BEIJING, Feb. 1 (Leng Haoyang) Today, the 40-day Spring Festival travel rush kicked off. According to China Railway Corporation, in 2017, a new line of 3,038 kilometers was put into operation, and the "four vertical and four horizontal" high-speed rail network was completed and put into operation ahead of schedule. This also means that a number of railways will meet the first Spring Festival travel rush exam. Which new railway lines will help you go home during the Spring Festival this year? Do these railway lines pass through your hometown?

　　Chongqing-Guizhou Railway: Chengdu-Chongqing Quickly "Hand in Hand" in the Pearl River Delta

　　Every year, Spring Festival travel rush, Chengdu and Chongqing are the key areas where it is difficult to grab tickets. This year, an important railway line in Spring Festival travel rush will give people in this area a more convenient choice to "go home".

　　On January 25, 2018, the Chongqing-Guiyang Railway was put into operation, which became a fast railway channel to connect Chengdu-Chongqing area and even southwest area to South China and East China, and then connected with the existing high-speed railway lines such as Guiguang, Chengdu-Chongqing and Shanghai-Kunming. A large-capacity transportation channel will help Spring Festival travel rush.

　　The Chongqing-Guiyang Railway leads from Chongqing West Railway Station, passes through Qijiang, Zunyi and Xifeng, and finally reaches Guiyang North Railway Station, with a total length of 347 kilometers. It is a double-track electrified railway with passenger and freight lines. Twelve stations, including Chongqing West, Luohuang South, Qijiangdong, Rushui East, Tongzi North, Tongzi East, Loushanguannan, Zunyi, Longkeng, Zunyi South, Xifeng and xiuwen county, have been newly built, with an initial maximum operating speed of 200 kilometers per hour.

　　At the beginning of the opening of Chongqing-Guiyang Railway, 66 pairs of passenger trains will be arranged, and the running time of Chengdu, Chongqing-Guiyang, Guangzhou, Kunming and Changsha will be greatly shortened.

　　Xicheng high-speed railway: the history of "difficult roads" has been rewritten.

　　Joining Spring Festival travel rush’s army for the first time this year is Xicheng High-speed Railway.

　　"It’s difficult to get through the Shu Road, but it’s difficult to get into the sky", which has always hindered the traffic development between the north and the south of Qinling Mountains. However, with the opening of the Xicheng high-speed railway, the history of "difficult roads" has been rewritten.

　　On December 6 last year, Xicheng high-speed railway was officially opened for operation. Xicheng high-speed railway leads from Xi ‘an, Shaanxi Province, passes through Ankang and Hanzhong in Shaanxi Province to Guangyuan and Mianyang in Sichuan Province, and connects with Mianyang-Chengdu-Leshan Railway at Jiangyou Station, reaching Chengdu, with a total length of 658 kilometers.

　　Xicheng high-speed railway operates at a speed of 250 kilometers per hour. The shortest travel time between the two places is reduced to 3 hours and 27 minutes, which is 7 hours shorter than the original shortest travel time between the two places.

　　The opening of Xicheng high-speed railway will greatly ease the pressure of Spring Festival travel rush between Xi ‘an and Chengdu. On the afternoon of January 31st, the reporter inquired about the train tickets between Xi ‘an and Chengdu on February 14th (the 29th of the twelfth lunar month) and February 21st (the 6th day of the first lunar month) through the 12306 client, and found that many high-speed trains still had tickets left.

　　Data Map: Last December 28th, with Shijiazhuang — The D1611 train from Qingdao North left Shijiazhuang Railway Station, and the Shijiazhuang-Jinan high-speed railway was opened for operation. The picture shows the first train of D1611. China News Service reporter Yujia Zhai photo

　　Shiji high-speed railway: Shanxi, Hebei and Shandong provinces realize high-speed railway connection

　　On December 28th last year, the Shijiazhuang-Jinan high-speed railway was put into operation, and there was no direct high-speed railway between the capital cities of Hebei and Shandong provinces. The last section of China’s "four verticals and four horizontals" high-speed railway network officially closed.

　　Shijiazhuang, Hebei Province and Jinan, Shandong Province are the two capital cities of Shiji High-speed Railway, with a total length of 298 kilometers. Its east and west ends are connected with Jiqing High-speed Railway and Shitaike Special Railway respectively, which enables Shandong, Hebei and Shanxi provinces to realize high-speed rail connection.

　　The line also connects with Beijing-Guangzhou high-speed railway at Shijiazhuang Station and Beijing-Shanghai high-speed railway at Dezhou East Station, with 11 stations in total. In addition to Shijiazhuang and Dezhou East Station, there are 9 new stations in Shijiazhuang East, Gaocheng South, Xinji South, Hengshui North, Jingzhou, Pingyuan East, Yucheng East, Qihe and Jinan East.

　　At present, there are plenty of tickets for Spring Festival travel rush-Shijiazhuang High-speed Railway. On 31st, the reporter found that there are plenty of tickets for the trips between the two cities from February 12th to 15th before the Spring Festival and from February 20th to 22nd after the Spring Festival.

　　Data Map: The first G2028 train of Baolan High-speed Railway will run to Xuzhou, Jiangsu, a thoroughfare city of five provinces more than 1,500 kilometers away. Yang yanmin

　　Baolan High-speed Railway: Take the High-speed Railway to the Silk Road.

　　What kind of experience is it to take the high-speed train home on the Silk Road?

　　On July 9, last year, Baolan High-speed Railway was put into operation, with a total length of 401 kilometers, with eight stations including Baoji South, Tianshui South, Qin ‘an, Tongwei, Dingxi Northwest and Lanzhou West, with an operating speed of 250 kilometers per hour. Now, from Lanzhou, you can reach Xi ‘an in 3 hours at the earliest, and it takes only 8 hours and 20 minutes to reach Beijing.

　　Baolan high-speed railway is connected with Xi ‘an-Baoji high-speed railway and Lanxin high-speed railway, which have been opened to traffic, respectively, from the east and west directions. With the opening of this "last mile", it means that from Xi ‘an, Shaanxi Province, the starting point of the ancient Silk Road, to Urumqi, Xinjiang, a "high-speed railway silk road" with a length of more than 2,300 kilometers runs through the whole line, and the northwest of China is fully integrated into the national high-speed railway network, and the high-speed railways in eastern, central and western China have achieved full interoperability.

　　Similar to Xicheng High-speed Railway and Shiji High-speed Railway, the opening of Baolan High-speed Railway also eased the pressure on Spring Festival travel rush. On the afternoon of the 31st, the reporter found that on February 13th and 14th of the pre-holiday peak, and on the 20th and 21st of the post-holiday peak, there were sufficient tickets for the high-speed rail between Xi ‘an and Lanzhou, and there were also a small number of tickets left in the business seats and first-class seats of some trains from Beijing to Lanzhou.

　　Zhanghu High-speed Railway: Inner Mongolia Entering the "High-speed Railway Era"

　　People in Inner Mongolia can also take the high-speed train home in Spring Festival travel rush this year!

　　The first new high-speed railway in Inner Mongolia, Zhanghu high-speed railway from Wulanchabu to the eastern section of Hohhot, was officially opened for operation on August 3 last year. After the opening, the running time from Hohhot to Wulanchabu was shortened to 40 minutes.

　　Zhanghu High-speed Railway (Wulanchabu to the east section of Hohhot) starts from Hohhot East Station, passes through its Yingnan Station and Zhuozi East Station, and finally reaches Wulanchabu Station, with a total length of 126 kilometers and an operating speed of 250 kilometers per hour.

　　In the future, Zhanghu high-speed railway will also be connected with the Beijing-Zhangjia high-speed railway under construction, forming a fast passenger passage from Beijing to Hohhot within 3 hours.

　　Data Map: On September 29th last year, the first train K4518 from Lanzhou to Chongqing set off, marking the opening and operation of the whole line of lanzhou-chongqing railway, which took nine years to build. Yang yanmin

　　Lanzhou-chongqing railway: The northwest and southwest are more closely linked.

　　In addition to the above-mentioned Chongqing-Guizhou Railway and Xicheng High-speed Railway, there is also a railway connecting the southwest that will help Spring Festival travel rush and facilitate people in the southwest to travel.

　　This is the grand railway passage connecting the southwest and northwest of China — — Lanzhou-chongqing railway.

　　Lanzhou-Chongqing Railway passes through Gansu, Shaanxi, Sichuan and Chongqing provinces, one city and 22 cities and counties. It is a national I-class railway with double-track electrification of passenger and cargo. The main line is 886 kilometers long, with a design speed of 160 kilometers per hour, and 200 kilometers per hour is reserved for conditional sections.

　　Nowadays, the transportation distance from Lanzhou to Chongqing has been shortened from 1,453 kilometers to 886 kilometers, and the bus running time has been shortened from 21 hours to the current 12 hours, which greatly facilitates the travel of passengers between the southwest and northwest regions.

　　Jiujing-Qu Railway: Ending the History of Many Places Closed to Traffic

　　During this year’s stay in Spring Festival travel rush, people in Poyang, Duchang, Jingdezhen and other places will have a more convenient way to go home.

　　Jiujingqu Railway was opened to traffic on December 28th last year. It is a double-track electrified express railway with a design speed of 200 kilometers per hour. It starts from jiujiang railway station, Jiangxi Province and ends at Quzhou Station, Zhejiang Province, with a total length of 333.3 kilometers.

　　Jiujingqu Railway constitutes the auxiliary connecting line of Beijing-Kowloon and Shanghai-Kunming, which connects with Hefu high-speed railway at Wuyuan Station, plays an important role in connecting east and west and connecting north and south in the road network node, and is another convenient passage for Central China and Southwest China to closely connect with the Yangtze River Delta and the southeast coast.

　　With the official operation of Jiujingqu Railway, there are no trains in Poyang and Duchang, and it has become history that Jingdezhen has no trains. (End)

Photo: Yao Jue, founder and artistic director of Hong Kong String Orchestra (from left), Xu Qinsong, consultant of China Artists Association, and Ma Haowen, executive chairman of Hong Kong Cultural Promotion Association, attended the "Cultural Heritage Exchange and Mutual Learning" forum yesterday. Ta Kung Pao reporter Lin Shaoquan photo

　　Yesterday (November 24th), at the branch of the 4th Guangdong-Hong Kong-Macao Greater Bay Area Development Forum and Awards Ceremony of Piloting "9+2" held at the Hong Kong Convention and Exhibition Center, a group of guests gathered together to brainstorm and hold a round-table forum on the theme of "Cultural Heritage, Exchange and Mutual Learning" to discuss how to integrate into Greater Bay Area’s development and cultural heritage and innovation, and further promote Chinese culture to the world on the basis of Hong Kong.

　　At the sub-forum, Xu Qinsong, consultant of China Artists Association, Ma Haowen, executive chairman of Hong Kong Cultural Promotion Association, and Yao Jue, founder and artistic director of Hong Kong String Orchestra, held a heated discussion. They believed that the development of the Bay Area must complement each other’s advantages, strengthen cultural exchanges, inherit the profound and profound traditional culture of China, and be upright and innovative.

　　When it comes to the profound traditional culture of China, Ma Haowen feels the same way. He thinks there are many aspects to learn. In particular, the national "Fourteenth Five-Year Plan" now supports Hong Kong to build a cultural and artistic exchange center between China and foreign countries, and it is even more necessary to uphold tolerance so that all parts of the world can understand China’s excellent traditional culture.

　　Make good use of science and technology to break through the boundaries.

　　Greater Bay Area culture belongs to Lingnan cultural circle. The speakers not only analyzed each other’s advantages, but also talked about the importance of integration.

　　Xu Qinsong is very optimistic about the development of Greater Bay Area, pointing out that Greater Bay Area is an important base for scientific and technological innovation and a highland for dissemination, with good innovation and technological advantages. For example, the "2022 Hong Kong and Macao Visual Arts Biennale" held in Shenzhen last year is based on the theme of "Art and Technology", which is in line with the theme of Greater Bay Area and reflects the integration and innovation of culture, art and technology.

　　Therefore, Xu Qinsong believes that the future development of literature and art in Dawan District is not limited to displaying artistic works in a traditional and graphic way, but to make full use of the power of science and technology, expand its influence and go global. Ma Haowen is pleased to see that cultural and artistic exchange activities in Greater Bay Area are becoming more and more frequent. He mentioned the "Centennial Evolution" Guangzhou-Hong Kong Twin Cities Centennial Light and Shadow Exhibition, which was recently opened in the Hong Kong Central Library. He said that the exhibition shows the architectural changes in Guangzhou and Hong Kong under the lens of Greater Bay Area photographers, and the theme is clear and very meaningful. "When Greater Bay Area artists do the same thing, in the process of communication, they can collide with many sparks of ideas and help expand the breadth of promotion."

　　Yao Jue said that works are particularly important for the development of Greater Bay Area. "How to create more excellent works from Hong Kong’s excellent culture and go global? We often show Lingnan culture through strings in order to reflect the cultural exchanges between China and the West and then go to the world. " How do young people seek development in Greater Bay Area? She said, "Greater Bay Area is a family and can fully complement each other. Culture is inseparable from communication and experience. Hong Kong’s performance venues are limited, but if it is extended to the whole of Greater Bay Area, four concerts can be held in one weekend, which will be very helpful to young artists in Hong Kong. Similarly, music education in Hong Kong is very rich and can be promoted to the Bay Area. "

　　Combining with the trend of traditional culture to rejuvenate the face

　　China has a long history of culture. While inheriting it, we can’t ignore innovation.

　　Xu Qinsong pointed out the importance of cultural innovation. Taking the recent art space exhibition held in Andy Lau as an example, he praised the other party for jointly holding the exhibition with several artists, using their social influence to plan meaningful projects, putting aside their inherent ideas and being innovative. Yao Jue also said, "While innovating, we must also adhere to our profound cultural heritage."

　　Xu Qinsong even called on young people in Hong Kong to visit the Mainland more often. Only by truly understanding the traditional Chinese culture left by their ancestors can their thoughts not be restricted by the inherent framework.

　　How can we enhance our understanding so that people all over the world can understand China’s excellent traditional culture? Yao Jue shared his views with personal experience. A few days ago, she led the orchestra to perform in countries and regions along the "Belt and Road". She described that many foreign audiences at the scene listened to wonderful music and wanted to have a look in Hong Kong. They also liked Chinese excellent traditional culture more. "Cultural transmission is very important, and music promotes spiritual communication between people." Yao Jue said.

　　"That more than 300,000 people are called ‘ Zhang Wei ’ The era has gradually drifted away. "

　　The recently released name big data report "Panoramic Report of Names in 2019-First Quantitative Revealing of China People’s Naming Quality" (referred to as "Report") shows that the hottest names for newborns in 2018 are Zimo (male baby) and Yinuo (female baby); The most popular male baby names are pronounced as "y? ché n" and female baby names are pronounced as yǔ tóng.

　　The report also analyzes that the gender discrimination of "post-10 s" names is becoming more and more distinct, and the proportion of "men with female names" and "women with male names" has declined. In addition, since 2014, the proportion of newborns trying "new compound surnames" (father surnames+mother surnames) has also increased.

　　Names of the hottest boys and girls in 2018 Source: 2019 Name Panorama ReportIn 2018, the first hot names for boys and girls were "Zimo" and "Yinuo" respectively.

　　What’s your favorite word for baby’s name in recent years?

　　According to the report, in 2018, Zimo, Yuxuan and Haoyu ranked among the top three hot names for male babies, while Yinuo, Zihan and Shihan ranked among the top three hot names for female babies. In this year, the most popular male baby names were pronounced as "y? ché n" and the female baby names were pronounced as yǔtóng.

　　The most popular boys and girls in 2018 Pronunciation Source: 2019 Name Panorama Report The report also selected 2018 names "Word of the Year" and "Name of the Year".

　　The name of the boy baby is "Yi" and the name of the year is "Shengrui"; The annual name of the baby girl is "Tong" and the annual name is "Yu Tong".

　　According to the analysis of the report, "Yi" has the meaning of brightness and elegance, with positive energy and vigor. Many parents favor its name, hoping that the baby will be bright and bright. As for the word "Tong", the report said that unlike the "Red" and "Dan" that were crowded out by the brand in the 1960s and 1980s, the new generation of parents paid more attention to life and parenting, and placed a call for "burning" in their children’s names.

　　In the same era, the most popular naming words for parents are usually more similar. However, the naming of newborns every year also has its own characteristics.

　　According to the report, in 2014, the names of Junteng, Junchi and Zijun rose rapidly. In 2015, "Ziyang", "Muyang" and "Zipeng" were popular in the Year of the Sheep. In 2016, the Year of the Monkey was popular with "Zilin", "Yusen" and "Sen". The most remarkable new words in the Year of the Rooster in 2017 are a group of unique "Mijiajun": rice, grain, seeds and grains. By the year of the dog in 2018, the names such as "Xin, Xinyuan, Xinze, Jinzhe, Jinze and Jinhao" and the words "Xin, Qin, Xin, Xi and Hong" are favored by parents.

　　"The zodiac has a great influence on the people. As can be seen from the report, the biggest variable in the annual naming trend is the zodiac. However, the essence of the Zodiac is an animal chronology, not to say what year you were born, just like the Zodiac of that year. As for the name of the online zodiac, it is far-fetched. It is artificially fabricated and used to attract attention. There is no scientific basis. " Zhang Yixin, the publisher of the report and founder of Mingmingtong, said.

　　The Paper (www.thepaper.cn) learned that the basic data of this report comes from 43.4 million newborn naming intentions from 2010 to 2018 and some historical data before 2008.

　　The quality of naming is constantly improving.

　　What is the quality of naming in different times and regions?

　　"The macro measurement of the naming quality of a specific group has always been a difficult problem. For this reason, we have drawn up a measurement index — — Name concentration. The lower the concentration, the better the diversity of representative names, and to some extent, the higher the quality. " Jun Chen, founder of Mingtong, who led the big data analysis of the report, said.

　　The report shows that since the 1960s, the quality of newborn naming in China has gradually declined, and then it has continued to rise after reaching a node. Since the 1990s, the naming quality has increased, but after the 1990s, the naming quality has not changed dramatically. By 2017 and 2018, the quality of newborn naming will be significantly improved again.

　　The report also reveals the differences in naming quality in different regions.

　　In 2017 and 2018, Fujian and Shanghai were the best names for boys. The best quality of female treasure names is also in Fujian, and the other is in Guangdong. The western region, represented by Guizhou, Gansu and Sichuan, and the northeast region, represented by Liaoning and Heilongjiang, have poor naming quality.

　　According to the report, the factors causing the above differences are complicated, among which economic drive is one of the obvious reasons. In areas with rapid economic development and vitality, the greater the tolerance, the more diverse the population composition, which provides a favorable environment for the diversified development of names.

　　"The education level and cultural level of the people are rising, and the society is becoming more and more diversified, which will be reflected in the name." Zhang Yanxin said that compared with the first report released by the agency, which used the "hot name list" to guide people to pay attention to the phenomenon of duplicate names and the social and cultural phenomena behind names, the second report focused more on the in-depth and macro analysis of the quality of naming. With the gradual improvement of parents’ cultural literacy and ideological openness in China, parents are more innovative and diversified in their names, and the names of newborns are becoming more and more diversified, and the improvement of naming quality has become an overall trend.

　　The phenomenon of "father’s surname plus mother’s surname" has risen quietly.

　　The report also analyzes the phenomenon that women give their male names and men give their female names.

　　According to the report, the most serious cases of "men giving women names" and "women giving men names" were in the 1990s and 2000s, while the "gender discrimination" of "post-2010" names has become increasingly distinct. The proportion of "men with female names" has been reduced by half, and the proportion of "women with male names" has also dropped by a third. The trend of "more feminization" and "more feminization" that people are worried about does not exist.

　　Changes in the proportion of new compound surnames in China from 2014 to 2018 Source: 2019 Panoramic Report of Names "In recent years, we can also see a new phenomenon rising quietly and rapidly — — The first name is father’s surname plus mother’s surname. This is a phenomenon that reflects the improvement of women’s status and gender equity. " Zhang Yanxin introduced that the naming method of "father surname+mother surname" is also the content of the report.

　　According to the report, from 2014 to 2017, the proportion of newborns trying to "new compound surnames" increased rapidly, which doubled in four years, and the number of male babies reached 2.51%. The female baby also rose to 1.73%.

　　Geographically, Yunnan is at the forefront of the "new compound surname". In Beijing, Tianjin, Hebei, Northeast China, Shandong and Henan, the proportion of attempts has been lower than the national average for many years.

　　In view of the new compound surname, the report also found two special phenomena.

　　First of all, the proportion of boys’ new compound surnames has always been significantly higher than that of girls, but the gap between them has been narrowing. According to the report, this reflects that the concept of "son preference" still exists in the consciousness of some parents, but the degree is decreasing.

　　Secondly, from 2014 to 2017, the proportion of new compound surnames was rising steadily, but by 2018, the proportion of new compound surnames declined for both boys and girls. The report believes that this phenomenon is related to the change of the birth policy: with the full liberalization of the two-child policy, some open-minded families began to let one of their children take the mother’s surname directly, resulting in a decline in the proportion of new compound surnames instead of rising.

　　The "embarrassing phenomenon" behind the hottest four-word name

　　With the phenomenon of new compound surnames, four-character names also occupy a place in the present.

　　According to the report, the willingness of four-character names (including compound surnames and new compound surnames) from 2018 accounts for about 0.29% of girls (including compound surnames and new compound surnames) and 0.35% of boys.

　　Among the four-character names, the compound surname "Ouyang" is the most. Excluding the compound surname, in 2017-2018, the four-word name that parents of male babies remember most is "the glory of the king". The four-word names that parents of female babies remember most in the past three years are "Yangliuyiyi".

　　According to the report, "the glory of the king" topped the four-word list of men’s treasures, which was obviously influenced by the "online game craze", and "Wang" was the most popular surname in China, giving such parents more opportunities to choose such names.

　　According to the report, the four-character name of "Baby Girl" ranked No.1 originated from China’s first poetry classic "The Book of Songs". In 2016 and 2017, for two consecutive years, the "Chinese Poetry Conference" broadcast by CCTV set off a wave of poetry reading in the society, which also affected some young parents who are becoming famous.

　　However, the four-character name not only opens up the "naming the new continent", but also brings a higher challenge to the parents’ naming level: if the creativity is clever and proper, it can make people astonish. If you don’t grasp it properly, the proportion of disobedience will be higher. Such as "the glory of the king", "His Royal Highness the Prince", "Lamborghini" and "Xie Zhu Long En" are the representatives of a new generation of embarrassing names.

　　"It is understandable that the namesake wants to pursue a unique personality. However, if you don’t understand the role of the name in parenting and image-building, and you can’t control the words well, it is easy to go astray and turn the child’s name into a word game. " Zhang Yixin believes.

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　　On October 9, at the National Press Club in Washington, D.C., Lieutenant General Robert Elder (left), commander of cyber warfare of the US Air Force, and other senior officials of the US Air Force attended the press conference.

　　On the same day, at the press conference held at the National Press Club in Washington, senior officials of the Cyber War Command of the US Air Force explained the concept of cyber war to the press. Xinhua News Agency reporter Zhang Yan photo

　　"Other powers with certain strength in cyber warfare pose a much greater threat to the United States than terrorists."

　　On October 9, Washington was sunny and sunny, but in a small conference room of the National Press Club near the White House, it was murderous and chilly.

　　The panel discussion on "Cyberwarfare Must Win" sponsored by the American Air Force Association focused on the main figures advocating cyberwarfare in the United States today: Lieutenant General Elder, commander of the Eighth Air Force in charge of cyberwarfare affairs, former Air Force staff officer Jiang Pu, former Air Mobile Command Deputy Commander Baker, and Ms. Grant, a cyberwarfare theorist and senior researcher at the Air Force think tank Ek Institute.

　　

　　

　　This is a brochure of the US Air Force Cyber Warfare Command, which was shot on the spot. Xinhua News Agency reporter Zhang Yan photo

　　Cyber warfare command will be operational in one year.

　　"Computer network is the fifth combat field after land, sea, air and space. We must master the dominance of cyber warfare and win it. This is a top priority for the United States to maintain its superpower status. It is imperative to establish and improve the cyber warfare command as soon as possible. " Elder’s opening remarks were blunt.

　　On September 18th, the US Air Force set up a temporary cyber warfare command at barksdale Air Force Base, Louisiana, to prepare for the full-scale formal operation of the cyber warfare command in October 2009. The future Cyber Warfare Command will eventually be on an equal footing with Air Force Combat Command and Air Force Space Command, and will be led by a four-star general, reporting directly to Air Force Chief of Staff michael mosley and Air Force Minister Michael Wen. Elder revealed that at present, there are about 40,000 people in the US military engaged in work related to cyber warfare, and the Cyber Warfare Command will lead this huge "cyber army".

　　According to Grant, there are three main modes of cyber warfare in the United States. One is physical attack. Refers to the airdrop of "smart bombs" or charcoal weapons to cut off the power supply of enemy computer networks or partially paralyze them, resulting in the temporary or permanent closure of the other network. The second is virtual attack, which is commonly called "hacker attack". By launching a virus attack on the enemy network, it interferes with and destroys the enemy network operating system, causing it to malfunction or crash. Third, cognitive attack, that is, as the saying goes, "deception tactics", creates some virtual signals and images through the network to deceive and mislead the other party’s network operation and make its command fail. She declared that the target of the US cyber attack is not the usual Internet, but the enemy’s internal security network.

　　China and Russia are the key prevention targets.

　　Former US Air Force Chief of Staff Jiang Pu and former Air Mobile Command Deputy Commander Baker told the participants that the US "cyber army" is not an armchair strategist, but has rich practical experience. In addition to the US air strikes against Yugoslavia in 1999 and the Afghanistan war in 2001, the Iraq war became a real testing ground for the "cyber army". It is said that cyber warfare played a more important role in the Iraq war than originally expected.

　　Elder also put forward the concept of "equal competitors" at the seminar, which refers to other big countries with certain strength in cyber warfare.

　　He believes that these competitors pose a much greater threat to the American network than terrorists. When someone in the audience asked him what he meant after all, he deliberately avoided the important. "Any country that you can think of has the potential to threaten the United States is a competitor, and they are all spying on our network."

　　Grant’s speech stated the goal: the US military has divided the potential opponents of cyber warfare into three levels. The first level is ordinary hackers, who act alone and most of them have no political purpose. The second level is some entities that have certain strength but are not national rivals. The third level is some countries with cyber warfare resources and strength, including Russia, China, Britain and other European countries.

　　Advocate "attack first"

　　The seminar on October 9 is part of the recent public opinion campaign by the US military, especially the Air Force, to prepare for cyber warfare. On the occasion of the 60th anniversary celebration, the US Air Force held a grand global air force chiefs of staff meeting in Washington from September 24th to 26th, attended by military representatives from 84 countries and regions. Cyber warfare has become an important agenda of this conference.

　　According to American media statistics, at the opening ceremony of the conference, US Air Force Secretary Michael Wen and Air Force Chief of Staff Mosley mentioned the word "network" many times, no less than 10 times each.

　　Rani Kass, the special assistant to the chief of staff of the US Air Force and known as the "godmother of cyber warfare", gave a keynote speech on cyber warfare. She broke the secret of the United States to actively build a "cyber army": "Just like air combat, cyberspace, as a new combat field, is of course offensive priority. If you still take the defensive, it will be too late. If you can’t rule the network, you can’t rule other combat fields. " (Yang Qingchuan)

Editor: Cao Jin

What I want to introduce to you today is. Let’s take a look at its performance.

First of all, from the appearance point of view, the Mercedes-Benz GLE looks hard as a whole, the grille adopts a big mouth shape, which looks very young and fashionable. With sharp headlights, it is in line with the "taste" of young consumers. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, automatic steering, delayed closing, etc. To the side of the car, the body size of the car is 4927MM*2018MM*1782MM, the car adopts avant-garde lines, the body looks very round, with large-sized thick-walled tires, the overall visual effect is very simple. In the rear design, the overall shape of the rear of the car echoes the front face, the tail lights are very dynamic, and the unique exhaust pipe creates a good atmosphere.

Coming into the car, the Mercedes-Benz GLE interior adopts a spiritual shape, and the visual effect is very good. The appearance of the steering wheel of the car looks very good, equipped with electric up and down + front and rear adjustment, steering wheel memory, steering wheel heating and other functions, and the feel is good. Let’s take a look at the central control, decorated with a 12.3-inch central control screen, which makes the interior style impressive and looks very rustic. The interior feels good. Let’s take a look at the dashboard and seats. The dashboard of the car presents a sharp design style and a sense of technology. The car adopts imitation leather seats, which are well wrapped in seats and have good overall comfort.

The car is equipped with vehicle to everything, driving mode selection, remote control key, rear wipers, interior ambient lights and other configurations. The configuration is not bad, and there is no problem in meeting daily use.

This level of models is usually the first choice for most people. First of all, the price is not expensive, and secondly, all the configurations are quite complete, which is still worth buying. If you like it, you can pay more attention!

The high subsidies of internet service platforms such as food ordering platforms and taxi-hailing software have provided consumers with a lot of benefits, but at the same time, some "moths" have also found this "fertile ground", and swiping and cheating are commonplace in the industry, causing huge losses to Internet companies.

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This year, the Putuo District Procuratorate handled a series of cases of defrauding subsidies from the "Ele.me" online food ordering platform, and uncovered a number of "scamming moths". The procuratorate attaches great importance to the problem of new types of economic crimes on the Internet, and strives to crack down on the hidden "moths" in the internet service industry to escort the economic transformation and development. Through three typical cases, the prosecutor shows you the tricks of scammers and reminds relevant parties to be vigilant.

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Case 1: "No business" – self-made "plug-in program" to operate the first order red envelope

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Zheng often used "Ele.me" to order food when he was working in the company. During one order, he learned how to swipe "Ele.me" first-order discount red envelopes indefinitely, so he came up with the idea of opening an online store to sell first-order discount red envelopes.

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In May 2015, Zheng opened a store online, registered new users by means of renting a large number of mobile phone numbers online to set up call transfer, using Android mobile phone emulator software to make up a mobile phone environment, and illegally obtained the first order preferential red envelope of the "Ele.me" food delivery platform (about 15 yuan per order business subsidy). Then the first order preferential subsidy qualification and the operation tutorial for obtaining the first order subsidy qualification were sold in the online store. In just a few months from May to October, Zheng defrauded the "Ele.me" first order preferential subsidy of more than 90,000 yuan.

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Recently, Zheng was prosecuted by the Putuo District Procuratorate on suspicion of fraud.

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Case 2: "Internal and External Collusion" – Subsidies for launching virtual restaurant sets

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The so-called day and night defense, it is difficult to prevent thieves. In the fraud case handled by the Putuo District Procuratorate this year, the "Ele.me" company also encountered internal employees guarding themselves.

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Li, the regional manager of the "Ele.me" food delivery platform, met the restaurant owners Zhao, Qian, and Sun through business contacts. In 2016, the three found Li, hoping that he would use the opportunity to work in the company to facilitate the registration procedures of the three-person platform.

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So Li used the work accounts of himself and his subordinate Chen to register a number of fake restaurants with no physical stores on the "Ele.me" platform, and formulated and approved a series of rebate activities for these restaurants. After that, Zhao, Qian, and Sun pretended to be customers many times to order food in fake restaurants, and at the same time took orders as restaurant owners, staging a good show of "buying and selling".

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Li colluded with the restaurant owner inside and outside, used false orders to swipe orders, and illegally obtained more than one million yuan in rebates from "Ele.me" ordering platform activities. Recently, Li, Zhao, Qian, and Sun were prosecuted by the Putuo District Procuratorate on suspicion of duty embezzlement.

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Case 3: "Careful planning" – the swiping team sends "spies" to infiltrate the company

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At the end of 2015, Zhou and his college classmate Wu conspired to earn "Ele.me" company activity subsidies by swiping orders. After understanding the daily operation of "Ele.me" company, Wu proposed to let Zhou first sneak into "Ele.me" company and help Wu’s team swipe orders internally.

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In March 2016, Zhou entered the "Ele.me" branch as a regional marketing manager through an interview, and had the approval authority to launch the restaurant. He then used the false catering store information provided by Wu to launch 51 virtual restaurants and plan high-value rebate activities.

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Wu’s swiping team immediately used more than 500 miscellaneous mobile phones and calling cards to register multiple accounts to order food in the virtual restaurant, illegally obtaining subsidies and rebates for new users’ first orders on the "Ele.me" ordering platform.

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After review, Zhou took advantage of his position to defraud "Ele.me" company’s preferential activities and rebates totaling more than 570,000 yuan. Zhou was eventually arrested by the Putuo District Procuratorate on suspicion of duty embezzlement.

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[Prosecutor says]

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The prosecutor said that with the Internet of taxi-hailing, catering, tourism and other service industries, there are more and more cases of fraud and compensation of swiping orders. It is not only the "Ele.me" food ordering platform that has been ravaged by "swiping order borers", but other internet service platforms have also generally suffered from swiping orders.

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It is worth noting that many ordinary users feel that swiping orders and cheating subsidies are harmless, and can only be regarded as illegal operations at most. Even they are enjoying the "benefits" brought by this gray industry.

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Taobao still has a market for selling "first order" red envelopes; Baidu search enters "brush order", showing nearly 100 million search results, and various brush order platforms and brush order tutorials are overwhelming; within Internet companies, not only have many employees taken advantage of their positions for personal gain, but there are also cases of franchisees cheating and swiping orders.

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In this regard, the prosecutor reminds those who are swiping orders or have the intention to do so that the Internet is not an extrajudicial place, and malicious swiping may violate the criminal law, and do not regret it because of greed.

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(The character is a pseudonym)

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Image source: Visual China, image editor: Da Xi

　　BEIJING, July 5 (Xinhua) Last night, the reality show "China Star Power" of Shandong Satellite TV officially met with the audience. In the premiere program, three star tutors, Wang Jie, Wei Wei and Yang Yuying, cooperated with each other tactfully, and their comments had their own characteristics. In particular, Yang Yuying’s gentle style was unique among many poisonous comments on entertainment, and the music and dance talents fully displayed by star trainees such as Hu Yanglin and Zhu Zhiwen, as well as trainees from all walks of life at home and abroad, were really eye-catching and amazing: the era of making stars was crazy.

　　The star tutor quips that the three collided with each other and sparks flew.

　　Wang Jie, Wei Wei and Yang Yuying are all superstars who have influenced generations. They not only won the love of many audiences as singers, but also left many popular songs. The three divas, who are both singers, cooperated quite tacitly in the first program. Wang Jie’s rational judgment and the relatively emotional comments of two female tutors, Wei Wei and Yang Yuying, brought out the best in each other. However, sometimes, due to different opinions or for competing for excellent trainees, it is inevitable that there will be a dispute between words and tongues, and many sparks will collide.

　　Wang Jie, because of her frank personality, always fires at the trainees first, and then leaves the final decision to Wei Wei and Yang Yuying. At this time, the two female tutors will play the role of firefighters to put out the fire first and then clean up the mess. For example, the adapted song "Princess" brought by Yuan Jie and Chu Xiaobo, because of its novel style and unique singing method, Wang Jie first affirmed it, but then mercilessly pointed out that the pronunciation part had the obvious feeling of "pretending to be a foreign accent", and said that it was his most annoying way to deal with the sound. Yang Yuying, who was on the side, couldn’t help crying out for the contestants. She changed her gentle style and quickly argued: "This kind of singing belongs to the standard Beijing dialect, so how can we learn from foreigners?". Wei Wei, who once maintained a neutral attitude, suddenly interjected, "Jiege wants them to change into Jiege’s accent". When Yang Yuying saw someone to have them, he continued to fight back, "Jiege, you can’t mislead others like this". Without showing weakness, Wang Jie said "I have no characteristics" in a foreign accent, and Yang Yuying was so angry that he couldn’t answer the words.

　　Hu Yanglin came to Wang Jie sick and didn’t know the "big coat brother"

　　In the first program of China Star Power, the audience saw some familiar faces, including the singer Hu Yanglin, who was famous for a song "Poisonous Perfume", and Zhu Zhiwen, who was famous for his unique coat style. Although before the broadcast of the program, many questions were raised about the purpose of the two participants: "Is it unfair for such competitors who are not in a heavyweight to be on the same stage?" But the two have won the respect of star tutors and audiences with their sincerity and sincerity.

　　Hu Yanglin, who was bent on abandoning the symbol "Poisonous Perfume", chose an original song "Our Story" instead of singing a well-known famous song. Although it was a bit risky, it was affirmed by Wang Jie. Wei Wei and Yang Yuying heard that Hu Yanglin had just finished the operation and came to participate in the program. They did not agree with her disregard for her health, but Hu Yanglin sincerely explained that "I hope there is one more possibility in life, and I especially want to win this opportunity". Wei Wei and Yang Yuying were very moved after hearing this, and said that they have always liked her very much, hoping to recover well and see a better future.

　　On the dark stage, the lights suddenly lit up, so Zhu Zhiwen, the "big coat brother", appeared in everyone’s line of sight. The three tutors were really dazed, especially Wang Jie didn’t expect this to be the famous "big coat brother". Yang Yuying repeatedly questioned whether this was a guest invited by the program group. Wei Wei, who is also a fellow villager in Shandong, strongly supports it, saying that "it must be passed".

　　For Hu Yanglin’s return to the stage in this way, most of the audience expressed their support, and some netizens said that they would look forward to her next song "Perfume Lily". As for the appearance of Big Brother, although some viewers think that this is Shandong Satellite TV using Shandong native stars to make a show, they are more inclined to understand and support it. Although Populus euphratica and Da Yi Ge have different results, their devotion and love for singing is worthy of our respect and admiration.

　　Mentors and fans are talented, and alternative sissies make people "unbearable"

　　The first program of "China Star Power" under the banner of "Shaping Future Idol Stars" has all kinds of handsome guys and beautiful women, all of whom are talented and have great singing skills. Shortly after the opening, Chen Hong from Yibin, Sichuan, impressed the instructors with a song "Love the Dust". The voice was gentle and clean and had its own characteristics, so Wang Jie couldn’t help but grab the trainee. Wen Kui, who claimed to be a die-hard fan of Yang Yuying, brought an idol classic "I don’t want to talk about it", which, although adapted, was very popular with the tutor. In order not to offend the other two mentors, Wen Kui also sang two songs, "Annie" and "Asian Heroes", paying tribute to the three superstar idols when he was a child. Before stepping down, he also deliberately said that he brought his mobile phone to the stage and wanted to take a photo with his idol Yang Yuying, while Wang Jie and Wei Wei were full of jealousy and hurriedly shouted "Next, next …" Finally, the lucky fan trainee not only passed unanimously, but also took a photo with the three judges one by one, which really envied others!

　　Of course, there are absolutely no shortage of other wonderful players in the reality show column of "China Star Power". A trainee who claimed to be Echo was asked by Wang Jie if he had studied dance as soon as he came to power. Sure enough, Echo was a ballet dancer. Wei Wei praised Wang Jie for his good eye, and at the same time he was full of expectations for the trainee who stood straight and had a dance foundation. Who knows that a song "I can’t stand birds" instantly crushed the three views of three tutors, making everyone laugh and shout "I can’t stand birds". Echo’s humorous movements and tone will definitely make the audience think that this is "China Comedian Power".

1905 movie network feature The short film co-directed with Qu Yuan was shortlisted for the Golden Goblet Award Short Film Unit of the 25th Shanghai International Film Festival. The film focuses on a 19-year-old girl who lives alone in the city. Her mother’s violence has left a long-term psychological shadow on her. Finally, borrowing Qu Yuan’s "Tian Wen", the girl gradually discovers the meaning and outlet of life.

Through this short film, Wen Qi officially unlocked a new identity – director."It’s actually interesting to me. In the creative process, directing and acting are two very different perspectives, and sometimes they even contradict each other. You need to sacrifice a part of the perspective to complete a good work."

Wen Qi, who handed over her directorial debut, said that looking at her performance from the director’s perspective was difficult and interesting, and "this time I have learned a lot of experience with real guns and live ammunition."

The 20-year-old Wen Qi picked up the guide tube, adding another vibrant face to the director world and a youthful female force.

It is worth mentioning that with the emergence of the post-00s and the growing up of the post-90s, more and more young actors are beginning to cross the field of directing. The new generation of Chinese films is going further and further on the road of exploration and has never stopped.

PART.1

After many mature actors have accumulated a certain amount of experience, they are keen to direct their own works. In recent years, it can be seen that there are many actors who are new to cross-border directors, and their age is getting younger and younger.

The story consciousness had long been hidden in the young actors’ minds. They eventually turned their imagination into a real image with their actions.

Wen Qi, who was born in 2003, began to consider leaving a film of her own very early on. "The so-called self is not only the film I have acted in, but the film that can really represent me. Maybe after a long time, people will still think of me when they mention this film." Wen Qi said.

In "She Asks," the 19-year-old heroine is about her age, reflecting her observations of her peers. The recurring appearance of mirrors and water extends the lens space and highlights her creative expression as a director.

Also born after 2000, Lai Guanlin tried to write and direct himself earlier than Wen Qi. As early as 2021, he created the short film "Winter and Spring Fight". The story is written by Lai Guanlin himself, and the romantic title of the film is derived from "mountainsA poem from The Little Poet.The film tells the story of the daily life of a pair of left-behind siblings in a village in Liangshan Yi Autonomous Prefecture, who won the honorary promotion of the third Golden Rooster Short Film Season New Wing Program.

Talking about his original intention of becoming a director, Lai Guanlin said frankly, "I just want to shoot things and visualize what I write."

The theme focuses on the future of Beijing and tells a heartwarming story about robots. Chen Ruoxuan, 28, also wrote and directed the short film "A House" and was shortlisted for the 13th Beijing International Film Festival Young Chinese Director Venture Capital Training Camp.

"I just wanted to write something, but I didn’t expect to be selected from hundreds of scripts." Chen Ruoxuan said bluntly that becoming a director was completely unintentional.

Like many ordinary new directors, whether Wen Qi, Lai Guanlin or Chen Ruoxuan, the actors who have crossed the border have started to experiment with short films. In addition to the director, or the starring role, or the screenwriter, they assume more than one pivotal core role in the stills, making the entire short film more clearly imprinted. Perhaps as Wen Qi said, "This is to represent their own work."

"She Asked" was shortlisted for the short film section ** the Shanghai Film Festival, "Winter and ****** Fight" made a splash on the Golden Rooster Awards stage, and "A House" was a work ** the ******* Film Festival’s venture capital training camp. The recognition ** domestic first-line film festivals also proves that these young people who have crossed the line ** actors and directors have unlimited potential. Lai Guanlin intends to apply for directing studies. Chen Ruoxuan also told 1905 Film Network that after taking the first step, he will go further and further down the road ** directing.

In the future, they will continue to unleash their potential and explore new imaging possibilities.

Compared with the above-mentioned younger generations, the 90-year-old has advanced from short film shooting to feature film creation.

"Your Favorite Color" focuses on the memories of a middle-aged man who plays rock and roll. As early as the age of 30, he made a movie for himself, completing the transition from actor to director. In addition, "Love is a Gun" is written, directed and starred by him. In an earlier interview, Li Hongqi said that he is making a new film.

"Post-00s" Wen Qi, Lai Guanlin, "Post-90s" Chen Ruoxuan and Li Hongqi, represented by them, it is not uncommon for a new force to cross-border directors from actors, and there may be an endless stream in the future.

He revealed his deep thoughts on the direction of production in the past. The 93-year-old had long been looking forward to unlocking the director’s identity, "Acting is a stepping stone, and behind the scenes, you can feel the intentions of every film creator more deeply." A few years ago, he also said in an interview that after enough precipitation, he would consider making his own film.

After spending a long time on the set, cross-border directing seems to have become a new development direction for young actors.

PART.2

Regarding the phenomenon of actors, even young actors, "crossing the border", he did not shy away from saying: "This is normal. In addition to actors and screenwriters, photographers can also be directors, and there are many excellent examples. This only proves that the film industry itself provides a lot of room for young people to rise and is full of vitality."

In the past, there were indeed many successful examples of young actors and directors who had crossed the border. Compared with the current batch of new directors who crossed the border, although the seniors rarely tried to cross the border in their early twenties, they were extremely adaptable after crossing the border and achieved brilliant results early.

The director who turned out to be a handsome and passionate knight in Gu Long’s pen was only 29 years old when he made his feature debut. Douban’s 8.6-point "The True Story of the Mad" is still a classic. The film not only made the then-rookie director Er Dongsheng mention the Best Director of the 6th Hong Kong Film Awards and other nominations, but also ushered in a perfect start for his directorial career.

After getting rid of the youth of "Beijing Love Story", when she picked up the director tube, she was only 29 years old. This work, which she wrote, directed and starred in, not only won the Best Director’s Debut Award at the 23rd Chinese Film Golden Rooster Awards, but also helped Xu Jinglei nominate for the Golden Rooster Award for Best Actress that year.

With a household name, he was only 31 when he filmed his first director’s work; he was only 32 when he co-directed.

Looking back, in their twenties or early thirties, when they crossed over to become directors, they were also young actors in their prime.

With Zhou Xingchi as the representative, he became very popular when he crossed the border, and his high national popularity naturally became the confidence of famous actors to try to make films. Of course, there are also unknown actors who have the courage to cross the border. Even if the initial stage is like a splash, but one step at a time, they eventually grow into independent directors.

At the beginning of his debut, he often "played soy sauce" in Hong Kong films as an actor. The 31-year-old director did not attract much attention. It was not until his debut that his directing ability was revealed.

As far as the current social and employment environment is concerned, the age of 35 is often considered a difficult pass. If you cross it, you may usher in a new dawn; if you can’t cross it, you may be gradually eliminated in the tide of the times.

The same is true for actors, especially those who are less well-known.35-Year-old actors may face the dilemma of losing opportunities, but 35 is the golden age for directors to create. In a sense, young actors can not only maximize their creative initiative, but also help broaden their development space and create more opportunities for personal career advancement.

It was undeniable that there were examples of actors failing to become directors. But whether it was Jiang Wen, Zhou Xingchi and other senior directors who had not seen a new film for a long time, or still active in the film industry, etc., they had proved time and time again that there were infinite possibilities for actors to cross-border directors.

The younger you are, the earlier you try, the lower the cost of trial and error, and the greater the room for development. The cross-border director of young actors is undoubtedly an active attempt. Looking forward to more young actors, bold challenges, and new colors for Chinese movies!

[Text | Interface, Yuan Yingqi]

Nongfu Spring, which has repeatedly said that there is no need to list, finally decided to list on the Hong Kong Stock Exchange. The company that mainly produces "a little sweet" mineral water has a financing scale of no more than 1 billion US dollars, but it is a high probability event that it will enter the 100 billion market value club after listing.

We carefully read the prospectus submitted by Nongfu Spring to the Hong Kong Stock Exchange and found that the company had mixed feelings.

Nongfu Spring "not bad money"

Nongfu Spring was established in 1996, and its founder Zhong Liangyi holds 87.4% of the shares. The company’s main business contributes about 95% of the total operating income. The main products include drinking water, tea beverages, functional beverages and fruit juice beverages, accounting for 60%, 13%, 16% and 10% of the revenue respectively. Among them, drinking water and fruit juice beverages have grown rapidly.

Image source: Prospectus, Interface News Research Department

According to the prospectus, Nongfu Spring has maintained steady growth in the past three years. From 2017 to 2019, the income was 17.491 billion yuan, 20.475 billion yuan and 24.021 billion yuan respectively, with a compound annual growth rate of 17.2%. Nongfu Spring achieved net profit of 3.385 billion yuan, 3.612 billion yuan and 4.954 billion yuan in the past three years, with a compound annual growth rate of 21.0%.

Image source: Prospectus, Interface News Research Department

In 2019, the comprehensive gross profit margin of Nongfu Spring was as high as 55.4%. Mainly due to the gross profit margin of 60.2% of the largest drinking water product. The gross profit margins of other categories such as tea beverages, functional beverages and fruit juice beverages were 59.7%, 50.9% and 34.7% respectively.

In terms of net profit, the net profit rate of Nongfu Spring rose to 22.8% in 2019, of which sales expenses accounted for the largest proportion of the three fees. Specifically, sales expenses accounted for 24.2% of operating income, and the most important ones were transportation expenses and advertising expenses, which were 2.53 billion and 1.22 billion yuan respectively, accounting for 10.5% and 5.1% of operating income, respectively.

In terms of cash, Nongfu Spring adopts the first payment and then the goods transaction method, and the book receivables are very small. From 2017 to 2019, the company’s net operating cash inflow was greater than the net profit of the year, especially in 2019, the net operating cash inflow was as high as 8.73 billion yuan. From 2017 to 2019, the book structured deposits were 2.04 billion, 3.60 billion and 200 million yuan respectively. The average interest rate earned was between 4.0% and 4.9%.

The sharp decrease in cash in 2019 was due to the concentrated dividend of Nongfu Spring up to 9.50 billion yuan before listing. Among them, the major shareholders received 8.20 billion yuan. Previously, although Nongfu Spring also had annual dividends, the amount was 2-300 million yuan. And the total financing of Nongfu Spring is only 1 billion US dollars.It is certain that Nongfu Spring did not choose to go public because of a lack of funds.

What is the valuation after going public?

Master Kong Holdings, the equivalent producer of mineral water in Nongfu Spring, has been listed on the Hong Kong stock market. In 2019, Master Kong Holdings’ beverage business contributed HK $39.70 billion to operating income, which was greater than Nongfu Spring’s operating income. But net profit was only HK $3.72 billion, far less than Nongfu Spring’s 4.95 billion yuan.

At present, the market value of Tingyi Holdings is 77.20 billion Hong Kong dollars, corresponding to the price-to-earnings ratio of about 20.8 times in 2019. It is estimated that the total market value of Nongfu Spring after listing is at least about 130 billion Hong Kong dollars. In fact, Nongfu Spring is better than Tingyi Holdings in terms of profitability and growth, and the market may give a higher valuation.

According to the prospectus, the drinking water market is still in a stage of rapid development. According to Nielsen’s forecast, it is still expected to maintain a growth rate of about 10% in the next five years. Compared with the beer and condiment market, the drinking water market has more room. Based on the high concentration of the drinking water market, it is also possible to produce a leader with a larger market value than Budweiser Asia Pacific (1876.HK) and Haitian Flavor (603288.SH) in the long run. The average price-to-earnings ratio valuation of beer in the Hong Kong stock market is 30-40 times. The average valuation of soy sauce and vinegar in the class A share market is more than 40 times. Based on this, we have predicted the market value of Nongfu Spring.

Image source: Interface News Research Department

The troubles of Nongfu Spring

Although the situation is good, Nongfu Spring is not a smooth road.

First of all, the drinking water business depends on the source of water, and the bottleneck facing the long-term growth of Nongfu Spring is the limited source of water. According to relevant laws and regulations, units and individuals who directly extract water from natural resources (such as rivers, lakes and groundwater) need to obtain a water extraction license and pay a water resource fee. Enterprises need to extract water according to the approved annual water extraction plan. Moreover, mineral water has the dual attributes of water resources and mineral resources. The production of mineral water should also apply for a mining license according to law. In other words, the scarcity of water sources on the one hand helps enterprises to establish high industry barriers, and on the other hand restricts enterprises to expand production capacity. It is conceivable that with the development of the industry, there are fewer and fewer untapped water sources.

The situation of Nongfu Spring’s newly obtained water sources in recent years is not optimistic. At present, Nongfu Spring has a total of 10 water sources. The main production bases are still Qiandao Lake in Zhejiang, Changbai Mountain in Jilin, Danjiangkou in Hubei and Wanlv Lake in Guangdong, which were obtained before 2005. With the increase in environmental awareness, the water withdrawal from water sources obtained by Nongfu Spring in recent years has become smaller and smaller. In 2019, the newly obtained water withdrawal from water sources was only 504 thousand cubic meters per year. Although the approved water withdrawal from water sources currently owned by Nongfu Spring is much larger than the actual production capacity of the company, the company does not have the problem of insufficient water withdrawal in the short term. However, products concentrated in water sources in Zhejiang, Guangdong, Jilin and Hubei are also limited by the transportation radius.

Nongfu Spring has less water sources that can produce mineral water, which is not conducive to product upgrades in the future. In addition, the average ton price of Nongfu Spring drinking water has declined for two consecutive years, the company explained, because of the increase in sales of large-packaged drinking water with lower unit prices. In the short term, Nongfu Spring may face the risk of lower gross margins.

Due to the scarcity of domestic water sources, Nongfu Spring has begun to go overseas. Nongfu Spring has acquired Otakiri Springs, a New Zealand bottled water company. The prospectus revealed that Nongfu Spring will look for suitable acquisition targets in the future. However, the overseas market is more mature than the Chinese market, and the growth space is limited. The risk of "going out" is really not small.

Image source: Prospectus, Interface News Research Department

Secondly, Nongfu Spring also faces the problem of "succession". The company has five executive directors. Among them, the founder Zhong Shuzi currently serves as the chairperson and general manager of the company, with a shareholding of 87%. Appropriately reducing the founder’s shareholding ratio through listing can achieve the effect of optimizing the shareholding structure and reducing decision-making risks. At present, Zhong Shuzi is 66 years old and has been deeply involved in the operation of Nongfu Spring. Another executive director, Guo Zhen, deputy general manager in charge of the overall operation and production of Nongfu Spring, is also 62 years old. Zhong Shuzi, the son of Zhong Shuzi, is currently a non-executive director of the company and does not participate in daily operations. Zhong Shuzi joined the group in 2014 and is currently the general manager of Yangshengtang (Nongfu Spring Holding Company) Brand Center.

It is worth mentioning that at the same time as the listing of Nongfu Spring, another company controlled by founder Zhong Shanyuan, 603392.SH, landed on the class A share main board on April 29. The current market value is 6 billion yuan, and the daily limit has not been opened. In the Hurun wealth list in 2020, Zhong Shanyuan was listed with 14.10 billion yuan. With the listing of the above two companies, his worth is expected to rank among the top five on the rich list.