Doctrine Website +APP, Oriental Fortune, Oriental Fortune -choice, Luxianghui.

Invited cooperative media:Zeping Macro, Feng Lun Fengma Niu, Zhenghe Island, Ten o’clock Reading Yajun, Liu Run, Qin Shuo Friends Circle, Phoenix Finance, CITIC Academy, CITIC Reading Club, Innovation Map, Finance Ma Hongman, Deco Real Estate Channel, the 25th hour of Cui Cui, a woman with a fragrant soul, Xinghai Intelligence Bureau, MBA think tank, mixed knowledge, starting point finance, investment banking circle, strategic investor, school online international MBA center, etc.

Reporting/feedback

Cut interest rates! The universe is out of hand.

China Fund reported to Amman
Really cut interest rates!
On the afternoon of December 21st, ICBC’s App posted the Notes on Adjusting the Interest Rate of RMB Savings Deposits, and lowered the deposit listing interest rate from December 22nd, 2023, mainly involving three-month, six-month, one-year, two-year, three-year, five-year time deposits and large deposit certificates.
Among them, the listed interest rates of call deposits are lowered by 0.2 percentage points, the listed interest rates of lump-sum deposit, lump-sum deposit and withdrawal, and deposit-principal withdrawal are lowered by 0.1 percentage points, the listed interest rates of three-month, six-month and one-year time deposits are lowered by 0.1 percentage points, the listed interest rates of two-year time deposits are lowered by 0.2 percentage points, and the listed interest rates of three-year and five-year time deposits are lowered by 0.25 percentage points.
ICBC said that in addition to adjusting the deposit listing interest rate, it also optimized the best interest rate level of call deposits and time deposits (including large deposit certificates) to reflect the changes in the market interest rate situation.
Referring to the practice of adjusting deposit interest rates in June and September this year, major commercial banks all chose the same day to take collective action, and tomorrow (December 22), major commercial banks are expected to reduce deposit interest rates simultaneously again.
It is worth noting that this is the third time this year to adjust the deposit interest rate.
The industry believes that "the current net interest margin of banks is under great pressure. According to the data of the General Administration of Financial Supervision, the net interest margin of commercial banks at the end of the third quarter of 2023 was 1.73%, the lowest since 2010. Next, the financial policy will continue to exert its strength to further rationally benefit the real economy. Banks will fully tap the dividend of market-oriented reform of deposit interest rates, reasonably reduce deposit interest rates, balance their own stable operations and further support the real economy, and further benefit the real economy by lowering deposit interest rates. Expand space. "
Quickly rush to hot search
On the afternoon of December 21st, it was revealed by the media that state-owned banks would cut the deposit interest rate on December 22nd. According to the reporter’s simple calculation, the annualized interest rate of three-year large deposit certificates of many state-owned banks is 2.65%, which is 2.35% after being lowered by 30BP. If you deposit 200,000 yuan for three years, the three-year interest will be 1,800 yuan less.
In fact, the annualized interest rate of this three-year certificate of deposit is only lowered by 25BP, and it is adjusted to 2.4%. If you save 200,000 yuan for three years, the three-year interest will be 1500 yuan less.
10-year treasury bonds quickly turned red in the afternoon.
Affected by the expected reduction of deposit interest rate, the bond market went bullish in the afternoon today. At the close, the 10-year treasury bond futures turned from green to red in the quarter.
However, will the bond market strengthen for a long time?
Previously, Zhang Wei, the chief revenue officer of Founder Securities, counted the trend of the bond market after several rounds of deposit interest rate cuts this year (including a round of replenishment of interest rate cuts by small and medium-sized banks in early April for last year’s big banks). The results showed that after the intensive release of deposit interest rate cuts in April and June, the yield of government bonds dropped significantly; After the big bank cut interest rates in September, the bond market yield was adjusted, but after the small and medium-sized banks followed suit, the bond market strengthened again.
Li Yong, a soochow securities, believes that a larger reduction in the interest rate of long-term deposits can improve the trend of deposit regularization, which not only relieves the pressure on the debt side of banks, but also encourages residents to convert more deposits into consumption. However, the impact of lowering the deposit interest rate on the bond market is not as direct as lowering the policy interest rate directly, but in the medium and long term, it will still create a relatively downwind environment for interest rate bonds.
On the one hand, the decline of deposit interest rate will reduce the cost of bank debt, and on the asset side, it will tend to allocate interest rate bonds with low yield and risk to match it; On the other hand, the lowering of bank deposit interest rate will make it less attractive to residents. Residents who choose deposit products usually have low risk preference and tend to choose wealth management products or debt-based products to replace them, thus increasing the demand for bonds. In the short term, the downward adjustment of deposit interest rate and stock mortgage interest rate will not quickly stimulate the recovery of the real estate market, and there is no upward risk of interest rate exceeding expectations.
CITIC Securities clearly stated that since residents’ risk appetite is still low in the short term, even if the deposit interest rate is lowered, it is expected that the deposit scale will continue to rise. However, in the medium and long term, the phenomenon of "deposits moving" may be strengthened, and low-risk asset management products such as bank wealth management are expected to usher in incremental funds. For the bond market, after the cost of bank debt is controlled, it is possible to drive the overall downward trend of broad-spectrum interest rates; In the medium and long term, the scale of low-risk asset management products such as wealth management and debt base will increase, and the strengthening of the allocation power of the bond market will also indirectly push down interest rates.
Editor: Captain

Audit: Chen Siyang

Reporting/feedback

歼 20 mass production detonated the military sector brokers believe that these stocks are worthy of attention!

  At the end of today, the military-related sectors performed strongly, with national defense, aviation power and large aircraft in the top four respectively. Chenxi Airlines, Platinum 20cm daily limit, Haite High-tech 3 consecutive boards, Aileda, Xinyan shares, Xinyu Guoke, Hangfa Technology and other stocks all rose more than 10%.

  In the news, on June 18th, the Air Force announced today that the new generation stealth fighter J -20 made in China is equipped with many heroic units of the People’s Air Force. With the upgrading of fighters, it will boost the prosperity of the upstream and downstream industrial chains of fighter aviation industry chain.

  At the same time, it is worth noting that on June 9, Aero Power announced that it plans to use 11.7 billion yuan for cash management. Considering that the monetary capital of 21Q1 Company is 4.438 billion yuan, it is considered that the company may receive a large amount of monetary capital in the near future. Previously, AVIC Shen Fei had also announced a substantial increase in associated deposits, or indicated that large orders would land. Since the second half of 2020, military enterprises have announced that they intend to finance the construction of new production lines, and most production lines will not be put into production until at least the end of 2022, which also shows that the industry still has long-term order support at the end of the 14 th Five-Year Plan. Judging, with the release of the semi-annual report or the third quarterly report, the growth of the industry will be gradually realized, and the arrival of a large number of advance receipts has verified the high certainty of the long-term development of the industry.

  According to the in-depth analysis of the recent research report of Guosheng Securities, the forecast period of the interim report is coming, and the high prosperity of the military industry is expected to continue to cash in 2021Q1. The performance of supporting manufacturers such as electronics and materials in the upstream of the military industry has increased substantially, and the cash paid by downstream host manufacturers for purchasing goods has also increased substantially, which indicates that the orders and shipments in the upstream of the military industry have increased substantially. However, the revenue of Q1 OEM has not increased significantly, which is caused by the delivery rhythm of host products.

  Main engine direction: Take the engine as an example, the orders for upstream raw materials and electronic components have increased substantially in 2020Q3, and the engine manufacturing delivery cycle is estimated to be 8-10 months. From the perspective of goods transfer in the industrial chain, it means that the delivery volume of midstream and main engine products in Q2-Q3 is expected to increase month-on-month, and the revenue of the main engine factory is highly certain. Then, the company announcement represented by AVIC Power is superimposed to manage the cash of 11.7 billion yuan or directly reflect the advance payment. Considering the verifiability of the upstream and downstream of the military industrial chain, it is expected that with the gradual disclosure of the interim report, the advance receipts of other OEMs will also be revealed. Therefore, the delivery volume and advance payment of the downstream mainframe will fully verify the high prosperity of the military industry.

  Upstream and midstream direction: Under the background of comprehensively strengthening training and preparing for war, the domestic military industry has entered a major development opportunity period of "short-term/three-year order and production capacity increase substantially, and medium-term/seven-year equipment system upgrade". During the 14th Five-Year Plan period, the procurement mode of the military industry will be changed from "rolling procurement" to "batch merger and large single procurement", and accordingly the proportion of advance payment is expected to be greatly increased. The original intention of large advance payment is to increase procurement and promote production expansion. Therefore, the demand for military orders is very strong, and the downstream OEMs will constantly put the demand for military industry ahead, and the prosperity is very strong. It is believed that the performance of upstream and midstream enterprises will maintain a high year-on-year growth in 2021Q2, and it will also show an increasing trend from the previous quarter. With the gradual disclosure of the data in the interim report, the high prosperity and continuous performance of the military sector will be fully verified, and the upstream and downstream of the sector will usher in a resonance effect.

  The military sector has reached a period of earning money for performance. In terms of performance, as mentioned above, the performance of the military sector will continue to be honored, and the entire military sector enterprises will usher in a high growth dividend period in the next 3 to 5 years; In terms of valuation, from the perspective of growth, we should try our best to avoid companies whose valuations are constantly being killed in the future. That is to say, after the war preparation bonus is over, the development of some military enterprises will meet the ceiling as the downstream models enter a stable development period. We should choose product-driven military enterprises that can achieve long-term growth by relying on product expansion capabilities. If these enterprises can maintain or expand their valuations in the future, then we can earn money with confidence.

  1) From the perspective of the industry, the military industry will bring long-term growth space because of the continuous confrontation and upgrading of technology. Taking the United States as a mirror, the compound growth rate of US military expenditure has reached 4.7% in the past 60 years, and its military expenditure accounts for about 4% or more in GDP for a long time. The simultaneous development of the US economy and national defense has made the US military sector rank fourth in annualized rate of return in the past 40 years. At present, China becomes rich before it is strong, and focusing on the development of military industry is an important guarantee for economic achievements. However, China’s national defense and economic strength do not match. In 2019, military expenditure accounted for only 1.89% of GDP. Therefore, China’s "14 th Five-Year Plan" clearly pointed out that "promoting the simultaneous improvement of national defense strength and economic strength". It is estimated that military expenditure should at least be on par with the United States in GDP, so China’s military expenditure growth rate or long-term GDP growth rate.

  The combination of equipment gap filling and actual combat training makes the high prosperity of the military industry highly certain. The current military industry is the starting point of the bumper harvest period of equipment scientific research achievements in the past 20 years, focusing on high-growth tracks such as missiles, aero-engines, military aircraft and national defense informationization. On the other hand, technological confrontation exists forever, and the emerging weapons and equipment are endless and the assembly cycle is as long as several decades, which also brings long-term deterministic growth, such as unmanned aerial vehicles, all-electric push ships, electromagnetic weapons, laser weapons, etc. Or the weapon system is constantly upgraded, such as avionics system, which brings great development space to the military industry.

  2) From the perspective of enterprises, the current military sector has entered the performance cashing period, and the EPS of most military enterprises will continue to be cashed. Our key is to find enterprises with technology and product expansion capabilities to gain long-term growth space, and the valuation of these enterprises can be expanded or maintained. The way for military enterprises to achieve long-term growth is: relying on the continuous expansion of technology or products, they can penetrate into the equipment that is constantly iteratively updated, and then gain sustained growth momentum. This requires military enterprises:

  The product direction conforms to the future equipment development trend. For OEMs or core subsystem vendors, it is necessary to choose enterprises that meet the current or future war mode and have new equipment and products reserves, such as fighter planes, unmanned equipment, laser weapons, etc., which will usher in significant development; For the upstream supporting manufacturers, it is necessary to choose the basic electronic/material suppliers that conform to the equipment development trend, which can continuously penetrate in the direction of all kinds of emerging equipment and civilian products, which will bring a large space for long-term growth, such as the increasing penetration rate of carbon fiber composite materials and titanium alloys in emerging equipment, and the continuous upgrading of national defense information technology will bring about an accelerated demand for special chips.

  Product-driven rather than channel-driven. With high R&D investment, technology and products have core competitiveness, and then gain strong expansion ability, whether it is horizontal expansion or vertical integration of products, or expansion to other high-end equipment products such as large aircraft and commercial aviation development based on the characteristics of military-to-civilian conversion, or expansion to the field of military trade to usher in greater market space.

  Individual stock investment:

  1) The core card position enterprise of the high-growth subdivision track of military industry. As a cornerstone product of military industry, the penetration rate of emerging equipment will continue to increase and then achieve long-term growth. The characteristics of high-barrier industries make these core card companies have a high market share in their respective sub-tracks, which proves the company’s ability, and its order rhythm also determines the delivery of the entire industrial chain. In other words, the orders and performance of these enterprises cannot be released, and the prosperity of the military industrial chain may be falsified. Under the certain high-growth industry dividend, it will bring great performance flexibility to these core card companies. Such as Fushun Special Steel, Ziguang Guowei and AVIC Hi-Tech.

  2) Military OEM or core subsystem manufacturer. Fully enjoy the industry dividend with an almost monopolistic industrial position, and once new equipment is installed, it will bring decades of revenue growth. These enterprises are not only the beneficiaries of the high-certainty and high-growth dividends in the military industry brought about by the construction of war preparedness capacity, but also gain long-term growth in the process of continuous confrontation and upgrading of weapons and equipment technology with their industrial monopoly status. For the main engine factory, the productivity requires the change of production relations, and the transformation and upgrading of the military industry to adapt to the comprehensive training and preparation for war is ready to come. The governance structure of the military main engine factory will also be continuously improved, and the profitability of the enterprise will also be continuously improved under the influence of scale effect. Such as: AVIC Shen Fei, Xiangdian, Hangfa Power, Hongdu Aviation, Aerospace Rainbow and Hangfa Control.

  3) Military enterprises with strong expansion capability. Relying on the continuous expansion of technology or products, it can penetrate into the equipment that is constantly iteratively updated, or expand in the direction of civilian use, and then gain sustained growth momentum. This requires military enterprises: products meet the development trend of equipment, such as continuous installation of unmanned equipment, continuous upgrading of national defense informationization, and continuous infiltration of advanced materials such as carbon fiber into new equipment; Product-driven rather than channel-driven, with high R&D investment, technology and products have core competitiveness and thus strong expansion ability, whether it is horizontal expansion or vertical integration of products, or relying on the characteristics of military conversion to civilian to expand to other high-end equipment products such as large aircraft and commercial aviation development. Such as: Zhenhua Technology, Western Superconductor, Shanghai Hanxun, AVIC Heavy Machinery, Tunan, Beimo Hi-Tech.

  4) integration of defense and civilian technologies-style military enterprises. With the gradual development of China’s high-end equipment industries such as large aircraft and commercial aero-engines, due to the universality of military and civilian technologies, this will bring more long-term growth space to many military enterprises. Such as: AVIC Optoelectronics, Yingliu, Ruichuang Micro-Nano and Baoti.

Source: Tongshun-Change Eyes

Reporting/feedback