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BITECH On October 19, 03 ++ will be available today.The biggest feature of the new car is a 2.0T twin-supercharged engine, and the body is also lightweight.

In terms of appearance, Lynk & Co 03 ++ and cash.Lynk & Co 03 + is basically the same as a whole, but there are still differences in details. Among them, the middle net has been replaced with a new shape, and the grille is also equipped with a "350" logo. BelowThe front spoiler is also made of carbon fiber to further enhance the sporty feel.At present, the car only confirms the "Darth Vader" color scheme, and more color schemes may be launched for consumers to choose in the future.

The rearview mirror of the new car uses a new shape, which can better reduce wind resistanceAt the same time, the new car is also equipped with 19-inch all-black wheels and 6-piston brake calipersIn terms of body size, the length, width and height of the new car are 4697 * 1843 * 1456mm, and the wheelbase is 2730mm.

Come to the rear of the car, new carEquipped with a large spoiler and diffuser design, while using through taillights, and equipped with a bilateral total of four exhaust.In addition, Lynk & Co plans to launch two versions of the 03 high-performance version, a relatively basic version that takes more into account road driving. The other is more in line with track tuning, with a lighter body and better heat dissipation performance.

In terms of interior, the new car is not much different from the current model. Two large-size LCD screens with a multi-function steering wheel look full of technology. In terms of details, the new car also usesA large area is wrapped with wrapping material.

In terms of power, both models are equipped with Drive-E 2.0TD T6 EVO machinery+Turbo twin engine, newly developed8ATTransmission, maximum horsepower reached350PsThe peak torque is reached450N·mAmong03 + RacingThe fastest acceleration of 100 kilometers is4.89S, while03 + TCRVersion, you can sprint at full speed at Ningbo International Circuit5Circle, no decay in power.

Open the Easy Car App, search for "real 100,000 kilometers long test", and see the most realistic vehicle long test report.

Editor in charge: Wu Haotian

　　On April 18, the Hangzhou Municipal Bureau of Market Supervision, the Municipal Bureau of Commerce, the Municipal Bureau of Human Resources and Social Security, and the Municipal Public Security Bureau jointly held a press conference on the promulgation and implementation of the "Hangzhou Online Catering Takeaway Distribution Supervision and Administration Measures".

　　Surging News learned from the press conference that Hangzhou is the first city in the country to promulgate regulations on the management of online catering takeaway delivery, and the "Measures" will be implemented in May this year.

　　The surging news noticed that the "Measures" have a total of 28 articles, about one-third of which are about the protection of the rights and interests of the delivery staff, involving employment contracts, social insurance, and work salary rules.

　　"As a new employment form, online delivery workers belong to a disadvantaged group in the online catering takeaway industry chain, so the protection of the legitimate rights and interests of online delivery workers is the key content of the Measures," said the relevant person in charge of the Hangzhou Municipal Market Supervision Bureau.

　　The "Measures" make it clear that platform operators, catering providers and independent online delivery staff, food delivery operators and online delivery staff, who meet the conditions of establishing labor relations, shall conclude employment contracts according to law and participate in social insurance;If it does not fully comply with the establishment of labor relations, a written agreement shall be concluded to clarify the rights and obligations of both parties.Guarantee the legitimate rights and interests of online delivery personnel such as work remuneration, rest, and work safety in accordance with the law, and actively guide and support them to participate in social insurance at the place of employment as flexible employees.

　　If the online delivery staff delivers meals through the online catering service platform but does not fully comply with the establishment of labor relations, the platform operator can participate in single-insurance industrial injury insurance for them, and the social insurance agency shall handle it in accordance with the relevant provincial and municipal regulations; encourage platform operators, catering providers and delivery operators to provide online delivery staff with occupational injury-related commercial insurance plans.

　　Regarding labor compensation, the "Measures" make it clear that platform operators, catering providers and food delivery operators shall improve the rules for the work compensation of online delivery staff, formulate reasonable single distribution compensation and workload assessment requirements, clarify the time and method of payment of work compensation, and pay it in full on time. If online delivery staff deliver meals on statutory holidays, bad weather, night and other circumstances, platform operators, catering providers and food delivery operators are encouraged to increase the single distribution compensation or give appropriate subsidies.

　　The relevant person in charge of the Hangzhou Municipal Market Supervision Bureau said at the meeting that the "Measures" also stipulate the management responsibilities of platform operators. "For example, for independent online delivery personnel, it stipulates the platform’s information registration, vocational training management and other responsibilities, and requires the platform to sign a written agreement with it, participate in insurance for it, etc. At the same time, the platform shall not induce or force independent online delivery personnel to register as individual industrial and commercial households to evade the above obligations. This is the first time in China that more specific regulations have been made on the management of independent online delivery personnel."

　　At the Huawei Developers Conference, held today in Songshan Lake, Dongguan, Huawei’s consumer business officially launched its new microkernel-based distributed operating system for all scenarios – Hongmeng OS.

　　Yu Chengdong, CEO of Huawei’s consumer business, said in the main speech that in the traditional model of the past, the emergence of each new form of end point will be accompanied by the birth of new operating systems. "Whether it is in the PC era, the mobile Internet era, or the Internet of Things era that 5G is about to give birth to, different eras will give birth to different operating systems." Therefore, in the face of the upcoming era of full-scene intelligence, "there should also be corresponding operating systems." Yu Chengdong said bluntly: "With the advent of the era of full-scene wisdom, Huawei believes that it is necessary to further enhance the cross-platform capability of the operating system, including the ability to support full-scene, across multiple devices and platforms, and the ability to deal with low-latency and high-security challenges. Therefore, the embryonic form of Hongmeng OS has gradually formed. It can be said that the starting point of Hongmeng OS is different from Android and iOS. It is a brand-new microkernel-based distributed operating system for all scenes, which can meet the requirements of smooth experience of all scenes, architecture-level trusted security, seamless collaboration across end points, and multi-end point deployment at one time. Hongmeng should be born in the future."

　　According to him, as early as ten years ago, Huawei began to lay out Hongmeng OS, and now with the continuous improvement of Huawei’s full-scene smart life strategy, Hongmeng OS will be the product of Huawei to meet the arrival of the full-scene experience era, play its lightweight, small and powerful advantages, take the lead in applying smart watches, smart screens, in-vehicle equipment, smart speakers and other intelligent end points, and strive to build a cross-end point integration sharing ecosystem, reshape a safe and reliable operating environment, and create a new experience for consumers.

　　Four highlights of Hongmeng OS

　　According to Yu Chengdong, the original intention of Hongmeng OS is to meet the high-standard connection requirements of full-scene intelligent experience, and Huawei has proposed a system solution with four major characteristics for this purpose.

　　1. Distributed architecture for the first time for end point OS, enabling seamless collaborative experience across end points

　　Hongmeng OS "distributed OS architecture" and "distributed soft bus technology" through the public communication platform, distributed data management, distributed scheduling capabilities and virtual peripherals four capabilities, the corresponding distributed application of the underlying technology implementation difficulty of application developers shield, so that developers can focus on their own business logic, like the development of the same end point to develop cross-end point distributed applications, but also enable end consumers to enjoy a strong cross-end point business collaboration capabilities for the use of scenarios to bring a seamless experience.

　　2. Determine the natural fluency of the delay engine and high-performance IPC technology implementation system

　　Hongmeng OS solves the problem of insufficient performance of existing systems by using two technologies: determined delay engine and high-performance IPC. Determined delay engine can allocate task execution priority and time limit in the system before task execution. High-priority task resources will be prioritized to ensure scheduling, and application response delay will be reduced by 25.7%. The small structure of Hongmeng microkernel greatly improves the performance of IPC (inter-process communication), and the process communication efficiency is 5 times higher than that of existing systems.

　　3. Reshape end point device trusted security based on microkernel architecture

　　Hongmeng OS adopts a new microkernel design, which has stronger security features and low latency. The basic idea of microkernel design is to simplify the kernel function, implement as many system services as possible in user mode outside the kernel, and add mutual security protection. Microkernels only provide the most basic services, such as multi-process scheduling and multi-process communication.

　　Hongmeng OS applies microkernel technology to Trusted Execution Environment (TEE) to reinvent trusted security through formal methods. Formal methods are effective means to use mathematical methods to verify that the system is correct and free of vulnerabilities from the source. Traditional verification methods such as function verification and simulated attacks can only be verified in selected limited scenarios, while formal methods can verify all software running paths through data models. Hongmeng OS applies formal methods to end point TEE for the first time, which significantly improves the security level. At the same time, because the code volume of Hongmeng microOS kernel is only one thousandth of that of Linux macro kernel, its probability of being attacked is also greatly reduced.

　　4. Support one development, multi-terminal deployment through unified IDE to achieve cross-end point ecological sharing

　　Hongmeng OS relies on multi-end point development IDE, multi-language unified compilation, distributed architecture Kit provides screen layout controls and automatic adaptation of interaction, supports control drag and drop, and visual programming for preview, so that developers can efficiently build multi-end automatic running apps based on the same project, realize true one-time development, multi-terminal deployment, and realize a shared ecosystem between devices. Huawei Ark Compiler is the first static compiler to replace the Android virtual machine mode, allowing developers to compile high-level languages into machine code at one time in the development environment. In addition, Ark Compiler will support multi-language unified compilation in the future, which can greatly improve development efficiency.

　　The past and present life of "Hongmeng" OS

　　In 2017, Hongmeng Kernel 1.0 completed the technical verification.

　　In 2018, Hongmeng kernel 2.0 was applied to end point TEE

　　In 2019, Hongmeng OS 1.0 was completed, based on the open-source framework, in which Huawei self-developed in key modules, using distributed architecture and ARK compiler. Determine the delay engine, launch TEE microkernel formal verification, multi-end point development IDE (Beta), and currently Hongmeng system will be applied to smart screens.

　　In 2020, Hongmeng OS 2.0 is about to appear, the kernel and application framework are self-developed, the general micro-kernel architecture, high-performance graphics stack are launched, multi-language unified compilation, multi-end point development IDE, meet the car standard, and applied to innovative domestic PC, watch/bracelet, car machine and other products.

　　It is expected that by 2021, Hongmeng OS 3.0 will complete soft and hard collaborative optimization, vertical acceleration file system, software and hardware collaborative high-performance IPC, and be applied to audio headphones. After 2022, Hongmeng system will be applied to VR glasses and other devices.

　　Explanation of terms

　　What is a microsystem?

　　The micro kernel is a stripped-down version of the kernel that provides the core functions of the operating system. It is designed to increase portability in a small memory space and provides a modular design to allow users to install different interfaces, such as DOS, Workplace OS, Workplace UNIX, etc. New operating systems such as IBM, Microsoft, the Open Software Foundation (OSF), and the UNIX Systems Laboratory (USL) have all adopted the advantages of this research.

　　[Nanfang Network All Media Reporters] Xu Jun, Gao Xiaoping, Huang Shaohong, Sun Junjie

　　[Trainee reporters] Huang Haobo, Zhang Shiting

Jackie Chan Daxiu "unreliable" Henan dialect Fan Bingbing made a joke

　　This time Jackie Chan played the cooking monk, although he did not know martial arts, but it was not easy to act. The original filming time was 7 days, but after the crew, the director Chen Musheng only let Jackie Chan sleep for an hour every day, "It was really 7 days of filming for 14 days!" Recalling the past, Jackie Chan still complained bitterly. Every day when filming, he had to sweep the floor and mix noodles, which was no easier than acting in a play.

　　 　Jackie Chan also has another "trick" in the play – show dialect. While mixing noodles, he also speaks Henan dialect, which is not very standard, but it is also a big highlight. He also shows a short paragraph on the spot, praising Fan Bingbing in Henan dialect as "the most beautiful one". But Fan Bingbing made a joke on the dialect. She, who is originally from Shandong, came up and said that Jackie Chan spoke Shandong dialect in the play, which made Jackie Chan laugh and said: "Miss, I speak Henan dialect!"

　　 　Talking about the film’s box office, director Chen Musheng only said it would be very good and sell well, while Jackie Chan was more confident, "I think the box office is not a problem, I have seen hundreds of millions, and the box office of Chinese movies has exceeded 10 billion this year, and I will be able to pass 15 billion next year, and the year after that is 20 billion!"

BYD Song family has added a new car!

On October 31, Song L officially opened the pre-sale. As a B-class hunting SUV, five models were released this time, including four rear-drive versions and one four-wheel drive version. The pre-sale price was 220,000-280,000 yuan.

Song L is based on E platform 3.0, equipped with CTB battery body integration technology, Yunqi -C, electric four-wheel drive system, DiPilot intelligent driver assistance system and so on. It can be seen that as a product with a price of over 200,000, BYD will naturally match the housekeeping technology neatly.

Let’s take a closer look at the highlights of the new car.

Break 100 in 4.3 seconds, and the battery life can reach 662 kilometers.

In terms of power, Song L provides two driving forms: rear-drive and four-wheel drive, among which the rear-drive version is divided into high and low power adjustment, and the maximum power is 204 horsepower and 313 horsepower respectively; The four-wheel drive model system has a comprehensive power of 517 horsepower and an acceleration time of 4.3 seconds per 100 kilometers.

In terms of battery life, Song L provides battery packs with capacities of 71.808kWh and 87.04kWh. According to different vehicle configurations, the pure electric cruising range of CLTC is 550 km, 602 km and 662 km respectively.

Double wishbone rear five-link independent+cloud web -C chassis

Of course, as a hunting car with positioning movement, it is natural to talk about control.

In terms of chassis, the new car adopts front double wishbone and rear+five-link independent suspension, which is also the chassis configuration of many high-end models. At the same time, the new car is also equipped with Yunqi -C system and iTAC intelligent torque control system, which further improves the stability of vehicle driving control. In particular, the Yunqi -C intelligent damping body control system can help it achieve the perfect compatibility of vehicle comfort and handling.

Song L is equipped with E platform 3.0 platform and adopts CTB battery body integration technology, which can make the torsional stiffness of the car body reach 40,400 N m/,the torsional deformation of the car body is smaller, and the response of the car body is faster, which not only improves the safety performance, but also brings better handling.

In terms of braking system, the new car is equipped with self-developed four-piston aluminum alloy fixed pliers, which has fast braking response. It is reported that the braking distance of Song L within 100 kilometers is less than 36 meters, which not only runs fast, but also stops steadily.

Intelligent configuration: DiLink intelligent cabin +DiPilot intelligent driving

As BYD’s intelligent "old two", Song L is also equipped with DiLink intelligent cockpit and DiPilot intelligent driver assistance system.

DiLink smart cockpit is equipped with a 10.25-inch full LCD instrument screen, a 50-inch AR-HUD head-up display, a 15.6-inch adaptive floating PAD, and a new generation of DiLink is built in. It is worth mentioning that the new car uses a 6 nm process chip, integrates 5G baseband technology, and runs 550,000+,so it will have a good performance in process.

In terms of DiPilot intelligent driving assistance system, the new car has up to 24 sensors, more than 30 safety assistance functions such as fatigue monitoring, automatic emergency braking and blind spot monitoring, and it is also the mainstream L2+ intelligent driving strength at present.

The wheelbase of the car body is 2930mm, which exceeds Model Y.

The dimensions of the new car are 4840/1950/1560mm and the wheelbase is 2930mm. Compared with Model Y, the body size advantage of Song L is more obvious, especially the length and wheelbase. Compared with Model Y, it is 90mm and 40mm more respectively.

In order to further enhance the ride experience, there are many comfort configurations for new cars. For example, it is equipped with an integrated sports seat, which has many comfortable functions such as ventilation, heating, massage and leg rest. HiFi-class customized Dana audio, DiLink exclusive microphone and other configurations have also improved the vehicle entertainment experience.

Design: the most beautiful BYD SUV?

Song L adopted the latest design language of Wangchao. com, known as "BYD’s most beautiful SUV". The biggest highlight of the new car design is the adoption of cross-border modeling. Its body posture is very low, the waistline is on the rise, and it has a strong sense of quantity, showing a momentum ready to go; The slip-back shape of C-pillar is in place, the trend of outline lines is restrained, and the whole posture is just right.

The front face of the new car has also been changed, adopting the new generation of "Pioneer Beauty" design language of Dynasty Network, and the front face design is simple and moving; The sharp headlights on both sides are integrated with the "dragon beard", which flows with light and shadow, showing a sense of advanced; The two "dragon teeth" next to the front bumper are the finishing touch of the front face.

In addition, Song L is also equipped with a borderless door, an active electric lifting tail, an active air intake grille, a suspended spoiler and other sports configurations, highlighting the sense of movement and grade.

Song L’s interior design adheres to the current family design, but the overall style is more luxurious and sporty. For example, the new generation of BYD Heart electronic gear has further enhanced the sense of science and technology in the cockpit. The application of NAPPA leather, luxury suede and other advanced materials, as well as the coverage area of up to 85%, make the interior of the vehicle more luxurious.

As far as the personal aesthetics of Dianju Xiaobian are concerned, Song L is indeed better than the past Song family SUV models, and it is not an exaggeration to say that the American BYD SUV is good.

So, do you think BYD Song L is BYD’s most beautiful SUV? Welcome everyone to leave a comment below!

　　On the 2024 Guangzhou Automobile Science and Technology Day, Guangzhou Automobile launched an unmanned pure vision intelligent driving system and an all-solid-state power battery. () It has achieved a key technical breakthrough in mass production of high-safety and large-capacity all-solid-state power batteries of vehicle specifications, and has three core advantages of ultra-high energy density, ultra-high safety and large-capacity all-solid-state batteries. It is expected to be loaded on Haobo vehicles in 2026. Guangzhou Automobile Map-free pure visual intelligent driving system can be applied to complex and changeable whole scenes, and it does not need high-precision maps, does not rely on lidar, and combines visual sensors and industry-leading AI algorithms to realize intelligent driving with wider coverage. The volume energy density and mass energy density of GAC all-solid-state power battery are increased by more than 50%, so that the cruising range of the whole vehicle can exceed 1000km. Guangzhou Automobile Map-free Pure Visual Intelligent Driving System has three leading abilities in visual recognition, including the ability to accurately understand complex traffic roads, the super traffic signal recognition ability and the ability to deal with complex and changeable scenes. In addition, GAC’s map-free pure visual intelligent driving system also has the ability of continuous learning and evolution, and can iteratively optimize the algorithm in the simulation test to achieve self-improvement and evolution.

People are afraid of changing their names, but cars are even more afraid.

Our own brand may have been used for less than 10 years, and the joint venture brand has just learned. As for the luxury brand, Brother Cha thinks it is the most conservative one.

Stepping into March, a wave of new cars hit, in order to stand out from the crowd, you can really try to change a good name and get out of the circle quickly, such as the title "Free Artillery Car", which has properly become the focus of hot discussion in these two days.

Everyone knows that the Great Wall pickup truck is called "Great Wall Gun (parameter picture)", which is not only easy to remember, but also full of power, which reminds people of the explosive power of pickup trucks when climbing hills and pits. However, the newly launched RV, which is made by Great Wall and Hebei Lanzhong RV and converted from pickup trucks, has a one-bedroom and two-bedroom independent kitchen and toilet, which can take you to poetry and the distance, with a pre-sale of 318,800-358,800 yuan. It should be a niche product, but it has been changed.

Brain supplements brain supplements, and the product strength of the free cannon is good in the RV. The 2.0T diesel/gasoline engine (maximum power is 120kW/140kW, peak torque is 400Nm/360Nm)+ZF 8AT gearbox, intelligent four-wheel drive system+rear differential lock, 660L super-large capacity through luggage compartment, independent kitchen, storage stove, double bed, sofa and 24-inch.

It is not an accident for the Great Wall Department that the new car is not listed, and it is circled only by its name. From last year’s Haval Dog, first love, white/black cat, tank to the recent WEY Mocha, there is no familiar routine, only what you can’t think of, and no Great Wall marketing team dares to change it.

I still remember that "Harvard First Love" was first announced at last year’s Beijing Auto Show. At that time, Tea Brother’s first reaction was that his ears were not working well, and a colleague was even more giggling and puzzled: I can understand what you said about a big dog, which is quite in line with the personality of a small off-road SUV, but the first love is very big. What should I do if I want to buy the first love, but my wife doesn’t allow it?

In any case, "walking the cat and driving the tank, first love the free battery car" has left a deep impression on the market, which is enough. It’s normal that you will be questioned by the avalanche if you don’t play cards according to common sense, but Brother Cha will praise this whimsy.

Of course, many people DISS. This is just an eye-catching scam. Come on, consumers are very rational now. Buying a car depends on the strength of the product. If you can sell it with only a strange name, you can build a popular car by yourself.

Following closely behind the Great Wall Department is FAW Toyota. Allion, the new A+ sedan of TNGA platform unveiled at Guangzhou Auto Show at the end of last year, was originally transliterated as Aolan, but the Chaoshan pronunciation was suspected to be indecent. At that time, there was a heated debate and even overshadowed the limelight of the new car. Today, judging from the official final name of "Asian Lion", Yifeng listened to the opinions of the market.

It is true that when the Asian lion came out, the keyboard men came to vomit again. Did Yifeng keep a "zoo"? The Asian dragon comes first, then the Asian lion, and the brain will make up for the next abundant version of Highlander. Is it even harder? I lament that the requirements of netizens nowadays are really high, and transliteration and free translation are a bit difficult to adjust.

In fact, the Asian Dragon is the best example of nickname boarding the temple, and the new car Allion is positioned under the Asian Dragon, and the English name lion also implies the meaning of lion, so the naming of "Asian Lion" is not unexpected. Moreover, the brand/car system named after vigorous and flexible animals has long existed: Jaguar Land Rover, Outback, Beauty Leopard, Ram … As long as you search online, the articles about popular science cars named after animals have long been ruined.

The product strength of Allion Asian Lion was also explained in detail by Tea Brother before. It was positioned as an A+ sedan with a wheelbase of 2750mm, and the 2.0L+CVT gearbox with the same model as Asian Dragon was listed at the end of March.

If Yifeng is a little bolder, it can adopt the Great Wall to name Allion as a global name for Haval Dog, which should be more sought after, so that the new car will be popular before it goes on the market; However, there are many talented people among the people, and there are uncontrollable risks. At that time, the name of Haval Big Dog was a bit "played badly". As a result, I found that the tea brother is still old, and the acceptance of new things is not fast enough for the majority of netizens. Now, looking at the name of the big dog, the sense of substitution is very strong, and the owner is also happy, which has become a beautiful stroke of bicycle marketing.

Aside from naming new cars that don’t follow the routine, English+numbers are still the most popular names, or English names are transliterated. The former are mostly European brands, such as mercedes benz c, Audi A4L and Volvo S60L, while the latter are common in Japanese brands, Corolla and Fit. Of course, there is no absolute gap between the two. In the naming of joint venture models, Tea Brother thinks that the most wonderful one is ODYSSEY, a brave and clever ancient Greek hero Odysseus, who has overcome countless hardships and dangers in a ten-year journey, which has both heroic connotations and distant symbols.

SAIC Chase MAXUS Latest Pickup: SAIC Bull

There are many meaningful names of independent brands in consumers’ minds, such as BYD dynasty series: Qin, Han, Tang, Song and Yuan, Geely’s "Star", "Bo" and "Bin" generations: Borui, Xingrui and Binrui’s car series, Xingyue, Boyue and Haoyue’s SUV series, which are very representative, and almost every one is said.

A good car name is not only loud and meaningful in the market, but more importantly, it captures the minds of consumers. Even if it is inadvertently remembered or mentioned, people can’t help but think of it, so that the named segment has reached the level of "moistening things silently" and the audience is willing to spread it.

The naming of English+numbers is not necessarily brilliant, but the brand aura can’t be ignored. Mercedes-Benz’s classic "When you can’t choose, you can’t go wrong with choosing C" and "After five passes, you will cut six generals" are all based on BBA’s super brand and the product strength inherited from several generations. Of course, you can play like this, and other brands can only match it.

Tea brother’s words:

Named after new cars that don’t follow the routine, tea brothers are expected to come one after another (at this time, they turned their eyes to the Great Wall), which is a very good thing. The rims are more diversified, but in the end they are still excellent products.

It’s okay to change any name, but promise us that we won’t use the permutation and combination of Plus, Pro, Max, etc. after the car name. People in the car circle like Brother Cha sometimes have to react for a while, not to mention the average consumer, who is 200% stupid and confused, has its own brand @all.

Viewpoint Network News:On April 22,Announced the launch of new models of the Tang series, including the glory version of Tang EV, the glory version of Tang DM-p and the 2024 version of Tang DM-p Ares, with a total of 6 models. The new model comes standard with Yunqi -C intelligent damping body control system, which enhances driving comfort and safety.

Among them, there are 3 models of Tang EV Glory Edition, and the price range is 219,800 to 269,800 yuan; Tang DM-p Glory Edition has two models, and the price range is 229,800 to 249,800 yuan. The 2024 Tang DM-p Ares Edition has only one model and the price is 269,800 yuan. These new models are equipped with DM-p hybrid system, and are equipped with super intelligent electric four-wheel drive as standard. The acceleration of zero is as fast as 4.3 seconds, and the fuel consumption per 100 kilometers in comprehensive working conditions is as low as 6.5L.

It is particularly worth mentioning that the 2024 Tang DM-p Ares Edition is also equipped with a differential lock, which can better cope with outdoor off-road scenes. In addition, the two-wheel drive version of Tang EV Glory Edition has a pure electric cruising range of up to 730km, and the four-wheel drive version is equipped with front and rear dual motors, with super intelligent electric four-wheel drive, achieving a zero-speed acceleration of 4.4 seconds.

BYD hopes to further cut into the highly competitive 200,000-class automobile market through the rejuvenation of the Tang series.

　　On April 19th, Evergrande, Huawei, Baidu and other "new forces to build cars" frequently acted, or released new cars or announced intelligent solutions for automobiles. On the same day, the A-share automobile index plate rose by more than 6%, among which the driverless concept stocks and the automotive electronics concept stocks set off a daily limit.

　　Text, Table/Guangzhou Daily All Media Reporter Ni Ming, Zhang Lu, Chen Lili? , Xu Xiaofang

　　Mobile phone terminal business will decline in 2020.

　　Huawei switched to auto track.

　　On April 19th, an all-media reporter learned from an internal employee of Huawei that on April 20th, "Huawei’s flagship store will have a huge new partner", and the video released at the same time clearly revealed the outline of a car with the caption "Huawei’s flagship store welcomes new partners in Shanghai, Shenzhen and Chengdu on April 20th". The reporter noticed that SF5, the smart selection of Celeste Huawei, had appeared in Huawei official website that day, but as of press time, Huawei had not provided the purchase entrance.

　　Regarding cross-border car building, Huawei has repeatedly stated that it will not enter the field of car building. At Huawei’s annual report meeting in 2020, Hu Houkun, the rotating chairman, reiterated that Huawei’s position in the field of smart cars is that component suppliers have not changed.

　　Industry insiders told reporters that Huawei’s active entry into the auto industry is not unrelated to the current decline in its mobile terminal business. The reporter observed Huawei’s financial report in recent years and found that in 2020, Huawei’s revenue growth slowed down to 3.8%, the lowest in the past decade. Regarding the annual report data, Hu Houkun, Huawei’s rotating chairman, said that the growth rate of consumer business did not meet expectations last year, and admitted that the sales of mobile phones were affected last year due to supply problems. In this case, industry insiders told reporters that the decline of Huawei’s mobile phone sales is not only related to the spin-off of HONOR, but more importantly, the current capacity of Huawei’s mobile phones is restricted by the lack of "core" factors.

　　When Huawei’s intelligent driving department is profitable, Su Qing, chief architect of Huawei ADS and president of intelligent driving product line, said that autonomous driving does not have to worry about profitability. It is reported that Wang Jun, president of Huawei’s smart car solution BU, said that this year’s investment in research and development will reach 1 billion US dollars (about 6.5 billion yuan).

　　However, according to the financial report, Huawei’s cash flow has been reduced. The financial report shows that Huawei’s cash flow from operating activities in 2020 was 35.2 billion yuan, down 61.5% year-on-year. In this regard, Huawei said that this is because it has increased investment in supply, research and development, and material storage.

　　Compared with Xiaomi, which announced to join the ranks of car manufacturers at the end of March, its cash reserve in 2020 is as high as 108 billion yuan. Industry insiders told reporters that if Huawei’s capital is invested in the vehicle manufacturing industry with long manufacturing cycle and high capital occupation, the pressure is obvious. At present, Huawei chooses to lay out the smart driving industry or it is an expedient measure.

　　The A-share automobile index plate rose more than 6%

　　On the same day, the 19th Shanghai International Automobile Industry Exhibition (hereinafter referred to as the 2021 Shanghai Auto Show) opened in 2021, which is also the first A-class auto show held in the world as scheduled this year. At this year’s Shanghai Auto Show, on the one hand, the brands of self-owned brands continue to rise and rise in the process of change; On the other hand, it is a joint venture with foreign capital to increase electric power. Under the entry of new and old forces and technology giants, electric intelligence has risen.

　　Among them, Baidu Apollo Lego car intelligent solution was fully unveiled, and the two products of Zhijia and Zhiyun ushered in a heavy upgrade. Its Zhiyun products can support car companies to quickly build intelligent capabilities, and shorten the autopilot research and development cycle that originally took at least 7 years to complete to 6 months. 100 days after the official announcement, Baidu CEO Li Yanhong and Geely CEO Li Shufu got together. According to people familiar with the matter, the meeting between the two was not at the Shanghai Auto Show, and Jidu Automobile will announce a big cooperation. In addition, Wuling New Energy’s first convertible Hongguang MINIEV CABRIO made its world debut. Evergrande made its debut with nine models of Hengchi, covering all levels from A to D, as well as a full range of cars, coupes, SUVs, MPVs and crossover vehicles.

　　On April 19, the A-share automobile index plate rose by more than 6%, and many stocks such as Dongfeng Motor, Guangzhou Automobile Group and Changan Automobile had daily limit. In the Hong Kong stock market, as of the close, Wuling Automobile rose by 27.53%, with an intraday increase of over 30%; Geely Automobile rose by 4.82%; BYD shares rose by 4.77%, and Beijing Auto rose by 4.14%.

　　The reporter also noticed that the automobile industry chain has strengthened its linkage, including unmanned driving, complete vehicles, automotive electronics, auto parts, lithium batteries and other branches, among which unmanned driving concept stocks and automotive electronics concept stocks have set off daily limit tides respectively.

　　New forces should get through the capital barrier, capacity barrier and market barrier as soon as possible to build a car.

　　The reporter observed that at the end of March and the beginning of April, China’s "new forces to build cars" continued to move: on March 30, Xiaomi, who built cars across the border, announced that "the initial investment will be 10 billion yuan, and the investment in the next 10 years will reach 10 billion US dollars"; On April 7, the 100,000th production car of Weilai was mass-produced at Jianghuai Weilai Hefei Advanced Manufacturing Base. On April 8th, the Management Committee of Wuhan Economic and Technological Development Zone and Xpeng Motors officially signed the investment agreement of intelligent networked automobile manufacturing base and R&D center project & HELIP; …

　　The "14th Five-Year Plan" clearly states that it will focus on strategic emerging industries such as new energy vehicles and organize the implementation of future industrial incubation and acceleration plans in industries such as hydrogen energy. The market believes that this is a strong support for the development of new energy automobile industry. Moreover, the goal of peak carbon dioxide emissions and carbon neutrality has become a national strategic goal, which has also injected a strong impetus into vigorously promoting the development of the new energy vehicle market.

　　Not only that, in terms of smart cars, the "14th Five-Year Plan" is also clear, and the Internet of Vehicles is actively and steadily developed. The three departments issued the "Recommended Guide for the National Internet of Vehicles Industry Standard System (Intelligent Transportation Related)", and the system construction and development related to the Internet of Vehicles continued to accelerate. The reporter observed that the cooperation between car companies and high-tech enterprises is also accelerating. For example, Huawei cooperated with Arctic Fox, a new energy brand of BAIC, to launch an intelligent luxury pure electric car, Beiqi Alfa S, and Evergrande established a joint venture with Tencent. In this regard, Bohai Securities released a research report that optimistic about the trend of automotive intelligent networking, smart cars are expected to have "explosive" production models this year.

　　Zhong Shi, an auto industry analyst, believes that now Chinese and foreign auto companies have clearly seen the general trend of industry transformation and entered the new energy auto industry, which will bring new survival challenges to the "new forces to build cars", and they must pass the capital barrier, capacity barrier and market barrier as soon as possible. He also said that in the end, the growth of China’s new energy automobile industry depends on the comprehensive competition of automobile enterprises in terms of advanced technology, cost control, perfect supply chain, excellent quality, safety and reliability. "Objectively speaking, ‘ The new force of making cars ’ The technical challenges are still enormous, and domestic car companies in China need to redouble their efforts to seize the opportunities brought about by this industry transformation. "

　　Fu Yuwu, honorary chairman of China Automotive Engineering Society, also stressed in an interview that "new car companies should respect the objective laws of technological development, and at the same time exert their efforts on the new track of intelligence and electrification, they should also maintain their awe of the automobile industry".

　　It is estimated that the sales volume of new energy vehicles will increase rapidly in 2021.

　　Faced with the overweight of joint venture car companies and the expansion of production capacity of China’s own brand car companies, is there an oversupply of new energy vehicles? On the production side, in the first quarter of 2021, the added value of the automobile manufacturing industry increased by more than 50% year-on-year; According to the data of China Association of Automobile Manufacturers, in the first quarter, the output of new energy vehicles in China was 533,000, and the sales volume was 515,000, up 3.2 times and 2.8 times respectively. For the future market, some car companies told reporters that they are currently expanding their factories to increase production capacity. Among them, GAC Ai’ an is expected to invest about 500 million yuan, and plans to double production capacity in early 2022.

　　On the sales side, in the first quarter of this year, the retail volume of narrow passenger cars totaled 5.092 million, up 68.8% year-on-year, and the growth rate reached a record high. For the substantial increase in the retail volume of passenger cars in the first quarter of this year, the Federation explained that in addition to the low sales base in the same period last year, there is also a major driving factor that the contribution of new energy vehicles is increasing. According to the data of the Federation, in the first quarter, the retail volume of new energy vehicles was 437,000, a year-on-year increase of 302.9%. In the first quarter, the retail penetration rate of domestic new energy vehicles was 8.6%, which was significantly higher than the 5.8% in the same period last year. Among them, the penetration rate of new energy vehicles in independent brands in March was 20.5%.

　　Some industry analysts believe that production capacity does not mean actual supply. In the face of changes in fuel vehicles and new energy vehicles in the market, in addition to adjusting the product structure, auto companies will re-target the marketization goal of new energy vehicles according to their own advantages, and create marketing methods for electric vehicles, which will affect the sales strategy and consumers are expected to benefit.

　　Huaxi Securities believes that with the continuous improvement of the sales structure and quality of new energy vehicles and the continuous introduction of high-quality new models such as ModelY series, supply will drive demand changes, and the penetration rate of new energy vehicles is expected to accelerate. It is expected that sales will increase rapidly in 2021.

China mutual gold which strong? We will think of Ant Financial, JD Finance, lufax, WeChat Payment, etc. If we take the city as the dimension, we can easily think of the cities where these giants are located: Beijing, Shanghai, Shenzhen, Hangzhou … all seem to be important towns for mutual gold. Which of these cities has stronger mutual gold strength? What are the characteristics of each city’s mutual gold industry?

　

There are many indicators to evaluate the development level of a city’s internet finance, such as the number of mutual fund enterprises, the scale of mutual fund assets, the scale of transactions, financial infrastructure, the number of mutual fund enterprises with unicorn valuation, and the strength of policy support. For the sake of simplicity, this paper observes the mutual gold development degree of major cities from the most intuitive angle, that is, from the index of the number and development level of mutual gold enterprises in the region. Large-scale enterprises will have layouts in big cities such as Beijing, Shanghai, Shenzhen and Hangzhou. This article is based on the location of the headquarters.

　

Beijing: a well-deserved domestic capital of mutual gold

　

In the field of domestic mutual gold, Shanghai, Hangzhou, Shenzhen and other places can be called important cities of mutual gold, but when it comes to the first city of mutual gold industry, Beijing is still doing its part. In Beijing’s mutual gold industry, there are mutual gold businesses owned by Internet giants such as Jingdong Finance and Baidu Finance, as well as large-scale mutual gold companies such as CreditEase, Renren Loan, Lacarra and Rong360, as well as mutual gold businesses owned by state-owned financial institutions such as workers, peasants and China Construction.

　

To sum up, Beijing’s mutual gold industry has several characteristics:

　

First, the format is complete., whether it is payment, wealth management, peer-to-peer lending, financial search, crowdfunding, financial technology and other relatively large formats, or consumer finance, supply chain finance, smart investment, product crowdfunding, equity crowdfunding and other more subdivided areas, Beijing’s mutual gold enterprises have a layout. Mutual gold formats that exist in other cities can basically find the target enterprises in Beijing;

　

Second, there are many mutual gold enterprises.. From the perspective of large Internet companies that carry out Internet finance business, Beijing has the largest number, such as JD.COM, Baidu, Xiaomi, 360, 58, LeTV, Sohu, Sina, etc.

　

In the online lending industry, the data of online lending house shows that by the end of October 2016, the top five provinces with normal online lending platforms were Guangdong, Beijing, Zhejiang, Shandong and Shanghai, with 394, 295, 268, 210 and 205 respectively. In terms of provinces, Beijing is second only to Guangdong, and in terms of cities, Beijing has the largest number.

　

In the third-party payment industry, there are nearly 270 companies that have obtained payment licenses. From the perspective of the provincial distribution of licensed companies, the highest number is Beijing, and 57 companies have obtained licenses.

　

Third, there are many enterprises in the forefront of the industry.. Among the TOP100 platforms of online loan volume launched by Online Loan House in September 2016, there are 33 platforms in Beijing, ranking first among cities. IResearch’s Q2 2016 third-party payment transaction scale ranking shows that among the TOP10 enterprises (Alipay, Tenpay, Bank Merchants, Quick Money, Zhongjin Payment, Remittance to the World, yeepay, Jingdong Payment, Yifubao and Baofu.), Beijing enterprises accounted for 3.

　

From the mutual gold business of large companies, JD Finance has scale advantages in wealth management, supply chain financing, consumer finance and other fields. Baidu Finance has certain advantages in financial technology and has demonstrated its strength in consumer finance fields such as education staging.

　

Fourth, the shortcoming is that Beijing is the domestic Internet center and a big city of mutual gold, but the largest Internet companies and mutual gold companies in China are not in Beijing.. Beijing’s Internet industry and mutual gold industry are superior to enough enterprises, and entrepreneurial enterprises are active enough.

　

It is not surprising that Beijing is the domestic leader in the field of mutual gold. First of all, Beijing is a place where domestic Internet companies gather, and entrepreneurial activities are in full swing. It is normal for large enterprises to have a large number of mutual gold businesses and mutual gold startups. Secondly, Beijing is also a place where financial institutions gather, and has a good industrial foundation in terms of asset-capital docking and talent flow.

　

Hangzhou: a new force of mutual gold in the rise

　

Compared with Hangzhou, Beijing has strong comprehensive strength, but the industry leader is not there; Hangzhou, on the other hand, is the leader in the domestic mutual gold field. Compared with Beijing, its comprehensive strength is insufficient, but it is rising rapidly.

　

Compared with the first-tier cities such as Beijing, Shanghai and Shenzhen, Hangzhou is currently a quasi-first-tier city, but there is not much gap between the Internet industry and the mutual gold industry in Hangzhou. There is a giant ant financial service in the domestic mutual gold field, which makes it impossible to ignore the existence of Hangzhou’s mutual gold territory in China. In fact, in addition to Ant Financial, Hangzhou also has rising Netease Finance, 51 credit cards and other enterprises, as well as online lending institutions with large transactions such as micro-loan network and Xinhehui.

　

Needless to say, Ant Financial is already the leader in the domestic mutual gold field, with a valuation of 75 billion US dollars. It has gradually formed business segments such as payment, wealth management, financing, comprehensive finance and financial infrastructure, and is one of the few Internet finance companies in China that have advantages in both assets and funds, as well as technical advantages. (However, it is worth noting that Ant Financial has moved Alipay’s registered place to Shanghai. )

　

Compared with Beijing, although Hangzhou has a leader in domestic mutual gold industry, the number of mutual gold companies that reach a large volume is less than that of Beijing. However, at present, the mutual gold industry in Hangzhou is developing rapidly and has the potential to become a new benchmark for mutual gold.

　

51 Credit Card, which has been established for four years, is currently valued at more than US$ 1 billion, and has received a total investment of US$ 394 million in the last two months. Judging from the financing amount and the latest valuation, it can be regarded as a mutual gold benchmark enterprise in Hangzhou except ants. At present, the monthly revenue of 51 credit cards has exceeded 100 million. It is estimated that this year’s revenue will exceed 1 billion yuan and the net profit will be 200-300 million yuan. Many large companies, including lufax and JD Finance, are still losing money. It is rare that the revenue of 51 credit cards can continue to grow and keep its net profit positive, which is closely related to its earliest entry into the credit card management field and its accumulated over 70 million cardholders with strong credit demand in four years.

　

In addition, Netease established the financial business department in Hangzhou in May 2015, and has now formed business segments such as Netease Payment, Netease Wealth Management and Netease Small Loan. The data shows that Netease Finance has 100 million registered users, including 30 million real-name accounts. In 2015, the transaction volume of various types exceeded 50 billion yuan.

　

In addition to these three pioneers, the rankings of Online Loan Home and Zero One Finance show that the monthly transaction volume of online loan companies such as Micro-loan Network and Xinhehui are among the top 10 in the industry.

　

It can be found that the development momentum of mutual gold in Hangzhou is relatively rapid. This city not only has ant financial services, but also has a wave of entrepreneurial enterprises growing rapidly, and Hangzhou has become a new rising force in the field of mutual gold.

　

Shanghai: a battleground for mutual gold enterprises.

　

Shanghai is a domestic financial center and a relatively developed field of internet economy, and mutual financial development has a good foundation. The competition between Beijing and Shanghai is an eternal topic. Compared with Beijing, Shanghai’s mutual gold strength cannot be underestimated. To sum up, Shanghai Internet finance has the following characteristics:

　

First, there are a large number of mutual fund enterprises, and the number of online loan enterprises and third-party payment enterprises is second only to Beijing at the city level, and the gap is not big.. At present, 54 enterprises in Shanghai have obtained third-party payment licenses, second only to 57 enterprises in Beijing. There are 205 online lending platforms operating normally in Shanghai, second only to 295 in Beijing from the perspective of cities. In addition, even if the mutual fund enterprises headquartered in other places have a certain scale, they will generally establish branches in Shanghai.

　

Second, some of Shanghai’s well-known mutual gold platforms are set up in Shanghai by enterprises from other regions.Li, such as lufax, Zhongan Insurance, Wanda Internet Finance, etc., also includes Xiaomi’s recently established rice financing service in Shanghai. In addition, companies including Baidu, SouFun and Vipshop have also set up small loan companies in Shanghai. This shows that Shanghai, as a financial center, has great attraction to financial business. Shanghai is a battleground for mutual gold enterprises to compete.

　

Third, compared with Beijing, Shanghai has certain advantages in the field of payment., including UnionPay Business, Quick Money, Remittance to the World, Fu You Payment, Tonglian Payment, Baofu, Shengfutong, Huanxun Payment, etc., are all payment enterprises with large transaction scale in China.

　

Fourth, the top companies in Shanghai’s domestic mutual gold industry are lufax, Zhongan Insurance and Oriental Fortune, followed by Wanda Internet Finance, Paipai Loan and Dianrong.com..

　

Lufax’s current valuation has reached US$ 18.5 billion, and it has launched a listing plan in Hong Kong. The number of its users and transaction volume are dominant in the domestic online lending and wealth management fields. China Ping An’s Q3 2016 quarterly report shows that as of September 30, 2016, the cumulative number of registered users of lufax Platform was 25.5 million, and the number of active investment users was 6.55 million. In the first three quarters of 2016, the retail transaction volume was 1,077.220 billion yuan, and the institutional transaction volume was 3,220.583 billion yuan.

　

The valuation of Zhongan Insurance once reached US$ 8 billion. As of May 31, 2016, Zhongan Insurance had served more than 414 million customers and the number of policies exceeded 4.583 billion. Recently, Zhongan Insurance established a new company, Zhongan Technology, focusing on inclusive finance and health care, and exporting technical capabilities to the outside world.

　

Fifth, some mutual gold formats developed earlier in Shanghai.For example, Kuaiqian was established in 2004, Paipai Loan was established in 2007, and Tiantian Fund Network, a subsidiary of Oriental Fortune, was established in 2008. It is an early platform for payment, online lending and online fund sales in China. This shows that Shanghai has always been in a leading position in the exploration of new financial formats.

　

Generally speaking, as a financial center and an important Internet town, Shanghai also has a good development soil for Internet finance, and the current mutual gold ecology is relatively sound. Like Beijing, Shanghai is a battleground for every mutual gold enterprise, but it is slightly inferior to Beijing in terms of the number of mutual gold enterprises and the number of well-known start-ups at present.

　

Shenzhen: A Hot Land of Mutual Gold Led by Tencent and Ping An Group

　

Shenzhen is also a place where financial institutions gather, and the atmosphere of Internet entrepreneurship is also very strong, laying the foundation for the development of mutual funds. Internet giant Tencent and Ping An Group, which have full financial licenses, have developed good mutual gold business. In addition, online lending institutions with large transactions such as Hongling Venture Capital and Mavericks Online have emerged in Shenzhen.

　

In terms of the total amount, the data of Shenzhen Financial Office shows that by the end of June 2015, there were more than 1,200 Internet finance enterprises in Shenzhen. According to incomplete statistics, the scale of Internet third-party payment transactions in Shenzhen exceeded 3 trillion yuan, accounting for nearly half of the country. Equity crowdfunding and Internet wealth management rank among the top three in China.

　

When it comes to mutual gold giants in Shenzhen, the first thing that comes to mind is Tencent and Ping An, which have made great efforts in the field of mutual gold.

　

Tencent’s financial business scale is among the highest in the industry. At present, Tencent Tenpay is second only to Alipay in the field of third-party payment. Weizhong Bank has been online for one year. Relying on two super portals, WeChat and QQ, and using big data risk control technology, it has issued loans exceeding 40 billion yuan. In terms of financial management, as of the end of April 2016, the number of general-purpose users of Tencent’s financial management has exceeded 50 million, and the scale of funds has exceeded 100 billion.

　

In addition to lufax, China Ping An also has mutual gold business such as Ping An Pratt & Whitney Finance, One Wallet and Ping An One Account. According to the third quarterly report, as of September 2016, the amount of new loans in inclusive finance was 111.901 billion yuan; The transaction scale of one wallet payment and points business reached 2,005.718 billion yuan, with a total of 64,987,000 registered users and an average monthly active user of 6,206,900. The user scale of the one-account platform is nearly 157 million, and the monthly active users exceed 22.2 million.

　

In addition to Tencent and Ping An, there are many online lending institutions with the largest transaction scale in Shenzhen, including Hongling Venture Capital and Mavericks Online. This shows that the mutual gold industry in Shenzhen also has a high status in the country.

　

　Major mutual gold enterprises in Beijing, Shanghai, Shenzhen and Hangzhou

Generally speaking, at present, Beijing is in a relatively leading position in the field of mutual gold, but the gap with other cities is not large, and there is also the possibility of being overtaken; The scale of mutual gold between Shanghai and Shenzhen also has a relatively large volume, with large enterprises in bring up the rear; There are mutual gold leaders in Hangzhou, and there are also entrepreneurial enterprises that are constantly emerging and their strength is constantly increasing. In addition, Guangzhou (There are enterprises or businesses such as WeChat Pay, Evergrande Financial Services, Vipshop Finance and PPmoney.), Nanjing (There are Suning Finance, Kaixin Loan and other enterprises.) and other places also have a certain scale of mutual gold industry. The future mutual gold competition will still be fierce.

　

How to interpret the competitive market of urban mutual gold industry in the future?

　

Summarizing the mutual development paths of cities, we can find that the development level is highly related to the following factors:

　

The development level of internet industry.Basically, the urban distribution pattern of mutual gold follows the development pattern of the Internet industry, with Beijing being the largest, followed by Shanghai, Shenzhen and Hangzhou. The high level of Internet development means that there are many Internet giants in this city, and they have first-Mover advantages such as traffic and scenes. It also means that the internet entrepreneurial atmosphere in this city is relatively strong. As the main field of current entrepreneurship, mutual gold projects will continue to emerge to ensure the quantity and quality of the mutual gold industry in this city.

　

Level of financial development.Beijing, Shanghai and Shenzhen are the top three in the development of domestic financial industry, and Hangzhou is located in Zhejiang, where the economy is developed and private finance is prosperous, and the financial industry has a good foundation. Having a developed traditional financial industry means that Mujin has a lot of offline assets that are easy to dock, and it is easier to introduce financial talents, which will help Mujin’s development.

　

Policy support. Compared with the above two factors, the influence of policies on the overall mutual development level of a region is not decisive, but it cannot be ignored. In particular, if a city prohibits the development of a mutual gold format, the impact will definitely be immediate. If the policy is biased towards promoting the development of the industry, it will be a more important auxiliary factor, such as preferential policies may attract some enterprises to settle down, but relatively speaking, the level of Internet and financial development is a more influential factor. The influence of these three factors is relatively intuitive. If we dig deeper, it may be that the level of rule of law, urban governance and development details of a city are at work.

　

As far as the competition among the four major cities is concerned, Beijing’s advantages of big companies and entrepreneurial ecology ensure that its position as a mutual gold leader will continue. It is possible for Shanghai, Shenzhen and Hangzhou to challenge Beijing’s position, but it is not difficult. It is necessary to make more efforts in Internet entrepreneurial environment, financial ecology and policy support.