On November 30th, local time, the Federal Reserve released the National Economic Situation Survey Report (also known as the "Beige Book"), which showed that rising interest rates and high inflation continued to put pressure on economic activities, and the growth rate of the US economy slowed down. Federal Reserve Chairman Powell said on the same day that the Fed will continue to raise interest rates, but it may start to narrow the rate hike from December. The signal that the Fed will slow down the rate hike has boosted market confidence to some extent. However, under the current background of high inflation and rising interest rates, the US economic growth prospects are still not optimistic.

　　The negative impact of high interest rates and high inflation continues.

　　The report shows that rising interest rates and high inflation continue to put pressure on economic activities, and economic activities in the United States are basically flat or slightly rising, which is not as good as the moderate growth during the last "Beige Book". Among them, the economies of new york, Kansas City and other jurisdictions declined slightly, and only five jurisdictions experienced slight or moderate economic growth.

　　In the same period, the number of employed people in most jurisdictions increased moderately, but the demand for labor weakened as a whole. Although the labor market is still tense, it is easier for enterprises to recruit and retain existing employees. Science and technology, finance, real estate and other industries are decentralizing layoffs, and some enterprises are reluctant to lay off employees because of recruitment difficulties. On the average, wages have increased at a moderate rate, and the wage pressure in a few jurisdictions has eased. Looking ahead, employment growth tends to be stable or slow down.

　　In terms of prices, consumer prices in most jurisdictions rose moderately or strongly, but the overall increase slowed down, reflecting the double weakening effect brought about by the improvement of supply chain and weakening demand. Retail prices are facing downward pressure, but food prices in some areas have further increased or remained high. Inflation is expected to remain at the current level or rise moderately.

　　According to the contents of this "Beige Book", the rise in interest rates has caused different degrees of negative impact on consumer spending, manufacturing activities, real estate and construction, financial lending, commercial mergers and acquisitions and other fields. The report also shows that concerns about the economic recession are affecting corporate decision-making and consumer behavior in some jurisdictions.

　　The Federal Reserve publishes the "Beige Book" eight times a year, and conducts a thorough analysis of the economic situation in the United States through regional reserve banks. This report is an important reference for the regular meeting of the Federal Reserve’s monetary policy.

　　Or will start to slow down the pace of interest rate hikes.

　　While acknowledging that rising interest rates have brought "side effects" to the economy, the Federal Reserve has also released a signal that it will slow down interest rate hikes. Speaking at the Brookings Institution on November 30th, Federal Reserve Chairman Powell said that the Federal Reserve will continue to raise the federal funds rate, but it may reduce the rate increase from December.

　　Powell said that the Fed "still has a long way to go" from the goal of restoring price stability. Policy measures such as raising interest rates and reducing bonds usually take some time to play a role in the entire economic system. In the future, the Fed will continue to maintain its restrictive monetary policy stance until substantial progress is made in reducing inflation.

　　He said that when the interest rate is close to "the restrictive level enough to reduce inflation", it is "reasonable" for the Fed to slow down the rate hike, and "it may be the time to slow down the rate hike at the December meeting at the earliest". However, at present, the Fed has not made significant progress in reducing inflation.

　　After Powell’s speech, the US stock market soared. As of the close of the day, the Standard & Poor’s 500-stock index rose 3.09%, ending three consecutive days of decline and closing at 4080.11 points; Dow Jones Industrial Average rose 2.18% to 34,589.77 points; The Nasdaq Composite Index rose 4.41% to close at 11,468.00. Affected by the performance of the US stock market and other good news, major stock markets in Asia also generally rose on December 1.

　　In addition, the yield of US Treasury bonds has fallen sharply. According to the Associated Press, the yield of 10-year US Treasury bonds dropped to 3.65% from 3.75% at the close of the previous day. The yield of two-year treasury bonds, which tends to track the market’s expectations of the Fed’s future actions, fell from 4.48% to 4.34%.

　　Greg Basuke, CEO of AXA Investment Company, said that Powell’s statement is the "certainty" that investors are looking for in the Fed’s interest rate hike expectations. It is expected that the Fed will probably raise interest rates by 50 basis points in December.

　　Since March this year, the Federal Reserve has raised interest rates six times in a row, including 75 basis points in the last four times. According to a tracking data of the Chicago Mercantile Exchange, it is estimated that the possibility that the Fed will shrink the rate hike to 50 basis points by then is about 77%.

　　The uncertainty of economic prospects is rising.

　　Although the signal that the interest rate hike will slow down has boosted market confidence to some extent, in the context of high inflation and rising interest rates, the prospects for US economic growth are still uncertain. According to the Beige Book, looking forward to the future, all jurisdictions believe that the uncertainty of the economic outlook has increased, and the pessimism about the economic outlook has also intensified.

　　The latest economic data is mixed. According to the revised data released by the US Department of Commerce on November 30th, the gross domestic product (GDP) of the United States increased by 2.9% at an annual rate in the third quarter of this year, 0.3 percentage points higher than the initial data released at the end of October. However, personal consumption expenditure, which accounts for about 70% of the US economy, increased by 1.7%, still less than the 2% increase in the second quarter. In addition, residential investment contracted for the sixth consecutive quarter, the longest duration since 2006.

　　Data from the US Department of Commerce also showed that the US merchandise trade deficit surged by 7.7% to $99 billion in October due to the decline in exports. Reuters said that the sharp expansion of the trade deficit means that the trade performance may drag down the GDP data in the fourth quarter.

　　The inflation outlook is still facing uncertainty. According to the latest data from the US Department of Labor, the year-on-year increase of the consumer price index (CPI) in October was the smallest since January this year, and the year-on-year increase of the producer price index (PPI) in October has also continued to narrow since June. In this regard, Powell said that short-term data may be deceptive. At present, inflation is still at a high level, and more evidence is needed to prove that inflation is actually declining.

　　In addition, the tension in the labor market has not been significantly improved. The increase in economic uncertainty and the recent layoffs of large companies have made Americans even more reluctant to leave their current jobs. The turnover rate, which is regarded as an indicator of confidence in the job market, has dropped from the previous 2.7% to 2.6%. In November, the recruitment of American companies fell to the slowest pace in the past two years. The increase in the number of job vacancies also shows that the shortage of workers persists, which economists say is one of the reasons for the slowdown in employment growth.

　　Isfar Munir, an economist at Citigroup in new york, said that the data show that the labor market has hardly loosened up so far. Reuters reported that the tight labor market made the Federal Reserve continue to tighten monetary policy, which aggravated the risk of economic recession next year. However, most economists believe that the recession may be short and mild.

　　Powell believes that it is still possible for the US economy to achieve a "soft landing", but the possibility of achieving this result is declining. (Reporter Liao Bingqing comprehensive report)

On April 25th, the column "Extraordinary Way" of Phoenix.com released Zhao Lusi’s interview feature film. When asked if there would be any pressure to cooperate with an old drama like WU GANG in the movie "The Back Wave", Zhao Lusi said that she was under pressure at first, because the whole drama was matched with very powerful old artists, and the second was that there were not many modern dramas she shot. But the pressure will be great for one day, and it will be fine on the day of the opening banquet. When the director introduced WU GANG to her, he directly said, "This is your daughter." Jiang Shan sat next to her and told her not to cross her legs. Old artists put her into that environment at once.

　　Zhejiang Online August 7 th (Reporter Shen Tingyu Jiang Xiaorong)The Paris Olympic Games is in full swing. Looking back at the Olympic history, the wonderful inside and outside the stadium, the charm of culture is fascinating. From the first Athens Olympic Games to the present Paris Olympic Games, what inspiration have we got from it?

　　The venue is integrated into cultural attractions.

　　From the beginning of the modern Olympics, we can see a strong cultural color.

　　In 1892, Coubertin, the father of modern Olympics, delivered a speech "Olympic Manifesto" at Sorbonne University in Paris. In this passionate speech, he linked sports with the spirit, ambition and customs of a nation.

　　Samaranch, the former president of the International Olympic Committee, said: "The biggest difference between the Olympic Games and other large-scale events is that it is a grand gathering combining sports and culture."

　　In 2024, when the Olympic Games came to Paris for the third time, this romantic city opened a new solution for the Olympic Games to show its culture with a groundbreaking new perspective. From many details, we can read the romance with rich French culture.

　　A purple track and field track. This bright purple in stade de france is called "lavender field in track and field". The most widely circulated folk saying is that this is "the inspiration brought by provence lavender Tian." At the moment, the Provence region is full of real flower fields, while the Paris venues are a different kind of flower fields.

　　The International Olympic Committee did not strictly stipulate the color of the runway, and the purple runway appeared for the first time in the history of the Olympic Games. As Allern Brandel, the sports manager in charge of the track and field of the Paris Olympic Games, said, "This is to provide a runway that is different from those we have seen before, and to maintain the creative practices that the organizing committee has been doing since its establishment and break the routine."

　　A flowing Seine. The opening ceremony of the modern Olympic Games was moved from the stadium to the urban space for the first time, which kicked off in Paris. With the whole city as the background, the river replaces the runway and the pier serves as the audience. This is a grand event across Paris.

　　Depart from the Ostritz Bridge, pass through Notre Dame de Paris, Louvre, Place de la Concorde, Grand Palace in Paris and other buildings, and finally arrive at troca Drouet Square on the other side of the Eiffel Tower. Along the way, French classic film and television operas and game works such as Phantom of the Opera, Assassin’s Creed, Les Miserables and Train Entering the Station have emerged constantly, and sports, history, literature and art are integrated.

　　One of the great innovations of this Olympic Games is to integrate a large number of competition venues into the famous cultural attractions in Paris. Watch beach volleyball at the foot of the Eiffel Tower, watch archery in the Invalides of the Military Museum, and watch equestrian in the Garden of Versailles … This time, more than 10 world-famous scenic spots in Paris have become Olympic venues. Here, the humanities, natural landscapes and sports events reflect each other, and watching the games can also touch on history.

　　Creativity builds emotional resonance bridge

　　The host of every Olympic Games understands that this is a stage to show its unique culture to the world. But it is not easy to show it well.

　　Rich cultural accumulation is the basis for the host to tell a good story. Different countries and regions have different cultural histories, so it is a challenge for the organizers of previous Olympic Games to let local culture go to the world with the help of the Olympic window.

　　In the road cycling men’s road race that just ended not long ago, 90 road racers from all over the world set off from troca Dro Square and completed a 273-kilometer ride. Along the way, we can see the Eiffel Tower, Versailles and other landmark buildings. This is an extreme challenge to endurance and speed, and it is also an unlock to the natural and humanistic beauty of Paris.

　　Intelligent high technology makes the cultural charm of the Olympic Games shine even more. From the previous LED system, the ground lifting stage, to the current artificial intelligence technology and virtual human guests, every Olympic Games always uses the cutting-edge new technology at that time to make sports and culture collide with different sparks. AI technology has been widely used in this Olympic Games, realizing the experience of immersive 360-degree live broadcast.

　　Enough creativity, invisibly built a bridge of emotional resonance. In 1924, women were officially allowed to participate in the Paris Olympic Games. In 2024, 10 golden female statues slowly rose from the water at the opening ceremony to pay tribute to outstanding female representatives in French history. This is a dialogue after a hundred years.

　　Behind creativity, it reflects the light of humanity.

　　Create a global cultural exchange business card

　　With sports as the carrier, nowadays, the Olympic Games has become a worldwide cultural wealth. The enlightenment of the Olympic Games goes far beyond the Olympic Games. It has further inspired us to culture and sports, as well as the interdependence and common prosperity between different cultures.

　　The boundary between culture and sports can be bridged. The Paris Olympic Organizing Committee put forward the concept of "Cultural Olympics". This year, the Paris Olympic Cultural Committee held thousands of activities in various parts of France, which will last until September 8, and is committed to promoting communication and exchanges in different fields by integrating art and sports. Walking on the streets of Paris, from the Louvre to the community park, you can inadvertently see an art exhibition about the Olympic Games.

　　Inside and outside the stadium, everyone is a tiny incision for the cultures of various countries to go global. Previously, China table tennis player Malone was snapped up by athletes from all over the world in Paris, and was called "the 5A-level punch point of the Olympic Games" by netizens, which also made him a bridge to communicate Chinese and Western cultures and spread friendship. When athletes’ personal achievements and charm are combined with competitive sports spirit, a ready-made cultural exchange business card is created.

　　For more than 100 years, the vigorous vitality of the Olympic spirit in different groups, different countries and different regions is precisely because of its value consensus, common words and emotional resonance, as well as respect for different civilizations and cultures.

　　More than 100 years ago, Coubertin’s bold idea completed the revival of the Olympic Movement. On the Olympic stage, we expect future Olympic organizers to put on the wings of culture and hold more wonderful and creative events.

1905 movie network news The film released a preview of "Laughing and Flying", the old brother, the little brother and the new brother assembled in place, and the mentoring team of Caotai team returned to Bayinbuluke circuit, with endless laughter, which made you laugh and fly. The film was written and directed by the screenwriter, starring,,,, and, with a special performance and friendship. It was the strongest comedy lineup in the Spring Festival and was released nationwide on the first day of the New Year’s Day.

Zhang Chi, who broke down the driving school and revolutionized the grassroots team, took a conspicuous package of apprentices to "really practice skills"

The movie Pegasus 2 tells the story of Zhang Chi (Shen Teng), a driving school coach, and Li Xiaohai (Adam), a potential newcomer, who went to the last Bayinbuluke Rally with a lot of jokes. The "Laughing Soars" version is full of joy, and Shen Teng and other comedians are shaking their burdens wildly. Zhang Chi, a former champion driver, became a driving school coach with a whole set of injuries, leaving only Sun Yuqiang (Andrew) and "Old Brother" Ji Xing (Zhang Ben Yu) with him. Black powder’s bad comments continue to export "Bayinbuluke’s shame" and "black-hearted driving school coach", while the director of Laotoule Car Factory (Jia Bing), who is an iron powder, brings a godsend opportunity to reorganize the team. His bargaining skills are full, and his sponsorship fee is cut from 6 million to 4 million in one fell swoop, which is a punch in the punch. Zhang Chi talked about "I’m not a champion, but a driving school coach", and he was also nervous about buckling the wrong seat belt, rolling parking and other funny operations, but when he really got on the track, he regained his glory, which made people sigh that "this driving school really practiced technology". In addition, Zhang Chi’s two conspicuous Bao apprentices are also quite eye-catching. Li Xiaohai, the "little brother", is eye-catching with his unexpected driving talent, and Liu Xiande (Sean) keeps calling "Master" and cos the Monkey King, which shows his true colors.As the driving school explodes to change the motorcade, this grass-roots team, which is full of fun and chicken flying and dogs jumping, will go to the stadium with a lot of jokes, which is worth looking forward to.

Shen Teng Adam’s big screen first took the veteran newcomer mentoring file and went to the stadium to dream.

In the movie "Pegasus 2", Shen Teng and Adam partnered on the big screen for the first time, which attracted the attention of countless audiences. Zhang Chi, played by Shen Teng, returned to become a driving school coach in a state of blood deficit, but in the eyes of his supporters, he is still the "eternal king of Bayinbuluk". The addition of the new character Li Xiaohai also makes the new story more interesting. Adam said: "Li Xiaohai is a very resilient and ideal person. He worked as a test driver for many years before his early years and never had the opportunity to participate in the race as a racing driver. His biggest dream is to stand on this stage in Bayinbrook." In this trailer, Adam’s model of racing driver was officially exposed. He revealed that Han Han’s director has high requirements for the service road. When shooting in a real racing car, the four-point seat belt will be fastened tightly, and the helmet mask will easily squeeze his face out of shape, but it will be easier to enter the role of racing driver. When talking about Zhang Chi and Li Xiaohai, Shen Teng said that Li Xiaohai is a driver with equal talent and hard work, and Zhang Chi created an opportunity for him. Adam described "Master" Zhang Chi in three words: relaxation, body of work and inspirational. In the preview of "Laughing Soars", Li Xiaohai said, "Bayinbuluke, don’t you want to try again?" Just like a signal to ignite fighting spirit, Zhang Chi’s helplessness and unwillingness, Li Xiaohai’s resilience and dreams all point to Bayinbuluke Rally. What kind of running-in will the two go through,How will they achieve each other? See you at the cinema on New Year’s Day.

The film "Pegasus 2" is written and directed by Han Han, starring Shen Teng, Adam, Andrew, Zhang Ben Yu and Sean, featuring Wei Xiang and Jia Bing, and featuring Zheng Kai in friendship. It will be released nationwide on New Year’s Day.

　　The Legislative Council of the Hong Kong Special Administrative Region unanimously passed the "Regulations on Safeguarding National Security" and successfully completed the legislation of Article 23 of the Hong Kong Basic Law, which inspired all sectors of the community in the SAR. On the 20th, headlines such as "Fulfilling the Glorious Mission" and "Opening a New Chapter in Hong Kong" occupied the headlines of major newspapers in Hong Kong, and major political groups, associations, chambers of commerce and professional organizations expressed their full support for the passage of the Ordinance in different ways. Everyone has said that with a solid foundation for safeguarding national security, Hong Kong can stride forward at full speed on the road from rule to prosperity and move towards a brighter future.

　　This is a historic moment for Hong Kong. After the Hong Kong National Security Ordinance was unanimously passed, Chief Executive Lee Ka Chiu John said that the constitutional responsibility and historical mission of the SAR had finally been fulfilled and national security had been effectively guaranteed. People clearly remember that after the establishment of the Hong Kong Special Administrative Region, due to the constant "stigmatization" and "demonization" of anti-China and external hostile forces, the legislation of Article 23 of the Basic Law was delayed, which became a major loophole in the SAR’s maintenance of national security and a major defect in the implementation of the Basic Law. During the legislative deliberation, Mrs. Ye Liushu-yi expressed her feelings that she was very happy to come to this step and shoulder greater responsibilities this time. Member Liao Changjiang said that it has become a broad consensus in society to complete legislation as soon as possible to fill the shortcomings of Hong Kong in safeguarding national security; Member Shang Hailong said, "Today’s stable and peaceful social environment is hard to come by, so we should cherish and maintain it!" … … Members of the Legislative Council’s speeches have aroused strong resonance in Hong Kong society. The general public who have experienced a major turning point from chaos to governance feel more truly that the successful completion of Article 23 legislation is another landmark event since Hong Kong’s return to the motherland, and they are deeply honored and encouraged.

　　The smooth passage of the Hong Kong National Security Ordinance has provided a more solid institutional guarantee for maintaining the long-term prosperity and stability of the SAR. While effectively safeguarding national security, the regulations have created a more stable and predictable development environment for Hong Kong. Representatives of Hong Kong’s industrial and commercial circles pointed out that eliminating the uncertainty in the field of national security will consolidate and enhance the overall business environment in Hong Kong, better attract industrial and commercial enterprises and investors to set up businesses in Hong Kong, and make Hong Kong continue to be a "paradise for entrepreneurs and a place to realize their dreams". During the interview, many Hong Kong residents said that they cherish the stable and stable life now, and the 23 laws have made them more confident about the future of Hong Kong. Public opinion in Hong Kong generally believes that without worries, Hong Kong can go into battle lightly, focus on developing the economy and improving people’s livelihood, and jointly create a more prosperous and better home.

　　Hong Kong’s national security regulations conform to the will of the people, ensure security and protect development, lay a solid foundation for the SAR to safeguard national security, and consolidate the "retaining wall" of Hong Kong from chaos to governance, which will surely promote Hong Kong’s accelerated realization of governance and prosperity. With a high level of security, Hong Kong’s unique position and advantages will be more prominent, and the tremendous creativity and development vitality contained in society will be fully released. In the new era and new journey, the pace of high-quality development in Hong Kong will surely be vigorous, and the prospects of the SAR will be bright.

　　Cctv news(News Network): According to the data released by the National Energy Administration today (May 25th), by the end of April this year, the installed capacity of wind power and photovoltaic power generation in China was 380 million kilowatts, and the total installed capacity of wind power and photovoltaic power generation exceeded 800 million kilowatts, reaching 820 million kilowatts, accounting for 30.9% of the national installed capacity, of which wind power accounted for 14.3% and photovoltaic power generation accounted for 16.6%. 1-mdash this year; In April, the national wind power photovoltaic power generation reached 482.8 billion kWh, up 26.8% year-on-year, accounting for 17.2% of the total electricity consumption, up 3 percentage points over the same period last year.

　　With China’s power supply structure accelerating from coal-based to diversified and green, the total installed capacity of wind and photovoltaic power generation has exceeded 800 million kilowatts, which will provide sustained kinetic energy for the high-quality economic development of China.

Author | ｜Eastland

Head picture | tiger sniffing

Gree Electric (000651.SZWith good performance and high dividends, it is a star enterprise in the A-share market, although its market value is not as good as that of Midea Group (000333.SZ), but steadily stabilized Haier Zhijia (600690.SH) one end. However, after the market value of Gree peaked in 2019, the situation gradually reversed. By the end of 2022, Gree’s market value had fallen to 77% of Haier’s, compared with 259% at the end of 2019.

As of the close of March 8, 2023, the market value of Gree was 205.5 billion yuan, and the market value of Haier Zhijia was 232.2 billion yuan.

In the first three quarters of 2022, the net profits of Haier and Gree were 17.7 billion and 18.3 billion respectively. Haier earns 600 million less than Gree, but its market value is 30 billion higher.Perhaps it is because Gree gives people the impression that they are "lacking in goodness" and "lacking in skills" in defense..

The contest between diversification and internationalization

1) Revenue: Haier’s leading edge has expanded.

Haier’s revenue scale is higher than Gree’s, but its leading edge is not large, and it was overtaken in 2018. In 2020, Haier’s revenue stood at 200 billion, equivalent to 125% of Gree’s; In the first three quarters of 2022, Haier’s revenue was 185 billion, still 125% of Gree’s.

In 2018 and 2019, Gree’s revenue "hit" the 200 billion mark twice, but unfortunately it fell short. In 2020, despite the impact of the epidemic, the revenues of Midea, Haier and Hisense all maintained growth, but Gree fell to 168.2 billion. In 2021, the recovery of Gree Camp rose to 187.9 billion, 5.2% lower than that in 2018. The revenues of Haier and Midea in 2021 increased by 31.4% and 23.6% respectively compared with 2018. It is an indisputable fact that Gree’s revenue is weak.

2) Income structure: Haier is more diversified.

Gree has never been able to cultivate a "second growth curve", and the proportion of air-conditioning revenue to revenue has remained at a high level of 70%.

The high-speed growth period of air-conditioning market has long passed, and there are many "eaters" such as Midea and Haier. After Gree’s air-conditioning business revenue surged to 155.7 billion in 2018, it fluctuated and fell back. In 2020 and 2021, the revenue was 117.9 billion and 131.7 billion respectively. In 2022, the revenue of H1 air-conditioning business was 68.7 billion, accounting for 72.2% of the revenue.

Gree’s "household appliances sector" includes refrigerators, washing machines, kitchen appliances, drinking fountains, sweeping robots and many other products. In 2019, sales revenue surged to 5.58 billion, accounting for 2.8% of total revenue; In 2021, it fell below 5 billion.

In H1, 2022, Gree’s "household appliances" revenue was 2.2 billion, accounting for 2.3% of the total revenue. Midea’s "consumer appliances" sector covers products similar to Gree’s "household appliances", with H1 revenue of 66.3 billion in 2022. You’re welcome to say that the Gree household appliances sector can’t become a climate.

Gree’s "other businesses" include new energy vehicles, lithium batteries, mobile phones, energy storage, semiconductors, medical and health care, etc. In 2021, the revenue was 43 billion, accounting for 23% of the revenue. Any business, well done, can support "100 billion-level" listed companies and "pile up" together. Although the revenue is tens of billions, only one "other" can be shared. The key question is-Can air-conditioning enterprises that have failed to expand their refrigerator business make new energy vehicles and semiconductors?

Although Haier’s revenue is only 20% higher than Geli’s, its structure is relatively balanced.

Refrigerator and washing machine: the revenue in 2021 was 71.6 billion and 54.8 billion respectively, accounting for 52% of the total revenue, equivalent to 67.2% of Gree’s total revenue;

Air conditioning: revenue in 2021 was 37.5 billion, accounting for 16% of revenue, equivalent to 28.5% of Gree air conditioning sales; In the same period, Midea’s air-conditioning sales revenue reached 141.9 billion, equivalent to 107.7% of Gree’s air-conditioning revenue;

Kitchen appliances and water appliances: the revenue in 2021 was 35.2 billion and 12.5 billion respectively, accounting for 21% of the total revenue;

Intelligent equipment: The revenue in 2021 is 15 billion, accounting for 7% of the revenue, and it is the only business of Haier.

Highly dependent on air conditioning, other household appliances are lacking, air conditioning revenue growth is weak, and Gree’s revenue is naturally difficult to improve.

3) Internationalization

In the field of household appliances in China, Haier, Midea and TCL are highly internationalized. Haier, in particular, has an obvious upward trend in recent years.

In 2016, Haier’s overseas business income was 67 billion, accounting for 41% of revenue, while Midea’s overseas income was as high as 104 billion.

In 2021, Haier’s overseas revenue reached 114.7 billion, accounting for 50% of the revenue, and the proportion of overseas revenue with the United States also increased from 64.5% to 83.3%.

In 2021, Gree’s export business income was 22.5 billion, accounting for 12% of the revenue (0.5 percentage points lower than in 2017.), about one-fifth of Haier.

　

What is more valuable is that the gross profit of Haier’s overseas business has steadily increased: in 2017, the gross profit was 19.6 billion, 1.4 billion less than that of the United States; In 2021, it surpassed the United States for the first time, reaching 32.4 billion, with a gross profit rate of 28.2%, 6.5 percentage points higher than that of the United States.

　

The scale of Gree’s overseas business is much smaller than that of Haier and Midea, and the gross profit margin is not in the same level: in 2021, the gross profit margin of Gree’s overseas business was 2.22 billion, and the gross profit margin was 9.8%; Gross profit is less than 7% of Haier’s, and gross profit rate is 18% lower than Haier’s.

The fundamental reason for the weak growth of Gree’s revenue is that diversification and internationalization have not achieved remarkable results:In the revenue structure, air-conditioning sales account for more than 70%, and none of the household appliances, such as refrigerators, washing machines and kitchen appliances, can be used. Overseas sales revenue has almost stagnated-22.3 billion in 2018 and 22.5 billion in 2021, and gross profit has dropped from 37.8 billion in 2018 to 22.2 billion in 2021, a drop of more than 40%.

Gree "blade inward" wants profit

1) Gree’s ability to control expenses is super strong.

In 2017, Gree’s gross profit reached 59.9 billion. Since then, it has "unilaterally" declined to 37.7 billion in 2021, with a cumulative decline of 37.1%.

Haier’s gross profit surpassed Gree in 2018, and its leading edge has expanded year by year since then: Haier’s gross profit in 2018 was 59.9 billion, 10% higher than Geli’s; 42% higher than Geli in 2019; 56% higher than Geli in 2020; In 2021, Haier’s gross profit was 56.3 billion, 50% higher than Geli’s.

Although the gross profit of Gree Air Conditioning is 2 percentage points higher than that of Haier, the overall gross profit rate is 4 percentage points behind.

In the figure below, the blue broken line represents gross profit (rate), colored stacked columns represent expenses (rate), when blue drowns color, enterprises can earn operating profits.

Since 2017, Haier’s gross profit margin and total expense ratio have remained at 30% and 24% respectively, and there is a distance of about 6 percentage points between "blue" and "color".This is the "width of the profit moat".

Haier gives the impression of being steady, one step at a time.

　

Strong China has its own strong middle hand, and Gree’s cost and expense control ability is still above Haier. Although gross profit (rate) has been declining year by year, but the expense ratio has been repeatedly compressed-

In 2017, the gross profit rate was 33% and the total expense rate was 15%, which was 18 percentage points apart;

In 2021, the gross profit margin and total expense ratio were 24.3% and 11.7% respectively, with a distance of 12.6 percentage points. Although it was not as good as before, the "moat" was still twice as wide as Haier.

The expense ratio may not be as low as possible, and a moderate increase in sales expenses, management expenses and R&D expenses will promote the development of enterprises. Blindly compressing expenses is a "defensive" strategy.

In some cases, defense may "drag down a strong enemy", such as Sima Yi to Zhuge Liang. However, Fang Hongbo and Haier Lianghaishan of Midea are all ten years younger than Dong Mingzhu, and Gree is the one who can’t afford it.

2) Net profit and cash flow

Although the revenue, gross profit and gross profit rate all fell behind, Gree achieved much higher net profit and cash flow than Haier with strong cost control.

In 2019, the revenues of Haier and Gree were similar. Haier’s gross profit was 5.2 billion higher than Geli’s. As a result, Gree’s net profit reached 24.7 billion, 200% higher than Haier’s! The net cash inflow from operating activities reached 27.9 billion, 85% higher than Haier.

In 2021, Gree’s net profit was 23.06 billion, a year-on-year increase of 4%; Net cash flow from operating activities plummeted by 90% to 1.89 billion (It will be 19.2 billion in 2020.）。

In the first three quarters of 2022, Gree’s net profit and cash flow from operating activities were 18.3 billion and 22.46 billion, respectively, returning to "normality".

Haier’s net profit and cash flow from operating activities are "a lot shorter" than Gree. In the first three quarters of 2022, the net profit was 11.7 billion, and the net cash flow from operating activities was 11.2 billion, less than half of Gree’s.

In recent years, Gree’s book cash has been above 100 billion, reaching 153 billion at the end of September 2022, while Haier’s book cash was only 47 billion in the same period.

The main function of book cash is to maintain daily operations, such as paying wages and energy costs, and paying suppliers according to schedule. With reference to the revenue cost of the previous quarter, it is enough to keep the daily operating expenses for the next three or four months.

Haier’s book cash at the end of 2021 is equivalent to 29% of this year’s revenue cost. If there is no big change in 2022, the book cash is enough for one quarter. The numerical ratio of 30% is reasonable, and Gree’s book cash is somewhat exaggerated.

On the other hand, at the end of 2022, Gree’s balance of accounts payable/notes reached 76.6 billion, a net increase of 23 billion compared with the end of 2021.

Gree’s ability to absorb gold is amazing, but the capital market has been "aesthetically tired"At present, the dynamic P/E ratios for Midea, Haier and Gree are 11.4 times, 15.1 times and 8.4 times respectively; The P/B ratios are 2.7 times, 2.6 times and 2.1 times respectively.

Like a football match, Gree defends year after year, and the number of counterattacks is few and far between, and it is easily disintegrated by opponents. The "spectators" are losing confidence in Gree.

* The above analysis is for reference only and does not constitute any investment advice.

　　Cctv news(Focus Interview): Recently, the Central Committee of the Communist Party of China and the State Council issued the Plan for the Reform of Party and State Institutions. The 20th National Congress of the Communist Party of China has made important arrangements for deepening institutional reform, which is of great and far-reaching significance for building a socialist modern country in an all-round way and promoting the great rejuvenation of the Chinese nation in an all-round way. Deepening the reform of party and state institutions aims to build a functional system of party and state institutions with complete systems, scientific norms and efficient operation, so that the establishment and functional allocation of party and state institutions can better meet the new requirements put forward by the new era and new journey, which fully demonstrates the strong will of the CPC Central Committee with the Supreme Leader as the core to unswervingly deepen reforms in an all-round way and promote the modernization of the national governance system and governance capacity.　

　　Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has taken deepening the reform of the party and state institutions as an important task to promote the modernization of the national governance system and governance capacity. Facing the new tasks put forward by the new era and new journey, the establishment and function allocation of the party and state institutions need to continue to deepen the reform on the basis of consolidating the achievements of the reform of the party and state institutions, and adjust and improve the institutional mechanisms and institutional responsibilities.

　　Wang Manchuan, director of the Public Administration Teaching and Research Department of the Central Party School (National School of Administration), said: "The 20th National Congress of the Communist Party of China has made a series of strategic arrangements for the new era and new journey, building a socialist modern country in an all-round way and comprehensively promoting the great rejuvenation of the Chinese nation. Many reform measures in this reform plan are closely focused on how to implement these strategic arrangements."

　　The goal of deepening the reform of the Party and state institutions is to build a complete, scientific and standardized functional system of the Party and state institutions. We must take the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era as the guide, strengthen the centralized and unified leadership of the CPC Central Committee as the guide, and promote the modernization of the national governance system and governance capacity as the guide, coordinate the institutions of the CPC Central Committee, the National People’s Congress, the the State Council institutions and the Chinese People’s Political Consultative Conference institutions, coordinate the central and local governments, and deepen the institutional reform in key areas.

　　Xue Lan, Director of Academic Committee of School of Public Administration of Tsinghua University and Dean of Schwarzman Scholars of Tsinghua University: "This round of reform is a further deepening of that reform in 2018. The general direction is to adhere to the centralized and unified leadership of the party as a starting point; In addition, to promote the modernization of the governance capacity of the national governance system, the overall goal is to make the institutional setup more scientific, the functional allocation more optimized, the institutional mechanism more perfect and more efficient through reform. "

　　Finance is the core of modern economy, which is related to development and security. The reform plan of the party and state institutions clearly puts forward that the Central Financial Committee should be set up to strengthen the centralized and unified leadership of the CPC Central Committee on financial work, and the Central Financial Work Committee should be set up to lead the work of the financial system party in a unified way and co-locate with the Central Financial Committee Office. In this reform of the party and state institutions, a series of reform measures focus on financial supervision, which are interlocking and promoted as a whole.

　　Tian Xuan, vice president of Tsinghua University Wudaokou College of Finance, said: "It shows that the Party and the state attach great importance to the high-quality development of financial markets, financial supervision and finance, and the core logic reflects the centralized and unified leadership of the CPC Central Committee over financial institutions and financial fields, and the strengthening of central supervision. Emphasis is placed on functional supervision, behavioral supervision, functional supervision, as well as institutional supervision and penetrating supervision. "

　　In deepening the institutional reform in the State Council, there are as many as six items directly related to financial supervision, including the establishment of the State Financial Supervision and Administration Bureau, deepening the reform of local financial supervision system, restructuring the China Securities Regulatory Commission into an institution directly under the State Council, promoting the branch reform of the People’s Bank of China as a whole, improving the state-owned financial capital management system, and strengthening the unified and standardized management of financial management department staff.

　　Tian Xuan, deputy dean of Tsinghua University Wudaokou Finance College: "This institutional reform in the State Council is actually a change in the national regulatory mechanism, from separate supervision to mixed supervision, so that centralized leadership and centralized supervision can be formed, and everyone has a unified scale. Preventing the existence of regulatory arbitrage, regulatory vacuum or repeated supervision and different standards is an important step in the structural reform of the supply side of the financial industry, which can better help finance to serve the real economy with high quality."

　　Scientific and technological innovation occupies a core position in the overall situation of China’s modernization. Facing the severe situation of international scientific and technological competition and external containment, we must further rationalize the scientific and technological leadership and management system. This reform of the party and state institutions has strengthened the centralized and unified leadership of the CPC Central Committee over scientific and technological work, and established the Central Science and Technology Commission. The responsibilities of the offices of the Central Science and Technology Commission are assumed by the reorganized Ministry of Science and Technology as a whole.

　　Xue Lan, Director of Academic Committee of School of Public Administration of Tsinghua University and Dean of Schwarzman Scholars of Tsinghua University: "The Party’s Report to the 20th CPC National Congress, including the 14th Five-Year Plan, has put scientific and technological innovation at the core of national development, modernization and building a new development pattern; In addition, the international situation is very complicated, and various geopolitical factors have severely suppressed China’s science and technology. Under such circumstances, how can China’s scientific and technological innovation play a better role? This reform is to further strengthen the party’s centralized and unified leadership over scientific and technological work. "

　　The re-establishment of the Ministry of Science and Technology, on the one hand, optimizes its functions, on the other hand, focuses on key issues, and strengthens macro-management responsibilities such as strategic planning, system reform, overall planning of resources, comprehensive coordination, policies and regulations, and supervision and inspection. Promote and improve the new national system, optimize the whole chain management of scientific and technological innovation, promote the transformation of scientific and technological achievements, and promote the combination of science and technology with economic and social development.

　　Qi Jie, director of the Public Management Research Center of the Institute of Political Science, China Academy of Social Sciences, said: "This round of institutional reform is a series of major measures taken to improve the leadership and management system of science and technology, which will provide us with the support of important government functional institutions in the future, and play an important role in the next step of self-reliance and self-improvement in science and technology and in optimizing our high-level scientific and technological development.

　　The "Party and State Institutional Reform Plan" clearly stipulates the establishment of the Central Social Work Department. As a functional department of the CPC Central Committee, it is responsible for coordinating and guiding the work of people’s letters and visits, guiding the collection of people’s suggestions, and coordinating and promoting party building to lead grassroots governance and grassroots political power construction.

　　Wang Manchuan, director of the Public Management Teaching and Research Department of the Central Party School (National School of Administration): "This is also to better and more timely reflect the voices of the people, respond to their demands, and protect their legitimate rights and interests."

　　The reform plan of the party and state institutions will further improve the management functions and efficiency of state institutions through the optimization and adjustment of institutional responsibilities in key areas, and better adapt to quality changes, efficiency changes and dynamic changes, which will drive deep-seated reforms and better promote economic and social development. In this institutional reform plan, the establishment of a national data bureau has attracted attention. In today’s society, digital resources and digital economy play a fundamental role in economic and social development, which is of great significance for building a new development pattern, building a modern economic system and building a new competitive advantage of the country.

　　Xue Lan, Director of Academic Committee of School of Public Administration of Tsinghua University and Dean of Schwarzman Scholars of Tsinghua University, said: "How can we better integrate these data resources and establish a basic institutional arrangement so that it can play a better role. Now it is also proposed that how to better coordinate digital China, digital economy and digital society really needs a department to better coordinate these resources on the basis of ensuring data security and ensuring original data supervision. It is indeed a very urgent need. "

　　After the last round of institutional reform, provincial data management institutions have been established in Guangdong, Fujian, Zhejiang, Guizhou and other places. This reform proposes to set up a national data bureau, which is responsible for coordinating and promoting the construction of data infrastructure, and promoting the planning and construction of digital China, digital economy and digital society as a whole.

　　Wang Manchuan, director of the Public Management Teaching and Research Department of the Central Party School (National School of Administration), said: "The National Data Bureau is managed by the National Development and Reform Commission, which is conducive to the overall strategic planning of the construction of digital China, the integration, utilization and development of data resources, and the management of data."

　　Reform is always on the road. Institutional reform is a process, which will not happen overnight or once and for all. It needs to be constantly adjusted and optimized according to new missions, new strategic arrangements and new work needs.

　　In February 2021, the National Rural Revitalization Bureau was established. Two years later, in order to coordinate the work concerning agriculture, rural areas and farmers with rural revitalization as the focus, this round of institutional reform in the State Council proposed to optimize the responsibilities of the Ministry of Agriculture and Rural Affairs, transfer the responsibilities of the National Rural Revitalization Bureau to the Ministry of Agriculture and Rural Affairs, such as monitoring and helping to prevent poverty, and promoting the development of rural social undertakings and public services, and no longer retain the separate National Rural Revitalization Bureau.

　　Wang Manchuan, director of the Public Management Teaching and Research Department of the Central Party School (National School of Administration), said: "Why is it put into the Ministry of Agriculture and Rural Affairs as a whole this time, and then a brand is put up? This is of great significance. Because in recent years, the central government has put forward the strategy of rural revitalization, which covers a wide range, such as industrial revitalization, cultural revitalization, scientific and technological revitalization, talent revitalization and tourism revitalization. It can be said that most of the work is overlapping with the work of the Ministry of Agriculture and Rural Affairs, and it is definitely more powerful to do it by one Ministry than to set up a rural revitalization bureau alone. In fact, it is to put the work of rural revitalization in a more important position, which is more conducive to the advancement of this work and the implementation of the rural revitalization strategy. "

　　In the reform plan, it is clear that the responsibilities of the National Rural Revitalization Bureau are assigned to the Ministry of Agriculture and Rural Affairs, and it is necessary to continue to increase assistance to poverty-stricken areas and people.

　　The reform also pays attention to the problem of population aging faced by China. For a long time, the management of China’s old-age care involves civil affairs, health care, medical insurance and other departments. This institutional reform has assigned the responsibilities of organizing the National Health and Wellness Committee to formulate and coordinate the implementation of policies and measures to deal with population aging and undertake the specific work of the National Working Committee on Ageing to the Ministry of Civil Affairs.　

　　Qi Jie, director of the Public Management Research Center of the Institute of Political Science of China Academy of Social Sciences, said: "The adjustment and optimization of institutional functions at this stage is a positive preparation for effectively coping with the deepening of population aging in the future. From the perspective of overall coordination and long-term development in the future, centralization and unification to the civil administration system is more conducive to coping with aging in the future. "

　　This reform has always adhered to the problem orientation, focused on key points and difficulties, and reflected the needs of development and the aspirations of the people. In this reform plan of the party and state institutions, more reform measures have made breakthroughs. On the basis of the Hong Kong and Macao Affairs Office of the State Council, the Central Hong Kong and Macao Work Office will be established as the office of the CPC Central Committee; We will deepen the institutional reform of the National People’s Congress and set up a working committee for the National People’s Congress Standing Committee (NPCSC) deputies. Improve the intellectual property management system, and adjust the National Bureau of China National Intellectual Property Administration, which is managed by the State Administration of Market Supervision, to an institution directly under the State Council. Deepen the institutional reform in Chinese People’s Political Consultative Conference and optimize the sector setting in Chinese People’s Political Consultative Conference. Streamline the staffing of central and state organs. The staffing of all departments of the central and state organs will be reduced by 5%, and the recovered staffing will be mainly used to strengthen key areas and important work.

　　Xue Lan, director of the Academic Committee of School of Public Administration of Tsinghua University and dean of Schwarzman Scholars of Tsinghua University, said: "Special emphasis is placed on the modernization of the national governance system and governance capacity. In all aspects of modernization, the modernization of governance system and governance capacity is the foundation. If we can continue to reform and deepen, it will multiply the modernization of other aspects, including economy, society and culture."

　　The functional system of the Party and state institutions is an important part of the Socialism with Chinese characteristics system and an important guarantee for the Party to govern the country. Deepening the reform of the party and state institutions is a self-revolution. One point for deployment and nine points for implementation. The key to the implementation of reform lies in people. People’s hearts are stable, reforms are progressing, people’s hearts are smooth, and reforms are successful. In the face of complex reform tasks, from the adoption of the plan to the real implementation, we must take greater courage and more pragmatic measures, break down deep-seated institutional and institutional obstacles, implement the task of institutional reform, better transform China’s institutional advantages into the effectiveness of national governance, and provide a strong guarantee for promoting Chinese modernization.