In the early morning of December 14th, Beijing time, the Federal Reserve announced its December interest rate resolution, announcing that it would suspend interest rate hikes this month. Previously, the Federal Reserve has raised interest rates 11 times in this interest rate hike cycle since March 2022. At present, the target range of the US federal funds rate is maintained at 5.25%~5.50%.

　　The Fed suspended interest rate hikes three times in a row.

　　According to the statement released after the meeting, the Fed believes that the current growth rate of economic activities in the United States has slowed down compared with the third quarter. Employment growth in the United States has slowed down since earlier this year. In the past year, inflation in the United States has slowed down, but it is still at a high level.

　　Gao Ruidong, Chief Economist of Everbright Securities:The Federal Reserve’s monetary policy mainly needs to consider the dual goals of promoting employment and stabilizing prices, which is reflected in whether the unemployment rate data and inflation data are close to the normal level. At present, according to the latest data, although the employment data has rebounded beyond expectations, there are seasonal factors and the impact of the recovery of employment after the strike of American auto workers. On the whole, these two key indicators can reflect the tightening policy of the Fed’s continuous interest rate hike, and the effect has appeared.

　　In addition, after the meeting, the Fed’s statement revealed that it believed that the current level of interest rates in the United States had reached or approached the peak, and the Fed began to discuss the timing of interest rate cuts.

　　Experts said that from the current series of data and situation analysis, the Fed’s current interest rate hike process is likely to come to an end. However, the Fed needs to be more cautious about the trend of data including consumption and manufacturing investment in order to continue to judge the current monetary policy. Continued impact.

　　Chief Macroeconomist of Founder Securities Luzhe：The balance between the Fed’s "doing too much" and "doing too little", that is, the balance between controlling inflation and avoiding economic recession, these uncertainties and two-way risks make the current Fed’s monetary policy decision need more patience and prudence, which is also the focus repeatedly emphasized by most Fed officials.

　　Since March last year, the Fed has raised interest rates 11 times in this interest rate hike cycle, ranging from the initial 25 basis points to the later 50 basis points and 75 basis points for four consecutive times. Later, the rate hike gradually slowed down. In June this year, the Fed suspended interest rate hikes once, and resumed interest rate hikes by 25 basis points in July this year. Since then, it has suspended interest rate hikes for three consecutive times. At present, the target range of the US federal funds interest rate has remained at a high level since 2001.

　　A number of data reflect that the US economy continues to cool down.

　　Experts said that from the comprehensive analysis of the performance of a number of US economic data, the current US economy continues to cool down, and the tight monetary policy has brought obvious impacts on the US real economy and financial markets in many aspects.

　　Experts said that at present, the economic growth rate of the United States, which is superimposed with inflation factors, remains at a certain level, but after excluding the influence of inflation factors, the economic growth rate of the United States has slowed down obviously in recent months, which shows that inflation in the United States is still resilient.

　　Zhao Yue, Chief Economist of Hong Kong Fortune Securities:The economic growth data of the United States this year is not as strong as the nominal value in terms of actual value. The gap between the two is the impact of inflation, which reflects that there is still relatively high inflation in the United States at present. When monetary policy was formulated and implemented, it had a transmission process in the economy, which was a gradual upward influence process, depending on how much attention was paid to the impact of monetary policy on the economy.

　　Maintaining the high interest rate level, after a period of sustained action, is gradually changing the current financial environment in the United States, and thus changing the trend of the real economy in the United States. The data shows that in the United States, the bank’s best lending rate has risen from 3.25% to around 8.50% in the near future, more than doubling; This has also affected the financing rate of Moody’s AAA corporate bonds in the United States from 2.63% to about 5.67% in the near future.

　　Judging from the scale of credit, the scale of industrial and commercial loans of American commercial banks has been shrinking since January this year, the year-on-year growth rate of consumer loans has dropped sharply since October last year, and the year-on-year growth rate of real estate loans has dropped sharply since March this year. In addition, the industrial output index of the United States decreased by 0.6% in October, the manufacturing output index decreased by 0.7% in October, and the performance of the supply side weakened significantly; The main real estate market index in the United States has also fallen to near this year’s low.

　　Wen Bin, Chief Economist of China Minsheng Bank:At present, the economic development and financial environment in the United States have changed significantly under the influence of the interest rate hike policy. The upward interest rate will lead to the contraction of credit scale, the decline of investment growth rate and the slowdown of industrial production, which will also curb consumption. In addition, the real estate market is also weak due to the influence of high interest rates. The above situation shows that the American economy is cooling down.

According to relevant basic data and gross domestic product (GDP) accounting methods, after preliminary accounting, China’s GDP accounting results in the third quarter of 2024 are as follows.

Click Download: Related Data Sheet

Other relevant accounting results can be found in the database of the National Bureau of Statistics.

Attachment:

China GDP Quarterly Accounting Description

1. Overview of quarterly GDP accounting

1.1 Basic concepts

GDP is the final result of the production activities of all permanent units in a country in a certain period of time. GDP is the core index of national economic accounting, and it is also an important index to measure a country’s economic situation and development level.

There are three methods of GDP accounting, namely, production method, income method and expenditure method, which reflect the results of national economic production activities from different angles. Production method is a method to get added value by excluding intermediate goods and services from the value of goods and services created in the production process. The formula for calculating the added value of production method in various industries of national economy is as follows: added value = total output-intermediate input. Add up the added value of production method in various industries of the national economy to get the GDP of production method. The income method is to account for the results of production activities from the perspective of income generated by the production process. According to this calculation method, the added value consists of four parts: workers’ remuneration, net production tax, depreciation of fixed assets and operating surplus. The calculation formula is: added value = remuneration of workers+net production tax+depreciation of fixed assets+operating surplus. The sum of the added value of income method in all industries of the national economy is equal to the gross domestic product of income method. Expenditure method is a method to calculate the gross domestic product from the perspective of the final use of production activities. Final use includes final consumption expenditure, total capital formation and net export of goods and services.

The quarterly GDP released by the National Bureau of Statistics is the result of accounting based on the production method.

1.2 Accounting Scope

1.2.1 Production scope

The production scope of GDP accounting includes the following four parts: first, the production of goods or services provided or prepared by producers to other units; Second, the self-sufficient production of all goods formed by producers for their final consumption or fixed capital; Third, the self-sufficient production of knowledge carrier products by producers for their final consumption or the formation of fixed capital, but it does not include similar activities undertaken by household departments; Fourth, the housing services provided by self-owned houses and the self-sufficient production of family and personal services provided by paid family service personnel. The production scope does not include unpaid family and personal services, natural activities without unit control (such as the natural growth of wild, uncultivated forests, wild fruits or berries, and the natural growth of fish in the high seas).

1.2.2 Main scope of production activities

The main scope of GDP production activities includes all permanent units with economic interest centers within the economic territory of China. The quarterly GDP data in this report is the national data accounted by the National Bureau of Statistics, excluding the regional GDP data of Hongkong, Macao Special Administrative Region and Taiwan Province.

1.3 Accounting Unit

GDP accounting mainly takes corporate units as accounting units. In accounting, corporate units are divided into different industries according to their main activities, and the added value of each industry is calculated separately, and then the added value of each industry is summarized to get GDP.

1.4 Accounting frequency

The accounting frequency is quarterly. From the first quarter of 1992 to the second quarter of 2015, China used the cumulative accounting method to calculate quarterly GDP, that is, the GDP data of the first quarter, the first quarter, the first quarter, the third quarter and the first quarter were calculated respectively, and the initial accounting of GDP in the first quarter and the fourth quarter was the initial accounting of annual GDP. From the third quarter of 2015, the quarterly accounting method was changed, that is, the GDP data of the first quarter, the second quarter, the third quarter and the fourth quarter of each year were calculated respectively, and the accumulated data was obtained by adding the data of the current quarter.

Since the first quarter of 2011, the National Bureau of Statistics has officially released the growth rate of GDP in each quarter.

1.5 Legal basis and system provisions

GDP accounting strictly abides by the provisions of the Statistics Law of the People’s Republic of China. At present, China’s GDP is calculated according to the requirements of China National Economic Accounting System (2016), which adopts the basic accounting principles, contents and methods of the United Nations National Accounts System (2008).

1.6 confidentiality

According to Article 9 of Chapter I of the Statistics Law of the People’s Republic of China, statistical institutions and statisticians shall keep confidential the state secrets, business secrets and personal information they know in their statistical work.

National accountants keep the unpublished professional statistical data and administrative records strictly confidential when conducting GDP accounting, and also keep the current GDP data strictly confidential before the release of GDP accounting data.

1.7 User demand

Domestic users of quarterly GDP data are mainly government departments, research institutions, universities, industry associations, media and the public. In addition, the National Bureau of Statistics regularly provides quarterly GDP data of China to the United Nations, the International Monetary Fund, the Organization for Economic Cooperation and Development, the Asian Development Bank and other international organizations.

2. Quarterly GDP accounting method

2.1 classification system

In the quarterly GDP accounting, the industry classification is based on the China national economy industry classification standard and the third industry classification standard, and two classification methods are adopted.

The first classification is the national economic industry classification, which adopts the National Economic Industry Classification (GB/T 4754-2017) promulgated by the National Standards Administration in 2017. Two-level classification is adopted in actual accounting.

The first-level classification is based on the categories in the national economic industry classification, and it is divided into 11 industries, including agriculture, forestry, animal husbandry, fishery, industry, construction, wholesale and retail, transportation, warehousing and postal services, accommodation and catering, finance, real estate, information transmission, software and information technology services, leasing and business services, and other industries. Among them, the industry includes mining, manufacturing, electricity, heat, gas and water production and supply industries; Other industries include scientific research and technical services, water conservancy, environment and public facilities management, residential services, repairs and other services, education, health and social work, culture, sports and entertainment, public management, social security and social organizations.

On the basis of the first classification, the second classification refines some categories in the national economic industry classification into industry categories.

The second classification is the classification of tertiary industries, which is divided into primary industry, secondary industry and tertiary industry according to the Regulations on the Classification of Tertiary Industries revised by the National Bureau of Statistics in 2018. The primary industry refers to agriculture, forestry, animal husbandry and fishery (excluding agriculture, forestry, animal husbandry and fishery professional and auxiliary activities); The secondary industry refers to mining industry (excluding mining professional and auxiliary activities), manufacturing industry (excluding metal products, machinery and equipment repair industry), electricity, heat, gas and water production and supply industry, and construction industry; The tertiary industry, namely the service industry, refers to other industries except the primary industry and the secondary industry (excluding international organizations).

2.2 Sources of information

In the quarterly GDP accounting, all available and applicable economic statistical survey data are used for GDP accounting. The data sources mainly include two parts:

First, the national statistical survey data refers to all kinds of statistical data obtained by the statistical survey conducted by the national statistical system, such as the statistical survey data of agriculture, forestry, animal husbandry and fishery, industry, construction, wholesale and retail, accommodation and catering, real estate, service industries above designated size, population and labor wages, price statistics, etc.

Second, the administrative records of the administrative departments, mainly including the relevant data of the Ministry of Finance, the People’s Bank of China, the State Administration of Taxation, the CSRC and other administrative departments, such as the local and foreign currency credit receipts and payments of financial institutions of the People’s Bank of China and the tax information of the State Administration of Taxation by industry.

2.3 accounting methods

2.3.1 Accounting method of current value-added

According to the data sources, the quarterly current price value-added accounting mainly adopts the value-added rate method, the related value quantity index deduction algorithm and the current price calculation by using constant prices.

2.3.1.1 correlation value quantity index speed calculation algorithm

The speed calculation algorithm of related value index is to calculate the growth rate of current price added value by using the current price growth rate of related value index, and then multiply the current price added value by the calculated growth rate of current price added value in the same period of last year. The calculation formula is as follows:

Current value added = current value added in the same period of last year × (1+current value added growth rate)

Among them, the growth rate of current price added value is determined according to the growth rate of current price of relevant value indicators and the quantitative relationship between the growth rate of current price added value in previous years and the growth rate of current price of relevant value indicators.

2.3.1.2’s method of calculating current price by constant price

Firstly, the added value of constant price in this period is obtained by extrapolating the volume index, and then the added value of current price is calculated according to the relevant price index. The calculation formula is:

Current price added value = constant price added value × price index

2.3.2 Accounting method of constant price added value

Constant price added value is to convert the added value calculated at current price into the value calculated at a fixed period (base period), so as to eliminate the influence of price change factors and make the values in different periods comparable. The added value of constant price is calculated by the fixed base period method. At present, the base period is changed every five years, and the base period of constant price added value from 2021 to 2025 is 2020.

Quarterly constant price added value accounting mainly adopts price index reduction method and related volume index extrapolation method.

2.3.2.1 price index reduction method

Use the relevant price index to directly reduce the current price added value and calculate the constant price added value. The calculation formula is:

Constant price added value of an industry = current price added value of the industry ÷ price index

Extrapolation method of 2.3.2.2 mass index

Calculate the growth rate of constant price added value by using the growth rate of related material indexes, and then calculate the current constant price added value by using the constant price added value of the same period last year and the calculated growth rate of constant price added value. The calculation formula is:

Constant price added value of an industry = constant price added value of the industry in the same period of last year × (1+growth rate of constant price added value of the industry)

Among them, the growth rate of constant price added value is determined according to the growth rate of related material indexes in this period and the quantitative relationship between the growth rate of constant price added value in previous years and the growth rate of related material indexes.

2.4 seasonal adjustment

The growth rate of GDP is the result of comparing the quarterly added value with the data of the previous quarter. When calculating, we must eliminate the influence of seasonal factors on the time series, and use NBS-SA, a seasonal adjustment software of the National Bureau of Statistics, to adjust the time series seasonally. NBS-SA is developed on the basis of seasonal adjustment software commonly used in the world at present, taking into account the unique seasonal factors in China. The software adds a new module to deal with the seasonal factors unique to China, effectively eliminating the seasonal factors unique to China, including mobile holiday factors such as Spring Festival, Dragon Boat Festival and Mid-Autumn Festival, factors that change the working days from the original 6-day system to 5-day system, and factors brought about by holiday changes and holidays.

3. Revision of quarterly GDP data

3.1 the necessity of revision

The preliminary accounting of quarterly GDP has a strong demand for timeliness, and it is generally published about 15 days after the quarter. At this time, all the basic data needed for GDP accounting cannot be obtained, so the preliminary accounting of quarterly GDP is calculated by using professional statistical progress data and related indicators. After that, with the increasing and perfecting of available basic data, the GDP data will be revised by using more complete basic data, such as professional statistical annual reports, industry financial data and financial final accounts data, so as to reflect the actual situation of economic development more accurately.

3.2 Revision procedure

According to the latest reform of GDP accounting and data release system of National Bureau of Statistics, quarterly GDP accounting in China is divided into two steps: preliminary accounting and final verification. Usually, after the annual GDP is finally verified, the quarterly data should be revised, which is called routine revision; After the national economic census is carried out, new basic data that have great influence on GDP data are found, or the annual GDP historical data are revised after the calculation method and classification standard have changed, the quarterly GDP historical data should also be revised accordingly, which is called comprehensive revision.

3.3 Revision method

3.3.1 Revision of quarterly data

At present, the method of revising quarterly GDP data in China is proportional convergence method, that is, the method of adjusting quarterly data by using the difference between the annual benchmark value and the summary of the four quarters in the year. The basic method of proportional convergence is as follows: firstly, the current price and constant price added value of various industries in the national economy are connected respectively, and GDP and the added value of the three industries are the sum of the added values of the connected industries. The connection method between constant price GDP and the added value of constant price three industries is the same as the current price.

3.3.2 Revision of ring comparison data

Because the object of seasonal adjustment is time series data, when any quarter data in time series changes, it will affect the result of seasonal adjustment; Adding the latest quarter’s data to the time series will also make the previous quarter’s month-on-month data change more or less, which is the result of the automatic correction of the model. According to the principle of seasonal adjustment, in general, the data will be greatly affected in the period close to the latest data; In the period far away from the latest data, the data is less affected. For the convenience of users, the revised ring-on-ring data of the previous quarter will be released through the website of the National Bureau of Statistics while releasing the ring-on-ring data of the current period.

4. Quarterly GDP data quality evaluation

4.1 Evaluation of basic data

Relevant departments will test the quality of professional statistical data and administrative record data used in GDP accounting to ensure that the data reasonably reflect the actual situation of economic development. When the GDP accounting department gets these basic data, it will check the completeness and accuracy of the data again to ensure that these data meet the concept and requirements of GDP accounting.

4.2 Evaluation of accounting methods

In the GDP accounting, the GDP accounting department will revise China’s quarterly GDP accounting method according to the developing economic reality of China and the constantly improving national economic accounting standards, so as to ensure the rationality of the accounting method.

4.3 Evaluation of accounting results

After the quarterly GDP accounting results are obtained, it is necessary to check the coordination of GDP data, GDP data and related professional and departmental statistical data and macro data to ensure the coordination and matching between GDP data and other major data. A system is being established to evaluate the basic statistical data of various professions and departments with national economic accounting as the core framework.

4.4 Comparability of data

The China National Economic Accounting System (2016) adopted the basic accounting principles, contents and methods of the United Nations National Accounts System (2008), so the GDP data is internationally comparable.

The historical data of quarterly GDP was revised after the national economic census was carried out or the calculation method and classification standard changed, so the quarterly GDP time series since the first quarter of 1992 was comparable.

5. Quarterly GDP data release

5.1 Release time

The preliminary accounting figures of quarterly GDP are generally released around 15th after the quarter, and the final verification figures of quarterly GDP are generally released in January of the following year. For the release of major statistical indicators, the National Bureau of Statistics will indicate the release date in the "Major Statistical Information Release Schedule" released at the beginning of the year, and GDP data will be released according to the prescribed schedule.

5.2 Release method

The preliminary calculation of quarterly GDP is published in the press conference on quarterly national economic operation, the website of the National Bureau of Statistics and the Monthly Report of China Economic Prosperity; The final verification of quarterly GDP is published in the national statistical database and China Economic Prosperity Monthly. For the time series of quarterly GDP data since the first quarter of 1992, it can be queried through the national statistical database.

　　In recent years, Jiangning District, Nanjing, around the overall deployment of provincial and municipal waste sorting work, has further promoted the domestic waste sorting work and continuously improved the sorting, delivery, collection, transportation and treatment system. More than 400 four-color transport vehicles have been equipped in the whole district, and 1,446 garbage collection points, 10 recyclable (bulky garbage) sorting and recycling stations and 26 kitchen waste treatment facilities have been built in residential quarters. The system of "classified delivery, classified collection, classified transportation and classified disposal" of domestic garbage has been basically established, covering 1,462 units, 201 administrative villages and 806 communities, and the harmless treatment rate of urban and rural domestic garbage has remained at 100.

　　Focus on "whole process" innovation and pay close attention to the mechanism landing

　　Focusing on the requirements of the Regulations on the Management of Domestic Waste in Nanjing, we will study and formulate relevant supporting implementation plans, focus on cracking the shortcomings of the mechanism, and promote the implementation of waste classification. We will build an overall promotion mechanism, set up a leading group for garbage classification at the district and street levels, set up a special class for garbage classification at the district, street and community levels, and deploy capable personnel to work in a centralized manner, thus forming a working pattern of joint management. Establish a linkage mechanism between government and enterprises, foster and support state-owned enterprise groups to participate in market competition, and implement integrated collection, transportation and disposal of kitchen waste in residential areas and farmers’ markets. Establish a reward and punishment incentive mechanism, and issue the Work Plan of Waste Classification in Residential Areas of Jiangning District, and encourage property service units to earnestly fulfill the obligations of those responsible for waste classification management.

　　Focus on "full cycle" management and pay close attention to system construction

　　Closely follow each link of classified delivery, collection, transportation and disposal, and establish and improve a garbage disposal system with full classification and closed-loop operation. Improve the quality of source classification, carry out special actions such as micro-renovation, improve the quality and efficiency of facilities, renovate 236 garbage collection points in residential areas, and arrange full-time instructors to implement "barrel-side guidance" every day. Strengthen the supervision of mid-range collection and transportation, standardize and unify the number plates of 205 garbage collection vehicles, eliminate 48 "non-standard vehicles", realize the integrated collection, transportation and disposal of kitchen waste in the whole region, and complete the "scanning code into the station" function of transfer stations such as Sanitation House and Wenjing Road. Strengthen the terminal disposal capacity, rely on municipal incineration and comprehensive utilization of disposal facilities, supplement the construction of kitchen waste decentralized disposal stations, and build a "three-in-one" garbage sorting, transshipment and disposal center in Tangshan and Qilin streets to realize one-stop disposal of domestic garbage in the jurisdiction.

　　Focus on the "whole region" coverage and pay close attention to the implementation of the work.

　　Coordinate the promotion of domestic waste classification in communities, units and rural areas, and create and complete the first batch of waste classification pilot areas in the province. We will promote the recycling of resources, and set up 547 recyclable collection containers and 1446 price bulletin boards in 806 residential garbage collection points to realize the full coverage of residential areas with recycling function. We will promote the grading of competition for Excellence and difference, comprehensively carry out competition for Excellence and difference in residential areas, streets and 11 key industries, implement precise policies and implement them in batches, and the difference rate will reach 100%. We will promote the creation of demonstration standards, carry out demonstration standards creation actions for district-level communities and districts, build 8 district-level demonstration units, create 77 provincial-level waste classification standard communities and 3 provincial-level pilot streets for rural waste classification.

　　Focus on "all-round" publicity and pay close attention to habit formation.

　　Constantly broaden the channels of publicity and guidance, mobilize the general public to participate, and promote the garbage classification from "new fashion" to "normalization". Build a strong professional team, set up a district-level waste sorting volunteer propaganda group, set up a district-level and street-level volunteer service team, recruited 7,300 waste sorting volunteers, and organized and trained more than 1,300 waste sorting instructors. The theme activity of creating excellence, combining with the civilized practice in the new era, organized and carried out "PK Competition for Garbage Sorting Families" and "Traveling with Garbage Fun" ‘ Liujin ’ Volunteer preaching and other large-scale theme activities. Broaden the publicity channels, use community centers, LED screens, bulletin boards and other positions to publicize the knowledge and policies of garbage classification, and publish special reports on garbage classification through media platforms such as newspapers, television and the Internet. Strengthen law enforcement, focus on the weak links of domestic waste sorting, collection and transportation, carry out special law enforcement actions, and regularly carry out law enforcement inspections on illegal acts of garbage sorting in residential quarters and shops along the street.

　　According to the relevant person in charge, in the next step, Jiangning District will press the "main battlefield" for the classification of domestic waste and deepen the source classification management; Grasp the "key points" and optimize the mid-range collection and transportation network; Stick to "high quality" and strengthen the terminal disposal ability. At the same time, combined with the city’s domestic waste classification and demonstration work, actions such as joint creation of waste classification, improvement of quality and efficiency, and typical tree selection will be carried out in depth to effectively improve the construction and management level of domestic waste classification in rural areas, communities and units.

　　(Jiangsu Guangdian Rong Media News Center/Fan Sicheng Correspondent/Wang Wen, Zhao Ruiqi)

　　[car home Information] A few days ago, Ferrari (|) XX Stradale set the fastest lap time record for road sports cars at the Novo circuit in fiora: 1 minute 17 seconds 309, 1.4 seconds faster than the standard SF90 Stradale.

　　As the track version of SF90, Ferrari SF90 XX has undergone more extreme lightweight and performance upgrade on the basis of the ordinary version of SF90, and it can still legally go on the road. Although the engine power of SF90 XX is only 22kW higher than that of SF90, in addition, the weight of this car has been reduced by 10kg, thanks to carbon fiber wheels and new light seats. At the same time, the new fixed spoiler, when the speed reaches 240 km/h, can bring 530 kg of downforce, which is even higher than the SF90′ s 390 kg.

　　Ferrari SF90 XX is equipped with a plug-in hybrid system consisting of a 3.9T twin-turbocharged V8 engine and three motors, in which the maximum power of the V8 engine is increased to 797 horsepower, and the driving power of the motor is also increased to 232 horsepower, making the maximum output power of the system reach 1030 horsepower. The transmission system is matched with an 8-speed wet dual-clutch gearbox, and it takes only 2.3 seconds to reach 0-100 km/h. In addition, if the new car chooses the qualifying mode, the motor can also provide additional power to improve the cornering performance. (Source: CARSCOOPS；; Compile/car home Qin Chao)

Recently, produced by iQiyi, Perfect World Film and Television, Beijing Radio and Television Film and Television, and Perfect Pengrui Film and Television jointly produced, the key project of Qiai Studio-the first domestic hard-core anti-espionage drama "Security Crisis" directed by the famous director Liu Jiang, with the strong support and guidance of the Ministry of National Security, has been officially completed after 193 days of intense shooting.

The play is starring Edward Zhang, Gao Yuanyuan, Cao Bingkun, Sunny, Cheng Taishen and Zhaoqi Shi, with Lin Yongjian playing a special role. Producer Gong Yu, co-producer Chi Yufeng, chief producer Wang Xiaohui, Zeng Yingxue and Yang Yufei, chief producer Dai Ying and Wang Tong, chief planner Yang Wenquan, chief producers Zhang Yan and Chen Yanhua, producers Liu Yamin, Luo Xi and Wang Tao, and executive producer Liang Daqian.

As can be seen from the compact and high-burning preview of the drama released on September 27th, the overall style is very hard-core. With the appearance of the main characters, all kinds of action scenes such as gun battles, car wars and blasting are shocking, which stimulates people’s sensory nerves. Yang Guang, a national security policeman played by Edward Zhang, has many plots of chasing the enemy and fighting in close quarters, and the real feeling of boxing to meat is very tense. The most surprising thing is that Gao Yuanyuan, the "goddess", also has action scenes in the picture. On weekdays, she is beautiful and elegant, showing such a cool side and full of freshness. Zhao Yazhu, who is played by her, is sometimes full of amorous feelings and sometimes heroic. This highly contrasting change also implies that her identity is complicated. Although the real film is not seen, the hot and cool scenes and the intricate relationship between the characters are enough to hang your appetite! Through the statistics in the preview, we also know that "Security Crisis" not only lasted for 193 days, but also consisted of 2,099 plays and 620T materials, and there were as many as 468 scenes, with 29 starring roles and 345 staff members, which shows that the workload is huge and the process is difficult. Now the play has been successfully completed, and all the creators have worked tirelessly to forge fine works.

Shooting in 193 days, unveiling the mystery of nuclear safety for the first time

In recent years, with the continuous enhancement of China’s comprehensive national strength and profound changes in the international strategic pattern, the conspiracies of western hegemonic countries to suppress and undermine China’s rise have become more rampant, and national security has been threatened, especially the national nuclear power technology, which represents high-end and top-secret technology, has encountered unprecedented impact. At present, China’s nuclear power is entering a new stage of large-scale accelerated development, so ensuring nuclear safety is an inevitable requirement for safeguarding national security.

In response to the new situation and new problems faced by China’s anti-espionage struggle, Security Crisis focuses on the technical security of national nuclear power, with the national security personnel as the main line to defend nuclear security and the struggle with foreign spy organizations as the main line to start the story. This is the first film and television work focusing on nuclear safety in China, which is closely related to the pulse of the times and has lofty ideas.

Faced with the proposition of this era, the whole group went all out. As early as before the start of the script, the creators did a lot of work. They almost searched the real spy materials and related historical materials at home and abroad aimed at China’s security in recent years, and combined with the personal experiences of many national security police officers on the hidden front, they chose from a large number of cases to create literature and art. In order to truly restore this secret battlefield, the crew specially selected Qingdao and Weihai to shoot, and rebuilt it on the abandoned office site of the National Security Bureau, restoring the original work of the national security personnel one by one, enhancing the actor’s sense of belief, and even pursuing the authenticity of the plot, the crew specially went to a nuclear power plant for filming, revealing the real appearance of the nuclear power plant for the audience for the first time. Really achieved the script is true to follow, the framing is strong, and it satisfies the audience’s multiple feelings of watching the drama at one time, such as curiosity, fresh vision and strong sense of substitution.

Director Liu Jiang opens up a new perspective and writes a new chapter of anti-espionage under the melody of the times.

"Security Crisis" is a major breakthrough in content, shouldering multiple missions such as popular science knowledge, realizing theme innovation, paying tribute to unsung heroes, and transmitting positive values. Such an arduous task is undertaken by Liu Jiang, the director of "Grand Slam" and his gold medal team. Director Liu Jiang is a household name. He has won the Best Director Award of Feitian, Golden Eagle, Magnolia, Chun Yan and other important awards for many times, and his works have won the Best TV Drama Award of Feitian, Golden Eagle, Magnolia and other national TV drama awards. It was undoubtedly a reassurance to the audience that he operated the knife himself.

Directing the contemporary national security theme for the first time, director Liu Jiang showed professional foresight, just as when filming Before Dawn, he abandoned the traditional spy war techniques, injected new styles and characters into his works, and opened up a new direction for the traditional spy war drama. In "Security Crisis", he has a broader vision, closely follows the current new international situation, tries to restore the "intelligence war" launched by various foreign forces against China in secret based on real cases, and boldly uses a number of foreign actors to shoot in a novel way of "using the original sound in situ" according to local conditions. In this way, the cases have their own characteristics, the characters have their own origins, the plot is true and credible, and the audience has a stronger sense of substitution and immersion.

Director Liu Jiang strives for perfection in all aspects: in terms of the authenticity of the content, the drama invites relevant consultants to check the whole process, and strives to make every case and every plot stand; In the plot setting, following the creative principle of "big things are not empty, small things are not limited", director Liu Jiang opened up the artistic creation space with fascinating stories, compact brain-burning plots and vivid characters under the rigid framework of the case. What is even more surprising is that the play will show a lot of spy means and techniques, which are unprecedented and worth looking forward to; In terms of shooting details, he is carefully polished and repeatedly scrutinized, even without time or cost. It is reported that in the process of shooting, he abandoned all the contents in front of the screen because of the addition of a computer. It can be seen that this detail control director can’t tolerate even a trace of flaws, and this pursuit and persistence in art is admirable.

Edward Zhang Gao Yuanyuan premiered Guoan drama, and the drama bones gathered on the same stage.

High-quality works can’t be separated from the blessing of excellent actors. The male and female protagonists of Security Crisis, Yang Guang and Zhao Yazhu, are led by powerful actors Edward Zhang and Gao Yuanyuan respectively. As first-line stars with high national standards, Edward Zhang and Gao Yuanyuan have created many classic characters on the screen, which are deeply loved by the audience. This is their first time to try the theme of national security, and the brand-new screen image will undoubtedly bring surprises to the audience.

In the play, Edward Zhang plays the role of Yang Guang, the deputy director of the Third Division of Guoan. From his role, we can see that he is a defender of national security, and his image is absolutely positive, which is very consistent with Edward Zhang’s calm and determined personality. In order to play this role well, Edward Zhang is very serious. Every scene and every line are carefully pondered, even regardless of input. In the director’s remake because of a computer, he is the happiest. Like the director, he is also "sand in his eyes", and quality is above everything else in their eyes.

"Security Crisis" is Gao Yuanyuan’s first spy image work, which is a brand-new challenge. Director Liu Jiang gave a very high evaluation of her performance in the play, calling it "brilliant". For this role, Gao Yuanyuan herself loved it very much. When she bid farewell to the role, she wrote a letter with sincere feelings between the lines. After reading it, the director could not help feeling that "she wrote more sincerely than the screenwriter." At this time, she seems to have integrated with the role.

The addition of powerful actors Cao Bingkun, Sunny, Cheng Taishen, Zhaoqi Shi and Lin Yongjian can be described as icing on the cake. They are all "old acquaintances" of the audience. They have excellent acting skills and have created many impressive roles on the screen. This time, the lineup of the acting school assembled "Security Crisis", which injected thickness into the plot performance and doubled the audience’s expectations.

In addition, the drama also assembled Hou Yansong, Shi Jingming, Zhong Wenguan, Yu Jiwei, Wu Yihan, Wu Jun, Jin Tiefeng, Fudiyoujie, Zhu Hongjia, Ju Jiang, Lv Xin, Sugiyama Youmei, Ke Guoqing, Wang Zhihua, Yang Qing, Wang Peilu, Xu Guangyu, Luo Guangxu, Yao Gang, Li Zongqi and Lin Aofei. It is worth mentioning that in order to ensure the authenticity of the plot, the drama invited many foreign actors to participate, which I believe will make the audience have a strong sense of substitution after broadcasting.

"Security Crisis" was born in response to the times, with lofty ideas, steady and steady script, authentic content, thrilling plot, unique production, novel and changeable style, and high-profile actors who gathered the gold medal production team, not only shouldered the corresponding social responsibilities, but also observed the audience’s appreciation and taste of the drama. It is definitely the most anticipated blockbuster next year. At present, "Security Crisis" has been finished, and it has entered the intense post-production in an all-round way. It is expected to meet the audience next year, so let us wait and see.

　　(Reporter Ma Jinfeng) Recently, a video of "a 14-year-old junior high school student driving a bus without authorization and injuring a female college student" was circulated on the Internet. The Beijing Youth Daily reporter learned from the local police that the junior high school student was obsessed with the bus driving profession, so he had the idea of stealing a bus to "enjoy it" and accidentally injured someone. The local police detained him for 20 days and fined him in 500 yuan, but he was not sent to the detention center for execution because he was under 16 years old.

　　The online video shows that a boy in a yellow T-shirt was driving a bus, and suddenly stopped at a corner. After a few seconds, he started to go straight ahead and then went backwards.

　　Yesterday afternoon, the reporter of Beiqing Daily contacted an eyewitness. According to her introduction, at about 8: 40 pm on May 26, at the entrance of a commercial street in Xiangtan University, an empty No.106 bus knocked down a female college student at the corner. "The girl fell to the ground at that time. However, after the driver injured the person, he did not stop but continued to drive forward until the crowded place in front was forced to stop by the girl’s companions and onlookers. "

　　A policeman from the accident squadron of Yuhu Brigade of Xiangtan Traffic Police Detachment told Beiqing Daily that the perpetrator was a 14-year-old boy. That night, he drove the bus alone and drove all the way from Xiangtan Railway Station to the incident site, with a driving distance of more than 7 kilometers. According to the police, the injured female college student was taken to the hospital for treatment after the accident, and it is no longer a serious problem.

　　In response to this matter, on May 27th, Xiangtan Public Transport Co., Ltd. gave a detailed briefing. According to the circular, on the evening of May 26th, Zhou Moumou, a student of No.2 Middle School of Xianggang, took advantage of the night security patrol patrol to open the emergency valve of the No.106 bus door parked on Yihuan East Road without authorization, entered the car and rummaged for the vehicle key. At about 20: 47, he stole the bus to Lianjian District, South Gate of Xiangtan University, and rubbed Zhang Moumou, a passing college student, during the turning, causing his skin injury. That night, Zhou was taken away by the traffic police department for investigation, and the injured were sent to the hospital for examination and treatment in time.

　　It is understood that the party Zhou Moumou dreamed of becoming a bus driver because of his "obsession" with the bus driving profession, and he paid attention to the bus for more than a year. That night, by looking at the traffic APP software, I found that the vehicle was not running on the line, so I had the idea of stealing the bus to "get addicted".

　　The circular mentioned that after the accident, Xiangtan Public Transport Co., Ltd. made a decision on the person responsible for the accident. Zhu Zhiguang, the driver of No.106 bus, failed to take the vehicle keys as required, causing major hidden dangers and bad consequences, and the labor contract was terminated, which will take effect on the same day; Cai Jie and Zhou Weidong, night security patrol personnel of Hexi Company, were laid off and investigated for serious negligence in their work; Chen Liang, the duty manager of Hexi Company, and Zhang Jin, the person in charge of night shift safety management, were suspended from their duties and investigated.

　　Yesterday, the reporter of Beiqing Daily learned from Yuhu Brigade of Xiangtan Traffic Police Detachment that according to the Procedures for Handling Administrative Cases by Public Security Organs, the punishment of administrative detention for 20 days was combined and 500 yuan was fined. However, because Zhou was over 14 years old and under 16 years old, he was not sent to the detention center for execution.

Special feature of 1905 film network "What is the biggest secret of China’s atomic bomb? It can be made. " "I believe that the plane is the same, whether it is an engine or a stealth fighter, it can be made."

In the movie, these words played by Zhang Ting and Lei Yu explain the firm and victorious belief that generations of China aviation people have made great powers.

The film portrays the heroic image of a new generation of China Air Force test pilots through starring YiBo, Hu Jun, etc. At the same time, it reveals the history behind the difficult birth of new fighters in China.

After the release of "King of the Sky", a bright report card was handed over: after four days of release, the cumulative box office broke 300 million, ranking as the May 1st box office champion so far. Taobao Film 9.7, Cat’s Eye 9.6, Douban 7.0, ranked first in May 1st, with popcorn index of 97% and IMDb8 score of 8, which was well received by the whole network at home and abroad.

Then, as a film, How was King of the Sky made? In 1905, the film network interviewed the director of "King of the Sky" and listened to him decrypt the behind-the-scenes story of the film from many angles.

It is both a film project and a scientific research project.

Director Liu Xiaoshi is an aviation fan. When he was studying in the director department of Beijing Film Academy, he made a documentary for the aviation industry group. After graduation, he also worked in the aviation industry for 15 years.

Liu Xiaoshi knows the story of the test pilot group and the flight test process very well. He participated in the riveting ceremony of the first screw produced by the J -20 and contacted the J -20 fighter many times. Li Gang, the chief test pilot of the J -20, is also his good friend.

"I am very touched by what happened to the test pilot. It is necessary to make a film about the test pilot to let more people know about such a group and how difficult it is to know the progress of aviation equipment in our country."

The first draft script of "The King of the Sky" was released in 2019. He and the screenwriter Guiguan spent more than three years repeatedly revising and polishing. "There are about forty scripts with numbers, and there are about one or two hundred scripts without numbers."

Liu Xiaoshi said that this script has a lot of rigorous aviation science logic, which needs to be repeatedly demonstrated with relevant engineers and scientists, and it is a very big challenge and topic to write the story satisfactorily and write the characters with flesh and blood.

Because of his work, he has photographed many planes and accumulated some failed experiences and lessons. Liu Xiaoshi didn’t want to make mistakes again in this film, so he spent nearly a year exploring the previous technology. "I very much hope that there will be a leap and improvement in shooting technology. For example, we used virtual shooting to control the linkage between the background image and the mechanical device by programming. "

The crew also prepared for the production one and a half years in advance. Every aerial scene will not only prepare one shooting plan. "It’s really like scientific research, there are several ABC plans. We did tests in Beijing, Fuzhou, Xiangshan and other places, and the plan was very rich and sufficient. "

In the view of director Liu Xiaoshi, the production of "The King of the Sky" is "both a film project and a scientific research project."

Aviation equipment is growing, and so are people.

"The King of the Sky" is not only a passionate Chinese air force blockbuster, but also a film about growth. "The film is about the growth of a generation of young test pilots and the progress of a generation of equipment. Equipment is growing and people are growing. "

Liu Xiaoshi said that Zhang Ting, the captain played by Hu Jun, was an example for the test flight team. "Zhang Ting voluntarily gave the chief to others, which was very touching to both Lei Yu and Deng Fang. What everyone thinks is very important, Zhang Ting doesn’t care at all, because he wants to inspire everyone to compete and improve their ability. Only through these experiences can Lei Yu and others really grow up.

Including the sacrifice of Zhang Dadui. He told Lei Yu who would jump first, but Zhang lied to him. Because someone must fly the plane out of the city and land in no man’s land, in order to skydive completely. This is all an inner influence on a person, which enables Lei Yu to grow up. "

In the film, Lei Yu and Deng Fang changed from competitors who looked down on each other to working together to accomplish difficult tasks, and became real comrades-in-arms. The formation of this friendship is also very moving in Liu Xiaoshi’s view.

Repeated trials and transformations have given Lei Yu a complete growth line. Among them, when he made a mistake, he was sent to pack an umbrella, which is rare in similar air force movies, which stems from the advice provided by the air force leaders. Before shooting, Liu Xiaoshi led the creative team to visit the umbrella bag room, and saw that the umbrella bag man, like a skilled craftsman, carefully filled a messy rope into the umbrella tube, which inspired him.

"Once there is a small negligence in the process of umbrella packing, it may have a particularly great impact on the landing and safety of the aircraft. At that time, we felt that this was very important for the growth of the characters, so we wrote it in the story. " The process of learning to wrap an umbrella made Lei Yu understand his mission better, and inspired him to design ideas to alleviate the problem of airplane spin.

As a new actor, Lei Yu played by YiBo brought many surprises to Director Liu Xiaoshi. "Now Lei Yu, YiBo is very suitable, he should play such a person. Yibo is a very polite and thoughtful person, and so is Lei Yu. "

"He is a very sensitive actor and enters the situation quickly. When he played many plays for the first time, I was quite surprised. Many details were entirely his own play. " For example, in the first scene of filming, Lei Yu fell into the sheepfold. "After he pulled out from under the umbrella, he looked at the sky. At this look, I think he can do it, completely putting himself into the situation after a pilot fell into the sheepfold. "

"In the more than 100 days we filmed, he was never late once, and he was very dedicated every day. No matter whether it was dangerous or suffering, he did not give a discount to carry out it." Liu Xiaoshi recalled.

Write the story of Chinese and don’t blindly imitate western movies.

The test pilot is a dancer on the tip of a knife and a warrior in the blue sky. Only when they break through the limits again and again can they try out the limits of new planes and explore new fighters that roar in the sky.

"The biggest difference between a test pilot and a front-line combatant is that one has to beat himself and the other has to beat his opponent. The target of frontline combatants is the enemy. The test pilots should improve their flying ability and aviation theory knowledge, and overcome their fears. " There is a line in the movie that says, "The new generation of test pilots are designers and engineers who can fly." They should know not only actual combat and theory, but also design technology.

Liu Xiaoshi believes that only by approaching the current test pilot group, feeling, seeing and observing can we write their stories well. "Be sure to write Chinese’s own story, we can’t blindly imitate western movies. They ride motorcycles, and we also ride motorcycles in movies, but China soldiers don’t; They go to the bar, so do we. Our troops are not like this. "

The film has a hopeful ending. Instead of captain Zhang Ting, Lei Yu flew by on the football field, realizing Zhang Ting’s son’s wish. The growth story of Lei Yu and the younger generation and their dream of flying are still going on. Liu Xiaoshi revealed that "The King of the Sky" does not rule out the plan of making a sequel.

He hopes that the audience can understand the spiritual outlook of contemporary young test pilots and soldiers through King of the Sky, so that more and more people can understand the difficulties behind the development of China’s aviation industry and inspire the next generation to embrace the beautiful ideal of loving flying.

According to Beijing Daily News, after the recent controversy over the authenticity of vehicle background data, on May 6, Tesla announced that it is developing a vehicle owner data platform, which may create an industry precedent for sharing new energy smart car data with users.

According to insiders of Tesla, in order to allow users to freely view the background data of vehicles, an online information system platform is being developed for all car owners to inquire about and obtain the data of vehicle-machine interaction, which is expected to be launched this year.

With the incident of Tesla Shanghai Auto Show rising to a public opinion event, in order to dispel public doubts, Tesla submitted the driving data 30 minutes before the accident to the owner, and announced the driving data 1 minute before the accident. Once the data was published, it was hotly debated, and even some voices questioned the authenticity of the data.

In this regard, Tesla said that as more consumers choose intelligent networked cars, vehicle data has attracted more and more attention. This involves how all smart car companies deal with the relationship with consumers in the future and how to deal with the forward-looking problem of data security in the smart car industry. Tesla made several responses to smart car data.

Response 1

Why should we monitor the vehicle operation data?

Nowadays, smart cars generate a large amount of data every day, but many people have doubts about why and what data to collect. In fact, China has made clear provisions in this regard. The Regulations on the Administration of New Energy Vehicle Manufacturers and Products Access and the relevant national standards for electric vehicles have made clear requirements on vehicle operation data monitoring, allowing the data monitored by enterprises to be limited to information on vehicle operation status such as vehicle operation safety, failure, charging and energy consumption.

Then why monitor the data generated by vehicle driving? Industry experts have said that the massive data sources generated by vehicle driving can provide accurate and rich reference data and guidance for the industry, which is very helpful for the development of the smart car industry. For enterprises, the collection of vehicle data can also better help them improve their products and services, and even prevent potential risks.

It is worth mentioning that, after conducting research and in-depth discussion in related fields through the joint efforts of the government, enterprises and testing institutions, the China Automobile Association has launched a solution of automobile big data platform based on blockchain technology, and released the "blockchain platform for data trusted storage", aiming at strengthening the security in the process of data monitoring by using blockchain technology, providing enterprises with data trusted storage services, and enabling consumers to enjoy better information services.

Response 2

Where is the data generated by vehicle operation stored?

According to the relevant national requirements, all new energy vehicle manufacturers in China should establish their own product operation safety monitoring platform to monitor the operation status of their products.

After Tesla provided 30 minutes of data to the Shanghai Auto Show, there were many voices on the Internet questioning the authenticity of the data.

In this regard, Tesla said that Tesla’s vehicle data should be regulated by the state and local governments. In addition, Tesla’s vehicle data is read by the vehicle gateway and stored in encrypted form. The stored data is recorded by encryption technology, so it is impossible to directly read, modify or delete related data. The background vehicle related data is transferred from the server, which is transmitted to the vehicle by various sensors during driving and then to the server through the network. It is authentic and complete vehicle data.

At the same time, the data of the black box (EDR) in the car is stored locally in the vehicle and frozen. The reading of EDR data usually requires physical connection between special equipment and vehicles, which can ensure that EDR data will not be modified. EDR data has gradually become an important basis for law enforcement agencies to investigate accidents.

EDR has played a key role in many accident investigations of Tesla vehicles in China and the United States, and has been adopted by law enforcement agencies.

Response 3

Who has the right to use the data?

Regulatory authorities, law enforcement agencies and enterprises all have the right to use vehicle data, and consumers also have the right to know their own vehicle driving data according to law.

By reading the contents of Tesla user manual, we can find that there are detailed instructions on data monitoring and use. First of all, the data is stored by the vehicle. During vehicle maintenance, it can be accessed, used and stored by Tesla maintenance technicians, or transmitted to Tesla periodically by wireless through the vehicle telematics system. Tesla can use this data to provide Tesla telematics services, conduct troubleshooting, evaluate the quality, function and performance of automobiles, and conduct analysis and research to complete the improvement and design of vehicles and vehicle systems.

Previously, Tesla also provided the car owners with the vehicle data 30 minutes before the accident according to the requirements of Zhengzhou Market Supervision Administration. However, for the protection of users’ privacy, at present, individual users want to obtain vehicle data, and they need to apply for a written request through government supervision departments such as the Public Security Law. However, Tesla insiders also revealed that in order to allow users to freely view the background data of vehicles, an online information system platform is currently being developed for all car owners to inquire about the data of vehicle-machine interaction, which is expected to be launched this year.

expert

Smart car data supervision to be standardized

Shortly after the Tesla Shanghai Auto Show, CCTV’s Newsweek column pointed out the current regulatory problems faced by smart cars. "How to identify smart car accidents is reliable? Is driving data private? Who should put it in? If we just watch the excitement and can’t make progress from the system, our consumption environment will pay a higher price. To solve this problem, the whole industry should pass the customs, otherwise the brakes of the industry will not work! "

In a recent report, People’s Daily questioned "how the regulatory authorities should act". Liu Changsong, director of Beijing Mugong Law Firm, said in the article: "Public safety is no small matter. Due to the safety and public safety of vehicle users, the regulatory authorities are expected to take responsibility. "

In fact, under the background of the rapid development and popularization of smart cars, the supervision has been in a relatively weak state. Dr. Wang Yao, Assistant Secretary-General and Minister of Technology of China Automobile Industry Association, said that there are no clear legal provisions on the confirmation of autonomous driving data and the process of publishing data after accidents. Although there are many laws and regulations on the supervision of autonomous driving data security, there are still some inapplicability in the field of intelligent networked vehicles.

As for the improvement of the supervision mode of intelligent vehicles, he also put forward his own views, suggesting that government departments can revise and supplement the regulations and standards that are not suitable for the development of intelligent networked vehicles according to different data types involved in intelligent networked vehicles, and at the same time suggest that the data supervision system of intelligent networked vehicles should be further improved by adopting a multi-centralized data governance model.

Tesla’s incident exposed many problems in the industry, which is a good thing from the perspective of development. This made the public know the importance of data and put forward higher requirements for corporate responsibility and government safety supervision. Wang Yao said that relevant legislation will be accelerated in the future, and I believe that more car companies like Tesla are willing to make safety data transparent through "data sharing", so that consumers can trust smart car products more.

Original title: Tesla: Developing a data platform that will share data with car owners.

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　　Chinanews. com, March 1 ST, the long-distance passenger transport in real-name registration system, the information of imported cosmetics can be traced back to the whole process, the time limit for postal delivery has been greatly shortened, and the people’s court trial must be recorded and videotaped … … Since March, the Regulations on the Administration of Road Passenger Transport and Passenger Stations, the Universal Postal Service Standard, the Film Industry Promotion Law and other laws and regulations have been officially implemented, which have affected our lives in many ways.

　　The revised "Regulations on the Management of Road Passenger Transport and Passenger Stations" by the Ministry of Transport has been implemented since March 1. The new regulations point out that real-name ticket sales and real-name inspection of passenger tickets will be fully implemented for inter-provincial and inter-city passenger lines. The long-distance bus ticket will be printed with the identity information of the passengers. If passengers lose their tickets, they can apply for and reissue them free of charge after verifying their identity information.

　　According to the new regulations, passengers who purchase tickets online through online travel agencies must also provide accurate and valid certificate information, and they must also carry this valid certificate when they go to the station to collect tickets; When purchasing tickets on behalf of others, the purchaser must show the valid certificates of the purchaser and the passenger at the same time; Those who bring children free of charge should apply for real-name registration system tickets free of charge with their valid identity documents.

　　Seven kinds of goods purchased online are not applicable for seven days without reason to return.

　　The Interim Measures for the Seven-Day Unreasonable Return of Goods Purchased on the Internet, which will be implemented on 15th of this month, clarifies that seven types of goods are not applicable to the seven-day unreasonable return:

　　Goods ordered by consumers; Fresh and perishable goods; Digital commodities such as audio-visual products and computer software downloaded online or unpacked by consumers; Newspapers and periodicals delivered; Commodities that are easy to affect personal safety or life and health after unpacking, or commodities that are easy to change the quality of commodities after unpacking; Once activated or tried, the value of the goods is derogatory; Goods near the expiration date and defective goods that have been clearly stated at the time of sale.

　　The "Measures" stipulate that when consumers return goods, they should return the accessories and gifts together, and the freight generated by the return shall be borne by the consumers according to law. Unless otherwise agreed between the operator and the consumer, the agreement shall prevail. The measures also made clear punishment rules for online commodity sellers who violated regulations.

　　Imported cosmetics can be traced back to the whole process of information

　　The Provisions on the Administration of Filing, Import Records and Sales Records of Domestic Consignees of Imported Cosmetics issued by the General Administration of Quality Supervision, Inspection and Quarantine came into effect on March 1st. This regulation details the filing, import records and sales records of domestic consignees of imported cosmetics. Tracing the information of imported cosmetics in the whole process can ensure that the defective products can be recalled quickly when quality and safety problems occur, and ensure the safety of consumption.

　　New postal service standard: the delivery time limit is greatly shortened

　　The newly revised "Universal Postal Service" standard came into effect on March 1st. The requirements of the new standard for the whole time limit of mail are obviously improved. The longest time for letters is 7 or 8 days, and ordinary parcels can be received in 8 or 9 days.

　　The new standard stipulates that each county-level administrative region should have at least one postal business place that provides international, Hong Kong, Macao and Taiwan mail services, and each township and town should have at least one postal business place that provides parcel collection services.

　　In terms of protecting users’ rights and interests, the new standard has increased the business hours to be publicized, the mail time limit, and refined the provisions on users’ complaints. The time limit for responding to users’ complaints has been reduced from 30 working days stipulated in the current standard to 15 days.

　　The trial of the people’s court shall be recorded and videotaped throughout.

　　"Several Provisions of the Supreme People’s Court on the Audio and Video Recording of People’s Courts" will come into force on March 1st. The "Regulations" clarify that when a people’s court hears a case, it shall record and video the whole trial. Without the permission of the people’s court, no one may record or videotape the trial activities, and may not record, copy, delete or transfer the audio and video recordings of the trial.

　　The "Regulations" point out that the people’s court should take overlapping synchronous recording time or other measures to ensure the authenticity and integrity of the audio and video recordings of the trial. The "Regulations" emphasize that the recording of court trial activities involving state secrets, commercial secrets, personal privacy, and the storage, inspection, copying, and transcription of court trial audio and video should comply with relevant regulations such as confidentiality management.

　　The names of public figures in political and cultural fields shall not be used as trademarks.

　　The Provisions of the Supreme People’s Court on Several Issues Concerning the Trial of Administrative Cases of Trademark Authorization and Confirmation, which came into effect on March 1, clearly states that the application for registration of the names of public figures in the fields of politics, economy, culture, religion and nationality as trademarks belongs to "other adverse effects" as stipulated in Item (8) of Article 10 of the Trademark Law. Therefore, according to the Trademark Law, the names of the above public figures shall not be used as trademarks.

　　Film practitioners should abide by professional ethics in virtue and artistry.

　　The Film Industry Promotion Law came into effect on March 1st. For the first time, the law clearly requires filmmakers: actors, directors and other film practitioners should adhere to the dual virtues of morality and art, abide by laws and regulations, respect social morality, abide by professional ethics, strengthen self-discipline and establish a good social image.

　　The law makes it clear that film distribution enterprises and cinemas should truthfully count the film sales revenue and provide true and accurate statistical data, and must not take improper means such as making false transactions, making false reports or concealing sales revenue to deceive or mislead the audience and disrupt the film market order. At the same time, the law stipulates corresponding penalties.

　　The Film Industry Promotion Law not only decentralizes the examination and approval authority, but also standardizes the procedures for the formulation and disclosure of film censorship standards, and sets up provisions for retrial in case of disputes.

　　The government should provide corresponding public cultural services according to the characteristics of the group.

　　People’s Republic of China (PRC) Public Cultural Service Guarantee Law will come into force on March 1, 2017. The law stipulates that no unit or individual may occupy the land for the construction of public cultural facilities or change its use without authorization. If it is necessary to adjust the construction land for public cultural facilities due to special circumstances, the construction land shall be re-determined.

　　The law clearly stipulates that no unit or individual may dismantle public cultural facilities without authorization, change their functions and uses without authorization or hinder their normal operation, occupy or misappropriate public cultural facilities, or use public cultural facilities for business activities unrelated to public cultural services.

　　According to this law, people’s governments at all levels should provide corresponding public cultural services according to the characteristics and needs of minors, the elderly, the disabled and the floating population.

● 　Key points of investment

China highway logistics industry: the economic artery in urgent need of resource integration. China highway logistics freight volume accounts for 80% of the total freight volume, which is the main artery of China economy. However, the efficiency of the industry is not high. China’s trucks have an average effective mileage of 300 kilometers per day, while the United States can reach 1000 kilometers. There are more than 20 million trucks in China, and the empty rate is as high as 40% or more. The average interval between vehicle parking and distribution is about 72 hours. There are more than 7.5 million highway logistics enterprises in China, and each household only has 1.5 trucks, and more than 90% of them are in the hands of individual drivers. The crux of the current resource mismatch lies in the asymmetry of freight logistics information.

China Car-Goods Matching Market: Two Operating Models Coexist. Information asymmetry has given birth to the demand for matching between cars and goods. In the past, the traditional vehicle-cargo matching platform was mainly offline entities, including distribution stations, highway ports and logistics parks. At present, with the intervention of Internet, a virtual vehicle-cargo matching platform has been formed. By using the Internet, offline vehicle sources and goods sources are integrated through the development of logistics APP, WEB or other systems, and information is released online through APP, web or other systems and accurately matched, hoping to solve the asymmetry of logistics information.

Enlightenment from the development of American freight logistics industry. Truck transportation in the United States is extremely developed and is the main mode of transportation in the United States. Among them, truck transportation market scale exceeded US$ 600 billion, accounting for about 80% of the total. Developed infrastructure and high degree of intensification are the two main reasons for its high efficiency. The revelation of Robinson’s case is that the ability to integrate information and resources is the core. It does not own a truck, but it is the first truck transportation company in the United States, which basically monopolizes most of the road transportation resources in the United States and ranks seventh in global freight transportation.

Future Outlook: The Ultimate Version of Car-Goods Matching? Highway ports are built to eliminate them. In the past year, more than 200 car and cargo matching apps have been produced, but there have been few successes. There are three bottlenecks: 1. It is difficult to standardize supply and demand information; 2. Lack of integrity certification system; 3. Vehicles tend to have a stable supply of goods, and shippers prefer a stable transportation capacity, which makes it difficult for existing software to get involved in the mainstream market. We believe that the highway logistics industry will have offline matching platforms such as distribution stations, highways and logistics parks for a long time, and they have the strongest ability to gather traffic and people in scattered industries. They have the strongest resources and ability to integrate and innovate, and the ultimate mode of their development is to eliminate intermediary matchmakers.

Investment strategy. We suggest paying attention to the distribution and integration of logistics park resources in the country to form the Chuanhua shares of highway port network. For details of Chuanhua shares, please refer to our in-depth report "Chuanhua Logistics-China Highway Integrators Reloaded into Battle" on July 3 this year.

Risk warning. The economic downturn has led to a decline in freight demand; The offline matching platform is invested too much; The promotion of value-added services failed to meet expectations.

● 　The following is the text of the report.

catalogue

1. China highway logistics industry: the economic artery in urgent need of resource integration …-3-

1.1. Current situation of highway logistics industry: Highway is the main form of goods flow, but its efficiency is low …-3-

1.2. Information asymmetry is the crux, and there is a huge demand for matching cars and goods …-4-

Second, the matching market of vehicles and goods in China: two major operating modes coexist …-5-

2.1. Two camps gave birth to two business models …-5-

2.2. Comparison of Typical Case Studies …-5-

Iii. International Experience: Enlightenment from the Development of Freight Logistics in the United States …-11-

3.1. Overview of American road freight industry: Truck transportation is the main mode of transportation …-11-

3.2, no car is better than a car, the inspiration of Robinson’s case: the ability to integrate information and resources is the core …

Fourth, the future outlook: the ultimate version of car and cargo matching? … – 15 –

4.1 What are the pain points of car-cargo matching? … – 15 –

4.2 What mode does road freight need? … – 16 –

4.3 Investment strategy …-16-

Risk warning …-17-

1、China highway logistics industry: the economic artery in urgent need of resource integration

Modern logistics industry is the basic industry and producer service industry of national economic development, which is connected with production and consumption at one end. Since 2007, the scale of domestic social logistics market has shown a steady linear growth. In 2013, the total logistics cost was 10 trillion, and in 2014 it exceeded 11 trillion. At present, the proportion of China’s logistics cost to price cost and GDP is much higher than that of developed countries. In 2013, the ratio of China’s total social logistics cost to GDP was 18%, which dropped to 16.6% in 2014, while it was only about 8% in western countries. The overall capacity of China’s logistics industry is obviously insufficient.

1.1. Current situation of highway logistics industry: Highway is the main form of goods flow, but its efficiency is low.

At present, the freight volume of highway logistics in China accounts for 80% of the total freight volume. Therefore, the reason why the overall logistics capacity of China is weak is the low efficiency of highway logistics capacity. At present, China’s trucks have an average effective mileage of 300 kilometers per day, while the United States can reach 1000 kilometers. There are more than 20 million trucks in China, and the empty rate is as high as 40% or more. The average interval between vehicle parking and distribution is about 72 hours. Among them, a lot of time is wasted on waiting for goods and distributing goods, which causes great waste of resources and inefficient tail gas emission, which intensifies air pollution; At the same time, it also increases the management pressure of expressways and urban roads.

1.2. Information asymmetry is the crux of the problem, and the demand for vehicle and cargo matching is huge.

Due to the small scale and large number of road freight operators, according to statistics, there are more than 7.5 million road logistics enterprises in China, and each household only has 1.5 trucks on average; However, its operation is basically in a state of "straggle", and the level of industry organization is very low. More than 90% of the transportation capacity is in the hands of individual drivers, and the industry concentration is only about 1.2%. We believe that the crux of the current situation of resource mismatch and inefficiency lies in the asymmetry of freight logistics information.

In the current freight logistics service chain, the individual car owners are at the end. Due to the low participation threshold of employees, oversupply and low organizational level, the game of these individual vehicles in freight transactions is very passive. Unless there are some structural reasons such as special time periods, special routes or special vehicle needs, the source and pricing power of most individual vehicles are often in the hands of shippers. In view of this, the vehicle-cargo matching market came into being. Under the current transportation market pattern of "more vehicles and less goods", its value lies in optimizing the resource allocation of goods and drivers in the downstream of the supply chain by virtue of the platform’s information integration ability, providing transportation capacity to shippers, providing goods to car owners and ensuring a certain freight rate, reducing the empty rate of vehicles, improving the efficiency of drivers in finding goods, and further reducing transportation costs. The high idle driving cost of truck drivers also makes the driver have a strong demand for the vehicle-cargo matching platform.

Schematic diagram of road freight service chain in China

Data source: Internet information, Industrial Securities Research Institute.

2. China’s car and goods matching market: two major operating modes coexist.

In fact, the vehicle-cargo matching platform is de-intermediated through the online platform. Internet technology and information technology are used to improve the information retrieval ability and matching efficiency, reduce drivers’ waiting time and empty driving distance, de-intermediate and improve the full load rate. Vehicle-cargo matching platform mainly uses the advantages of "internet plus", integrates off-line vehicle sources and goods sources through the development of logistics APP, WEB or other systems, and publishes information online through APP, web or other systems and accurately matches it, thus solving the asymmetry of logistics information.

2.1, two camps gave birth to two business models.

At present, there are two main models for the online and offline differentiation of the car and goods matching market:

Offline+Online mode: Offline is laid out nationwide, service nodes are established, local transportation resources are integrated, and a controllable transportation resource network is established to form a "transportation pool", on the basis of which vehicle and cargo matching services are provided online. The core of this mode is to integrate the vehicle and cargo resources, ensure the truthfulness, effectiveness and uniform service rules of the vehicle source information on the vehicle and cargo matching platform, and carry out vehicle and cargo matching on this basis.

Representatives: Chuanhua Logistics, Ka Xing Tian Xia, Anneng Logistics, Robinson Logistics of the United States.

Pure platform mode: The earliest pure platform mode was a short and simple freight information publishing website (such as Jincheng Logistics Network and National Logistics Information Network), and then it developed into an information transmission, matching and trading platform with software as the core, connecting the online and offline, connecting the consignor and the transportation capacity, and becoming a car-free carrier.

Representatives: oTMS, Driver’s Station, Yunmanman, Luoji Logistics.

2.2. Comparison of typical case studies

Chuanhua Logistics: Online Platform+Offline Highway Port Mode

Chuanhua Logistics is actually a form of the fourth party logistics (4PL), which belongs to the online platform+offline highway port mode from the online and offline classification. Chuanhua Logistics entered the logistics industry in an all-round way from the modern logistics base in 2002, innovatively developed the "highway port" logistics platform, and established the closed-loop logistics ecology of O2O. In fact, the mode of uploading logistics is the fourth-party logistics mode, which realizes the integration of capital flow, information flow and logistics through the combination of online and offline. Offline, Chuanhua Logistics has established a national "highway port" logistics model, forming a national highway port network with 100 outlets in four major hubs. At present, it has occupied the card position advantage in key transportation hubs, and has rapidly expanded through the self-built and extended model. Online, Chuanhua has developed an Internet logistics platform with "Easy Distribution", "Barter Di" and "Yunbao Net" as its core. Through Chuanhua logistics portal+mobile phone distribution APP+ O2O truck calling platform in the same city, the freight problem between highway trunk lines and the city in the last mile has been solved. At present, Chuanhua Logistics has a revenue of over 10 billion yuan and is an invisible giant of China highway logistics.

Schematic diagram of online platform+offline highway port mode

Data source: Internet information, Industrial Securities Research Institute.

At present, Chuanhua Logistics has formed two major business segments: highway port investment operation and supporting services and O2O logistics network platform services. In the future, when the platform of Chuanhua Logistics grows to a certain scale (the main indicators are the number of active members and the total transaction amount), more profit models will be generated. Generally speaking, the main profit sources of Chuanhua Logistics in the future can be divided into: infrastructure rental income of highway ports, commission income of various logistics transactions, membership service income and financial services based on traffic and big data. Among them, the aforementioned fourth income will constitute the main profit model under the future logistics big data economy, such as personalized insurance group purchase income based on driver membership and behavior data, and logistics scale intensive income based on the whole network supply transaction.

Schematic diagram of profit model of Chuanhua Logistics

Source: official website, Industrial Securities Research Institute.

Card line in the world: online portal+offline joining mode

The operation mode of Card Bank is divided into two parts: offline transportation network and online portal network construction. Offline, by first establishing a regional center for goods collection and distribution, and at the same time, through the network radiation ability of this center, we will establish franchise outlets outside the park by joining to attract high-quality special line members, and finally build a nationwide logistics and transportation network. On the online side, through the construction of the portal website, we can provide a unified information system for the franchised enterprises, realize the tracking statistics, assessment and evaluation of the franchised enterprises, make the whole process of transportation services visible online, make the service settlement completed by platform members more convenient, improve the customer experience of delivery, and make the whole logistics chain run in a standardized way.

In terms of profit model, the Bank of China makes profits by charging initial fees, management fees and providing value-added services. The card bank charges a certain joining fee to the joining members. After the members join the card bank, the card bank charges management fees and system usage fees for 1% of the new business volume of the members. The profit of value-added services in the supply chain is mainly the insurance of centralized procurement and the financial services provided, including the cost of intensive distribution operation of the park platform.

Schematic diagram of online portal+offline joining mode

Data source: Internet information, Industrial Securities Research Institute.

Anneng Logistics: Online Portal+Main Line Self-operated+Joining Mode

The mode adopted by Anneng Logistics is the mode of self-operated trunk line and regional joining: the national distribution and trunk feeder buses are directly invested by the headquarters to ensure the operational stability and sustainability of the whole system to the greatest extent. By establishing the franchise mode of terminal outlets through online portal, franchisees can apply for joining on the website, thus avoiding the investment in building national outlets, concentrating on customer service in their own regions, and minimizing the risk of individual LTL express joining entrepreneurs. At the same time, customers can directly order delivery, waybill inquiry, order inquiry, order management and other services through the portal.

Schematic diagram of online portal+offline self-operation+joining mode

Data source: Internet information, Industrial Securities Research Institute.

At present, Anneng Logistics has established more than 130 distribution centers nationwide, with 8,000 staff and 5,000 outlets, serving 31 provinces and cities nationwide, planning more than 2,000 transportation routes and controlling more than 4,000 box trucks. It is estimated that by the end of 2015, Anneng Logistics will have more than 10,000 nationwide network points and 157 distribution centers, achieving the annual target turnover of 2.4 billion yuan and becoming the largest LTL logistics enterprise in China.

In terms of profit model, Anneng Logistics makes profits by collecting venue rent, joining fees and providing value-added services. On the one hand, by constantly eliminating unqualified networks and attracting new franchise outlets, and maintaining the gradual improvement of the quality and quantity of outlets, Anneng can provide brand support and certain source information for franchisees, and make a profit by charging franchisees a certain franchise fee. On the other hand, as the core product of Anneng Logistics, "Timing Arrival" provides customers with "safe, punctual, service and economical" road transportation services, with the service quality comparable to that of aviation and express delivery, and the price is only one third; At the same time, Anneng provides customers with services such as to pay the freight, receipt recovery, quotation claim settlement, etc., and makes profits by charging a certain value-added service fee.

OTMS: Community Platform Model

OTMS is a community-based transportation management system, which seamlessly connects the owner, the third-party logistics company, the transportation company, the driver and the final consignee from the top of the transportation chain, pays attention to the whole chain of transportation management, and forms a balanced and win-win online ecosystem based on the core process, which is equivalent to an online mirror image of its offline actual operation network. This online ecosystem will be an open community based on the credit system (real data). All community members can better manage their existing businesses and have the opportunity to find better resources or more new businesses. OTMS will not be involved in the actual operation, such as being a fourth party logistics company (4PL), and oTMS is just a community platform based on core software.

At present, there are 130 consignors in oTMS, and the consignors connect drivers through "Where are you" and "Kaka". Logistics companies use oTMS products to manage transportation orders, and the monthly orders are about one million.

Schematic diagram of community platform mode

Data source: Internet information, Industrial Securities Research Institute.

At present, oTMS has a Saas service platform with the main version of goods, a Saas service platform with the carrier version, an APP "Kaka" used by truck drivers, and an APP "Where is it" for the consignee to monitor logistics information. The transparent information management platform of the whole process formed by the combination of PC-side service platform and mobile APP brings all relevant parties, including consignors, logistics companies, transport carriers, drivers and consignees, into a business network, realizing the unification of tools.

In terms of profit model, oTMS currently focuses on selling Saas service systems and system maintenance services, and will get involved in the logistics finance industry in the future. In the B2B logistics and transportation industry, China still has a lot of room for growth, and B2B logistics and transportation also involves the cash flow of delivery enterprises, receiving enterprises and logistics companies. The accounting period of transportation companies is about 60 days to 120 days. How to participate in it and integrate this cash flow with financial institutions is the focus of oTMS’s future development.

Yun Man Man: Mobile phone logistics information matching platform model

Yun Man Man is a mobile phone online logistics information matching platform based on mobile Internet technology, which is dedicated to providing efficient vehicle management and distribution tools for road transport logistics industry, and providing comprehensive information and transaction services for vehicle finding (distribution) and vehicle finding (consignment). Its service targets cover all types of goods and vehicles, meet the needs of logistics companies, information departments and small and medium-sized enterprises for long-distance road vehicle transportation, and at the same time improve the distribution efficiency of car owners and reduce the empty return rate; Improve the efficiency of cargo owners in finding cars and improve the operational efficiency of the overall logistics industry.

At present, Yunmanman has branches and offices in Jiangsu, Zhejiang, Shanghai, Anhui, Henan, Shandong, Fujian and other provinces, and plans to open more information on vehicle sources and goods sources and lay out the national road transport information network, so as to promote the road transport industry in China to enter an era of mobile Internet with high efficiency and low altitude.

Schematic diagram of mobile phone logistics information matching platform mode

Data source: Internet information, Industrial Securities Research Institute.

Through the "Yun Man Man" mobile APP, the owner can publish the information of goods supply and price comparison, and at the same time, he can also find the source of the car himself. With the permission of the driver, the driver can be located and managed to quickly understand the supply dynamics. The owner can search for the source of goods independently, compare the sources of goods, and contact the owner directly by telephone after finding satisfactory information. Car owners can also take the initiative to release empty car information and wait for the owner to come to the door. And logistics companies can also publish the information of goods supply and their own logistics lines, find the goods supply while knowing the freight price of vehicles in time, and further expand the online goods collection business.

At present, Yunman is not profitable. After building the whole ecosystem and attracting enough user traffic, Yunman can collect enough information, establish a credit system through big data, further improve payment and financial value-added services, and make profits through capital precipitation and value-added services.

Luoji Logistics: Online Logistics Information Matching Platform Model

The Luoji logistics platform is similar to the mode of "Yun Man Man", and it is also an online logistics information matching platform. It uses data mining technology, search matching technology and mobile Internet of Things technology to provide drivers and shippers with free information on the source of goods and vehicles, and carries out multi-dimensional matching between goods and car owners, in addition to distance matching based on geographical location, there are also multi-dimensional matching such as route, time and load capacity. Luoji logistics platform realizes de-intermediation through the mobile Internet, which reduces logistics costs, the empty rate of trucks and improves the overall logistics efficiency. With the more registered users of platform owners and cargo owners, the success rate of vehicle-cargo matching will be higher and higher. By the end of 2015, the number of users on the Luoji platform will reach 4 million, including 3 million drivers and 1 million shippers.

Luoji logistics platform can solve the two problems of truck drivers and suppliers: first, quickly and effectively integrate the supply and capacity, and reduce the owner’s empty driving rate; The second is to make the freight market more orderly and smarter. At present, Luoji Logistics APP is divided into four versions: Luoji Looking for Goods (Driver Edition), Luoji Looking for Cars (Shipper Edition) and Luoji City (Delivery/Driver End).

Schematic diagram of Logitech logistics information matching platform model

Data source: Internet information, Industrial Securities Research Institute.

Logitech has launched two different softwares for shippers and car owners, "Logitech Find Cars" and "Logitech Find Goods". The truck driver opens the "Luo Ji Looking for Goods" and clicks the "List of Goods" to see the geographical location, goods type, weight, delivery time and vehicle demand of the goods, and the owner will dock the consignor as required. The barter between Luoji City and Chuanhua Logistics is similar, which mainly solves the transportation demand of the last kilometer and the first kilometer in the same city.

Similar to Yun Man Man, Logitech is not profitable at present, and its main task is to promote users. After the platform is formed, it collects huge data to realize its traffic value. For example, there can be derivative insurance services, refueling services, auto repair services, etc. on the platform, which are all potential value-added spaces. On the other hand, Luoji will consider further extending its business to the financial leasing of vehicles and supply chain finance of logistics companies.

3. International experience: Enlightenment from the development of American freight logistics industry.

3.1. Overview of American road freight industry: Truck transportation is the main mode of transportation.

Truck transportation in the United States is extremely developed and is the main mode of transportation in the United States. In 2011, transportation market scale in the United States was about 770 billion US dollars, of which truck transportation market scale exceeded 600 billion US dollars, accounting for about 80%. The volume of transportation and the value of goods delivered account for 70% of the total. The turnover of goods is second only to railway transportation, with an average annual growth rate of 2.5%, which is much higher than the overall growth rate of 0.8%, making it the fastest-growing sector.

The trucking market accounts for about 80% of transportation market scale.

Source: DOT, Industrial Securities Research Institute.

At present, there are nearly 100,000 transportation enterprises in the United States with more than 1.3 million employees, of which more than 90% have fewer than 20 employees, and there are only more than 600 transportation enterprises with a scale of more than 500 employees, accounting for less than 1%. The fleet size is generally small, and more than 50% of the transportation enterprises are Owner-Operator, that is, there is only one truck, and only 6.3% of the enterprises have more than 100 trucks. This is similar to the main business situation of China freight market at present.

Number of employees in American transportation enterprises

Fleet size of American transportation enterprises

Source: US Department of Commerce (DOC), Industrial Securities Research Institute.

American trucking carriers are divided into non-public carriers and public carriers. Non-public carrier (In-Housefleet) means that production and retail enterprises own transport vehicles and operate them to meet their own transport needs, and generally do not provide transport services to the outside world. PublicCarriers are engaged in commercial transportation, and for the purpose of making profits, they are entrusted by the owner to provide transportation services and get paid.

American trucking market participants

Source: Industrial Securities Research Institute

According to the mode of transportation, public carriers can be divided into vehicle transport enterprises, LTL transport enterprises and road freight forwarders. The first two are truck companies based on heavy asset fleets, represented by YRCW and FedexFreight; The other is the road freight forwarder represented by Robinson Global Logistics. Many individual carriers provide transportation services for customers through the sales end of road freight forwarders or by joining large truck companies.

It can be seen that the developed infrastructure and high degree of intensification are the two major reasons for the high efficiency of highway logistics in the United States.

3.2, no car is better than a car, the inspiration of Robinson case: the ability to integrate information and resources is the core.

Robinson Logistics, founded in 1905, is the largest fourth party logistics company in the United States. The company is the representative of American car-free carriers. It doesn’t own trucks, but serves large shippers through the integration of many small and medium-sized fleets. Relying on value-oriented value-added services, exquisite business operations and advanced information systems, it has integrated 63,000 carriers and 46,000 shippers. In 2014, its operating income reached 13.471 billion US dollars, of which 80% came from road freight. At present, Robinson Logistics has become the first truck transportation company in the United States, basically monopolizing most of the road transportation resources in the United States, ranking seventh in global freight transportation; There are more than 218 branches in the world, of which the United States accounts for 158.

Robinson car-free transport mode

Source: Industrial Securities Research Institute

Robinson takes a completely light asset route. Instead of investing money in buying trucks and building logistics real estate, Robinson invests capital in the field of information technology, establishes TMS and Navisphere information platforms, and controls the transportation capacity through the information platform and remotely signs a cooperative enterprise logistics warehouse. By setting up technology-led outlets and branches offline, the online information platform will be connected with the needs and information of customers in offline areas. As a light asset enterprise, its human expenditure has also been greatly reduced. In 2014, Robinson only had 11,000 employees. Debon Logistics in China has more than 30,000 employees.

Robinson’s light asset operation mode and mature management mode make it have strong growth. Since the company went public in 1997, the average annual growth rate of main business income is 12.6%, while the average annual growth rate of net profit reaches 17.8%. In most years, the company’s net profit growth rate is higher than the income growth rate, and the company’s performance has the potential for sustained growth. Therefore, the development of the company does not need to be based on asset expansion, but by integrating local transportation resources, exporting technology and management, and opening up new customer markets, it will bring profits and long-term growth to the company.

The compound growth rate of the company’s net profit is higher than the income growth rate.

Source: Bloomberg, Industrial Securities Research Institute.

As the world’s largest fourth-party logistics company, Robinson’s revenue mainly comes from providing transportation and logistics services to suppliers, consulting services and payment services to customers. Robinson builds his value-added service system, such as supply chain analysis, transportation optimization, carrier management, big data services and business intelligence, and meets the needs of shippers and carriers through these high value-added solutions. Robinson does not charge the franchisees on the platform the joining fee, but charges the corresponding service fee through the solutions for different customers.

4. Future Outlook: The Ultimate Version of Car-Goods Matching?

4.1 What are the pain points of car-cargo matching?

The large-scale success of taxi-hailing software has made various funds intensively lay out the platform for car-cargo matching in the logistics industry, hoping to create a "drip taxi version of freight". According to incomplete statistics, more than 200 car-cargo matching APP taxi-hailing applications have been produced in one year, but there are few successful cases. Most car-cargo matching software has been criticized for relying on subsidies, untrue freight information and complicated transaction processes. Judging from the current situation, the reasons for the slow development of vehicle-cargo matching software are as follows:

1. Supply and demand information is difficult to standardize.

The information of the supply and demand sides in the taxi industry is very standard: cars are all cars with similar shapes, and the demand is the displacement of people, so it is very easy for the supply and demand sides to meet each other through the Internet.

However, when it comes to freight, the situation is much more complicated. Cars are different in length, load and power, and goods are also different in size and physical and chemical properties, which makes online matching much more complicated. Even if the information can be roughly matched, some personalized needs must be met and discussed (an interesting case: a consignor has a batch of fresh fruits to be transported, and a truck with the required load and size is found through the car-goods matching app, so that the driver can drive the car to the designated place. As a result, the consignor immediately cancels the intention because the truck has just been transported. Therefore, we see that many apps now only stay in the step of publishing information, and it is difficult to reach a trading intention without meeting.

2. Lack of integrity certification system

Road freight is a mixed market, and the general quality of employees is not high. It is difficult for many vehicle-cargo matching platforms to grasp the capital flow of freight transactions, because the proportion of logistics freight to the value of goods is still relatively low, and people are more accustomed to the traditional mode of paying with one hand and delivering with one hand.

3. Vehicles tend to have a stable supply of goods, and shippers prefer a stable transportation capacity, which makes it difficult for existing software to get involved in the mainstream market.

The capacity of individual trucks of about 14 million in China has seriously exceeded the demand for relatively scarce goods. At present, the trend of highway logistics is that vehicles tend to cooperate for a long time to ensure their high operating costs, so more and more individual vehicles are linked to the fleet; Shippers also tend to find long-term transportation capacity to ensure the stability of their logistics operation. And this long-term cooperative relationship has been established slowly, so the car-goods matching software has actually intervened in a relatively marginal market. Because of this, we will see more false information on the software, because the scarce real demand has already been spontaneously matched offline.

4.2 What mode does road freight need?

At the beginning of the report, we mentioned that the reason for the low efficiency of road freight transportation is information asymmetry. Therefore, the ideal state is that the waste of resources is zero: as soon as the goods leave the factory, there is a truck waiting at the door; And the truck will never be empty or stop for nothing, it will always go from A to B to C to D …, and it will be fully loaded in the process. In this ideal state, there will be no intermediary matchmaker and resources will match spontaneously. This is the ultimate mode of road freight.

However, under the condition that the current technology has not reached the above level, offline matching platforms such as distribution stations, highways and logistics parks will exist for a long time. The reason is that it is difficult to standardize the freight supply and demand information we mentioned earlier, and the matching platform must have physical entities that enable both parties to meet. This makes these offline matching platforms naturally have the ability to gather people and traffic, and only when they carry out technological innovation and model innovation with real matching scenes can they promote the transformation and development of the road freight industry. Just like our comment on the highway port: "The construction of the highway port is to eliminate the highway port in the future".

4.3 Investment strategy

According to our judgment, the highway logistics industry will have offline matching platforms such as distribution stations, highways and logistics parks for a long time, and they have the strongest ability to gather traffic and people in scattered industries. That is to say, they have a strong premium ability to shippers and car owners. As long as these offline entities try to continue to cut into the deeper value-added and financial needs of shippers and car owners, the profit model will continue to innovate.

In view of the fact that there are regional offline matching entities all over the country, we suggest paying attention to Chuanhua, which can take the lead in arranging and integrating the resources of logistics parks nationwide to form a highway and port network.

For details of Chuanhua shares, please refer to our in-depth report "Chuanhua Logistics-China Highway Integrators Reloaded into Battle" on July 3 this year.

● Related reading:

In the era of big data, the car-goods matching logistics APP triggered a big change.

However, the combination of eggs: the matching of vehicles and goods can not solve the problem of logistics park

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