Original link: https://www.latepost.com/news/dj_detail?id=1689
The Ministry of Finance said that China’s finances are generally healthy and safe
According to Xinhua News Agency, the relevant person in charge of the Ministry of Finance responded to concerns about China’s overall financial security caused by the tight fiscal balance of some localities.
“Currently, local government debt is mainly distributed unevenly. Some local governments have higher debt risks and greater pressure to repay principal and interest. We have urged relevant localities to earnestly assume their main responsibilities, effectively resolve government debt risks, and firmly guard against the occurrence of government debt risks. The bottom line of systemic risk.” The relevant person in charge of the Ministry of Finance told Xinhua News Agency.
The person in charge went on to say that overall, China’s financial situation is healthy and safe, leaving enough room for dealing with risks and challenges. The article stated that this year the central government will transfer payments to local governments of more than 10 trillion yuan, which is a new high in recent years. Li Han, chief analyst of credit bonds at the Research Department of CITIC Securities, found that the debt ratio of local governments surpassed that of the central government for the first time in 2011.
According to data from the Ministry of Finance and the Bureau of Statistics, by the end of 2022, the balance of local government debt across the country will be about 35.07 trillion yuan, including general debt balance of about 14.4 trillion yuan and special debt balance of about 20.67 trillion yuan. Luo Zhiheng, Chief Economist and Director of the Research Institute of Yuekai Securities, mentioned in a series of recent studies that the current fiscal pressure is mainly reflected in the low tax growth and the decline in land transfer fee revenue, while fiscal expenditures still maintain the intensity of previous years.
The Xinhua article also quoted a relevant person in charge of the Ministry of Finance as saying, “In the past three years, the average increase in local fiscal expenditures has reached 3.4%, which is in a state of tight balance, but it is also a state of total increase, and the budget implementation is relatively good.” (Gong Fangyi)
Apple’s mid-year conference returns to offline, and everyone is paying attention to the new headset
At 1 o’clock tomorrow morning Beijing time, Apple’s most important press conference in recent years will kick off. If nothing else, Apple will release its first new hardware device since the 2015 Apple Watch at this year’s WWDC — a mixed reality (MR) headset. There is no shortage of expectations for its “next iPhone” inside and outside the company, but the exorbitant price (about 3,000 US dollars), the timetable that has been repeatedly postponed, and the initial low stocking volume still put a question mark on this expectation.
According to the currently known information, this MR device that looks like ski goggles is equipped with Apple’s self-developed M2 chip, including two 4K, 1.4-inch Micro OLED screens supplied by Sony, multiple external cameras and internal sensors, and supports eye and Hand tracking, an iPhone-sized external battery that requires a cable, lasts about 2 hours.
Apple MR devices are top-of-the-line in terms of hardware specifications and performance (as is the price). Because people like Cook and Ive are convinced that being social is important, the new device incorporates both virtual reality (VR) and augmented reality (AR). There is a knob on the device, similar to the crown of the Apple Watch, that can switch between VR and AR modes. In VR mode, the user is fully immersed in the virtual video, and when switched to AR mode, the content and applications on the screen will be slightly faded and mixed with the real environment around the wearer.
This will be an opportunity for Cook to once again demonstrate his understanding of products and ecology. 16 years ago, Jobs subverted the traditional human-computer interaction mode with the multi-touch iPhone. Now the market is wondering whether and how Cook can give the world a similar amazing experience on MR glasses.
Jobs and Cook had very different personalities and leadership styles. Jobs is notoriously a control freak, while Cook has been accommodating and popular since he was a student; Jobs will participate in almost every detail discussion of product design, and Cook almost only appears in the proposal and the demonstration after the product is formed At the meeting; Jobs inspired or determined many of Apple’s innovations in technology, design, etc., and Cook is better at making good solutions finally stable and efficient in mass production.
“Wandian Finance” learned from various sources that in order to better user experience, Apple has repeatedly modified product details and parameters, which has led to repeated delays in the MR project. And despite the high price, given the current shipments and yield, some upstream suppliers are likely to be losing money.
In addition to the head-mounted display equipment, in accordance with Apple’s previous conference practice, WWDC will comprehensively introduce the latest operating systems of each product line. (Qiu Hao)
Ruixing also has a million stores
While the new rival Kudi Coffee is grabbing customers at low prices , on June 5, Luckin’s 10,000th store opened in Siming District, Xiamen, becoming the fifth local catering brand with more than 10,000 stores. It lasted about 5 years and 7 moon. It took Zhengxin Chicken Chop 11 years to achieve 10,000 stores the fastest before, and Michelle Bingcheng took 13 years.
Ruixing also released a new brand proposition at the same time, “this cup is in your hands.” In the announcement, Ruixing thanked the users for their “persistence in the darkest moment”. The screenshot of the quoted message was in April 2020-at that time, Ruixing encountered a short sale and admitted that it had forged a transaction volume of 2.2 billion yuan (including most of the sales after listing). data), and was subsequently delisted by Nasdaq.
After the incident , Ruixing retired employees who participated in or knew about the fraud, cleared the original management of the fraud, including the founder Lu Zhengyao, and completed external reconciliation and debt restructuring. During this period, the original investment institution Centurium Capital became the actual controller. The new management is also considered to pay more attention to the refined operation of products and marketing.
Since the fourth quarter of 2020, the number of Ruixing stores has continued to increase. Even in the fourth quarter of last year, the same-store turnover of self-operated stores has also maintained a year-on-year growth . In the first quarter of this year, Ruixing’s revenue was 4.43 billion yuan, twice the cumulative amount of fraudulent transactions that broke out three years ago. During this period, raw coconut latte, coconut cloud latte, and raw cheese latte were launched one after another. Through various forms of “coffee with milk”, they captured Chinese consumers. These popular products often sold millions of cups in a single week.
However, as we said before, when Ruixing was the first to get out of the predicament, the crisis of trust in China concept stocks triggered by it has affected it so far. In 2020, the two houses of the United States passed a bill requiring listed companies in the United States to accept PCAOB audit supervision , otherwise they will be delisted. The subsequent delisting rumors intensified the turmoil in the stock prices of Chinese concept stocks, prompting companies to accelerate their return to Hong Kong . Last month, the PCAOB released the first batch of inspection reports on Chinese accounting firms. (Lin Guangying)
Know later丨Coal mine intelligent mining system provider listed today
There were at least 4 IPOs for A shares this week.
- Tianma Intelligent Control: Coal mine unmanned intelligent mining control system and spare parts supplier. The actual controller of the company is the State-owned Assets Supervision and Administration Commission. The company’s annual revenue is 1.968 billion yuan, and its largest customer is Shandong Energy Group. It plans to raise 2.2 billion yuan. It closed up 9% on the day, with a market value of 14 billion yuan.
- Xishan Technology: A manufacturer of surgical medical devices, mainly used in the field of minimally invasive surgery. The company’s revenue last year was 260 million yuan, with a compound growth rate of 42% during the reporting period. The overall gross profit is about 70%, and the net profit is growing rapidly year by year. The proposed fundraising is 660 million yuan.
- Xinlaifu: A Sino-foreign joint venture material manufacturer, focusing on magnetic materials, electronic ceramic materials and devices. Last year’s revenue was 700 million yuan, of which overseas sales increased year by year, accounting for more than half. During the reporting period, the capacity utilization rate gradually declined. The proposed fundraising is about 800 million yuan.
- Yishi Precision: A manufacturer of automotive precision metal parts, used in multiple subsystems such as automotive brake systems and various electronic control units. The company’s customers include Luxshare Precision and other well-known parts manufacturers in the industry. Last year, revenue and net profit increased by double digits to 230 million yuan and 37 million yuan respectively. It plans to raise about 100 million yuan.
There is at least one IPO in US stocks this week.
- Azitra: American biopharmaceutical company, mainly for the treatment of skin diseases. The company is in the early stage of R&D and currently has no product revenue. One drug has entered the clinical trial stage and two drugs are in the preclinical stage. The Bayer Group invested in the company and signed a joint development agreement. Plans to raise $12 million. (Intern Meng Xiaohan)
OTHER NEWS
China’s Ministry of Commerce said it would further remove or relax restrictions on foreign investment.
According to CCTV, at the State Council’s regular policy briefing on June 5, Zhou Qiang, director of the Market System Construction Department of the Ministry of Commerce, said that he will actively promote the construction of a unified national market, and make greater efforts to attract and utilize foreign capital. Expand market access, reasonably reduce the negative list of foreign investment access; increase investment promotion efforts, coordinate resources from all parties, and promote targeted investment promotion; continue to provide services for foreign-funded enterprises, and promote the accelerated construction of foreign-funded landmark projects; create a world-class foreign investment environment, implement high standards of national treatment for foreign-funded enterprises, etc.
Shenzhen officials responded to the “unified rent reform incident”, and the principle is that the rent will not increase after the reform.
Recently, the “unified rent renovation” in Baimang Village, Shenzhen, Guangdong has sparked heated discussions on the Internet about a series of issues such as how to deal with tenant relocation costs and whether the rent will increase after the renovation. “Unified rental reform” means that a local state-owned enterprise collects and stores houses in urban villages for renovation and then leases them out uniformly.
On the 5th, “Shenzhen Release” issued an article in response. The rent after the renovation is based on the principle of not increasing. The rent of a single unit is basically the same as before the renovation. In addition, the district government will arrange a batch of houses of suitable size and reasonable rent in the surrounding area for residents to choose, study the plan of batch storage and relocation, and reserve a transition period of 3-6 months for relocation. Tenants who really cannot relocate can coordinate temporarily. Do not relocate.
Caixin Services PMI rose to 57.1% in May.
In May, the Caixin service industry PMI recorded 57.1%, an increase of 0.7 percentage points from the previous month. Employment and market expectations are still in the expansion range, but showing a weakening trend. According to the report, enterprises continued to increase employment, but the employment index dropped slightly. In addition, enterprises are raising prices to absorb the rising pressure of labor and raw material costs.
Chanel newly rented a two-storey storefront in Causeway Bay, with a monthly rent of over HK$3 million.
According to media reports, last month, Chanel signed a contract to lease the first floor and the basement floor of the Metropolitan Center in Causeway Bay, with a total area of about 19,000 square feet (about 1,765 square meters). The monthly rent per square meter is more than 1,700 Hong Kong dollars. The shop was leased by FOEEVER 21 in 2010, and the monthly rent once reached HK$2,900 per square meter, making it the most expensive in Hong Kong. In 2017, Victoria’s Secret was leased, the rent was halved, and the lease was terminated early in May 2020. The shop has been vacant since then.
In May, the average price of new houses in 100 cities fell both month-on-month and year-on-year.
In May, the average price of newly-built commercial housing in 100 cities across the country was 16,180 yuan/sq. In addition, there were 54 cities in 100 cities where the price of new commercial housing fell, and 83 cities where the price of second-hand housing fell month-on-month, both increasing year-on-year and month-on-month. According to previous notices from the central bank and the China Banking and Insurance Regulatory Commission, cities where the sales price of newly built commercial housing have declined for three consecutive months month-on-month and year-on-year may maintain, lower or cancel the lower limit of the local first-home mortgage interest rate policy in stages.
Morgan Stanley downgraded the MSCI China Index after Goldman Sachs.
Morgan Stanley lowered its MSCI China index target to 70 from 80, citing a slowing earnings recovery, weaker currency outlook and geopolitical uncertainty. Earlier, Goldman Sachs also lowered its China index target. In addition, Morgan Stanley strategists prefer stocks listed in mainland China to those listed offshore, because the former can benefit from the revaluation of state-owned enterprises.
In May, the number of inbound and outbound passengers at Beijing ports was 650,000.
In May, the total number of inbound and outbound passengers at Beijing ports increased by nearly 20% month-on-month, with an average daily inbound and outbound passenger volume of about 21,000. Among them, the number of inbound and outbound passengers at Daxing Airport Port in May was 128,000, both of which hit a new high for entry and exit traffic this year. . However, in May 2019, the total number of people entering and exiting Beijing ports was 2.2818 million, which has only recovered to nearly 30% of the pre-epidemic level.
The price of domestic lithium salt rebounded periodically, rising by 10,000 yuan per day at the peak last month.
In May, the average price of battery-grade lithium carbonate in China has rebounded to RMB 254,300 per ton, a monthly increase of nearly 30%, but there is a big gap compared with last year’s peak price of RMB 56.75 per ton. Lithium-ion battery prices continued to fall in May as prices of other materials for lithium-ion batteries fell. TrendForce believes that the rise in lithium salt prices is irrational, and the actual demand has not seen rapid growth. It is expected that June will enter the peak period of market demand.
Fuel surcharges for domestic flights were lowered for the third time this year.
Starting from June 5, the fuel surcharge standard for domestic routes in Mainland China will be lowered, which is the third time this year. The details are as follows:
- The fuel surcharge for routes less than 800 kilometers (inclusive) is 20 yuan per flight segment, and the fuel surcharge for routes longer than 800 kilometers is 30 yuan per flight segment, which are respectively 10 yuan and 30 yuan lower than before the adjustment.
- Infant passengers are exempted, and children, disabled revolutionary soldiers, and people’s policemen who are disabled on duty will be charged half of the actual fuel surcharge, that is, 10 yuan per flight segment.
Japan’s service industry expanded for nine consecutive months, and companies hired new workers for four consecutive months.
The PMI of Japan’s service industry in May recorded 55.9%, an increase of 0.5 percentage points from the previous month, mainly due to the recovery of overseas demand and the relaxation of entry restrictions. Seventy percent. This is the ninth consecutive month of expansion in Japan’s service industry, and the fourth consecutive month that companies have increased their employment. This month’s job creation rate is the second highest since September 2007.
Microsoft is discussing the rejected Activision Blizzard acquisition with British antitrust authorities this week, and cloud gaming is a key point of disagreement.
On April 26, the British Competition and Markets Authority (CMA) rejected Microsoft’s $69 billion acquisition of Activision Blizzard. This week, Microsoft President Brad Smith (Brad Smith) and the British Chancellor of the Exchequer Jeremy Hunt (Jeremy Hunt) will talk about it. Microsoft has confirmed the news and said it is “still working on finding creative and constructive solutions.” Previously, Microsoft had appealed the veto, and the hearing will be held at the end of July.
The main concern in the UK is that this acquisition will consolidate Microsoft’s dominant position in the cloud gaming market and limit market competition from other manufacturers. Sony CEO said in an interview with the media yesterday that the biggest technical problem of cloud games at present is the slow response speed of network connection and server. At the same time, he also pointed out that the servers are idle most of the time except for the daily game peak, so “the time can be used for machine learning.”
The most extreme scenario would be for Activision Blizzard to withdraw from the UK market in order to bypass the ban and advance the deal, sources said. According to Activision Blizzard’s financial report, the UK market accounts for about 12% of its revenue. At present, the acquisition has been approved by China, the European Union and other regions. Among the major countries in the world, only the United States has not made a statement.
Pixar, the animation studio that made Toy Story, has laid off 6% of its workforce, including some executives.
According to media reports, Disney’s Pixar Animation Studios has laid off 75 people on May 23, accounting for 6% of the total number of employees, including Pixar’s vice president of global publicity and at least two other executives. This is Pixar’s first large-scale layoff in a decade and is part of Disney’s previously announced layoffs and cost-cutting plan. The studio’s Buzz Lightyear flick “Lightyears,” released last year, underperformed at the box office, taking in just $220 million worldwide on a budget of $200 million, to mixed reviews.
Hot AI innovator Stability AI has been accused of exaggerating its capabilities.
Forbes magazine’s latest investigative article accuses the founder of Stability AI of exaggerating his personal background and company strength. Stability AI released the Vincent graph breakthrough technology “Stable Diffusion” last summer.
The authors of the article, Kenrick Cai and Iain Martin, said that the founder Emad Mostaque claimed to be a master of Oxford University, had a successful hedge fund work experience, and was trusted by the United Nations. But their investigation found that Mostaque graduated from Oxford, and the performance of the hedge fund he participated in was so poor that it closed down after a few months of operation. As for the United Nations, I haven’t worked with Stability AI for many years.
The authors say their conclusions or judgments come from interviews with 13 current and former Stability AI employees, more than 20 investors, collaborators, and internal documents obtained. They propose that the source code for the Stable Diffusion algorithm came from another research team, not Stability AI.
TSMC’s American employees complained that the company was too “volume”.
At present, TSMC America’s support rate on the social platform Glassdoor (a website that can rate employers) is only 27%, while its main competitor Intel has 85%. The higher the support rate, the more employees are willing to recommend others to work in the company. work in company. TSMC’s U.S. employees mainly complain about the corporate culture of frequent overtime and mandatory obedience. Zhang Zhongmou, the founder of TSMC, has repeatedly emphasized that the United States’ efforts to revive chip manufacturing are doomed to fail. The important reason is that it is difficult to recruit hard-working and on-the-go engineers in the United States.
Qatar Airways will cancel first-class cabins on long-distance planes. The same space is not as good as a few more business-class seats.
On June 4, the CEO of Qatar Airways said in an interview that the next generation of long-haul aircraft will cancel the first-class cabin, because the business class can provide most of the benefits of the first-class cabin, and the investment and return of the first-class cabin do not match. He said that in the future, the company will launch a branded product “Q-Suite” around the business class. The cancellation of first class may affect Qatar Airways’ high-end positioning. The company provides one of the most luxurious aircraft cabins in the world, and has won the first place in the Skytrax award known as the Oscars of the aviation industry and the “five-star” evaluation for many years. In addition, Lufthansa, Qantas and other companies have recently stated that they will increase investment in first-class cabins.
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