First, wonderful views

1. Cognition of varieties is the core factor of making money.

2. In investment transactions, we are not so much trading our own ideas as human nature.

3. Choosing a stop loss doesn’t mean completely giving up trading on that variety, but waiting patiently for the next better trading opportunity. This is my secret.

4. Risk control is always the focus in the transaction process, and controlling capital risk is always on the road.

5. Any variety will have a ceiling of price and a cost line.

6. When stopping loss, we should not only look at the range of market fluctuation, but also pay attention to the market sentiment.

7. Adding positions after floating profits is a big taboo in futures investment.

8. Wealth is the realization of cognition, and futures investment is actually the money to earn personal cognition.

9. Traders must make friends with data, establish their own database, and focus on inventory through the database.

10. The withdrawal of funds is a process that investors will inevitably experience in their growth, and it is an inevitable price to pay.

11. Futures trading is the human nature of investors, so the result of futures trading is actually the embodiment of human nature.. Only by constantly training and improving themselves can investors become more and more mature.

12. Positions reflect investors’ greed and fear of the market. When you are greedy enough, you will often add a lot of positions, and many mistakes will occur during this period.

Second, the introduction of Pan Wang

"Datian Aaron", a contestant in the National Futures Firm Competition of Big Handnet, was born in 1982, and is now 39 years old, from Shanghai.

After graduating from college, I worked as a project manager in an IT company in Shanghai. After resigning in 2014, I started to invest full-time, and I started to do futures in 2017. Amateurs like playing football. Good at trading based on fundamentals, expert in futures investment.

Third, performance analysis

As of August 16, 2022,Pan Wang’s accumulated net profit in Xiaotian Aaron, an entry account of Dapan Handnet, was more than 20.51 million yuan, accumulated profit was more than 22.79 million yuan, Sharp ratio was 2.72, and accumulated yield was 62.17%.

Pan Wang’s current entry account is "Datian Aaron". Since April 21, 2022, within 80 days of trading, the cumulative yield is 84.97%, the cumulative net profit is 5.19 million yuan, and the maximum withdrawal is 38.26%.

The transaction analysis artifact of "Seven-tailed Fox" in the large-scale mobile network analyzes the entry account of Pan Wang as follows:

Pan Wang is almost a full-variety transaction.It belongs to the style type of partial intraday trading based on fundamentals.

Panwang trades more in apples, palm oil and other varieties, accounting for nearly 25% of the positions. On April 29, 2022, the highest position reached 94.81%, and the lowest position rate was 48.61% on May 9.

Panwang’s profits in iron ore, apples, palm oil and thread all exceed 1 million yuan.It is profitable in black varieties such as coking coal and hot coil.

Fourth, the interview record

01

IT paves the way and lays a good foundation for your career

I have been doing futures for about 4 to 5 years. Before that, I was doing stocks. I participated in the futures competition of the big hand net for about two years. My previous account was "Xiaotian Aaron", but now I have changed my account to "Datian Aaron".

Before professional investment, I worked in an IT company. At that time, my main job was to manage projects.

From a professional point of view, my previous work experience did not help me much in my later investment work, mainly because my attributes were completely different and had no relevance, but it was actually helpful in a deeper level.

When managing the project, I considered it more and comprehensively, which laid a foundation for the cultivation of trading personality characteristics such as logical thinking, endurance, execution, endurance and mentality required by my later investment work.It is helpful in this respect.

02

At the beginning of the investment, there was a stumbling block to retreat.

When I started my amateur investment, I was always doing stocks.

In 2017, I began to contact futures, among which there was a leader. With his guidance and help, I slowly began to learn to do futures and have a better understanding of how to make good investments. Therefore, compared with ordinary futures investors, I may have taken fewer detours, which is a very lucky thing.

I have always used subjective trading based on fundamentals in futures, and I have never been exposed to programming.

In the early days of full-time futures trading, the biggest difficulty I encountered was the relatively large withdrawal of account funds.

The fund management method of investing in stocks is different from that of futures. When investing in stocks, it is basically Man Cang. Now it seems that compared with futures, the fluctuation of stocks is actually relatively small.

When I started to do futures, I had no experience in fund management, and my position was always heavy, so I often encountered a relatively large withdrawal of funds. Especially in the first two or three years, the withdrawal of funds was relatively large, almost more than 50% every year.

During that time, I always lost, won, rose and fell, and my account was often a roller coaster, and I didn’t do well.

It was not until the last two years that I slowly controlled the retreat, broke through the bottleneck and embarked on the road of steady profit.

To solve this biggest difficulty at the beginning, I mainly adopted the following methods:

First, strengthen research and strive to make it thorough.When I first started to do futures, I was actually an out-and-out novice. I didn’t know anything about varieties, almost completely, so I paid a lot of tuition for the first two years.

But in the past two years, with the gradual deepening of research work, I have become more and more familiar with the fundamentals of the varieties I trade, so I have become more and more confident.

The second is to control your own trading frequency.

If you are in full bloom, butterflies will come; If you are well, it will be sunny.

It is because I am more and more familiar with it that I make fewer and fewer mistakes when placing orders.

Therefore,Doing research well is the basis of fundamental traders.

The third is to strengthen fund management. The amount of money I invested in a single variety has gradually shrunk.There was no concept of fund management at the beginning, and now my position in a single variety is basically not higher than 30%, usually about 10% to 20%.

These changes made me control the retreat.

03

Strong knowledge of successful trading control risk

I think: the core of trading is to thoroughly understand the fundamentals, because we are not programmed trading, and we rely on the degree of cognition of a certain variety when trading.

In the past, my commodity futures trading was mainly apple, and then it gradually developed into other varieties. In fact, the methods are the same, and all transactions are based on their own research and understanding of varieties, in other words, cognition.Good cognition is the core factor of making money.

I am a subjective investor who focuses on fundamental trading. At the beginning of investment, I had both experience and lessons in variety selection, opening and closing positions, stop loss and take profit.

When I started trading futures full-time in 2017, the variety that traded more was Apple. Mainly because in 2017, Apple suffered a serious "cold spring", which led to a sharp rise in prices in 2018.

It was based on this fundamental factor that I chose to trade Apple at that time and earned my first bucket of gold in investing in futures.

Investors are essentially trading their own cognition and personality, and they also need luck.

"Success is Xiao He, and failure is me". After making money on trading apples, on the one hand, I managed my position badly; On the other hand, due to my lack of trading experience, I soon returned most of my profits to the market.

At that time, I didn’t have any knowledge about where the price of Apple might go up. I naively thought that it could go up all the time, and then I encountered a big retreat.

Therefore, the first trading experience of Apple had both the joy of success and the frustration of failure, but in any case, it brought me valuable experience through that trading process.

Since then, when I choose a certain trading product, I usually base it on whether I understand it or not. Only in this way will I start investing. Whether it is apple or other varieties later, I will open the warehouse only after I have studied it clearly.

Although the research before the transaction was well prepared and considered to be very certain, I would choose to stop if the fact that it showed in the market at that time made me lose money or was different from what I expected.

Now, I am very disgusted with making the loss bigger, which is absolutely unacceptable to me. It is normal to admit mistakes.

Choosing a stop loss doesn’t mean giving up trading on that variety completely, but waiting patiently for the next better and more certain trading opportunity. This is my secret.

My trading system, in fact, is not much technical. You can keep the list of making money; For the list of losing money, the stop loss will be firm. For example, if the capital loses 10% or 15%, then we will unconditionally cut positions.

Risk control is always the key point in the transaction process, and controlling the risk of funds is always on the road.

04

Take profit and stop loss, carefully judge the market.

The profit-taking method I adopted in the transaction is mainly based on the following aspects:

One is based on the understanding and familiarity of varieties.

For a variety like apple, first of all, 5 yuan a catty is a very high price; Secondly, it has a fixed fee brought by the delivery rules. For example, when the market price of crude oil exceeds $120, the general duration will not be too long.

Unfortunately, in 2018, I didn’t understand this at all.

Any variety will have a ceiling of price up (or high price will curb consumption) and a cost line down, which are two very important trading factors.

The second is based on the understanding of the historical price of a variety.If the market price of a certain variety reaches or approaches a historical high and the price deviates seriously, then we should also choose to take profit;

The third is based on the judgment of fundamentals.If the fundamentals of the market change, we will also take profit.

Since we buy with reference to fundamental factors before trading, we must track the fundamental changes in the market every day. When there is a fundamental change in fundamentals, then we will also take profit and leave.

There are similarities and differences between fundamental trading and technical trading.As long as the conditions change, then the transaction must change.In technical trading, we often buy and sell according to the situation of big yin or big yang; If you use fundamental trading, this is probably the same reason.

When stopping losses, we should not only pay attention to our own stop loss points, but also pay attention to the market sentiment.In trading, sometimes you can obviously feel that the market sentiment is not quite right or not quite what you imagined. If this happens, you can stop the loss earlier.

Sometimes, if you think it is possible that the market has made a temporary mistake, then the stop loss range can be slightly enlarged. Of course, this should be judged according to your own experience and trading feeling, provided that you have a thorough study of the fundamentals before you can enlarge or narrow the stop loss range.

As a trader, it is necessary to accumulate knowledge of fundamentals and trading ability. Otherwise, it is just a waste of time to do it year after year, and I have not grown up.

05

A big taboo for floating profit and jiacang futures investment

When I first made futures, I had a bad habit, that is, I liked to add positions after floating profits. Because your risk awareness is not strong enough, if you often add positions after floating profits, then a small fluctuation will destroy the profits you have accumulated for a long time.

I think:Adding positions after floating profits is a big taboo for futures investment.

On the one hand, when you plan the number of open positions, you should try to abide by it and not change it.

Now I have achieved that I will not add positions after floating profits, which also avoids the differentiation of mentality caused by fluctuations.

Fundamentals sometimes do lag. For example, when the market price of a variety fluctuates greatly, we sometimes have no way to know what happened in the first place. At this point, I will make some changes according to the market, so there will inevitably be some intraday trading.

When I feel that the trend is not quite right, or when the disk gives me a bad feeling, I will do some transactions, sometimes this is a helpless move to deal with risks.

Therefore, taking profit and stopping loss does not mean that the price must fall on the set ceiling or floor. When there are some fluctuations beyond your cognition in the market, you should also be vigilant. This is an experience.

Some programmed investors, they think that floating profits and adding positions is a better method, which has something to do with their trading types. While they are making floating profits and adding positions, I believe that they will inevitably match the corresponding stop loss bars, and the transactions are all matched.

We can’t just see the beginning of their transaction and not the end of their transaction.Any kind of transaction, whether fundamental or procedural, has a head-to-tail match.

We can’t "blind the eyes with one leaf, but we can’t see Mount Tai", just look at the surface and ignore the inside; It still depends on the integrity, systematicness and consistency of a strategy.

06

The Soul of Fundamental Research of Data Analysis

I have some experience in fundamental research, which can be used as a reference for investors who do fundamental research in the market.

Over the past five years, I have spent a lot of energy on data statistics. For example, Apple, including Zhuo Chuang’s data, analysts’ daily opinions, etc., we will pay attention to and carefully study and check. We track the inventory and delivery speed every week.

For example, if we want to make black varieties, then we must know the data of steel joint, steel valley and steel search.

At the same time, I will set up my own database and do their own data over the years, so as to make some comparisons and predictions for myself.

As long as you do more data, you will have a deeper understanding of a variety and an industry, and this understanding is our future wealth.

Wealth is the realization of cognition, and futures investment is actually making money from personal cognition.Maybe programmed trading may be different, but I think fundamental traders mainly rely on making cognitive money.

The best way to improve personal cognition is to study hard. When one’s knowledge accumulates to a certain extent, one can naturally discover real logic. As long as an investor’s cognition is improved to a certain extent, the investment efficiency will be improved.

I suggest you:Traders must make friends with data, establish their own database, and focus on factors such as output and inventory.

Investors should not only pay attention to the yield, inventory and consumption of varieties, but also learn to make charts themselves. The key is to improve their ability to analyze and find contradictions.

Although the data we need is cold on the surface, there are some opportunities for undercurrent; Investors need to spend time to analyze data, love data, build emotions with data, and find opportunities in love.

The data of some varieties over the years often imply certain laws or contradictions, and we need to catch it out.

Pay attention to the fundamentals, in addition to the above methods, you can usually participate in some research.

When I first made futures, I participated in the investigation of apples, glass, soda ash and sugar.

In those two years, I ran a lot and did a lot of research. However, I gradually realized that the research actually didn’t work very well. Because in that process, on the one hand, you can’t see a lot of things; On the other hand, many enterprises or industrial farmers, if you ask them something, people will actually take some subjective views.

Therefore, I think it is more objective to pay attention to the effect of the database. As long as you learn to analyze data, you can know what’s going on in the world without going out. So from the last two years, I basically stopped participating in the research, mainly doing data analysis and thinking for myself.

07

Facing the information science, identifying and grasping contradictions

No matter the stock market or the futures market, it is an effective market. In other words, when you see some information, the disk may have explained the changes brought about by this information.

If you only deal with this information every day, it will have little effect on the transaction, but it will make you indecisive because of the interweaving of information in the news every day.

In the market, most of the news is noise. As a fundamental player, you must remember that you can only trade any variety after seeing the biggest contradiction in fundamentals.

A while ago, I decided to invest in rebar trading, mainly because the market supply exceeds demand, while the demand is really sluggish, and there is a huge contradiction between supply and demand.

When an investor grasps the biggest contradiction in the market, he can and needs to see a lot of information in the market, but he must have the ability to distinguish, and don’t let the daily information change affect his trading decision.

If there is an inflection point in the market price and the fundamentals have indeed changed, then it is important to test a fundamental trader.

Investors should have the ability to grasp the detailed changes in fundamentals in a noisy market environment, which is determined by the trading skills and needs to be accumulated.

Because investment is a thing that needs to be accumulated, and the accumulation is thin, and haste makes waste.

08

Trading strategy method has no definite method to look at the market

My position cycle is long and short, and there is no fixed pattern.

There are not many trends in the market. Many times, the market fluctuates in shocks, and the holding time of a variety matches investors’ cognition of the variety.

If there is a big contradiction in the market, such as the coke and coking coal market in 2021, and there is a serious mismatch between supply and demand, then the holding period can be appropriately longer.

If the market only deals with short-term changes and prices often rise and fall, then this kind of trading is less involved.

If the market deals with major changes in fundamentals, the holding time will be relatively long.

Therefore,The length of holding positions mainly depends on whether the changing factors of fundamentals are large enough.

My entry account "Datian Aaron" has a maximum historical retracement of 35.84%, and the trading is still biased towards intraday trading. In fact, this is also a bad habit of mine, because I can’t help doing some transactions every day because of some time-sharing changes. In fact, most of these transactions are losing money, so this habit is not good, but the fundamental trading is not always holding on, which is two different things.

The varieties I trade cover almost all markets, including stock indexes, among which apples and palm oil account for the largest percentage.

My preference for variety selection is actually a reflection of my understanding of fundamentals. It can also be seen from the account of "Datian Aaron" that started in May 2022 that I trade more apples and palm oil.

I think, since that time, the market contradiction of these two varieties has been more prominent. Apple has indeed suffered a reduction in production this year, which is a relatively certain opportunity, so there was a previous wave of gains.

As for palm oil, when Indonesia accelerated its export after June 2022, we knew that it had gone through a big bull market for two or three years, and the price rose from more than 4,000 to around 12,000, which was already a very big increase, with the help of the Russian-Ukrainian war. However, after Indonesia accelerated its export, the fundamental situation changed completely, and we saw this.

In fact, palm oil is a variety that has fallen a lot and is smooth recently. If it is smooth, it is easy to hold it, including cotton and copper. There are obvious fundamental changes and it goes smoothly, which will be more friendly for the transaction. Therefore, palm oil and apples are the varieties that I traded more recently.

Followed by the black plate, there are also many transactions, including threads, iron ore, coking coal and coke. From May to now, these varieties are mainly traded.

09

Raise awareness. Iron ore earns more than one million yuan.

In the investment of iron ore, my profit reached more than 1.5 million yuan.

The investment result is the realization of personal cognition, and the fundamental trader earns the money of knowing the world.

The market of black varieties, starting from the monetization of shed reform in 2015, accelerated to "carbon neutral peak carbon dioxide emissions", and experienced a magnificent bull market, with all varieties increasing greatly.

In 2021, after the national "three red lines", we think that the market logic foundation of the black plate began to change. But it doesn’t mean that as soon as the fundamental situation changes, we have to trade immediately, and it sometimes takes time to change from quantitative to qualitative.

The real decline of the black system also began this year. Last year, it may be related to the global political and economic situation, especially the easing after the epidemic.

Starting from 2022, the United States will lead to contraction, and international varieties such as iron ore will be affected. Iron ore is a relatively volatile variety, which is related to both the black plate and the global macroeconomic environment. So it is a variety that I have made more in black.

Judging from the situation of supply and demand, everyone has already seen the reduction of steel production. In addition, the global economy is affected by the tightening caused by the interest rate increase in the United States. These factors are more obvious in iron ore. In addition, screw thread and "double coke" have also been done. These varieties have achieved good returns this year.

10

Laughing deeply understands the withdrawal of red dates with losses

My experience of losing money is very rich. Last year, about 60% of the capital interest in Xiaotian’s account was withdrawn.

The withdrawal of funds is a process that we will inevitably experience in the process of growing up, and it is an inevitable price to pay.

When the retracement happened, it seemed that we lost money, but in fact it helped us expose our own problems in the transaction and brought us an opportunity to reflect, correct and improve.

We have gradually enriched our experience in dealing with retracement, first, in fund management, and second, in grasping the fundamentals. This is a progressive process, and I hope I can slowly control the retreat after that.

Every big loss is a good accumulation of experience and a personal transformation. Every big loss experience is unforgettable, and every big loss variety is painful.

After each loss, I have a deeper understanding of a variety. In 2021, my big loss was on red dates. At that time, the production of red dates was reduced, and the price was predicted to rise.

For a variety like apple, we already know its ceiling price, but for a new variety like jujube, to be honest, there was still a lack of understanding of the price ceiling at that time, and the consumption power was overestimated.

Loss is not a bad thing; At least, for that variety, we will be more confident in the future, and the immediate loss is the cost that will not be lost in the future.

When trading red dates, my own position basis and reasons for opening positions were based on my own judgment at that time. The main basis was that I learned the information of jujube production reduction at the first time, which benefited from the information blessing of many friends and investment partners around me.

I know that after the production of red dates was reduced, I entered the market as soon as possible, although there were also exits on the way. Regulatory factors or various kinds of information from the market, such as less production than expected, will have a certain impact on intraday trading, but they have been taken down all the way, and the bottom warehouse has basically been there.

We thought there would be a higher price in the future, so we didn’t leave the position, but later there was a big retreat, basically like this.

When I fell, I was also carrying it at first. Until the New Year, I found that I really couldn’t keep up with my consumption. At that time, I decided to come out, but I had already retreated a lot of profits, so I made a wave and retreated a wave.

The biggest lesson we have learned is:The price of any variety in the transaction has a ceiling. This ceiling is essentially the point where high prices curb consumption.

Varieties such as red dates and apples are expensive to a certain extent, and people’s acceptance is poor. After doing it once, you will get a valuable experience, and you will know later.

In fact, my mood is rather depressed because the withdrawal of net worth is very large, and my psychological pressure is relatively great. But after you are out, you will let go. Adjust yourself as soon as possible to meet the next transaction. There will always be progress.

If you are small-minded, you can’t bear the fluctuation. When we finish the last transaction, we should invest in the next transaction with a brand-new mentality. Only by earnestly learning from the last experience and lessons can we do better and better.

11

It is common to study the stock market futures market carefully.

If we want to succeed in the stock and futures markets, we must study them thoroughly.

Fundamental trading, whether in stocks or futures, must be thoroughly studied.

For stocks, it is necessary to be able to calculate the profit of an enterprise in the future. The expectation of profit depends not only on your judgment of this industry, but also on your understanding of the profitability of the enterprise itself.

When we plan to invest in stocks, we can calculate how much money it will earn in the next year and what kind of valuation the market will give it, then we can figure out what price it will rise in the future. Although this calculation is not necessarily very reliable, at least you can know what its future trend should be like.

I used to do a lot of cyclical stocks, which have a certain connection with commodities, which is also a favorable help for me to transform into commodities later.

The price of goods will be reflected in the profits of listed companies; Similarly, the judgments on commodities and futures are basically the same.

We can draw some preliminary conclusions about stocks through calculation. For example, coal companies and mining companies can basically calculate their profits through the prices and costs of commodities. If you can give a correct valuation, you can probably figure out what price their share price will reach.

The same is true of futures. When you understand the relationship between supply and demand, you can know the ups and downs.

twelve

Reduce retracement management positions and strengthen self-discipline

Many people have ups and downs in futures investment, which is also a problem I encountered two years ago. That is to say, you can’t control the retreat, you can earn a lot when you earn, and you lose a lot when you retreat.

Futures trading sometimes embodies human nature. In this process, investors can only become mature day by day if they constantly experience and improve themselves.

Positions reflect the degree of greed and fear of investors. When you are greedy enough, you will often add a lot of positions, and many mistakes will occur during this period.

We should avoid the ups and downs in income and strive to reduce the retracement.First, to strengthen position management, we must have strict discipline.For example, ask yourself that the allocation of funds for a single variety should not exceed 20% or even 10% of the invested funds. As long as you can control yourself, then you can basically control the retreat.

The second is to improve personal cognition.Studying the fundamentals clearly can improve the winning rate.

If an investor not only improves the control of his own greed and fear, but also strengthens the cognition of the attributes of the goods themselves, it will certainly be of great help to control the withdrawal of funds and avoid ups and downs.

Investors can’t guarantee that the fundamental research they have done is correct, and the chance of making mistakes is inevitable.

When we place an order through fundamental research, if the market runs in the direction of research, then we should hold this order because you are right.

If there is a loss after two or three consecutive orders, it indicates that there may be something wrong with our research or the timing is wrong.Fundamental trading does not mean stubborn trading.

If the market trend does not match the research results, then we will start to question whether our research is correct. Is there anything else you haven’t noticed?

Sometimes my position will be higher, but this may be because there are many kinds of transactions. In fact, my position of a single variety will not exceed 20% now.

13

Short palm, seize the opportunity and make a big profit

I didn’t have many successful transactions in the past. Whether I made apples or red dates last year, although I made money, I made a big retreat.

I think it is a successful case to make palm oil in 2022.

At that time, when I saw Indonesia’s major turning point from banning the export of palm oil to accelerating the export one month later, I began to short palm oil, but unfortunately I didn’t get it from the beginning to the end.

Although the decline of palm oil exceeded my personal expectation, I basically entered the market at the highest point in this variety. Although I came out early, I didn’t retreat, so I was quite satisfied.

I was able to do this transaction better because:

First of all, thanks to our continuous tracking of its fundamental data.I have made detailed data on all oils and fats.

Secondly, seize the right opportunity to enter.At the moment when the contradiction between supply and demand occurred, I captured the information in time and was able to open the warehouse decisively.

Finally, the trading system and plan were strictly implemented.Instead of being a "frightened bird" in the market development, we have become a "snail that climbs up step by step".

This should be a successful case.

14

Hard work pays off.

Many fundamental traders are persistent and dedicated.Apart from the hobby of sports, I spend most of my life doing research except eating and sleeping.

I do data every day, and I buy a lot of data myself, such as Zhuo Chuang and Gang Lian. The time spent doing research is much longer than the time spent doing business. Except for trading, they are basically doing research.

With the accumulation of time, your cognition will continue to improve; You will become more and more familiar with all aspects of the variety. In the long run, you will have a qualitative change. When there are some fundamental changes in the varieties you are familiar with, it will be relatively easy and faster to grasp.

When each variety has a very clear sense and cognition in your mind, you are very skilled in it, and once the market changes, you will know how to judge.

Since 2017, I have accumulated nearly five years. Looking back now, it was relatively ignorant and naive.

Since 2019, I really accumulated the data and began to gradually understand various varieties.

15

Looking forward to the future, my heart is still climbing hard.

Many subjective traders around me have a lot of ups and downs.

When losing money, the mentality will not be too good.If an investor has a large position, the pressure can be imagined when he encounters losses. This is also related to the investor’s personality.

No matter what kind of investment you make, don’t be too heavy, which is the core of futures trading. It is necessary to grasp the fundamental situation and control human nature.

The result of the transaction matches the investor’s personality.A successful investor, after trading for several years, should be able to realize: what kind of person am I? What is my risk tolerance? Will I be anxious? Everyone’s personality is different, and the answers cannot be the same.

Experience can be replicated.If we have a knowledge of our own personality, then we will slowly explore a set of position management methods suitable for us. Everyone’s personality experience is different, and naturally it will not be repeated when it comes to trading, so everyone should optimize their own model, and it is more difficult to completely change it.

I hope I can do better in futures.

Many commodities have fallen for a long time this year, so you can pay attention to it. Varieties that have not fallen sharply, such as crude oil and soybean meal, can still be concerned.

Whether it is a subjective transaction or a programmed transaction, as long as it can make money continuously and steadily, it is a good way to trade for yourself.

Many excellent programmed trading teams or individuals have small retracement, well-controlled capital curve, stable income and excellent performance. The key is to find their own methods.

Therefore, I also agree with programmatic trading, but I will still stick to my fundamental trading method.

I am full of curiosity about this world, and I have a heart that I always want to explore and know. When I study a variety and understand its silent language and movement trend, I will have a great sense of accomplishment.This feeling, if I engage in programmatic trading, may not be available.

The ruler is short and the inch is long, and what suits you is the best.In the commodity market, behind the price changes of different varieties, there are many contradictions in economy, politics, macro-policy, culture, company management and supply and demand. If I can know more about the world, understand it more deeply, and reflect it with good results in my trading account, this is my greatest sense of accomplishment and my greatest happiness.

For traders, courage is definitely a double-edged sword. I think it’s better to be timid.

There are many ups and downs in the market, and not many people can make money for a long time and steadily.

A wave of big market can achieve a group of people; But after two years, you will find that many people have disappeared again. This is the normal state of investment.

Instead of ups and downs like that, it is better to take small steps steadily every day and not be too greedy. I prefer this mode.

16

Message exchange and learning in the competition have been greatly improved

Two years ago, my trading account retreated a lot, so I always wanted to find a good solution, and I wanted to communicate with experts and learn more from you.

I’ve tried many ways before, but the results are not ideal.Later, I found that it might be a good idea to participate in the competition, because during the competition, I can see the fund curves and net worth charts of some other excellent players, and the master’s practice will be of great enlightenment and help to me; Compared with our own capital curve, we will find many problems, understand many truths, correct many shortcomings and improve our requirements.Therefore, with this purpose in mind, I signed up for the big hand net competition.

There is a "seven-tailed fox" transaction analysis software in Dapan. com, which can conduct a comprehensive dialysis of its own fund accounts, which is better than some curve analysis of fund management we have done ourselves. So I like and cherish such an opportunity to learn and improve.

I hope that the large-scale mobile phone network can continue to be run, and the better it is! I also hope that more and more investors can join this platform of learning, communication and improvement, and I hope that everyone can make money!

Note:The content of this article is for reference only, not as investment advice. The market is risky and investment needs to be cautious..

200609 was compiled from an exclusive interview with the contestant "Da Tian Aaron"

　　　[Disclaimer] This article only represents the views of the third party and does not represent the position of Hexun. Investors should operate accordingly, at their own risk.

　　The 2023 Tyrannosaurus Ramus in Tianjin Port is now sold in the sixth country, and it is licensed nationwide. The 23 Dodge Ram Tyrannosaurus Rex uses a supercharged 6.2-liter HEMI? HELLCAT V8 engine with a maximum horsepower of 712 horsepower and a maximum torque of 881 Nm. 1500 TRX has become the fastest and most powerful mass-produced half-ton pickup truck in the world. In terms of torque, TRX provides a new performance level with a speed of 0 to 100 km/h in 4.9 seconds and a top speed of 190 km/h.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　23 U.S. Tyrannosaurus Rex Basic Edition Black/Black/Red Skyless Black/Red Double Interior Plastic Door Handle LCD Anti-theft Bolt

　　The exterior design of the Dodge Ram Tyrannosaurus Rex has a strong sense of impact. Compared with the well-behaved family design, the front of the Dodge Ram Tyrannosaurus Rex is undoubtedly a little more aggressive to the road. The eyes do not reveal a trace of lively charm, and the only thing that is displayed is fierceness. The front bumper is an iron front bumper with a hook, which exudes a metallic atmosphere and is calm and atmospheric. As the best-selling model, it has a very aggressive front face.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　Dodge Ram Tyrannosaurus Rex has completely got rid of the rough feeling of the United States. The edges and seams are carefully handled. The leather seats are independent and equipped with comfortable functions such as heating and massage. Each seat is equipped with a control handle independently, and each function is controlled by the rider himself. All seats of Dodge Ram pickup truck are wrapped in leather, and the front row is also equipped with very practical sports seats.

　　The design of the 2023 Dodge Ram Tyrannosaurus Rex center console is simple and hard, which conforms to the temperament of the ram. The bottom of the dashboard has patterns, which further highlights the elegance of this car. The soft instrument panel design is very comfortable to the touch, and there is nothing stiff.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　The chassis of 23 Dodge Tyrannosaurus Rex has also been greatly upgraded. The chassis is made of a large number of high-strength steel to improve the rigidity of the frame. At the same time, the suspension system is also equipped with an adaptive shock absorber from Bilstein, which can reduce the vibration during high-speed desert driving and off-road, and improve driving performance and durability.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　The interior of the 23 Dodge Tyrannosaurus Rex is simple and generous, but this will not affect its luxurious texture. The rich configuration will make you admire it. At the same time, as the flagship model of the Dodge family, the new car is also equipped with a 12-inch vertical central control screen. In addition to supporting common functions such as Bluetooth, navigation and car Wi-Fi, it also supports Apple CarPlay and Android Auto phones.

　　For more model details, please call: 18920481155 Manager Wang (with WeChat).

　　In addition to powerful power, the performance version of the 23 Dodge Ram Tyrannosaurus Rex is also first-class in cross-country performance. The clearance between the vehicle and the floor is 28cm, the contact angle is 30.2, the departure angle is 23.5, the passing angle is 21.9, and the wading height is 81.28cm, which can correspond to most sections. In addition, the new car is equipped with an adaptive shock absorber from Bilstein, and the stroke of the front and rear wheels reaches 33/.

　　China Automobile Shunhe International Trading Co., Ltd., a company that mainly imports high-end cars of luxury car brands such as Mercedes-Benz, BMW, Toyota, Land Rover, Rolls-Royce, Bentley and Lexus in parallel, provides follow-up services such as insurance, installment, licensing, modification and car delivery.

　　Overseas direct-selling first-hand car source All the models sold by our company can be phased in the whole country, and it takes only one day to buy a car by stages. Car purchase can be flexibly operated with convenient conditions such as full ticket tax deduction, decorative ticket, advance payment and departure. More car information configuration quotes and promotions are posted on WeChat, welcome to add!

　　(National installment can be made, with a down payment of 10% and a loan of 3-6 years, with simple procedures and quick loan)

　　Company address. Tianjin Port Bonded Area Pacific International Automobile B3-B5-B7-B9

　　Tel: 18920481155 Manager Wang can add WeChat.

　　Disclaimer: The above car purchase preferential information is provided by the comprehensive dealers of this website, and the price fluctuates greatly due to market factors, which is only for car purchase reference; The distributor is responsible for its authenticity, accuracy and legality, and this website does not provide any guarantee or assume any legal responsibility.

　　　　Yang Wenxiong (right) reported to the Hualien District Inspection Office after being released from prison on parole and tried on an electronic monitoring anklet. (Taiwan Province "Central News Agency" picture)

　　　　People’s Daily Online, September 28 According to the news of Hong Kong Zhongtong News Agency, Yang Wenxiong, known as the "Wolf of Huagang" for committing at least 31 cases of sexual assault 12 years ago, stepped out of Hualien Prison on the afternoon of the 27th after being released on parole, and reported to the Hualien District Inspection Office and the Nursing Association. At the same time, under the supervision of the caretaker, he tied an electronic monitor on his left ankle.

　　　　He has committed more than 30 sexual assaults.

　　　　According to reports, because all sectors of society are generally worried about whether the "Wolf of Huagang" will commit another crime after being released from prison, Huang Yijun, the chief prosecutor of Hualien District Inspection Office, said that according to the evaluation report of the psychological team of the Political University, Yang Wenxiong is still addicted to sexual assault and still has a certain degree of danger, so the prosecution decided that Yang Wenxiong should wear an electronic monitoring anklet after being released from prison on parole. Yang Wenxiong also issued a statement, expressing humility to face the new life and apologizing to the victims.

　　　　Yang Wenxiong committed many sexual assault cases in 1995 and was sentenced to 16 years in prison. Six years ago, he was admitted to the Department of Social Work of Taiwan Province University in prison. For this reason, he applied for parole eight times, which caused great controversy from all walks of life. The students and parents of the Department of Social Work of National Taiwan University expressed strong opposition, but the Ministry of Justice of Taiwan Province did not approve it because of social perception and other factors. In February this year, he applied for parole for the ninth time, and was finally granted parole on September 14th. He was transferred from Taipei Prison to Hualien Prison on 21st, so that he could go home nearby after being released on parole and be taken over by the local rehabilitation counseling unit.

　　　　Although Taiwan Province’s "Ministry of Justice" said that Yang Wenxiong had served his sentence for more than 12 years, he performed well in prison, and after complete psychological treatment, he met the parole requirements, and has instructed the Hualien District Prosecutor’s Office to closely monitor Yang Wenxiong after he was released from prison, including wearing electronic trackers, regularly taking polygraphs and imposing a curfew, so as to grasp his condition.

Editor: Wei Liangchun

　　At the 2021 Munich Motor Show, the new Multivan was officially unveiled. The new car no longer shares the Transporter platform with the freight version of Kailuwei, but is based on audi ag’s MQB platform, which will have a more suitable driving experience for passenger cars. In terms of power, there will be 1.5T and 2.0T gasoline power, diesel power will be added next year, and the first plug-in hybrid version will be available.

　　The new Maitewei Multivan comes standard with LED headlights, and can be upgraded to interactive IQ.LIGHT matrix LED headlights. The full-beam design brings better intelligent corner lighting effect, while avoiding glare hazard to the driver of the other vehicle; The IQ.LIGHT system also runs through an LED horizontal light bar in the front grille as another element of daytime running lights, which is also one of the iconic designs of the new generation of Volkswagen family.

　　The new Maitewei Multivan continues the classic square box shape, and the double A-pillar design is the biggest difference from previous models, which can effectively reduce the blind spot of vision; Its body size is 4973/1941/1903mm and its wheelbase is 3124 mm. A longer version with a length of 5173mm is also available.

　　Founder’s tail is a typical MPV shape, and the style of horizontal split taillights is somewhat similar to the current Touran L.

　　The interior adopts a brand-new design, and uses a wood decorative board and a piano paint panel to enhance the sense of grade, which distinguishes it from the style of the current tool car. Following the concept of popular digitalization, the new Maitewei Multivan is also equipped with a 10.25-inch LCD instrument and a 10-inch central control panel, and uses an electronic lever design similar to that used on Golf 8.

　　The new Maitewei Multivan has also been upgraded with IQ.DRIVE Travel Assist intelligent driving assistance system, which realizes semi-automatic driving by combining predictive adaptive cruise control and lane assist system, making long-distance travel safer and easier. At the same time, it is also equipped with panoramic image function.

　　In terms of space, the new Maitewei Multivan provides a 7-seat layout in the form of 2+2+3. The middle row of seats can rotate 180 degrees, and the third row has three independent seats. The standard volume of the trunk is 469 liters, which can be expanded to 1844 liters when the third row is put down (the panoramic glass roof is 1850 liters). The maximum cargo capacity is 3672 liters, and the extended version can be extended to 4053 liters.

　　In terms of power, the new Maitewei Multivan will be equipped with 1.5T and 2.0T engines, matching the 7-speed dual-clutch gearbox; A diesel engine will be provided in overseas markets next year. In addition, the new Multivan will also provide a plug-in version for the first time, which consists of a 1.4T engine and an 85kW motor, and the transmission system is a 6-speed dual-clutch gearbox.

Yichexun During the 2024 Chongqing Motor Show, four new cars of Lifan brand were officially launched, includingRetro cruise V400, entry-level imitation KPR250 and two 125cc pedals.

Lifan KPR250 is priced at 12,999 yuan.

The new car is a brand-new entry-level imitation race under the brand, with a relatively traditional appearance. Judging from the current imitation race market, the overall design of this car doesn’t seem to have much bright spots. At this time, Lifan should still be under great pressure to enter the entry-level imitation race market with this attitude.

According to the configuration information given at the scene, we know that the tire size of the new car is 100/70-17 in the front and 130/70-17 in the rear. The brakes are made of double-piston calipers with a single disc in the front 300mm and single-piston calipers with a single disc in the rear 220mm. ABS and TC traction control are also standard for the new car.

In terms of power, the new car is equipped with a 250cc single cylinder engine. The maximum power of the engine is 21kW/9500rpm, the maximum torque is 23.5Nm/7500rpm, and the maximum speed is 129 km/h.

Lifan V400 is priced at 21,999-22,999 yuan.

The new car continues the classic American cruise design of Lifan V16.Round lamp modeling combined with the sense of power of American cruise is also a very popular style nowadays.

Equipped with dual-channel ABS+ front 320mm and rear 260mm disc brakes, it has sensitive response and worry-free braking, and can easily cope with both emergency braking and daily riding. Equipped with TCS traction control system, it can effectively prevent skidding and improve driving stability, even on wet roads. Double throttle cable design enhances the accuracy of throttle control, prevents speeding and makes driving safer and more reliable; Radial aluminum alloy wheels keep the stability when driving at high speed and turning, adapt to all kinds of bad road conditions, and make riding more assured.

The newly upgraded engine is the highlight of this V400. The maximum power of the engine is 29 kW/8,500 rpm, the maximum torque is 37 Nm/6,000 rpm, and the maximum speed can reach 155 km/h.

Lifan GRH125 Greyhound sells for 5999 yuan.

Lifan Greyhound focuses on urban commuting, and the pricing is the level of an electric bicycle. There is still a price/performance ratio. New carEquipped with full LED lamps, the car uses a large-screen negative display instrument, the large-screen design makes the information clear at a glance, and the high-definition display makes the content clearer and easier to understand.

Large-capacity storage box, simple in design without losing functionality, easy to store small items that pass daily, more convenient and quick to take and put, and hook design is more convenient for hanging personal belongings. In order to meet your charging needs, the model is also equipped with a convenient USB charging interface to provide charging service for mobile devices anytime and anywhere, making your travel more worry-free.

In terms of power, it is equipped with a 125cc single-cylinder air-cooled engine with a maximum power of 6.8kW/7500rpm and a maximum torque of 9.5Nm/6000rpm.

Lifan RAD125 doll cat sells for 6599 yuan.

The new car has become the first choice for users with its cute appearance, mature power, rich configuration and comfortable riding experience. The whole system is equipped with LED lamps and large-screen digital instruments, which is clear and concise.

Spacious storage space design, easy to accommodate half helmet, pleasant riding, easy to carry things. Built-in USB charging interface can fully charge your device at any time, and bid farewell to anxiety.

In terms of power, it is equipped with a 125cc single-cylinder air-cooled engine. The maximum power of the engine is 6.8kW/7500rpm, and the maximum torque is 9.5Nm/6000rpm. The official fuel consumption per 100 kilometers is only 2.1L

CCTV News:The Party’s Report to the 20th CPC National Congress put forward that we should resolutely win the protracted war against corruption, stressing that "as long as there is soil and conditions for corruption, the anti-corruption struggle can’t stop for a moment, and we must always blow the charge". The Second Plenary Session of the 20th Central Commission for Discipline Inspection also made arrangements for this year’s anti-corruption work. Since the first half of this year, which areas have become the focus of anti-corruption? What progress has been made in hunting tigers, flies and foxes? Let’s take a look at the anti-corruption effect in the first half of this year.

At 3: 00pm on January 6th, the State Supervision Commission of the Central Commission for Discipline Inspection reported successively the news that Ji Binchang, then chairman of Qingdao CPPCC, He Zehua, former member of the Party Group and deputy director of the State Tobacco Monopoly Bureau, Wang Xuefeng, former deputy director of the Standing Committee of Hebei Provincial People’s Congress, and three middle-ranking cadres were dismissed. "Three tigers a day" has once again become the focus of society.

In the first half of this year, the State Supervision Commission of the Central Commission for Discipline Inspection has announced that 24 middle-ranking cadres have been examined and investigated, and issued a notice that 7 middle-ranking cadres have been punished by party discipline and government affairs. The website of the State Commission for Discipline Inspection of the Central Commission for Discipline Inspection reported the news that more than 340 bureau-level cadres were dismissed, and more than 200 bureau-level cadres were notified by party discipline and government affairs.

Song Wei, Deputy Director of Beijing Clean Government Construction Research Base:Corruption is the biggest cancer that harms the party’s vitality and combat effectiveness. In the first half of this year, discipline inspection and supervision organs at all levels, in strict accordance with the decision-making arrangements of the CPC Central Committee, made concerted efforts to fight corruption and punish evil with a zero-tolerance attitude, more effectively curbed the increase of corruption, more effectively eliminated the stock of corruption, and continuously purified the political ecology. It fully reflects that as long as the soil where corruption breeds still exists, the anti-corruption struggle will never stop, and the charge must be sounded forever.

The domestic anti-corruption efforts are undiminished, the rhythm is unchanged, and the scale is not loose. The international pursuit of recovery also continues to exert its strength. In March this year, Skynet 2023 was officially launched. In the first half of the year, Wang Dongsheng, a "Hongtong personnel" who fled for nearly 9 years, returned to China to surrender; Li Xi’ an, the former director of Xi’ an Grain Bureau, was arrested and brought to justice less than two months after fleeing; Guo Jiefang, the 62nd "100 Hongtong personnel", returned to China and surrendered himself. Constantly release the strong signal that "if you escape, you must chase it and chase it to the end."

Focus on anti-corruption: state-owned enterprises’ financial grain purchase and sale and other fields

Judging from the distribution of party member cadres who lost their jobs in the first half of the year, in addition to the leading cadres of the party and government organs, there are also personnel in key areas and key positions such as state-owned enterprises, finance, grain purchase and sale. These areas with centralized power, intensive capital and rich resources are the focus of anti-corruption this year.

In January this year, Yu Zhebin, former Party Secretary, Chairman and General Manager of Panzhihua Public Transport Company in Sichuan Province, was sentenced to four years’ imprisonment and fined 400,000 yuan by Panzhihua Eastern District People’s Court for accepting bribes.

After investigation, Yu Zhebin took advantage of his position to seek benefits for others in engineering construction and bus procurement, and received money from others totaling 2.105 million yuan. Among them, nearly 1.7 million yuan came from the sales staff of bus manufacturers.

Rao Shu, Director of the Third Discipline Inspection and Supervision Office of the Eastern District Commission for Discipline Inspection, Panzhihua City, Sichuan Province:Yu Zhebin’s case is a typical case of "relying on enterprises to eat enterprises". Through related party transactions, he connived at certain related parties to illegally undertake profitable business to earn huge profits, and used the power of project examination and approval, vehicle purchase and other rent-seeking to form a circle with unscrupulous businessmen to "eat" enterprises, get kickbacks and accept bribes, in exchange for personal gain at the expense of enterprise interests and state-owned assets, which seriously damaged the business environment and damaged the legitimate rights and interests of state-owned enterprises.

This year, anti-corruption in key areas such as state-owned enterprises, finance and grain purchase and sale continued to advance.

In the first round of the 20th Central Committee’s patrol, 30 central enterprises were routinely patrolled, and five financial institutions were patrolled "looking back". The focus of this patrol included in-depth investigation of corruption in state-owned enterprises and promotion of solving outstanding problems in the financial sector.

Since the first half of the year, the State Supervision Commission of the Central Commission for Discipline Inspection has seriously investigated and dealt with Xu Wenrong, former deputy secretary and deputy general manager of China Petroleum, Zhou Qingyu, former party secretary and vice president of China Development Bank, Li Xiaopeng, former party secretary and chairman of China Everbright Group, Liu Liange, former party secretary and chairman of China Bank, Li Dong, former party member and deputy general manager of National Energy Group, and other state-owned enterprises and middle-level cadres in the financial field, and successively released the news that six batches of central enterprise managers were examined and investigated; Discipline inspection and supervision organs around the country kept a close eye on the "granary rats" and seriously investigated and notified a number of typical cases of corruption in the field of grain purchase and sale, in order to effectively supervise the escort food safety.

Song Wei, Deputy Director of Beijing Clean Government Construction Research Base:Once problems occur in these fields, they often involve large projects and large funds, which will bring very serious adverse effects, affect our high-quality development to a certain extent, and seriously hinder the promotion of Chinese modernization. By focusing on rectifying corruption in these areas, we can promote the process of establishing rules and regulations and promote the better and high-quality development of these key areas.

Anti-corruption in sports has aroused social concern.

In addition to some key areas, there is another area of anti-corruption work in the first half of this year that has also aroused widespread concern in society.

CCTV reporter Song Wei:On March 27 this year, the list of the first round of inspections by the 20th Central Committee was announced. The news of "conducting a mobile inspection of the party group of the State Sports General Administration" quickly became a social hot spot. Less than a week later, the State Supervision Commission of the Central Commission for Discipline Inspection informed Du Zhaocai, then a member of the party group and deputy director of the State Sports General Administration, that he was under investigation. Anti-corruption in the field of sports has become a major focus of anti-corruption work this year.

At the conference on building a clean and honest party style and anti-corruption work in 2023 held by the State Sports General Administration in April, the relevant person in charge of the discipline inspection and supervision team of the General Sports Administration clearly pointed out some outstanding problems in the current sports field, such as the gap in the practice of "two maintenances", the weakening of the party’s leadership, the loose and soft management of the party, the lax and unrealistic discipline style, and the great risk of honesty.

Since the first half of this year, there have been a number of party member cadres in the field of sports, such as Hu Guangyu, then deputy director of the Political and Legal Department of the State Sports General Administration, Chen Xiaoyuan, then chairman of the China Football Association, Li Yuyi, then chairman of the China Football Association, Yu Hongchen, then chairman of the China Athletics Association, Liu Aijie, former chairman of the China Rowing Association and the China Canoeing Association, and Ma Chengquan, former chairman of the Super League Company.

Sun Dawei, Deputy Secretary General of China Integrity Research Center of Chinese Academy of Social Sciences:The construction of a sports power is a major strategic plan made by the party and the country with a long-term view. However, there is still a gap between the requirements of the party and the country and the expectations of the people in many sports fields, especially the management of some sports associations is chaotic, cronyism is rampant, and professional and systematic corruption appears in the football field. Discipline inspection and supervision organs at all levels and relevant competent departments should resolutely punish "relying on the body to eat the body", thoroughly find out and promote the solution of corruption and deep-seated institutional mechanisms in the sports field, and provide a strong political and disciplinary style guarantee for creating a new situation in building a sports power.

Screenshot from official website of China Securities Regulatory Commission.

China Net News April 17 (Reporter Hu Yongping) The noisy acquisition of Wanjia Culture by Zhao Wei and his wife finally came to fruition after a lapse of nearly half a year. On April 16th, the CSRC issued the Decision on Administrative Punishment and the Decision on Market Prohibition in official website, ordering Wanjia Culture and Longwei Media to make corrections, giving them a warning and imposing a fine of 600,000 yuan respectively. Kong Deyong, Huang Youlong, Zhao Wei and Zhao Zheng were given warnings and fined 300,000 yuan respectively. Huang Youlong, Zhao Wei and Kong Deyong were banned from the securities market for five years respectively.

This time, the CSRC issued the official Decision on Administrative Punishment. It has been five months since November 2017, when Wanjia Culture (renamed Xiangyuan Culture) received the Notice of Administrative Punishment and Market Prohibition from the CSRC. During this period, Zhao Wei and Huang Youlong filed a defense with the CSRC.

The punishment decision of the CSRC published the arguments of Huang Youlong and Zhao Wei in detail and refuted them one by one.

According to the facts, nature, circumstances and social harm of the parties’ illegal acts, and according to the provisions of the first paragraph of Article 193 of the Securities Law, the CSRC decided to order Wanjia Culture and Longwei Media to make corrections, give them a warning and impose a fine of 600,000 yuan respectively; Kong Deyong, Huang Youlong, Zhao Wei and Zhao Zheng were given warnings and fined 300,000 yuan respectively.

The decision also states that the above-mentioned parties shall remit the fine to China Securities Regulatory Commission within 15 days from the date of receiving this penalty decision. If a party refuses to accept this punishment decision, he may apply to China Securities Regulatory Commission for administrative reconsideration within 60 days from the date of receiving this punishment decision, or bring an administrative lawsuit directly to the people’s court with jurisdiction within 6 months from the date of receiving this punishment decision. During the period of reconsideration and litigation, the above decision shall not be suspended.

The five-year ban means that during these five years, Mr. and Mrs. Zhao Wei and Mr. Huang Youlong may not continue to engage in securities business in the original institution or serve as directors, supervisors or senior managers of the original listed company, nor may they engage in securities business in any other institution or serve as directors, supervisors or senior managers of other listed companies.

Securities and Futures Commission points out "five sins" of Longwei Media:

1. Longwei Media’s acquisition of listed companies by shell companies and its hasty announcement have seriously misled the market and investors under the circumstances that the funds in its own territory are insufficient and the financing of relevant financial institutions has yet to be approved, and there is great uncertainty.

The acquisition requires a total of 3,059.9 million yuan. In the acquisition plan, Longwei Media has its own funds of 60 million yuan, and the remaining funds are borrowed, with a leverage ratio of 51 times. Only after the signing of the Share Transfer Agreement did Longwei Media negotiate financing with the relevant banks, and the financing funds of this bank need to be approved by the head office, and there is still uncertainty whether it can be finally approved.

Longwei Media was established one month before the acquisition. During this period, the funds were not fully prepared. Under the circumstances that the funds payable in China were limited and the funds to be incorporated by financial institutions were not fully prepared, it adopted a highly leveraged acquisition method and signed an equity transfer agreement. In the case that the performance ability and performance results are not exact, and the authenticity and accuracy of the acquisition behavior cannot be guaranteed, the acquisition information is rashly announced. Due to the superposition of celebrity effect and other factors, its behavior seriously misled the market and investors, aroused great concern from the market and the media, and caused the stock price of Wanjia Culture to fluctuate greatly, seriously disrupting the normal market order.

2. There are false records and major omissions in the information disclosure of Longwei Media about the financing plan and arrangement.

Longwei Media said in its reply to the inquiry letter on January 12, 2017 that it pledged financing of 1,499.9 million yuan to financial institutions, and the disclosed financing amount was inconsistent with the actual situation that CITIC Bank planned to provide financing of 3 billion yuan to Longwei Media.

The payment method disclosed by Longwei Media in its reply to the inquiry letter on January 12, 2017 is a definite step and a definite amount, but it is not completely disclosed that the payment method will be adjusted with the approval of financial institutions.

Longwei Media did not specify the huge uncertainty of financing of financial institutions in the announcement, and there were major omissions.

3. Longwei Media did not disclose the failure to reach financing cooperation with financial institutions in time.

On January 12, 2017, Longwei Media said in its reply to the inquiry letter of Shanghai Stock Exchange through Wanjia Culture that the approval process for stock pledge financing of financial institutions is expected to be completed before January 31, 2017. The evidence shows that on January 23, 2017, Wanjia Group and Longwei Media knew that their financing plan to CITIC Bank Hangzhou Branch had not been approved by CITIC Bank Head Office. As of January 31, 2017, Longwei Media has not reached a financing cooperation with any financial institution.

4. Longwei Media has made major omissions in the disclosure of the reasons for failing to complete the financing plan on schedule.

Longwei Media attributed the failure to complete the financing plan on schedule to the failure of financing approval of financial institutions in the announcement disclosed by Wanjia Culture on February 16, 2017. It did not disclose the fact that Yinbixin did not prepare enough funds when the second equity transfer payment should be paid, and there were major omissions.

5. Longwei Media’s information disclosure about actively promoting the successful completion of this transfer of controlling interest has false records and misleading statements.

On January 12, 2017, Longwei Media said in its reply to the inquiry letter of Shanghai Stock Exchange through Wanjia Culture, "If Longwei Media fails to obtain the stock pledge financing of financial institutions in time and in full, Longwei Media will actively communicate with Wanjia Group to make this transaction complete smoothly, and continue to seek the stock pledge financing of other financial institutions."

The evidence shows that Longwei Media did not actively communicate with Wanjia Group and did not contact other financial institutions to seek financing after the approval of CITIC Bank failed, and there were false records and misleading statements in information disclosure. According to Kong Deyong’s inquiry record, Longwei Media did not actively communicate with Wanjia Group after the financing approval of CITIC Bank failed. On February 7, 2017, Huang Youlong sent Zhao Zheng to directly discuss with Kong Deyong about the termination of the acquisition of the controlling stake. At the same time, Huang Youlong, Zhao Zheng and others also said that after the financing plan of CITIC Bank was not approved, Longwei Media had no contact with other financial institutions.

　　It is reported that Krypton was listed on the New York Stock Exchange a year ago, setting a new record for the fastest listing in the history of new energy vehicle companies. By September, 2024, Geely officially issued the Taizhou Declaration, which includes five measures: strategic focus, strategic integration, strategic coordination, strategic stability and strategic talents. It is planned to form Geely Automobile Group and Krypton Technology Group, two major automobile business entities, in the passenger car sector. Among them, Geely Automobile also announced the strategic goal of the Group in the next three years: by 2027, the vehicle sales will exceed 5 million units, and it will become a leader in the intelligent transformation of electrification and high-quality development, and gradually form a differentiated green and intelligent ecological competitiveness.
　

　　Online games have always been a young model, but recently, Shu Qi broke the convention and joined the fray as a film queen, rarely showing off his cute appearance, and even playing the pro-people card to announce or meet fans.

　　Many post-80s young models have become spokesmen for online games. After Chrissie Chau and Elizabete were announced as spokesmen for the games earlier, Shu Qi, who is the winner of the film, also announced that she would join the battle group at the age of 34, while Miriam Yeung, Xiong Dailin and Jessica C. Will also enter one after another.

Show a rare and lovely shape

　　Earlier, Shu Qi was taken a fancy to by Zhang Baohua, the founder of Go Yeah, and was awarded the tailor-made online game, becoming the first post-film spokesperson. A new round of fierce fighting in online games is just around the corner. To this end, Shu Qi, who was busy filming, secretly took time to take photos for the endorsement game earlier, and went into battle with different styles such as sports, perspective and white collar. In order to meet the needs of the game, Shu Qi rarely showed his unique skills to fans, showing cute looks, such as blowing kisses, twisting his ears and other big photos, which were as cute as the young models born in the 1980s.

Preview will be fans.

　　Regarding the shooting work, Shu Qi said that he had the feeling of returning to childhood: "The expressions and actions are so cute and exaggerated. It seems that when I play mahjong online, I have different exaggerated expressions when I lose and win." For the first time, Shu Qi predicted that he would meet fans: "I will check the leaderboards online every day. If the response is enthusiastic, I want to meet or get together with them." Play the pro-people card.

　　In addition, Shu Qi even revealed that his childhood idol was Jacky Cheung: "I like Xueyou very much. I tried to dream of him for three consecutive nights, and he was still my boyfriend in the dream." As for the goddess in mind, Shu Qi chose Gong Li and Maggie Cheung.

() The operating comments of the Board of Directors in 2023 are as follows:

　　I. The industry in which the company is located during the reporting period.

(a) the basic situation of the company’s industry

The company is a high-tech enterprise that integrated smart energy solutions from the Internet of Things earlier in China, and is committed to improving the informationization and intelligence level of energy management with the new generation of information technologies such as the Internet of Things, big data, cloud computing, GIS geographic information and digital twins. After years of development, the company has accumulated a number of core technologies and patented products in the field of smart energy management, and built an efficient overall solution of Internet of Things, including data perception, data transmission, data analysis and data application to the overall digital transformation. The company’s products are mainly used in the digital management of energy management departments such as water companies, gas companies, heating companies, water conservancy bureaus and agricultural bureaus.

With the acceleration of urbanization and population growth, especially the rapid development of big data information technology, the comprehensive application of new technologies and Internet thinking is an inevitable choice for energy management departments to improve their public service capabilities and ensure the sustainable development of energy. In recent years, with the rapid development of next-generation information technologies such as Internet of Things, big data and cloud computing, and the continuous overweight of policies related to digital economy, water, electricity, gas and heating, as key components of people’s lives, its intelligent management has become the general trend, bringing greater development opportunities to the industry in which the company is located.

1. The development of digital economy accelerates the digital transformation of energy management.

Digital economy is an important embodiment of the country’s comprehensive strength in the digital age and an important engine for building a modern economic system. Major countries in the world attach great importance to the development of digital economy, and have issued strategic plans and taken various measures to create new competitive advantages. The digital economy is promoting profound changes in production methods, lifestyles and governance methods, and has become a key force in reorganizing global factor resources, reshaping the global economic structure and changing the global competitive landscape. In January, 2022, the State Council issued the "14th Five-Year Plan for Digital Economy Development", which stated that during the 14th Five-Year Plan period, China’s digital economy will turn to a new stage of deepening application, standardized development and universal sharing, and it is necessary to promote the intelligent upgrading of infrastructure in an orderly manner and accelerate the digital transformation of infrastructure in the fields of energy, transportation, water conservancy, logistics and environmental protection. Promote the construction of new urban infrastructure and improve the intelligent level of municipal public facilities and buildings. Vigorously improve the level of agricultural digitalization, promote the comprehensive information services for agriculture, rural areas and farmers, and innovate and develop smart agriculture. Strengthen the in-depth application of technologies such as big data, Internet of Things and artificial intelligence, and improve the digital level of agricultural production and operation. Promote the development of cloud network collaboration and computing network integration, and provide systematic artificial intelligence services for key emerging fields such as government services, smart cities, intelligent manufacturing, autonomous driving, and language intelligence.

In February 2023, the General Office of the State Council issued the Overall Layout Plan for the Construction of Digital China, which clearly pointed out that the construction of digital China is an important engine for promoting Chinese modernization in the digital age and a strong support for building a new competitive advantage of the country. We should focus on promoting high-quality development, coordinating development and safety, strengthening system concepts and bottom-line thinking, strengthening the overall layout, and comprehensively improving the integrity, systematicness and optimization of the construction of digital China in accordance with the strategic path of laying a solid foundation, empowering the overall situation, strengthening capabilities and optimizing the environment. It is also proposed that by 2025, an integrated promotion pattern with horizontal opening, vertical penetration and strong coordination will basically be formed; By 2035, the level of digital development will be in the forefront of the world, and great achievements will be made in the construction of digital China.

Smart water, smart gas, smart heat and smart agriculture are the foundations to promote the construction of smart cities and digital villages in China. With the vigorous development of digital economy and digital China, the digital transformation of energy, water conservancy, municipal infrastructure and agricultural production and operation will be accelerated, which will bring greater development opportunities for related products of the company.

According to Zhiyan Consulting, the market penetration rate of smart water meters in China has increased year after year from 2008 to 2021. In 2008, the market penetration rate of smart water meters was only 8.1%, and in 2021, the market penetration rate of smart water meters has risen to over 40%. With the construction of new urbanization, smart city, sponge city, water-saving city and urban-rural water supply integration, smart water meters will cover more residents and users in the future. According to Zhiyan Consulting’s In-depth Investigation and Investment Prospect Analysis Report of China Smart Water Meter Market from 2020 to 2026, it is estimated that the sales volume of China’s smart water meter market will be 50 million units in 2022 and 70 million units in 2026, and the demand for smart water meters will be broad.

2. The digital construction of water network will accelerate the development of smart water service, smart water meter and smart agriculture water-saving industry.

National water network is an important component of national infrastructure system, and it is an important foundation and support for systematically solving water disasters, water resources, water ecology and water environment problems and ensuring national water security. In order to accelerate the construction of China’s water network, on May 25th, 2023, the Central Committee of the Communist Party of China and the State Council issued the Outline of National Water Network Construction Planning, which proposed that in 2025, China should build a number of national water network backbone projects, and make efforts to fill the shortcomings and weak links such as water resources allocation, urban and rural water supply, flood control and drainage, water ecological protection, and intelligent water network, so that the intelligent level of water network projects has been improved and the national water security guarantee capacity has been significantly enhanced. By 2035, the overall pattern of the national water network will be basically formed, the main skeleton and arteries of the national water network will be gradually completed, the water networks of provinces, cities and counties will be basically improved, and a national water security system will be built to meet the basic realization of socialist modernization. The management and protection mechanism for the benign operation of the national water network project is sound, and the application of digital, networked and intelligent dispatching is basically realized.

The outline also proposes to promote the high-quality development of the national water network and strengthen the digital construction of the water network. Deepen the integration of national water network project and new infrastructure construction, promote the digital and intelligent construction of water network project, build digital twin water network, improve the digital level of water network project, and realize the dynamic real-time information interaction and deep integration between physical water network and digital water network. Promote the connection between water network engineering and digital platforms of related industries to realize information sharing. Improve the intelligent level of water network dispatching management, improve the water network monitoring system, promote the application of new technologies and means such as new generation communication technology, high-resolution remote sensing satellite and artificial intelligence, improve the automation and intelligence level of monitoring equipment, and create a full coverage, high precision, multi-dimensional and safe water network monitoring system. Accelerate the construction of national water network dispatching center, big data center and basin sub-center, and build a national water network dispatching command system. Through intelligent simulation, it supports the simulation analysis of all factors forecast, early warning, rehearsal and plan of water network, provides intelligent decision support, and improves the comprehensive dispatching management level of water network such as flood control, water supply and ecology. Promote the integrated development of national water network and modern agriculture, build a number of modern large-scale irrigation areas in major grain producing areas and areas with suitable water and soil resources conditions, and improve the ability of grain production support; Promote the continuous construction and transformation of large and medium-sized irrigation areas, and improve the efficiency of water transmission and distribution in irrigation areas.

Smart water meter, smart water service and smart water conservancy are the keys to the intelligent construction of water network. With the blessing of relevant policies for the construction of smart water network, there will be greater market demand for smart water meter, smart water service and smart agricultural water-saving products.

3, water supply network leakage control to accelerate the application of smart water and smart water meter.

With the development of urbanization, the construction of water supply network facilities in cities and counties in China has achieved remarkable results, and the popularization rate of public water supply has been continuously improved, but the leakage rate of water supply network in many cities and counties is high. According to the Statistical Yearbook of Urban Construction in 2022 issued by the Ministry of Housing and Urban-Rural Development, in 2022, the length of urban water supply pipelines in China was 1,103,000 kilometers, an increase of 4.06% compared with 2021; The urban water penetration rate further rose to 99.39%. In 2022, the water leakage of public water supply networks in 32 major regions of China was 8.191 billion cubic meters, with an average leakage rate of 12.89%, and the water leakage rate in some regions was as high as 20%. The leakage of water supply network is serious. Leakage of pipe network not only wastes water resources, increases the cost of water supply enterprises, but also affects water quality and brings hidden dangers to drinking water safety.

In order to reduce the leakage of public water supply network and improve the efficiency of water resources utilization, in January 2022, the Ministry of Housing and Urban-Rural Development and the National Development and Reform Commission jointly issued the Notice on Strengthening the Leakage Control of Public Water Supply Network, which stated that the leakage rate of urban public water supply network in China should be controlled within 9% by 2025. In February of the same year, the National Development and Reform Commission and the Ministry of Housing and Urban-Rural Development issued the Notice on Organizing the Pilot Construction of Leakage Control of Public Water Supply Network: it is planned to select 50 pilot cities for leakage control of public water supply network, with the goal that the leakage rate of public water supply network is higher than 12% (in 2020), and the leakage rate is not higher than 8% in 2025, and that of other pilot cities (counties) in 2025.

The Notice also puts forward five tasks: (1) Implementing the reconstruction project of water supply pipe network. Combined with urban renewal, renovation of old residential areas, renovation of secondary water supply facilities and renovation of one household and one meter, the water supply pipe network that has exceeded its service life, is backward in materials or damaged and disrepair will be renovated to ensure the construction quality. (2) Promote the water supply network partition metering project. In the pipeline construction and renovation, equipment installation and district metering system construction, advanced flow metering equipment, valves, water pressure and water quality monitoring equipment and data acquisition and transmission devices are actively promoted to gradually realize the grid and fine management of water supply network. Implement the transformation of "one household, one meter". Improve the municipal, greening, fire protection, sanitation and other water metering systems. (3) Promote the pressure control project of water supply network. In the high pressure area of water supply network, pressure regulating equipment should be configured at the key nodes of water supply network; In the low-pressure area of water supply network, water supply pressure should be guaranteed by forming water supply ring network and secondary pressurization, so as to gradually realize the space-time balance of water supply network pressure. (4) Carry out intelligent construction project of water supply pipe network. Establish an intelligent water supply management platform based on the Internet of Things. Gradually improve the information and intelligent management level of urban water supply network leakage. Popularize the experience of intelligent transformation and operation management of urban water supply network in typical areas. (5) Improve the management system of water supply network. Promote water supply enterprises to share the data of water supply network geographic information system, revenue, table service, dispatching management and leakage control, and strive to achieve unified collection, unified management and unified operation.

The introduction of the above leakage control policies will further promote water companies to reduce costs and increase efficiency by increasing information means, and catalyze the prosperity of smart water, smart water meters, smart electromagnetic flowmeters and other related products, and the market demand will be accelerated. According to the data compiled by Zhiyan Consulting, the smart water market in China will be 10.44 billion yuan in 2020, and it is estimated that the smart water market will be 20.94 billion yuan in 2025. Smart water will usher in an opportunity period of rapid development.

4. Rural revitalization, high-standard farmland construction and other factors promote the development of smart agriculture and smart water saving.

Rural revitalization is a key measure to build a beautiful China. Promoting rural revitalization and accelerating the construction of an agricultural power throughout the country is a strategic plan made by the CPC Central Committee with a view to building a socialist modernization power in an all-round way. A strong country must first strengthen agriculture and strengthen Fang Guoqiang by agriculture. Farmland is the key to agricultural development and the foundation of food security. The construction of high-standard farmland is an important foundation to ensure national food security and an effective means to promote agricultural transformation and upgrading. Accelerating the construction of high-standard farmland is of great significance to improving agricultural production conditions, promoting the scale of agricultural industrialization, promoting the sustained and stable development of agriculture and helping rural revitalization.

On September 6, 2021, the Ministry of Agriculture and Rural Affairs issued the National High-standard Farmland Construction Plan (2021-2030), which proposed to build 1.075 billion mu of high-standard farmland by 2025, and upgrade and upgrade 105 million mu of high-standard farmland. By 2030, 1.2 billion mu of high-standard farmland will be built, and 280 million mu of high-standard farmland will be upgraded to ensure a stable grain production capacity of more than 1.2 trillion Jin. It is mentioned that high-efficiency water-saving irrigation and high-standard farmland construction will be planned and implemented simultaneously, and 110 million mu of new high-efficiency water-saving irrigation construction tasks will be completed during the planning period.

In January, 2023, the Central Committee of the Communist Party of China and the State Council issued the Opinions on Doing a Good Job in Promoting Rural Revitalization in 2023, which mentioned: (1) Strengthening the construction of high-standard farmland. Complete the annual task of new construction, renovation and upgrading of high-standard farmland, focus on filling shortcomings such as soil improvement and farmland irrigation and drainage facilities, and make overall plans to promote efficient water-saving irrigation. Formulate an implementation plan to gradually build all permanent basic farmland into high-standard farmland (2) Strengthen the construction of water conservancy infrastructure. Solidly promote the construction of major water conservancy projects and accelerate the construction of the backbone network of the national water network. Accelerate the construction and modernization of large and medium-sized irrigation areas. Strengthen the construction of farmland water conservancy facilities such as the connection between the field drainage system and the backbone projects of irrigation areas.

In February 2023, the Ministry of Rural Agriculture issued the "Implementation Opinions on Implementing the Central Committee of the Communist Party of China’s the State Council’s Plan for Comprehensively Promoting the Key Work of Rural Revitalization in 2023", which proposed to formulate an implementation plan for gradually building all permanent basic farmland into high-standard farmland, clarify the task layout and timing arrangement by region and type, and increase investment and sustainable construction. Implement the annual task. Ensure the completion of the annual task of building 45 million mu and upgrading 35 million mu, make up for shortcomings such as soil improvement and field irrigation and drainage facilities, and make overall plans to promote the construction of efficient water-saving and water-fertilizer integrated facilities.

On May 30, 2023, the General Office of the Ministry of Water Resources issued the Notice on Promoting the Construction of Digital Twin Rural Water Supply Project, which mentioned that in accordance with the requirements of "demand traction, application first, digital empowerment and capacity improvement", in order to realize the "four pre-plans" function of rural water supply business, taking digital scenes, intelligent simulation and accurate decision-making as the path, a number of digital twin rural water supply projects will be built or upgraded in about three years.

On October 9, 2023, the Ministry of Water Resources issued "Guiding Opinions on Accelerating the High-quality Development of Rural Water Supply". The opinions put forward that it is necessary to fully implement the requirements of rural revitalization strategy, accelerate the integration of urban and rural water supply and the large-scale development of centralized water supply, establish and improve the water quality guarantee system, and maximize the realization of urban and rural water supply with the same source, network, homogeneity, service and supervision. By 2035, the rural water supply project system and the benign operation management and protection mechanism will be further improved, and the rural water supply will be basically modernized. Accelerate the installation of water metering equipment, promote water metering and charging, and let rural people use "safe water" and pay "clear fees". Strengthen digital empowerment, realize the functions of forecasting, early warning, rehearsal and pre-planning, promote the construction of digital twin rural water supply projects, and improve the level of digitalization, networking and intelligence.

In recent years, the state has successively issued a series of industrial policies to encourage the use of emerging technologies such as big data and cloud computing to develop smart agriculture and digital villages, establish and improve an intelligent and networked agricultural and rural production and operation service system, and use digital technology to plug in the wings of "wisdom" for modern agricultural and rural development. With the rapid development of the Internet of Things and the proposal of the national rural revitalization strategy, digital technology has become a key link in building a modern agricultural industrial system and a new kinetic energy to stimulate rural revitalization. With the promotion of many factors, smart agriculture has broad prospects. According to the forward-looking forecast, the market size of smart agriculture will maintain medium-high speed development. Based on the preliminary calculation of the compound annual growth rate of 10%, the market size of smart agriculture in China will be 75.4 billion yuan in 2022, and it is expected to reach 121.4 billion yuan in 2027. The great development of smart agriculture has brought good market opportunities for the company’s smart agriculture water-saving related products.

5. Expanding the scale of natural gas use to promote the healthy development of the smart gas meter industry.

Natural gas is a high-quality, clean and low-carbon energy. With the development of low-carbon economy, energy structure adjustment and policy-driven, natural gas-based clean energy has gradually become the mainstream. According to statistics, the total supply, consumption and population of natural gas in China are on the rise as a whole, and the expansion of natural gas use scale has prompted the gas industry to usher in new development opportunities. As an important part of gas system, the market demand of gas meters is closely related to the total supply of natural gas and the number of gas users. In recent years, with the overall upward trend of natural gas consumption in China, the healthy development of intelligent gas meter industry has been promoted. At the same time, with the frequent occurrence of gas safety accidents in recent years, the safety of the natural gas industry has been promoted to a new height, and the concept of safe gas use has been deeply rooted in the hearts of the people, making intelligence a trend of the times. As an important part of gas operation management, in recent years, under the background of smart city construction and Internet of Things era, the scale of the smart gas meter market is constantly increasing.

According to the statistics of Zhiyan Consulting, from 2015 to 2021, the annual market scale of smart gas meters in China has increased from 4 billion to 8.761 billion yuan, and the growth rate of market scale in 2021 is 13.73% compared with 2020. It is estimated that the market scale of smart gas meters in China will reach 10 billion yuan in 2024, and will increase to 11.923 billion yuan in 2028.

6. The goal of "double carbon" brings medium and long-term strategic opportunities for the company’s wisdom and heat.

In recent years, the domestic heating area, heat supply and heating pipe length have been increasing continuously. According to the statistics of the Ministry of Housing and Urban-Rural Development, the national central heating area was 8.309 billion square meters in 2017, and it has risen to 11.125 billion square meters in 2022. In 2017, the national central heating pipeline reached 276,300 kilometers, and in 2022, the national central heating pipeline reached 493,400 kilometers. With the increase of the central heating area and the length of the central heating pipeline, the traditional heating facilities are inefficient and the energy consumption is too high. Moreover, the heating system technology in most areas is backward, and the heat metering control measures are not adopted. Therefore, the heating enterprises cannot accurately control the whole heating system according to the heating needs of heat users. Excessive heating or insufficient heating occurs from time to time, and the difficulty of heating management increases. The traditional heating management mode has been difficult to ensure the safe and efficient operation of the heating system. New technologies and new technologies are used to replace the traditional heating management mode and promote the wisdom of the heating industry.

In addition, under the background of "double carbon", the heating industry will face the pressure of energy saving and emission reduction. According to statistics in 2020, China’s carbon dioxide emissions are about 10 billion tons, of which the carbon emissions generated by central heating are nearly 1 billion tons. Only the energy consumed by heating in northern towns in China is equivalent to the sum of all energy consumption in the UK. Realizing carbon emission reduction and energy transformation has become one of the important issues that heating enterprise managers need to think about. Under the background of the national "double carbon" strategy and policy, the contradiction between the existing urban heating system and the government’s green and low-carbon development strategy and the growing demand for heating by residents has become increasingly prominent.

As a major carbon emitter, with the increasing heating area and population, energy saving in heating needs to be promoted urgently under the goal of "double carbon", and energy saving and consumption reduction in heating field will play a vital role in low-carbon emission reduction. It has become an inevitable trend to study energy-saving heating technology, realize on-demand heating and precise heating, and change the traditional extensive heating into smart heating. At present, China’s smart heating is still in its infancy, and its penetration rate is low. Under the resonance of the two main lines of "double carbon" and digital China, the future smart heating market has a broad space.

7. The Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods brings new development opportunities for the company.

On March 13th, 2024, the State Council issued the Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods, which proposed to speed up the equipment renewal in the fields of construction and municipal infrastructure. Around the construction of new urbanization, combined with the promotion of urban renewal and the transformation of old residential areas, focusing on residential elevators, water supply, heating, gas supply, sewage treatment, urban lifeline projects, etc., we will promote the renewal and transformation in different categories. Promote the upgrading of waterworks and pressurized storage water supply facilities and equipment in various places. We will promote the transformation of heating metering in an orderly manner and continue to promote the renovation of heating facilities and equipment. Continue to implement the renovation of aging pipelines such as gas. Promote the construction of intelligent sensing equipment for urban lifeline projects such as underground pipe networks and manhole covers.

The introduction of the above policies has brought new development opportunities for the company’s smart water, smart water meter, electromagnetic flowmeter, smart heat meter and smart gas meter.

(II) The industry status of the company

The company is one of the first high-tech enterprises in China to integrate smart energy solutions from the Internet of Things, and it is also a comprehensive solution provider of energy management Internet of Things with a complete range of products in the industry. The company has been deeply involved in the field of smart energy informatization for more than 20 years. It is a national-level "specialized and innovative" small giant enterprise, "Top 100 enterprises of China Internet of Things", "National Technological Innovation Demonstration Enterprise", "National Excellent Enterprise with Quality and Credit" and "Leading Enterprise with Innovation in Henan Province". The company owns hundreds of patents and software copyrights, and has participated in the formulation of nearly 50 national industry-related standards, which continues to lead the development of smart energy industry. At present, the company’s products have covered every province and city in China, providing many water groups and gas groups with Internet of Things solutions for energy management, and the company has established a high brand and popularity in the industry.

II. Main businesses of the Company during the reporting period

(a) the company’s main business and product overview

Since its establishment, Xintian Technology has been focusing on the research and development, production, sales and service of intelligent energy integrated solutions and related products of the Internet of Things. The company’s products mainly include Internet of Things smart water meters, smart gas meters, smart heat meters, industrial and commercial smart electromagnetic flowmeters, smart water affairs, smart agriculture water saving, smart water conservancy, smart heat and cloud services. The company has formed a strong R&D strength in the fields of Internet of Things technology, network communication technology, data transmission technology, automatic control technology, cloud computing technology, GIS geographic information technology, digital twinning, etc. During the R&D process, it has obtained many patented technologies and independent intellectual property rights, and has accumulated hundreds of patents and software copyrights. Based on the company’s mastery of many technologies, the company is a comprehensive solution provider of Internet of Things for energy management with a complete range of products in the industry. The company’s products cover energy measurement, data collection, data monitoring, data analysis and cloud platform services. The company’s products are widely used in digital management of energy management departments such as water companies, gas companies, heating companies and property management companies.

1. Internet of Things civil smart meter system

The company’s Internet of Things civil smart meter system mainly includes smart water meters, smart gas meters, smart heat meters and related software systems. The products are mainly applied to the intelligent measurement, monitoring and management of water, gas and warmth of residential users. The products adopt Internet of Things technology, automatic control technology, zero power consumption technology and cloud computing technology, which can realize remote data acquisition, remote data monitoring and remote control of valve opening and closing. In addition, it can also realize the functions of step pricing, abnormal alarm and arrears alarm, which solves the problems of traditional manual door-to-door meter reading, charging and abnormal detection in water companies and gas companies. At the same time, it also avoids the disadvantages caused by human factors, such as missing copying, misreading, less copying, human copying and meter reading disturbing people, and can effectively protect the privacy and safety of residents’ lives, which is in line with people’s pursuit of high-quality life.

2. Internet of Things industrial and commercial smart meter system

The company’s industrial and commercial intelligent meter system based on Internet of Things is developed to improve the economic benefits of water supply enterprises, solve the problem of low accuracy and small range of traditional mechanical water meters, and combine different application scenarios and application characteristics. The products have the advantages of wide range ratio, high accuracy and strong anti-interference ability. It is mainly used in the measurement of factory water, the regional measurement of pipe network leakage control, the trade measurement of industrial and commercial users and the refined management of secondary water supply. The system can remotely monitor the water flow and pressure of large users and pipe networks, and find out the leakage situation of pipe networks and regions through data analysis, which can effectively reduce the loss of water resources, reduce the difference between production and sales, and improve the yield of water supply.

3. Smart Water Affairs

Xintian Science and Technology Smart Water System integrates cloud computing, big data, artificial intelligence, digital twinning, GIS geographic information and Internet of Things technologies around the strategic development goals of water enterprises, which can relate many elements of water supply system such as water plant production, pressure, water quality, flow, energy consumption and secondary water supply to a comprehensive system platform, and realize the intelligent management and control of the whole process from the water source to the user tap.

Through modeling and analysis of water supply data, spatial analysis of pipe network and hydraulic model, the management of water companies will be scientific, standardized, streamlined, refined, electronic, networked and dynamic in a more refined and dynamic way. At the same time, through the whole process of operation data collection and storage, visual display of operation situation, dispatching analysis and decision-making, business process management, abnormal detection and early warning, operation energy efficiency analysis and intelligent report management, the pipe network explosion can be effectively reduced, and the leakage rate can be reduced, thus ensuring the safety of water supply system of water companies.

Xintian Smart Water Management and Control Integration Platform includes "two centers, six plates and 38 subsystems", covering the business fields of water companies such as production, pipe network, marketing, service, operation and decision-making.

The company’s smart water business application systems mainly include smart production (integrated water source management system, integrated water plant management system, production scheduling management system, integrated water quality management system and secondary water supply management system), smart pipe network (pipe network geographic information system, DMA leakage analysis system, inspection and maintenance system, pipe network leakage early warning system, pipe network online monitoring system and large user online monitoring system), smart marketing (business charging system, table management system, Registration management system, centralized copy management system), intelligent operation (equipment asset management system, engineering project management system, field work order management system, OA management system), intelligent service (customer service hotline system, WeChat public service system, Xiaoxin Zhishui APP, enterprise information portal), intelligent decision-making (online hydraulic model system, production scheduling optimization system, perception early warning system, emergency command system, KPI analysis system, leading cockpit)

3.1 A picture.

A visual management system of water supply data from the source to the faucet is constructed, which shows a picture of equipment assets, a picture of real-time equipment, a picture of personnel and vehicles, a picture of business processes, a picture of data scenes and a picture of emergency dispatch, which can view the whole picture of all kinds of water information in the city in real time and ensure the convenience, efficiency and refinement of enterprise production and operation.

3.2 Water Internet of Things Platform

The water Internet of Things platform adopts the mature IOT Internet of Things platform, which supports tens of millions of access and millions of concurrent connections. Covering the whole process from water source, water plant, pumping station, pipe network to users, multi-form three-dimensional monitoring network, 24-hour uninterrupted, continuous monitoring and remote monitoring, to achieve a thorough perception of the operation status of the whole water supply link, to achieve the purpose of timely grasping the online operation status of the pipe network and early warning and forecasting major pipe network accidents. In the event of an incident, it can quickly control the situation of the pipe network, start the corresponding emergency plan, effectively solve the impact of unexpected accidents, ensure the safety of urban water supply, and do a good job of security prevention afterwards.

3.3 Data center

By building a data center platform, a general platform suitable for information sharing between different systems is established, so that customers’ business processes, public data, application software, hardware and various standards can be United and seamless integration can be realized between different application systems, thus providing a foundation for big data analysis.

3.4 Production Scheduling Optimization System

On the basis of ensuring the quality of water supply service, the production scheduling optimization system collects all kinds of water supply data combined with the hydraulic model of pipe network, simulates various water supply conditions, studies and analyzes all aspects of water supply system management and operation, and selects the best scheduling strategy to meet the established objectives and constraints, so as to maximize economic and social benefits.

3.5 pipe network geographic information system

Combining the two-dimensional integration technology, internet technology and big data mining technology, it can meet the application needs of different scenarios of pipe network GIS, such as the input and editing of pipe network spatial data and attribute data; Conduct attribute query, spatial positioning, qualitative and quantitative statistics and analysis of pipelines and various facilities; Display and output all kinds of graphs (including cross-sectional and longitudinal views of pipelines) and statistical analysis reports; It provides a brake-closing scheme for the emergency repair and maintenance of pipe explosion and water leakage accidents, dispatches work orders and notices of water cut by users, thus realizing the information management of the pipe network, providing a strong scientific decision-making basis for water supply planning, design, scheduling, emergency repair and file management of library materials, and laying a good foundation for the optimal scheduling of the pipe network.

3.6 DMA leakage analysis system

Combined with the international water conservancy association and national industry standards, the water balance calculation method is mainly used to calculate the regional leakage water, regional production and sales difference water and water balance table, and analyze the leakage and production and sales difference status of the whole pipe network and all levels of statistical analysis zones from different spatial scales and different time scales, and identify the main influencing factors of leakage and production and sales difference; Comparative analysis of regional leakage and the difference between production and sales, and identification of key leakage areas; At the same time, with the cooperation of DMA partition leakage supervision, active leakage detection, pressure control and pipe network reconstruction technology, the monitoring and management level and ability of leakage and production difference are evaluated, and the leakage supervision of water supply pipe network and differential management of production and sales difference final accounts are realized.

3.7 Business Charge Management System

The business charge system is a comprehensive charge management system that integrates customer management, meter management (mechanical meter, IC card meter, remote transmission meter and large-caliber meter), financial management, meter reading and settlement, report analysis and report management. The system records, compares and analyzes all data from multiple angles and levels to support management decision-making. On the basis of accumulated industry knowledge and business experience for many years, the related business scenarios are sorted out in detail, and a powerful and flexible management system of water business charges is built by drawing lessons from the most advanced marketing design concepts in China.

3.8 Xiaoxin Zhishui APP

"Xiaoxin Zhishui" APP is a digital mobile office platform based on mobile industrial Internet and cloud computing technology, which provides rapid deployment for the water industry. Around the mobile office scene of water enterprises, APP has created a brand-new mobile smart water platform management and control mode. The platform is based on openness and micro-service, and integrates 6 application centers and 200 water applications, which can help users quickly establish an integrated water mobile application ecosystem.

3.9 Online Hydraulic Model System

The hydraulic model system integrates the static information of GIS with the dynamic information such as SCADA and revenue, and combines with the prediction, estimation and distribution of water consumption. According to the hydraulic theory, it carries out hydraulic modeling and simulation calculation for the urban water supply network, tracks the hydraulic operation state of the water supply system online, and calculates and simulates the hydraulic information such as the flow, pressure drop, velocity of all pipelines and the pressure of water plants and user nodes in real time, which provides a basis for scientific dispatching and management of the water supply system, and automatically verifies the model according to the real-time data to realize model analysis and analysis.

4. Smart gas

Xintian Science and Technology Smart Gas integrates cloud computing, big data, GIS geographic information and Internet of Things technology to realize real-time perception and metropolitan centralized management of gas stations, pressure, gas volume, combustible gas, energy consumption and gas supply equipment. With the new generation of information technology as a means, it integrates the advanced management mode of the industry, fully taps the data value, and realizes intelligent control, data resource utilization, accurate management and intelligent decision-making of gas business systems, so as to ensure the safe operation of gas facilities and create "wisdom"

Xintian Smart Gas includes six modules: smart station, smart pipe network, smart marketing, smart operation, smart service and smart decision.

Wisdom station

It is to supervise all aspects of daily operation and maintenance of gas supply station, which can comprehensively monitor the operation of the station, improve the operation and maintenance efficiency and control level, and reduce the cost of personnel control.

Smart pipe network

Intelligent operation and maintenance management and scientific scheduling are carried out for the core asset "pipe network" of gas enterprises, so as to realize early warning of abnormal events, real-time monitoring and early warning of major problems such as leakage, intuitively control the gas supply situation of pipe network, ensure safe gas supply and improve gas supply efficiency.

Smart marketing

Based on the business charging system, all the data of gas users are organically related, analyzed and managed, so as to provide customers with safer and more convenient charging services and make gas supply customers feel the convenience and more efficient services brought by smart gas.

Smart operation

There will be various unexpected situations in gas operation. How to prevent these production problems, deal with unexpected accidents in time, reduce the negative social impact and reduce property losses; Strengthening gas supply safety is the guarantee of safe production for gas enterprises.

Wisdom service

Today, with the accelerated construction of "smart city", the communication relationship between gas enterprises and users is strengthened, the service system is optimized, and the smart service bridges the communication between enterprises and users through various channels, greatly improving the efficiency of "solving problems" for the people.

Intelligent decision-making

It provides decision-making basis for gas supply managers to grasp the overall situation and strategize. Intuitive interface, showing the business data of each link of the enterprise, gaining insight into the operation status of the enterprise, and helping the gas enterprise to transform the operation () into high-value accessible information.

5. Wisdom and heat

Xintian Science and Technology Wisdom Thermal Power integrates cloud computing, big data, GIS geographic information and Internet of Things technologies around the strategic development goal of thermal power enterprises to realize real-time perception and metropolitan centralized management of heating equipment in all links of heating system. Through modeling and analysis of heating data, spatial analysis of pipe network and simulation model of pipe network, it manages the whole production, operation and service process of heating system in a more refined and dynamic way, and makes corresponding processing results to assist thermal power companies in management and management.

Based on the idea of heating integration, the top-level design of "one platform, two centers and six business sectors" is constructed, and the "six ones" development goal of heating intelligent management informatization construction is realized through the construction mode of "platform+application": "one network is fully aware, one map is overview of the overall situation, one platform is collaborative application, one library is shared by many parties, one set of standards leads the construction and one portal is unified service".

The platform includes six modules, including heating network monitoring, network-wide balance, energy-saving control, customer service marketing, metering and centralized reading, and operation management, and 28 subsystems, which provide strong support for the transformation and upgrading of information, digitalization, intelligence and intelligence of thermal enterprises.

Heating network monitoring: unify the monitoring, scheduling, data analysis model and business management of heating production into a comprehensive system platform, and combine the business work of enterprise production scheduling, pipe network emergency repair, business copy, pipe network asset management, etc., so as to realize the collection and storage of production and operation data, visual display of operation situation, scheduling analysis and decision-making, business process management, abnormal monitoring and early warning, operation energy efficiency analysis and report management in the whole process of heating network.

Balance of the whole network: integrating the problems of uneven cold and hot and high complaint rate in the second network of heating enterprises at present, taking the Internet of Things, cloud computing, big data analysis and automatic compensation algorithm as the core, and combining with products such as unit balance valve, household balance valve, room temperature collector and wireless temperature sensor, the collected data are analyzed in the background, and constant temperature (difference) control, constant flow control, quality-flow adjustment (quality parallel adjustment) and so on are adopted.

Energy-saving control: through collecting operation data and energy consumption data including heat source, heat exchange station and user metering equipment, real-time monitoring, data analysis, data diagnosis and processing, and diagnosis and evaluation of operation parameters of energy-consuming equipment, an index assessment system and a cost target system with complete energy efficiency information of heating system are established, and heating energy consumption problems are excavated and analyzed through "hydropower heat" big data, so that managers can see the energy consumption data of all links in the heating pipe network at a glance, grasp the energy consumption data in time, and supervise energy conservation and emission reduction.

Customer service marketing: adopting the integrated concept of platform-based unified management, integrating business modules such as registration, charging, hotline, maintenance and inspection, comprehensively opening up systems such as charging, customer service, finance, production and operation and maintenance, and starting from "collaborative work" and "agile response", innovating and reshaping the traditional management model, business model and service model, promoting business process reengineering and efficient development of operation management.

Metering centralized reading: to build an integrated metering platform for terminal heat users, heating enterprises and metering manufacturers, which is compatible with multi-manufacturer heat meters and concentrator communication protocols, so as to realize heating metering, heating data collection and remote transmission, remote intelligent charge management and control, hydraulic balance adjustment and data information remote transmission, so as to achieve measurability, adjustability, controllability and informationization.

Operation management: Establish the whole process supervision and evaluation system of "source-network-station-household" for heating enterprises, so that enterprises can clearly understand the overall situation of operation, optimize management strategies, accurately formulate a decision-making system supported by data, and help heating enterprises dig the value behind the data and realize value realization in combination with actual business.

6. Smart agriculture saves water

The company’s intelligent agricultural water-saving system is mainly developed to solve the problems of large water consumption, low irrigation efficiency and serious water waste. The system adopts technologies such as mobile Internet, cloud computing and wireless communication to realize intelligent water dispatching, water monitoring, information collection, information transmission and automatic control of equipment in irrigation areas and farmland, and can realize remote equipment control, flow monitoring and quantitative and accurate irrigation according to collected meteorological data, soil moisture, agricultural information and regional characteristics. At the same time, through computers, mobile phones, display screens and other means, managers can control the information of irrigation area water consumption, soil moisture, crop growth, meteorological environment and so on at any time without leaving home, so as to create an intelligent, water-saving, ecological and efficient "E irrigation area", build an information supervision platform for water conservancy and water network and a big data system for agricultural irrigation areas, break the traditional farmland irrigation mode of "feeling+experience" and make farmland irrigation information. Meet the requirements of high-quality and high-standard farmland construction, improve the irrigation utilization rate of water resources, and realize efficient water-saving irrigation.

The system mainly includes: head automation system, intelligent irrigation system for well, intelligent irrigation system for field, agricultural four-situation monitoring system, river gate control monitoring system, open channel measurement and control metering system, valve-controlled water intake metering system, water conservancy four-situation monitoring system, etc.

7. Application management software and cloud platform services

While providing users with data acquisition terminals, the company has customized and developed a management software system. The system can realize the functions of remote data acquisition, remote billing and settlement, valve control, missed measurement analysis, abnormal alarm monitoring, etc. Through multi-dimensional data collection, the data is automatically cleaned, summarized and analyzed by using the data center system, and business data is presented to managers at all levels in the form of charts to meet the daily management needs of energy management departments. In addition, in order to make it easier for water enterprises to connect customers and realize electronic and online business, the company has built a lightweight unified business support platform for smart water based on SAAS cloud platform system, which is based on SAAS cloud deployment, modularization and lightweight design principles, providing a variety of online business processing channels and automatic service terminal equipment channels. Realize cloud services such as "cloud payment", "cloud meter reading", "cloud inspection", "cloud data", "cloud work order" and "cloud installation". At the same time, with the help of intensive management mode, connect customers, employees, online equipment and partners externally, and form enterprise data assets internally to help water supply services benefit the people and facilitate the people.

Third, the core competitiveness analysis

As a large-scale listed company in the smart energy industry of the Internet of Things, the company has been deeply involved in the field of smart energy management for 23 years. The company is a national high-tech enterprise, a national specialized and innovative enterprise, and a top 100 enterprise of the Internet of Things in China. Since its establishment, the company has always adhered to the core competitiveness of "mastering core technologies and constantly innovating", focusing on intelligent management of water, gas and heat, providing public utilities with integrated energy solutions of the Internet of Things from data perception, data collection, data monitoring, data analysis to data management, and fulfilling the mission of "realizing energy conservation and creating a smart life". Through continuous R&D innovation, profound technical accumulation and years of experience in industry application, the company has established a unique core competitive advantage in the industry.

(A) technological research and development advantages

The company attaches great importance to the research and development of products, technologies and processes, and has established a national enterprise technology center and Post-Doctoral Research Center, with a research and development technical team of more than 500 people. Among them, the core technicians have more than 15 years of industry experience, and the R&D personnel have a deep understanding of the core technologies of the Internet of Things such as information technology, network communication technology, cloud computing, big data, artificial intelligence, digital twinning, automatic control technology, and combination of software and hardware. The company has obtained many patented technologies. Since its establishment, the company has accumulated hundreds of patents and software copyrights, and many products and core technologies have been included in major national and local special projects and scientific and technological plans. In addition, the company led or participated in the formulation of nearly 50 standards, which promoted the standardization of the industry. With its technological innovation strength, the company has been rated as a national high-tech enterprise, a national technological innovation demonstration enterprise, a top 100 enterprise in China Internet of Things, a national benchmark enterprise in the electronic industry, etc., and has obtained the laboratory certification recognized by China National Accreditation Committee for Conformity Assessment (CNAS) and the highest level CMMI5 evaluation certification in the software field.

During the reporting period, the company added 49 patented technologies (including 7 invention patents, 27 utility model patents and 15 design patents) and 26 computer software copyrights.

(1) New patents of the company and its subsidiaries

(2) The company and its subsidiaries have added software copyrights.

(2) Product advantages

The company has a complete product and service system, and its products cover intelligent management integrated solutions of energy management departments such as water companies, gas companies and heating companies. At present, the company is only one of the few comprehensive energy management service providers in the industry that can provide consulting planning, software and hardware products, project management and pipeline network health examination. According to the industry characteristics of customers, the company has developed technical solutions suitable for different business application scenarios. The product technologies include NB-IoT communication technology, LORA wireless spread spectrum technology, ultrasonic technology, non-magnetic sensing technology, electromagnetic measurement technology, photoelectric direct reading technology and so on. In addition, combined with all aspects of water management, the company has carefully built an intelligent management and control integration platform covering the water industry, such as intelligent production, intelligent pipe network, intelligent marketing, intelligent operation, intelligent service and intelligent decision-making. Through water supply data modeling analysis, pipe network space analysis, hydraulic model and DMA leakage analysis, the whole process decision-making analysis and real-time monitoring of water supply facilities such as pressure, flow, water quality, secondary water supply and residents are realized. After years of technical precipitation, the comprehensive strength of the company’s products has formed an obvious competitive advantage.

(C) Customer resource advantages

The company is an early enterprise in China to develop smart meters, and has been deeply involved in the field of intelligent energy management for 23 years. The company has established a strong customer service system, which can quickly respond to customer needs according to market feedback information, and product sales strategies and new product promotion can quickly penetrate the market terminals, providing more innovative products and services to end customers in time. At present, the company’s products are sold to more than 30 provinces, municipalities and autonomous regions in China and exported to the United States, India, Nigeria, United Arab Emirates, Turkey, Kenya, Mongolia, Indonesia, Malaysia, Pakistan, Ghana, Ecuador and other countries and regions. With the reliable product quality and sound service network, the company has provided smart energy management solutions for more than 2,000 public utilities. It has served large group customers such as China Water Group, Beijing Water Group, Shanghai Chengtou Group, Tianjin Water Group, Beijing Water Group, Beijing Capital Group, Guangzhou Water Company, Chongqing Water Company, Hangzhou Water Group, Zhengzhou Water Company, China Resources Gas Group, Ganghua Gas Group, () Group, Kunlun Energy, etc. The high-quality and stable customer resources have laid the foundation for the company’s sustainable development.

(D) Brand advantage

Since its establishment, the company has been focusing on the smart energy industry. After long-term operation and accumulation, the company has a strong influence in the industry. With the company’s independent R&D strength, high-quality product quality and perfect service network, the company’s products have been trusted and recognized by a large number of customers, which has made Xintian have a high reputation and popularity in the industry and established a good brand image of the company. The company is an AAA-level integrity management demonstration unit and an AAA-level quality-oriented and trustworthy unit in China instrument industry.

In the selection of famous brand products in China, the company’s series of products such as Internet of Things water meter and Internet of Things gas meter were selected as "Famous Brand Products in China", and the company’s trademark was rated as "Famous Trademark in Henan Province" by Henan Administration for Industry and Commerce. In addition, the company was awarded the titles of "National Leading Brand in Instrument Industry", "National Leading Brand in Metrology Industry" and "National Integrity Brand in Product and Service Quality" by China Quality Inspection Association.

(E) Quality advantages

The company takes "seemingly accidental minor problems, if not solved, it will be a catastrophe" as the guiding ideology of quality control, and always attaches great importance to quality problems. It has set up a quality management center, carried out quality control in strict accordance with ISO9001 quality management system standards, and introduced a refined production information management system (MES) to control product quality throughout its life cycle, so that the whole process of the company’s products from design, raw materials, production to delivery is in a strict control state to ensure products. The quality of the company’s products has been highly praised by customers. With its stable product quality, the company won the honors of AAA Credit Enterprise with Quality Credit Rating, National Leading Enterprise in Instrument Industry, Quality Benchmarking Enterprise, National Leading Enterprise in Science and Technology Innovation with Quality, National Excellent Enterprise in Quality and Service Integrity, National Stable Qualified Product in Quality Inspection, National Product with Quality Credit Guarantee, National Advanced Enterprise in Quality Integrity, and National

(VI) Advantages of management team

The company’s management team has been focusing on the smart energy industry for more than 20 years, with rich management experience and pioneering spirit. In many years of operating experience, the company has formulated strict and effective internal control measures, and has formed a set of standardized management system, ensuring the advantages of the company’s operation and management efficiency. At the same time, the company practices the pragmatic measures of "strengthening the enterprise with talents", pays attention to talent introduction and talent training, and constantly expands and upgrades the management team through internal training and external introduction in the process of business development and technology research and development, which provides an important foundation for the company’s sustained and stable development. An efficient management team has become one of the company’s core competitiveness.

(VII) Advantages of intelligent manufacturing

The company advocates technology-oriented, equipment first, and attaches great importance to the investment in automation and intelligence. At present, it has built a large-scale smart chemical plant in the field of smart energy in China, and adopted a large number of advanced automation equipment to build an intelligent, automated and highly flexible production line that fits the company’s product structure. Through continuous technological transformation and equipment iteration, it has reduced the impact of personnel on production and greatly improved efficiency and quality. The company has put into use intelligent mounting system, intelligent detection system, intelligent packaging system, intelligent logistics turnover system, product quality traceability system, CRM customer relationship management system, IPD product R&D management system, BPM business process management system, etc., to strictly control personnel, production equipment, raw materials, production technology, etc., and realize real-time monitoring of data. The application of digital factory and big data not only greatly improves the company’s production efficiency and management level, but also reduces the labor cost. Moreover, the product quality can be traced effectively through the computer networking system to ensure the continuous production of high-quality products that meet customer requirements under stable and controlled conditions.

Fourth, the main business analysis

1. Overview

In 2023, the company closely followed the construction of smart cities, digital villages, water-saving society and related policies of double-carbon goals, adhered to technology-driven as the core, further consolidated R&D and technological innovation, seized industrial development opportunities, sought business breakthroughs with forward-looking layout, and helped the company achieve high-quality development.

In 2023, the company achieved an operating income of 1,086,382,700 yuan, a decrease of 3.15% over the same period of the previous year; The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 220,887,400 yuan, down 11.79% from the same period of last year.

During the reporting period, the Company focused on the following tasks:

(1) Strengthen core technologies and enhance the market competitiveness of products.

During the reporting period, guided by market demand, the company took advantage of R&D platform, enhanced its independent innovation capability and R&D strength, continued to carry out technical research and project reserve, and focused on research and development of key projects, so as to enhance its development momentum and overall R&D level, and further enhance its core competitiveness.

During the reporting period, the company added 49 patented technologies, including 7 invention patents and 26 computer software copyrights. The acquisition of the above-mentioned independent intellectual property rights strengthened the company’s moat in the field of smart energy management.

(2) Seize market opportunities and enhance brand influence and market coverage.

During the reporting period, the company actively grasped the market opportunities, gained a deep insight into the needs of core customers, took focusing on strategic customers, cultivating high-quality customers and tapping potential customers as marketing strategies, and constantly optimized the customer marketing system. On the one hand, it enhanced the stickiness and cooperation depth with major customers, at the same time, it increased the development of new customers and the business layout in overseas markets, expanded the market share of international business, and improved the international market share and brand influence of the company’s products.

(3) Strengthen the construction of talent echelon to help the company develop healthily in the long run.

During the reporting period, the company adhered to the people-oriented principle and guided by the strategic development of enterprises, continuously deepened organizational changes, optimized the personnel structure, strengthened the construction of talent echelon and the "talent reserve" mechanism, strengthened the introduction and training of outstanding talents with the mechanism of cultivating, attracting, retaining and making good use of talents, and provided a development platform for outstanding talents. At the same time, we will further increase the incentive mechanism, stimulate organizational vitality, retain core talents, and help the company develop healthily in the long run through special incentives and job promotion.

(4) Strengthen scientific management, reduce costs and increase efficiency.

During the reporting period, the company focused on improving quality and efficiency, optimizing management structure, strengthening process management, and deepening and promoting the reform of supply chain, production system and delivery system. Actively promote the construction of lean production system and the digital management of CRM customers, take business objectives as the guide, take empowerment business as the basis, strengthen all staff to reduce costs and increase efficiency, and help the company develop continuously, stably and healthily.

(5) Improve the construction of credit management system and strengthen the risk control of accounts receivable.

During the reporting period, the company strengthened the construction of customers’ credit management system and made a good risk assessment. Conduct corresponding credit analysis and credit rating evaluation for customers, and reasonably control the scale of accounts receivable. Standardize contract signing, attach importance to contract performance, track performance procedures, and strengthen performance management. Strengthen the analysis and monitoring of accounts receivable, maintain effective communication with customers, track the recovery progress of accounts receivable in time, and ensure that the business risks of enterprises are under control.

(6) Improve the level of governance and protect the legitimate rights and interests of investors.

During the reporting period, the company further enhanced its awareness of standardized operation, effectively strengthened the construction of internal control system, and enhanced its management level of compliance operation. In order to further improve the transparency and information disclosure quality of the company, the company established a good communication mechanism with the capital market by regularly reporting performance briefings, Shenzhen Stock Exchange interaction, on-site investor surveys, daily telephone calls and emails, and conveyed the actual production and operation of the company to investors from all directions and angles, effectively safeguarding the legitimate rights and interests of the majority of small and medium-sized investors.

V. Prospect of the Company’s Future Development

(A) the company’s future development strategy

With the construction of smart cities, digital villages, water-saving society and the promotion of the dual-carbon goal in China, with the vigorous development of new generation information technologies such as artificial intelligence, digital twins, big data and cloud computing, it has provided greater development space and market opportunities for smart water services, smart agriculture, smart gas and smart thermal industries.

As the head enterprise of intelligent energy management comprehensive solutions, the company will continue to rely on the advantages of technology and resources accumulated in the industry for many years, take lean management, technological innovation and talent empowerment as development strategies, take market strategic marketing as guidance, take "realizing energy conservation and creating a smart life" as its mission, and further consolidate R&D and technological innovation around its main business. Through internationalization strategy and scientific and technological innovation layout, To provide customers with efficient Internet of Things solutions from data perception, data transmission, data analysis, data application to overall digital intelligence transformation, and strive to become the world leader in smart meters and smart energy industry.

(II) The company’s business plan for 2024.

In 2024, the company will closely focus on the overall development strategy, take technological innovation as the core development driving force, take "high-quality development" as the theme, and take the general tone of "striving for progress in stability and promoting stability through progress" to maintain its strategic strength, continuously promote product technological innovation and improve service quality, fully grasp the new development opportunities of global digital economy, "Belt and Road" construction and digital China construction, broaden the product application track and enhance the company’s new development momentum. The specific business plan is as follows:

1. Continue to strengthen scientific and technological innovation and empower products and services to improve quality and efficiency.

In 2024, with the core concept of "customer first, technology first", the company will focus on the three major areas of products, technology and scientific research, continuously increase R&D investment, enrich product lines and broaden the boundaries of application scenarios. At the same time, the company will actively promote the exploration and research of cutting-edge technologies, especially in the fields of big data analysis, blockchain, artificial intelligence and edge computing, aiming at consolidating and strengthening the company’s core competitive advantage, thus further improving the quality and efficiency of products and services, and injecting a steady stream of power into the company’s high-quality development.

2. Further promote the industrial layout and explore new market opportunities.

In product promotion, the company will closely follow the industry trends, gain insight into customer needs, improve marketing strategies, further promote the market layout of smart water, smart agriculture, smart heat, smart gas and other products, innovate the competition mechanism, focus on strategic customers, tap incremental customers, and do a good job in marketing and promotion of high-end and high-priced products. Enrich marketable products in overseas markets, tap new market opportunities, broaden the coverage of the company’s products in the global market and enhance the company’s competitiveness in the international market.

3. Deepen the construction of digital factories and improve operational efficiency in all directions.

In 2024, the company will accelerate the construction of the new park, deepen the digital construction of the whole module of the new park, and optimize the intelligent systems such as R&D management system, production management system, logistics turnover system, warehouse management system, quality traceability management system and data management center platform around the whole manufacturing process of product development, production, quality control, warehousing and logistics, so as to improve the digital management efficiency of the whole manufacturing process such as production planning, production technology, site management and quality control management. At the same time, actively promote the optimization and upgrading of management systems such as marketing, office and finance, and comprehensively drive the company’s sustainable development and market competitiveness with data.

4. Optimize supply chain management and strengthen cost reduction and efficiency improvement.

In 2024, the company will continue to optimize supply chain management, promote procurement channels and procurement cost control, and enhance its ability to actively negotiate prices and quality control for core components and main raw materials. In addition, by optimizing the production process, upgrading the global intelligence and digitalization level, strengthening cost reduction and efficiency improvement, the company’s operating efficiency is improved.

5, improve the system process, strengthen personnel training.

The company will constantly improve the internal system, strengthen internal control management, optimize organization and process design, and enhance the company’s lean management ability; In addition, the company will increase the innovative mechanism of talent training, talent introduction and talent incentive, cultivate and reserve outstanding talents, and through more effective incentive measures, let the officers have a platform and those who succeed will be rewarded.

6. Improve corporate governance and enhance shareholder returns.

The company attaches great importance to the construction of governance mechanism, continuously improves the internal control standard system, strengthens compliance empowerment, continuously improves corporate governance ability and risk prevention awareness, and promotes the stable and healthy development of the company. At the same time, the company adheres to the concept of sustainable development, actively returns the society and investors, and realizes a virtuous circle of the company’s development.

(3) Possible risks and countermeasures

1. The risk that the fundraising project cannot realize the expected income.

In September, 2016, the company completed the non-public offering of shares. This non-public offering project company conducted a careful feasibility study and demonstration, but it does not rule out that due to the influence of national industry development policies, project organization and implementation, cost management, intensified market competition and other factors, the profit-making time and profit level of the project are different from the results of analysis and demonstration, and there is a risk that the return on investment of the raised funds will be lower than expected, which will affect the profitability and growth of the company.

Countermeasures: The company will keep abreast of the relevant national industry development policies, continue to carry out technological innovation, strengthen the construction of human resources system, improve the talent incentive and restraint mechanism, and strengthen the company’s core competitiveness. In addition, the company will also strengthen strategic cooperation with upstream and downstream customers by integrating high-quality resources in the industry, constantly explore new market areas, and consolidate the company’s leading position in the industry as a whole.

2. Risk of impairment of goodwill

In the process of industrial integration, the company carefully selected the target enterprises with industrial synergy to cooperate, and made a reasonable prediction on the future development and profit forecast of the transaction target. However, due to the influence of various factors such as industry development, management and intensified market competition, if the acquisition target fails to meet expectations in the later period, the company will have the risk of goodwill impairment.

Countermeasures: The company will pay close attention to the risks encountered by the target enterprises in the development process, strengthen business coordination and financial control, and reduce the risk of goodwill impairment.

3. Risk of falling gross profit margin

Due to the promotion of national industrial policies and the application of new technologies, the market demand for smart watches is growing strongly. Smart watch products are not only expensive, but also have a much higher gross profit margin than ordinary mechanical watches. The high gross profit margin of smart watch products will attract more manufacturers to enter the industry in the future, and the market competition will be more intense in the future. Although the company has strong market competitiveness in terms of technology, brand, quality, marketing and cost control, if the company fails to continuously improve its technical level, enhance its innovation ability, strengthen cost control and improve the bargaining power of its products in the later period, it will lead to the risk that the gross profit margin of its products may decline.

Countermeasures: on the one hand, the company should continuously improve the technical level of product research and development, improve the stability and reliability of product quality, and at the same time, the company should develop new products with higher cost performance to improve the company’s product chain to meet the needs of different users and improve the company’s profitability; On the other hand, it is necessary to further strengthen the brand building of the company’s products, enhance the marketing ability of the company, enhance the bargaining power of the company’s products, and at the same time strengthen the cost control of the company’s products, reduce the unit cost of the company’s products, and improve the gross profit margin of the company’s products.

4, raw material price fluctuation risk

The company’s main raw materials are integrated circuits, electronic devices, metal watchcases, etc., and the material cost accounts for a high proportion of the main business cost. If the price of the company’s main raw materials rises sharply in the future, or the price of new raw materials rises sharply compared with the price of existing raw materials due to technological innovation of products, and the company fails to continue to take effective measures to deal with it, the company will face the risk of falling gross profit margin due to rising raw material costs.

Countermeasures: On the premise of ensuring product quality, the company will increase R&D investment and scientific and technological innovation, improve the added value of products, pay close attention to the price trend of major raw materials, adjust raw material procurement plans in time, broaden procurement channels, enhance bargaining power and reduce raw material procurement costs.

5. Investment risks and control measures

In order to improve the efficiency of the use of the company’s own funds and increase the company’s investment income, under the condition of ensuring the company’s daily production and operation capital demand, the company uses some idle self-owned funds to make moderate securities investment. Because the financial market is greatly affected by the macro economy, there are many uncertainties in the investment, and its actual income is unpredictable. At the same time, it does not rule out that the investment is affected by market fluctuations.

Countermeasures: The company has formulated the corresponding investment management system, and made detailed provisions on the principles, scope, authority and audit of investment. At the same time, the company will strengthen market analysis and research, and intervene in a timely and appropriate manner according to the economic situation and changes in the financial market to strictly control investment risks.

6, technology development and product development risks

The field of smart energy informatization has the characteristics of rapid overall development and rapid technology innovation. The products need to integrate technologies such as Internet, cloud computing, big data mining and automatic control, and at the same time meet the increasing differentiated needs of customers, which puts forward higher technical development requirements for the company. If the company can’t accurately judge the development trend of technology and products, or can’t effectively invest enough in scientific research and development, can’t continuously improve its technical level and innovation ability, and actively adapt to new changes in the market, resulting in problems in the development of new technologies and new products, it may affect the company’s profitability.

Countermeasures: The company will persist in independent innovation, continuously optimize the R&D process, further improve the R&D organization and R&D team building, actively introduce high-end and compound talents and strengthen internal talent training, continuously optimize the R&D and market information feedback mechanism, improve the ability of independent innovation and enhance the company’s core competitiveness.

7. Managing risks

In recent years, the company’s business scale and business scope are constantly expanding, and the company’s organizational structure and management system are becoming increasingly complex, which puts forward higher requirements for the management level and the ability to control business risks of the company’s management. If the management level of the company can’t be improved in time, the organizational model and management system can’t be adjusted and improved in time with the expansion of the company’s scale, and all kinds of professionals can’t be in place and competent in time, there will be management risks arising from the rapid growth of the company.

Countermeasures: The company will strengthen the mechanism of selecting, appointing, training, learning and improving managers, enhance their comprehensive management ability, further improve the scientific decision-making mechanism, optimize business processes and promote the company to achieve higher quality development.