[CNMO Technology News] According to Taiwan Province’s "Economic Daily" quoted analysts, global consumer electronics giant Apple may purchase chip orders with a total amount of NT$ 1 trillion (about US$ 33 billion) from TSMC in 2025, which will become an important driving force for TSMC’s revenue growth. The analysis pointed out that this estimate is based on the background that TSMC’s share in Apple products continues to increase and its wafer fab in Arizona is about to play a key role.

Apple CEO Cook has repeatedly stressed that Apple is the biggest customer of TSMC’s Arizona plant. With TSMC’s continuous lead in advanced process, its upcoming 2 nm process is expected to be the main factor to increase Apple’s order amount.

The data shows that in TSMC’s revenue in the first quarter of 2025, the 3 nm process contributed 22%, a significant increase of 13 percentage points compared with 9% in the same period of 2024; However, the contribution of 5 nm and 7 nm processes decreased by 1 and 4 percentage points respectively. Analysts pointed out that the growth of 3 nm revenue is mainly due to Apple’s extensive use of this process for iPhone chips, and future 2 nm orders are expected to bring greater growth momentum.

According to reports, Apple’s purchase of chips from TSMC in 2024 was about NT$ 624 billion. If orders increase to 1 trillion yuan in 2025, it will mean an annual growth rate of 60%. However, analysts believe that the order amount in 2025 may fluctuate between 800 billion yuan and 1 trillion yuan, depending on the mass production progress of TSMC’s 2 nm process and the capacity climb of Arizona plant. If the median is 900 billion yuan, the annual growth rate will also reach 44%.

TSMC’s total revenue in 2024 was 90 billion US dollars. If Apple’s orders meet expectations, it will significantly increase Apple’s proportion in TSMC’s overall revenue and further consolidate its position as the largest customer.

At present, TSMC is facing fierce competition from Samsung and Intel in the field of advanced process. Among them, Intel plans to mass-produce the 18A process in 2025, trying to gain a share in the wafer foundry market. However, TSMC continues to be the most advanced wafer foundry in the world with its 2-nanometer process based on the new generation ring grid (GAA) architecture.

　　On the morning of the 16th, a citizen of Linyi reported to Qilu Evening News and Qilu that the blind roads in some sections of Huaihai Road in Junan County were "slimmed down", with a width of less than one foot, only 20 cm, and there were broken roads and obstacles. Ju’ nan County Housing and Construction Bureau said that the blind road was not in compliance, which was caused by the construction error of the construction party and ordered it to rework again. Fang Dongfang Road and Bridge Construction Corporation said that the blind road on Huaihai Road is not a problem if the construction is strictly in accordance with the engineering drawings.

　　On the afternoon of 16th, the reporter came to Junan County. Huaihai Road is the main road across Junan County. On Huaihai Road, the reporter selected the section from West Outer Ring Road to Longshan Road, and found along the way that this 19.4-kilometer "slimming" blind road suddenly "turned sharply" and suddenly "congested", which made it impossible and blocked.

　　What will happen when the blind road meets the manhole cover? Usually, the blind road will avoid the manhole cover and bypass it. However, a section of the blind road on Huaihai Road in Junan, when the blind road meets a row of manhole, the blind road does not bypass, but "crosses in one step". At the intersection of Huaihai Road and Longshan Road, the blind road on Huaihai Road, east of Longshan Road separated by only one intersection, has a width of 50 cm, which is in sharp contrast.

　　According to the official website of the People’s Government of Junan County, on July 3, 2017, the Housing and Urban-Rural Development Bureau of Junan County invited tenders for the upgrading and reconstruction project of Huaihai Road in Junan County. The construction funds came from financial funds, with a total investment of about 211,410,600 yuan, with a total length of 19.4 kilometers, including road, pipe network construction, greening (including original greening transplantation) and paving. The planned construction period is 100 days.

　　According to this, Shandong Dongfang Road and Bridge Construction Corporation was the first successful candidate, and the project manager was Wenhu Li. On August 9, 2017, as the key project of "New Urbanization Promotion Year" in Junan County, the upgrading and reconstruction project of Huaihai Road in Junan County officially started construction.

　　According to "People’s Republic of China (PRC) National Standard Barrier-free Design Code" (hereinafter referred to as "Design Code"), there are two types of blind roads. One is the marching blind road, which is strip-shaped, and its function is to guide visually impaired people to walk safely and reach barrier-free facilities smoothly; The other is the cue blind road, which is dot-shaped, and is mostly located at the starting point, ending point and corner of the traveling blind road. The cue blind road can inform the visually impaired that the spatial environment of the route ahead will change. The width of the traveling blind road and the prompting blind road should be 0.3-0.6m. The blind road should be continuous, and there should be no obstacles such as telephone poles, stay wires and trees in the middle. The distance between blind roads and obstacles should be 0.25—0.5m.

　　However, on the newly laid blind road on Huaihai Road, no matter the main traffic intersections, or the intersections of communities and units, there is no dot-shaped warning blind road, and a traveling blind road is directly disconnected after being laid at the intersection.

　　On the afternoon of 17th, the reporter contacted He Kechang, the urban construction management section of the Housing and Construction Bureau of Junan County. He Kechang said that the road upgrading and reconstruction project of Huaihai Road in Junan County had not been completed, and the project supervision company and the Housing and Construction Bureau had discovered the problems related to the blind road in time, which were caused by the construction mistakes of the construction company Shandong Dongfang Road and Bridge Construction Corporation. They had ordered the company to rework it in strict accordance with the requirements.

　　The project started on August 9, 2017, and the planned construction period is 100 days. As of October 17, 2018, it took more than one year. Why hasn’t the project been completed yet? He Kechang introduced that the construction was delayed mainly due to the influence of the construction consumables market and seasons, and there is no accurate time for the completion period.

　　At 14: 50 on the 18th, the reporter interviewed Shandong Dongfang Road and Bridge Construction Corporation. A staff member surnamed Liu in the administrative department said that after implementation, they strictly followed the engineering drawings and there was no problem with the blind road on Huaihai Road.

　　(Qilu Evening News Qilu Yidian reporter)

According to the statistics of the Ministry of Public Security, by the end of June 2024, the number of motor vehicles in China had reached 440 million, including 345 million vehicles and 24.72 million new energy vehicles. There are 532 million motorists, including 496 million motorists. In the first half of 2024, there were 16.8 million newly registered motor vehicles and 13.97 million newly licensed drivers.

In the first half of the year, 16.8 million motor vehicles and 12.42 million vehicles were newly registered. In the first half of 2024, 16.8 million motor vehicles were newly registered nationwide. Among them, 12.42 million vehicles were newly registered, a year-on-year increase of 5.70%.

The number of new energy vehicles reached 24.72 million, and 4.397 million vehicles were newly registered in the first half of the year. By the end of June, the number of new energy vehicles in China reached 24.72 million, accounting for 7.18% of the total number of vehicles. Among them, the number of pure electric vehicles is 18.134 million, accounting for 73.35% of the total number of new energy vehicles. In the first half of the year, 4.397 million new energy vehicles were newly registered, a year-on-year increase of 39.41%, a record high. The new registration of new energy vehicles accounts for 41.42% of the new vehicle registration.

96 cities have more than 1 million cars, and 26 cities have more than 3 million cars. By the end of June, there were 96 cities with more than 1 million vehicles, an increase of 8 cities, 43 cities with more than 2 million vehicles and 26 cities with more than 3 million vehicles. Among them, Chengdu, Beijing and Chongqing have more than 6 million cars, and Shanghai, Suzhou and Zhengzhou have more than 5 million cars.

The number of automobile transfer registrations continues to grow, and the used car trading market is active. In the first half of 2024, a total of 17.52 million motor vehicle transfer registrations were handled nationwide. Among them, 16.26 million vehicles were registered, up 53.79% year-on-year. There are 2.706 million second-hand passenger car businesses registered in different places in China. The reform measures of second-hand car transaction registration in different places have achieved remarkable results in facilitating the work of mass enterprises and promoting the circulation of used cars.

The number of motor vehicle drivers reached 532 million. By the end of June, the number of motor vehicle drivers in China had reached 532 million, of which 496 million were automobile drivers, accounting for 93.17% of the total number of drivers. In the first half of 2024, the number of newly licensed drivers nationwide was 13.97 million, a year-on-year increase of 17.36%.

53.07 million vehicles and driver’s licenses were handled online. In the first half of 2024, local public security traffic control departments actively promoted the online operation of "staying at home" for traffic control services such as renewing licenses. There were 53.07 million online transactions in China, such as renewing driver’s licenses and issuing temporary license plates.

Source | Xinhua News Agency CCTV News

Original title: "440 million vehicles with 532 million people! Latest motor vehicle and driver data release → "

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　　People’s Daily Online, Beijing, June 28th (Reporter Lu Lin) In 2016, volunteering for the college entrance examination in various places is being staged intensively, and the questions of parents and candidates are constantly being gathered through the special topic of "volunteering for the college entrance examination to help groups" opened by People’s Daily Online Education Channel. Choose school or major first? How to improve the hit rate of "hot" majors? What if I am transferred to a major I don’t like? 50 college admissions directors and 9 volunteer guidance experts will help you.

　　Director’s advice

　　Deputy Director of Tsinghua University Admissions Office: Rationally fill in volunteers and don’t go with the flow.

　　Xu Ninghan, deputy director of the Admissions Office of Tsinghua University, sent a most practical strategy to candidates from a technical point of view: to consult the enrollment groups of all provinces (cities, districts) in colleges and universities at the first time. At present, most provinces (cities, districts) in China fill in their volunteers after the exam. After the candidates tell their professional interests and college entrance examination scores, the admissions team will give reasonable suggestions according to the situation. The school also hopes that candidates will fill in their volunteers rationally from the perspective of personal interests and future career development, not to follow the trend, not to sell themselves short, and not to follow the trend and choose "high scores" and "hot ones".

　　Director of Admissions Office of Shanghai Jiaotong University: Parents do research and children make choices.

　　Zheng Yihui, director of the Admissions Office of Shanghai Jiaotong University, said that students should be fully aware of their strengths and interests before applying for volunteering. "I don’t advocate parents arranged. Parents say that this major will develop well in the future and make money. In fact, no one can accurately predict what it will be like in 20 years. " Every profession will produce outstanding talents, and the key lies in interest. When you are interested, you enjoy your work every day. Parents should spend time studying what every major and industry does, and then let their children make their own choices.

　　Director of the Admissions Office of Nankai University: Professional obedience and adjustment to avoid high scores.

　　Shao Qinghui, director of the Admissions Office of Nankai University, warmly reminds candidates that majors should obey the adjustment and avoid high scores. Many majors are not what you think, and there are many opportunities to change majors or double majors when you enter the university. In the golden learning stage of life, we should learn more new knowledge, instead of choosing to repeat and do repeated exam-oriented learning.

　　Director of Admissions Office of China University of Political Science and Law: Make full use of the school enrollment policy.

　　Song Jingbo, director of the Admissions Office of China University of Political Science and Law, reminded parents to pay attention to three aspects of volunteering. First, China University of Political Science and Law gives priority to scores and there is no grade difference. Students must make full use of this policy; Second, it must be stable. According to the academic level and achievements, we must comprehensively and steadily determine the choice of applying for the exam according to the professional employment prospects. Don’t make rash or impulsive professional choices; Third, we should pay full attention to the research of volunteering, scientifically fill in volunteering, fully grasp the law of parallel volunteer’s filing, and arrange volunteering in various schools step by step.

　　Volunteer to fill in and guide experts’ advice

　　How to design a voluntary reporting scheme? Sun Cheng, a senior instructor of volunteering, said that parents need to focus on four dimensions, namely, scores, majors, colleges and regions.

　　The first dimension is score, which is an important indicator for choosing a university.

　　The second dimension is major, which determines the future career direction. Although it does not mean the future career, it will also affect children’s second and third choices. In today’s society, the division of labor is getting finer and finer, and the requirement of professionalism is getting higher and higher. Specialty will largely determine the direction and field of a person’s future development.

　　The third dimension is institutions, which decide who children associate with. Among the 2,879 universities in China, 39 are 985 universities and 112 are 211 universities. Different levels of universities have great differences in the quality of running schools, the allocation of teachers, the strength of disciplines, the hardware conditions and the learning atmosphere. Some non-211 universities also have great advantages in institutions and professional strength, so they should be treated rationally.

　　The fourth dimension is region, which will affect a person’s platform height, development width and vision breadth. For example, candidates who want to learn international economy and trade and get good grades in foreign languages will be better choices in big cities such as Shanghai, Beijing, Guangzhou and Shenzhen. After graduation, students are likely to be employed in the location of colleges and universities, so the choice of regions will have a great impact on the future.

　　What is the core process of volunteering? Sun Cheng believes that the first step can be to lock the best major according to the discipline specialty and career planning evaluation, the second step is to clearly fill in the batch layout, the third step is to clearly lock the scope of the target institutions, the fourth step is to arrange the professional order reasonably, and the fifth step is to make a comprehensive balance and determine the plan, that is, to consider what opportunities are there, whether to consider the minority languages, national defense students, free normal students, military public security and judicial police, Hong Kong, Macao and Taiwan universities approved in advance (Macau is relatively low, and some universities in Macau and Taiwan Province have two).

　　Sun Cheng said that many parents are afraid of wasting their scores when they fill in their volunteers, and think that the best result is to press the line to enter the school. The actual situation is that the scheme of stepping on the line is likely to make candidates fail to enter their favorite major. A good-looking scheme may not be a good scheme, but only the right one is the best.

　　Selected Questions and Answers of People’s Network College Entrance Examination Volunteer Group

　　Q: Our children want to study engineering, but we want them to study finance. What should we do?

　　You should first analyze whether your child is suitable to study engineering or finance. If your child is suitable, try to respect your child’s choice. Parents must not force their children to choose a major they don’t like, which may be counterproductive.

　　Q: When applying for the exam, how do you weigh the insurance college or the insurance major?

　　No matter what kind of application strategy is adopted, we must ensure admission, and we can’t quit the file. After quitting the file, we can only fill in the collection of volunteers. If you want to ensure colleges and universities, there may be very few choices for majors; If you want to ensure your major, you must lower the level of colleges and universities, that is, you could have entered a 985 college, but you can choose the related major of 211 college because you are too strong to go to 985.

　　There are generally three situations in which colleges and universities are rushed. First, the enrollment charter clearly States that the proportion of filing is 100%, so it’s time to rush. For example, a school recruits 50 people, and the proportion of file promotion is 100%. Only 50 students enter the file, and they will not quit the file if they obey the professional adjustment. Second, it is clear that candidates who obey the adjustment will not retreat from the file, like China Ocean University. Third, those with few enrollment plans and low investment ratio can go to colleges and universities.

　　Q: What should I do if I am afraid that I will be dismissed from school if I don’t obey the adjustment?

　　Under normal circumstances, candidates are advised to obey professional adjustment. How many situations can you disobey? The first one is that the performance is particularly high, and it ranks among the best in a province. Generally, colleges and universities are more humanized and will not change majors for candidates. For example, the volunteer satisfaction rate of Tsinghua Peking University is above 90%. The second type is that you can not obey the application in advance, and even if you don’t accept it, it won’t affect the next batch of applications. For example, colleges that apply for small languages will only consider applying for Russian, German and Spanish, and other languages will not be studied, so you can not obey the adjustment. The third is to assume that last year, a student scored 548 points in a line in a province, and scored 549 points, and enrolled in 36 majors in 6 schools. The sixth school selected the best 6 majors in the school. If it is not acceptable to transfer to other majors, you can fill in the disobedience and then find a suitable institution and major in the next batch.

　　Q: If I go to a high school, my major may not like it very much. Can I change my major when I enter the university?

　　Many universities allow students to change majors, and there are generally three ways: 1. Freshmen and sophomores can apply for changing majors after entering school; Continue to study this major and minor in the major you want to change, which is common in some schools, such as economics and law, and many students minor in it; 3. Change your major when you are a graduate student. It should be noted that it is difficult for freshmen and sophomores to apply for a major change, because the basic courses are different, and it is necessary to supplement some important basic courses to change majors. Unless the grades are excellent, it is generally impossible.

　　Q: I just want to apply for a hot major. Is there any strategy?

　　If its own competitive strength is strong enough to support famous universities and popular majors, it is best, but its competitive strength is not very strong. In the dilemma, we can choose: 1. Apply for popular majors and lower the grade of batches or colleges; 2. Do not lower the level of colleges and universities, give consideration to both heat and cold, and choose acceptable majors.

　　Q: What if a batch of students in parallel volunteer are not accepted, and there are no good schools and majors to collect volunteers after they drop out?

　　Online candidates who have not been admitted to parallel volunteer are completely determined by themselves whether to participate in the solicitation of volunteers. If candidates think that the colleges and majors in the solicitation of volunteers are in line with their voluntary wishes, they can actively fill in the form according to the regulations and increase their admission opportunities; If the recruitment of a volunteer secondary school major does not meet your wishes, you can not fill in the form at all. Of course, if you don’t participate in the recruitment, you can only wait for the next batch of admission.

　　CCTV News:The Central Meteorological Observatory issued an orange warning for typhoon at 10: 00 on August 30th. The center of Typhoon Sura (super typhoon) No.9 this year is located at 9: 00 am today (30th) on the sea surface about 580 kilometers south-east of Huilai, Guangdong Province, which is 20.2 degrees north latitude and 121.0 degrees east longitude. The maximum wind force near the center is above 17 (62m/s), and the minimum pressure at the center is 915 hectopascals.

　　It is estimated that "Sura" will move to the northwest at a speed of 10-15 kilometers per hour, move into the northeastern South China Sea on the night of the 30th or the early morning of the 31st, and gradually approach the coastal areas from eastern Guangdong to southern Fujian. It may land on the above coastal areas during the day on September 1st (strong typhoon level or super typhoon level, 45-52m/s, 14-16), or it may move to the south-west direction in the coastal areas of eastern Guangdong.

　　Gale forecast:From 14: 00 on August 30 to 14: 00 on August 31, there will be strong winds of 6-8 grades and gusts of 9-10 grades in bashi channel, Taiwan Province Strait, the sea south of the east of Taiwan Province, the northeastern South China Sea, the coastal areas of Fujian, the southern coast of Taiwan Province Island and the coastal areas of central and eastern Guangdong. Among them, the winds in bashi channel and the easterly waters of the northeastern South China Sea are 9-11 grades, and the winds in some sea areas can reach 12-13 grades.

　　Precipitation forecast:From 14: 00 on August 30 to 14: 00 on August 31, there were heavy rains in parts of central and eastern Fujian, eastern and southern Taiwan Province Island, and local heavy rains (100-150 mm).

　　Defense guide:

　　1. The government and relevant departments shall, in accordance with their duties, do a good job in typhoon prevention and emergency rescue.

　　2. Water operations and passing ships in relevant waters should return to Hong Kong to take shelter from the wind, strengthen port facilities, and prevent ships from anchoring, grounding and collision.

　　3. Stop large-scale indoor and outdoor gatherings and dangerous outdoor operations such as high altitude.

　　4. Reinforce or dismantle structures that are easy to be blown by the wind. Personnel should not go out at will. They should stay in windproof and safe places as far as possible, so as to ensure that the elderly and children stay in the safest place at home, and the dangerous people will be transferred in time. When the typhoon center passes by, the wind will decrease or stay still for a period of time. Remember that the strong wind will suddenly blow and you should continue to stay in a safe place to avoid the wind.

　　5. Relevant areas should pay attention to prevent flash floods and geological disasters that may be caused by heavy precipitation.

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In 2024, diet pills are still hot.

Lilly Mufengda was approved for listing in China

On May 21st, National Medical Products Administration official website showed that Lilly Mufengda (Telpotide Injection) was approved by the National Medical Products Administration (NMPA) to improve blood sugar control in adults with type 2 diabetes.

Telpotide is a GIPR and GLP-1R agonist injected once a week. GLP-1 and GIP are two natural incretins. Studies show that GIP can reduce food intake and increase energy consumption, thus reducing body weight. When GIP is combined with GLP-1 receptor agonist, it may have a greater impact on patients’ blood sugar and weight.

It is worth mentioning that telpotide can produce better weight-losing effect than Smegrupeptide, which is known as the "slimming medicine". Relevant research data show that the weight of the subjects with 5mg and 10mg of Mufengda decreased by 7.8kg and 10.3kg on average, and that of the group with 1mg of Smegliptide decreased by 6.2kg on average.

Regarding the approval of this drug, Lilly said that the approval of telpotide injection represents a breakthrough in the field of diabetes research and development.

On May 21st, local time, Lilly, which listed on the US stock market, rose by 2.55%, and its latest closing price reached US$ 803.17 per share, a record high. At present, its total market value reached US$ 763.337 billion, making it the highest pharmaceutical company in the world.

There is a big room for growth in the diet pills market.

At present, due to the high price of GLP-1 and the low level of patients’ cognition, the penetration rate of GLP-1RA drugs in China is low. This also means that there is a large space for drug penetration in the future. According to the data released by Zhuozhi Consulting, in developed countries in Europe and America, the GLP-1 market has accounted for about 20% of hypoglycemic agents, while in China, the GLP-1 market started late and patients have high price sensitivity, so there is still much room for growth.

According to the GLP-1 Industry Blue Book, the global GLP-1 market will be about US$ 19.85 billion in 2022, and it is expected to grow rapidly to US$ 55.2 billion in 2030, accounting for 57% of the global diabetes drug market. China Merchants Securities Research Report mentioned that GLP-1 drugs have a broad market prospect in the field of metabolism. It is estimated that by 2030, the market scale for type 2 diabetes and obesity will exceed 100 billion US dollars.

According to the Insight database, Novo Nordisk’s GLP-1 receptor agonist Smegrupeptide tablets and injections have been approved for the treatment of diabetes in China. At present, 112 new GLP-1 drugs have entered the clinical stage in China.

Recently, a number of concept stocks of diet pills in the A-share market revealed the layout progress.

Borui Medicine said that as of April 27th, 2024, all subjects in BGM0504 injection for treatment of type 2 diabetes and indications for weight loss had been enrolled in the Phase II clinic, among which all subjects in the 5mg dosage group for diabetes indications had been excluded, and one case in the 10mg dosage group had not been excluded.

The GLP-1 product liraglutide injection phase III of Shuanglu Pharmaceutical Co., Ltd. is currently in the process of clinical trial data collation, and CSR is expected to be completed in September. GLP-1-Fc fusion protein (dulaglutide) is currently in the process of phase III clinical trial data collation, and at least one of the above two varieties will be declared in the second half of the year.

Hanyu Pharmaceutical revealed that as of May 2, the total amount of contracted orders for liraglutide preparations and various GLP-1 APIs of the company was nearly 600 million yuan, and some orders have been shipped one after another; The preparation production base has obtained GMP certification of the European Union and cGMP certification of the United States.

Fosun Pharma said that liraglutide (intended for diabetes indications) is in the phase III clinical trial stage in China; Smegliptide injection and deglutinin injection (intended for diabetes indications) are in the phase I clinical trial stage in China.

The research and development intensity of diet pills concept stocks is much higher than that of A shares.

The research and development of innovative drugs requires long-term and high-risk investment. Pharmaceutical companies need strong scientific research strength and financial support to develop an innovative drug in numerous researches. High-intensity research and development is essential to deus ex in the crowded diet drug track.

According to the statistics of Securities Times and DataBao, the total R&D expenditure of diet pills concept stocks in 2023 was 23.858 billion yuan, accounting for 10.26% of the total operating income, and the R&D expenditure accounted for 4.09 times of the A-share level in the same period.

Hengrui Pharma, Fosun Pharma, Huadong Medicine, Lepu Medical, Livzon Group and Xinlitai have 6 concept stocks whose R&D expenditure in 2023 exceeds 1 billion yuan. Among them, Hengrui Pharma’s R&D expenditure in 2023 was 6.15 billion yuan, ranking first; In 2023, the company obtained 72 clinical approvals for innovative drugs and 4 clinical approvals for generic drugs; Five clinical trials were included in the list of breakthrough treatments.

The future prospects of many diet pills concept stocks are optimistic by the organization. According to the statistics of data treasure, according to the unanimous prediction of more than five institutions, there are 11 concept stocks whose net profit growth rate will exceed 20% in 2024 and 2025. As of the close of May 22, among these concept stocks, the rolling P/E ratios of Prius, Sunshine Nuohe and Orrit are less than 30 times. (Data Bao Liang Qiangang)

　　On the evening of October 24, the three major US stock indexes opened mixed, with the Dow down 0.22%, the Nasdaq up 0.62% and the S&P 500 up 0.27%.

　　Large technology stocks were mixed, with Meta up 0.81%, NVIDIA up 0.63%, Amazon up 0.40%, Microsoft up 0.10%, Google down 0.31% and Apple down 0.26%.

　　Tesla’s share price soared by 16.08%, and its market value rose by 109.748 billion US dollars (about 781.166 billion yuan).

　　After the US stock market closed on Wednesday, October 23rd, EST, Tesla announced the financial data for the third quarter of 2024.

　　The data shows that Tesla’s revenue increased by nearly 8% year-on-year in the third quarter, which is still lower than expected, butProfit surprise, the gross profit margin rose by 195 basis points to 19.8% instead of falling year-on-year, and the gross profit margin of automobile business rose to 17.1% beyond expectations;The revenue from "selling carbon" increased by more than 30% year-on-year, hitting a single season high.

　　In the third quarter, the calculation of artificial intelligence (AI) training increased by more than 75%. In this quarter, Tesla deployed a cluster of 29,000 NVIDIA H100 chips in Gigafactory, a Texas super factory, and conducted training. It is estimated that it will have a production capacity of 50,000 H100 chips by the end of October.

　　Tesla proudly announced in the shareholder report that on October 22, it had produced 7 million cars, andThe latest Cybertruck has become the third best-selling pure electric vehicle in the United States, second only to Model 3 and Model Y. Tesla did not announce the specific sales volume of each model..

　　Musk said thatHe predicted that Tesla car sales will increase by 20% ~ 30% next year; Cybercab will be mass-produced in 2026, with the goal of producing at least 2 million units per year.

　　Musk said thatWhen Tesla’s cheap electric car model comes out, the unit price will be less than 30 thousand dollars; Tesla will not produce cheap cars that lack a driverless version; The conventional $25,000 electric car will be "meaningless".

　　Tesla CFO Vaibhav Taneja said that the cost per unit vehicle hit a record low in the third quarter, which will be a trend we pay attention to, and promised that the company will continue to focus on cost reduction; Due to the release of FSD function, the profit rate of automobile business has improved.

　　According to Xinhua Financial News, in the early morning of October 24th, Beijing time, the Federal Reserve released the latest national economic situation survey report (commonly known as the "Beige Book", the same below). The Beige Book shows that, on the whole, since the beginning of September, the economic activities of almost all the American regions surveyed have not changed much. However, two regions experienced moderate economic growth. Although the uncertainty is still high, the respondents are slightly optimistic about the long-term prospects, and inflationary pressures continue to ease.

　　Looking at the inflation situation specifically, the Beige Book shows that the sales prices in most areas have increased slightly or moderately, but the prices of some foods such as eggs and dairy products have increased greatly. In many areas, house prices rose slightly, but rents were flat or slightly decreased. Many areas are concerned about the increase in consumer sensitivity to prices.

　　On October 10th, the latest inflation data of the United States showed that the CPI (Consumer Price Index) of the United States rose by 2.4% year-on-year and 0.2% quarter-on-quarter. Excluding volatile food and energy prices, the core CPI of the United States increased by 3.3% year-on-year and 0.3% quarter-on-quarter in September. Overall, the inflation value dropped to a three-year low, but the "cooling" rate of inflation was slightly lower than expected.

　　National business daily is integrated from Xinhua Finance and Public Information.

　

　　Our reporter Wu Xiaolu

　　On May 9, Heilongjiang Securities Regulatory Bureau released the random sampling results of the on-site inspection objects of corporate bond issuers in 2023. Since April, multi-local securities regulatory bureaus have started the self-inspection or on-site inspection of corporate bonds in the jurisdiction in 2023. According to the incomplete statistics of the website of the CSRC, as of May 9, a total of 13 local securities regulatory bureaus have carried out self-inspection and on-site inspection of bonds in their jurisdictions, of which 10 local securities regulatory bureaus have issued a "double random" on-site inspection list, and 4 local securities regulatory bureaus have carried out self-inspection of corporate bonds or ABS (Note: Henan Securities Regulatory Bureau has carried out both self-inspection and on-site inspection).

　　Some people in the industry told reporters that on-site inspection and self-inspection of bond issuers are routine actions of the regulatory authorities, but this year’s self-inspection shows the characteristics of increasing the number of inspections, expanding the scope and being targeted.

　　Fei Chao, general manager of the Quality Control Headquarters of Caida Securities Investment Banking Committee, told the Securities Daily reporter that the normalized regulatory inspection and self-inspection work is conducive to strengthening the risk management and control of the surviving bonds, supervising the bond issuing enterprises to fulfill their obligations in a standardized manner, and urging the trustee to perform their duties and responsibilities, which is conducive to better protecting the rights and interests of investors and promoting the stable and healthy development of the bond market.

　　Normalization development

　　Self-inspection and on-site inspection

　　Judging from the random sampling list of 10 local securities regulatory bureaus, most local securities regulatory bureaus selected one or two bond issuers as the "double random" on-site inspection targets in 2023. As for the reasons for the on-site inspection, the local securities regulatory bureaus said that it was to implement the requirements of the the State Council and China Securities Regulatory Commissions on establishing a "double random" spot check mechanism.

　　The securities regulatory bureaus in Beijing, Jiangsu, Fujian and Henan have successively issued notices to carry out comprehensive self-examination or designated self-examination. Judging from the object of self-inspection, Beijing Securities Regulatory Bureau requires that issuers with surviving bonds as of April 30 should carry out self-inspection of bond business; Fujian Securities Regulatory Bureau and Henan Securities Regulatory Bureau require that as of April 30, issuers and original rights holders of surviving corporate bonds and ABS conduct self-inspection. In addition, the Fujian Securities Regulatory Bureau also requires relevant intermediaries to conduct self-examination; Jiangsu Securities Regulatory Bureau appointed 385 bond issuers to conduct self-examination and self-correction on the surviving bonds.

　　"Self-inspection of bonds is the proper normalization of bond supervision. Expanding and standardizing the scope of self-inspection is the optimization of bond supervision in the new stage and the key to the stable development of the bond market." Tian Lihui, dean of the Institute of Financial Development of Nankai University, said in an interview with a reporter from Securities Daily.

　　A related person from the bond financing department of a brokerage told reporters that the normalized on-site inspection or self-examination will help to find problems in advance and "early warning and demining" in advance.

　　The 2023 System Work Conference of the China Securities Regulatory Commission mentioned, "Strengthen comprehensive judgment and forward-looking response, and steadily and orderly resolve risks in key areas such as private equity funds, local trading venues, and bond defaults." The 2023 bond supervision work conference of the China Securities Regulatory Commission proposed, "comprehensively deepen the prevention and resolution of key bond risks, strive to further converge the risk of bond default, and protect the legitimate rights and interests of investors."

　　Regarding the reasons for the self-inspection by the securities regulatory bureaus in the four places, Fei Chao said, "The regulatory authorities aim to further transmit the regulatory pressure through the normalized inspection system, clarify the regulatory priorities, and effectively implement the decision-making arrangements of the 2023 CSRC System Work Conference and the Bond Supervision Work Conference to ensure the stable and healthy development of the bond market in the jurisdiction."

　　New urban investment and real estate enterprises

　　Special index

　　Self-examination and on-site inspection are not "two choices". On April 24, 2023, Henan Securities Regulatory Bureau issued the self-inspection notice of corporate bonds in its jurisdiction, and on May 6, 2023, it released the "double random" extraction list of the on-site inspection objects of corporate bond issuers in its jurisdiction.

　　In the notice of self-inspection, Henan Securities Regulatory Bureau stated that if the issuer of corporate bonds and the original owner of ABS found violations of laws and regulations in the self-inspection stage and took timely rectification and remedial measures, Henan Securities Regulatory Bureau would handle them as appropriate according to the seriousness of the circumstances and the harmful consequences; For issuers and original rights holders who refuse to conduct self-examination, fail to conduct self-examination seriously, and fail to complete self-examination on schedule, as well as issuers and original rights holders who fail to truthfully reflect the situation and deliberately conceal illegal acts during self-examination, Henan Securities Regulatory Bureau will focus on and strictly deal with them in subsequent on-site inspections.

　　The Beijing Securities Regulatory Bureau also stated in the self-inspection notice that on the basis of the self-inspection work of corporate bond issuers, the Beijing Securities Regulatory Bureau will carry out on-site inspection according to the work arrangement.

　　Judging from the self-examination papers of corporate bond issuers issued by the local securities regulatory bureau, the regulatory authorities focus on four aspects, namely, solvency, information disclosure, fund raising, corporate governance and commitment fulfillment.

　　Among them, in terms of solvency, the self-inspection draft requires the city investment issuer and the real estate enterprise issuer to fill in the special indicators of self-inspection respectively. "This is a new requirement put forward by the regulatory authorities this year." A related person from the bond financing department of the above-mentioned brokerage firm told the reporter that it may be because the scale of bonds issued by city investment companies is relatively large, and the potential risks of real estate enterprises are relatively high, so they have become key enterprises.

　　"Since the self-inspection work is to promote and standardize bond issuance, and city investment companies and real estate enterprises are often highly leveraged, they are required to fill in special indicators and make more demanding information disclosure, which is the need for risk prevention and market stability." Tian Lihui said.

　　"Combined with the key concerns of corporate bond review issued by the Shanghai and Shenzhen Stock Exchanges in 2021, this is a specific regulation made by the regulatory authorities in combination with key concerns and related information disclosure requirements, aiming at guiding and urging issuers and related intermediaries to improve corporate bond information disclosure quality, effectively arranging risk of debt of enterprises in related industries, and doing a good job in risk prevention." Fei Chao said.

Recently, Azerbaijani media reported that Azerbaijan Air Force purchased JF-17 Thunderbolt Block3 light fighter (called "Xiaolong" in Chinese) produced by pakistan international airlines Consortium, and the number of purchased fighters is expected to reach 21.

This figure is not even a fraction of the air force of a big country. However, considering that the total number of active fighters of the Azerbaijan Air Force is only 36 (including MIG -29 fighters, MIG -21 fighters, Su -25 attack aircraft, etc.), these 21 JF-17 Block3 fighters will become the absolute main force of the Azerbaijan Air Force after delivery.

Then, why did Azerbaijan purchase JF-17 Block3 fighters in bulk? Is there a deeper meaning behind this incident?

"Xiaolong" Block3 (Pakistan called JF-17 "Thunderbolt" Block3) made its first flight in Chengdu.

The Naka conflict made Afghanistan accelerate the purchase of "Xiaolong"

The author believes that the most direct driving factor for Azerbaijan to get JF-17 Block3 fighter is the Nagorno-Karabakh conflict. The Naka conflict between Azerbaijan and Armenia. From September 27, 2020 to October 10, 2020, the two sides reached a ceasefire agreement for the first time. However, just a few minutes after the agreement was reached, the armed forces of the two countries clashed again. It was not until November 10 that a comprehensive ceasefire was formally established with the strong intervention of Russia.

However, both Azerbaijan and Armenia are well aware that the ceasefire agreement reached now is only temporary, and since 1989, armed conflicts have broken out between the two countries many times. Moreover, in this Nagorno-Karabakh conflict, Armenia suffered a great loss, and only kept control of a few areas such as the capital of Nagorno-Karabakh. Therefore, the Armenian side will never let it go, and it is likely to accumulate strength and wait for the opportunity to retaliate.

In this case, Azerbaijan must be prepared for the next possible conflict in Nagorno-Karabakh, so purchasing new fighters from abroad is one of the most powerful preparation measures. You know, on December 30th, 2020, Almugahed Anwar Khan, Chief of Staff of the Pakistan Air Force, just announced that JF-17 Block3 fighter was officially put into mass production in Kamla Aircraft Factory of pakistan international airlines Consortium. Then, according to the time of receiving fighters reported by Azerbaijan’s domestic media, it means that among the first batch of JF-17 Block3 fighters put into mass production, there should be some orders from Azerbaijan’s air force in addition to Pakistan’s own orders.

Moreover, Azerbaijan’s domestic media mentioned that these 21 JF-17 Block3 fighters will be delivered within 10 years, which is indeed a bit too long in terms of time. According to the author’s analysis, on the one hand, compared with the previous Block1/2, JF-17 Block3 fighter does have a larger technological upgrade, so from the beginning, the production speed of pakistan international airlines Kamla Aircraft Factory will be slower, and it will take time to gradually increase the production capacity. On the other hand, it is obvious that Azerbaijan is preparing for the next large-scale armed conflict with a time limit of 10 years.

With the successive delivery of JF-17 Block3 fighters, the oldest and backward MIG -21 combat opportunity in Azerbaijan Air Force was eliminated first. After that, some Su -25 attack aircraft and MIG -29 fighters that have reached their flight life will also be replaced by JF-17 fighters. In this way, if war breaks out between Azerbaijan and Armenia again in 10 years, Azerbaijan’s air force with 21 JF-17 fighters will be able to stand on its own, instead of relying on Turkish air force’s F-16 fighters to fight against Armenian air force.

"Jilong" fighter displayed during Zhuhai Air Show.

The most exciting purchasing factor: high cost performance

In fact, in terms of time, as early as 2015, a country once promoted JF-17 fighters to Azerbaijan, and this country is Turkey, which has always maintained friendly relations with Azerbaijan and Pakistan. At that time, Azerbaijan hoped to purchase a new type of fighter with affordable performance and meeting the requirements in bulk to replace the old fighters in active service of its air force. Turkey wanted this order very much, but it didn’t have a suitable model, so it recommended the JF-17 fighter jet jointly developed by China and Pakistan to Azerbaijan. In that year, pakistan international airlines Kamla Aircraft Factory had completed the production task of Pakistani Air Force JF-17 Thunderbolt Block1, and began to switch to the upgraded Block2. Therefore, the Azerbaijani military inspected JF-17 Thunderbolt Block2 light fighter, and the Turkish side also promised to integrate advanced weapons and equipment such as air-to-ground guided ammunition and photoelectric aiming pods developed and produced in the country on this fighter. In this way, Turkish military enterprises can also take a slice of the contract for purchasing JF-17Block2 light fighters from Azerbaijan.

By the beginning of 2019, after more than four years of "running-in", Azerbaijan’s negotiations with Pakistan and Turkey on purchasing JF-17 fighter jets have begun to enter the implementation stage of specific details. However, unexpectedly, on December 27th, 2019, Armenia couldn’t wait to receive the first batch of four state-of-the-art Su -30SM dual-engine dual-seat multi-purpose heavy fighter from Russia. In this way, the Armenian Air Force soon formed an equipment performance advantage over the Azerbaijani Air Force, and the JF-17 Block2 fighter plane that the latter originally planned to purchase was obviously unable to counter the Su -30SM dual-engine dual-seat multi-purpose heavy fighter.

KLJ-7A phased array radar displayed by CLP 14.

Therefore, Russia took this opportunity to actively promote Su -35 and MiG -35, two advanced fighter planes with emphasis on air combat, to counter the Su -30SM dual-engine, two-seat and multi-purpose heavy fighter of Armenian Air Force. The Azerbaijani military delegation was invited to visit aviation enterprises in Russia in April, 2020. After comparison and analysis, the MIG -35 fighter with a relatively cheap price (about US$ 45 million) and a common engine with the MIG -29 was finally selected. Moreover, the pilots of Azerbaijan Air Force also personally tested the MiG -35 fighter and expressed satisfaction with its flight performance and airborne equipment.

After that, the Azerbaijani military formally proposed to Russia the intention of purchasing MiG -35 fighters in bulk. Unexpectedly, after the outbreak of the Naka War in September 2020, Russia frozen the consultation with Azerbaijan on the purchase of MiG -35 fighters. Of course, in order to be fair, Russia did not provide support to the Armenian Air Force, which made it impossible for the four Su -30SM dual-engine, two-seat multi-purpose heavy fighter equipped by the country to take off. As a result, when the Turkish Air Force F-16 fighters "stranded" in Azerbaijan directly participated in the war, they quickly took control of the air superiority over the Naka area, and there was basically no suspense about the outcome of the war between the two sides.

On November 10, 2020, after the two sides formally ceased fire under the supervision of Russian peacekeeping forces, Azerbaijan finally decided to purchase JF-17 fighter jets from Pakistan without hesitation. Of course, this time Azerbaijan has chosen the latest Block3 version instead of the Block2 version in 2015. In terms of performance, Block3 version is weaker than Su -30SM heavy fighter in terms of flight performance, such as ceiling, flight speed, maneuverability and bomb load, and has certain advantages over the latter in terms of airborne avionics system and airborne weapons and ammunition.

Xiaolong can carry many types of precision guided ammunition.

Su -30SM heavy fighter is equipped with NO11R passive phased array radar, while JF-17 Block3 fighter is equipped with foreign trade active phased array radar newly developed in China. According to CLP 14, the research and development unit of this type of radar, the performance of JF-17 equipped with active phased array radar has reached the same level as that of AN/APG-81 equipped with American F-35 fighters. Therefore, JF-17 Block3 fighter is superior to Su -30SM heavy fighter in fire control radar performance.

In addition, according to the information disclosed by the Pakistan Air Force, JF-17 Block3 fighter will also be equipped with foreign trade models of a new generation of air-to-air missiles developed by China, namely PL-10E short-range combat air-to-air missile and PL-15E long-range air-to-air missile. Especially PL-15E long-range air-to-air missile, its overall performance has surpassed the most advanced AIM-120D long-range air-to-air missile in the United States, and it is the best long-range air-to-air missile in the world at present. In this way, with the powerful combination of active phased array radar and PL-15E long-range air-to-air missile, JF-17 Block3 fighter can take the lead in attacking Su -30SM heavy fighter in over-the-horizon air combat. Previously, the Pakistan Air Force’s F-16 Block52 fighter shot down the Indian Air Force’s Su -30MKI fighter by firing AIM-120C long-range air-to-air missiles in the air battle in February 2020, which proved that medium or light fighters can also defeat heavy fighter by adopting appropriate tactics. Therefore, by purchasing JF-17 Block3 fighters, Azerbaijan can also gain experience from Pakistan on how to fight against Su -30SM heavy fighter.

In addition, from the point of view of logistics support, JF-17 Block3 fighter is also superior to MIG -35. First of all, Turkey, Pakistan and Azerbaijan have maintained good diplomatic relations for a long time, which can continuously guarantee the supply of airborne ammunition and spare parts. Moreover, JF-17 Block3 fighter adopts ——RD-93MA medium thrust turbofan engine, which is also a development model of Russian RD-33 series, so the engine support system of MIG -29 fighter can be used. Of course, if Azerbaijan is worried that it may be "stuck in the neck" by Russia in the future, it is also possible to use the WS-13 medium thrust turbofan engine developed by China on its JF-17 Block3 light fighter.