Sancha capital market, Xiaomi’s optimistic smart driving company went to Hong Kong for IPO.

Author | Li Lan

Edit | Chapter Ripple

On March 30, three years ago, officer Lei announced to build a car. One hundred days later, Xiaomi led nearly 20 supply chain manufacturers such as Zongmu Technology, a smart driving solution provider.
As one of the first companies to invest and bet after Xiaomi entered the car, on March 28, 2024,On the day when Xiaomi’s first car, SU7, went public, Zongmu Technology also formally submitted a prospectus to the Hong Kong Stock Exchange, intending to list the main board.
This is the third listing of Zongmu Technology.
In January 2017, Zongmu Technology was listed on the New Third Board and delisted in December of the same year. The reason given was "needed for the adjustment of the company’s operation and development strategy".
In November 2022, Zongmu Technology science and technology innovation board’s IPO application was accepted by the Shanghai Stock Exchange, and it planned to raise 2 billion yuan, but in September 2023, it chose to withdraw its listing application in science and technology innovation board.
Now,Vertical scientific and technological choiceGive up science and technology innovation board and launch a sprint to the Hong Kong Stock Exchange.
fromAccording to the prospectus,Zongmu Technology has been more cautious in its wording this time, and put more emphasis on products. At the same time, before applying for IPO, it also carried out a series of "light" actions.
asThe "veteran" who broke into the capital market for the third time doesn’t know.Can the listing of Zongmu Technology go smoothly this time?
01
The financial report has improved, and the business is exploring.
The most eye-catching part of the prospectus is that the gross profit margin has finally turned positive.
Compared with the unprofitable situation in November 2022, Zongmu Technology has achieved a positive gross profit margin. From 2021 to 2023, Zongmu Technology’s gross profit margin was -8.9%, -3.5% and 3.5%, respectively, corresponding to a gross profit of-20.07 million yuan,-16.29 million yuan and a profit of 17.33 million yuan. Revenue has a steady growth with a compound annual growth rate of 48.7%.

Moreover, the cash flow of Zongmu Technology has also become stable. According to the prospectus, there is still a lot of room for fault tolerance. As of January 31, 2024, Zongmu Technology had 33.2 million yuan in cash assets, leaving 1.19 billion yuan in unused bank facilities.
How did Zongmu Technology achieve "rebirth"?A lot of factors benefit from the continuous growth of the market as a whole.
Before the real commercialization of L4 comes, L2+ has the widest application prospect, among which, the "integrated operation and parking" has the highest cost performance. According to the monitoring data of the Institute of Advanced Technology Intelligent Automobile, in 2023, 3,504,800 new cars with automatic parking were delivered as standard in China market (excluding import and export), up by 22.10% year-on-year.
According to the data in the prospectus, in 2022, about 20% of the ADAS solution market for passenger cars in China will be automatic parking. Among them, APA solutions account for more than 80%. Based on the corresponding income in 2022, Zongmu Technology is the second in China and the first in China respectively.
At present, most parking and parking integrated solutions in the market are actually designed and integrated based on the 1.0 architecture, which simply combines the driving SoC and the parking SoC into one box. The biggest technical moat of technology is that only a single SoC can solve the two problems of parking and parking.
Although three of the top five automatic parking APA schemes are foreign suppliers,However, domestic suppliers have the advantage of being "close to the water", which is convenient to provide personalized customized services to domestic new energy vehicle enterprises. The market share of domestic suppliers has increased from less than 5% in 2018 to 16.7% in 2022, and it is expected to exceed 25.0% in 2027..

According to the data of burning knowledge consulting, in terms of sales revenue in 2022, the ranking of the company among mainland suppliers in China is as follows: Zongmu Technology ranks fifth in the ADAS market with a market share of 1.0%; Ranked second in the automatic parking solution market, with a market share of 4.9%; Ranked first in APA parking solution market, with a market share of 5.6%.
According to the prospectus,AVP and APA platforms have been used in 28 models, and the energy service robot for intelligent mobile energy solutions is equipped with L4-level autopilot function supported by Drop’nGo platform..
From the most basic composition, the products of Zongmu Technology can be divided into two main directions:First, intelligent driving hardware and solutions, including domain controller and camera, 4D millimeter-wave radar, ultrasonic radar and other gauge sensors; Second, provide research and development services related to autonomous driving.
The hardware part is divided into three products,That is, panoramic surveillance camera, automatic parking assistance function and autonomous parking function, which respectively correspond to three scenes: car panoramic "reversing radar", automatic parking in the car and remote parking outside the car..
A domain controller is a computer that manages specific vehicle functions or fields, such as active safety, automatic driving, parking or parking. The controller of Zongmu Science and Technology Domain collects data from sensors around the vehicle (including radar, camera and ultrasonic sensor) to build a model of the surrounding environment. The software algorithm embedded in the domain controller will then determine the appropriate action of the vehicle according to the model. Moreover, Zongmu Technology has also developed a separate software algorithm, which can be delivered as a comprehensive software embedded hardware product or as an independent software product.
Finally, the computing platform of Zongmu Technology provides the basis for all function iterations, and the Drop’nGo platform supports the development of intelligent driving functions from L0 to L4.
According to the prospectus, since its launch in 2017, the Drop’nGo platform has gone through several iterations, enhancing its multi-sensor data fusion capability, improving its adaptability to weather and lighting conditions, and expanding its application scenarios from indoor to outdoor.
The third generation of Drop’nGo platform can provide L2+ comprehensive intelligent parking function on passenger cars, and further empower energy solutions with L4 automatic driving function.
The hardware that science and technology can make money has changed year by year.
In December 2022, in the prospectus of Zongmu Technology,Describing himself as "one of the few first-class suppliers in China that can provide intelligent driving systems for automobiles, including L0-L4 intelligent driving control units and intelligent sensors", the importance attached to control units has declined.
From the perspective of income structure, Zongmu Technology mainly relied on car trajectory sensors for profit last year.
At present, the domestic self-driving auto market dominated by L2+ level still needs the second-gear APA integrated parking solution. According to the prospectus, the company is in a leading position in the market of ADAS, automatic parking and APA (automatic parking assistance system) parking solutions.

From the perspective of profitability, the highest gross profit margin is the R&D services related to autonomous driving. In 2021 and 2022, the gross profit margin reached 42.7% and 50.8% respectively. However, in 2023, there was a waist cut, only 18.6%. Looking at the technology, it is pointed out that this is mainly due to the increasingly fierce market competition and the increase in project complexity, resulting in increased costs.
From the data of the prospectus alone, although Zongmu Technology does not have much exponential growth, it still has extraordinary incremental space.

Moreover, there are more choices when getting through the depth of customers. As of December, 2022, the overall customer matrix is still relatively simple. Among them, Cyrus accounts for more than 50% of the revenue, and the top five customers account for nearly 90%. By 2023, the number one customer has dropped to 43.8%, the customer diversity has increased, and the ability to resist risks has also been significantly enhanced.
Zongmu Technology is also constantly adjusting its customer service mode, and the autonomous driving R&D service has received a large order. In December 2023, it successfully obtained the Amphiman 3000 fixed-point from Changan Automobile to support its new car platform for a series of models, and it is expected to be mass-produced in 2024.

However, Zongmu Technology is still at a loss.

From 2021 to 2023, the net losses of Zongmu Technology were 434 million yuan, 588 million yuan and 564 million yuan respectively, and the adjusted net losses were 382 million yuan, 477 million yuan and 516 million yuan respectively.The total net loss for three years exceeded 1.3 billion yuan.
Of course, Zongmu Technology also has an explanation for this persistent loss.Even similar to the contents in the prospectus required for listing in science and technology innovation board in 2022, the chip is too expensive.
According to Zongmu Technology,With the overcapacity of global chips, this adverse impact on costs will be significantly reduced in the future. After all, whether it is hardware upgrade or solution iteration, the core need is computing power..
02
High-profile financing, multiple IPOs
Zongmu technology has always been highly anticipated by the capital market.
In the latest shareholding structure, Hong Kong Zongmu is the largest shareholder of the company, holding 22.17% of the shares. As a concerted action, Tang Rui and his mother Li Xiaoling control 33.3% of the shares of the company through multiple entities. In addition, Junlian Capital holds 7.55% of the shares as the second largest shareholder, while Xiaomi Group, which has received much attention, ranks the fifth largest shareholder with 4.73% of the shares.

The earliest round of financing record of Zongmu Technology occurred in 2015. In the previous year, in 2014, Mobileye, the world’s largest ADAS manufacturer, landed on the New York Stock Exchange, which means that the track of ADAS has been verified and opened a financing channel for Zongmu Technology, which is on the same track.
In June, 2021, Zongmu Technology announced the formal completion of Series D financing with a cumulative amount of $190 million.. Among them, the D3 round was led by Xiaomi Changjiang Industrial Fund, and the investors included Fosun Chuangfu, Langtai Capital, Shanghai Kechuang, Industrial Bank, strategic investors Changan Automobile and Coboda Investment.
Zongmu Technology completed 9 rounds of financing before IPO, and the accumulated subscription amount reached 2.247 billion yuan. Among them, in the E round of financing in March 2022, Zongmu Technology raised 867 million yuan at the subscription price of 93.56 yuan/share, and the company’s valuation exceeded 9 billion yuan.
However, the financing journey of Zongmu Technology is always interrupted for various reasons..
Zongmu used to be very close to listing. On January 19th, 2017, Zongmu Technology was approved to be listed on the National Small and Medium Enterprise Share Transfer System (NEEQ) with the stock code of 870816. However, "considering the business strategy and compliance cost at that time, we adjusted the future development strategy". Less than one year later, Zongmu Technology completed the termination of listing on December 11th, 2017.
The vigorous Shanghai Stock Exchange in 2022 has almost become a reality. However, in the end, due to the development strategy and other reasons, Zongmu Technology voluntarily withdrew its previous A-share listing application, and the withdrawal was officially accepted on September 27, 2023.
In the meantime,There is also news from the pulse that Zongmu Technology has a saying that the salary of fresh graduates will be reduced by 20%.

It may be that the road to listing is not smooth and the top management has fluctuated.In February 2024,CTO Wang Fan joined Beidou Zhilian, and Wang Fan was one of the four core executives of Zongmu Technology. He started to build the Beijing Autopilot R&D Center, and completed the research and development of AVP1.0 in Zongmu Technology in 2017.
Fortunately, the new employee was the original team, and he was replaced by Jiang Weiping. He joined Zongmu Technology as early as 2013, and had previously worked in CSR Semiconductor Company and NVIDIA. Later, he left Zongmu Technology due to infighting and did not return to Zongmu until the end of 2022.
03
Go to the new track
On the premise that the APA market is saturated, Zongmu Technology tries to go further to the charging robot track.
In 2023, nearly 65% of Zongmu Technology’s revenue sources are car gauge sensors. Compared with technology companies, Zongmu Technology is more like a manufacturing enterprise. This may come from another manufacturing attribute of the founder, Tang Rui, CEO, who also founded Can Cong Robot.
In the official LinkedIn,The latest position of Zongmu Technology is the on-site operation and maintenance engineer of intelligent energy storage charging robot, and some positions are in Ningbo, mainly in Shanghai.

In late January of this year, Zongmu Technology and Can Cong Science and Technology launched the charging treasure in the automatic driving field and the low-speed fully automatic driving charging robot FlashBot. According to the prospectus,The first generation of FlashBot is equipped with 104 kWh storage capacity, which is one of the robots with the highest storage capacity among all L4-class self-driving energy service robots developed in the world.
Tang Rui said, "Can Cong robots are building a highly flexible mobile energy network to promote energy trading in a larger space-time range." At the application level, the most intuitive embodiment is to save electricity and money.
In December last year, two Flashbot were put into commercial operation in Zhangjiang Park, and an average of 272 kwh of electricity was purchased from the local microgrid every day, of which 185 kwh was sold back to the microgrid, and 87.5 kwh was used to provide charging service for new energy vehicles, with an average daily cycle of 2.6 times, which brought more than 12,000 yuan in income in that month, that is, the average daily net income of each device was close to that of 200 yuan.
Before the robot officially appeared, Zongmu Technology had actually been laying out its energy business.Zongmu Technology has also designed a set of SaaS software and a DragonNet program to maintain on-site operation. If the charging robot of Zongmu Technology can be commercialized, it may make some changes in the charging pile scene.
According to the data in the prospectus, from 2021 to 2023, the sales revenue of Zongmu Technology from wireless charging equipment and accessories for new energy vehicles was 129,000 yuan, 11.357 million yuan and 437,000 yuan respectively.
In addition, as an "external charging treasure" loaded with sensors, Flashbot is also a part of the flywheel that I hope to build. The energy service robot conducts algorithm training in different driving cases, and then gives data support to the ADAS car-level hardware.
Looking at the highlights of this reorganization of business, Zongmu Technology began to break through into more subdivided markets, and may be able to complete the listing more lightly. At that time, it will be the third listed company in the Xiaomi automobile industry chain after Sagitar and Hesai.

-END-

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The network anchor will welcome real-name registration system’s involvement in pornography, gambling and drugs, etc., and will be blacked out (Figure)

  International online comprehensive news: The heads of more than 20 major domestic enterprises engaged in online performances (live broadcasts) jointly issued the "Beijing Webcast Industry Self-discipline Convention", promising that from the 18th, webcasting rooms must be marked with watermarks; Content storage time is not less than 15 days for future reference; All anchors must be real-name certified; For anchors who broadcast political, gun-related, drug-related, violent and pornographic content, serious cases will be blacklisted; Auditors conduct 24-hour real-time supervision on the live content on the platform.

  The brutal development of webcasting industry

  The extremely low industry threshold and the temptation to make money without leaving home make the network anchor team expand rapidly and fall into the strange circle of barbaric growth. In order to become popular, some network anchors should take off what they shouldn’t, show what they shouldn’t, do what they shouldn’t, and say what they shouldn’t, at the request of fans, in order to let the "golden master" get the so-called stimulation and pleasure. The original clean live broadcast room was made a mess.

  Low barriers to entry in the industry

  The surging webcast lowered the threshold of popularity and made it possible for many grassroots to become famous overnight — — A microphone and a camera have become the gold digging tools in cyberspace. According to media reports, on the webcast platforms such as Betta, Crouching, and Show Together, popular anchors with an annual income of millions of yuan are fully grasped, and some even earn more than 10 million yuan.

  Some anchors do whatever it takes to become popular.

  "Earn six figures a month" and "reward" … … The kaleidoscope-like webcasting makes the anchors rich and admired. At the same time, some anchors do whatever it takes to "get out of position". According to reports, an online male anchor named "play is Happy" broke into a school in Nanjing and publicly broadcast live to harass girls. What is even more paradoxical is that after the behavior of the network male anchor was stopped by the security guards in the school, his fans did not condemn the anchor but abused teachers and students online … …

  The income of network anchors mainly depends on netizens’ "reward"

  A staff member of the webcast platform revealed that the income of the network anchor mainly depends on the "reward" of netizens. As long as you are willing to take off and show off and meet the requirements of the "golden master", the "reward" will be high. Among the fans of the anchor, "local tyrants" abound, and they can spend a lot of money on their favorite anchors without even frowning. In order to make fans happy and get more "rewards", anchors naturally show their magical powers and perform heartily, making the network anchor space a low-level, vulgar and indecent place.

  A 12-year-old boy from Minhou, Fuzhou stole 30,000 yuan from his mother to give a gift to the network anchor.

  Xiaolin, a 12-year-old fifth-grade primary school boy in Minhou, stole his mother’s mobile phone to buy expensive virtual goods for the anchor in order to please his favorite network anchor, and spent nearly 30 thousand yuan a month.

  Netizens spent 50,000 yuan on gifts just to keep the female anchor calling his name.

  A fan with a live ID named "Dungeon Warrior" said that he had spent more than 10,000 yuan for his favorite female anchor since last year, which was nothing compared with those local fans who lavished millions. "In that world, as long as you spend money, you are the king. This is the feeling that watching star videos won’t happen at all. The female anchor will always interact with you. You can’t understand the satisfaction of calling your name and saying thank you and love you in front of tens of thousands of people. This gives me a sense of power and a strong sense of superiority, which makes me feel stronger than all the men in the room, especially with dignity, as if I control the world. "

  The competition in online celebrity is fierce, and the interest chains are interlinked.

  It is precisely because of online celebrity’s profitable capital that many companies, seeing the unlimited business opportunities, have started to concentrate on signing contracts and training, and input them into the live broadcast platform. "I’m Zero Egg" is a student at school. She emphasizes that she has natural characteristics without artificial synthesis. After being signed by a brokerage company, she will broadcast live on the Dragon Ball platform. In addition to the basic salary, the extra income from the live broadcast will be shared with the platform and the brokerage company. According to her, "most anchors are pushed to the live broadcast platform by brokerage companies, and some small platforms have less budgets and more direct docking with anchors." She said that even if a contracted anchor wants to get the top page, it is generally necessary for the anchor to apply for the top request with the company. "Then the company arranges the top through the registration order, but the chance of being topped is very small."

  Is it feasible for the popular anchor to enter the entertainment circle offline?

  Some people think that the live content of these eyeballs, such as posing, selling cute and playing cute, singing and telling jokes, may one day be bored by netizens. In fact, at present, some anchors have stepped out of the narrow space in their homes and gone outdoors and even internationally, and entertainment life such as travel, ball games and star conferences has gradually become live content.

  Expert suggestion: regulatory legislation needs to be refined

  Some legal experts said that because the definition of pornography in the current relevant laws is not specific enough, webcasting frequently plays "edge ball". Webcast, as a new product, should be based on its characteristics, and introduce a new basis to refine the supervision of live content, so that the live broadcast platform and practitioners can clearly understand their legal responsibilities. However, in view of the lack of protection for minors in the webcast platform, legal scholars have called for the urgent introduction of a grading system related to Internet content.

Good news! The fuel surcharge has dropped! This New Year’s Day, the travel market is completely on fire.

The New Year’s Day holiday is in progress, and with the gradual rise of temperature in various places, the tourism travel market continues to show a hot trend.

According to China State Railway Group Co.,Ltd., the railway transportation of the New Year’s Day holiday started on December 29th, lasting for five days. The first day of the holiday was the peak of passenger flow, and the national railway sent 15.99 million passengers. Compared with the passenger flow on December 31st, the first day of New Year’s Day last year, the passenger flow on January 1st, the first day of New Year’s Day in 2020 increased by nearly 60%.

On December 31st, the national railway passenger flow maintained a high level. It is estimated that 11.85 million passengers will be sent, and 10,682 passenger trains are planned, including 500 additional trains.

At the same time, the latest news from the Civil Aviation Administration of China shows that on December 30, 2023 (the first day of New Year’s Day holiday in 2024), the national civil aviation sent 1,743,900 passengers, an increase of 103.1% over the first day of New Year’s Day holiday in 2023 (858,800 passengers). On December 31st (the second day of New Year’s Day holiday in 2024), the civil aviation of China is expected to send 1.66 million passengers, an increase of 156.4% over the second day of New Year’s Day holiday in 2023 (647,400 passengers).

On the whole, according to CCTV news, the reporter learned from the Ministry of Transport that on the 30th, the national railways, highways, waterways and civil aviation are expected to send 41.768 million passengers, an increase of 73.3% over the first day of the New Year holiday in 2023. Among them, the railway is expected to send 15.8 million passengers; The highway is expected to send 23.487 million passengers; The waterway is expected to send 600,000 passengers; Civil aviation is expected to send 1.881 million passengers.

Data from several online travel platforms also show that on the first day of the New Year holiday, travel orders ushered in a substantial increase.

Ctrip data shows that on the first day of this year’s New Year holiday, orders for inter-provincial travel accounted for 55%. Among Ctrip’s orders for departure on the first day of New Year’s Day, one out of every five orders is a parent-child family, while the orders for first-day homestays and ice and snow tours increased by 132% and 170% respectively.

This means that even if there is only a three-day holiday, more people are still willing to go out for a long trip and end the coming year with travel.

The travel data of the same journey also shows that during the New Year’s holiday, China tourists mainly travel in short and medium distances, and the domestic long-distance travel and outbound travel market is gradually warming up, which promotes the increase in bookings of various travel products. Among them, on the first day of New Year’s Day holiday, the ticket booking volume of the same-way travel platform scenic spot increased by 306% year-on-year, and the hotel booking volume increased by 76% year-on-year. In terms of popular travel themes, the domestic ice and snow tourism increased by 194%, and the hot spring tourism increased by 178%.

Which scenic spots are more popular? According to Ctrip’s data, theme parks, museums, animal and botanical gardens and ski resorts are the most popular New Year’s Day punch-in points. Among them, Harbin Ice and Snow World not only boarded the ice and snow attraction TOP1, but also ranked among the top three national hot spots on the first day of New Year’s Day with its colorful ice and snow landscape and the snow party that exploded on winter nights.

In terms of outbound travel, according to the forecast of the National Immigration Bureau, the daily average number of inbound and outbound passengers at the national ports will reach 1.56 million during the New Year’s Day, which is more than five times that of the New Year’s Day holiday in 2023 and 90% of the same period in 2019. According to Ctrip data, the TOP10 overseas destinations this year are: China, Hong Kong, Japan, Thailand, South Korea, China, Macau, Malaysia, Singapore, the United States, Australia and the United Kingdom. Among them, Hong Kong, which announced the largest countdown fireworks display this year, has become the hottest overseas destination on New Year’s Day.

On the first day of the New Year holiday, many scenic spots and parks also ushered in the peak of passenger flow.

According to the news released by the Office of the Leading Group for Culture and Tourism Industry of Sichuan Province, as of 15: 00 on the 30th, 832 A-level scenic spots included in the statistics of the whole province received 2,650,200 tourists, and realized the ticket income of 22,113,800 yuan, up by 81.83% and 103.23% respectively compared with the same period in 2023. Five-year-level tourist attractions in the province (16 parks opened normally) received 152,500 tourists and realized ticket income of 5,103,900 yuan, up by 88.78% and 113.6% respectively compared with the same caliber in the same period in 2023. Libraries, cultural centers and museums in the province received 712,000 people.

According to the statistics of Hunan Provincial Department of Culture and Tourism, on the first day of New Year’s Day holiday, Hunan Province received 6,629,300 tourists, including 1,178,900 tourists from outside the province, accounting for 17.78%. According to the modeling analysis of UnionPay big data, the per capita expenditure of tourists in the province was 10,126 yuan. There are 950 cultural tourism units included in big data monitoring, with a passenger flow of 786,000, and the statistical monitoring points show a year-on-year increase of 120.9%, including 571 A-level scenic spots with a total passenger flow of 663,000, and the statistical monitoring points show a year-on-year increase of 114.59%.

On the 30th, the reporter learned from Beijing Park Management Center that on the first day of New Year’s Day holiday, 11 parks and China Garden Museum in Beijing, such as the Summer Palace, Temple of Heaven and Beihai, got off to a good start, with a total of 217,900 visitors on December 30th, an increase of 88.01% compared with last year and 21.26% compared with 2019. The top three places are Summer Palace, Temple of Heaven and Beijing Zoo.

It is worth mentioning that on the first day of the New Year’s holiday, the news of good travel came again.On December 30th, where did I get the news from the airline? From January 5th, 2024 (the date of issue), adult passengers: 40 yuan fuel surcharge will be charged to each passenger on routes below 800km (inclusive), and 70 yuan fuel surcharge will be charged to each passenger on routes above 800km.Compared with before the adjustment, it decreased in 10 yuan and 20 yuan respectively, which was lower than that in January 2023. This is the third consecutive month that the fuel surcharge has dropped.

Spring Festival travel rush is coming in 2024, and the fuel surcharge will be reduced, which will save the travel cost of passengers. Judging from the current booking situation, where to go data shows that the popular domestic destinations for the Spring Festival in 2024 are Shanghai, Beijing, Shenzhen, Guangzhou, Harbin, Chengdu, Haikou, Kunming, Sanya and Hangzhou.

In 2024, the automobile market will face a growth boom: new energy vehicles will become new power, and the export end and intelligent driving will be driven by two wheels.

According to the recent institutional research report, summarize the investment points of related industries for your reference:

Automobile industryIn the first three quarters of 2023, the central and local governments issued a new round of policy combination boxing, such as new energy going to the countryside and automobile consumption and shopping festival activities, to further enhance market activity, promote the sustained release of potential purchasing power, and drive the order growth of the upstream parts industry. The domestic macro-economy has picked up moderately, and the logistics industry has stabilized and rebounded to drive the growth of truck sales. Under the favorable background of many parties,Automobile industryIn the first three quarters of 2023, the prosperity continued to pick up, and it is expected to continue until 2024.

Automobile exit endThe performance is bright, and the high growth tone of the new energy industry remains unchanged. Relying on the advantages of domestic automobile industry chain and the brand strength of continuous improvement,Automobile industryOutstanding performance at the export end is expected to become a new round of growth points. At present, the domestic economy is picking up moderately, the export end has entered the stage of heavy volume, and the new energy industry is booming. It is estimated that the automobile sales volume will reach 29.88 million in 2024, an increase of about 3% year-on-year. The sales volume of new energy vehicles was about 11.5 million, up about 25% year-on-year.

The second half of the electric car has arrived., intelligent network development into the fast lane. Since 2023, relevant policies for intelligent networked vehicles have been frequent, which is expected to catalyze the research and development and landing process of domestic high-level intelligent driving. Intelligent driving covers multi-field collaboration, and the industrial chain has ushered in rapid development. With the pilot work of L3 and L4 automatic driving gradually carried out in China, Tesla FSD with advanced intelligent assisted driving is expected to accelerate its entry into the China market.

HuaweiEmpowering the intelligent development of automobiles, the supporting industrial chain may usher in a revaluation. Huawei relies on the leading technology and channel advantages accumulated in the ICT and consumer electronics fields for many years to empowerAutomobile industryThe field of smart travel. The sales volume of Wenjie series is hot, reflecting consumers’ recognition of Huawei’s added value, and Huawei’s automobile related supporting industrial chain may usher in a revaluation.

capital proposals: It is suggested to pay attention to the main engine plants with bright performance at the export end of new energy.

Hexun self-selected stock writer

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China Youth Daily is concerned about how to treat the "usefulness" and "uselessness" of culture.

For drinking tea, it is obvious that ordinary white porcelain bowls can meet the demand, but why do we prefer porcelain tea set with fine workmanship? When writing, the arm rest is used to prevent the arm from being stained with ink. Obviously, as long as it has the function of putting the arm, why do we pay attention to its material and the carving on it? When we are moved by the beautiful artistic conception of an ancient poem, when we are fascinated by the exquisiteness and elegance of a handicraft, what do we get from it? What can those humanistic details and artistic values bring to our lives? Or, is culture "useful" or "useless" to our life?

The "uselessness" of culture is also "great use"

In the dialogue session hosted by Bai Yansong at the 15th Cultural China Forum, Pan Lusheng, chairman of China Folk Writers Association, pointed out that "useful" means "practical" and "useless" means aesthetic "useless". Material and spiritual use and life use are both useful and practical, while useless is also useful and even useful.

Pan Lusheng introduced that in Lin ‘an City in the Southern Song Dynasty, the palace culture, the literati culture and the street culture were integrated, which formed the idea of "craft for practical use", and also created a life style of unity of practicality and aesthetics in the Southern Song Dynasty. During this period, the weaving technology was superb, and the fabrics made were dense and light as cicada’s wings. Not only were there various types of yarn, Luo, Qi and Ling, but the silk reeling and embroidery techniques were also superb. The gardens in the Southern Song Dynasty are like three-dimensional landscape paintings with pavilions and winding paths, which contain the spiritual complex and aesthetic artistic conception of literati. From the clay figurines of children in the Song Dynasty in Zhenjiang Museum, to the Children’s Plays in the City in Taipei Palace Museum, from the white porcelain children’s pillows in Dingyao in the Palace Museum, to Song Jin’s Paintings of the Hundred Immortals in Cleveland Art Museum in the United States, all of them reflect the aesthetics and interest of life in which humanities and art are combined with street life.

In contrast, in today’s fast-paced diet and fragmented culture, modern people no longer seem to have an attitude of attaching importance to life aesthetics, and traditional crafts no longer pursue use value. In this context, should we learn from the ancients and return to the "elegant life" way of the Southern Song Dynasty?

"The handicraft tradition of the Southern Song Dynasty is historical and contemporary, which runs through the traditional Chinese aesthetic spirit, lifestyle and cultural taste." Pan Lusheng said. Therefore, he proposed to develop a new economy of Song rhyme culture, take people’s life needs as the guide, enhance cultural life experience, and study how elegant lifestyle can be integrated into today’s life, so that people can gain a sense of cultural identity.

Pan Lusheng believes that, on the one hand, by reviving traditional crafts, we can explore how to better inherit and utilize traditional craft and cultural resources at present, inject the culture of Xixiang into education and cultural communication, and serve people’s spiritual and cultural life. On the other hand, through the development of cultural industry with cross-industry barriers, traditional craft culture can be transformed into the resources of contemporary Song Yun cultural industry, creating higher economic value, thus better serving people’s material and cultural needs.

"Cultural pension" is worth looking forward to.

On the aesthetic level of life, the "usefulness" and "uselessness" of culture may be a philosophical proposition, but in the medical field, the "usefulness" of culture is indispensable. According to Zheng Xiaoying, academician of the Academy of Sciences of developing countries and director of the Peking University Population Research Institute, culture is even more "useful" than science and technology.

Zheng Xiaoying said, "Everyone’s ultimate wish is to grow old healthily and say goodbye to the world happily. This is by no means a problem that can be solved by relying solely on science and technology or medical means, but a realm that must be achieved through the combination of culture, art and technology. In this sense, the infiltration of culture is more important than the development of science and technology. "Zheng Xiaoying believes that" medical art education should be integrated into medical education so that every doctor can accumulate deeper artistic accomplishment and cultural heritage. "

Zheng Xiaoying pointed out that cultural blessing is also needed to deal with the problem of population aging. She introduced that with the intensification of the aging process, the life expectancy of China’s population is also increasing rapidly. However, most of the increased life expectancy is unhealthy, that is, life expectancy with disabilities. Among the disabled people in China, 53% are elderly people. To solve the problems of these elderly disabled people, we need the support of science and technology, but more importantly, we need the support of culture. "Let them be happy and enjoy the benefits brought about by the reform and opening up to the maximum. This is not a problem that can be solved by a simple assistive device."

At the same time, Zheng Xiaoying emphasized the concept of "cultural support for the aged", which is a way to support the aged on the premise that the material needs of the elderly are basically guaranteed, on the basis of meeting spiritual needs, on the basis of communicating emotions, exchanging ideas and having a healthy body and mind, and on the purpose of publicizing individuality, advocating independence and enjoying the spirit of happiness and pleasure. "Cultural pension meets the spiritual needs of the elderly. For the elderly without children, this pension model is particularly important." Zheng Xiaoying said.

How to realize the mutual integration of science and technology and humanities

Undoubtedly, the integration of culture, art and technology can make people’s lives better. So, as an individual, how should we start from ourselves and realize the integration of technology and humanities? This is also a question that Wang Yuming, an academician of China Academy of Engineering and an expert in fluid sealing engineering technology, is often asked.

Wang Yuming laughed and called himself a "science man". "However, although my main business is mechanical engineering, I am not" mechanical "culturally. He is a student of Mr. Ye Jiaying, a consultant of the Chinese Poetry Society, the director of the Poetry Working Committee of colleges and universities, and the president of the Tsinghua University Lotus Pond Poetry Society. It can be said that he is a person who perfectly balances "poetry and distance".

When answering the question "how to realize the mutual integration of science and technology and humanities", Wang Yuming believes that in terms of values, science and technology and humanities and arts are both pursuing truth, goodness and beauty, and they are essentially interlinked; In the mode of thinking, both of them need logical thinking and inspiration epiphany thinking, which can promote each other. The same is true of many masters of science and technology (such as Einstein, Yang Zhenning, Qiu Chengtong, Gu Yuxiu, Qian Xuesen, etc.). However, the most important thing is to have a "pure heart" in both scientific research and literary creation.

On the "Use" of China Culture from the Outside

The Chinese culture has a long history, and the "useful" culture not only created the fashion life of the ancients, but also injected spiritual strength into solving modern social problems, and also brought about an impact on the civilized development of neighboring countries.

In the dialogue session, Cheng Yonghua, former Japanese ambassador extraordinary and plenipotentiary to People’s Republic of China (PRC) and executive vice president of China-Japan Friendship Association, introduced the "use" of Japanese culture to neighboring countries. He said that China’s culture had a profound influence on the Korean Peninsula, Viet Nam and Japan. Take Japan as an example. The Sui, Tang and Song Dynasties were the historical peaks of Sino-Japanese cultural exchanges. During this period, ancient Japan sent 19 groups of envoys to China to study, with a maximum of 600 people at a time. In addition to sending envoys, a large number of international students also came to China from ancient Japan. Many of them stayed for many years, and some even stayed in China to work as officials in Chang ‘an until they died and were buried in Chang ‘an. In 645 AD, the ancient Japanese carried out the "Dahua Innovation" movement, abolished the monopoly regime system in big noble, and established an ancient centralized state with reference to the rules and regulations of the Tang Dynasty in China. During the Song Dynasty, more and more Japanese people came to China to study. Jian Zhen, a monk in the Tang Dynasty, traveled eastward to preach the precepts to Japan and was honored as the ancestor of Japanese Buddhist legalists. The Tang Zhaoti Temple complex built by him and his disciples in Nara, Japan, embodies the architectural characteristics of the Tang Dynasty and is the largest and most beautiful building in Japan’s existing Tianping era. Japanese characters are also born out of Chinese characters. At first, there were only languages but no characters in Japan. In asuka period, Buddhist classics introduced into Japan along with Buddhism made Chinese characters penetrate into Japanese life. The first Chinese characters were used by ancient Japanese as phonography, but they were troublesome in the process of use, so heian period invented katakana and hiragana with reference to the radicals and cursive scripts of Chinese characters. In addition, the present Japanese court music-gagaku,It is also music from the Tang Dynasty in China.

Cheng Yonghua said that Sino-Japanese exchanges have a history of 2,000 years. Today, Japanese young people are still attracted by China’s rapid economic development and technological innovation, and feel that "they should go to China to see more and communicate more".

Whether it is "practical" or "useless", the China culture of the same strain needs and deserves to be passed down and carried forward by contemporary people. As Pan Lusheng said, culture is a nation’s overall lifestyle and value system. If the ancients’ fashion is integrated into contemporary life, we may be able to create a pioneer culture with temperature, connotation and taste in the new era.

What is the concept and meaning of big data?

"Big data" is a data set with a particularly large volume and data categories, and such data sets cannot be captured, managed and processed by traditional database tools. "Big data" first refers to data volumes? Large refers to a large data set, usually in 10TB? However, in practical application, many enterprise users put multiple data sets together, which has formed PB-level data volume; Secondly, it refers to the large variety of data, which comes from a variety of data sources, and the types and formats of data are increasingly rich. It has broken through the previously defined structured data category, including semi-structured and unstructured data. Secondly, the speed of data processing is fast, and the real-time processing of data can be achieved even when the amount of data is huge. The last feature is the high authenticity of data. With the interest of new data sources such as social data, enterprise content, transaction and application data, the limitations of traditional data sources have been broken, and enterprises increasingly need effective information power to ensure their authenticity and security.

Data collection: ETL tools are responsible for extracting data from distributed and heterogeneous data sources, such as relational data and flat data files, into the temporary middle layer, cleaning, converting and integrating them, and finally loading them into data warehouses or data marts, which become the basis of online analysis and data mining.

Access to data: relational database, NOSQL, SQL, etc.

Infrastructure: Cloud storage, distributed file storage, etc.

Data processing: NLP (NaturalLanguageProcessing) is a subject that studies the language problems of human-computer interaction. The key to natural language processing is to make computers "understand" natural language, so natural language processing is also called NLU (NaturalLanguage Understanding), also known as Computational Linguistics. On the one hand, it is a branch of language information processing; on the other hand, it is one of the core topics of artificial intelligence.

Statistics: hypothesis test, significance test, variance analysis, correlation analysis, t-test, variance analysis, chi-square analysis, partial correlation analysis, distance analysis, regression analysis, simple regression analysis, multiple regression analysis, stepwise regression, regression prediction and residual analysis, ridge regression, logistic regression analysis, curve estimation, factor analysis, cluster analysis, principal component analysis, factor analysis, fast clustering method and clustering method

Data mining: Classification, Estimation, Prediction, affinity grouping or association rules, Clustering, Description and Visualization, complex data type mining (Text, Web, graphics, video, audio, etc.)

Prediction: prediction model, machine learning, modeling and simulation.

Results: Cloud computing, tag cloud, diagram, etc.

To understand the concept of big data, we should first start with "big", which refers to the data scale. Big data generally refers to the amount of data above 10TB(1TB=1024GB). Big data is different from massive data in the past, and its basic characteristics can be summarized by four V’s (Vol-ume, Variety, Value and Veloc-ity), namely, large volume, diversity, low value density and high speed.

First, the data volume is huge. From TB level to PB level.

Secondly, there are many types of data, such as weblogs, videos, pictures, geographical location information, and so on.

Third, the value density is low. Take video as an example. During continuous monitoring, the data that may be useful is only one or two seconds.

Fourthly, the processing speed is fast. 1 second law. This last point is also fundamentally different from the traditional data mining technology. Internet of Things, cloud computing, mobile Internet, Internet of Vehicles, mobile phones, tablets, PCs, and various sensors all over the globe are all data sources or ways of carrying them.