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Wen Shukai Pineapple Finance (ID: kaiboluocaijing), written by Wu Jiaoying, edited by Jin Jinwen.

The story of mala Tang in the alley finally comes to the page of listing.

A few days ago, Shanghai Yang Guofu Enterprise Management (Group) Co., Ltd. submitted an application for listing to the Hong Kong Stock Exchange, and officially rushed to "Mala Tang First Share".

A couple in Northeast China who used to make a living by setting up stalls opened 5,783 stores in the whole country and even overseas. The story sounds inspiring, but the business behind it is not brilliant.

Large-scale franchise system and chain operation of extremely light assets enable Yang Guofu to expand rapidly at the lowest cost and seize market share and head position. To put it bluntly, Yang Guofu earns all the money from franchisees, such as collecting franchise fees, selling bottom materials and reselling ingredients.

5,780 franchisees generate about 1.1 billion revenue for Yang Guofu every year, and the brand net interest rate is as high as 15%-17%. For franchisees, it seems that there is no loss. According to Yang Guofu official website, the gross profit rate of its franchisees is as high as 65%, the initial investment is 100,000-300,000, and the monthly net profit is 10,000-40,000. Under normal circumstances, it will be paid back in seven months.

Yang Guofu’s Mala Tang business is booming, but there is no financing before listing. In the eyes of capital, Mala Tang is not a good track, not only because the category ceiling is relatively low, but also because the profit margin contributed by the store to the brand under the franchise mode is too small.

The uncertainty of Yang Guofu in the capital market in the future is also considered to come from this large-scale franchise model with shared management cost and decentralized management power, such as the food safety risks it may bring, the irregularities in franchise stores, the challenge to the internal management ability of brands by continuing to scale up, and the persuasion of consumers by "high price but not high end".

Back in 2003, Mr. and Mrs. Yang Guofu opened their first mala Tang store in Harbin. At first, it was called "Yangji Mala Tang", but there was no memory. The boss simply named it after himself and changed it to "Yang Guofu Mala Tang".

The couple made some improvements to Mala Tang, which was popular in Northeast China at that time. The bottom of the pot was less oily and more soup, and noodles and other staple foods could be added, which was more in line with the eating habits of northerners and became their signature — — "You can drink mala Tang".

Yang Guofu Mala Tang, which is doing well in business, opened its first franchise store in 2007, and in the following 15 years, it spread rapidly in the streets all over the country. According to the prospectus, there are currently 5,783 stores in Yang Guofu Mala Tang. Except for 3 direct stores in Shanghai, the rest are franchise stores, and 21 of them are overseas.

According to the prospectus, from January to September in 2019, 2020 and 2021, the revenue of Yang Guofu Mala Tang was 1.18 billion, 1.11 billion and 1.16 billion respectively, of which the revenue contributed by franchisees was around 90% every year, reaching 1.04 billion, 1.06 billion and 1.1 billion respectively.

The bulk of Yang Guofu’s income is the "raw material price difference" earned from franchisees. According to the prospectus, there are three major names, one isCollect the joining fee, system maintenance fee, training fee and deposit from franchisees.Wait; The second isSell raw materials to franchisees, mainly the bottom material produced by Yang Guofu’s own factory; The third isResale raw materials and equipment to franchiseesIt requires franchisees to purchase raw materials from brands in a unified way.

During the reporting period, Yang Guofu collected various fees such as joining fees every year, which was about 0.5-0.6 billion yuan; The sales income of self-produced raw materials is about 300 million; Reselling raw materials and equipment earned the most, reaching about 700 million.

During this period, the corresponding gross profit margin increased from 27.9% in 2019 to 30.2% in 2021, because Yang Guofu’s factory in Chengdu, Sichuan Province was put into production in September 2018. With the increase of production line and output, the scale effect appeared and the marginal cost was continuously reduced.

In the view of Li Yingtao, the research director of Analysys Brand Retail Industry Center, the running data of enterprises that make money by joining will not be too good-looking, but for Yang Guofu in the expansion stage, joining mode is almost an inevitable choice.

The joining mode of light assets has indeed reduced Yang Guofu’s expenses to the greatest extent. At the same time, because franchisees are responsible for their own profits and losses, this model can also help enterprises hedge some risks, such as sharing the cost burden of manpower and rent for enterprises during the epidemic.

For example, the company currently has 464 employees, but the employee cost is only over 30 million per year; Its research and development expenses are less than 2.5 million in the first three quarters of 2021, and only 630,000 in 2019; Advertising marketing expenses were less than 5 million in the first three quarters of 2021, and even only 770,000 in 2019.

Under the low-cost operation, the profits of Yang Guofu during the reporting period reached 180 million, 170 million and 220 million, and the net interest rate was as high as 15%-17%.. Compared with other catering brands in online celebrity, Yang Guofu can really be said to be "making small money in silence".

According to Li Yingtao’s analysis, the golden time for the rapid rise of an industry is only 3-5 years. The joining mode is more conducive to Yang Guofu’s market sinking, and it can quickly seize market share through scale. Moreover, this is also in line with the cost-effective attribute of mala Tang category in public perception.

Judging from the distribution of stores,The sinking trend of the Yang Guofu market is indeed obvious. According to the prospectus, 45% of its stores are located in third-tier cities and below, 43% in second-tier cities, and only about 12% in first-tier cities.

Yang Guofu made a lot of money by joining in. Was the franchisee "cut leek"?

According to official website, Yang Guofu, the cost of joining its stores is not high, with 23,900 yuan in first-tier cities, 13,900 yuan in second-and third-tier cities, 10,900 yuan in county towns, 6,900 yuan in towns and villages, and 39,900 yuan in Beijing. Plus deposit, advertising expenses, equipment, early raw materials, decoration, rent, manpower and other expenses, the total investment amount ranges from 109,200 yuan to 281,900 yuan.

In addition, according to its profit analysis in official website,The gross profit margin of franchise stores can reach 65%This is roughly consistent with the average gross profit margin of the industry that Kaipineapple Finance learned. In Beijing, first, second and third tier cities, counties and towns, the unit price of customers is calculated according to 20 yuan, 18 yuan, 16 yuan, 14 yuan, 12 yuan and 10 yuan respectively.The annual net profit under normal passenger flow can reach 158,400 yuan-489,600 yuan respectively.. According to this estimate, the return period of a Yang Guofu Mala Tang franchise store is about 7 months.

Take franchise stores in first-tier cities in the first three quarters of 2021 as an example. The average annual purchase amount of each store is 315,000, which is the raw material cost of a store. According to the gross profit margin of 65%, a store’s revenue in three quarters is about 900,000, and its annual revenue is about 1.2 million, which is basically consistent with the profit analysis given by official website.

Many analysts believe that mala Tang is indeed a good business for franchisees.

"Mala Tang is a daily fast food, with rich ingredients and high consumer acceptance; It is highly standardized, easy to be copied and addictive. In addition, this category has lower requirements for chefs and service personnel and lower labor costs than other Chinese foods. " Li Yingtao pointed out that the most important thing is that the gross profit margin is relatively high.

Of course, this is also the reason why Yang Guofu can quickly open stores and form a large-scale chain format by joining.

In the past two years, the Chinese catering industry has enjoyed the same scenery in the capital market, with hot pot, barbecue, noodle restaurant and pot-stewed flavor being thrown all over. Mala Tang, with a market size of nearly 200 billion, has attracted little attention.

According to public information, only two brands in the mala Tang industry have received financing, among which Xiaoman pepper mala Tang, which was established in 2015, received three rounds of financing from 2018 to 2021; In addition, Fuke Mala Tang received a financing of tens of millions of yuan in 2017. Yang Guofu and Sean, two industry giants, have never had financing experience.

"The problem lies in the supply side." Ling Xiao, an investor in the catering field, told Kaipineapple Finance.

The first is the business model. Ling Xiao analyzed that if the direct marketing model is adopted, the brand will face a relatively long capital cycle, but also take into account regional site selection and store management, and the expansion will be very slow. But if the joining mode is adopted,The raw material cost of the store is the brand’s supply chain income, and the high gross profit of the store means that it contributes less to the brand’s profit.. "Even in such a large-scale Yang Guofu, nearly 6,000 stores contribute 1.1 billion a year, which is not too much."

In addition, the game between franchisees and brands is inevitable. "In fact, it is difficult for brands to completely control the food selection and supply chain of stores.In order to reduce the cost, some franchisees may bypass the managers to purchase by themselves, and as a result, the product quality becomes difficult to control.. "LingXiao said.

The existing competition pattern in the industry has also discouraged many investors. In the past two years, the pyramid features of mala Tang industry are obvious, with the head position being seized by Yang Guofu Mala Tang and Sean Mala Tang, and the waist and tail being divided by more street mala Tang shops. Ling Xiao commented, "The track is basically formed, with little incremental space and difficult differentiation.. "

Just because Yang Guofu is large in scale, profitable and has few rivals does not mean that it can sit back and relax.

Judging from the prospectus,Franchisees are not loyal to Yang Guofu.. In 2019, the number of newly opened and closed stores was 986 and 1068 respectively. By the first nine months of 2021, the number of newly opened and closed stores was 962 and 439 respectively. At the same time, more and more stores have been operating for less than two years, and fewer and fewer stores have been open for more than three years.

Many analysts believe that,There is great uncertainty about Yang Guofu’s performance in the capital market, and the first one is the hidden worry of the large-scale franchise model..

According to the prospectus, Yang Guofu does not directly manage a large number of franchise stores, but hires and authorizes third-party enterprises to help manage and supervise the operation of franchise stores. Generally speaking, the authorization management period is one year, and the service fee paid by the brand to the third-party enterprises is directly linked to the performance of the franchise stores, the purchase amount and the number of new stores. By the end of September 2021, there were 18 third-party partners.

"This model is equivalent to sharing the management costs, letting the third party undertake the management functions, and also obtaining the so-called management profits. But at the same time, alsoIt reflects that a company’s organizational ability is relatively poor, and it has no strong cross-regional management ability and self-built team ability.. "LingXiao analysis.

Under this franchise management system, in the past few years, Yang Guofu Mala Tang has been repeatedly exposed to food safety problems.

In 2017, more than 20 stores were exposed to the problem of inconsistent licenses on the take-away platform; In 2018, a store was exposed to employees who put their feet on the counter when cutting meat; In July, 2021, a blogger made an unannounced visit to his store, and photographed that there were some problems in the kitchen, such as the ingredients continued to be used after being bitten by rats, the dishcloth for washing vegetables was used to clean shoes, and the meat was directly cooked without washing.

"The attention of listed companies is higher and more concentrated.Once food safety or product quality problems occur, the voice of public opinion will be rapidly amplified, which will have a negative impact on the stock price.. "Li Yingtao said.

He believes that there are still two problems to be verified in Yang Guofu’s joining model. First,Can the management and control of franchisees be continuously and stably put in place after listing?"The more it develops to the later stage and the larger the scale, the less stamina and explosive power it will have to join." The second isListed companies must comply with regulations.Some non-compliance phenomena of existing franchisees must be corrected, which also tests the management and control ability of enterprises.

Ling Xiao believes that the performance of enterprises in the secondary market is related to their growth in the long run. "At present, there is no second growth curve in Yang Guofu, and the ceiling of this category of mala Tang is relatively low. Even if the size of the store doubles again after three or four years, it is difficult to see the profit increase."

When the ceiling of scale gradually appears, Yang Guofu’s income-increasing strategy seems to be leaning towards the other end of the scale — — Raise the price. Judging from the feedback from some consumers,Although it is weighed by the catty, the price is opaque and is becoming more and more expensive.

The profit analysis table of its joining in official website shows that the per capita consumption of the stores in Beijing with the highest customer unit price is only 20 yuan. According to the prospectus, the unit prices of Yang Guofu’s three direct stores in Shanghai in the past three years were 34.3 yuan, 32.3 yuan and 29.3 yuan respectively. However, this price is different from many consumers’ feedback. On social platforms, there are many consumers’ feedback, and a normal amount of mala Tang can usually reach 40 to 50 yuan. Even in the county, a price can easily reach more than 30 yuan.

In Ling Xiao’s view, the price of mala Tang has a ceiling.It is unlikely to tell high-end stories. "The concept of cheap fast food has been deeply rooted in people’s hearts. Perhaps the brand will slowly raise the price according to the relationship between supply and demand or with confidence in the product, but when consumers find that the psychological expectation gap is too large, it is likely to reduce the frequency of consumption."

"Playing the scale first and then raising the value is more suitable for the early stage of the rapid development of the industry.After the scale and profit are stable, enterprises must cultivate ‘ Internal strength ’Otherwise, the future development pressure will be very great. "Specific to Yang Guofu, in Li Yingtao’s view, perhaps the first step is to enhance channel control and direct profitability, such as slowly reducing franchise stores and increasing the proportion of direct stores.

Note: At the request of the interviewee, Ling Xiao and Pepe are pseudonyms.

　　"Food security is ‘ The big country ’ " ;

　　"I have always been very concerned about grain production, and I often go to the fields to have a look when I do grassroots research";

　　"Never let others get stuck in our necks on the basic survival problem of eating";

　　"Ensuring the supply of primary products is a major strategic issue. Chinese’s rice bowl must be firmly in its own hands at all times, and the rice bowl is mainly filled with China grain";

　　… … … …

　　From the "granary" in Northeast China to the Loess Plateau, from the land of plenty to Bashan and Shushui, the General Secretary of the Supreme Leader is concerned about food security and agricultural enterprises. Going deep into the fields, carefully examining the growth of crops and crossing the footprints of mountains and rivers have condensed the general secretary’s deep concern for "China rice bowl".

　　The earnest warning of "firmly grasping the initiative of food security" has turned into a solid action of "grasping food production every year" In the past ten years, the vast number of agricultural enterprises have kept in mind the earnest entrustment, cherished the "country’s greatness", ploughed deep into the vast fields, and strived to safeguard national food security and explore agricultural modernization. In the past ten years, the vast number of agricultural enterprises have driven thousands of households and promoted the upgrading of the grain industry. The grain output has been stable at more than 1.3 trillion Jin for seven consecutive years and reached a new level of 100 billion Jin in 10 years. The secure "China Grain, China Rice Bowl" won the initiative to cope with various risks and challenges.

　　The rice bowl is served together and the responsibility is shouldered together.

　　"It is true at any time to have food in your hand and not panic in your heart."

　　"For a big country with a population of 1.4 billion, the basic position of agriculture cannot be ignored or weakened at any time. It is true at any time that there is food in hand and there is no panic in the heart."

　　General Secretary of the Supreme Leader, Yu Siwei, spoke of the importance of food security.

　　Three rivers rush, fertile fields stretch, and fertile fields are vertical and horizontal. Beidahuang Agricultural Reclamation Group Co., Ltd., which grew up in black land, is an important national commodity grain base and grain strategic reserve base with the largest cultivated land and the strongest comprehensive production capacity in China, and its annual grain output can meet the annual rations supply of 160 million urban and rural residents.

　　In September 2018, General Secretary of the Supreme Leader came to Heilongjiang Agricultural Reclamation Jiansanjiang Administration (now Jiansanjiang Branch of Beidahuang Agricultural Reclamation Group Co., Ltd.) for investigation and investigation. Seven-Star Farm’s 10,000-acre land is endless. The general secretary walked into the rice field and picked up a handful of rice ears to see the rice grains and the quality. General Secretary of the Supreme Leader said with emotion: "More than half a century has passed, and great changes have taken place in the Great Northern Wilderness. The development of mechanization, informationization and intelligence is remarkable, which is very inspiring and inspiring."

　　The farmer’s hand-held land guide who listened at the scene was full of emotions: "The general secretary cares about food from the bottom of his heart and cares about this black land!"

　　The general secretary’s deep concern, everyone keep in mind the heart, riveting enough energy to grow good food. The land guide said: "How to cultivate land efficiently and how to increase production, we study it wholeheartedly. Now there are satellites in the sky and ‘ Iron cow ’ ，‘ Cloud ’ There is still big data running in the park, and the black land is more energetic and the grain output is more stable. "

　　"Keep in mind the entrustment, strengthen the responsibility, stabilize the area, increase the production capacity, and ensure the supply, so that the Great Northern Wilderness will become a food security ‘ Big granary ’ 。” Wang Shoucong, Party Secretary and Chairman of Beidahuang Group, said. At present, the annual grain transfer volume of Beidahuang Group is stable at more than 40 billion Jin, and it has sold 1 trillion Jin of commercial grain for the country in the past 75 years.

　　Agricultural enterprises are duty-bound to stabilize the "China rice bowl". Since the 18th National Congress of the Communist Party of China, the vast number of agricultural enterprises have kept in mind the entrustment, given full play to their professional advantages, identified their roles, fulfilled their social responsibilities, and escorted food security.

　　Be brave in innovation and strive to be a new force in growing grain through science and technology.

　　Seeds are the key to China’s food security. On April 10th this year, General Secretary of the Supreme Leader stressed during his investigation in Yazhouwan Seed Laboratory, Sanya City, Hainan Province: "It is necessary to focus on ensuring food security and the supply of important agricultural products, and realize the self-reliance of seed industry in science and technology, and the independent control of seed sources, and use China seeds to ensure food security in China."

　　The light and heat in Hainan’s southern breeding base gave birth to new seeds. "The encouragement of the General Secretary has injected strong confidence into us to cultivate more China seeds." Every season in the south, Zhang Peng, a breeding expert of Syngenta Group under China Sinochem, appears in Tiantou on time like a migratory bird. "The team planted more than 20,000 breeding materials, tested and matched more than 5,000 combinations, and created more than 3,000 new breeding materials, just to find green and high-quality rice varieties." In 2021, Syngenta Group selected 180 excellent varieties.

　　"We always insist on writing the paper on black land, so that China grain can be planted in China." As the director of Jiansanjiang National Agricultural Science and Technology Park of Beidahuang Group, Li Xiaohui and his colleagues have been deeply involved in provenance research and development, improved seed breeding and other fields. The total area of high-quality rice has reached 31 million mu, and the average yield of rice has increased from less than 400 kg to 620 kg.

　　Enterprises are the main body of innovation and an important force to implement grain storage in technology. The vast number of agricultural enterprises aim at key links such as seed breeding, new product promotion and agronomic improvement, and carry out key research to insert scientific and technological wings for agriculture. At present, the contribution rate of agricultural science and technology progress in China has exceeded 61%.

　　Dare to take responsibility and strive to be a pathfinder for farmland protection.

　　"Farmland is farmland, and it must be fertile." Grain is stored in the ground, and the foundation of granaries in big countries is constantly consolidated.

　　"Three-dimensional planting, green circulation, let the soil eat ‘ Nutritional meal ’ The soil fertility has been restored. " Yang Yang, technical director of Zhongnong Chuangda (Beijing) Environmental Protection Technology Co., Ltd. said, "We have made breakthroughs in organic solid waste film composting technology and waste resource utilization carbon reduction and nitrogen fixation technology. The new technology can reduce the average chemical fertilizer per mu by more than 10% and increase the grain yield per mu by 5% to 10%. "

　　Restoring black soil fertility, improving saline-alkali land and building high-standard farmland … … Agricultural enterprises are everywhere. Aim at the weaknesses of the shortcomings, protect the ecology of cultivated land, and make every inch of cultivated land a fertile ground for harvest.

　　Accelerate the construction of a new agricultural management system

　　"Drive the vast number of small farmers to diversify and grow good grain"

　　In the rice fields, the green waves are churning and the seedlings are thriving.

　　"By agricultural machinery, we can not only farm, but also ‘ Hui ’ Farming. If you have an order, you will know that you can sell it at a good price when you plant it. Now farming is more promising. " Zhang Jinghui, a rice grower in Qixing Farm of Jiansanjiang Branch, said with emotion, "The grain harvest is much faster and better, and the income has been increased in recent years."

　　The new home with three bedrooms and one living room is spacious and bright, and the photo with the General Secretary of the Supreme Leader is hung in the most conspicuous position in the living room. Every time I recall the scene when the Supreme Leader General Secretary visited Qixing Farm, Zhang Jinghui felt warm and excited. "I reported to the General Secretary that my own rice has a brand and the sales are quite good. The general secretary nodded and said it was good. "

　　"Follow the farm and manage the land well, even how many holes are dug per square meter in the field and how many seedlings are inserted in each hole." Since September 2018, Zhang Jinghui’s brand rice sales have doubled.

　　Small farmers in big countries, "who will plant the land" and "how to plant the land", the general secretary of the supreme leader has a deep insight and a pulse.

　　"It is necessary to strengthen the popularization and application of modern agricultural science and technology and technical training, and organize large grain growers";

　　"Actively cultivate new agricultural business entities, develop and strengthen agricultural socialized service organizations, and encourage and support small farmers to take the road of development that combines with modern agriculture";

　　"I hope that large grain growers will give full play to the advantages of scale operation, actively apply modern agricultural science and technology, and drive the vast number of small farmers to diversify and grow good grain, and contribute to national food security together";

　　… … … …

　　Since the 18th National Congress of the Communist Party of China, the vast number of agricultural enterprises have kept in mind the entrustment of the General Secretary, given full play to the advantages of capital, technology and talents, and brought small farmers into modern agriculture, so that the vast number of farmers can truly take on the "golden pole".

　　Leading by the leader, the joint agriculture is strong.

　　As the agricultural "national team", agricultural reclamation enterprises have taken action. "Unified seed supply, unified prevention and control, unified harvesting, taking farmers into the market, more than 600,000 mu of cultivated land directly increased income by more than 130 million yuan per year." Ma Zhen Hui, the person in charge of Anhui Nongken Longkang Farm, said.

　　"Signed a trusteeship agreement with the Great Northern Wilderness, and we have big agricultural machinery for farming and harvesting, so I became a ‘ Shopkeeper of cutting ’ 。” Zhang Zhendong, a villager from Qianjin Village, Zhaoguang Town, Bei ‘an City, Heilongjiang Province, said. Beidahuang Group set up 10 regional agricultural service centers in Heilongjiang Province, and in 2021, it entrusted 10.8 million mu of land in the surrounding rural areas, increasing farmers’ income by 640 million yuan.

　　Leading enterprises and other new business entities are developing vigorously, giving full play to the role of linking agriculture with agriculture. By the end of 2021, there were more than 90,000 leading enterprises in agricultural industrialization at or above the county level, including 1,959 national key leading enterprises.

　　Interest connection, benefiting farmers and enriching farmers.

　　"When the new grain is listed, our daily purchase volume remains at around 400 tons, and the purchase price reaches 1.55 yuan." Li Quliang, general manager of Xinyuan Flour Co., Ltd., Jiaxiang County, Shandong Province, said, "The annual processing capacity of enterprises’ wheat is 130,000 tons, and more than 20,000 mu of wheat has been developed, driving more than 30 large growers."

　　Ordered grain and land trust … … More and more agricultural enterprises play a leading role and establish a close interest linkage mechanism. Leading enterprises pull, farmers’ cooperatives and family farms follow, and farmers participate. By the end of 2020, more than 7,000 industrialization consortia have been formed in China.

　　Turn the "big granary" into a "big kitchen"

　　"Building a modern agricultural base, large enterprises and large industries"

　　Say goodbye to the trouble of "being" and meet the challenge of "being good". The consumption upgrading of urban and rural residents requires both quantity and quality, and grain production is facing new challenges.

　　In May 2016, General Secretary of the Supreme Leader stressed during his investigation in Heilongjiang: "It is necessary to deepen the reform of the state-owned agricultural reclamation system and build a modern agricultural base, large enterprises and large industries."

　　Rice produced in black land has brought Daoxiang into thousands of households. Soybeans are transformed into soybean oil, soybean powder and other products and put on supermarket shelves. "The important speech of the General Secretary points out the direction for our work." Wang Shoucong said. Great Northern Wilderness Group optimizes varieties, improves quality, shapes brands, pays special attention to "the head of the grain eats the tail" and "the head of the farmer works the tail", and makes more "original brand names" become "new brand names".

　　"Now talking about food security is actually food security";

　　"On the basis of ensuring national food security, efforts should be made to optimize the industrial product structure";

　　"Give full play to its own advantages, seize the core competitiveness of grain, extend the grain industry chain, upgrade the value chain, build a supply chain, continuously improve the quality, efficiency and competitiveness of agriculture, and realize the unity of food security and modern efficient agriculture";

　　… … … …

　　After repeated investigations and important speeches, the General Secretary of the Supreme Leader drew a blueprint for the high-quality development of the grain industry and pointed out the direction.

　　Since the 18th National Congress of the Communist Party of China, "granaries" have been transformed into "kitchens". The vast number of agricultural enterprises are staring at the market to promote transformation, and the planting, marketing and sales are interlocking. The primary, secondary and tertiary industries are deeply integrated, so that the effective supply can keep up, the development of modern agriculture is fast, and new kinetic energy is strong.

　　Improve quality and supply more.

　　Polygonum cymosum wheat, full grain, bright color. "The yield per mu of new varieties has exceeded 800 kilograms for three consecutive years." Hou Yuanjiang, general manager of Shandong Qingfeng Seed Co., Ltd. said, "We have combined improved seed breeding with variety demonstration to drive more than 5,000 farmers in more than 30 villages to plant high-quality wheat, and the purchase price is 10% higher than the market."

　　The project of improving varieties, improving quality and high-quality grain has been carried out in depth. At present, 236 "China Good Grain and Oil" products have been selected nationwide, directly driving the increase of high-quality grain by more than 50 million tons.

　　Extend the chain and strengthen the chain, and connect the workshop in the field.

　　"Digesting about 110,000 tons of flour, about 60,000 tons of glutinous rice flour and about 20,000 tons of glutinous rice a year, researching and producing more than 500 varieties, and enriching the dining table for residents." Wang Peng, CEO of Missing Food, said. Today, 1/3 of instant noodles and 3/5 of glutinous rice balls are produced in Henan.

　　Looking at the whole country, in 2020, the grain industry will achieve an annual total industrial output value of 3.2 trillion yuan. Strong industry, safe food, high-quality development of food industry, mutual promotion of stable production and income increase, and promotion of national food security to a higher level.

　　Polish the brand and the market will be broader.

　　"Standardized and green production, polishing ‘ Yutai rice ’ Regional public brands let good rice sell at a good price. " Zhao Xinghua, Director of Agriculture and Rural Affairs Bureau of Yutai County, Shandong Province, introduced. At present, the county has developed 26,500 mu of high-quality characteristic rice.

　　More and more high-quality grain and oil brands are on the dining table of residents, constantly meeting diversified and personalized consumer demand. During the "Fourteenth Five-Year Plan" period, a number of leading grain enterprises and well-known grain and oil brands with market competitiveness will be formed throughout the country, and the increase of high-quality grain will increase by more than 10% annually.

　　The vast fields are full of vitality, and agricultural enterprises are bravely moving forward. On the new journey, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core and adhering to the guidance of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, the vast number of agricultural enterprises are making unremitting efforts and making new and greater contributions to stabilizing China’s rice bowl.

　　Xinhua News Agency, Wuhan, July 15th Title: The first day of "Seven Downs and Eight Ups": The flood control of the Yangtze River has entered a critical period and the situation is still grim.

　　Xinhua News Agency reporter Li Siyuan

　　Since the main flood season, heavy rainfall has continued to occur in the Yangtze River basin, and various provinces and cities along the Yangtze River have suffered from floods to varying degrees. What is the current flood situation in the Yangtze River, and what kind of shortcomings does it face? What kind of flood and rain situation will we face in the future? On the first day of the critical period of flood control (from July 15th to August 15th), the reporter walked into the Yangtze River Water Resources Commission of the Ministry of Water Resources, which is known as the "brain of flood control in the Yangtze River", and directly attacked the "No.1 flood in the Yangtze River".

　　44-station super police and 2-station super guarantee that the flood control situation in the Yangtze River is still grim

　　Since Jiangxi and Hunan entered the flood season 25 days ahead of schedule on March 6, the precipitation in the Yangtze River basin is generally high. Especially since July, the Yangtze River Basin has been experiencing continuous heavy rainfall. Affected by this, from July 3 to July 15, there were 129 stations in 76 rivers in the Yangtze River basin with floods exceeding the police and above, including 111 stations exceeding the police, 15 stations exceeding the guarantee and 3 stations exceeding the history.

　　Chaojing and above stations are mainly distributed in Yuanjiang River, Zishui River and Xiangjiang River in Dongting Lake system, Poyang Lake system and lake area, Shuiyangjiang River, a tributary of the lower reaches of the Yangtze River, and the main stream of the middle and lower reaches of the Yangtze River. Among them, the section from Hengshan to Xiangtan River in the lower reaches of the Xiangjiang River has a catastrophic flood with a return period of over 50 years. At 5: 00 on the 13th, the water level in jiujiang railway station rose to the warning level of 20.00 meters, which reached the flood numbering standard according to the Regulations on Flood Numbering of Major Rivers in China, forming the No.1 Flood of the Yangtze River in 2019.

　　The water level gauge of Hankou Hydrological Station, which was taken at 8 am on July 15th. Affected by the continuous rainfall in the upper reaches, the water level in Hubei section of the main stream of the Yangtze River continues to rise. At 14: 00 on July 15th, the water level of Hankou Hydrological Station in the Yangtze River reached 26.09 meters, 1.09 meters higher than the fortification water level (25 meters). Xinhua News Agency reporter Cheng Minshe

　　In the past few days, the rivers and lakes in the middle and lower reaches of the Yangtze River have remained high. According to the latest meeting of the Yangtze River Committee, from 8: 00 on July 14th to 8: 00 on July 15th, there were still 44 stations in the Yangtze River Basin that exceeded the police, and 2 stations exceeded the guarantee, with an exceeding range of 0.02 to 4.28 meters. In the Dongting Lake Basin, where the flood is the most tense, the Xiangjiang River is over-police, and Hengyang Station and Xiangtan Station are over-guaranteed.

　　Chen Min, director of the Flood and Drought Disaster Prevention Bureau of the Yangtze River Committee, said that at present, the highest water level has appeared at Qilishan Station, the Dongting Lake export control station, and the flood is advancing downstream. The water level at Hankou Station in the main stream will continue to rise slowly, and the water level at Wharf Town Station in the main stream will exceed the police on the 16th, and the flood at Hukou Station and jiujiang railway station will continue to rise to around the 17th, when the maximum exceeding police level will be about 1m.

　　Chen Min said that the flood control situation in the Yangtze River is still grim. Through consultation, the Yangtze River Committee continued to issue a yellow flood warning and maintained a Class III emergency response to flood prevention in the Yangtze River.

　　Watch out for the "sharp turn of drought and flood" when the rainfall area moves westward to the middle and lower reaches

　　Flood control experts said that in the future, affected by the western Pacific subtropical high extending westward and northward, the rainfall center area will be transferred from the middle and lower reaches of the Yangtze River to the upper reaches, and the flood control of the Yangtze River will enter a critical period.

　　The hydrometeorological forecast shows that there will be a new round of rainfall in the upper reaches of the Yangtze River and the Han River in the coming week. From 15th to 17th, there was moderate to heavy rain and local heavy rain from west to east in the north of the main stream of the upper reaches of the Yangtze River. From 18th to 20th, there were moderate to heavy rains and local rainstorms in the middle and lower reaches of Jinsha River, Jialing River, Minjiang River, near the main stream of the upper reaches of Yangtze River and Wujiang River. On the 21st, the rainfall center moved northward to Jialing River and Minjiang River Basin.

　　Ding Shengxiang, director of the Dispatching Department of the Flood and Drought Disaster Prevention Bureau of the Yangtze River Committee, said that according to the current water and rain situation and considering the rainfall in the foreseeable period, it is estimated that the inflow of the Three Gorges Reservoir will have a flood process of about 40,000 cubic meters per second around the 21st.

　　The ship sailed into the waters of the Yangtze River (left) from the Han River (right) (photographed by drone on July 15). Xinhua News Agency reporter Cheng Minshe

　　Chen Min said that the regional shift of rainfall will bring a "respite" to the two lakes, but this does not mean that the flood control work can be taken lightly. At present, the water level of rivers, lakes and reservoirs is high, and dike projects have experienced long-term immersion, so it is easy to collapse during the water withdrawal period. At the same time, the weather forecast shows that there is no obvious rainfall process in the middle and lower reaches of the Yangtze River from now until the beginning of August, so we need to be alert to the "sudden turn of flood and drought" and the "second plum blossom" in the middle and lower reaches similar to that in 1998.

　　Chen Min emphasized that there are many rivers and large river basins in the upper reaches of the Yangtze River, and moderate to heavy rain can cause large floods. According to the current situation and forecast of water and rain, the possibility of basin flood in the Yangtze River basin this year is lower than that predicted before the flood season, but the possibility still exists.

　　Weak links still exist and can be supplemented by non-engineering measures.

　　Many rounds of heavy rainfall have caused many dangers in the middle and lower reaches of the Yangtze River. According to the situation reported by the Water Resources Department of Hunan and Jiangxi provinces, the heavy rainfall in early July alone caused 19 dangers in the water system of the two lakes, including 8 dangers in reservoirs and 11 dangers in dikes.

　　"After years of construction, the flood control and disaster reduction capacity of the Yangtze River basin has been significantly improved. However, due to the contradiction between the huge flood volume of the Yangtze River and the safe discharge of the river, judging from the dangerous situations and disasters reported in various places this year, there are still some weak links in the flood control and disaster reduction system of the Yangtze River." Chen Min said.

　　This is a village in Meidong Village, Jiuwei Town, Jinchengjiang District, Hechi City, Guangxi Province, which was affected by floods and caused road interruption (photographed by drone on July 14). Xinhua News Agency reporter Zhou Hua photo

　　First of all, the flood control capacity of tributaries and lakes is still low. Flood control experts said that the main tributaries and important lake dikes in the Yangtze River basin have wide areas and long lines, weak foundations and poor dike quality. This year, there have been many dangers of excessive flood dykes in Xiangjiang River in Hunan Province, and major dangers such as dike collapse have also occurred in Maquanwei, Xinjiang, Jiangxi Province.

　　Secondly, the pressure on the safety of small and medium-sized reservoirs is great. There are 51,200 reservoirs in the Yangtze River basin, including more than 49,000 small and medium-sized reservoirs. One third of the small and medium-sized reservoirs are in danger to varying degrees. In recent years, the state has intensified the reinforcement and construction of dangerous reservoirs, but it has not been cured. During the previous unannounced inspection, the Yangtze River Committee also found that the "three responsible persons" and "three key links" of some small and medium-sized reservoirs have not been fully implemented.

　　Chen Min said that in the long run, it is imperative to make up the shortcomings of water conservancy projects. It is necessary to continue to carry out the short-board construction of flood control and drought relief water conservancy projects, improve the flood control engineering system of the basin, and improve the flood control and disaster reduction capacity of the basin. At the same time, it is also necessary to upgrade the construction of non-engineering measures to the same height as the shortcomings of water conservancy projects, and effectively strengthen hydrological monitoring and forecasting, water project scheduling, flood control safety management, and laws and regulations. In the process of defending against the rainstorm and flood in early July, the water conservancy department lowered the starting water level by dispatching the pre-discharge of Zhexi Reservoir, so that the flood that may exceed the guarantee of 1.5 meters was controlled below the warning water level.

　　What do you think of the flood this year? —— Information connection from Emergency Management Department, Ministry of Water Resources and China Meteorological Bureau.

　　News of current affairs

　　01. The ceremony of offering flower baskets to the people’s heroes on Martyrs’ Day was held in Beijing.

　　天地英雄气，浩然壮国魂。烈士纪念日向人民英雄敬献花篮仪式30日上午在北京天安门广场隆重举行。党和国家领导人最高领袖、李克强、栗战书、汪洋、王沪宁、赵乐际、韩正、王岐山等，同各界代表一起出席仪式。

　　02.会见：30日下午最高领袖在会见四川航空“中国民航英雄机组”全体成员时强调，学习英雄事迹弘扬英雄精神，将非凡英雄精神体现在平凡工作岗位上。

　　03.招待会：9月30日晚，国务院在人民大会堂举行国庆招待会，热烈庆祝中华人民共和国成立六十九周年。最高领袖、李克强、栗战书、汪洋、王沪宁、赵乐际、韩正、王岐山等党和国家领导人与1200多位中外人士欢聚一堂，同庆共和国华诞。

　　04.强烈反响：27日最高领袖视察79集团军作出重要指示 在全军广大官兵中引起强烈反响

　　05.致慰问电：最高领袖就印度尼西亚中苏拉威西省地震海啸向印尼总统佐科致慰问电

　　06.9月30日下午李克强会见29国和地区新任驻华使节

　　07.9月30日下午李克强会见2018年度中国政府“友谊奖”获奖外国专家

　　08.全国政协29日至30日在京召开最高领袖总书记关于加强和改进人民政协工作的重要思想理论研讨会

　　Other news

　　01. the State Council issued the Decision on Further Reducing the Catalogue of Production Licenses for Industrial Products and Simplifying the Examination and Approval Procedures.

　　02. The Organization Department of the CPC Central Committee, the Propaganda Department of the CPC Central Committee, and the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council issued a notice to extensively learn from the heroes of disaster relief represented by Huang Qun, Song Yuecai and Jiang Kaibin and Comrade Wang Jicai.

　　Lian Jun has something to say: In the face of typhoons and huge waves, 17 comrades from No.760 Institute of CSIC stepped forward and braved the wind and waves. In the end, the experimental platform was saved, but Huang Qun, Song Yuecai and Jiang Kaibin were gone forever. "A promising nation can’t live without heroes, and a promising country can’t live without pioneers." We don’t want to repeat their experiences, but their spirit of patriotism and dedication is worth learning. The heroic deeds and spirit will become an important force to support national rejuvenation!

　　03. Editorial of People’s Daily: Rejuvenate Great Achievements with Struggle — — Warmly celebrate the 69th anniversary of the founding of People’s Republic of China (PRC).

　　city news

　　01. In this fruitful and joyful season, we are about to celebrate the 69th birthday of the Republic. Various places have held colorful activities, praised the development and changes of their hometown, and expressed their endless love for the motherland.

　　02. Tomorrow (October 1st) is the National Day holiday, and CCTV will spend this holiday with you with wonderful programs.

　　03. The longest express railway in China’s alpine region was opened.

　　The longest express railway in China’s alpine region — — The Harbin-Jiamusi Railway opened for operation today (September 30th), with a total length of 344 kilometers and 19 stations, which will shorten the travel time from Harbin to Jiamusi from more than 5 hours to about 2 hours.

　　04. Today (September 30th), the Central Asia train from Shijiazhuang to Tashkent was opened, which is also the first Central Asia train from the inland port of Beijing, Tianjin and Hebei. The train started from Shijiazhuang, Hebei Province, left the country through Horgos Port, and finally arrived in Tashkent, the capital of Uzbekistan, with a total distance of more than 4,000 kilometers.

　　international news

　　On September 29th, Syrian Foreign Minister Moalem said in his speech at the general debate of the UN General Assembly that after more than seven years of war, the current situation in Syria tends to be safe and stable, and the war on terrorism is drawing to a close. Moalem also demanded the immediate and unconditional withdrawal of all foreign troops without the permission of the Syrian government. Syria regards American, French and Turkish troops in its territory as occupying forces.

　　Other news

　　01.2018 Tang Xianzu International Drama Exchange Month was held.

　　Lian Jun has something to say: In recent years, Jiangxi has made great efforts to build "China Opera Capital" with drama as the medium. Tang Xianzu’s international drama exchange month activities, cultural setting, economic and trade singing, Fuzhou flavor, non-legacy elements are full, international models, foreign actors participating in the event is the highlight. This activity promoted the dialogue between Tang Xianzu’s drama culture and the cultures of other countries in the world, and effectively promoted the cultural exchange and mutual learning between China and foreign countries.

　　02. A series of cartoons "Legend of Silk Road" will be broadcast soon.

[Global Network Technology Reporter Chen Jian]Xiaomi officially launched a new brand of Xiaomi ecological chain-"MIJIA Mijia" to upgrade the Xiaomi ecological chain strategically. In the future, Xiaomi smart home products will fully launch the brand of "MIJIA Mijia" (hereinafter referred to as "Mijia"). The first product of Mijia brand-rice cooker also appeared at the same time.

Xiaomi not only makes high-quality products, but also "makes" excellent startups.

The appearance of Xiaomi’s mobile phone more than four years ago has promoted the progress of the whole mobile phone industry in China, and Lei Jun is not only satisfied with this, but also wants to "promote the upgrading of China’s manufacturing industry with the concept of new domestic products". Lei Jun believes that after studying Premier Li Keqiang’s work report, he is deeply touched by the "artisan spirit" and wants Xiaomi’s entrepreneurial spirit to drive the study of various manufacturing industries in the country.

In the past two years, Xiaomi Eco-chain has invested a total of 55 startups, which is equivalent to a new startup joining Xiaomi Eco-chain every 15 days in the past two years, including 29 startups hatched from scratch, such as Fang Zhimi Technology, a product of Xiaomi air purifier, and Fang Yun Mi Technology, a product of Xiaomi water purifier. According to Lei Jun, at present, more than 20 of the 55 startup companies invested by Xiaomi Eco-chain have successively launched their own products, and these products have won 28 international design awards.

Lei Jun introduced Xiaomi Eco-chain and made many achievements. For example, he said that the annual sales of air purifiers produced by Zhimi Technology exceeded 1 million units, the total sales of mobile power supplies produced by Zimi Technology exceeded 46.9 million units, and the total sales of bracelets produced by Huami Technology exceeded 18.5 million units. The shipments represented that the products produced by these Xiaomi Eco-chain enterprises were recognized by the market and users. In addition, the reporter also learned that among these 55 millet eco-chain enterprises, 7 have emerged with annual sales of 100 million yuan, and 2 have annual sales of more than 1 billion yuan.

Xiaomi uses the concept of "new domestic products" to promote a new upgrade of the industry.

Lei Jun once again unveiled the Xiaomi ecological chain to the public. In the past two years, in addition to Xiaomi mobile phone (Xiaomi tablet), Xiaomi TV (Xiaomi box) and Xiaomi Routing, other products, including air purifier, water purifier, mobile power supply and mi band, all came from these 55 Xiaomi ecological chain enterprises, that is to say, in addition to the three types of products produced by Xiaomi itself, 55 companies are producing various Xiaomi ecological chain products. Xiaomi is not simply investing in startups. Eco-chain investment is the values, methodology and existing resources of products exported by Xiaomi, including e-commerce platforms, marketing teams, brands and so on.

Xiaomi ecological chain is silently affecting one industry after another, and many products have been welcomed and imitated by various tributes after their launch. On March 29th, Xiaomi Company announced the strategic upgrade of Xiaomi ecological chain, and launched a brand-new brand of Xiaomi ecological chain-Mijia Mijia. The brand Mijia is taken from two keywords in Xiaomi’s smart family, and its brand concept is "to be a work of art in life". Its LOGO design is inspired by the reliable shield, which symbolizes reliable quality, and at the same time, it is like a cat full of life interest, which symbolizes that products are developed for life. Lei Jun once again stressed that "the mission of Xiaomi Eco-chain is to promote the upgrading of China’s manufacturing industry with the concept of new domestic products."

1. Samsung TSMC’s revenue gap is the key to expand the AI chip market;

2. President 2.Rapidus: The production speed of 2 nanometers will be three times that of TSMC, and cooperation has been discussed with 40-50 enterprises;

3. India seeks to strengthen its chip manufacturing capabilities, but many projects have suffered major setbacks;

4. Morgan Stanley: In 2050, the global output value of humanoid robots will reach 5 trillion US dollars, and the cost reduction to 15,000 US dollars is a key turning point.

1. Samsung TSMC’s revenue gap is the key to expanding the AI chip market.

Samsung Electronics recently released a financial report showing that its semiconductor division’s revenue in the first quarter of this year was 25.1 trillion won (about 51.733 billion yuan), down 17% from the previous quarter. At the same time, TSMC’s revenue in the first quarter increased by 42% year-on-year to 839.35 billion Taiwan dollars (about 38.82 trillion won). As a result, the quarterly revenue gap between the two companies has exceeded 10 trillion won.

It is reported that the decline in revenue of Samsung Electronic Equipment Solutions (DS) department is mainly affected by factors such as semiconductor export control, resulting in a decline in sales of high-bandwidth memory (HBM) for AI chips. As a latecomer to the HBM market, Samsung has not yet entered the supply chain of NVIDIA, which makes its HBM business unable to effectively boost its overall performance.

In contrast, TSMC’s outstanding performance is mainly due to the strong demand for AI and the accumulation of chip inventory due to tariff considerations. Wen Junhao, a researcher at Samsung Securities, pointed out that although TSMC’s smartphone business entered the off-season, the growth of high-performance computing (HPC) business successfully made up for this impact.

According to historical data, Samsung surpassed Intel to become the world’s top semiconductor revenue in 2021, but with the memory market weakening since the third quarter of 2022, TSMC began to overtake Samsung. Although Samsung briefly regained its leading position in the second quarter of last year, with the rapid growth of the AI semiconductor market, TSMC has taken the lead again since the third quarter, and the gap has been widening-from about 3 trillion won in the third quarter of last year to 8 trillion won in the fourth quarter, and then to more than 10 trillion won in the first quarter of this year.

The securities industry predicts that the revenue of Samsung’s DS division is expected to rebound to 28-30 trillion won in the second quarter of this year, mainly due to the bottom of the first quarter performance and the recovery of traditional chip demand before the implementation of the US tariff policy. However, TSMC has announced that its revenue forecast for the second quarter is US$ 28.4 billion to US$ 29.2 billion (a contract of 39 to 40 trillion won), which is still about 10 trillion won higher than Samsung’s expectation. Wei Zhejia, chairman of TSMC, said that this year’s annual revenue is expected to increase by 20% in US dollars, and AI-related demand will continue to be strong.

It is worth noting that although Samsung is a comprehensive semiconductor enterprise covering both memory and non-memory, TSMC only focuses on wafer foundry business, and there are differences in their business structure, they have a high degree of influence in the global semiconductor market and compete directly in the foundry field, so the status of "revenue first" is of great symbolic significance. Judging from the current trend, it is difficult to narrow the revenue gap between the two companies in the short term.

In the increasingly fierce competition in the global semiconductor market, the demand change in the AI chip market has become a key factor affecting the company’s revenue. In the future, the layout and performance of Samsung and TSMC in the AI field will further determine their position in the global semiconductor market.

2. President 2.Rapidus: The production speed of 2 nm will be three times that of TSMC, and cooperation has been discussed with 40-50 enterprises.

In an interview with the media recently, President Koike Chunyi of Japan Rapidus said that Rapidus is negotiating with many companies including GAFAM (a giant technology company) and artificial intelligence chip design start-ups in the United States to expand the foundry business. However, obtaining orders from manufacturers in China still faces difficulties.

Rapidus’s trial production line in Chitose City, Hokkaido, has been partially put into operation on April 1st, and it is expected that all processes will be started within this month. At present, the company has signed a memorandum of cooperation with two start-ups such as US AI chip design company Tenstorrent.

In the field of advanced semiconductor production, Rapidus obtained the manufacturing technology of 2 nm products from IBM in the United States, and strived to achieve mass production in 2027. Although this time is two years later than TSMC’s planned 2025, Koike Chunyi emphasized that the speed from ordering to chip production and assembly can be increased to more than 2 to 3 times that of TSMC, forming a differentiated advantage.

Koike Chunyi is full of confidence in the company’s technical prospects, saying that "technicians who know that Japan was the first in the world have mastered the 2-nanometer technology. This is a difficult challenge, but everything is going well at present. " He also pointed out that the improvement speed of the trial products is very fast, and the yield will gradually increase.

At present, TSMC occupies a leading position in the most advanced semiconductor production, and exclusively OEM AI chips and other products from NVIDIA, USA.
Koike Chunyi believes that with the tension between China and the United States, the demand of American customers for second suppliers is increasing, which provides market opportunities for Rapidus.

Looking forward to the future, Koike Chunyi said that Rapidus will also actively deploy 1.4 nm semiconductor technology after 2 nm. He stressed: "If you can’t devote yourself to the next generation of technology in about two and a half to three years, you can’t win in the world." Once the 2 nm OEM business is on the right track, Rapidus will continue to advance the preparation of the next generation of semiconductors.
At present, Japanese manufacturers can only produce 40 nm products at most, while 2 nm technology adopts a completely different semiconductor structure. As a latecomer, Rapidus hopes to return to the forefront of global semiconductor manufacturing by mastering this advanced technology.

3. India seeks to strengthen its chip manufacturing capability, but many projects have suffered major setbacks.

In order to promote the development of the industry from OSAT operation to mature manufacturing capacity, India is currently focusing on the independent manufacturing of intermediate products in the semiconductor value chain, especially chip manufacturing.

It is reported that in the past five years, the compound annual growth rate of investment in India’s semiconductor industry was 10.5%, and it will reach 37.1 million US dollars by 2024. It is expected that this upward trend will continue, and the investment will increase to 109.6 million dollars by 2030. The factors driving this growth include the domestic manufacturing growth of automotive electronics, telecommunications infrastructure, industrial automation and consumer electronics products, especially the expansion of 5G and artificial intelligence-based technologies.

The data shows that in 2024, driven by the electric vehicle revolution, India’s largest demand for semiconductors came from the automotive industry (33%). Driven by the deployment of 5G networks, India’s second largest demand for semiconductors comes from the telecommunications equipment industry (24%). Followed by data centers (14%) and industrial automation (14%), these areas have increased due to the continuous advancement of digital transformation of enterprise operations.

In addition, in 2024, India’s exports of semiconductor components reached US$ 4.21 billion, with a compound annual growth rate of 7.4% in the decade from 2015 to 2024. The main products include integrated circuit chips, capacitors, printed circuit boards and photovoltaic cells, and more than 200 countries/regions imported products from India. Among them, the rapid growth of photovoltaic panels and telecommunications equipment exports reflects India’s rising position in the global market.

In recent years, some initiatives/plans launched by the Indian government have prompted many terminal application fields to establish local OSAT facilities. The analysis points out that India has formulated relevant policy frameworks under the "Made in India" plan and the "Indian Semiconductor Mission" initiative to support its semiconductor ambitions. With the entry of global chip manufacturers, the expansion of domestic production capacity and the growth of R&D investment, India is on the verge of a semiconductor breakthrough.

However, India’s ambition in the global semiconductor manufacturing field has recently suffered a major setback, and two heavyweight companies have successively adjusted or abandoned their original semiconductor manufacturing plans.

In early May, Zoho, a software supplier, officially announced that it would abandon its semiconductor manufacturing plan. The company is famous for providing Zoho One, a business operating system with tools such as CRM, HR and marketing. Zoho announced in May last year that it planned to invest 700 million US dollars to set up a semiconductor wafer factory. Recently, Sridar Vembu, former CEO and current chief scientist of Zoho, said on social media X that the company’s board of directors thought it was not ready to invest in the field of chip manufacturing, so it decided to give up the plan.

At the same time, Adani, a large Indian industrial group, has also suspended discussions with Israeli chip maker Tower Semiconductor on the plan of a $10 billion wafer factory. The cooperation of this project was announced in September last year, and it is planned to build a wafer factory in Panvel, Maharashtra. It is expected to produce 80,000 wafers per month after full production, mainly focusing on the analog and hybrid chip markets. . According to reports, Adani decided that the project was not commercially feasible, so she chose to quit.

According to informed sources, Adani Group previously said that the project was still under evaluation, but after internal evaluation, it was found that there was uncertainty about how much demand the business could generate, especially in the Indian market, so the negotiations with Gaota Semiconductor have been put on hold. Another source said that Adani Group was dissatisfied with the financial resources that Gaota Semiconductor was willing to invest, but did not disclose specific details.

In addition, it is worth mentioning that the $19.5 billion joint venture between Vedanta, an Indian enterprise group, and Foxconn, Taiwan, China, broke down in July 2023, because New Delhi was worried about the project cost and the delay in the approval of incentives. At present, the projects being developed in India include a chip manufacturing plant and another chip testing plant invested by Tata Group with an investment of US$ 11 billion, and a chip packaging department invested by Micron with an investment of US$ 2.7 billion.

4. Morgan Stanley: In 2050, the global output value of humanoid robots will reach 5 trillion US dollars, and the cost reduction to 15,000 US dollars is a key turning point.

Recently, Morgan Stanley (referred to as "Morgan Stanley") released the latest research report, saying that it is estimated that the global output value of humanoid robots will exceed 5 trillion US dollars in 2050, and the deployment scale will be 1 billion units.

According to this report, the humanoid robot market will grow in a step-by-step way, starting from 2036 and entering the commercialization stage, breaking through 127 million units in 2040 and reaching the deployment scale of 935 million units in 2050. Morgan Stanley pointed out that the cost reduction to $15,000 is a key turning point, and it will be first applied to standardized fields such as industry and logistics, while home applications are limited by security and AI technology bottlenecks, and the penetration rate is below 8% for a long time.

In addition, the report also said that China has advantages in the field of humanoid robot hardware, while the United States occupies a high position in software, ecology and algorithms. The dispute between geopolitical risks and technical standards will probably lead to industrial division, and China and the United States will each become a camp.

However, Morgan Stanley also admitted that most of the current industries are in the "proof-of-concept stage", and only 4% of enterprises have real soft and hard integration capabilities, and even warned that the industry is suspected of "pulling out the seedlings to encourage".

On September 29th, "Red Flag Rolling: Exhibition on Collection and Promotion of Theme Art Works of Art Museums in Yangtze River Delta Region" opened in Liu Haisu Art Museum. This exhibition takes the theme art creation in the Yangtze River Delta region as the breakthrough point, and follows the chronological order of 70 years since the founding of New China. It displays 68 works selected and sent by 31 parents’ triangular cooperation mechanism units, including Shanghai Liu Haisu Art Museum, Zhu Qizhan Art Museum, Changzhou Wu Qingxia Art Institute, Anhui Yaming Art Museum and Kunshan Hou Beiren Art Museum.

Exhibition site

The exhibition tells the story from the "red classics" in the context of "literature and art serve the people, workers, peasants and soldiers" in the early days of the founding of the People’s Republic of China to the confrontation and balance under the impact of foreign culture of reform and opening up, and then to the pluralistic coexistence of China’s artistic ecology under the background of contemporary globalization.

Ruan Jun, deputy director of Shanghai Liu Haisu Art Museum, explained three key words of the exhibition, namely, 70th anniversary of the founding of New China, showing people’s beautiful life, and how artists show their works, and interpreted the thematic works from the perspective of poetic Jiangnan meaning: "Jiangnan culture contains the pursuit of beauty and yearning for a better life, from which artists can see their understanding of life and intuitive observation of social changes."

Exhibition site

How do artists transform in historical changes?

Walking into the exhibition hall, first of all, two large-scale flower works created by Liu Haisu for the 30th anniversary and the 35th anniversary of the founding of New China are presented. These two exhibits are from the Liu Haisu Art Museum in Changzhou, and they respectively use peony and red plum as metaphors for the new atmosphere of Shenzhou. Two oil paintings by Liu Haisu, "Picking the Mud" and "Strike the Iron", selected by Liu Haisu Art Museum, show the labor scene in full swing. At the same time, these two works also show the diversity of artists’ styles, among which "Strike while the Iron is Hot" seems to draw lessons from Van Gogh’s shadow.

Liu Haisu’s Oil Painting While the Iron is Striked: 81×60.3cm Selected by Liu Haisu Art Museum

Next to these two colorful works is the 1958 work of the female painter Wu Qingxia, namely "Innovative Rice Transplanter with Agricultural Tools". From the inscription, it can be seen that this work was "sketched in the northern suburb of Hongqi No.1 Society". Like Liu Haisu, she walked out of Changzhou, and became famous as "Carp Wu" in middle age. In her octogenarian years, she donated her fine paintings and famous paintings and calligraphy jointly collected by her husband, Mr. Wu Yunrui, to Changzhou Municipal Government for free. The exhibition "Agricultural Tools Innovation Transplanting Boat" is from Changzhou Wu Qingxia Art Museum.

Wu Qingxia’s 56×75cm Chinese painting "Farm Tools Innovating Transplanting Boat" Selected by Wu Qingxia Art Institute.

Zhang Huan, the daughter of Wu Qingxia, told the The Paper reporter that Wu Qingxia came from a painting family, and Liu Haisu and Wu Qingxia’s cousins were good friends. Originally, they planned to go to Shanghai to run an art school, but Liu Haisu went to Shanghai alone after Wu Qingxia’s cousin died of illness. At that time, the China Painting Academy called on painters to go to the workers, peasants and soldiers, live in factories and rural areas, and eat, live and work with farmers, so as to draw such vivid works.

It is different from the image of farmers wearing straw hats and bending over to transplant rice seedlings. In this work, a woman dressed in Jiangnan sits at the front of the "boat", with seedlings to be inserted behind it, and there is also a special device for holding an umbrella to shade the sun. Just like the title of the work "Innovative Rice Transplanter with Agricultural Tools", Wu Qingxia recorded the working conditions of that era with a brush.

Zhang Huan, the daughter of Wu Qingxia, tells her son about Wu Qingxia’s works at the exhibition site.

How do different times and backgrounds affect artists’ creation?

The exhibition also exhibited works by Zhu Qizhan, Zong Qixiang, Ying Yeping and others. Among them, a landscape painting by Liu Kaiqu is quite rare. As we all know, Liu Kaiqu is a sculptor, and his masterpiece is the Monument to the People’s Heroes. The Statue of Cai Yuanpei in Shanghai Jing ‘an Park is also from Liu Kaiqu. One of Liu Kaiqu’s works in the exhibition is called "Scenery of the Motherland", which is a collection of Wang Qiangzhong. This work originated from his father, who was a military representative of the Central Academy of Fine Arts at that time. Liu Kaiqu thanked him for giving it.

Liu Kaiqu, The Scenery of the Motherland.

Following the first part of the old man’s interpretation of the times, the second and third parts of the exhibition are the works of current artists. Shen Hu, an expert of the Art Committee of Liu Haisu Art Museum, used to appear as a theoretical researcher. In this exhibition, his "Wujintu" was created in the mid-1980s, depicting the production situation of coal miners.

Shen Hu’s Wujintu

Huang Azhong’s "Workers’ Village" depicts the construction of the Shanghai Workers’ Village and the cultural and leisure life of the workers with relaxed brushwork. Pang Jun’s "East Courtyard of Broken Mountain Temple" selected by Changshu Art Museum, although it is also a sketch of scenery, covers the history of culture and art. The "Broken Mountain Temple" is located at the foot of Yushan Mountain in Changshu, and there is often a poem "a buddhist retreat behind broken-mountain temple" in the Tang Dynasty. The painting "East Courtyard of Broken Mountain Temple" seems to show the poetry of "my path has wound, through a sheltered hollow and of boughs and flowers, to a Buddhist retreat" in the Tang Dynasty as an oil painting landscape. These works express the theme creation in a relaxed and freehand way. He Xi’s "After Rain Clears Up" injects contemporary ideas into thematic creation.

Pang Jun’s "Broken Mountain Temple East Courtyard"

According to Zhao Zongguan, secretary general of the collaboration mechanism of the Yangtze River Delta Art Museum, the works on display were collected from the works of art related to the founding of New China in various museums, and many collections were exhibited for the first time. Among them, we can see that the older generation of artists went deep into life to express the new achievements of socialism after the founding of New China. These old gentlemen used to paint traditional themes, and they incorporated new enthusiasm and sentiment into their traditional skills. The thematic works of art in different times bring different thoughts to Chinese people.

Exhibition site

The exhibition will last until October 10th.

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　　CCTV News:India is preparing to implement the second round of counter-measures and Mexico is preparing for the second round of retaliation. In the past few days, the trade conflict between the United States and its allies has escalated step by step, and the pressure on Trump from its allies has also increased. In the melee, some American scholars worry that the current government’s practice will accelerate the decline of the United States.

　　According to the "India Times" reported on the 17th, the documents of the World Trade Organization (WTO) show that the Indian government has proposed to impose tariffs ranging from 10% to 50% on 30 kinds of imported goods from the United States as a counter-measure to impose tariffs on steel and aluminum on the Trump administration.

　　This is the second time in less than two months that India has launched a counter-measure against the unilateral trade actions of the United States — —In May, India imposed tariffs on 20 kinds of American imports, including almonds and apples, with the highest tax rate as high as 100%.The media noticed that in the second round of India’s counterattack, the American goods with the highest tax rate, that is, the 50% tariff, happened to be Harley motorcycles that were regarded as the classic symbol of American manufacturing. Trump had previously publicly asked other countries to reduce import tariffs on Harley-Davidson motorcycles, so this move in India was accused of being "highly targeted".

　　In addition to the second round of Indian countermeasures, Reuters reported that Mexico is also studying a new round of retaliatory tariffs against the United States. After the United States imposed tariffs on steel and aluminum on Mexico, Canada and the European Union on the 1st of this month, Mexico was the first to take retaliatory measures. The targets of its first round of counter-tariffs included steel and pork, but it did not target American agricultural products with the highest yield. However, the second round of tariffs exposed by the media will target US products with a total amount of US$ 4 billion, and the targets will also become strategic soybeans and corn.

　Canadian Prime Minister Trudeau

　　In Canada, because Prime Minister Trudeau was criticized by Trump on trade issues, Canadians who have always shown a moderate image are also angry — — According to the latest survey released by Ipsos, a market research company, as many as 70% of Canadians will try to reduce the use of American products in the future.

　　The New York Times recently collected and publicized the views of some Canadian netizens on Trump’s provocation of the US-Canada trade war:

　　Some netizens said, "In American history, there is no better ally than Canada. Has Canada benefited? Sure. But now, since bilateral relations are not mutually beneficial, many people should begin to wonder how long this alliance will last. "

　　Some netizens said, "Every old American friend has realized in a cruel way that the Trump administration is unreasonable, can’t be persuaded by rational discussion, and is not our friend."

　　Some netizens said, "The United States is not the only place where Canadian goods can be exported. Canadians are warm and friendly, but we will never be bullied by the United States. "