2022 year, A share IPO listing Both in terms of volume and financing amount, it far exceeds European and American markets. Shanghai Stock Exchange, Shenzhen Stock Exchange IPO listing The financing amount ranks first and second globally.   Meanwhile, the US market IPO listing The amount raised decreased 90% Above, NASDAQ and NYSE 10 The exit from the top five global markets for the first time in recent years, what are the reasons for this phenomenon? How should we observe the development of the Chinese economy and capital market? How should we evaluate the significance of the establishment of the Beijing Stock Exchange? 2023 year A share IPO listing What is the outlook for the market? Can the phenomenon that has led global capital markets continue?   Frost & Sullivan Frost & Sullivan Mr. Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, was interviewed below:     "Observer Network" interview, jointly discussed A Development trend of the stock market. Observer Network Q 2022 year, A share IPO listing Both in terms of volume and financing amount, it far exceeds European and American markets. Shanghai Stock Exchange, Shenzhen Stock Exchange IPO listing The financing amount ranks first and second globally. Meanwhile, the US market IPO listing The amount of funds raised has decreased 90% Above, NASDAQ and NYSE 10 For the first time in a year, it has exited among the top five global markets. What do you think are the reasons for this phenomenon? As of 2022 year 12 month 31 day A share IPO listing Number of enterprises 424 Home, with a total fundraising amount of 5,869.66 RMB 20 billion, including the Shanghai and Shenzhen stock exchanges IPO listing The fundraising amounts reached 3,588.91 yuan 2,115.16 Yuan, ranking first and second globally. In contrast, 2022 US capital market in 2019 IPO listing Market financing volume has declined 90% . 2022 year A share IPO listing The financing amount far exceeds that of the United States IPO listing by A share IPO listing Substantial growth in the United States IPO listing The shrinkage also causes:   （ 1 The implementation of the registration-based system reform in our country has driven the performance of the Sci-tech Innovation Board and the Growth Enterprise Market. And the Sci-tech Innovation Board and the Growth Enterprise Market, in turn, A share IPO listing It plays an important role.   In terms of the total fundraising amount, 2022 Annual Sci-Tech Innovation Board and Growth Enterprise Market IPO listing Total raised funds A Total amount of share-raised funds 73.54% has become A share IPO listing The main force in the market. The registration-based system reform refers to the issuance review institution only examining the registration documents provided by the issuer, confirming whether they fulfill the obligation of information disclosure without making substantive judgments on the information. The reform of the registration-based system has provided a more convenient channel for enterprises to go public.   Subsequently, the Sci-tech Innovation Board and the Growth Enterprise Market were launched 2018 year 11 month and 2020 year 4 After the pilot was implemented in [month], the State Council further decided that 2020 year 10 In January, the 'Opinions on Further Improving the Quality of Listed Companies' were issued, proposing to 'fully implement and phase out the securities issuance registration system, supporting high-quality enterprises to go public'. Since the implementation of the registration-based system reform, a total of 900 The listed company completed its issuance under the registration-based system, raising a total of more than one trillion yuan. The reform of the registration-based system has contributed to the development of China's capital market, including the Science and Technology Innovation Board and the Growth Enterprise Market. A share IPO listing It played an important role.   （ 2 Meanwhile, due to geopolitical conflicts, intensified US inflation, and multiple rounds of interest rate hikes by the Federal Reserve, most companies planning to list on the US stock market have postponed their listing plans. 2022 At the beginning of the year, escalating geopolitical conflicts led to a continuous rise in market risk aversion, resulting in large-scale selling across global stock markets including the US stock market. At the same time, financial sanctions, technological sanctions, and energy sanctions imposed by the US against Russia have also become unstable factors in the US stock market. In addition, 2022 Inflation in the United States intensified in 2021, 7 The monthly inflation rate is as high as 9.1% , for succeeding 1981 US near after the New Year 40 The peak of development within the year, despite the latest announcements in recent days between China and the US 11 The monthly inflation rate has fallen to 7.1% Better than market expectations, but the inflation rate remains at 2% The long-term inflation targets vary significantly. As the inflation rate has remained high for a long time, the Federal Reserve has raised interest rates multiple times this year in an attempt to control the sharp increase in inflation, which occurred 3 month, 5 month, 6 month, 7 month, 9 month and day 11 Monthly interest rate hike 0.25% , 0.5% , 0.75% , 0.75% , 0.75% The interest rate target range has been met 3.75%-4% The significant increase in interest rates directly raises various capital costs for enterprises, affecting their profitability. At the same time, due to geopolitical reasons and the slowdown in the development of internet companies, the number of Chinese companies going public in the US has significantly decreased. Under multiple influencing factors, this has led to 2022 USEX IPO listing Total raised funds 2021 A year-on-year decline as high as 93.2% . Q 2022 year A Top 10 before shares IPO listing middle, 7 I'm from the Sci-Tech Innovation Board. 1 Originating from the ChiNext, and thus the Sci-tech Innovation Board and ChiNext have become A share IPO listing The market's main players, including semiconductor manufacturing, artificial intelligence and business software, robotics companies, and other enterprises developing high-end technologies, have gone public one after another. How can we observe the development of the Chinese economy and capital markets from these phenomena? With China's continuous encouragement of the listing of 'hard technology' enterprises, since the establishment of the Sci-tech Innovation Board and the Growth Enterprise Market, they have become A share IPO listing The main force, 2022 annual double-board IPO listing The total amount of funds raised has accounted for A share IPO listing The total fundraising amount exceeds 70%, and it will continue to promote the development of outstanding 'hard technology' enterprises in China's capital market through the Sci-tech Innovation Board and Growth Enterprise Market in the future, playing an increasingly important role. The original intention of the establishment of the Sci-Tech Innovation Board is to adhere to facing the world's scientific and technological frontiers, the main battlefield of the economy, and major national needs. It mainly serves as a more convenient listing channel for technology innovation enterprises that meet national strategies, break through key core technologies, and have high market recognition. It particularly supports high-tech industries and strategic emerging industries such as new-generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, as well as biomedicine. Recently, the Shanghai Stock Exchange has once again emphasized its commitment to maintaining the 'hard technology' positioning of the Sci-tech Innovation Board, encouraging and supporting more 'hard technology' enterprises to go public, and creating a favorable market ecosystem that supports technological innovation. Therefore, in the future, there will be more outstanding semiconductor manufacturing companies, artificial intelligence companies, robotics companies, and other 'hard technology' enterprises listed on the Sci-tech Innovation Board, continuously driving the healthy development of China's economy and capital market. Q Since the launch of the board one year ago, there have been a total of 123 The parent company is listed on the Beijing Stock Exchange, with a proportion of small and medium-sized enterprises 77% Proportion of private enterprises 86% , 80% The above listed companies belong to strategic emerging industries or advanced manufacturing sectors. How should we evaluate the significance of the establishment of the Beijing Stock Exchange? The original intention of the establishment of the Beijing Stock Exchange was to better support the innovative development of small and medium-sized enterprises. Building on the New Third Board (National Equities Exchange and Quotations for Small and Medium-sized Enterprises), it aims to deepen the reform of the New Third Board and accelerate the construction of a trading platform mainly for innovative small and medium-sized enterprises, to meet the internal needs of supporting the development and growth of these enterprises in China. At the same time, the establishment of the Beijing Stock Exchange is also aimed at improving China's multi-level capital market system, presenting a tripartite balance. In terms of positioning, the Beijing Stock Exchange will be different from the Shanghai Stock Exchange and the Shenzhen Stock Exchange, serving the Beijing-Tianjin-Hebei region as well as the entire northern region, with an emphasis on innovative small and medium-sized enterprises. Since the launch of the market one year ago, in terms of results, the establishment of the Beijing Stock Exchange has fully achieved its original intention. As of 2022 year 11 months in total 130 The parent company was listed on the Beijing Stock Exchange. IPO listing Raising over 10 billion yuan, with SMEs accounting for a proportion 77% Proportion of private enterprises 86% Over 80% are concentrated in strategic emerging industries and advanced manufacturing. According to the Shenwan First-Class Industry Classification, listed companies mainly focus on industries such as machinery and equipment, power equipment, electronics, and basic chemicals. Overall, the establishment of the Beijing Stock Exchange has fully achieved its original intention. It provides a inclusive financial path to the capital market for the development of medium and small enterprises in China, which are characterized by strong innovation capabilities, rapid growth, and substantial technological achievements. It also provides a favorable environment for the healthy development of these enterprises.   Q China's epidemic prevention and control measures are being continuously optimized, and more economic stimulus policies are expected to be implemented. Supervision also states that the conditions for fully implementing a stock issuance registration system are basically in place. In this context, what do you think? 2023 year A share IPO listing What is the outlook for the market? Can the phenomenon that has led global capital markets continue? 2022 Since the beginning of this year, affected by complex changes in international situations such as the Russia-Ukraine conflict and Sino-US relations, as well as repeated impacts from the COVID-19 pandemic, China's economic development has faced certain pressures. The 'troika' driving economic growth—investment, consumption, and exports—has all been challenged to varying degrees. However, since the comprehensive group of the State Council's Joint Prevention and Control Mechanism announced the 'Notice on Further Optimizing the Implementation of COVID-19 Prevention and Control Measures' based on the new characteristics of the pandemic's development,   The new measures will not only ensure people's normal work and life, but also lay a solid foundation for China's future economic development. Consumption is expected to rebound positively, and transportation and tourism will gradually return to normal. It is anticipated that the psychological expectations of the public towards China's economic development will show positive changes after the adjustment of epidemic prevention policies. In addition, the registration-based system is a key measure for developing direct financing, especially equity financing, and it is also a major reform aimed at improving the market-oriented allocation of factors. After nearly three years of pilot implementation, the registration-based system structure centered on information disclosure has initially withstood market tests. The conditions for fully implementing a stock issuance registration system are now basically in place.   In the future, with the full and stable implementation of the registration-based IPO system reform, including A Main board stocks, etc. IPO listing The environment will embrace a healthier development environment, therefore it is expected 2023 year A Equity will continue to lead global capital markets.   * This interview was published on "Observer Network", authored by Li Zexi, with the original title being "    Opening the first US office allows the Hong Kong Stock Exchange to attract from the US IPO listing Hmm?    >>    (Click on "Read the Original Article" at the end of the text to view the full report).

As the 'water seller', the pharmaceutical outsourcing industry (hereinafter referred to as CXO The industry has always been highly regarded by the industry for its 'stable yields regardless of droughts or floods', with a high degree of prosperity. CXO The industry has always been a "regular customer" recommended by various securities firms' pharmaceutical research reports. Review 2022 year, A Most shares CXO The revenue growth rate of enterprises in the first three quarters was 'pleasant', but there were also many challenges. The industry's stock prices have generally corrected, and as of now, the industry index has still fallen by more than 30% compared to a year ago. How to look at the domestic market CXO Industry development prospects?   for CXO What's your view on the performance growth rate of enterprises next year? Some believe that concerns about overcapacity will mainly emerge with large molecules. CXO Industry, not small molecules CXO Industry, what's your opinion on this? CXO Are there any other concerns in the industry? Frost & Sullivan Frost & Sullivan Zhu Yi, Senior Consulting Director of Healthcare Industry in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Cailian News to discuss CXO Industry development. Cainiao Communications Combined with 'the largest global sales 20 Original research drug, future 10 yearly 9 Regarding situations such as "loan maturity", what do you think of the domestic market? CXO Industry development prospects?     The expiration of a large number of patented drugs will drive continuous growth in the generic drug market, which will, to some extent, boost the role of generics as the 'industry's water sellers'. CXO The service demand continues to increase.   According to Frost & Sullivan analysis, 2022 Year is the starting point of a new patent cliff, not only for the company with the largest global sales 20 Original research drug, future 10 yearly 9 The deadline has arrived. The pharmaceutical industry is facing a wave of patent expirations, which is both an opportunity and a challenge. Although our country has been continuously deepening medical reforms and encouraging the development of innovative drugs in recent years, as a developing country with limited payment capabilities,   Generic drugs will remain an important choice for clinical medication in China for some time to come. With the maturity of China's healthcare industry and the deepening of reforms, it is expected that the penetration rate of generic drugs in overall prescriptions will further increase, which also CXO Brings industry opportunities: The volume of consistency evaluation and clinical trial orders has increased, but the unit price may not be as high as in the past for innovative drug R&D. Therefore   How to reduce costs and increase efficiency, and improve the output ratio has become CXO Another topic ahead.   Q Some views suggest that it involves large COVID-19 order businesses CXO Enterprises, next year will see weak growth momentum based on this year's high base, for CXO What's your view on the performance growth rate of enterprises next year?   Involving large new coronavirus-related order businesses CXO Enterprises have benefited from related orders, achieving gratifying results this year. In the coming year, it is inevitable that performance will dip due to significant changes in pandemic policies. However, in the long run,   Based on the rapid economic development, progress in medical technology, and people's relentless pursuit of health, the demand for the biopharmaceutical industry remains strong in the future. from 2022 At the beginning of the year, the secondary market was worried CXO The industry has future performance growth potential, but   heads CXO The performance of listed companies from 1 quarterly 3 The quarterly results were all very impressive, continuing to maintain high growth without any signs of a significant slowdown. CXO The industry logic has not changed. However, the increasing R&D risks and costs also bring uncertainties to the development of the pharmaceutical outsourcing industry.   Therefore, CXO The market is rapidly concentrating towards larger-scale niche leaders across various countries.   Therefore,   Expected top players in the future CXO The performance will maintain a rather optimistic growth rate, but the head effect will continue to be evident. Q How can innovative pharmaceutical companies achieve a breakthrough? Concerns about overcapacity are more likely to emerge with macromolecules. CXO Industry, not small molecules CXO Industry, do you agree with this statement? I don't agree. macromolecular biopharmaceutical CXO A key factor contributing to the overcapacity trend in production capacity in the past one or two years is that idle production capacity of some biotech companies has been temporarily taken on by external parties under the current economic situation. CXO Business has inadvertently exacerbated the industry's capacity process and involution, but it is understood that this is also a temporary expedient measure to obtain certain cash flow, which will improve structurally in the future.   And small molecules CXO The capacity expansion mainly stems from order-driven demand.   Although it cannot be ruled out that some factors are catalyzed by the heavy orders for COVID-19 small molecule drugs, more production expansion is still due to actual customer demand and even received orders.   There is no very serious overcapacity problem. In addition, globally CDMO company Enterprises are expanding their production capacity, and as a new major pharmaceutical development country, it is very normal for China's production capacity to expand. Q In addition, what do you think CXO Are there any other factors in the industry that require concern, such as geopolitical risks?   Geopolitical factors are indeed CXO The industry has encountered an unexpected “black swan”, which was previously “incorporated UVL After the list-triggered plunge in the secondary market, the National Biotechnology and Bioengineering Initiative advanced by the Biden administration in the second half of this year has once again sparked concerns about CXO Industry concerns over political disruptions. In fact,   usually CXO The company has a very trusting and stable partnership with its client, the pharmaceutical company. Its service fees are not easily affected by trade restrictions such as additional tariffs, and it is an industry that is not easily disturbed by political turmoil. In addition CXO Companies can mitigate the impact of geopolitical risks by adjusting their supply chains, such as domestic substitution for raw materials and consumables. Therefore, we must correctly understand the influence of factors such as international relations.   * This interview was published in 'Cainiao News Agency', with reporter Wang Junxian. The original title was '    Is high prosperity without risk? COVID-19 orders, the "black swan," and new hidden concerns in the pharmaceutical outsourcing industry | Year-end inventory    >>    (Click on "Read the Original Article" at the end of the text to view the full report).

Huawei 2023 Site Energy's Top Ten Trends Conference   2022 year 12 month 29 On the same day, Huawei held the “ 2023 The release of "Ten Trends in Site Energy" and a heavyweight white paper will be held at the event. At the press conference, Yao Quan, President of Huawei's Site Energy Business Unit, comprehensively interpreted the ten major trends in site energy, including energy digitization, low-carbon networks, and greener site power supply.   Frost & Sullivan Frost & Sullivan Frost & Sullivan's consulting manager for Greater China, Fu Jiangyu, was invited to attend the event online. The ten core trends interpreted by Huawei at this press conference provide a good direction for the realization of the vision in the site energy domain. As a long-term strategic partner of Huawei globally, Frost & Sullivan will join hands with Huawei to jointly assist in promoting the upgrade and transformation of site energy towards extreme simplification, greening, and intelligence. Together, they aim to build a low-carbon target network for site energy and accelerate the achievement of carbon neutrality in the network. Yao Quan, President of Huawei's Energy Business Group   Highlights of the conference   Yaoquan said, 2022 The year was an extraordinary one, with oil prices and electricity costs continuing to rise against the backdrop of a global energy crisis. Operators OPEX expense The demand has skyrocketed, drawing increasing attention to site energy. Against this backdrop, Huawei shares ten trends in site energy, aiming to jointly advance the upgrade and transformation of site energy towards extreme simplification, greening, and intelligence with the industry, helping operators accelerate the realization of network carbon neutrality. Trend 1: Energy digitization   On the road to carbon neutrality, ICT There are mainly two core tasks, one is ICT Its own green and low-carbon development, namely Green ICT Second, ICT Empowering industries across sectors to reduce carbon emissions, namely ICT for Green For all of this, digital technology and power electronics technology are the foundation. By integrating digital technology with power electronics technology, energy flow with information flow, we accelerate the digitization of energy, achieve 'bits managing watts', and thereby promote the green and low-carbon transformation of the energy industry and society. In the foreseeable future, whether for ICT For all industries, the digitization of energy is an unstoppable trend.   Trend 2: Low-carbon networks ICT Technology has improved social operational efficiency and changed people's lives, but at the same time ICT Network evolution has also led to an increase in power consumption and carbon emissions. Especially against the backdrop of the energy crisis and carbon neutrality, operators are actively taking action to build a green and low-carbon network that spans from network construction, power supply, to operation throughout its entire lifecycle. On the network side, the site extends from transformers to cabinets and from cabinets to poles, constructing a very simple and low-carbon network. On the power supply side, by increasing the stacking ratio of sites, green electricity becomes ICT The main power supply of the site reduces the consumption of mains electricity. On the operational side, through digitalization and intelligent operation and maintenance of the site, manual on-site operation and maintenance are reduced. Abnormal energy consumption and carbon emission sites are identified to further reduce the site operation and maintenance costs and carbon emissions. Trend 3: Greening of Site Power Supply In the past, the power supply for sites mainly relied on mains electricity or diesel generators, with only about 1% With the advancement of new energy technologies and the emergence of new business models, clean energies such as solar, wind, and hydrogen are becoming increasingly important in station power supply. The power supply at sites is showing a trend towards diversified clean energy. With rising electricity and oil prices, coupled with further reductions in the cost of clean energy, operators will PPA Increase the proportion of self-built green electricity on top of purchasing green electricity. Trend 4: Site Minimization Traditional site construction often involves using computer rooms or cabinet stations, which are characterized by high air-conditioning energy consumption, low efficiency, and high costs. 5G Times have changed, with a dramatic increase in the number of sites and soaring construction costs, making traditional models unsustainable. Therefore, Site forms need to evolve towards cabinets within rooms and cabinets within poles, achieving extremely simple deployment while structurally reducing energy consumption and carbon emissions.   Trend 5: Site Efficiency The site has evolved from a single component approach to an efficient multi-site architecture, with full-link power supply and coordinated primary equipment supporting all aspects of efficiency. l In terms of form efficiency: The site has evolved from a room to cabinets, and then to poles. Energy efficiency can be significantly improved. 97% Reduce floor space and simplify deployment. l In terms of efficient power supply: In the past, efforts were focused on improving the efficiency of rectifier modules. With the increased commercialization of new semiconductor materials and digital technology enabling intelligent power management, site power supply is evolving towards efficient generation, transmission, storage, distribution, and full-link capabilities. l In terms of collaborative efficiency: Power electronics technology is integrated with digital technology, enabling bit watts to be linked together. Energy equipment and wireless devices work in coordination to achieve precise energy efficiency management and optimization of energy consumption. Trend 6: Comprehensive Intelligence Traditional sites often have many dumb components, with extensive management practices. Site energy consumption and carbon emissions are not visible, making it difficult to start saving energy or reducing carbon emissions. Additionally, site maintenance requires manual on-site operations, which is inefficient and leads to high maintenance costs. By digitizing the site, The site will evolve from simple management to comprehensive intelligence, achieving autonomous operation and maintenance, real-time visualization and optimization of energy efficiency and carbon emissions, and further enhancing the operational efficiency of the site.   Trend 7: Socialization of Communication Sites Massive communication sites contain huge business opportunities, but in the past, due to a single business model, site resources were not fully utilized. In the future, on one hand, communication sites will move towards socialization, with operators evolving from single communication operators to comprehensive service providers. On the other hand, in addition to powering communication equipment, sites can also supply backup power for other devices such as civil affairs, electricity, oil and gas, leading to diversified customer needs. Moreover, site business models are becoming more diverse, such as virtual power plants. VPP New services such as internet access powered by electricity and electricity-based rental models have brought new sources of revenue to operators, maximizing the value of communication sites.   Trend 8: Multi-Model Architecture As the site's power supply shifts from traditional single sources such as mains or diesel generators to a mix of mains, diesel generators, wind energy, solar energy, and other renewable sources, the site becomes more socialized. This will lead to the need for multi-mode power output to supply backup power to different industries and equipment with different types of systems. Adopting a multi-mode architecture design, site power supplies capable of multiple energy sources and multiple output modes will become increasingly popular. , becoming the mainstream deployment. Trend 9: Backup power is moving towards integrated backup and storage Traditional communication sites often only provide backup power for communication equipment, with a single function and idle assets. With the emergence of policies such as peak-valley electricity prices, more and more operators are exploring staggered power consumption and virtual power plants. VPP The business model involves integrating energy storage assets into grid coordination scheduling. Site energy storage has evolved from simple standby power to integrated standby and storage, moving towards circular applications. For operators, this can activate idle assets, increase revenue, and save on electricity bills; for the grid, it provides an additional power supply guarantee and improves grid stability. Trend 10: Secure and Trusted For site energy, security and reliability are of utmost importance. It encompasses two aspects: the first is network security, and the second is hardware security. Under the trend of significant development in energy digitization, how to reduce attack risks and inherent security risks has become a focus that countries and industries are paying more attention to. A series of security specification requirements, including network security and hardware security itself, will continue to be introduced. Seize the present and look ahead to the future. The top ten trends in site energy will lead to the construction of a more minimalist, greener, and intelligent communication energy network. Huawei looks forward to continuing exploration with the industry to jointly build a low-carbon target network for site energy and accelerate the realization of carbon neutrality in the network.   Interpretation of Frost & Sullivan Analysts from Frost & Sullivan's digital energy sector said: "Driven by the dual carbon goal and new infrastructure policies, advanced ICT Technology is leading the digital transformation of our country into deeper waters, playing a significant role in carbon reduction and emission mitigation during the transformation process across various industries. At the same time, with the intensification of the global energy crisis and the rapid development of China's digital society, as well as the continuous expansion of traffic scale, the energy foundation of the communication industry itself urgently needs to be upgraded towards low-carbon, intelligent, and efficient directions. For the site energy domain, how can these concepts be deeply integrated into core stages such as communication site construction, operation, and maintenance through powerful products and solutions, and how can they be restructured for 'power generation - transformation - Power storage - In all aspects of 'electricity use', forming a green, low-carbon, safe, and trustworthy network throughout the entire lifecycle remains a core issue that the industry needs to work together to solve in the future. The ten core trends interpreted by Huawei at this press conference provide a good direction for the realization of this vision.

2022 What are the characteristics of the medical device centralized procurement in [year]? Is the trend towards no exclusion zones in centralized procurement more evident? In the future, which products will be included in the scope of centralized procurement? After the expiration of the coronary stent centralized procurement agreement, some products have seen price increases. What signals does this send? Why has there been an increase in the number of local and alliance centralized procurements? What impacts will they bring about and whether they will escalate to the national level of centralized procurement?   Frost & Sullivan Frost & Sullivan Guo Jing, Senior Consulting Director for Healthcare in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the above topics. Securities Daily Q Securities Daily Reporter: 2022 What are the characteristics of the medical device centralized procurement in [year]? since 2022 year 10 With the commencement of the centralized procurement of coronary artery drugs, China's medical device industry has been conducting volume-based procurement for over two years. Unlike the earlier radical price adjustments, 2022 In the year, the overall trend of device centralized procurement showed a slowdown in price reductions, with pricing tending towards rationality and science. Specifically, this year 10 month 27 The price reduction for the provincial alliance's electrophysiological centralized procurement is as follows: group package price reduction > =30% , single-piece decrease > =50% ; 11 month 22 In the provincial alliance's biochemical centralized procurement, enterprises have reduced prices based on the highest effective declared price. 40% You can be shortlisted. This is different from the situation in the previous two years, where 80 - 90% The decline has been greatly alleviated compared to before.   Moreover, centralized procurement of medical devices, especially in the field of medical consumables, is gradually showing characteristics of normalization and institutionalization. Q Securities Daily Reporter: Since the beginning of this year, the centralized procurement bidding for orthodontics has been carried out, and has the trend of no exclusion zones in the centralized procurement become more apparent? What products do you think will enter the scope of centralized procurement in the future?   The point that 'centralized procurement has no no-go zones' needs to be considered from two aspects. Indeed, the types of medical device products covered by centralized procurement will indeed increase, but the state reserves a certain space for innovative medical devices to ensure room for innovation. We can categorize medical devices into four types for consideration: startup products, development-stage products, mature-stage products, and consumer-grade products. For the first type, startup products, centralized procurement policies will slow down, leaving room for innovation while suppressing homogeneous competition with low-tech products; for the second type, development-stage products, such as electrophysiological devices, centralized procurement will favor leading enterprises, significantly increasing the certainty of winning bids; for the third type, mature-stage products, such as coronary stents, centralized procurement enterprises are expected to reshuffle their ranks, with the focus on the value of flow guidance and widespread application; for the fourth type, consumer-grade products, the price cuts in centralized procurement are more consistent, leaving some room for market-oriented adjustments. Q Securities Daily Reporter: After the expiration of the centralized procurement agreement for coronary stents, there has been a continuation in purchases, and some products have seen price increases. What signals does this send?   This is actually a manifestation of the 'trend towards rational and scientific pricing' just mentioned. The renewal results of this centralized procurement do not mean that future centralized procurements will continue with 'price hikes', but rather indicate the rationalization of procurement pricing, getting closer to the true value of products. In fact, the number of occurrences in the first centralized procurement exceeds 90% The 'floor price' resulting from the price cuts is not the original intention of centralized procurement. At the beginning of the system design, it was oriented towards artificially high product prices, with the hope that policy efforts could effectively adjust premiums and squeeze out excess liquidity. However, this is not a trend towards healthy development of the industry. Therefore, if price cuts in the early stages were an inevitable phase of correction, then the current increase in coronary stent prices is a rational return to centralized procurement pricing, a process that allows product prices to return to their true value. Q Securities Daily Reporter: In addition, why has the number of local centralized procurement and alliance procurement increased? What impacts will this bring about, and can it escalate to the national level of centralized procurement? Let's first provide some background here. 2022 year 1 month 10 At the State Council's executive meeting on the 1st, it was decided to normalize and institutionalize centralized volume-based procurement of drugs and high-value medical consumables. It was mentioned that with a focus on chronic and common diseases, national-level drug procurement will continue to be promoted, and localities will carry out provincial or cross-provincial alliance procurement for drugs not included in the national procurement.   From the content of this meeting, it can be seen that national and local volume-based procurement will have their own priorities. National centralized procurement focuses on varieties that are not yet covered but have high costs, large clinical usage, or where existing procurement rules cannot be directly applied. Local procurement alliances, on the other hand, are formed by the medical insurance bureaus of cooperating provinces to jointly formulate procurement rules for centralized procurement. In summary, the role of national centralized procurement is to build platforms and set rules, while local alliance centralized procurement involves pooling resources among provinces with similar product structures and regulations. An inevitable trend is the increase in the number of local and alliance centralized procurements, as this makes it more efficient and aligns better with local actual needs. Regarding the second question, the increase in local alliance centralized procurement will not have a substantial impact on national centralized procurement.   Since their purposes are different, the development of both centralized procurement models complements each other, collectively making the entire centralized procurement system more mature.   * This interview was published in 'Securities Daily', with reporters Zhang Min and Xiong Yue. The original article is titled '    2022 The reform of the pharmaceutical biotech industry has intensified in 2021 Under the capital winter, tracks are accelerating reshuffle and reconstruction    >>    (Click on "Read the Original Article" at the end of the text to view the full report).

As of 2022 year 10 At the end of the month, the publicly tendered capacity for wind turbine equipment nationwide reached 73.3 GW Year-on-year growth 72.5% The bidding scale has far exceeded that of the whole year last year. 2023 Is the wind industry entering a prosperous cycle in 2024? 2023 How can the trend of annual wind power costs be predicted? Which wind power components have high barriers to entry? With the price of wind turbines continuously falling, will a price war continue? What is the outlook for future price trends? What are the main factors affecting the future competitiveness of wind power complete machine manufacturers? How strong is the overseas expansion capability of wind power complete machine manufacturers?   Frost & Sullivan Frost & Su llivan , hereinafter referred to as "" Frost & Sullivan Xu Biao, Executive Director of Greater China, visited the Financial Program Center & 'Industry Investment Observation' on the CRICTV financial radio program to discuss the development of the wind power industry. CCTV Financial Program Center Q A Most wind power equipment enterprises in the sector 2022 In the first three quarters of the year, there was a decline in performance. What are the reasons? As of 2022 year 10 At the end of the month, the publicly tendered capacity for wind turbine equipment nationwide reached 73.3 GW Year-on-year growth 72.5% The bidding scale has far exceeded that of the whole year last year. 2023 Is the year a period of prosperity for wind power?   The third quarter is the peak season for wind power equipment delivery. Looking at the year-on-year changes in revenue and profit for the first three quarters of this year, it is mainly due to a year-on-year decline in performance in the second and third quarters, which led to a downturn in the performance of both the complete wind turbine sector and the component sector during the first three quarters. According to statistics from the National Energy Administration, 2022 year 1 - 10 Monthly new grid-connected installed capacity of wind power in China 21.14 GW Year-on-year growth 10.2% The delivery of the entire machine also follows trends in hoisting and grid connection. Wind turbines usually have 1 - 2 With a delivery cycle of [X] years, wind power equipment manufacturers delivered most of their orders this year from last year, while the tender prices for wind power were in a relatively steep decline phase at that time. Therefore,   The main reason for the decline in the commercial performance of wind power equipment manufacturers this year is still the continuous decline in wind turbine bidding prices, which has led to a decrease in revenue. Coupled with the rise in the prices of bulk raw materials such as steel, copper, aluminum, and fiberglass upstream, this has also put significant downward pressure on profit growth. In addition, although the wind power sector as a whole has seen a decline in performance, there are still significant differences in performance among different companies due to differences in product strategy, business structure, production and operational efficiency. For example, among the major wind turbine manufacturers, MingYang Smart Energy and Yunda Technology achieved double growth in revenue and profit in the first three quarters. Among the major listed mainframe manufacturers, MingYang Smart is the one with the largest net profit scale and the highest growth rate in the first three quarters. It achieved a net profit attributable to the parent company in the first three quarters. 35.7 Yuan, a year-on-year increase 60.7% The increase in the company's fan delivery scale and the growth of outstanding orders have driven revenue growth. At the same time, the steady development of its new energy power station business has contributed significantly to profits through the expansion of the scale of under-construction power stations, as well as the growth in the scale and earnings of power station project transfers.   The tender volume for wind turbine equipment is a barometer of the prosperity of wind power development. This year's tender volume has reached its highest point in history, which also implies that wind power installations are 2023 The demand for the year has been confirmed and will be a major year for wind power installations. This is also confirmed by the order backlog of major wind power equipment companies. We expect 2023 The newly connected wind power capacity nationwide will reach approximately 60GW .   From the perspective of manufacturers' operations, orders obtained during the current phase when wind power tender prices have declined rapidly have been basically delivered. This year 3 Since the beginning of this month, wind power public bidding prices have gradually stabilized.   Therefore, the performance bottom of the wind power sector has basically been formed in the second and third quarters of this year. In the future, with the trend of increasing volume and stable prices, it can be confirmed that the wind power industry will enter a prosperous cycle. Q At present, offshore wind power has received attention. It is analyzed that as of 2021 At the end of the year, the cumulative installed capacity of offshore wind power in China was only 26.4 GW , accounting for less than 1% There is still ample room for growth in the future. What's your opinion on this view? Additionally, how much demand remains for onshore wind power and how can it be estimated?     Compared to onshore wind power, offshore wind power has higher power generation efficiency, longer utilization hours, and saves more land resources. Moreover, with the continuous progress of wind power technology, developing offshore wind power has become a common trend in the global wind power industry.   2021 In [year], among the total new installed capacity of wind power globally, offshore wind accounted for more than 22% than 2020 year 7% Significantly increased. According to the China Meteorological Administration 2009 The results of the 2019 wind energy resource census show that the offshore water depth in China 5 reach 25 rice area 50 The potential for offshore wind power development at metres height is about 2 100 million kilowatts, that is 200GW ; 50 rice is here 70 m height. The potential for offshore wind power development is about 5 100 million kilowatts, that is 500 GW In addition, with the continuous development of floating offshore wind platform technology, the development of offshore wind resources in deep seas is becoming increasingly mature. According to incomplete statistics, in China's deep seas, which are generally considered to be water depths exceeding 50 In the rice-growing area, wind energy reserves reach 1,268 GW Potential offshore wind resources are abundant. 2022 year 4 The State Council issued the "Outline for the High-Quality Development of Meteorology ( 2022 — 2035 (2019), clearly proposing to strengthen the census of climate resources and their planned utilization. 2021 year 12 In the month, the China Meteorological Administration also signed a strategic cooperation framework agreement with the National Energy Administration, to jointly carry out a census of wind and solar energy resources. It is believed that under the opportunities presented by new wind power development technologies, a new round of assessment of China's offshore wind resources will further increase the overall amount of available resources for development.   In comparison with the rich resources of offshore wind power in our country, although the installed capacity has significantly increased, there is still enormous room for growth. According to the assessment of China Meteorological Administration, China is in 50 The onshore wind power resources at a height of metres are about 23.8 ten million billion, that is 2,380 GW As of 2022 End of year appointment 300GW Cumulative installed capacity, and onshore wind turbines also exceed 2,000 GW Development potential, based on new additions each year 60GW The development speed, and it also exceeds 30 The development cycle of [a certain period], which still does not take into account the market for the renovation and upgrading of old wind turbines. Of course, the meteorological bureau's assessment is only an estimate of the total wind energy resources in our country from a macroscopic perspective. The actual exploitable wind energy resources still depend on more detailed micro-site selection, especially considering terrain, surface coverings, and actual power grid conditions, before they can be ultimately realized.   Therefore, in the critical phase of achieving China's dual carbon goals in the future, we will continue to adhere to the development strategy that equally emphasizes land and sea areas to promote the coordinated and rapid development of China's wind power industry.   Q Bearings are the core components of wind power, mainly consisting of five major parts: main shaft bearings, pitch bearings, generator bearings, etc. Among them, the localization of main shaft bearings is a supply pain point due to high technical barriers. Where are the bearings' barriers? What other wind power components have relatively high barriers? Like all other advanced equipment key component areas, the key technologies of wind turbine bearings are mainly reflected in design, materials, anti-corrosion, and sealing. This ensures their fault-free operation for a long time. 13,000 hour Above, and 95% The above reliability design requirements; materials are also highly demanding in terms of hardenability, quenching properties, and process adaptability.   Technical barriers are indeed the primary industry barrier in the bearing industry, especially in the wind turbine main shaft industry. The design, manufacturing, and testing of main shafts involve a large number of key technologies.   For example, how to improve the cleanliness of bearing steel, reduce the content and size of inclusions in the steel, enhance the uniformity of carbides, thereby increasing their fatigue resistance life, involves metal content ratios, surface treatment technology, and precision machining technology. This in turn involves larger and more precise processing and testing equipment, which have created technical barriers to the localization of main bearings. This issue is particularly prominent under the trend towards larger and more offshore wind turbines. In addition, the enterprises covered have obtained a large number of patent technologies from extensive business practices, forming a technological advantage. Especially for the research and development and production processes of mid- to high-end bearings, which are complex and require long-term sufficient technical accumulation.   At the same time, host manufacturers have very high requirements for the reliability of wind power bearings, with strict access inspections and long verification cycles.   Bearing enterprises need a long cycle to gain recognition from complete machine manufacturers, from initial contact, inquiry, and quotation, to product passing various tests, and finally to the approval of the production process and entering the mass supply stage. Existing enterprises have already developed strong customer loyalty with their clients, creating high barriers for new entrants. Apart from the main shaft bearings, there are not many major obstacles to the localization of most components. However, carbon fiber, which may be used for wind turbine blades, still faces certain barriers. Q Wind turbine sets consist of numerous components, with raw material costs accounting for a high proportion of the main component parts. The raw materials for onshore wind turbines and their main accessories are mainly steel and concrete, while those for offshore wind turbines are primarily steel. 2023 How can the trend of annual wind power costs be predicted? What factors determine whether component manufacturers can transfer costs? Judging from the price trend this year, the prices of major raw materials are in a downward channel. Taking medium and heavy plate general steel as an example, it has already 2021 year 5 month 6,000 yuan / The level has dropped to about 4,000 yuan / tons.   In the past, the rise in raw material prices was mainly due to tight supply. It is expected that with the clarification of domestic epidemic prevention and control policies, raw material supply will remain relatively sufficient in the future. 2023 The annual wind power manufacturing cost is expected to show a steady downward trend.   Generally speaking, for component manufacturers, the ability to transfer costs downstream depends on their bargaining power with customers and the terms of supply contracts.   The bargaining power is mainly affected by the concentration of suppliers to downstream customers and product supply barriers. Currently, in addition to the supply of mainframe bearings, wind turbine manufacturers still have a higher bargaining power, with cost transmission generally from the mainframe manufacturers to component manufacturers. Q Price of the fan 2020 It has been continuously falling since the beginning of the year. 2022 year 9 In the past month, the average public bidding price of wind turbines has dropped 1808 yuan /kW compared with the same period last year 2368 yuan /kW Decreased 23.65% Will the price war continue? What is the outlook for future price trends? In the current wind power development in China, especially this year when wind power has entered a period of full parity, the weight of price factors in the tendering and evaluation rules for wind power developers generally exceeds 50% Moreover, most projects use the lowest price as the benchmark for winning bids, resulting in a strong correlation between winning bid results and prices. In such an environment, it is difficult to change the general downward trend in wind turbine prices. Additionally, from the perspective of main engine manufacturers, the large-scale deployment of units has somewhat diluted costs, giving them more flexibility in pricing.   Judging from the overall price trend this year, the extent of price decline has been compared to 2021 The year-on-year expansion has narrowed significantly, and the sequential growth rate has basically remained at 1,800 - 1,950 interval, 4 The quarterly figure may still see a certain decline, and it is expected that the trend will be one of steady decline rather than a significant drop at parity levels over the past two years.   Price competition is unsustainable, and breaking away from it has become a consensus and goal pursued by domestic wind turbine mainframe manufacturers. Tendering for turbine prices has also tended to be rational. Mainframe manufacturers are also enhancing their competitiveness in projects through industrial investment locally and win-win cooperation.   The recent tender results for projects by development enterprises such as Datang, China Resources, and China Energy Conservation have also demonstrated a preference for local enterprise mainframe manufacturers involved in the projects. Q What are the main factors for the future competitiveness of wind power complete machine manufacturers? How is the overseas expansion capability of wind power complete machine manufacturers viewed? Based on our research and judgment of China's wind power industry, we believe that for wind turbine manufacturers, future competitiveness mainly depends on two highlights: first, technological innovation capabilities; second, supply chain capabilities. Firstly, the wind power industry is still in a stage of rapid development both in China and globally. Promoting the continuous reduction of wind power cost per kilowatt-hour and enhancing the price competitiveness of wind power are the driving forces for the sustainable development of the industry. The most important factor behind this is the continuous reduction in the cost of wind power equipment.   Currently, wind turbines on various technical routes are also continuously undergoing product iteration and innovation to meet the efficient operation requirements under different operating environments and resource conditions. For complete machine manufacturers, only by achieving technological advantages through innovation can they gain significant cost efficiency advantages, thereby greatly enhancing the attractiveness of their products to wind power development and operation enterprises.   Secondly, based on technological innovation, how to transform technical advantages into real corporate competitiveness requires enterprises to have strong control over the supply chain in the manufacturing process.   This can actually be done very well on Apple iPhone There is excellent verification at the top. In addition to continuous technological innovation, it is precisely Apple's strong control over the supply chain that has translated technological innovation into product advantages, enabling Apple to capture nearly 90% Profit. Raw material costs account for more than 70% It has always been the key for complete machine manufacturers to gain a cost advantage, especially during the global supply chain tensions experienced in the past two years, which has made this point even more important.   The trend for Chinese wind turbine complete machine manufacturers to go global is an inevitable development and a path that major manufacturers are following. The dual carbon goal is a global consensus, and wind power, as an important driving force for achieving this goal, is a significant area of renewable energy development worldwide.   Especially after the energy crisis triggered by the Russia-Ukraine war, Europe has further significantly accelerated its energy transition and development of wind power. The export of wind turbines in China has been climbing year by year, making it a major force in the global wind power equipment supply. For complete machine manufacturers going global, due to the lack of a relatively complete operating record for Chinese turbines in overseas markets, customers may have certain doubts about them from a risk perspective. In addition, during the project completion process, complete machine manufacturers need to be familiar with the policy and regulatory environments of various countries, as well as participate in many aspects such as financing, certification, logistics, and construction installation, which pose significant challenges to enterprises. At the same time, the implementation of 'manufacturing localization' in many countries and regions around the world has placed additional demands on Chinese complete machine manufacturers. To achieve success in going global, Chinese complete machine manufacturers still have a long way to go and need to accumulate more project experience.   There are currently many A Fan manufacturers and equipment enterprises listed on the stock market choose to issue in Europe GDR We believe that going global for Chinese enterprises is a great strategy.   through issuance GDR Receiving recognition from overseas investors can better support enterprises' going global from the perspectives of capital and market understanding.   * This program has been broadcast on third-party platforms with the title    Is the opportunity for the wind power industry arriving? The domestic wind turbine installation capacity has entered a long-term prosperous cycle.    >>    (Click on "Read the Original Text" at the end of the article to listen to this episode).

12 month 15 day after tomorrow 16 On the day, the Central Economic Work Conference was held in Beijing, during which it was repeatedly proposed to vigorously boost market confidence. 2023 What measures are expected to boost market confidence in the coming year? The meeting identified 'expanding domestic demand and consumption' as the top priority for next year. In addition, recently, the Central Committee and the State Council jointly issued the 'Outline of the Strategic Plan for Expanding Domestic Demand ( 2022 - 2035 The (2023) Annual Report also made a systematic plan on how to expand consumption. What is your outlook for the subsequent consumer sector? Which sub-sectors are worth special attention?   Frost & Sullivan Frost & Sullivan Zhang Jian, Partner and Managing Director of Frost & Sullivan's Greater China Region, was interviewed by Titanium Media for the special edition of "Ten Years of Tribute" in the Capital Market Observation column. 2023 The development of China's capital market in [year]. Titanium Media Q 12 month 15 day after tomorrow 16 On the day, the Central Economic Work Conference was held in Beijing, where it was repeatedly proposed to vigorously boost market confidence. 2023 What measures in the year are worth looking forward to that could boost market confidence?   Zhang Jian stated that, given the current economic environment, China's economy will face short-term challenges from low overseas economic expectations and tightening policies next year. However, in the long run, China's inflation level is relatively Steady, and there will be no rapid tightening for the time being.   In addition, with the implementation of the 'New Ten Measures', 2023 The macroeconomic development in the year will witness relatively rapid growth.   From an industry perspective, 2023 The year's noteworthy boosting focuses are on the healthcare industry, real estate industry, and livelihood/consumer-related industries.   The pharmaceutical industry will gradually increase its demand for drugs and medical devices related to epidemic prevention as the epidemic prevention policies are optimized, and will expand outward towards the use of drugs for COVID-19 treatment. There are mainly two logical aspects involved, namely COVID-19-specific drugs and emergency supplies. Specifically, this includes the related industrial chains of Azvudine, antipyretics, and pain-relieving drugs. Regarding the livelihood 'consumption' related industries, the Central Economic Work Conference pointed out that efforts need to be made on domestic demand. Restoring and expanding consumption will be given priority, with attention focused on improving housing, elderly care services, culture and media, etc. Among them, the real estate industry deserves special attention. It emphasizes the prevention of risks in the real estate market and requires promoting a smooth transition of the real estate industry towards a new development model.   As a pillar of the national economy, preventing real estate market risks is key to effectively preventing major economic crises and financial risks. A new development model for the real estate industry has been basically established.    The key aspects of the 'new' model are mainly reflected in two areas. Firstly, the real estate market must have both a market presence and a robust housing system with guaranteed affordability. This implies that related policies such as rental security housing and long-term rentals are expected to be strengthened in the future. Secondly, China's real estate development model will bid farewell to the old development pattern characterized by high debt, leverage, and turnover rates.   The new real estate model emphasizes ensuring people's livelihoods and the stability and safety of high-quality real estate enterprises. It is expected that 2023 The overall financing environment for enterprises in the year will be greatly and substantially improved, helping high-quality real estate developers to restore their normal operational capabilities and further enter a track of stable development. Q This year's Central Economic Work Conference identified 'expanding domestic demand and consumption' as the top priority for next year. In addition, recently, the Central Committee and the State Council jointly issued the 'Outline of the Strategic Plan for Expanding Domestic Demand ( 2022 - 2035 The (2023) Annual Report also made a systematic plan on how to expand consumption. What is your outlook for the subsequent consumer sector? Which sub-sectors are worth special attention?   As China further optimizes its epidemic prevention and control policies and measures, it is expected that the consumption sector will 2023 It will gradually and significantly boost economic growth starting from the year.   Zhang Jian believes that the subsequent consumption sector will enter a new development stage, which is specifically reflected in the following three points:   Firstly, the consumer sector has great potential for future growth.   Our country has the world's largest middle-income group, with per capita GDP having exceeded 1.2 The amount of ten million US dollars marks an important step towards joining the ranks of high-income countries, while also indicating that the quantity and structure of consumption among our residents are changing, and we are about to enter a new phase. In terms of policy, China's macro policies will further leverage efforts from both supply and demand sides to better unleash consumer potential. The optimization and upgrading of consumer spending combined with modern production methods make China one of the most growth-oriented consumer markets in the world at present. Second, the service consumption segment is accelerating development and continuously expanding.    The proposal of the 'Outline Strategic Plan for Expanding Domestic Demand' not only conforms to the trend of consumption upgrading but also cultivates new types of consumption while enhancing traditional ones. Before the pandemic ( 2019 The proportion of residents' service consumption in (annual) is about 46% Service consumption in healthcare, education, culture and tourism, leisure, elderly care, sports, and other sectors has long become a new growth point for urban and rural residents' consumption. It is expected that in the future 5 During the year, the proportion of consumer spending on resident services is expected to rise to 50% The growth rate of service consumption will continue to be higher than that of commodity consumption, thereby becoming an important driving force supporting consumption growth and the accelerated construction of a new service industry system.   Thirdly, the upgrade of consumption channel platforms is promoting new digital consumption formats.   Before the COVID-19 pandemic, China's e-commerce retail sales accounted for nearly half of global e-commerce sales, making it one of the countries with a relatively high level of digitalization; the outbreak of the pandemic has further accelerated the trend of consumers shifting from traditional retail to online retail. Data from the National Bureau of Statistics shows that 2021 In [year], the national online retail sales reached 13.1 trillion yuan, a year-on-year increase 14.1% Among them, the online retail sales of physical goods reached 10.8 trillion yuan, breaking through for the first time 10 trillion yuan, a year-on-year increase 12% , average growth over two years 13% The growth rate is significantly higher than that of offline consumption. The continuous deepening application of a new round of technological revolution has been driving the increasing popularization of online consumption in China. For example: social e-commerce, live streaming sales, community group buying, and so on, have made new online consumption innovations more active, consumer scenarios increasingly rich, and created many new consumer demands. Online 'product recommendations', offline traffic diversion, and the integrated development of online and offline commodity consumption are accelerating.   Zhang Jian believes that with the development of new technologies, cultural entertainment (wearable devices, smart wearables), 3C Digital, smart home, and other tracks will all perform well.   They facilitate digital consumers' access to the internet anytime, anywhere, and as needed, thereby promoting digital consumption;   Derived from traditional healthcare, food and beverages, one-person dining, prefabricated foods, green foods 0 sugar 0 Fats, healthy snacks, and other products are also expected to be exciting areas. This is a new direction emerging from the heightened consumer health awareness. Q Over the past decade, what do you think has been the biggest change in China's capital market? If you were to share one of your most important investment insights, what would it be?   Zhang Jian pointed out that, first of all, from a data perspective, the biggest change in China's capital market is the expansion of market size.   In the past decade, China A The number of listed companies on the stock market has increased significantly. 2012 Year-end, Chinese listed companies 2,494 home, to 2022 year 11 month 22 The day has broken through 5,000 Home, the number of listed companies ranks second globally.   In terms of market value, 2012 At the end of the year, the market value of China's stock market was approximately 23 trillion yuan, to 2021 Reach by the end of the year 91.7 trillion yuan. And 2012 China in GDP approximate 54 trillion yuan 2021 year GDP Then reach 114 Trillion yuan. Compared with China's economic growth, the market value scale of China's capital market has increased significantly faster than the growth of the Chinese economy.   Secondly, from a structural perspective, the market structure of China's capital market is more diversified.   While the total market value has increased, significant changes have also taken place in the market structure. Over these ten years, we merged the SME board and main board of the Shenzhen Stock Exchange into the main board. After the merger, the Chinese market has presented a scenario with the main board, Science and Technology Innovation Board (STAR Market), Growth Enterprise Market (GEM), and Beijing Stock Exchange (BSE). The market structure includes the New Third Board, regional exchanges, and other diversified markets. These markets are gradually being regulated and developing accordingly.   When talking about the most important investment insight he wants to share, Zhang Jian said that understanding one's own risk tolerance is very important. Firstly, the ability to resist risks is not equal to risk preference; people often confuse the two. Risk preference refers to an individual's liking or dislike for risk, that is, whether one prefers or avoids risk. Just as everyone's personality varies individually, different investors also have varying attitudes towards risk. If someone tends to believe that uncertainty brings opportunities to them, they are considered risk-averse investors; if they tend to think that uncertainty brings unease, then they are risk-averse investors.   However, if there is insufficient capacity to bear the risks behind an overly high risk appetite, this financial management mindset is no different from gambling.    Risk tolerance refers to a person's ability to bear the risks they are exposed to, with the core principle being that when risks occur, one can withstand how much investment loss without affecting their normal life. Risk tolerance needs to be comprehensively measured and is related to personal capabilities, asset status, family situation, work situation, etc. The importance of understanding one's own risk tolerance can be exemplified by the 'grey rhino' event. The 'grey rhino' refers to those high-probability risks that are often highlighted but not given sufficient attention. For example, real estate bubbles occur when housing prices rise and lead to residents taking out loans to buy homes, but they overestimate their risk tolerance. Excessive loans can also lead to the ultimate real estate bubble. In the case of 'black swan' events, it is also very important to understand one's own risk resistance capabilities. A 'black swan' event refers to an extremely unpredictable and unusual occurrence that usually triggers a chain reaction of negative market responses or even a revolution. For example, the COVID-19 pandemic in recent years has left the world economy still facing many uncertainties. Therefore, understanding one's own risk resistance capabilities and continuously improving risk countermeasures are necessary to analyze the impact of uncertainty on us during emergencies, adopt effective strategies to prevent unknown risks, and avoid greater losses.       * This article is reprinted from 'Titanium Media', with the original title being '    Stabilizing growth, expanding domestic demand, and boosting confidence 2023 What new "long slopes and heavy snow" opportunities are there in the year? | Weekly Capital Market Observation    >>    (Click 'Read the Original Article' at the end of the text to read the full report).

paragraph 19 period “ Li+ Academy "Theme Salon"   12 month 20 - 22 On the 7th, the 7th International Summit on Power Battery Applications CBIS2022 ) Held in Shanghai, China. 22 On 19 period“ Li+ The 'Academy ” themed salon was successfully held. This session focused on 'Opportunities and Challenges Faced by Investment in the European and American Lithium Battery Industry'. The participating guests engaged in exchanges and discussions on the analysis of new battery regulations and carbon tax policies in Europe and America, comprehensive evaluation of the business environment, current situation and layout of local battery factories in Europe and America, cases and practices of Chinese enterprises' overseas investment, etc.   As a strategic partner of this event, Frost & Sullivan Frost & Sullivan Cai Yufan, consulting manager of Frost & Sullivan's Greater China region, attended the event and delivered a keynote speech. Consulting Manager, Greater China, Frost & Sullivan Cai Yufan In recent years, the EU and European countries have successively proposed carbon neutrality goals and commitments to address the global warming climate and environmental issues. They actively participate in carbon emission reduction actions and establish carbon trading markets to achieve carbon peak and carbon neutrality targets.    For example, Norway and Finland have set a target of achieving carbon neutrality 2030 year 2035 In 2040 In [year], Germany and Sweden have set it at 2045 Year. The UK launched the "Net Zero Strategy," stating that it will vigorously develop offshore wind energy, advance research and development of new-generation nuclear energy, and accelerate the promotion of electric vehicles; Germany in 2019 year 11 In January, the Climate Protection Act was passed, establishing Germany's medium- and long-term greenhouse gas emission reduction targets for the first time in legal form, requiring that by 2030 The total greenhouse gas emissions in the year are 1990 Decrease by at least 55% .   Cai Yufan pointed out that, against the backdrop of 'dual carbon', many European countries and automakers have set timeframes for transitioning from traditional fuel vehicles to new energy vehicles, making the new energy transformation in the automotive industry an inevitable trend.   In the future, with the deepening of favorable policies, the enhancement of consumers' environmental awareness, and the improvement of infrastructure, the sales volume of new energy vehicles in Europe will steadily increase.     2022 In [year], the sales volume of new energy vehicles in Europe is expected to be about 221.3 10,000 units, an increase of about 29.9% , is expected to arrive 2026 The year will exceed 550 10,000 units. In the future, Europe's share of global new energy vehicle sales will remain stable at 23% left and right.   Meanwhile, with the continuous growth in downstream demand for new energy vehicles, driven by favorable factors such as industry mutual benefit cooperation and regulatory incentives, the installed capacity of power batteries in Europe will also continue to rise.   The data shows, 2022 In [year], the installed capacity of power batteries in Europe is expected to be about 113.7 GWh , an increase of approximately compared with the previous year 42.1% , is expected to arrive 2026 Year is coming 439.1 GWh Similar to the proportion of future European new energy vehicle sales in the global market, the installed capacity of power batteries in Europe will remain at 23% left and right.   Subsequently, Cai Yufan interpreted the 'zero carbon' policies and trends in lithium battery-related fields of some key countries.   ·          Germany In order to achieve 2045 To achieve the goal of "carbon neutrality" by 2020, the German government is expanding the use of renewable energy across the country. Germany's power battery industry has received strong support from the government. The government has introduced a variety of policy measures to promote the development of lithium batteries, including subsidies for wind and solar panels, electric vehicle subsidies, etc. With the dual boost of synergistic effects in the industrial chain and favorable policy support, Germany's power battery industry has made significant progress over the past few decades, cultivating a series of local power battery manufacturers, including BYD. (BMZ Group) And Valta (Varta) wait. In addition, the German government as early as 1977 The Energy Efficiency Act was introduced in [year], promoting the development of household energy storage technology. Currently, Germany's market size for household energy storage is also the largest in Europe, which will effectively help Germany achieve 2045 Annual "zero carbon" target.   2021 In the year, the installed capacity of new household energy storage batteries in Europe more than doubled year-on-year, reaching 2.3GWh Among them, the newly installed capacity of household energy storage batteries in Germany accounted for 59% , with the newly added installed capacity being 1.3GWh , a year-on-year increase of more than 80% .     According to the plans of the German Ministry for Energy and Climate, in the coming years, Germany will leverage its development experience in the household energy storage market to increase support for power lithium battery energy storage, in order to promote the application of lithium batteries in Germany. ·          United Kingdom The UK government has clearly put forward a ban on the sale of fuel vehicles and an 'ambitious carbon neutrality' target, which has driven up the penetration rate of pure electric vehicles and market demand for lithium batteries. To advance the implementation of the ban on fuel vehicle sales, the UK government will invest more than 28 Develop electric vehicles, build charging stations, and strengthen battery production and infrastructure at a cost of billions to improve the new energy vehicle infrastructure. On the other hand, as an island nation, the UK's power grid is more vulnerable than that of most European countries and requires the deployment of more energy storage battery systems to stabilize grid operations.   In recent years, the British government has placed emphasis on establishing a low-carbon and flexible energy system, focusing on energy storage as a key to achieving the 'net-zero' goal. It has provided a series of policy supports to reduce the time and economic costs of energy storage projects, driving up demand for energy storage batteries. According to 2022 year 4 The latest data released in the month shows that the total installed capacity of planned energy storage battery projects in the UK has 16.1 GW Increased to the current level 32.1 GW The installed capacity of energy storage battery projects operated by the Group has increased. 45% , from 1.1GW increased to 1.6 GW British energy storage batteries have already taken the lead in Europe and are expected to continue leading the development of the energy storage industry in the future. ·          France   France is one of the first countries to propose sustainable development and green economy concepts, and it is also the second-largest producer of sustainable energy in Europe.   In order to actively promote the progress of France's carbon neutrality implementation path, France's 'Energy and Climate Law (Draft)' has set out a relevant timeline. The French government has also successively passed 2030 National Investment Plan for 2019" and " France Relance Plan ”, subsidize related fields. 2022 year 11 Last month, France committed at the Glasgow Climate Change Conference 2035 The sale of fuel vehicles will cease in 2024, five years ahead of the original plan, accelerating the transformation towards a low-carbon economy. At the same time, France has carried out lithium mining for the first time, consolidating the supply of raw materials for lithium batteries and ensuring that it can meet the demand in the future each year. 70 The batteries for 10,000 electric vehicles are needed. In addition, the French government has successively introduced the 'French Automotive Industry Support Plan', 'Green Transport and Infrastructure Plan', and 'Battery Metal Safety Plan', further promoting the development of the lithium battery industry chain including upstream raw materials such as nickel and cobalt, infrastructure charging stations, power batteries, and new energy vehicles.   Finally, Cai Yufan briefly analyzed the development layout of lithium battery-related manufacturers in Europe. The European lithium battery industry is accelerating its rise, providing favorable development opportunities for leading Chinese lithium battery companies with the capability to 'go global'.   " 2017 Since the beginning of this year, Europe has increased its investment in the lithium battery industry chain and policy support, driving the overall new energy vehicle market to grow at an accelerated pace. A number of leading European domestic and overseas battery manufacturers have begun to accelerate their layout of lithium battery businesses in Europe. "Cai Yufan said. For example, CATL has battery production lines in Germany and Hungary; LG New energy plans to open battery factories in Poland; Honeycomb Energy is building cell factories for the European market in Germany; local European lithium battery companies Northvolt By deeply integrating with OEMs, establishing joint ventures with Volkswagen and Volvo, and jointly building lithium battery production bases.   Cai Yufan believes that the rapid advancement of electrification in Europe and the successive implementation of large-scale power battery projects have brought new development opportunities to global lithium battery cathode and anode material enterprises.   Leading enterprises are seizing the opportunity of the rapid development of the European new energy vehicle market, increasing their layout in the European cathode and anode material markets.   In the future, competition in the lithium battery cathode and anode material industry will revolve around comprehensive strength in technology, customer base, products, capital, supply chain, and other aspects.    Rise Communications plans to build an annual production capacity in Europe 10 Tens of thousands of tons high-nickel power lithium battery cathode material production base; BTRYTEC is located at 2022 year 7 Moon and British battery developer and manufacturer British volt Signing a cooperation agreement to build factories in Europe; BASF (a German local enterprise) in 2021 year 8 In October, it acquired Sunward Power, a leading enterprise in lithium battery materials in China. 51% Equity. On the other hand, due to the lack of a complete lithium battery material supply chain, some battery projects in Europe are facing the risk of missing material supply support.   Therefore, more and more diaphragm companies are accelerating their overseas expansion into the European market to meet the European customers' demand for stable and timely supply of diaphragm products. For example, Enjie Co., Ltd. on 2020 year 11 The company announced plans to build a factory in Hungary; Xingyuan Materials 2020 announced in 20 A billion was invested to establish a diaphragm factory in Sweden; LG Chemical and Toray have announced that they will establish a joint venture in Hungary to produce battery separators, with plans for 2028 Ensure that the annual production capacity of battery separators exceeds 8 100 million square meters.   In addition, the process of electrolyte exports is accelerating, with electrolyte companies from various countries accelerating their layout in Europe.   Not only can it provide nearby supporting services, promptly respond to customer needs, and explore markets in neighboring countries, but   It is conducive to ensuring product quality, avoiding the negative impact of long-term maritime transportation on the performance of electrolytes. At the same time, localized production of electrolytes can also optimize transportation costs and enhance product competitiveness. If the Heavenly Gift Materials set up subsidiaries in Czech Republic, Germany, South Korea, etc., and currently start annual production in the Czech Republic 10 Tenth Thousand Tons Lithium Battery Electrolyte Project; Jiangsu Guotai plans to establish a company in Poland, implementing an annual production 26 10,000-ton battery electrolyte project; Dongwha Enterprise Announcement of investment 3,210 Ten million euros are invested to establish two factories in Budapest, Hungary, producing electrolyte and recycling solvent respectively, providing industrial chain supporting services for its battery customers in Europe. paragraph 19 period“ Li+ Group Photo of Guests at the "Xue She" Themed Salon

Innovation Forum on Medical Device Design and Manufacturing Industry To assist and meet the procurement and industry learning needs of medical device manufacturing enterprises, 12 month 20 day -21 day, by Informa Markets Sponsored “ Medtec Innovation Forum on Medical Device Design and Manufacturing Industry - and 2022 The Annual Exchange Conference •Suzhou Station for Medical Device Design and Manufacturing Industry was successfully held. The event aimed to gather hundreds of enterprises from upstream and downstream of the medical device design and manufacturing industry chain, promote industry exchanges and business cooperation, efficiently connect with market demands, and drive the innovative development of the industry.   Frost & Sullivan Frost & Sullivan, Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the event and delivered a speech on the current situation and development trends of China's medical device industry. Partner and Managing Director of Frost & Sullivan Greater China fattening   Mao Hua first briefly analyzed the current situation of the medical device industry from three perspectives: market data, relevant policies, and the investment and financing market. According to him, China has currently become the world's second-largest medical device market, with a market size second only to that of the United States, but per capita spending on medical devices is still far below that of the US.   2021 The market scale of medical devices in China in 1,308 billions, but per capita expenditure on medical devices is only 92.6 US dollar, per capita medical device expenditure in the United States 695.5 The US dollar, of course, is China's 7.5 times.   Mao Hua pointed out that the Chinese medical device market is characterized by a large number of enterprises, small scale, and low market concentration. There are also a lack of giant companies with multi-product layouts.   2021 The market share of the top ten medical device companies in terms of revenue in China in 12.8% , and among them 3 home is MNC They are Siemens, Philips, and Roche, respectively. Looking at the segmented fields, affected by the COVID-19 pandemic, the top two segments accounting for the largest share of the medical device market in China and globally are IVD , except IVD In addition, the global market tends towards high-value specialized devices. The top market segments include in vitro diagnostic instruments, medical imaging equipment, cardiovascular devices, orthopedic devices, etc. In the Chinese market, in vitro diagnostic instruments, low-value medical consumables, medical imaging equipment, and medical information systems account for a larger proportion. From the policy perspective, the '14th Five-Year Plan' Implementation Plan for the Construction of a High-Quality and Efficient Medical and Health Service System proposes to establish a comprehensive, well-structured, clearly divided labor, functionally complementary, closely coordinated, efficiently operating, and resilient integrated medical and health service system; 2022 year 9 month 7 Proposed at the executive meeting of the State Council held on "Financial interest subsidy policy": Provide phased financial interest subsidies for loans for equipment renewal and transformation in certain sectors, and increase credit support for social service industries.   The new infrastructure policy will continue to drive hospital construction. / With the implementation of upgraded projects, medical institutions will enter a new round of expansion, which is beneficial to the overall medical device market. On the other hand, 2020 - 2022 High-value consumables for the year IVD The decline in centralized procurement prices has slowed down, pricing has become more rational and scientific. It is expected that centralized procurement will shift from fierce 'bidding' to an orderly 'price cap' model. The competitive landscape and market scale will become more controllable, bringing development space for enterprises. From the perspective of the investment and financing market, China has a high level of activity in medical device investment and financing. 2021 Year-end 2022 In the first half of the year, compared with pharmaceuticals and healthcare services, the number of medical device investment and financing transactions was the highest, reaching 1,928 Pens, and a large number of investment and financing transactions are focused on the early stage. Medical devices are in the angel round and A The number of wheel's investment and financing transactions reached 1,207 pen.   At the same time, China's medical device M&A transactions are also very active. 2021 The number of medical device M&A transactions reached 46 pen, relatively 2020 annual growth rate 58.6% , with transaction amounts reaching 52 billion US dollars, compared to 2020 Year-on-year growth 100.0% Although affected by the COVID-19 pandemic, 2022 In the first half of the year, the number of domestic transactions decreased. However, with the adjustment of China's epidemic prevention policies, it is expected that the trading market will soon recover.   Looking at the entire medical device industry, Mao Hua believes that its future development will show the following trends:   1 , The high-value specialty device industry will accelerate domestic substitution. Data shows that currently, the domestic substitution of medical devices in China mainly focuses on low-value areas such as passive implantable devices and healthcare care instruments. However, the localization rate in most high-end areas remains low. In the future, driven by multiple favorable factors such as technological advantages, model upgrades, policy support, and digitalization, the domestic substitution of medical devices is expected to accelerate from low-value to high-value products, from diagnosis to treatment, and from general-purpose to specialized applications. 2 , Local enterprises are actively going global, achieving global sales of their products Companies in the 'industry chain' category go global through product launches, while those with independent brands do so through product access and production. / Entering overseas markets through localization sales, mergers and acquisitions, etc., Chinese medical device companies are currently active in the fields of equipment and consumables overseas. Leading global companies in the industry have made overseas arrangements, fully demonstrating that the overseas expansion strategy is the development direction for Chinese medical device companies today and in the future. 3 , MNC Accelerate the domestic industrial layout In recent years, the combined improvement in centralized procurement and R&D capabilities of local enterprises has compressed MNC Market share. In the future, strengthened cooperation with local enterprises and new technologies and products will contribute MNC Domestic layout, and at the same time, corporate mergers and acquisitions M&A ) and localized production will become MNC Accelerate the domestic industrial layout mainly through Finally, Mao Hua introduced to the guests present the business coverage of Frost & Sullivan in the field of life sciences. Recently 20 Over the years, Frost & Sullivan's healthcare team has provided financing and financial advisory services to hundreds of outstanding domestic and international biopharmaceutical, medical device, and healthcare service companies. IPO listing Industry consulting, strategic consulting, management consulting, and other services.   In the medical device sector, Frost & Sullivan has served well-known companies such as Lepucent, NewMed, Qiming Medical, Baxin'an, Mindray Medical, Rendu Biotech, Xintong Medical, and Novogene Health.

Guoxuan Smart Sharing Session 18 period G-Insight 2011 In 2012, China was the first in the world to promote the industrialization of new energy vehicles. By taking a different path, Chinese enterprises gained a very valuable time window and won a rare first-mover advantage. 2022 year, after 10 After years of development, China's production of new energy vehicles and power batteries has become the world's largest. 2022 year 1 - 10 In China, the sales volume of new energy vehicles reached 528 10,000 units, accounting for China's automobile sales in the same period 24% Year-on-year growth 1.1 times; 2022 year 1 - 10 Monthly installed capacity of power batteries in China 224GWh , accounting for nearly 60% . In the process of industrial development, Chinese enterprises have undergone technological transformation, accurately selected technical routes, and grasped the directions of electrification, networking, and intelligence. The new energy vehicle industry in China has developed rapidly with policy support, winning high recognition from major global automobile manufacturers and companies.   12 month 14 On the day, Guoxuan Smart Sharing Conference specially held “Integrating Green Power, Sharing Industrial Opportunities” 18 period G-Insight Event, Frost & Sullivan Frost & Sullivan, The Executive Director of Frost & Sullivan Greater China, Mr. Xiang Wei, was invited to participate in the event. He shared insights on the development trends of the lithium battery market and participated in a roundtable forum.   Xiang Weili stated that the development of the entire power battery industry cannot be separated from the booming global new energy vehicle industry. Under the wave of global new energy vehicle development, countries around the world are accelerating their pace of electrification transformation of automobiles. Data shows that globally, the overall new energy vehicle market has maintained over 50% The annual compound growth rate has increased, 2022 Expected to reach in year 1,130 10,000 units, compared to 2021 The year-on-year growth was nearly 80% Driven by global environmental protection issues and the energy crisis, the overall sales volume of new energy vehicles will continue to grow globally. It is expected that by 2026 more than 2,800 10,000 units, 2022 till 2026 The annual compound growth rate for the year will still remain at 25% As mentioned above, regions such as China, Europe, and the United States are developing rapidly, starting from 2017 Since the beginning of this year, China's new energy vehicle sales have long maintained first place globally.   "Driven by policies, technology, and infrastructure development, the new energy vehicle industry will develop around three major aspects: 'energy, intelligence, and connectivity'," said Xiang Wei.   In terms of the types of new energy vehicles, pure electric vehicles have always been the most popular type in both the global and Chinese new energy vehicle markets. They account for 70% Market share on the left and right.   At the same time, pure electric vehicles will continue to be favored by consumers due to the increasing awareness of new energy vehicles among consumers, support from relevant policies, the improvement of charging infrastructure construction, and the advancement of advanced technologies.   Xiang Weili pointed out that under the strategies of 'carbon neutrality' and 'carbon peak', the automotive industry is accelerating its transition to low-carbon development, with the sales volume of pure electric vehicles rapidly climbing. 2022 In [year], global sales of pure electric vehicles are expected to reach 734 10,000 units, expected by 2026 The year will exceed 2,100 10,000 units.   In terms of penetration rate, China's penetration rate of pure electric vehicles is much higher than the global average. 2022 Expected to reach in year 19.5% , 2026 Expected to reach in year 45.0% .    In the future, with further improvements in the comprehensive performance, intelligent technology, ownership cost, product quality, reliability, value-added services, and environmental benefits of pure electric vehicles, there will be more market demand for pure electric cars, leading to a continuous increase in penetration rates.   With clean energy and green energy becoming a global consensus, countries around the world have embarked on a large-scale 'electrification' wave. Lithium batteries, as the main power source for new energy vehicles, have always been a key factor in the development of the new energy industry. The global automotive industry is accelerating into the 'electrification' era, with the installed capacity of power lithium batteries rising year by year, and it is expected that in 2026 Annual achievement 1,898.1 GWh Data shows that China, Europe, and the United States are the core markets for power batteries, with installed capacity accounting for the majority of the global total. 90% Market share on both the left and right sides. Among them, China's passenger vehicle sales have ranked first globally for many consecutive years, creating a huge demand for power batteries.   In the future, driven by the accelerating global energy transition and the reshaping of the electric vehicle-related supply chain pattern, China, Europe, and the United States will continue to make efforts in the field of new energy passenger vehicles, driving the expansion of the market scale for power battery installations.   According to Xiang Weili, lithium iron phosphate batteries belong to an industry that is key to national development. They exhibit industry characteristics such as mature processing technology, effective cost control, and relatively stable customer channels.   . 2022 year 3 month to 4 During the month, the proportion of lithium iron phosphate battery models in the 'Recommended Models for New Energy Vehicle Promotion and Application' released by the Ministry of Industry and Information Technology increased. With the continuous rise in global lithium prices, lithium iron phosphate batteries have seen a rapid increase in terminal penetration rate due to their cost-performance advantages and have become the mainstream market trend. 7 Since January, multiple models of Tesla and other brands have started to be equipped with lithium iron phosphate batteries. Overseas automakers such as Ford, Volkswagen, and Daimler have also announced that they will gradually begin incorporating lithium iron phosphate batteries into their fleets. Driven by market demand, mainstream power battery manufacturers such as CATL, BYD, Guoxuan High-Tech, Contemporary Amperex Technology Co., Ltd., and EVE Energy are actively expanding their layout for lithium iron phosphate batteries.   Xiang Weili believes that with new energy vehicles, 5G The explosive growth in downstream applications such as base station energy storage, power system energy storage, and lead-acid market substitution will enable lithium iron phosphate batteries to have broad market prospects. Executive Director, Greater China, Frost & Sullivan To power   "The high nickel content of ternary batteries is also a trend that Frost & Sullivan has been following. In order to meet the range requirements of the electric vehicle industry, the development of high nickel content is an important direction for ternary batteries."   Further explaining to Wei Li, due to the scarcity and high price of cobalt materials, ternary cathode materials will increase nickel usage to reduce dependence on cobalt. At the same time, high-nickel materials have a high energy density and can effectively solve the range problem of new energy vehicles. In recent years, with 811 and NCA The shipments of high-nickel ternary materials, represented by this company, continue to rise. Globally, the proportion of high-nickel ternary materials in the overall ternary materials market 2017 year 13.3% grows to 2021 year 40.5% , is expected to arrive 2026 The year will grow to 65.2% . It is also worth mentioning the semi-solid state / The development of solid-state batteries, semi-solid-state / The energy density of solid-state battery cells can reach up to 900 Wh/kg The battery is relatively lightweight and thin, with a small volume, stronger thermal stability, extremely high plasticity, and is semi-solid-state. / The cruising range of electric vehicles with solid-state batteries can easily reach 1,000 For distances over kilometers, the cycle life is significantly improved. Based on the aforementioned advantages, Xiang Wei believes that in the medium to short term trend, semi-solid-state batteries are similar to traditional lithium batteries in terms of manufacturing process and equipment. With gradual mass production in the short term, they are expected to continue to be installed in high-end and mid-high-end new energy vehicles. In the long term, if solid-state batteries can achieve breakthroughs in key technical challenges such as large-scale equipment and ionic conductivity, it will bring about rapid industry scaling. According to a study by Frost & Sullivan, due to policy support and the continuous expansion of clean energy power generation layouts, the electrochemical energy storage industry has seen significant growth in recent years in several countries and regions. 2021 In [year], the global newly installed capacity of energy storage batteries reached 53.5 GWh , is expected to be launched in 2026 Further increased to 682.6 GWh The compound average annual growth rate reached 58.5% Currently, exceeding 20 A government department has issued documents encouraging or mandating the use of energy storage systems in clean energy power plants.   Benefiting from the continuous decline in battery costs and the stimulus of government energy storage policies, the market scale of installed capacity for energy storage batteries in China has grown from 2017 year 1.3GWh Grew to 2021 year 17.6 GWh The compound average annual growth rate is 92.6% .   Driven by continuous technological progress, further reduction in energy storage costs, and broader application scenarios, the market scale of installed energy storage battery capacity in China is expected to 2022 year 30.3 GWh Grew to 2026 year 233.9 GWh The compound average annual growth rate is about 66.7% At the same time, it is expected that by 2026 In 2023, China is expected to become the largest energy storage battery market, accounting for approximately 34.3% "With rising electricity costs, mature energy storage technology, and reduced costs, the global demand for energy storage will grow at a high rate, and the penetration rate of energy storage will continue to increase," said Xiang Wei. Photos from the Roundtable Forum During the subsequent roundtable discussion, we joined forces with Xun Yugen, Chief Economist at Haitong Securities, Xi Xiaofeng, Managing Director of CICC, and Yu Meihan, Researcher at Haitong Securities' Research Institute, to discuss ( 1 ) 2022 Characteristics of the new energy industry in [year] and 2023 Annual development trends and future outlook; 2 What new major investment opportunities in the new energy vehicle and power battery industries are brought about by the electrification and intelligence of automobiles; 3 ) How to formulate upstream mineral, raw material, and equipment investment strategies; 4 How overseas capital serves battery enterprise go-global efforts; 5 A discussion was held on topics such as the overseas expansion advice for Guoxuan High-Tech Battery Enterprises, aiming to explore new investment opportunities in the power battery industry. paragraph 18 Group photo of conference attendees at the Qiguo Xuan Smart Sharing Conference

12 month 4 On Monday, Morgan Stanley upgraded its rating of Chinese stocks from 'neutral' to 'overweight'. 2021 year 1 Since the beginning of the month, Morgan Stanley has been MSCI China's index has maintained a neutral rating, which is also the first upgrade in two years. Recently, several internationally renowned investment banks such as Goldman Sachs, JPMorgan Chase, and Citigroup have raised their expectations for Chinese stocks, with bullish voices continuing to grow. Overallocation of foreign capital, including Goldman Sachs A What are the positive implications of stocks?   From an economic fundamentals perspective, what changes have taken place in global asset allocation? Compared to other countries, where does the attractiveness of Chinese assets lie? Considering liquidity and A From the perspectives of stock valuation and two other aspects, where does the medium- to long-term investment value of Chinese assets lie?     Frost & Sullivan Frost & Sullivan Xu Biao, Executive Director of Frost & Sullivan Greater China, was interviewed by Securities Daily to discuss the above topics. Securities Daily Q Securities Daily Reporter: Many foreign-funded institutions including Morgan Stanley are overweight A What are the positive implications of stocks? Many foreign-funded institutions including Goldman Sachs are overweight. A The stock market reflects foreign investors' optimism about the medium- and long-term investment value of China's economy and assets, conveying positive information about the prospects for economic recovery. Recent adjustments by foreign institutions A The signal of overvalued stocks is not only conducive to enhancing the status and influence of China's capital market in the global market, but also demonstrates the global competitiveness of leading Chinese enterprises. As foreign capital continues to pour into China's capital market, it represents that overseas capital will pay more and more attention to high-quality Chinese enterprises. Leading Chinese enterprises with global competitiveness will gradually be recognized by overseas capital. Taking the domestic semiconductor industry as an example, thanks to the state's support for tackling key technologies in chip manufacturing equipment and driven by the demand for capacity expansion at downstream wafer factories, domestic semiconductor equipment production has significantly increased in recent years, and the localization rate of the semiconductor industry has also gradually climbed. As a result, a group of outstanding enterprises with global competitiveness have emerged in China. With the overallocation of foreign capital A Shares, and these Chinese leading enterprises are bound to be sought after by foreign capital. Q Securities Daily Reporter: From an economic fundamentals perspective, what changes have occurred in global asset allocation? Compared to other countries, where does the attractiveness of Chinese assets lie? From the perspective of global asset allocation, stock markets in multiple countries represented by the US market may face pressure due to central bank tightening. With the expectation that economic recession risks remain, the returns and attractiveness of domestic capital markets will weaken. Therefore, overseas capital will flow into more attractive capital markets. Against this backdrop, China is expected to occupy a favorable position in global asset allocation. On one hand, the Chinese market offers a higher degree of diversification, which is more conducive to building a stable asset portfolio. On the other hand, against the backdrop of the Chinese government's adjustment of epidemic prevention policies, with the support of stimulative fiscal and monetary policies, the overall economic situation in China is expected to remain stable and improve, and the attractiveness of the Chinese market will steadily increase. Q Securities Daily Reporter: Combining liquidity and A From the perspectives of stock valuation and two other aspects, where does the medium- to long-term investment value of Chinese assets lie? Currently, while monetary policies in overseas countries represented by the United States are gradually tightening, overall liquidity in China's money market remains loose. Moreover, at present A Equity valuations have strong attractiveness, and the valuations of many industries are significantly undervalued. In the medium to long term, they are expected to gradually recover. Combining with the development prospects of industries with Chinese characteristics, taking the semiconductor and new energy industry chains as examples, a number of enterprises with great medium- to long-term investment value have emerged. In the semiconductor field, with the cross-penetration of many disciplines such as computer science and microelectronics, innovative technologies such as new microelectromechanical system processes are expected to emerge in large numbers, thereby expanding the technical development direction of the semiconductor industry and giving China's leading semiconductor companies an opportunity to stand out. For the new energy industry chain, the continuously increasing electric vehicle range is expected to effectively alleviate consumers' 'range anxiety' and play a huge role in boosting the sales of new energy commercial vehicles and passenger cars. The development prospects of these emerging industries are long-term positive and represent a major manifestation of China's asset investment value. * This interview was published in 'Securities Daily', with the original title being     "The    "Over-provisioning" A The stock market reached a consensus Several internationally renowned investment banks have cast their "trust votes".    >>    （ 👈 Click the title to read the full report).