In the report of the 19th National Congress of the Communist Party of China, the Supreme Leader clearly pointed out: "Socialism with Chinese characteristics is the theme of all theories and practices of the Party since the reform and opening up." "The whole Party should enhance its road confidence, theoretical self-confidence, institutional self-confidence and cultural self-confidence more consciously, and never take the old road of being closed and rigid, nor take the evil road of changing its flag, maintain its political strength, persist in prospering the country through hard work, and always adhere to and develop Socialism with Chinese characteristics." These important expositions are concise and in fact contain five concepts: Socialism with Chinese characteristics, Socialism with Chinese characteristics Road, Socialism with Chinese characteristics Theory System, Socialism with Chinese characteristics System and Socialism with Chinese characteristics Culture. A correct understanding of the scientific connotations of these five concepts is of great significance for us to thoroughly study and implement the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era and win the great victory of Socialism with Chinese characteristics in the new era.

　　Socialism with Chinese characteristics is a great banner that our party has always held high.

　　As early as November 1920, Comrade Mao Zedong vividly pointed out: "Doctrine is like a flag. When the flag is erected, everyone has hope and knows where to go." Socialism with Chinese characteristics is such a flag as Comrade Mao Zedong said. In the report of the 19th National Congress of the Communist Party of China, the Supreme Leader pointed out that the theme of the congress is: Do not forget your initiative mind, keep in mind the mission, hold high the great banner of Socialism with Chinese characteristics, win the decisive battle to build a well-off society in an all-round way, win the great victory of Socialism with Chinese characteristics in the new era, and make unremitting efforts to realize the Chinese dream of the great rejuvenation of the Chinese nation. The emphasis on "holding high the great banner of Socialism with Chinese characteristics" in the theme of the conference shows that Socialism with Chinese characteristics is a great banner that our party has always held high.

　　Socialism with Chinese characteristics is mainly composed of the following parts: First, the guiding ideology of our party, namely, Marxism–Leninism, Mao Zedong Thought, Deng Xiaoping Theory, Theory of Three Represents, Scientific Outlook on Development, and Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era; The second is Socialism with Chinese characteristics Road; Third, Socialism with Chinese characteristics’s theoretical system; The fourth is the Socialism with Chinese characteristics system; Fifth, Socialism with Chinese characteristics culture. What needs to be emphasized here is that the guiding ideology of our Party and Socialism with Chinese characteristics’s theoretical system are different concepts with both connections and differences. Our party’s guiding ideology includes Marxism–Leninism and Mao Zedong Thought, while Socialism with Chinese characteristics’s theoretical system does not include Marxism–Leninism and Mao Zedong Thought, but it is in the same strain with Marxism–Leninism and Mao Zedong Thought and insists on development.

　　Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has scientifically grasped the development trend of today’s world and contemporary China, complied with practical requirements and people’s wishes, made great achievements in all aspects, and promoted historic changes in the cause of the party and the state. The achievements in the past five years are all-round and groundbreaking, and the changes in the past five years are deep-seated and fundamental. This fully shows that it is completely correct for our Party to hold high the great banner of Socialism with Chinese characteristics and uphold and develop Socialism with Chinese characteristics. Our firm belief in the "four self-confidences" is essentially our firm confidence in Socialism with Chinese characteristics.

　　Socialism with Chinese characteristics Road is the only way to realize socialist modernization and create a better life for the people.

　　Socialism with Chinese characteristics’s road is not only reflected in adhering to economic construction as the center, but also in comprehensively promoting economic construction, political construction, cultural construction, social construction, ecological civilization construction and other aspects. It is the only way to realize socialist modernization and create a better life for the people. It should be pointed out that in a society, economy is the foundation, which is not only the foundation of political superstructure, but also the foundation of cultural superstructure. This determines that adhering to the road of Socialism with Chinese characteristics means adhering to the road of economic development in Socialism with Chinese characteristics. Of course, the road of economic development is first embodied in the political superstructure and a certain economic system, which can be called as it should be; However, the actual situation of this economic system in the economic field belongs to the category of economic foundation, which can be called reality. The road of Socialism with Chinese characteristics’s economic development is reflected in the implementation of the "should be" economic system in the real economic field, mainly in the actual situation of ownership and distribution relations and interpersonal relations. In the primary stage of socialism, to adhere to the Socialism with Chinese characteristics road, we must adhere to the principle of public ownership as the main body and the common development of various forms of ownership, actively and steadily solve the problem of excessive gap between wealth possession and income distribution, and constantly move towards common prosperity. Only by unswervingly adhering to the basic economic system in the primary stage of socialism can we fundamentally reflect the socialist nature of our country and the fundamental interests of the overwhelming majority of the people, and our party, country and nation will have a bright future.

　　At present, people often mention the "China Road". Broadly speaking, the "China Road" can include China’s revolution, construction and reform and opening up; In a narrow sense, "China Road" refers to Socialism with Chinese characteristics Road. At present, the international community is paying more and more attention to the road of China, and its recognition is getting higher and higher. The "China model" and "China road" are being hotly debated at home and abroad. The formulation of "China Model" gives people a sense of solidification when it is completed and no longer develops. In fact, China’s current development mode is changing, and it cannot be said that it has become a solidified development model. Second, it is suspected of promotion or even expansion. Therefore, it is not appropriate to simply use the "China model" to summarize the Socialism with Chinese characteristics road, but to use the "China road".

　　Socialism with Chinese characteristics’s theoretical system is the correct theory to guide the party and the people to realize the great rejuvenation of the Chinese nation.

　　Socialism with Chinese characteristics’s theoretical system is a scientific theoretical system including Deng Xiaoping Theory, Theory of Three Represents, Scientific Outlook on Development and the Supreme Leader’s New Era Socialism with Chinese characteristics Thought. This theoretical system was gradually formed and developed by our Party by combining the universal truth of Marxism–Leninism and Mao Zedong Thought with the new reality and new characteristics of the times in China’s reform and opening up. Just as Leninism and Mao Zedong Thought developed Marxism in many important aspects, so they were singled out from Marxism, so Socialism with Chinese characteristics’s theoretical system also developed Marxism–Leninism and Mao Zedong Thought in many important aspects, so they were singled out.

　　It should also be pointed out that there is a close relationship between Mao Zedong Thought and Socialism with Chinese characteristics’s theoretical system. Comrade Deng Xiaoping once said, "After the Third Plenary Session, we just restored the correct things of Comrade Mao Zedong, that is, accurately and completely studied and applied Mao Zedong Thought. The basic points are still those. In many ways, we still do what Comrade Mao Zedong has put forward but hasn’t done, correct what he opposed wrong, and do what he hasn’t done well. We will still do this for a long time to come. Of course, we have also developed and will continue to develop. " This illustrates the relationship between Socialism with Chinese characteristics’s theoretical system and Mao Zedong Thought, which is in the same strain and keeps pace with the times.

　　Comrade Supreme Leader pointed out in the report of the 19th National Congress of the Communist Party of China: "After long-term efforts, Socialism with Chinese characteristics has entered a new era, which is a new historical orientation for China’s development." The Supreme Leader’s Socialism with Chinese characteristics Thought in the new era is the latest achievement in adapting to this new era, the inheritance and development of Marxism–Leninism, Mao Zedong Thought, Deng Xiaoping Theory, Theory of Three Represents and Scientific Outlook on Development, the crystallization of the practical experience and collective wisdom of the Party and the people, an important part of Socialism with Chinese characteristics’s theoretical system, and an action guide for the whole party and people to realize the great rejuvenation of the Chinese nation. We must persist in it for a long time and continue to develop it.

　　Socialism with Chinese characteristics system is the fundamental institutional guarantee for the development and progress of contemporary China.

　　Socialism with Chinese characteristics system is a brand-new social system that was established and formed after the founding of New China and gradually enriched and improved during the reform and opening up period. It is the fundamental institutional guarantee for the development and progress of contemporary China, which embodies the nature, characteristics and advantages of Socialism with Chinese characteristics. It is a set of interconnected and interrelated institutional systems formed in various fields such as economy, politics, culture, society and ecological civilization in the process of promoting the self-improvement and development of the socialist system. The Socialism with Chinese characteristics system insists on organically combining the basic political system, the basic political system with the basic economic system, various institutional mechanisms and other specific systems, and on organically unifying the party’s leadership, the people being the masters of the country and governing the country according to law, thus providing an effective institutional guarantee for the cause development of Socialism with Chinese characteristics.

　　The Socialism with Chinese characteristics system embodies the organic unity of our country’s state system and political system. The socialist system is the fundamental system of our country. Under this fundamental system, there are the people’s congress system, the multi-party cooperation and political consultation system led by the Communist Party of China (CPC), the regional ethnic autonomy system and the grassroots mass autonomy system. There is a basic economic system in the primary stage of socialism in China with public ownership as the main body and multiple ownership economies developing together, and a distribution system with distribution according to work as the main body and multiple modes of distribution coexisting; Socialist legal system with Chinese characteristics; There are corresponding economic system, political system, cultural system, social system, ecological civilization system and other specific systems.

　　To strengthen institutional confidence, we must adhere to the leadership of the Communist Party of China (CPC). Comrade Supreme Leader pointed out in the report of the 19th National Congress of the Communist Party of China: "The most essential feature of Socialism with Chinese characteristics is the Communist Party of China (CPC)’s leadership, the greatest advantage of the Socialism with Chinese characteristics system is the Communist Party of China (CPC)’s leadership, and the Party is the highest political leadership". In the process of upholding and developing Socialism with Chinese characteristics, why do we repeatedly emphasize upholding the Communist Party of China (CPC)’s leadership? First, upholding the party’s leadership is the necessity of China’s historical development and the choice of the people; Second, adhere to the party’s leadership from the party’s purpose is to serve the people wholeheartedly; Third, our Party is the strong leading core of Socialism with Chinese characteristics’s cause, and it is in the position of commanding the overall situation and coordinating all parties. At present, there is a view that the success of the revolution requires the leadership of the party. In the period of construction, especially in the period of reform, as long as there is a sound political system and the rule of law is adhered to, the people can be the masters of the country. This is a great misunderstanding. The history of socialist development in the world proves that upholding the leadership of the Party is not only the primary condition and universal law for seizing and mastering state power, but also the primary condition and universal law for socialist construction and reform.

　　Socialism with Chinese characteristics culture is a powerful spiritual force that inspires the whole party and people of all nationalities to forge ahead courageously.

　　Culture is the soul of a country and a nation. Socialism with Chinese characteristics culture can be said to be mainly composed of the following parts: first, the theoretical system of Marxism–Leninism, Mao Zedong Thought and Socialism with Chinese characteristics; Second, the revolutionary culture and advanced socialist culture created by the party leading the people in revolution, construction and reform; Third, the excellent Chinese traditional culture nurtured by the Chinese nation’s 5,000-year history of civilization; The fourth is the excellent traditional culture of all countries and nationalities in the world that China has actively borrowed from. These parts are not juxtaposed. The theoretical system of Marxism–Leninism, Mao Zedong Thought and Socialism with Chinese characteristics is the soul of Socialism with Chinese characteristics culture, the revolutionary culture and advanced socialist culture created by the Party leading the people are the main contents of Socialism with Chinese characteristics culture, the excellent traditional Chinese culture is the rich fertile soil of Socialism with Chinese characteristics culture, and the excellent traditional cultures of all countries and nationalities in the world actively borrowed from it are the beneficial nourishment of Socialism with Chinese characteristics culture. Cultural self-confidence is more basic, broader and deeper self-confidence. We must persist in taking Marxism as the guidance, carry forward the socialist core values, carry forward the national spirit with patriotism as the core and the spirit of the times with reform and innovation as the core, and constantly enhance the spiritual strength of the whole party and the people of all ethnic groups throughout the country.

　　The above five aspects are closely linked, interdependent and inseparable. Socialism with Chinese characteristics, as a great banner held high by our Party, is in charge, which stipulates the fundamental nature and direction of road, theory, system and culture. Road is the way to achieve, theoretical system is the guide to action, system is the fundamental guarantee, and culture is the profound foundation, which are unified in the great cause of Socialism with Chinese characteristics.

　　(The author is Li Shenming, deputy director of the Internal Affairs Judicial Committee of the National People’s Congress and consultant of the New Era Socialism with Chinese characteristics Thought Research Center, the supreme leader of the China Academy of Social Sciences)

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　　Pedestrian street branches are covered with poetry lighting, sidewalks are painted with three-dimensional poems, poetry tags are hung above supermarket shelves, and subway tab cards are printed with ancient poems … … Xi’ an is setting off a "poetry fever" in an all-round way.

　　Above the perch shelf, there is a poem tag "People come and go on the river, but they love the beauty of perch", above the pear, "Pears and dates are ripe in August before the court, and trees can return a thousand times a day", above the whole grains, there is a hanging tag "When the chicken crows and porridge are ripe, I will drag my head to your house", and above the shepherd’s purse, there is a hanging tag "Peaches and plums in the city are worried about the wind and rain, and the shepherd’s purse flowers in the creek in spring" & … Recently, a large supermarket in Xi ‘an, Shaanxi Province, attracted many people to take photos and punch cards because of its poetry creativity, and some Hanfu fans played poetry games with customers on the spot.

　　"When I walked in, the beauty of an ancient poem and words came to my mind. I felt that I was not only shopping, but also experiencing a poetic feeling, just like a line from the recently hit domestic anime" Changan Three Wan Li ":‘ As long as there are poems and books, Chang ‘an is there ’ 。” Li Miao, a citizen of Xi ‘an, said.

　　Poem Chang ‘an: Step by step, the lights are dim.

　　Xi ‘an, called Chang ‘an in ancient times, is the ancient capital of the 13th Dynasty. On August 13th, Zhejiang tourist Chen Zhenchu came here with two daughters. From "Qingpingdiao", "If it weren’t for the first sight of the Jade Mountain, I would meet Yaotai under the moon", to "Song of Eternal Sorrow", in the Palace of Eternal Life, Chen Zhenchu’s two daughters burst into tears when they looked at the 3D hologram.

　　For the "poetry fever" in the ancient capital Xi ‘an, Chen Zhenchu’s memory began before the Spring Festival in 2023. The pedestrian street on both sides of the North Square of the Big Wild Goose Pagoda in Xi ‘an is very lively, with ancient poems hanging down from the branches. Tourists have shouted: "From ancient poetry to heaven, not for you and me."

　　Among the crowds in the "Ancient Poetry Street" in Xi ‘an, Wang Zhi, a tourist from Nanjing, couldn’t help but sigh: "Thousands of years ago, hundreds of poets left countless romantic poems in Chang ‘an; Thousands of years later, someone turned them into a city ‘ Fire tree silver flower ’ , depicting and carving with poetry ‘ With deep affection ’ Four words. "

　　"The idea takes trees as the bone, poetry as the soul, and classic poems with beautiful lighting effects make tourists ‘ Step by step ’ There is a feeling of walking in poetry. When you look up, you will see the ancient rhyme of the Millennium and interpret Chinese romance to the fullest. " Poetry lover, Zhao Shuangying, director and associate professor of communication department of Northwest University, commented.

　　A spring breeze of "poetry fever" once again blew through Xi ‘an, a famous historical and cultural city, and Xi ‘an also told everyone with actions that "our romance never stops here".

　　One day in May, when Zhu Mingmei, who had just worked for one year, stepped into Xi ‘an Metro Line 4 and pulled the pull ring on the overhead rail with her hand, she was surprised to find that the square card between the pull ring and the rail was printed with the poem from Wang Bo’s Lingaotai: "The East is optimistic, and the west refers to Weiyang Palace." Other such positions are also full of poems. When walking to the walkway at the entrance of Qingnian Road Primary School in Lianhu District, poems such as "Farewell to the teenager, full of bows, not afraid of the years and the wind", "The teenager should be on the rise, and the moon will shine day by day" and "When he is a teenager, he will live up to his youth and know" came into view.

　　There are also some poetry lovers singing poems on buses and subways, which attracted everyone to recite collectively. "Ancient poetry is true in Xi’ an ‘ Fierce ’ It can be seen everywhere and from time to time. It turns out that there is a poem Changan hidden behind this ancient city. " Zhu Mingmei said.

　　Poetic Chang ‘an: a poem at a glance, blending scenes.

　　She Yifan is a fourth-grade Chinese teacher at Dongyuan Road School in Xi ‘an. He graduated from Shaanxi Normal University majoring in Chinese language and literature. He loves ancient poetry, and his poetry class has a characteristic — — Poetry blends with real life, which is also very popular among students.

　　"with twilight shadows in my heart, I have driven up among the Leyou Tombs. The sunset is infinitely good, buried by the coming night. " When it comes to Li Shangyin’s the leyou tombs, he will ask parents and children to go to Leyouyuan Scenic Resort as far as possible on weekends to experience it on the spot and understand the content, feelings and artistic conception of the poem at the scene where the ancients wrote it. "Where is the home of the Qinling Mountains, the snow holds the blue horse back" is on the ancient plank road in Lantian County, which is suitable for winter, and "mermen weep their pearly tears down a moon-green sea and blue fields are breathing their jade to the sun" is also in Lantian; "not knowing the way to the Temple of Heaped Fragrance, under miles of mountain-cloud I have wandered" is at the foot of Qinling Mountains; "on the seventh day of the Seventh-month, in the Palace of Long Life, we told each other secretly in the quiet midnight world" is located in Huaqingchi Scenic Area in Lintong District … …

　　With the "poetry fever" escalating in Xi ‘an, she Yifan also passed more and more poems and artistic conception to students by using after-school service time. And his training method has also achieved results. Children fall in love with ancient poems and can tell the history and culture of many places related to ancient poems.

　　"Teacher, I like Gao Shi’s poem best ‘ Like a bird, six or his wings shake, self – pity, leaving Beijing for more than ten years. Mochow has no bosom friend before her, and everyone in the world knows you ’ . In the summer vacation, I must go to the border with my father and mother to feel this poem. " On the evening of August 15th, She Yifan received a WeChat voice from the student Youyou (a pseudonym) after watching Three Wan Li in Chang ‘an. He was very pleased. Youyou had been to the Big Wild Goose Pagoda, the city wall, Daming Palace Ruins Park, Epang Palace Ruins and Qujiang Pool before, and felt the beauty of poetry in various places.

　　Poetic Chang ‘an: One Scene, One Poem, Upgrade of Literary Travel

　　"It is no exaggeration to say that our store is 3,000 square meters and can accommodate nearly 300 people. It opens at 11 am and is full in 5 minutes. You must make an appointment two weeks in advance to book a private room." On August 16th, Gao Peng, the manager of Chang ‘an big-name stall (Shengjing Store in Xi ‘an), told the reporter excitedly.

　　As a local specialty restaurant in Xi ‘an, this brand restaurant is mainly decorated with the prosperous culture of the Tang Dynasty. Xi ‘an Shengjing Store is located at the starting point of the ancient Silk Road — — In the western market of Datang, with the increasing popularity of "poetry fever" in Xi ‘an, ancient poems are printed on the front desk, the food bars and the roof of the store, forming a poetic environment, and they are integrated into daily scene interpretation.

　　"Have you seen how the Yellow River’s waters move out of heaven, entering the ocean, never to return … … Cook a sheep, kill a cow, whet the appetite, and make me, of three hundred bowls, one long drink!. Cenfuzi, Dan Qiusheng, will enter the wine, and the cup will not stop … …” At 11: 40 in the morning, the performance started on time. Customers in the store put down their bowls and chopsticks and gathered around the stage to take pictures as a souvenir. At the climax of the performance, drums were loud and the store turned into a large-scale poetry-reciting scene, and applause and applause continued everywhere.

　　"We combine poetry with decoration, decoration and dance drama performance, which not only promotes traditional culture, but also adds some modern content. It is an attempt to deeply integrate culture and tourism, so that tourists can feel the prosperity of Datang and the cultural atmosphere of Shaanxi in catering." Gao Peng said.

　　In Xi ‘an, the integration of literature and tourism driven by "poetry fever" has been escalating. "Twelve Hours in Chang ‘an" creates an immersive tour of tang style’s ancient poems, 12 scenic spots in Chang ‘an, 12 representative figures in the Tang Dynasty and 12 time-related Tang poems, which are deeply loved by tourists. "Dress in Hanfu, make up in Tang Dynasty, visit the ancient capital and appreciate poetry". In various historical and cultural attractions in Xi ‘an, "enthusiasm for poetry" is on the rise. Some poetry lovers take to the streets and invite tourists wearing Hanfu to appreciate poetry with them and experience the charm and fun of poetry … …

　　"Now, with ‘ Looking for ancient charm ’ As the direction, the integration of literature and travel with poetry as the medium is showing great vitality. Through some good ideas and practices, poets and lyricists ‘ Out of the study ’ It is becoming a new fashion to approach today’s young people. In the future, in the ancient capital of Xi ‘an, the charm of poetry will be further highlighted, so that more fans will be willing to ‘ Go to the world for a surprise banquet and see the prosperous Yan of Chang ‘an ’ 。” Zhao Shuangying said.

Deep blue S7, the second product of Deep Blue Auto, has finally been officially launched. Because of the good reputation foundation laid by the first model, Deep Blue SL03, many friends have great expectations for Deep Blue S7, which has attracted many riders’ attention in terms of product, design and even price. And we see that the price of Deep Blue S7 has not failed everyone, and the starting price of 149,900 yuan is quite attractive for a new energy medium-sized SUV. Let’s take a look at the performance of this model today. Which configuration is worth choosing.

Let’s take a look at the price first. Deep Blue S7 has launched two power versions, the extended-range version and the pure electric version. The price of the extended-range version ranges from 14.99-169,900, of which there are two versions with 121km battery life and one with 200km battery life. There are two models of the pure electric version, and the price is 189,900 yuan and 202,900 yuan respectively. From the price point of view, Deep Blue S7 does not leave much room for manoeuvre for itself, and it is still competitive compared with other domestic competitors at the same level.

Needless to say, the fully enclosed front design preferred by new energy vehicles is adopted, but the intelligent interactive light language kit composed of 696 LED light sources is still very distinctive, which increases the playability of the vehicle.

In terms of body size, the body circumference of Deep Blue S7 is 4750/1930/1625mm, and the wheelbase is 2900mm, which is in line with Tesla’s Model Y..

In terms of body color, Deep Blue S7 offers six body colors to choose from, such as orange, yellow and white, which are popular among young people.

The design of the interior is relatively simple. A steering wheel and a big screen are many people’s first impressions of the dark blue S7 interior. Recently, the two-type steering wheel has been adopted by more and more major car companies. In the past, Sega’s two-type steering wheel was spurned by many people, and now it has become a popular trend. In terms of interior color matching, Deep Blue S7 provides orange and black interior color matching.

The 15.6-inch central control panel supports the rotation function of 15 degrees left and right, and is matched with Qualcomm Snapdragon 8155 chip, which has good response speed and rich functions.

In the power part, let’s take a look at the configuration of the extended-range version. The extended-range version uses a 1.5L naturally aspirated engine as the range extender and a single motor with permanent magnet synchronous rear position. The maximum power of the motor is 175kW and the maximum torque is 320 N m. The transmission system is an electric vehicle single-speed gearbox. The battery part is lithium iron phosphate battery, version 121 is 18.99kWh, and version 200 is 31.73kWh, and it supports fast charging.

The pure electric version adopts a permanent magnet synchronous rear single motor. The maximum power of the motor is 190kW for the 520 version and 160kW for the 620 version, and the maximum torque is 320 N m. The battery is a ternary lithium battery with energy of 66.8kWh and 79.97kWh respectively.

Let’s take a look at the configuration of Deep Blue S7. In fact, the configuration of this model is very simple. Except for the PRO version of the entry model, the configuration of the other four Max models is almost identical.

Pro models provide 19-inch tires and airbags with the same number and high allocation, all of which provide front side airbags and front and rear head air curtains. Such as tire pressure display, driving mode switching, automatic parking, reversing radar, 360, cruise control, frameless doors, keyless system, LED headlights, panoramic sunroof, 15.6-inch central control panel, leather seat and steering wheel, automatic air conditioning and rear seat air outlet are all standard, and this configuration is actually enough for daily travel.

The Max version adds L2-class active driver assistance system, and provides full-speed adaptive cruise, reversing side warning, active braking and other safety configurations, as well as electric memory trunk, hidden door handle, memory of exterior rearview mirror, automatic anti-glare rearview mirror, wireless charging of front mobile phone, heating and ventilation of front seat, electric memory of driver’s seat and 14-speaker stereo, etc. Compared with the extended version, 10,000 yuan can be exchanged for so many configurations, and the cost performance is still very high.

As for how to choose the four power versions of Max, it depends on the different needs of each rider.

Recently, heavy news came out in the market. Legend Rui Holding Group is considering splitting its automobile business and listing it in Hong Kong, with an estimated market value of about 50 billion yuan. This dynamic has not only brought a new turn for Chery’s listing, but also aroused widespread concern in the entire automobile industry.

As one of the few automobile group companies in China that have not yet landed in the capital market, Chery’s listing process can be described as twists and turns. Then, can this spin-off listing become a key leap for Chery to realize its dream of listing?

The road to listing is full of twists and turns

Since its establishment in 1997, Chery Holding Co., Ltd. has developed from a single automobile manufacturer into a comprehensive enterprise covering automobile, finance, real estate, service, intelligence and parts manufacturing, and its business footprint covers more than 80 countries and regions around the world. However, despite remarkable achievements in business scale and market share, Chery’s road to listing is extremely difficult.

Chery automobile has been preparing for the IPO for nearly 20 years since the listing plan was first announced in 2004. At that time, Anhui Province actively promoted the listing of Chery and implemented the share reform. However, despite its outstanding performance, Chery’s initial listing attempt finally failed due to factors such as unclear equity relationship with SAIC.

Around 2006, JAC was in trouble. As the two major automobile manufacturers in Anhui Province, it was once reported in the market that Chery and JAC might merge and go public and cross-hold shares, which brought JAC the hope of getting out of trouble. But unfortunately, Chery failed to be the savior of Jianghuai. With the approval of Jianghuai car project, it successfully saved itself, and the rumors of merger with Chery also vanished.

Since then, Chery has repeatedly suffered setbacks on the road to listing. In 2015, Chery Huiyin, its joint venture company, failed to hit Hong Kong stocks and A shares. In 2016, Chery New Energy tried to achieve "backdoor listing" through conch profiles, but it also failed to do so. As an old-fashioned independent brand car company, Chery’s repeated failures are undoubtedly regrettable. However, Chery has not given up, but has been actively preparing for listing.

In 2020, Chery introduced Qingdao Wudaokou Capital; In 2022, Luxshare became a new strategic investor of Chery. According to the latest plan, Chery plans to complete the A-share IPO by 2025. Two years ago, Yin Tongyue, Party Secretary and Chairman of Chery Holding Company, made it clear that in order to broaden the financing channels, it was hoped that Chery Automobile could successfully go public before 2025, so as to promote the company’s new round of transformation.

The main purpose of enterprise listing is financing. Chery’s capital demand has always been well known to the industry. Yin Tongyue once admitted that Chery’s early capital investment was limited, and it has not been listed, and it has not issued bonds in the capital market in recent years. Therefore, in the process of rapid development, Chery’s capital demand mainly depends on bank financing. Landing in the capital market will not only help Chery to establish a long-term capital replenishment channel, but also activate its equity incentive mechanism. From the initial listing plan in 2004 to the completion of the capital increase and share expansion project in 2019, Chery’s listing road has been tried many times, but it failed for various reasons. Now, with the news of the spin-off and listing of the automobile business, Chery has once again taken a solid step towards the capital market.

Multiple considerations behind the valuation of 50 billion yuan

As early as the end of last year, there were rumors that Chery Automobile was preparing to go public this year, and the listing place was initially designated as the mainland, with a valuation as high as 150 billion yuan. However, the valuation of this IPO in Hong Kong has been adjusted to 50 billion yuan, which is significantly reduced compared with previous rumors. Behind this change, there are multiple factors such as the uncertainty of the global automobile market, the fierce competition of the new energy automobile industry and the fluctuation of the Hong Kong stock market.

Under the background of global supply chain bottleneck, rising raw material prices and increasingly fierce market competition, the profitability of auto companies is facing severe challenges, and investors are becoming more cautious about the valuation expectations of auto companies. At the same time, the competition in the new energy automobile industry is becoming more and more fierce, which makes investors conservative about the future growth potential of Chery Automobile. In addition, the overall poor performance of the Hong Kong stock market, especially the fluctuations in technology stocks and new energy vehicles, also affected Chery’s valuation.

Nevertheless, the spin-off listing is still of great significance to Chery. Through direct financing in the capital market, Chery can obtain more funds for R&D and market expansion, especially in frontier areas such as new energy vehicles and smart driving. At the same time, listing will also help attract strategic investors and partners and inject more resources and support into the company’s long-term development.

In order to have a deeper understanding of the prospect of Chery’s spin-off and listing, "Auto Talk" interviewed a number of industry experts and analysts. They generally believe that the spin-off and listing will help Chery to focus more on the main automobile industry and improve its operational efficiency and market competitiveness. Through listing, Chery can more clearly define the strategic objectives and market positioning of the automobile business, and optimize the resource allocation and management system.

However, some analysts have warned that Chery needs to pay close attention to the changes in the market environment and competitive situation, and formulate practical strategic planning and marketing strategies. In addition, before the spin-off, Chery needs to strengthen its internal management and enhance its brand image to ensure the long-term and stable development of the company.

According to Yin Tongyue, chairman of Chery Holding Group Co., Ltd., Chery will be split and listed in the future, and will be laid out in many fields such as new energy, artificial intelligence, mobile travel service and core components. Through the spin-off, Chery can build a multi-sector listed company cluster, realize the diversification and coordinated development of its business, and thus enhance its overall competitiveness and anti-risk ability.

Generally speaking, the news that Chery intends to spin off its auto business and go public has brought new hopes and opportunities for the company’s future development. Despite many challenges and uncertainties, Chery has not given up its dream of going public. Through the spin-off, Chery is expected to improve the efficiency of capital operation and financing ability, focus on the main automobile industry and enhance brand value and market competitiveness, conform to the development trend of the automobile industry and seize market opportunities.

High-configuration route is a characteristic that domestic cars have always adhered to, and at the same time, the price is more grounded. Under the double blessing of these two advantages, domestic cars are increasingly sought after by consumers. I’ll bring this one to you today. So whether this car is a mule or a horse, let’s take a look at its actual performance.

First of all, from the appearance, Changan Auchan X5′ s front face has delicate lines and looks more fashionable and sporty. Combined with simple and fashionable headlights, it looks very fashionable and simple. The car is equipped with LED daytime running lights, automatic opening and closing, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4490 mm * 1860 mm * 1580 mm. The car adopts rounded lines, and the side circumference looks very atmospheric. With large-sized thick-walled tires, the shape is eye-catching. In terms of the rear end, the rear end looks very individual, and the taillights look very profound. Coupled with the unique exhaust pipe, the overall layout is impressive.

When I came to the car, the interior styling looked very streamlined, and the overall design atmosphere was still in place. The car looks very good outside the steering wheel, made of imitation leather, and its practicality and face value are not bad. Take a look at the central control. The design of the center console is reasonable, which makes the interior design quite layered, which is in line with the temperament of the car. Let’s take a look at the dashboard and seats again. The dashboard of this car presents an elegant design style, giving people a very round feeling. The car uses a leather/fabric mix seat, equipped with functions such as tilting the seat, and the comfort is acceptable.

Changan Auchan X5 is matched with a wet dual clutch (DCT) gearbox, with a maximum power of 138KW and a maximum torque of 300N.m, with good power performance.

Equipped with car networking, driving mode selection, remote control key, rear wiper, engine start and stop, etc., it has rich functions and greatly improves its convenience.

The model class introduced today is the most considered class when many people buy their first car, mainly because the size of this class is moderate and the price is reasonable. As long as you like it, go ahead and buy it.