It takes 23 days from the submission of the application materials to the issuance of the trial by the CSRC. The IPO of Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as "Beijing-Shanghai High-speed Railway") has been experienced in the A-share market with an average initial review period of 9 months and nearly 400 companies waiting in line for listing, which truly shows a "high-speed railway speed".

　　The prospectus published by the Beijing-Shanghai high-speed railway on October 25, 2019 is 578 pages long, but it has not achieved many disenchantment functions. On the contrary, several "myths" have been added — — For example, there are only 67 employees who are retired, rehired and seconded, and the per capita assets under management are 2.792 billion yuan; More than 50 million train tickets are sold every year, with an average gross profit of 124 yuan per ticket; The company has a long-term loan of more than 20 billion yuan, and the annual interest expense is more than 1 billion yuan, but it is all credit loans without any collateral … …

　　Up to now, the Beijing-Shanghai high-speed railway has been operating safely for more than 8 years, sending 1.1 billion passengers. From the perspective of income, profit and large-scale operation level, Beijing-Shanghai high-speed railway is a well-deserved "golden route". Railways and trains seem to be ordinary means of transportation, but considering their important position in the national economy, many countries in the world have regarded them as the key carriers of economic and political games. In the second half of the 20th century, in order to introduce competition and stimulate development, the railway systems of the United States, Japan, Britain, France, Germany and other countries have experienced long and arduous commercial reforms. In the process of losing its state-owned color, the railway has also produced many innovative operating ideas and commercial products such as "separation of network and transportation" and "Shinkansen".

　　It is not easy to open China railway system with market mechanism. As we all know, in the past, the management and operation of the railway system in China has long concentrated the power of administrative examination and approval, road network and transportation management in the Ministry of Railways. Until around 2000, China started the railway reform, and the Ministry of Railways was divided into the State Railway Administration, which is mainly under administrative supervision, the China State Railway Group Co.,Ltd., which is mainly under the management of several local railway bureaus, and various franchised companies.

　　According to the prospectus, through this IPO, the Beijing-Shanghai high-speed railway hopes to raise up to 50 billion yuan. If the target is achieved, the Beijing-Shanghai high-speed rail will become the sixth largest IPO project in the history of A shares. It is also a phased product of the combination of national will and technological innovation after a long process of exploration, and it bears a crucial mission of China’s railway market-oriented reform: it must be broken in the link of "commercialization verification".

Beijing-Shanghai high-speed rail is the most profitable high-speed rail line in China.

　　Double definitions of "golden route"

　　The idea of Beijing-Shanghai high-speed railway can be traced back to a series of internal discussions in the 1980 s. In 1990, the former Ministry of Railways assembled all the early studies into the "Concept Report of Beijing-Shanghai High-speed Railway Line Scheme", and formally put forward the idea that "China should also build high-speed railway". It was not until April 18, 2008 that the entire Beijing-Shanghai high-speed railway was officially started, and it was completed and opened to traffic on June 30, 2011.

　　In the project proposal approved by the State Council in 2006, it was mentioned that the total budget of Beijing-Shanghai high-speed railway would exceed 160 billion yuan. However, in the feasibility study report released one year later, the construction budget rose to 220.94 billion yuan, equivalent to a cost of 167 million yuan per kilometer. This also makes the Beijing-Shanghai high-speed railway the infrastructure project with investment scale second only to the Three Gorges Dam since the founding of New China.

　　80% of the lines have to be carried by new viaducts, and the demolition costs involved along the way are the main reasons for the high construction cost of Beijing-Shanghai high-speed railway. The cost of land acquisition and demolition in seven provinces and municipalities directly under the central government across the Beijing-Shanghai high-speed railway was not confirmed by audit until 2015. According to the contents of the prospectus of Beijing-Shanghai high-speed railway, the total cost of land acquisition and demolition reached 37.099 billion yuan. In addition, according to the prospectus, the construction capital of high-speed railway station reached 1.94 billion yuan.

　　These upfront investments were later directly realized in the form of capital into the shares of provinces and cities along the way in the Beijing-Shanghai high-speed railway company. At present, in addition to the above-mentioned local shareholders, the other three major shareholders of Beijing-Shanghai High-speed Railway are China Railway Investment Co., Ltd. (which invested 60.3 billion yuan when it was launched, holding 49.76%), Ping An Asset Management Co., Ltd. (which invested 16 billion yuan when it was launched, holding 11.44%) and National Social Security Fund (which invested 10 billion yuan when it was launched, holding 7.15%).

　　At the initial stage of operation, the Beijing-Shanghai high-speed railway is often compared with the "Beijing-Shanghai Express" route invested heavily by Air China, China Eastern Airlines and other airlines, because both of them connect the transportation services of the two most important cities in China. In fact, the difference between them is very obvious — — The Beijing-Shanghai express line is only to realize the rapid direct connection between business travelers in Beijing and Shanghai, and the Beijing-Shanghai high-speed rail is of great significance to the population flow and regional economy in the areas covered by the site.

　　A working paper (summary paper) published by the World Bank in 2014 also confirms this view — — The Beijing-Shanghai high-speed railway is 1318 kilometers long, but the proportion of passengers who take the whole Beijing-Shanghai high-speed railway line from beginning to end is not as high as expected, and the average ride distance is actually about 500 kilometers. If you start from Shanghai, this number can reach Bengbu City in Anhui Province. Starting from Beijing, you can reach Tai ‘an City in Shandong Province.

　　The total population living in provinces and cities along the Beijing-Shanghai high-speed railway accounts for 27.3% of the national total. The labor force can flow quickly and conveniently, which is conducive to promoting the economic development of provinces and cities along the high-speed rail. In another research report, the World Bank calculated the GDP of Dezhou and Jinan in Shandong Province in 2010, and concluded that the Beijing-Shanghai high-speed railway boosted the GDP of these two cities by 0.67% to 1.39% and 0.36% to 0.75% respectively in 2015.

　　This may be one of the most intuitive explanation cases of "when a train rings, there are two thousand gold".

　　China version of "separation of network and transportation"

　　A high-speed railway itself is a valuable fixed asset, plus station buildings, electrical equipment, land use rights and a small amount of cash along the line that can be estimated — — These constitute most of the assets of the listed Beijing-Shanghai high-speed rail company. The train assets running on this railway belong to the three local railway bureau groups of Shanghai, Jinan and Beijing along the Beijing-Shanghai high-speed railway.

　　Based on the above division of assets, the relationship between Beijing-Shanghai High-speed Railway Company and railway bureaus along the line is generally a so-called "entrusted transportation" cooperation relationship, that is, the road network company entrusts railway bureaus with trains and workers to complete transportation services. In the transportation industry, this model is called "separation of network and transportation".

　　The idea of "separation of network and transportation" is to separate the railway network infrastructure with resource monopoly from the railway passenger and freight transportation with market competitiveness by setting up their own companies to operate. Its value lies in promoting the maximum utilization of road network resources with the help of increasingly flexible market-oriented passenger and cargo transportation business.

　　Germany is one of the representative countries that implement railway "separation of network and transportation". In addition to the state-owned Deutsche Bahn, there are currently more than 400 private railway operators who can use the German railway network, achieving full competition in the freight and short-distance passenger transport markets.

　　Theoretically, Beijing-Shanghai high-speed railway, as a road network company, has the right to collect the road network service fee from the railway bureau to which the trains operating on the road network belong — — Simple understanding is "toll", but the ticket revenue and the revenue generated by various services on the train belong to several local railway bureaus. In the prospectus, the Beijing-Shanghai high-speed railway directly refers to the local railway bureau as its "customer".

　　This situation is similar to that of long-distance buses running on expressways — — Whether it is empty or full, the highway company will charge the same toll; However, the passenger’s ticket money is handed over to the bus operating company, so what the passenger transport company needs to consider is to improve the attendance rate by improving the service experience, thus driving the continuous growth of ticket revenue.

　　The Beijing-Shanghai high-speed railway finally implemented a more complicated mode of "separation of network and transportation". As a result, the company not only collected tolls from the local railway bureau, but also had a part of the direct income of train tickets.

　　According to the prospectus, the Beijing-Shanghai High-speed Railway Company has signed the Agreement on Train Undertaking of Beijing-Shanghai High-speed Railway with Shanghai Railway Bureau, Jinan Railway Bureau and Beijing Railway Bureau, and the Beijing-Shanghai High-speed Railway has the service management right of "local trains", so it can obtain the ticket income of these trains.

　　The definition of "local train" by Beijing-Shanghai High-speed Railway is "a train running on the Beijing-Shanghai High-speed Railway, which starts and ends". Simply explained, the starting station and the terminal station of the train are all stations in a city along the Beijing-Shanghai High-speed Railway, such as Beijing to Nanjing, Jinan to Xuzhou and Tianjin to Shanghai.

　　For the trains on this line, the local railway bureau is the "entrusted service provider" of Beijing-Shanghai high-speed railway company, and its main income items are the train rental fee and entrusted service management fee paid by the latter (all train service personnel belong to the local railway bureau); At the same time, the local railway bureau does not have to pay "tolls" to the railway bureau.

　　The opposite of "local train" is "cross-line train", which refers to those trains whose starting station or terminal station is not on the Beijing-Shanghai high-speed railway, but will pass through (use) a certain section of the Beijing-Shanghai high-speed railway. For example, the high-speed trains from Zhengzhou to Nanjing or Beijing to Hangzhou are all over-the-line trains. For cross-line trains, Beijing-Shanghai High-speed Railway Company only participates in the operation as a simple road network operator, and collects "toll" from the local railway bureau to which the train belongs, and all the fare income belongs to the latter.

　　The combined "separation of network and transportation" that "the road network company collects both tickets and tolls" around the operation of Beijing-Shanghai high-speed railway is full of China characteristics. In other words, this is a phased achievement in the long journey of railway reform in China.

　　In fact, along with it, the discussion on the advantages and disadvantages of "separation of network transportation" in the industry has never stopped. On the one hand, this model is recognized, because it faces the intertwined railway operation system from the system. First, it makes a complete cut of "road network resources" and "transportation services". However, it is difficult to see the possibility of introducing other market-oriented railway operation service providers in the short term, so after the above-mentioned cutting, the process reengineering is still implemented among various state-owned companies, which increases the transaction cost and is a negative impact on improving system efficiency.

　　Balanced performance space

　　After the disclosure of the prospectus of Beijing-Shanghai high-speed rail, the outside world marveled at its annual income scale of more than 30 billion yuan. At present, the company’s "local business" and "cross-line business" revenue accounts for basically the same proportion. In the business model, these two parts of income correspond to completely different indicators and models.

　　The income of the "local train" is the fare, and the two indicators that affect the income are the total number of passengers sent and the average fare paid by passengers. However, the prospectus of Beijing-Shanghai high-speed railway does not directly disclose the average passenger fare, but only discloses the passenger transportation data such as the total number of trains sent, the number of passengers sent, the load factor and the passenger turnover during the reporting period.

　　The main factor that affects the income of "cross-line trains" is the number of trains that purchase services from the road network. According to the prospectus, since the Beijing-Shanghai high-speed railway line is connected with many high-speed railways such as Jingha, Taiqing and Shanghai-Kunming, and the hub stations along the line are mostly traffic hubs in the eastern region, with the gradual improvement of the high-speed railway network, the corresponding cross-line train income has also increased.

　　Since 2016, the actual controller of Beijing-Shanghai high-speed rail — — China Railway Corporation, the predecessor of China National Railway Group Co., Ltd. (hereinafter referred to as "China State Railway Group Co.,Ltd."), has the "pricing power" for high-speed rail, and can implement certain fare fluctuations according to factors such as market competition and passenger flow distribution. In the past few years, although there have been preferential discount tickets for high-speed rail and bullet trains as a whole, the fares of key lines represented by Beijing-Shanghai high-speed rail have remained unchanged for many years.

　　A more noteworthy variable is that in recent years, with the introduction of the "Fuxing" train with faster running speed, the opening of long-formed trains that can accommodate more passengers, and the adjustment of the proportion of trains with various formation sizes, the annual total number of passengers sent by trains on this line is steadily increasing, but the daily average number of trains on this line is declining.

　　This idea of small-scale adjustment is believed to continue in the next year or two and become an important variable affecting the company’s revenue and gross profit growth. On the premise that the ticket price is relatively constant, CBN magazine calculated the annual revenue and gross profit growth range of Beijing-Shanghai high-speed rail in the future. Under optimistic circumstances, it is estimated that the annual growth rate of its revenue will reach 9.34% and the gross profit will increase by 7.55%. Even in a relatively pessimistic situation, the performance can remain stable.

　　The core asset of Beijing-Shanghai high-speed railway company is the high-speed railway network. Considering the minimum train tracking interval, train speed and other factors, its overall capacity has a theoretical upper limit. In order to maximize the growth of revenue and profit, the company should actually consider how to balance the proportion of local cars and cross-line cars.

　　In the routine inquiry of the CSRC about the prospectus of Beijing-Shanghai high-speed rail, one question is to ask the company to explain whether the second line of Beijing-Shanghai high-speed rail may form a major horizontal competition relationship with the existing business. As the bidding for related design projects was publicized, the second line of Beijing-Shanghai high-speed rail, which is still in early planning, happened to catch up with the "hot spot" of listing of Beijing-Shanghai high-speed rail. In order to alleviate the transportation pressure of Beijing-Shanghai high-speed rail, the National Development and Reform Commission announced the development plan of the future high-speed rail in July 2016, and the "Beijing-Shanghai Passage" part involved is the Beijing-Shanghai Second Line. Except the origin and destination stations and Tianjin section are consistent with the current Beijing-Shanghai line, Weifang, Linyi, Huai ‘an, Yangzhou and Nantong on the Beijing-Shanghai second line are all closer to the east coast of China. These two railway lines connecting Beijing and Shanghai will become an important part of the "eight verticals and eight horizontals" long-term planning of China railway network in the future. As more high-speed rail lines are built and merged into the existing network, the utilization rate of the existing Beijing-Shanghai high-speed rail line will further increase, but the cost will decrease according to the marginal effect, thus gradually pushing up the gross profit margin.

　　Close to "big profit"

　　In the railway industry, there are so-called "small profits" and "big profits". "Small profit" means that income can offset operating costs, such as labor, energy, depreciation, etc. The "big profit" is based on the investment in railway construction, such as loan interest and principal.

　　Due to the huge construction cost, in addition to the capital invested by the company’s shareholders, high-speed rail projects often rely on a large number of debt financing to fill the gap. When the Beijing-Shanghai high-speed railway was built, 50% capital and 50% loans and bonds were used to cover the upfront cost of 220 billion yuan. According to the prospectus, as of the end of the third quarter of 2019, the Beijing-Shanghai high-speed railway still has a total of 21.807 billion yuan of long-term loans, of which 1.5 billion yuan will expire within one year; It is estimated that in the whole year of 2019, the company will still have to pay more than 1 billion yuan in interest on the loan.

　　For the Beijing-Shanghai High-speed Railway Company, there is a relatively objective profit margin for ticket and road network revenue. According to the prospectus, the current interest guarantee multiple (editor’s note: earnings before interest and tax’s interest expenditure, which is used to measure the company’s basic ability to repay loans) is 16 times. In addition, the company repaid 7.5 billion yuan of long-term loans in advance in 2016, so it is quite promising to achieve the "big profit" goal of "paying interest and repaying principal".

　　But this is only the result of independent inspection of high-speed rail operating companies. Because of the close cooperation between the high-speed rail operating company and the railway bureau, it is difficult to analyze it independently in daily operation, so the influence of the railway bureau should be considered when investigating the overall operation of the high-speed rail line.

　　The prospectus of the Beijing-Shanghai High-speed Railway also disclosed some operation data of 18 railway bureaus under the jurisdiction of China State Railway Group Co.,Ltd.. Among the three railway bureaus in Beijing, Jinan and Shanghai involved in the line, in 2018, only the Shanghai Bureau had a profit of 1.7 billion yuan, the Jinan Bureau suffered a slight loss, and the Beijing Bureau had a loss of 6.139 billion yuan. The income and profit level of the specific line were not disclosed. And China State Railway Group Co.,Ltd.’s total debt level has stabilized at more than 5 trillion yuan.

　　According to the report "China’s High-speed Railway Development" released by the World Bank in mid-2019, if the overall profitability of the lines composed of "corresponding investment from operating companies and railway bureaus" is investigated, many lines with a design speed of 200-250km/h in China can hardly achieve the operation goal of "small profit" at the initial stage of opening. After the line is opened for 10 years, the principal and interest pressure has been significantly reduced, and more than half of the lines with a design speed of 300 to 350 kilometers per hour can achieve "big profits" at the existing passenger traffic level.

　　Of course, there is also the debt borne by local governments for the introduction of high-speed rail. In order to implement the relevant demolition funds, local governments rely heavily on bank loans in addition to using financial funds, which actually further increases their own burden. In 2018, the Development and Reform Commission issued special guidance to warn individual places of the hidden debt risk under the "high-speed rail effect".

　　In the face of such an overall situation of the industry, as a star company entity with annual profits and dividends, IPO financing of 50 billion yuan and "promoting the reform of railway joint-stock system", the economic value of Beijing-Shanghai high-speed railway is remarkable, but it is impossible to copy it.

　　Xinhua News Agency, Shanghai, April 25th (Reporter Huang Anqi) Shanghai No.1 Pet Co., Ltd. sued the organizer of Dianping.com because the consumer’s "bad review" demanded that Dianping.com be deleted. Shanghai Changning District People’s Court recently made a first-instance judgment on this case, rejecting all the claims of the plaintiff’s pet company. The court held that although the words used in the "bad reviews" of consumers involved in the case violated the network ethics, they did not constitute a reputational infringement on merchants.

　　In October, 2015, a pet company in Shanghai sued the court, claiming that in April, 2015, it was found that there were malicious, untrue, even insulting and defamatory comments on its pet shop in the comments of Dianping.com, and it contacted Shanghai Hantao Information Consulting Co., Ltd., the organizer of Dianping.com, and requested to delete the above comments. However, Hantao Company replied that it could not be deleted. In July and August, 2015, malicious comments that seriously damaged the goodwill of pet shops and seriously insulted employees’ personality reappeared on relevant web pages. Although they were requested to be deleted after several negotiations, Hantao Company still ignored them. The pet company believed that the above malicious comments seriously violated its reputation right, and appealed to the court to order Hantao Company to immediately delete the above comments and compensate the economic losses, attorney fees, notary fees and so on totaling 61,500 yuan.

　　Hantao Company believes that it has no subjective intention or behavior to infringe the plaintiff’s reputation right, and the relevant comments are uploaded by netizens themselves, reflecting free will, which also belongs to the supervision of public opinion and freedom of speech. The company has not made any editing, and the comments do not contain malicious comments, which does not constitute an insult or slander to the plaintiff. Therefore, it does not agree to delete them and requests the court to reject all the plaintiff’s applications.

　　In December 2015 and February 2016, the court held two public hearings to hear the case. The court found that Hantao Company was the organizer of Dianping.com.. Since 2011, registered users of Dianping.com have published comments on the platform of Dianping.com, including "killing people for money", "harming nature and justice", "all praise is due", "no medical ethics", "black shop" and "beast". Recently, the court made the above-mentioned first-instance judgment on this case of reputation infringement dispute caused by online "bad review".

　　Recently, Niu Niu (a pseudonym), a 1-year-old child, developed symptoms of vomiting and diarrhea. On the third day, his symptoms did not improve, but he also had a seizure. His parents rushed him to the hospital. Combined with clinical manifestations and examination results, the doctor diagnosed that Niu Niu was suffering from "acute gastroenteritis with benign convulsion". The convulsion was caused by impaired digestive function, while vomiting and diarrhea were infected with rotavirus.

　　After testing, the child’s stool was positive for rotavirus. According to the doctor, rotavirus is mainly transmitted by fecal mouth, and infants with imperfect gastrointestinal function and low immunity are susceptible groups.

　　"Rotavirus is a common epidemic pathogen in children. It often causes gastrointestinal symptoms, such as vomiting and diarrhea. Severe diarrhea can lead to serious electrolyte imbalance and a symptom of dehydration. Rotavirus is also contagious." Jiang Jie, deputy director of pediatrics at Changsha Central Hospital, said.

　　The doctor reminded that families with infants should pay attention to prevention when entering the high incidence period of rotavirus.

　　What is rotavirus?

　　Rotavirus (RV for short) is the main cause of severe diarrhea in infants and young children. The main route of transmission is fecal-oral route, and it can also be spread through close contact or respiratory tract. Autumn and winter are the peak seasons of epidemic. Rotavirus is divided into eight groups, which are A, B, C, D, E, F, G and H respectively. Among them, group A is the most common one, and 90% of cases are caused by it.

　　Infants and young children are vulnerable to rotavirus because of their immature gastrointestinal tract and weak defense ability. Group A rotavirus is one of the most important causes of severe diarrhea in infants and young children all over the world, and it is also one of the main causes of death among children under 5 years old in developing countries. Almost all children under 5 years old have been infected at least once.

　　What are the characteristics of rotavirus?

　　1. Epidemic season: mainly in autumn and winter, but it can occur in all seasons.

　　2.
How to spread: Rotavirus is mainly transmitted through faecal mouth. There are a lot of rotavirus in the excrement or vomit of children infected with rotavirus. If food, drink and use are contaminated with viral excrement or vomit, such as hands, clothes and utensils, rotavirus will be directly or indirectly transmitted to others.

　　3.
Susceptible population: Rotavirus is a common cause of viral gastroenteritis in children. Therefore, the incidence population is mainly children, and the high incidence age is between 6 months and 3 years old. Infants and young children at this stage lack anti-bacteria and have poor anti-virus ability, so they need to be vigilant.

　　4. Sources of infection: patients (infectious in acute phase and 4-8 days after illness) and asymptomatic virus carriers (infectious without illness).

　　What is the performance of rotavirus?

　　Sick children will vomit at first, and then have different degrees of diarrhea, mostly accompanied by fever. In severe cases, they will have the clinical characteristics of large stool, more water, more times and less urine.

　　Infected children are generally not too serious. Proper rehydration can heal without medicine. However, when diarrhea (vomiting) is serious, it should not be ignored, and medical treatment should be sought in time.

　　Children will go into shock and even die because of severe dehydration, especially babies younger than 1 year old. A small number of babies infected with rotavirus will also be complicated with myocarditis, convulsions and pneumonia, etc., which should also be paid attention to and treated promptly.

　　Note: If the child’s symptoms do not improve within three days of treatment or any of the following symptoms appear, he should also seek medical attention immediately:

　　① The number and quantity of diarrhea increased;

　　② Frequent vomiting;

　　3 obvious thirst;

　　4 can’t eat normally;

　　⑤ fever;

　　⑥ Blood in stool.

　　How to avoid rotavirus infection?

　　Rotavirus enteritis is a self-limiting disease, which usually heals itself in about a week. The general treatment principle is to prevent and correct dehydration, use drugs rationally under the guidance of doctors and actively prevent complications.

　　How to prevent this disease? Pay attention to these five points:

　　1. At present, there is no specific anti-rotavirus drug. Therefore, vaccination against rotavirus is the most effective measure to prevent rotavirus acute gastroenteritis.

　　2. Babies and their caregivers should develop good hygiene habits, especially pay attention to hand hygiene, and do not touch mouth, eyes, nose and food with dirty hands; Don’t let the baby eat his hands, and clean them in time.

　　3. Pay attention to family hygiene, the room is often ventilated, and the baby’s utensils (bottles, bowls, spoons, etc.) need to be cleaned before use, and the clothes, quilts, toys, etc. should be changed frequently.

　　4. Encourage and insist on breastfeeding.

　　5. Items contaminated by rotavirus should be thoroughly disinfected by high temperature, disinfectant or sun exposure.

　　Reporter: Ye Xuyan integrated the National CDC, China CDC and CCTV.

　　On November 2nd, the 28th China Prize for Journalism and the 15th Taofen Award for the Yangtze River were officially announced.

　　CCTV, Yangguang and Guoguang, affiliated to the Central Radio and Television General Station, ranked first in all kinds of media in China with the total number of awards of 35 works. Among them, "Carry out the Reform to the End" and "Design of the Report Matrix of the Nineteenth National Congress on the Zero Home Page of CCTV" won special prizes, 12 works including "Beginning of Heart" won the first prize, and one person won the Yangtze River Taofen Award.

　　First, innovative reporting methods, major theme publicity has become the winner.

　　CCTV’s "Carry out the Reform to the End" made an in-depth and panoramic report on comprehensively deepening the reform for the first time. While reflecting strong ideological and theoretical depth, it vividly told the reform story that happened around the people and sang the strongest voice of the era of comprehensively deepening the reform.

　　"Special Program to Celebrate the 90th Anniversary of the Founding of the People’s Liberation Army of China", with innovative ways of expression and full use of new technologies such as AR and VR, perfectly presents the majestic military parade on the battlefield.

　　The "Live Report of the Party Representative Channel" highlights the transparency and openness of the Party Congress with real-time pictures and real details.

　　Second, the ability to set and guide online issues has been continuously enhanced, and many works have sparked heated discussions.

　　"Heart in Heart" carefully selected a large number of precious images of the Supreme Leader General Secretary when interviewed by CCTV in different periods, and combined with the information footage taken by local TV stations, it portrayed the general secretary’s firm belief of taking the people as the center.

　　The Road to Public Servants uses various technical means, such as a mirror to the end and three-dimensional projection, to show the distinctive political character and leadership style of the general secretary’s "being a public servant forever".

　　"The VR Panoramic Live Broadcast of the Launch Mission of Tianzhou-1" adopts the new technology of VR live broadcast, creating a record of the whole live broadcast of the rocket launch at the nearest distance (100 meters) in history. The audience can not only face the shocking visual impact of the rocket launch directly through the screen, but also get an all-round immersive experience in rocket hoisting, transshipment and other links.

　　The comprehensive use of multimedia forms, such as "H5 Report of the Friends Circle of the Anchor of Yangguang" and "International Sharp Review" of Guoguang, has comprehensively enhanced the dominant position of mainstream media in the online public opinion field.

　　Third, the news column is aggressive, highlighting the brand image of the reception desk

　　With the implementation date of the National Anthem Law as the background, Chaoguang News was carefully organized and arranged, which lasted for 82 years in less than half an hour, vividly showing the theme of patriotism from a historical perspective. The topic of Guoguang’s Roundtable Proceedings follows closely the social hotspots, and Chinese and foreign hosts and guests have diverse and unique perspectives on the interpretation and analysis of the topic, and there are many unique insights.

　　Four, a number of award-winning foreign communication works reflect the strength of accurate communication.

　　"Going Home" Guoguang is a special program specially produced to commemorate the 80th anniversary of the Nanjing Massacre. It is effectively pushed overseas by integrating the Internet, English Global China Plus client, WeChat and other platforms, which has aroused deep thinking of historical facts by listeners and netizens from all over the world.

　　In Memory of Gao Mang (Russian) is in line with the background of Sino-Russian friendship. It tells the story of friendly exchanges between Chinese and Russian people with the sound of literature, and explores the transnational cultural exchange phenomenon of "Russian literature in China" with the clue of Mr. Gao Mang’s "life translation" to reveal the connotation of traditional friendship between Chinese and Russian people.

　　In the selection of this year’s China Prize for Journalism, one person from the General Desk, the People’s Daily and Xinhua News Agency won the prize. The winner of the reception desk is Ren Jie (female, deputy director of the planning department of Voice of China in china national radio).

Welcome friends to vomit. Xiaobian is really honored. Xiaobian will try to share better articles with you. Your support is the driving force for me to move forward. Give me some advice. Xiaobian will accept good improvement with an open mind.

Seals may be seen in some aquariums, but how do these seals react when they see food? In the aquarium, the netizen saw the keeper teasing the seal man with a small fish, and the behavior and barking sound of the seal made the Lord feel funny.

A seal can’t talk like a human, but it knows how to express itself with actions and some sounds, so when it sees something to eat, it keeps barking there, hoping to achieve its goal, and doesn’t even want to twist its head when it sees food.

The seal kept barking there, but it was because of it that people became more and more fond of playing with it. It looked particularly interesting and lovely. If there was no food to tempt it, it wouldn’t bark, which made the audience lose interest.

Seals don’t go into the water on the shore, and another seal in the water is also watching. They all hope that this keeper will give it eat small fish. Both guys are tempted by small fish and can’t leave. It’s unbearable not to eat some small fish.

If you want these seals to be motivated, you have to use these methods. No matter what kind of animals they are, they are all foodies. As long as they see what they eat, they are particularly active. Therefore, when there are many audiences, they have to use food to perform.

The seal on the shore has been barking there for a long time, but it hasn’t waited until the food is eaten, but it just doesn’t give up, and it continues to cry there unless it eats the food. Netizens, have you ever seen a seal?

Note: The picture comes from the Internet.

As a car owner, I have a deep understanding and practical experience of this car. The following will share my experience in appearance, interior, space, power, control and safety.

I. Appearance

The exterior design is fashionable and atmospheric, and the streamlined body lines are both beautiful and optimized for wind resistance. The front face is designed in a Volkswagen family style, and the wide air intake grille and sharp headlights complement each other, showing a strong recognition. Whether driving in the city or on the highway, sagitar’s appearance can attract a lot of attention.

Second, the interior

Sagitar’s interior design is simple and exquisite, with reasonable functional layout and convenient operation. The center console is simple and clear, and all kinds of buttons and knobs are within reach. The seat is comfortable in material and superior in texture, giving people a high-quality driving experience.

Third, space

Sagitar’s driving space is spacious and comfortable, providing sufficient head and leg space in both front and rear rows. The trunk has a large volume, so it is very convenient to load luggage in daily travel.

Fourth, motivation

Sagitar provides a variety of power versions to choose from, and the version I choose can provide smooth and abundant power output on urban roads and highways. Fast acceleration response, easy to drive.

V. Manipulation

The sagitar chassis has stable adjustment and proper roll control when cornering, giving people a solid driving experience. The steering system is accurate, the steering wheel feels moderate, and it is easy and pleasant to drive.

VI. Safety

Sagitar is equipped with rich safety configuration, including multiple electronic stability systems, etc., to provide all-round protection for drivers and passengers. The high-strength body structure further enhances passive safety and ensures driving safety.

In short, sagitar has excellent performance in appearance, interior, space, power, control and safety, and it is worth recommending.

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BYD Seal 06 DM-i adopts a fashionable and dynamic design, and the front face adopts a closed air intake grille with sharp LED headlights, which shows a strong sense of science and technology and modernity. The body lines are smooth and the whole body presents a dynamic style. Through LED taillights are used in the rear part to make the vehicle more recognizable.

The body size of Seal 06 DM-i is 4830*1875*1495 mm and the wheelbase is 2790 mm, which provides spacious interior space. The side lines of the car are smooth, and the overall shape is simple and dynamic. The front and rear wheel tracks are 1620 mm, which ensures the stability and handling performance of the vehicle. Equipped with tyre size 225/60 R16, with exquisite rim design, it not only enhances the sense of movement of the vehicle, but also enhances the driving stability and comfort.

The interior style of BYD Seal 06 DM-i is simple without losing the sense of science and technology, and the overall atmosphere is elegant and comfortable. The steering wheel is made of leather material, which feels delicate and is equipped with manual adjustment function up and down and forward and backward to meet the individual needs of different drivers. The center console is equipped with a 10.1-inch high-definition touch screen, which supports the voice recognition control of multimedia system, navigation, telephone, air conditioner and window, providing great convenience for drivers. The seat is made of imitation leather. The main driver’s seat has the functions of front and rear adjustment, backrest adjustment and height adjustment, while the co-pilot’s seat has the functions of front and rear adjustment and backrest adjustment. The rear seat supports proportional tilting, which further enhances the flexibility of the seating space. The car is also equipped with rich charging interfaces, including a USB interface in the front row and two Type-C interfaces in the back row, which fully meets the charging needs of passengers.

Seal 06 DM-i is equipped with a 1.5L101HP L4 engine with a maximum power of 74 kW and a maximum torque of 126 Nm. With the E-CVT continuously variable transmission, it provides smooth power output and high fuel economy for the vehicle.

Car home car owners praised the design of Seal 06 DM-i, thinking that it was still dynamic at that time, especially the closed front face design with slender LED headlights, which made this car not only full of scientific sense, but also highly recognizable. The body lines are smooth and full of tension, and the tail shape is unique, which fully shows the design style of the coupe and perfectly meets the aesthetic needs of young people.

　　The report of the 19th National Congress of the Communist Party of China pointed out: "We must promote the modernization and popularization of Marxism in China and build a socialist ideology with strong cohesion and leading power". The reporter interviewed experts and scholars on issues related to promoting the modernization and popularization of Marxism in China.

　　Liu Zhiming, a researcher at the Marxist Institute of China Academy of Social Sciences:

　　Constantly innovate and develop Marxism

　　It is of great significance to promote the modernization and popularization of Marxism in China. First, it is conducive to maintaining the vitality of Marxism forever. Marxism is a scientific truth and must be adhered to, which is basic common sense. However, Marxism must also develop and keep pace with the times. To develop Marxism, we must closely follow the national conditions of China and the reality of China. Marxism and its development, the people can’t be absent, and they can’t be bystanders. Marxism must go to the masses, its development must be rooted in the masses, and it must draw wisdom and nutrition from the masses. Only when it is mastered by the overwhelming majority of the people can it give full play to its function of guiding people’s practice and transforming the world. Therefore, Marxism must be China, modernized and popularized.

　　Second, it is conducive to building a socialist ideology with strong cohesion and leading power in the new era. Socialism with Chinese characteristics has entered a new era, which is a new historical orientation of China’s reform and development. The new orientation makes the development of the party and the country face new situations, new problems and new tasks. These new situations, new problems and new tasks urgently need to promote the modernization and popularization of Marxism in China, so as to make Marxism in China in the 21st century show stronger and more convincing truth power.

　　Third, it is conducive to adhering to and developing Socialism with Chinese characteristics’s new practice under the guidance of developing Marxism in the new era. Promoting the modernization and popularization of Marxism in China will not only innovate and develop Marxism, but also enable the people to grasp the new achievements of Marxist development, and internally implement the requirement of guiding practice with developing Marxism, which will provide a good guarantee for the cause of the party and the state to move from victory to victory.

　　To promote the modernization and popularization of Marxism in China, the new tasks for us are as follows. First, strengthen the study of Marxist theory and strive to master Marxist housekeeping skills. The second is to grasp the new changes in the national conditions, the party’s situation and the world’s situation in a timely manner, and grasp the new requirements put forward by the development of the times for the cause of the party and the state. Third, we should organize the broad masses of cadres and masses to seriously study the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, arm their minds, lead practice and guide their work with Marxism in contemporary China, so as to better push forward the great cause of Socialism with Chinese characteristics in the new era.

　　The new requirements for us to promote the modernization and popularization of Marxism in China mainly include the following points. First, we should firmly establish our belief in Marxism, systematically and deeply study Marxist theory, consciously guide our academic research with Marxist standpoints and methods, and strive to solve the problem of learning, understanding, believing and using. Second, it is necessary to go deep into the grass-roots units, conduct in-depth and down-to-earth research on national conditions, and possess and master a large number of first-hand materials on the changes of national conditions, world conditions and party conditions. Third, we must establish a world perspective, strive to grasp the general trend of world development, and grasp the new situations and new problems arising from the development and changes of world themes. Fourth, we should implement the basic requirements of learning for the people, go deep into the masses, try to understand their thoughts and hopes, and establish the main direction of our own learning.

　　To promote the modernization and popularization of Marxism in China, it is very important to achieve the following three points. First, we should base ourselves on China’s reality, take what we are doing as the center, listen to people’s voices, respond to practical needs, thoroughly sum up Socialism with Chinese characteristics’s practice, and better integrate the basic principles of Marxism with the concrete reality of contemporary China. At the same time, we should broaden our horizons, absorb all beneficial achievements of human civilization, and constantly innovate and develop Marxism. Second, based on the characteristics of the times, we should promote the modernization of Marxism, make better use of Marxism to observe, interpret and lead the times, truly understand the issues facing the times, and profoundly grasp the context and trend of world history. Third, we must persist in arming the minds of party member and cadres with Marxism and its innovative achievements in China theory, gather our hearts together, strengthen the Marxist belief and communist ideal of the whole party, constantly improve the theoretical thinking ability and ideological and political level of the whole party, especially leading cadres, and constantly improve the whole party, especially leading cadres, to grasp a series of major problems facing future development with a broader vision and a longer-term vision, and use Marxism to analyze and solve practical problems. And the ability to cope with major challenges, resist major risks, overcome major obstacles and solve major contradictions, so that the whole party has always maintained a unified mind, firm will and strong combat effectiveness.

　　Professor Jiang Xiyong, School of Marxism, South-Central University for Nationalities:

　　Promote the sound and rapid development of Socialism with Chinese characteristics in the new era.

　　In the historical stage of Socialism with Chinese characteristics entering a new era, it is of great significance to promote the modernization and popularization of Marxism in China. On the one hand, China, modernization and popularization is the most correct and fundamentally legal way for Marxism to appear in contemporary China. According to the historical experience of China’s revolution, construction, reform and all-round deepening reform, Marxism can only be truly spread, applied, developed and innovated in China through the modernization and popularization of China, become a theoretical weapon for arming the mind to transform the world, undertake the historical mission of transforming China, and maintain the nature, spirit and vitality of Marxism forever; According to the historical experience and lessons of Marxism in the West, only by taking the road of China, modernization and popularization can Marxism truly persist in practicing the revolutionary spirit of the proletariat and the ideal spirit of communism, and avoid being lost in the materialized illusion of contemporary capitalism (including science and technology), compromise with reality and capitalists, get rid of the proletariat and the working masses, and forget the "initial heart" of Marxism communism. On the other hand, only by continuing to promote the modernization and popularization of Marxism in China can we truly uphold, develop, improve and expand the socialist cause in China. The course of spreading Marxism in China for a hundred years shows that socialism has always coexisted with Marxism, Marxism is the "soul" and socialism is its "spirit", which are the premise basis of each other.The two words also fundamentally define each other and have the same connotation. Under any historical conditions, the so-called "Do not forget your initiative mind", "True Persistence" and "Sincere Persistence" are only when socialism and Marxism are put together in theory and unified in practice.

　　Therefore, the truly legal, reasonable and correct study of Marxism is bound to follow the academic road of China’s modernization and popularization, insist on in-depth summary, carding and generalization, and enhance the theoretical connotation and logic of China Road, China’s experience and China’s wisdom, and deeply understand the historical and realistic logic of China and the world, times and technology, and mankind and the future with the standpoint and method of Marxism and its China. Sincerely help the Communist Party of China (CPC) to create a new form of Marxist theory that truly reflects the reality of human society and the development of China in the 21st century, and create a way that people of all countries, especially those in the West, love and enjoy, and spread China-oriented Marxism to all ethnic groups and countries in the world. At present, the most important thing is to understand the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era.

　　The practice of continuing to promote the modernization and popularization of Marxism in China is concrete in history. It should be problem-oriented, proceed from the actual situation of current social development and the needs and aspirations of the people, truly strengthen the socialist direction and communist ideal, and make its "China characteristics" more distinctive and heavy Marxist connotation and communist color in the process of promoting the comprehensive and deepening reform of socialism. Firmly promote social fairness, justice, democracy and legal system with real revolutionary spirit, so that the overwhelming majority of workers, peasants and other working people can truly feel and enjoy the superiority of the socialist system in both material and spiritual aspects. At the same time, we should create a more solid social and cultural environment, so that people’s creativity can be brought into full play, and endless social new things can be created, taking it as the starting point and pushing hand, so as to promote our cause to change with each passing day and promote the sound and rapid development of Socialism with Chinese characteristics in the new era.

　　Professor Zhu Rongying, School of Marxism, Henan University:

　　Fully highlight the inherent charm and value of the times of Marxist theory.

　　Marxist theory is an open, practical and developing innovation system. Based on the needs of social practice, it is its essential attribute and inherent meaning to promote its popularization and modernization in China. From the perspective of the overall development of human civilization, the development history of Marxism is an innovative history in which Marxist theory keeps pace with the times, while from the perspective of China’s ideological and cultural development, the development history of Marxism is actually a history in which the basic principles of Marxism are constantly combined with the reality of China’s revolution and construction, and it is also an innovative history in which Marxist theory is constantly China, modernized, popularized and dialectically integrated. Realizing China, modernization and popularization is the scientific path and inevitable choice for the critical inheritance and rich development of Marxist theory, the basic demand and urgent need for constantly opening up a new realm and situation of Marxist theory in practice, and the realistic need for the Marxist theoretical system to scientifically guide Socialism with Chinese characteristics’s construction and continuously achieve brilliant achievements.

　　Chinese contemporary scholars deeply study the Marxist concept of innovation from multi-perspectives, multi-disciplines, all-directions and wide fields, build and develop the contemporary form and innovation system of Marxist theory as a whole, pay close attention to and focus on the ways to realize the China, modernization and popularization of Marxist theory and the direction of China, and build a contemporary logic and display platform for Marxism to "think into life" and lead the times theoretically. It can be described as ambitious, well-conceived, fully demonstrated and deeply analyzed. It not only has a broad and powerful research strength and depth, but also has a great impact on the ideological and factual fields, greatly expanding the logical level and space-time field of Marxism’s integration into practice in contemporary China. Some scholars have systematically summarized, carefully combed, reasonably anticipated and expected the Chinese-style innovative expression of Marxism from several aspects, some have strengthened the realistic pertinence and theoretical timeliness of Marxist theoretical research from the internal origin, and some have clarified their thinking, clarified the status quo, accumulated experience, deepened their understanding and promoted research, providing more thinking development space and spiritual production capacity, and consolidated the cultural heritage of Marxist comprehensive innovation.

　　In fact, in contemporary China, Marxism, as our common theoretical basis and action guide, has strong vitality, appeal, criticism and cohesion, which is manifested in its thorough scientificity, distinctive class nature, conscious practicality and strong revolution. It is an open theory that combines scientificity, class nature and revolution on the basis of practice, and it can realize China, modernization and popularization. It is because it has always maintained the theoretical quality of keeping pace with the times, because it can be constantly innovated, surpassed and developed, and because it is the scientific discovery and reasonable solution of the major theoretical problems that are constantly generated by the deep promotion of the great reform era in which we live.

　　In contemporary academic circles, the research on the innovation of Marxist theory has become increasingly clear, and the times have endowed colleagues in contemporary academic circles with the solemn mission and sacred duty to initiate the research on Marxist theory and its integration mechanism of China, modernization and popularization, and to seriously solve all kinds of complex backgrounds and key problems faced by Socialism with Chinese characteristics’s construction theoretically and practically. In the context of globalization, to create a new situation in the development of world socialism in an all-round way and to enhance the new realm of the future development of world Marxism, it is necessary to conduct innovative discussions on the China, modernization, popularization and integration mechanism of Marxism, and to explore as many new problem areas and theoretical growth points of comprehensive innovation of Marxist theory as possible, so as to fully highlight the inherent charm and value of Marxist theory. This paper systematically explains the core points and essential features of comprehensive innovation of Marxism, tries to show the theoretical charm and practical character of Marxist scientific truth, strives to sublimate practical problems into rational ones, realizes the unity of theoretical rationality and practical rationality, and flexibly uses the integration mechanism of China, modernization and popularization of Marxism to actively create new contemporary semantics for it. (Reporter Pan Yifei)

On September 13th, the brand-new Ford was officially launched, with a price of RMB 309.8-399.8 million. Some models of the new car were upgraded in towing qualification, the engine performance was slightly improved, and the car was also equipped with 8155 chips.

The envy of the old car owners of the new car should be that the Kunlun Peak Edition model has added 2.1 tons of towing qualification, and at the same time, the blind area monitoring area of the new car has also been upgraded, expanding the monitoring range, making it easier to observe the trailer in real time, and the driving mode has also added a special towing mode, which greatly improves the driving safety under towing conditions.

Although the new Ford Explorer is equipped with a combination of 2.3T engine and ＋10AT gearbox, the maximum power of the engine is increased to 213kW, the peak torque is 445N·m, and the official acceleration of 100 kilometers is only 7.2s.

It is worth noting that the fuel tank capacity of the new car has also increased from 73L to 81L, which is about 90-110km more cruising range, which better caters to consumers’ demand for long-distance travel.

The appearance of the new car has not been significantly adjusted, mainly according to the different models, providing new styles of different sizes of rims. In addition, some models can also be equipped with new Caribbean gray, Bering Sea gray and Peto Lake blue body color matching, so that users can choose a more personalized appearance.

The layout of the car is the same as that of the old model, and six-seat and seven-seat layouts are provided. The new model of Kunlun Peak Edition is made of suede in many places, which looks more luxurious and exquisite. In addition, the new car is also equipped with 8155 chips, 5G car network and Baidu map, which makes the car smoother and smarter. At the same time, it is equipped with the BlueCruise driver assistance system, which supports the functions of changing lanes with the turn signal lever and intelligent comity in the lane, making driving easier.

In addition, the new Ford Explorer canceled the knee airbag, mobile phone key PAAK, APA one-button parking assistance, voice control second row seats and other configurations.

summary

On the whole, the new explorers are mainly optimized for some pain points of the old models, which is more in line with the positioning of light off-road SUVs. At the same time, the new towing qualification also brings more playability. However, compared with the models of the same class, it has more advantages, not only has stronger power, but also has plug-in models to choose from.

I hope that the new car can also launch a hybrid version in the future, and then reduce the terminal discount more, so as to win the favor of more consumers.

The mainstream car has a moderate size and reasonable price, which is also a major feature of it, so it is loved and chosen by many families. What I want to introduce to you today is. So whether this car is a mule or a horse, let’s take a look at its actual performance.

Let’s take a look at the appearance of the Audi RS 5 first. The design of the Audi RS 5 front has taken a fashionable route, and it is equipped with a multi-frame mesh, which is very sporty. Then the soft headlight design is adopted, and the shape is very comfortable. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, automatic steering, delayed closing, rain and fog mode and so on. Coming to the car side, the car body size is 4717MM*1866MM*1371MM, and the car uses eye-catching lines, which gives people a very dynamic feeling. With large-sized thick-walled tires, the overall visual effect is very full. Looking back, the overall shape of the rear of the car echoes the front face, and the taillights present a full design style. Coupled with the unique exhaust pipe, the overall shape is still very attractive.

Sitting in the car, the interior design has taken a solid route and is rich in functions. The steering wheel of the car is very in line with the interior style, made of leather, and has a good grip. Take a look at the central control, with a 10.1-inch central control screen, which makes the interior design quite layered and stylish and simple. The dashboard and seats are equally eye-catching. The dashboard of this car presents a simple and generous design style, and the design is more angular. The car uses leather seats, which are wide and thick, improving the ride experience of drivers and passengers.

Audi RS 5 is matched with an automatic manual transmission (AT) gearbox, with a maximum power of 331KW and a maximum torque of 600N.m, with good power performance.

The space performance of the Audi RS 5 trunk is ok. If there are large items during the trip, the rear seats can be put down to meet the daily use. At the same time, the car is equipped with fatigue warning, anti-lock braking (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), brake force distribution (EBD) main driver airbag, co-pilot airbag, side airbag curtain, front side airbag and other safety configurations.

I wonder if you are excited about this car introduced today? If you think so, today’s car is still worth recommending.