What is the effect of the new military revolution in the world after nearly 20 years? What are the prospects after the change?

　　For readers who are slightly familiar with the military, "new military revolution" is a familiar phrase, and new military revolution is in full swing in many countries. It has been almost 20 years since the concept of "new military revolution" was put forward and put into practice. What is its effect? What is the future development prospect? China Youth Daily reporter interviewed Lin Dong, an associate professor of National Defense University.

　　Reporter: When and who initiated the new military revolution, and in what context did it begin?

　　Lin Dong: The 20th century is a century in which military revolution continues to take place. Today, the global new military revolution we are carrying out is relative to the military engineering revolution characterized by mechanization basically completed during the Second World War, and it is marked by informationization.

　　This change was first initiated by the US military, which originated from the contest with the China army and rose from the confrontation with the Soviet army. The early motivation was the Korean War, and then the Vietnam War. The US military deeply reflected on these two unsuccessful wars. Finally, tactically, it concluded that the US mechanized troops were strong in firepower, assault and maneuver, but weak in "melee", "night fighting" and sudden attacks during the March, and it was also unsuccessful to engage in "logistics strangulation war".

　　Reporter: the us military began to change for this?

　　Lin Dong: Yes, the US military began to implement the military sensing revolution in the 1950s, and later it developed into satellite reconnaissance and high-altitude UAV reconnaissance. Until the drastic changes in Eastern Europe occurred in the late 1980s, the US military quickly turned to general local conventional warfare, and prepared to turn the three major achievements in dealing with the Soviet nuclear war into the application of conventional warfare. First, the GPS system used to correct the time difference for intercontinental nuclear missiles flying across time zones was turned to provide navigation and positioning for various conventional mobile weapons and equipment; Second, the internet, a computer communication network established to resist the nuclear destruction of the Soviet Union, has been transferred to joint operations, which has become the basis of digital troops and network-centric warfare; Third, the Star Wars plan, which was prepared to break through with the Soviet Union, laid the foundation for the construction of the missile defense system.

　　It was also during this period that Marshall, director of the Net Assessment Office of the US Department of Defense, put forward the concept of "new military revolution".

　　Reporter: That is to say, the US military has explored the new military revolution before, and then it has an official name?

　　Lin Dong: It’s like this. In 1994, the then Secretary of Defense of the United States, Perry, formally put forward a comprehensive view of military reform based on the achievements of the military technology revolution, and named it the military affairs revolution. By the end of 1990s, after the Bush administration came to power, Rumsfeld, in combination with the needs of the "9.11" anti-terrorism war, re-positioned military reform as military transformation, trying to fully meet the needs of information development in the military establishment system, operational system and operational methods, and surpassing information in the development of weapons and technology, and opening up a broader world of military reform.

　　Reporter: Has the concept of new military revolution been recognized by other countries as soon as it was put forward?

　　Lin Dong: No, this concept was accepted late by other countries. Since 1980s, when people talk about the new military revolution, they mostly use the word high-tech war. It was not until the Gulf War in 1991 that the US military defeated hundreds of thousands of mechanized troops in Iraq with hundreds of casualties. Everyone was shocked and realized that a revolutionary military revolution had arrived.

　　Reporter: What was the goal of the early new military revolution?

　　Lin Dong: In the early days, the US military did not expect a historic leap forward, so the initial goal was not high. First, it was to save money. It was required that the new military revolution would enable the US military to rely on high technology to have a superior combat capability with about 300,000 troops. Second, fewer people are killed. Another important indicator of the new military reform proposed by the US military is that it can make the US military lose less than 10,000 people in conventional wars.

　　Although these two goals were achieved in the Gulf War, the US military at that time did not dare to take them lightly. However, the subsequent wars in Kosovo, Afghanistan and Iraq, without exception, the battlefield situation was one-sided with the US military. The number of combat troops sent by the US military has been reduced to tens of thousands, and even there has been a record of zero casualties in a war, and the US military has become ambitious.

　　Reporter: So far, has the new military revolution of the US military gone smoothly? Have all the goals been achieved?

　　Lin Dong: After Rumsfeld took charge of the US military command, he made every effort to promote military transformation, so in the middle of the new military transformation, he launched a brand-new strategic goal: First, to achieve a global strike, and the US military can strike any corner of the earth with one hour of emergency preparation; The second is to realize the integration of the army, integrated operations and integrated formation.

　　As a result, the integration construction encountered setbacks. First of all, Rumsfeld’s conflict with various services broke out. Rumsfeld made great efforts to promote joint operations and drastically weakened the position of the service headquarters. As a result, Rumsfeld was boycotted. However, Rumsfeld had no intention of quitting, and several generals of the army and navy were dismissed. As a result, he ended up being cornered by various services.

　　Secondly, there are serious differences of opinion among the services on the development direction of the new military revolution, and the Air Force put forward the idea of denying joint operations. The US Air Force believes that the assault stage of modern warfare is mainly air strikes, and the air combat forces of the navy and the army should all be under the command of the air force, and the implementation of coordinated assault with the air force as the main content of winning the war. The navy should become the transportation captain, and the army and the marine corps mainly occupy the city after the completion of the main air assault, and then go into the city to catch prisoners, and then fight terrorism and maintain stability.

　　This argument caused a great division and controversy among the US military services, which is still going on today. At present, the US military’s huge information system, national and theater missile defense systems are all disturbed by differences among various services, and their goals are vague and hesitant.

　　Reporter: Mr. Lin, the world’s new military revolution has been going on for nearly 20 years. Some people think that it is the sprint stage of the new military revolution, but in your new book "Beyond the military service era-systematic scientific thinking about the new military revolution", you suggest that the new military revolution is undergoing a spiral development process. What does this mean?

　　Lin Dong: At present, some people think that the new military revolution has formed a framework and entered a substantial leap stage. However, this is not the case. For example, the US military, as the leader of the new military revolution in the world, has carried out several core projects with budgets of trillions of dollars, such as GIG system of global information grid, NMD system of national missile defense, TMD system of theater missile defense, etc., thinking that they can win the all-round victory of the new military revolution with one effort, but all of them are frustrated and faced with huge strategic risks. At the same time, Rumsfeld, the leader of the new military revolution in the United States and former defense secretary, also resigned because of the quagmire of the Iraq war, and his radical military transformation policy was boycotted by all services of the US military.

　　The great exposure of the new military revolution in the west, led by the US military, shows a huge deviation in the theoretical guidance of military revolution, which comes from people’s stagnation in mechanized thinking to solve the information problem. Therefore, I think that the new military revolution in the west led by the United States is entering an adjustment period, and everyone’s understanding of the new military revolution in the world is also entering a gray area, which requires a breakthrough in thought and theory.

　　Reporter: In your book, you propose to "transcend the military service era". Does it mean that the future army will no longer be divided into land, sea and air forces, so how to organize the future army?

　　Lin Dong: The establishment system of the army is determined by the way of fighting.

　　In the mechanized era, the army fights according to the division of natural geographical space, so it is necessary to divide the army, navy and air force. The army controls the land, the navy controls the sea and the air force controls the air, each of which has its own symmetrical combat targets and fights independently of each other.

　　However, since the late World War II, there has been a phenomenon of cross-growth of services, and the cross-development of services has moved towards a super-service structure, and each service has tried to develop into a big army that includes the forces of other services.

　　Up to now, all services have broken the boundaries of services and extended to other battlefields. The air force can fight naval battles and land battles, the army has planes and surface ships, and the navy is decathlon, thus breaking the pattern of monopolizing land battles, naval battles and air battles respectively, and also bringing about the problems of repeated development of service combat capabilities and serious waste of military resources.

　　In order to solve the problem of the expansion of various services, the military all over the world invariably put forward the strategic problems of developing joint operations, sharing operational resources and dividing the military organizational system for the second time.

　　At present, there are two opinions on reforming the military service system. One is that the German army proposed to abolish the organizational system of the three armed forces and set up three major services, namely, the long-range strike force, the stable operation force and the information support force. Another view is to keep the current service establishment, but make the service units modular and can be reorganized with other service units, and at the same time add a horizontal organization to form three networks of reconnaissance, strike and maneuver, and all service units participate in the actions of these three networks.

　　Now it seems that the US military was adapted according to the second plan.

　　Reporter: When do you think the U.S. military will realize informationization, and where is the direction of change after informationization?

　　Lin Dong: According to the three indicators of global strike, global arrival and global surveillance proposed by the US military, its information transformation will be basically completed around 2025.

　　At that time, the focus of the US military’s reform will also shift. At present, these shifting directions have been used as new concept weapons in experimental research. First, the material revolution, mainly relying on nanotechnology to build micro-weapons. The second is the power revolution to solve the problem of high energy consumption. The third is the firepower revolution. Nowadays, the US military is designing a network fire system, a 64-tube vertical firing artillery array, which does not need a steel shell, and the ammunition fired in one minute can catch up with half of the current battalion. Fourth, laser weapons enter the battlefield and use high-energy lasers to destroy incoming enemy missiles, thus fundamentally solving the missile defense problem. The fifth is the flexible technology revolution, which has created humanoid flying robots that can fly and walk. With the help of intelligent technology, soldiers can fly spaceships that can reach the moon and catch turtles in the sea, spraying inexhaustible lasers and galloping between heaven and earth. (China Youth Daily Xuehong Li)

Editor: Cao Jin

() The operating comments of the Board of Directors in 2023 are as follows:

　　I. The industry in which the company is located during the reporting period.

　　(a) the company’s industry

　　1. Support policies have been introduced one after another, and outdoor sports industry has ushered in new opportunities for development.

　　In recent years, the state has paid more and more attention to the overall development of outdoor sports industry, and successively and intensively introduced a number of supporting industrial policies. In July 2023, the State Sports General Administration issued the Work Plan on Restoring and Expanding Sports Consumption. The plan points out that restoring and expanding sports consumption should be given priority, and puts forward three main measures: increasing the supply of high-quality sports products and services, enriching sports consumption scenes and consolidating the foundation of sports consumption. The promulgation of the "Program" is of special significance for the recovery of outdoor sports consumption. In October 2023, the National Development and Reform Commission, the State Sports General Administration and other departments issued the Action Plan for Promoting the Construction and Service Improvement of Outdoor Sports Facilities (2023-2025). The plan proposes that by 2025, the supply and demand of outdoor sports facilities construction and service quality will be effectively connected, the participation groups will be more extensive, the competition activities will be more abundant, the professional talent team will continue to grow, and the safety supervision policy system will be more sound. A number of outdoor sports development highlands with good development foundation, complete service guarantee, strong local characteristics and excellent supporting industries have been formed nationwide, and the total scale of outdoor sports industry has been promoted to 3 trillion yuan.

　　2. Outdoor sports groups tend to be younger, with strong consumption power and great communication influence.

　　The trend of rejuvenation of outdoor sports industry is a remarkable market phenomenon, which mainly benefits from young people’s pursuit of a healthy lifestyle and their desire to explore new things. The White Paper on Trend of Outdoor Sports Industry of Taobao Tmall in Spring and Summer of 2024 shows that young people aged 18-29 account for nearly 40% of the outdoor sports market, and consumers of this age group have become the backbone of the market. In addition, the spending power of young people in outdoor sports is also constantly improving. The White Paper on Sports Development of Young People in China in 2022 shows that the average annual consumption of young people in China is 7,237.6 yuan, of which 18.1% spend more than 10,000 yuan. This increase in consumption level reflects young people’s attention to outdoor sports and their willingness to invest in it.

　　As the main consumer in outdoor sports market, young people not only occupy an advantage in quantity, but also show a trend of youthfulness in consumption behavior and choice. Their participation and consumption behavior have played an important role in promoting the development of outdoor sports industry.

　　3. The outdoor industry is experiencing explosive growth, and the market potential is huge to be tapped.

　　With the popularity and diversification of outdoor sports, out shoes clothing and other related products have also ushered in a huge market demand. More and more consumers begin to pay attention to the functionality, comfort and fashion of outdoor products, which also brings more development opportunities for the outdoor products market. According to Hongze’s research data, in 2023, China’s out shoes clothing market has reached about 45 billion yuan, with a compound growth rate of nearly 20% in the past three years.

　　On the one hand, the popularity of outdoor activities, such as camping, skiing, hiking and mountaineering, has promoted the penetration rate of outdoor activities, attracted more and more participants, and brought a steady stream of consumer demand for outdoor products industry. On the other hand, the phenomenon of "breaking the circle" of out shoes clothing has also contributed. Its application scene is no longer limited to professional outdoor activities, but expanded to urban business and leisure areas. This change not only expanded the audience of out shoes clothing, but also further tapped the market potential. Under the joint action of these two factors, the high prosperity of outdoor products industry has been continuously improved, and the market potential of outdoor products has been further enhanced.

　　4. The consumer market continues to recover and rebound, and the market vitality continues to emerge.

　　According to the data of the National Bureau of Statistics, the total retail sales of social consumer goods in 2023 was 47,149.5 billion yuan, an increase of 7.2% over the previous year, and the scale reached a record high. According to the retail format, in 2023, the retail sales of physical stores above designated size increased by 5.0% compared with the previous year, among which the retail sales of convenience stores, department stores, specialty store and brand stores increased by 7.5%, 8.8%, 4.9% and 4.5% respectively. In 2024, as the national economy continues to pick up and improve, relevant policies to promote consumption will continue to be effective, new consumption formats and new models will be gradually cultivated and expanded, the income of urban and rural residents will continue to grow, and the expansion of the consumer market will be consolidated and enhanced.

　　(2) The market position of the company

　　Since its establishment, the company has been deeply involved in the outdoor sports industry and committed to the upgrading of the outdoor sports industry. The company develops, produces and distributes high-function professional outdoor sports goods, continuously cooperates with local governments and sports associations, and steadily lays out the comprehensive quality education section for parents and teenagers, which has formed a good reputation and brand reputation in the industry. It is a leader in the development of outdoor sports industry in China and has been rated as "National Sports Industry Demonstration Unit" by the State Sports General Administration.

　　

　　II. Main businesses of the Company during the reporting period

　　(a) the main business of the company during the reporting period

　　The company’s main business is to develop and sell professional high-quality outdoor sporting goods, organize outdoor sports events, and build a comprehensive outdoor quality education experience platform for parents and teenagers. Through the integration of various business sectors, it provides consumers with all-round products and services, encourages and helps people to go outdoors, exercise healthily, and fully practices the life concept of harmonious coexistence between man and nature.

　　During the reporting period, the company completed the acquisition of the 100% equity project of Shanghai Feiwa Trading Co., Ltd., which specializes in the distribution and agency of high-end hiking shoes brands and owns the exclusive agency of Italian handmade shoes CRISPI in China, obtained the exclusive sales and operation agency of HOUDINI, a representative brand of Nordic outdoor aesthetics, signed a joint venture agreement with Klttermusen AB, and completed the relevant registration procedures of the joint venture company in March 2024.

　　In 2023, the company achieved an operating income of 846.4 million yuan, a year-on-year increase of 50.51%; The total profit was 31,377,800 yuan, a year-on-year increase of 192.68%; Among them, the net profit attributable to shareholders of listed companies was 36,534,000 yuan, a year-on-year increase of 210.91%. By the end of 2023, the total assets of the company were 1,105,053,600 yuan, and the net assets attributable to shareholders were 688,769,500 yuan.

　　1. Focus on building the brand matrix of "own+exclusive agent" and complete the transformation from channel operation to brand operation.

　　(1) Focusing on the brand positioning of X-BIONIC sports black technology, we will continue to deepen the product design and development, channel development and construction, marketing promotion and membership system development of X-BIONIC.

　　"X" stands for technology, creativity, future and infinite possibilities, "BIONIC" stands for bionic technology, and X-BIONIC embodies the spirit of exploration, technology and passionate movement for dreams.

　　During the reporting period, the company focused on X-BIONIC’s own brand operation business, integrating R&D, design, commissioned processing, channel construction, marketing and sales, and met different types of consumer demand through the channels directly operated by the company, such as shopping malls, ski resorts, outdoor multi-brands, multi-category collection stores, traditional and emerging e-commerce platforms and live broadcasts.

　　The company continues to intensify research and development, adheres to the concept of combining X-BIONIC technology functionality with advanced fashion sense, and perfects and enriches various product lines based on product application scenarios. On the basis of the existing close-fitting products representing the professional height of the industry, the product R&D team continues to launch professional outdoor and functional business products, and has established in-depth partnership with international high-quality fabric suppliers such as GORE-TEX, Schoeller, Polartec, Pertex, Primaloft, Allied Feather and Down, etc., to jointly design and produce various functional products. Including all kinds of hard-shell jackets, soft-shell suits with different thicknesses, cotton-padded jacket, water-repellent down jackets, snowboarding suits, snowboarding suits, business jackets, business down jackets, business three-in-one down jackets, business down coats and other high-value products, as well as various trench coats, jackets, long and short T-shirts, sweaters, various hiking pants, business pants, running pants and other excellent products suitable for sale in spring, summer and autumn, covering outdoor climbing and hiking. Among them, the soft shell category with Schoeller soft shell material as the core has won special praise from users and great attention from the market, which has established the height of the soft shell industry that "not all soft shells are called Schoeller". At present, the category of X-BIONIC products has been basically completed and constantly optimized.

　　In 2023, the company opened six X-BIONIC brand stores in Beijing DT51, Shenzhen Vientiane City, Changchun Vientiane City, Beijing Badaling Ole, Beijing SKP and Beijing Shi Jinglong Ski Resort respectively. By December 2023, X-BIONIC had opened 22 single-brand stores (including 10 shopping malls and 12 ski shops) and 30 outdoor channel brand stores (including 28 Sanfu comprehensive stores)

　　X-BIONIC sponsors outdoor sports events and athletes by holding a number of brand and membership activities, and helps brand development in different fields. Invite champion users such as Xu Mengtao, Olympic champion of freestyle aerial skills, and Wang Xindi, world champion of freestyle aerial skills, to come to X-BIONIC Beijing SKP Winter Store to participate in Valentine’s Day activities, attracting many stars and sports bloggers to take photos and punch in the store to help X-BIONIC offline channel marketing; X-BIONIC Hangzhou flagship store and Changchun Vientiane City store opened, and invited international supermodel He Sui and short track speed skating Olympic champion Ren Ziwei to attend the opening ceremony and offline publicity activities respectively; The title is Chongli International Triathlon Challenge and the 24th Sanfu International Triathlon; Sponsored cross-country runners Wang Xun and Tony chen, and won the men’s and women’s championships in the 168 km group of the 2023 Suzaku 168 Super Cross-country Race respectively; Sponsored EMBA-A teams from cheung kong graduate school of business and China Europe International Business School to participate in the Gobi Challenge of Xuanzang Road, and won the Ge 17 championship and Ge 18 championship respectively; To pay tribute to the 70th anniversary of the first human summit of Mount Everest, X-BIONIC sponsored two female mountaineers, Gu Xiaoxi (the first person in Chongqing to reach the north slope of Mount Everest) and ISA, to successfully reach the top of Mount Everest, the world’s highest peak, in May 2023. Cooperate with Richie Jen, Kenny Lin, Jane Zhang, Jeff Chang Shin-Che, Zhang Lanxin, Zhao Lina, Huang Xiaolei, He Chong and many other stars and champions to publicize the brand. During the reporting period, we cooperated with more than 200 sports and fashionistas.Promote and plant grass for products on platforms such as Xiaohongshu and Tik Tok, and continuously deepen the brand power of X-BIONIC.

　　Establish and improve the X-BIONIC brand operation team, including commodity department, exhibition department, training department, member marketing department, brand store sales management department, etc., to achieve refined operation management; At the same time, according to the different business districts and customers, we will implement differentiated and precise operations to improve store efficiency and service; The store display image is presented according to the quarterly theme and product style planning. Through the design of quarterly props and the monthly store display guidelines, the offline image is improved and unified management; Continuously improve the overall training framework and content, cover employees at all levels with the help of online platform, and improve the service level and customer experience of the store; We have carried out many interactive activities such as skiing, cross-country running and city running, which has increased the stickiness of members and the recognition of products. During the reporting period, X-BIONIC recruited 23,000 new members, accounting for 90% of member sales.

　　In 2023, X-BIONIC achieved an operating income of 214,861,600 yuan, a year-on-year increase of 69.36%.

　　(2) National exclusive agency brand

　　The exclusive agency brands in China include Italian handmade shoes and boots brand CRISPI, Swedish classic brand Klattermusen, Nordic outdoor aesthetics representative brand HOUDINI, classic tooling shoes and boots brand DANNER, tactical backpack brand Mystery Ranch and professional out shoes brand LA SPORTIVA.

　　1) Italian handmade ingenuity inherits the brand CRISPI of shoes and boots.

　　CRISPI shoes adhere to the traditional Italian hand-made shoe-making technology, combining modern technology and Italy’s unique fashion taste. After entering the China market for 16 years, it has won the favor of the vast number of consumers in China with its "comfortable running-in" experience.

　　During the reporting period, the company closely communicated with CRISPI brand, cooperated in new product research and development, adhered to CRISPI’s unique DNA, combined Italian handcrafted ingenuity with new shoemaking technology, and combined functionality, high quality and fashion sense with a full understanding of the China market. Based on product application scenarios and different usage scenarios of China consumers, the company improved the product line matrix and launched diversified exclusive and first-time high-quality products from China. Including MONACO retro version, MONACO low top, MONACO Martin boots, etc., the categories cover hiking, outdoor, fashion wear, sports and other scenes.

　　In 2023, the company developed the CRISPI brand vision system and the use standard, completed the upgrading of 12 CRISPI brand image zones in the company’s multi-brand and multi-category comprehensive stores, and cooperated with 6 dealers to complete the upgrading of CRISPI brand image zones simultaneously.

　　In terms of marketing, in addition to continuing the successful market operation mode in the past, we have conducted in-depth cooperation with many KOLs, professional, fashion media and outdoor mainstream media, and combined brand professionalism with fashion trends. The content of official account of CRISPI brand has been upgraded, which has more brand depth and tonality, increased the stickiness of fans, greatly increased the brand exposure in bilibili, Xiaohongshu, Tik Tok and other major platforms, and continuously expanded the brand volume.

　　In 2023, CRISPI achieved an operating income of 79.77 million yuan, a year-on-year increase of 97%.

　　2) Swedish classic brand Klattermusen

　　During the reporting period, the Swedish classic brand Klattermusen performed brilliantly, with three single-brand stores and one pop-up shop in Hangzhou Tower, Shanghai Kerry, Beijing Guomao and Shenzhen Vientiane World Pop-up respectively. Continue brand exposure on social media platforms such as bilibili, Xiaohongshu and Tik Tok, and cooperate with many KOLs to promote and increase brand exposure and search popularity. Xiaohongshu, Tik Tok, WeChat WeChat official account and Weibo achieved double-digit growth, and opened Xiaohongshu Store and WeChat applet store, with the number of Xiaohongshu fans reaching 15,000.

　　In 2023, Klattermusen realized an operating income of 117.33 million yuan, a year-on-year increase of 188%.

　　3) HOUDINI, the representative brand of Nordic outdoor aesthetics.

　　HOUDINI brand is committed to the concept of environmental protection, and the research and development of environmental protection technology fabrics has set a benchmark in the environmental protection field of functional outdoor clothing; Creating a product recycling economy model has won consumers’ recognition of the long-term value of HOUDINI products; The leading design concept of HOUDINI brand is different from the unique competitive advantages of other brands, emphasizing the philosophy of harmonious coexistence with nature. The product pursues minimalist design, adopts advanced and low-key Mo Landi color system, and is loved by many female consumers.

　　In July 2023, the company and Houdini Sportswear AB Company formally signed the Exclusive Agency Agreement. In October, the first store of HOUDINI brand area image in China settled in Shanghai Sanfu Wanti Store, and then quickly opened HOUDINI brand area in Beijing Sanfu Xiangyun Town Store, Beijing Sanfu Madian Middle Store and Qingdao Sanfu Aofan Center Store, and in the second half of 2023, HOUDINI Tmall Flagship Store, HOUDINI JD.COM Flagship Store, Houdini Sports Outdoor Tik Tok Flagship Store and Houdini Outdoor Tik Tok Flagship Store were opened. In terms of wholesale, in 2023, we opened two HOUDINI brand area images in cooperation with distributors, and started to prepare the first self-operated China brand store of HOUDINI Shopping Mall, constantly expanding and improving the sales channels of HOUDINI brand.

　　During the reporting period, HOUDINI and Polartec China held a business opening event, which successfully created a loud momentum for HOUDINI to enter China, conducted in-depth cooperation with many KOL, professional and fashion media and outdoor professional media, combined brand professionalism with fashion trends, greatly increased brand exposure in bilibili, Xiaohongshu, Tik Tok and other platforms, and continued to expand brand voice.

　　DANNER, the classic American tooling shoes and boots brand exclusively represented by the company, represents the brand spirit of courage, tenacity and freedom, and is committed to providing customers with the best products with high-quality fabrics and techniques, which is the core of Danner’s 90-year inheritance and enduring; MYSTERY RANCH, the global leading brand of heavy backpacks, has won unanimous praise from the market and backpack users for its powerful backpack system, durable quality and unique design. LA SPORTIVA, a professional out shoes brand, is considered as a brand specially born for mountain sports, which is mainly suitable for technical mountain sports such as high altitude mountaineering, alpine climbing, rock climbing, skiing mountaineering and cross-country running. At present, DANNER, MYSTERY RANCH and LA SPORTIVA are mainly sold through e-commerce platforms such as Tmall, JD.COM and Tik Tok, and their product attention continues to increase and maintain steady development.

　　2. Actively adjust the layout of sales channels, rapidly expand the sales business of emerging e-commerce platforms, optimize the product structure of multi-brand and multi-category chain retail channels, and promote the image updating and upgrading of offline retail stores.

　　During the reporting period, the company actively adjusted the distribution of sales channels according to the changes of public consumption habits, focused on Tik Tok, Xiaohongshu and other emerging e-commerce platforms to create a traffic matrix, set up new multi-brand and multi-category comprehensive flagship stores in Xiangyun Town, Beijing, Lilac Town, Shenyang and Xinguang Tiandi, and built a single-brand collection store in Hangzhou Ping An Financial Center. (1) Through the combination of retail channels, it provided consumers with more convenient goods supply and optimized the shopping experience.

　　The company attaches great importance to the business presentation of emerging e-commerce platforms, with outstanding results in the layout presentation of platforms such as Tik Tok, WeChat applet, Xiaohongshu and Aauto Quicker. It has successively opened and operated a number of live broadcast channels such as Sanfu outdoor franchise store, CRISPI official flagship store, klattermusen sports flagship store in mountain rat, HOUDINI sports outdoor flagship store, X-BIONIC sports outdoor flagship store, DANNER official flagship store, mysterious farm official flagship store, LA SPORTIVA outdoor flagship store, etc. The operation mode and services tend to be mature, and the performance continues to grow steadily. Adhering to the concept of "striving to provide users with quality products and worry-free services", the company’s online operation team actively improves the quality of online business, optimizes e-commerce related workflows, including page design, user pre-sales and after-sales services, logistics and distribution, and makes every effort to enhance users’ shopping experience in the whole process of selection, purchase and after-sales.

　　In 2023, the number of public outdoor customers increased, mainly taking camping, light hiking, cross-country running, go on road trip and other outdoor activities, and these activities showed a continuous growth trend. In view of the demand of these products, the company increased the stocking of suitable products, increased the exhibition area of stores, and optimized and increased competitive brands, aiming at providing one-stop shopping service for outdoor sports enthusiasts.

　　In the post-Winter Olympics era, ice and snow sports and ice and snow tourism continue to heat up. The company has opened 12 ski resorts in Beijing, Chongli, Jilin, Xinjiang and other high-quality ski resorts, with a full range of goods, including (single and double) snowboards, anchors, snowshoes, helmets, snow goggles, snow clothes and protective gear. And according to the needs of skiers, we constantly introduce new products, such as fast-wearing fixer, gloves with palm protection, XRD protective gear, shadow stone 360 and other products. Some ski resorts provide members with services such as storing snowboards, repairing and maintaining snowboards, and provide convenience for members.

　　Offline stores attach importance to community activities and word-of-mouth marketing. In 2023, 183 community activities were organized, including hiking, camping, city running, cross-country running, CITY WALK, rock climbing and store sharing sessions. The number of offline retail members increased by 44,386, an increase of 43.6% compared with 2022. As of December 31, 2023, the total number of store members was 381,000, accounting for 82% of sales, an increase of 21% compared with 2022. The repurchase rate of members was 40.22%, an increase of 9% compared with 2022. The number of old members accounted for 52.9%, the number of new members accounted for 47.1%, the sales of old members accounted for 59.7%, and the sales of new members accounted for 40.3%.

　　3. Quality-oriented construction of outdoor sports events.

　　During the reporting period, the Sanfu event was dominated by its own boutique event IP, and continued to focus on triathlon and cross-country running. The X-BIONIC 2023 Chongli International Triathlon Challenge, the X-BIONIC 2023 China-Beijing-Tianjin-Hebei Triathlon and the 24th Sanfu Triathlon, the "Growth Medal" Little Triathlon Beijing Station and Xiamen Station, and the 2023 Dajingmen Ancient Great Wall Cross-country Race and adidas TERREX 2023 were successfully held. These events have attracted athletes and participants from all over the world, especially the Chongli 168 Super Cross-country Race. The race routes are specially designed according to the local natural environment, historical sites and cultural heritage, which is a combination of sports, culture and tourism. From 2,000 contestants in the first session to nearly 10,000 contestants this time, the total number of applicants exceeded 50,000 in seven years, which indirectly affected the participation of nearly one million people. Now it has become one of the largest, largest and most influential outdoor sports events with mass participation in North China and even the whole country, and was rated as the 2023 boutique event by Hebei Provincial Sports Bureau, which enhanced the company’s popularity and brand influence. In terms of competition organization, Sanfu competition pays more attention to the management process and details, strengthens the training of volunteers and staff, improves the overall service quality while ensuring the smooth competition process, and ensures the safety of contestants and spectators during the competition.Provide participants with a better competition experience; Form strategic cooperation with many media such as Little Red Book and Weibo to expand the exposure and influence of the event. Combined with the trend of cultural and creative works, the cultural and creative and public welfare products developed for the event activities have also been well received by the majority of participating enthusiasts and outdoor sports enthusiasts.

　　During the reporting period, Sanfu Group Construction continued to deepen the field of high-end outdoor group construction of enterprises, seized the hot period of traveling group construction, and successively reached cooperation with Didi Chuxing, () and other companies. Combined with the current outdoor craze and exquisite lifestyle, we will formulate a new outdoor group building plan for our customers. Throughout the year, many projects were successfully held, such as 100-person desert Gobi hiking group building, 1,000-person camping family carnival day, and high-end customized travel group building. At the same time, combined with the current consumption concept of the crowd, the Beijing-Tianjin-Hebei small-scale enterprise group building was launched, and more than 200 group building projects such as "Olympus Fun Games", "Sanyuan and Warriors Challenge" and "Learning to Think Ten Thousand Meters" were successfully held, with more than 20,000 service enterprises, which was recognized and widely praised by the majority of corporate customers and industrial organizations.

　　Beijing Sanfu International Dream Travel Agency, a wholly-owned subsidiary of the company, is responsible for the business of the activity department, undertakes the qualification training of outdoor tour leaders in chinese mountaineering association, and has hundreds of contracted tour leaders with outdoor qualifications all over the country. The business scope is mainly in Beijing, Chengdu and Shanghai, and at the same time, it recruits outdoor travel enthusiasts nationwide through online travel. During the reporting period, the activity department mainly took mountain outdoor travel as the carrier and some stores as the support, received more than 7,000 outdoor travel enthusiasts and released nearly 100 outdoor travel routes. Activities such as the New Year’s Eve in Wulanbutong, 300km cycling around Hainan Island, hiking on Wugong Mountain, and crossing the snow valley and snow country in Northeast China are highly praised by outdoor travelers. Sanfu outdoor activities are not only the choice of healthy lifestyle for outdoor travel enthusiasts, but also the messenger of green ideas. In the activities, we advocate and adhere to the principle of non-trace Shan Ye: do not use disposable goods, reduce garbage generation and take it all out of Shan Ye, reduce the impact on nature, and let outdoor enthusiasts re-understand the relationship between man and nature. Sanfu Activity Department, as one of the "departments closest to users", actively undertakes the responsibility of equipment recommendation officer. The product experience, feedback collection, experience in using outdoor products, knowledge popularization and other related exchanges of the company are widely spread in the activity community every day, which has made positive contributions to promoting the company’s brand, enhancing customer stickiness and improving the company’s products and services.

　　4. Steady operation of comprehensive outdoor quality education for parents and teenagers.

　　During the reporting period, the company smoothly operated the comprehensive quality education business of "Squirrel Tribe Parent-child Outdoor Paradise+Eagle Safety Education and Training +SANFO HOOD Wild Luxury Camp+Sanfu Little Warrior".

　　Facing the fierce competition in the parent-child market, Shanghai Xile constantly seeks new breakthrough directions, and renews some original projects in different parks of "Squirrel Tribe". According to the actual situation, different parks introduce new projects such as glass water slide, go-karting, wooden house camp and scarecrow art festival, which brings diversity and rich experience to the products of "Squirrel Tribe". At the same time, thanks to the support of domestic youth quality education policies, the marketing promotion of "Squirrel Tribe" on traffic platforms such as Tik Tok and Xiaohongshu, and the renewal iteration of park projects, the number of visitors to the park increased significantly in 2023. Chengdu, Wuhan, Zhengzhou and Nanjing received a total of 601,200 tourists, up 25% year-on-year. However, bad weather (heavy rain in Wuhan and Nanjing), low-price competition and other market environments have also brought adverse operational impacts to the parks.

　　Guizhou Eagle focuses on safety education, focusing on "making 300 million children safer" and creating "a place where all ages 0-99 need to study", and actively upgrades its brand and business. During the reporting period, Guizhou Yingji applied for and obtained two national utility model patent certificates of "Half-body Aviation Training Warehouse for Emergency Escape" and "An Emergency Escape Training Inclined Building" certified by China National Intellectual Property Administration; Hosting the "Sichuan and Guizhou Emergency Safety Education (Base) Development Forum" and establishing the Eagle Safety Education Research Institute, won the title of National Research Travel Base, the qualification of Guizhou Provincial Sports Tourism Demonstration Base, and the "Top Ten Pioneer Projects Award of Global Emergency Industry" and other qualification awards, which provided strong professional support for the subsequent research and development of related courses in the field of safety education and the re-optimization of the curriculum system. He has participated in many projects, such as the symposium on the mid-term evaluation report of the implementation of the national "14th Five-Year Plan" youth sports development plan and the on-the-spot investigation and investigation in Guangzhou enterprise base, which has enhanced the confidence and mission of the company’s employees, stimulated their enthusiasm and innovation, improved their personal professional knowledge and skills, and supported business development and development. In 2023, Eagle Safety Education completed 230 safety trainings and drills, with 70,056 person-times, an increase of 56% compared with 2022.

　　During the reporting period, SANFO HOOD focused on the "camp+"operation mode, and newly established two boutique campsites, "Wild Camp" and "Plant and Planet Camp" in Beijing and Chengdu, respectively, combining camping with group building, scenic spots, Internet, farms, food and other activities to empower the brand. Committed to the quality education for young people, Sanfu Little Warrior cooperated with Chengdu Luhu Scenic Area for a brand-new upgraded version of children’s outdoor activities, and completed a good result of more than 1,000 families participating in a single event; The SANFO HOOD Wild Camp, which landed at the Beijing station of Sanfu Little Warriors, pioneered the concept of camping+competition, built a complete ecological chain of outdoor entertainment for users, and focused on users’ participation experience, which was well received by parents and families in Beijing. In 2023, the Sanfu Youth League was extended to the Youth Military Summer Camp/Winter Camp project. With mature systematic operation experience, new media matrix marketing methods and upgrading the inherent parent-child private domain traffic, nearly 1,000 groups of young families were successfully signed up to participate.

　　5. Build an intelligent logistics supply chain system

　　During the reporting period, in order to meet the rapidly growing demand for self-owned brand stocking, e-commerce and offline store delivery, Sanfu Supply Chain built an industry-leading digital warehouse by introducing advanced warehousing technology and equipment, providing important infrastructure and omni-channel supply chain services for all brands, departments and subsidiaries, realizing fast, safe and efficient transportation of goods, reducing inventory costs and brand operation costs, improving customer satisfaction, etc., thus promoting the development and competitiveness of all brands of the company.

　　Through the above business segments, the company provides consumers with all-round products and services, builds an outdoor ecological platform with business users as the core, links people with outdoor brands, people with outdoor products, people with outdoor sports and people with outdoor education, and realizes customer group transformation among multiple segments, thus building a complete internal and external cycle of outdoor industry.

　　(B) Analysis of business information of retail industry

　　1. Store operation

　　By the end of the reporting period, the company had opened 54 professional outdoor products chain stores in 17 cities, including Beijing, Shanghai, Nanjing, Hangzhou, Chengdu, Shenzhen, Shenyang, Changchun, Qingdao, Shijiazhuang, Suzhou, Wuxi, Zhangjiakou, Dalian, Jilin, Tonghua and Altay, with a total area of about 21,000 square meters.

　　(1) Distribution of stores at the end of the reporting period

　　Description: Ski shops in the above table refer to X-BIONIC single-brand shops opened in ski resorts.

　　(2) During the reporting period, the situation of the top 10 stores with sales revenue.

　　(3) Store business income

　　In 2023, the company’s store business income was 417,065,900 yuan, accounting for 49.28% of the company’s operating income.

　　(4) Store changes

　　1) Opening new stores

　　2) Close the store

　　(5) Store efficiency information of comparable stores during the reporting period.

　　1) Comparable stores refer to stores with comparable sales data for the same period in 2022 and 2023.

　　2) The above does not include closing stores in 2023.

　　3) Floor efficiency refers to the sales per square meter of business area during the reporting period.

　　2. On-line sales during the reporting period

　　During the reporting period, the company’s transaction volume on third-party online e-commerce platforms such as Tmall, JD.COM, Tik Tok and Micro Mall was RMB581,144,400, and its operating income was RMB325,856,300. Among them, thanks to the rapid development of interest e-commerce platform, the sales growth rate in Tik Tok is obvious. In 2022, the company official website linked the online sales to the third-party e-commerce platform where the company was located, and stopped selling.

　　3. Procurement during the reporting period

　　(1) Supply situation of the top five suppliers in each commodity category

　　(2) Inventory management policy

　　In terms of inventory management, the company has applied ERP invoicing management and WMS warehousing management system, which can know the inventory situation in real time, and the data of goods warehousing, warehousing and distribution, sales outbound and end-of-season inventory can be reflected in real time, and the sales and inventory data of various stores in the country and the inventory structure of various categories can be obtained at any time from the system; The company’s R&D department, product department and operation department will formulate the safety inventory of each category, and arrange the replenishment quantity in time when it is out of stock, so as to ensure the continuous supply of sales demand and avoid the stagnation of goods.

　　(3) the policy of dealing with unsalable and expired goods.

　　For unsalable goods, the company will take the form of opening outlet stores, big promotions in spring, summer or late autumn and winter, temporary sales, e-commerce platform channels, micro-malls and other forms for sale according to different situations; For expired goods, the shelf life management regulations shall be strictly followed, and the principle of first-in-first-out shall be guaranteed. For temporary goods, measures such as returning to manufacturers and bundling promotion shall be taken, and expired goods shall be destroyed and included in the loss.

　　As for the impairment provision policy, it shall be measured at the lower of cost and net realizable value on the balance sheet date. If the inventory cost is higher than its net realizable value, provision for inventory depreciation shall be made and included in the current profit and loss. On the balance sheet date, if the factors influencing the previous write-down of inventory value have disappeared, the write-down amount will be restored, and it will be reversed within the amount of the original provision for inventory depreciation, and the reversed amount will be included in the current profit and loss.

　　4. Warehousing and logistics during the reporting period

　　The company has a supply chain company, with Suqian, Jiangsu and Sanhe, Hebei as the main storage and logistics bases, which are used to quickly turn around and store the full range of goods sold by the company’s own brands and agents, including outdoor clothing, shoes and socks, equipment and so on. The goods purchased by the company or the products commissioned for processing and production are first sent to the warehouse logistics base, and then transported to the store or the place designated by the customer through the third-party logistics company or the company’s logistics vehicles. During the reporting period, the warehousing expenditure was 2,624,200 yuan, and the logistics expenditure was 8,491,300 yuan, of which the self-owned logistics expenditure accounted for 1.64% and the outsourcing logistics expenditure accounted for 98.36%.

　　5. Own brand

　　During the reporting period, the company’s own brand business income was 253,399,200 yuan, accounting for 32.74% of the company’s main business income. Among them, the business income of X-BIONIC products was 214,861,600 yuan, up 69.36% year-on-year.

　　

　　Third, the core competitiveness analysis

　　(A) the acquisition and operation of sports black technology brand X-BIONIC brought huge development space

　　X-BIONIC has been widely recognized by many professional athletes in the world for its powerful black technology attributes. "X" stands for technology, creativity, future and infinite possibilities, "BIONIC" stands for bionic technology, and X-BIONIC embodies the spirit of exploration, technology and passionate movement for dreams. After acquiring the ownership of "X-BIONIC" and "X-SOCKS" brands in China, the company absorbed and integrated its advanced technology, accepted the popularity and reputation of its international brands, combined with international and domestic R&D and production capacity adapted to the market, and closely cooperated with major international suppliers of high-quality raw materials, relying on the company’s accumulation in the outdoor sporting goods industry for many years, achieving brand development, which brought huge development space for the company’s production and operation.

　　(2) A complete outdoor industrial operation platform.

　　By developing and selling high-quality outdoor sporting goods, organizing outdoor activities and organizing group construction, and building operators and linkers of parent-child and adolescent comprehensive outdoor quality education business segments, the company builds an outdoor ecological platform with operating users as the core, linking people with outdoor brands, outdoor products, outdoor sports and outdoor education, and realizing customer group transformation among different segments, thus building a complete outdoor industrial operation platform.

　　(3) Outdoor multi-brand and all-category product structure

　　Since its establishment in 1997, the company, as one of the early enterprises engaged in outdoor industry, has been deeply involved in the industry, established a lasting and stable cooperative relationship with hundreds of outdoor brands at home and abroad, understood the core advantages and applicable situations of different brands, different categories and different products, and formed a deep insight and understanding of product characteristics, thus providing professional and personalized product selection suggestions for different consumers in different scenarios and serving the user groups in depth. At present, the company has its own brands such as X- BIONIC, X-SOCKS, SANFO PLUS, ANEMAQEN, SANFO, KIDSANFO, etc. It is the exclusive agent of CRISPI, Houdini, Danner, Mystery Ranch and LA SPORTIVA classic international outdoor brands, and distributes 300+ outdoor famous brands with more than 8,000 SKUs. The product categories cover outdoor sports, daily business and leisure, etc. Some core brands are as follows:

　　(D) Strong R&D capability of its own brand.

　　With more than 20 years’ working experience and in-depth understanding of products and customers, the company has successively established a number of self-owned brands such as ANEMAQEN, SANFO, KIDSANFO, SANFO PLUS, etc., and has the ownership of IP China such as "X-BIONIC" and "X-SOCKS". The design R&D team consists of designers, pattern designers, material developers and other professionals, focusing on the control of key links such as pattern design, process optimization and production quality control. Focus on target market segmentation and diversified product design direction, constantly reform and innovate in fabric selection and functionality, and combine high-quality materials with advanced technology to empower sports and achieve a more comfortable, reassuring and cool brand experience.

　　At present, the company has established in-depth cooperative business relations with international high-quality functional fabric companies including GORE-TEX, Schoeller, Polartec, Pertex, Primaloft, Allied, etc., which has laid a solid foundation for new product R&D, production and supply chain. Since the private brand products have been put into the market, they have gained a good market reputation, and the company’s core competitiveness and gross profit margin will be strongly guaranteed.

　　(E) All-round distribution of sales channels

　　The company has an independent team for expanding stores and a comprehensive evaluation system for opening stores. Combined with historical successful experience and business data, it evaluates and considers the region, consumption power, passenger flow, location, cost, return on investment and other aspects, scientifically calculates and deduces the profit model, selects excellent solutions, and strives to ensure the profitability of physical stores. Through offline channel coverage, online business development, group procurement promotion, event linkage and other means, we will comprehensively broaden sales channels and achieve online and offline coordinated development, which has strong industry influence in the professional outdoor field.

　　(six) professional experience in organizing sports events and league building activities.

　　Sports management subsidiary has been focusing on the promotion and popularization of professional outdoor sports for many years, and has won the title of chinese mountaineering association Demonstration Club and AAA outdoor sports club qualification for many years. It is a member of China Triathlon Association, Marathon Committee of China Athletics Association and International Cross-country Running Association. With the competition as the engine, the company is committed to leading Chinese people to develop a good outdoor sports lifestyle. At present, it has become a professional competition operation organization with large scale and strong technical strength in China, and its business ability is at the leading level in China from organization planning, route survey to guarantee implementation. The types of events cover daily training, entry-level events and long-distance super events, and there are many events with international brand influence such as Sanfu Triathlon and Chongli 168. The company has been fully recognized by members, contestants and outdoor sports enthusiasts in the event, and members have the characteristics of strong stability and high loyalty.

　　The skill training subsidiary focuses on the in-depth development of enterprise group building business and occupies a leading position in the field of outdoor training for enterprises. After more than ten years of industry accumulation, a high-quality coach team composed of many professional senior coaches has been deposited, including many star coaches with national professional qualification certificates, more than ten years of experience and tens of thousands of training experiences. And has established a deep cooperative relationship with many high-quality camp resources with unique outdoor entertainment attributes. After more than ten years of deep cultivation and business expansion, the company’s customer resources have covered more than 20 industries, including the Internet, technology and finance, including dozens of Fortune 500 companies, listed companies and emerging Internet technology companies. High-quality customer resources, long-term strategic cooperation, strong faculty and all-round enterprise services have won a stable market share for the company and continued to drive business growth.

　　(seven) mature parent-child adolescent quality education project operation management system.

　　Shanghai Xile Subsidiary is the main operator of "Squirrel Tribe". After years of exploration and practice in outdoor sports, entertainment and education, it has taken the lead in establishing a standardized operation management process and curriculum research and development system in the industry, and has a strong first-Mover advantage in product design, management concept, safety awareness and daily protection. "Squirrel Tribe" has its own brand IP image, and radiates clothing, picture books, courses and other related fields. By optimizing iterations, it enhances IP influence, systematically exports management service capabilities to the industry through joining, and enhances the radiation radius of IP regions.

　　Eagle Sports Subsidiary owns the brand of "Eagle Safety Education", focusing on youth safety education, integrating diversified contents such as earthquake prevention and disaster reduction, self-care and self-rescue, popular science safety, youth safety education and training, etc. It can simulate various disaster sites to carry out various forms of skills training such as disaster prevention and mitigation, emergency rescue and emergency rescue, and enhance the self-help and self-care ability of young people in emergencies through experiential training. It has profound experience and mature operation mode in the youth safety quality education industry. The outdoor safety base for disaster prevention and reduction in Yingji, Guizhou invested by Yingji Sports, has been awarded many honorary titles by Seismological Bureau of China, governments at all levels and superior units, such as National Popular Science Education Base for Earthquake Prevention and Reduction, Publicity and Education Base for Disaster Prevention and Reduction in Guizhou Province, Publicity Base for Popular Science Education in Guizhou Province, and Training Base for Youth Self-care and Self-help in Guizhou Province.

　　By continuously expanding the quality education program for teenagers, the company has become one of the representative enterprises in the field of outdoor unpowered sports, natural history exploration and safety education.

　　(8) High-quality and stable membership groups

　　The company always adheres to the service tenet of "customer first", pays attention to the construction of customer information system, uses CRM customer relationship management system, integrates online and offline multi-channel resources, and carries out unified membership service and management. Actively cultivate new members, firmly maintain old members, increase value and optimize members’ rights and interests, and improve viscosity and repurchase rate; Establish accurate expansion of user portrait analysis needs; Provide timely and high-quality pre-sale, in-sale and after-sale services, pay attention to satisfaction feedback and follow up to enhance interaction; A loyal and stable membership base will help drive channel traffic and performance growth.

　　(nine) high industry visibility and reputation.

　　The mission of the company is to "encourage and help people to go outdoors, exercise healthily, and fully practice the life concept of harmonious coexistence between man and nature", and always adhere to the business concept of "honest management-guarantee after-sales" to provide consumers with multi-brand and all-category products. At the same time, in order to ensure the quality of service, the company has always adhered to the strategy of opening stores directly, and has established standardized management processes in product selection, store display, customer reception, professional explanation, inventory management, after-sales service, etc., fundamentally ensuring the unity and quality of foreign services. The company pays attention to establishing close cooperative relations with upstream and downstream enterprises and competent departments in the industrial chain, strictly fulfills commercial contracts, abides by business rules and business ethics, and has formed a good reputation and influence in the industry.

　　In recent years, the company has won many awards, including typical enterprises of the Ministry of Commerce, high-tech enterprises in Zhongguancun, AAA-rated enterprises in Beijing, enterprises founded by Beijing Chengxin, demonstration units of Beijing sports industry, members of Beijing Zhongguancun Enterprise Credit Promotion Association, top 100 private enterprises in Beijing, top 100 small and medium-sized private enterprises in Beijing, pioneer of civilized units and workers in Xicheng District, and "100 most influential credit enterprises" in Zhongguancun Credit Cultivation Double Hundred Project. And ISO9001 quality management system certification, ISO14001 environmental management system certification, GB/T28001 occupational health and safety management system certification, etc.

　　

　　IV. Prospects for the future development of the company

　　(A) the industry pattern and development trend

　　1. Policies to support industry development

　　In recent years, the state has issued a series of policies to support the development of outdoor sports industry, fully recognizing the important role of outdoor sports industry in promoting the development of national economy.

　　In March, 2022, the general offices of the General Office of the Central Committee of the CPC and the State Council issued the Opinions on Building a Higher Level Public Service System for National Fitness, which clearly stated that it is necessary to build a multi-level and diversified sports event system, vigorously promote the development of outdoor sports, make a good plan for the development of outdoor sports industry, build a "three verticals and four horizontals" spatial layout of outdoor sports, and launch a pilot project to open natural resources to outdoor sports. The promulgation of the "Opinions" will further promote the substantial expansion of outdoor sports space for Chinese people and the promotion of outdoor sports duration.

　　In July 2022, the General Office of the State Sports General Administration, the General Office of the Ministry of Education and the General Office of the Development and Reform Commission issued the Notice on Improving the After-school Service Level of School Physical Education and Promoting the Healthy Growth of Primary and Secondary School Students, guiding and supporting professional forces such as sports schools and sports clubs to enter the campus to carry out after-school sports services, promoting the implementation of the "double reduction" policy, and promoting the healthy growth of young people through various efforts.

　　In November 2022, the Ministry of Culture and Tourism, the Central Civilization Office, the Development and Reform Commission and other 14 departments jointly issued the Guiding Opinions on Promoting the Healthy and Orderly Development of Camping Tourism and Leisure, proposing to promote the construction of public camps, expand the scale of public camps, improve service quality, encourage and support the standardized construction of operating camps, and improve the quality of camping products.

　　In November 2022, the State Sports General Administration, the Development and Reform Commission and the Ministry of Natural Resources jointly issued the Outdoor Sports Industry Development Plan (2022-2025). According to the Plan, by 2025, the high-quality development of outdoor sports industry will achieve remarkable results, basically forming a development pattern of effective docking of supply and demand, coordinated development of industry and ecology, prominent brand of products and services, and continuous innovation of formats and models. Outdoor sports venues and facilities continue to increase, the popularity is greatly improved, and the number of participants is increasing. The total scale of outdoor sports industry exceeds 3 trillion yuan.

　　In October 2023, the National Development and Reform Commission, the General Administration of Sports, the Ministry of Natural Resources, the Ministry of Water Resources, National Forestry and Grassland Administration and other departments issued the Action Plan for Promoting the Construction and Service Improvement of Outdoor Sports Facilities (2023-2025). The plan aims to meet the people’s growing demand for outdoor sports, improve the construction and service quality of outdoor sports facilities, and promote the high-quality development of outdoor sports industry. According to the plan, by 2025, the outdoor sports facilities in China will continue to increase, the construction of outdoor sports facilities and the supply and demand of service quality will be effectively connected, and the total scale of outdoor sports industry will reach 3 trillion yuan.

　　2. General situation and trend of industry development

　　Outdoor sports industry contains a wide range of connotations. In a narrow sense, outdoor sports refer to leisure activities in natural or semi-natural environments, including camping, outdoor adventure, cycling, mountaineering, skiing, self-driving cross-country and so on. In a broad sense, outdoor sports are more like a lifestyle, with elements of fitness, tourism, sports, entertainment and leisure.

　　According to CCTV financial data, the number of people who regularly participate in physical exercise in China has exceeded 500 million, which fully proves the public’s enthusiasm and pursuit for healthy living and outdoor sports. According to the data of China Sports Daily, by the end of 2021, the number of people participating in outdoor sports in China has exceeded 400 million, and the trend of popularization, age-old and lightweight has emerged. Different kinds of outdoor sports such as mountaineering, rock climbing, hiking, cycling, ice and snow, camping, adventure, water and aviation have emerged in an endless stream, and the activity scenes have gradually extended, which is popular among young people with the characteristics of novelty, fun, low participation threshold and social attributes.

　　According to the "2023 Outdoor Life Trend Report" published by Xiaohongshu, outdoor sports have gradually integrated into people’s daily lives and become a universal lifestyle. From January to October 2023, the daily activities of outdoor users increased by more than 100% month-on-month, showing the strong growth momentum of outdoor sports.

　　Under the influence of the rising participation rate of outdoor activities, the market scale of outdoor products in China is expanding. In 2022, the market scale of outdoor products industry in China is about 197.1 billion yuan, and it is estimated that the market scale of outdoor products industry in China will further grow to 240 billion yuan in 2025.

　　At present, China’s outdoor industry shows a rapid growth trend in many aspects, including the explosive growth of various outdoor activities, the expansion of market scale, the increase of facilities construction, the popularization of education and the maturity of sports events.

　　(II) The company’s future development plan

　　1. Stick to the brand development strategy, focus on brand operation, build organizational structure and team around each brand, and promote the success of each brand operation.

　　At present, the company has laid out its own brand+domestic exclusive agent brand operation business, and the transformation from previous channel operation to brand operation has basically been completed. X-BIONIC, CRISPI, HOUDINI, Klattermusen, DANNER, Mystery Ranch and LA SPORTIVA are all developing rapidly according to the company’s overall strategic plan. In the future, the company will adhere to the brand development strategy, focus on the X-BIONIC brand, build an operational organizational structure around each brand, and carry out brand operation from brand positioning, product research and development, brand marketing, channel construction, membership system and other aspects to enhance the popularity and influence of each brand and increase market share.

　　2. Combining with emerging consumption habits, create a new mode of three-dimensional channel operation.

　　The rise of emerging e-commerce platforms has broken the traditional consumption pattern, and the live push consumption habit has taken shape. The company will combine the emerging consumption habits, radiate omni-channels through short video+live broadcast+social media, continuously improve the awareness and market popularity of all brands, and expand the time and space scope of all brand products. Under the line, we will rapidly expand single-brand stores in high-end shopping malls and business districts, steadily build interesting and experiential multi-brand and multi-category comprehensive stores, and quickly establish a distribution cooperation system; Ski shops are the layout of outdoor sub-industries. The company has opened a number of ski shops mainly selling X-BIONIC products in Beijing, Chongli, Jilin, Tonghua, Xinjiang and Chengdu, and will continue to open ski shops in many high-quality indoor and outdoor ski resorts in the future to continuously expand the market share of X-BIONIC products in the ski circle.

　　3. Build a comprehensive outdoor quality experience education platform for parents and teenagers with mobile internet thinking.

　　The company is committed to building a comprehensive quality education platform for parents and teenagers of all ages, which integrates entertainment experience, sports training, safety education, natural history education and outdoor skills training. With mobile internet thinking, it combines artificial intelligence, virtual technology, digital operation and other technologies to establish an advanced internet outdoor education system, linking interesting quality education games with parent-child paradise and rich professional safety education and research courses. Encourage young people to strengthen their bodies in nature, explore themselves, discover the world, enhance their leadership, master survival skills and safety knowledge, and comprehensively help parents and young people grow up healthily.

　　(3) The company’s business plan

　　In 2024, the theme of the company’s operation is brand operation, and the company’s organizational structure is greatly adjusted around brand operation, and various brand operation divisions and core operation teams are established. X-BIONIC, CRISPI, HOUDINI, KLattermusen, DANNER, Mystery Ranch and LA SPORTIVA realize the diversification of sales channels through the combination of offline, online and live broadcast, the combination of self-operated wholesale channels and the combination of single-brand stores and multi-product stores, and continuously expand the product strength, brand strength and channel strength of each brand, so as to enhance the company’s comprehensive competitiveness and continuously promote business development.

　　1. Complete the organizational structure adjustment of each brand operation, and each brand can operate independently.

　　2. Focus on functional textile frontier technologies such as technological material innovation and process innovation, strengthen the construction of product design and development team, and constantly explore, so as to continuously inject the vitality of technological innovation into the future development of X-BIONIC brand.

　　3. On the basis of successful product planning, X-Bionic continues to iteratively improve and optimize products. Focus on continuous investment in professional outdoor and functional business series, especially for key categories such as close-fitting layer, soft shell, hard shell and functional trousers, and vigorously develop and promote them.

　　4. Sponsor Zhang Shupeng, the first Asian winged fighter and paraglider world champion, to challenge the extreme sports of flying over Mount Everest; Named the 25th Sanfu International Triathlon, sponsored cheung kong graduate school of business, China Europe International Business School and other famous business schools to participate in the 19th Xuanzang Road Gobi Challenge; Set up X-BIONIC cross-country running team to participate in major cross-country running events around the world; In-depth cooperation with stars who love outdoor sports, create high-quality video content communication brands, and expand the brand power of X-BIONIC.

　　5. Continue to increase investment in live broadcast platform, introduce AI technology and virtual reality technology, etc., to enhance users’ online shopping experience.

　　6. Open about 10 X-BIONIC single-brand stores, 2-3 HOUDINI single-brand stores, 1-2 CRISPI single-brand stores and 1-2 multi-brand and multi-category Sanfu comprehensive stores.

　　7. Expand the distribution channels of brands, increase the market exposure of brands, and expand the market influence of brands.

　　8. Create an online outdoor comprehensive quality education platform on the Internet. Through creative outdoor activities, interesting game forms and systematic reward mechanism, encourage and help young people to keep fit in nature, explore themselves, discover the world, enhance their leadership, master survival skills and safety common sense. Through online and offline linkage, the company’s nature park will be built into a leading demonstration camp of comprehensive outdoor education system, providing one-stop solutions for physical fitness training, natural history exploration, survival skills and safety science training.

　　(4) Possible risks

　　1. Consumer market volatility risk

　　At present, the domestic outdoor products consumption market is generally improving, but affected by the overall consumption environment, the uncertainty of the consumer market may have an adverse impact on the company’s operation.

　　Countermeasures: Carry out all work around the annual business plan, promote omni-channel integrated development, control costs, control investment in non-main business areas, and minimize the impact of market environment fluctuations.

　　2. The risk that the company’s operation falls short of expectations

　　In 2024, the company will rebuild its organizational structure and team around the brand operation, which will bring a transitional period, and there is a risk that the operation will be less than expected.

　　Countermeasures: stick to the brand operation theme focusing on X-BIONIC brand, focus on resources, continuously improve products, channels, markets and users, and strive to achieve the success of X-BIONIC brand and the overall brand operation of the company.

　　CCTV News:Road traffic safety cannot be ignored for a moment. Recently, another scene of shock occurred in Baoding, Hebei Province.

　　A mother riding an electric bicycle, carrying her two children, ran a red light across the road and was knocked down by a car coming sideways. A boy was directly involved in the bottom of the car.

　　At about 3: 28 pm on the day of the incident, at the T-junction of the traffic lights in Chen Zhuang, Wangdu County, a woman with two children was driving an electric bicycle from north to south. At this time, the traffic lights in the north-south direction were red. The woman did not stop and wait, but did not hesitate to pass the red light; At the same time, the signal light from west to east turned green. After the signal light turned yellow and the light flashed, a white car turned left and accelerated through the intersection, just colliding with the electric bicycle, knocking it down and rolling a boy in the car under the car. After the accident, the driver of the car immediately stopped to save people and reported to the police.

　　Bai Qiumei, Hebei Baoding Traffic Police Detachment:There were three people riding the electric bicycle, mother and son, all of whom were injured to varying degrees. The boy in the back seat couldn’t afford to fall to the ground and was seriously injured. The vehicles of both sides of the accident were damaged.

　　The ambulance arrived at the scene five minutes after the accident.

　　In order to verify the situation, Wangdu traffic police retrieved the video footage of the incident. Through the video, it was found that women riding electric bicycles ran red lights, while white cars with left turns grabbed the lights and met non-motorized cyclists, which was the cause of the accident.

　　Bai Qiumei, Hebei Baoding Traffic Police Detachment:The driver of the electric (self-propelled) car, Wang Mou, and the driver of the car, Wang Moumou, should bear the same responsibility for this accident, and the passenger is not responsible.

　　　　　　　　[Editor’s note]

　　　　　　　　After Yuan Shikai’s death, the Beiyang Army split up, and warlords of various departments competed for the Central Plains. In September, 1924, the Jiangsu-Zhejiang War broke out, and the direct warlord led by Wu Peifu competed with the Anhui warlord for control of Shanghai. Before that, Wu Peifu had already won the victory over the Feng warlord Zhang Zuolin. In the eyes of westerners, Wu Peifu was undoubtedly the "strongest" in China at that time. On September 8th, Wu Peifu appeared on the cover of Time magazine, becoming the first Chinese to win this "honor".

　　　　　　　　After that, Feng Yuxiang, Chiang Kai-shek, Song Meiling, Wang Jingwei, Song Ziwen, Mao Zedong, Zhou Enlai, Luo Ruiqing, Chen Yi, Deng Xiaoping, etc. appeared on the cover of the weekly magazine one after another, becoming face of china that attracted worldwide attention. Of course, these characters are key players active in China’s political field, but what did the American news media people see from them at the moment when they became cover figures? In the process of making cover characters, what did the micro-expressions of those characters express to the world?

　　　　　　　　

The first Chinese on the cover of Time: Wu Peifu.

The captions under the photos are "General Wu" and "Biggest man in China". At that time, the Jiangsu-Zhejiang War broke out in southern China. The direct warlord led by Wu Peifu is fighting with the Anhui warlord for the control of Shanghai.

　　　　　　　　

1920s: Who was the strongest in China?

　　　　　　　　After Wu Peifu, Chiang Kai-shek, the second commander-in-chief of the Northern Expedition, appeared on the cover weekly of Time. In March, 1927, Chiang Kai-shek led the Kuomintang troops northward into Shanghai, in order to complete the complete reunification of the north and south of China. Of course, this is not easy. In 1929, the new warlords of the Kuomintang were in a scuffle again, filled with smoke. In 1930, Yan Xishan, Feng Yuxiang and Li Zongren jointly launched a war against Chiang Kai-shek, that is, the Central Plains War, which was the largest warlord melee in China’s modern history. As key figures in this period, Feng Yuxiang and Yan Xishan also appeared on the cover of Time magazine.

　　　　　　　　

1930s: Clouds of war were gathering, and the war was in chaos.

　　　　　　　　Since his first appearance on the cover of Time in April 1927, Chiang Kai-shek, as the supreme leader of China, naturally attracted the attention of western media in the 1930s. During this decade, Chiang Kai-shek appeared on the cover of Time magazine five times, including two appearances with his wife Song Meiling. In addition to Jiang and Song, in 1934, Puyi was enthroned as the "Emperor of Manchukuo", which made him appear in Time magazine. On March 18th, 1935, Wang Jingwei became the cover of Time magazine. 　 　 　

Chiang Kai-shek’s Face in Time

　 　 　 　　

　 　 　 　 The middle picture is: Chiang Kai-shek (November 9, 1936).

　　　　　　　　Clockwise from top left to bottom right are: Chiang Kai-shek and Song Meiling (October 26, 1931), which is Song Meiling’s first appearance in Time; Chiang Kai-shek (December 11, 1933); Stalin, Emperor Hirohito, Puyi and Chiang Kai-shek (January 24, 1936) were caused by the military conflict between the Soviet Union and Japan on the border between China and Mongolia; Chiang Kai-shek and Song Meiling (January 3, 1938), this is the Chiang couple who appeared on the cover of Time magazine as the person of the year in 1937.　 　 　 　　

Puyi (March 5, 1934)

　　　　　　　Previously, the Puppet Manchukuo was founded in 1932, and Puyi was promoted by the Japanese as the "head of state" and later called the "emperor". On March 1, 1934, Puyi held a ceremony to ascend the throne. A few days later, on March 5, the cover figure of Time magazine was Puyi.

On March 18th, 1935, Premier Wang appeared on the cover of Time magazine.

　　　　　　　　In 1935, Wang Jingwei was appointed President and Foreign Minister of the Executive Yuan of the National Government of the Republic of China, ranking second only to Chiang Kai-shek. How is the relationship between China and Japan progressing? Is it war or peace? What’s his attitude?

1940s: The Anti-Japanese War was a great event, and the Kuomintang and the Communist Party were wrestling.

　　　　　　　　In this decade, the war of resistance against Japan is undoubtedly the most important historical event. For Chiang Kai-shek, the Anti-Japanese War was arduous. After the victory of the Anti-Japanese War, how to promote the relationship between the Kuomintang and the Communist Party is also a problem. On September 3, 1945, Chiang Kai-shek appeared on the cover of Time magazine as a "winner" in the Anti-Japanese War. At that time, the issue of the Kuomintang and the Communist Party of China had attracted the attention of the world. As for December 1948, Chiang Kai-shek, who had just experienced the Liaoshen Campaign and the Huaihai Campaign, was once again on the cover of Time magazine, and the situation of the Kuomintang and the Communist Party was quietly reversed, which seemed to imply the coming of another era of Time magazine face of china.

In the 1940s, Chiang Kai-shek made three appearances on the cover of Time: June 1, 1942 (the stalemate stage of the Anti-Japanese War); September 3, 1945 (victory in the Anti-Japanese War); December 6, 1948 (during the civil war between the Kuomintang and the Communist Party, the Pingjin Campaign).　 　 　 　　

From left to right: Chen Cheng (June 16th, 1941), Song Meiling (March 1st, 1943), Song Ziwen (December 18th, 1944), Chen Lifu (May 26th, 1947).　　

1950s: The Face Assembly Number of Red China

　　　　　　　　The Communist Party of China (CPC)’s first ten years in power. In 1955, Chiang Kai-shek appeared on the cover of Time magazine for the last time. The Communist Party of China (CPC), who opened another era for the cover figures of Time magazine, whether Mao Zedong, Zhou Enlai, Liu Shaoqi, Chen Yi and Luo Ruiqing, are all faces from "RED CHINA" in the eyes of Time magazine.

Chiang Kai-shek (April 18, 1955)　 　 　 　　

Clockwise from top left：

Mao Zedong (11 December 1950); "Communist" Zhou Enlai (June 18, 1951); "Zhou Enlai in Red China" (March 10th, 1954); Mao Zedong (December 1, 1958), in the upper right corner of the cover, quoted Napoleon’s words: China is a sleeping lion, and when she wakes up, she will shock the world.

On March 5, 1956, General Luo Ruiqing. Luo Ruiqing, the police leader of Red China, was then the Minister of Public Security.

Liu Shaoqi, 12 October 1959. There are two lines in the upper left corner of the cover: "red China’s first decade" and "work, purges, disintegration".

　

The 1960s: Unprecedented turmoil

On September 9, 1966, Secretary of Defense Lin Biao. In the upper right corner, it says, "Chinese’s nightmare."

Mao Zedong, 13 January 1967. In the upper left corner, it says, "China is in chaos."

　　　　　　　　

1970s and 1980s: Who was in charge of ups and downs?

　On February 3, 1975, Premier Zhou Enlai. The era of Mao Zedong is coming to an end, and China will face a new period of development, and Zhou Enlai will shoulder this heavy responsibility?

Deng Xiaoping, 19 January 1976. The title is "Deng Xiaoping, Zhou’s successor", and the top right corner reads: "China, friend or enemy?"

Mao Zedong, 20 September 1976. At that time, Mao had passed away.　 　　

From left to right: Zhou Enlai (November 8, 1971), ping-pong diplomacy, China and the United States trying to adjust foreign relations; In 1972, Nixon visited China; Deng Xiaoping (February 5, 1979), China and the United States established diplomatic relations.　 　 　

From the late 1970s to the 1980s, Deng Xiaoping appeared frequently on the cover of Time. From left: On January 1, 1979, Deng Xiaoping was named the man of the year in 1978; 26 September 1983; 23 September 1985; On January 6th, 1986, Deng Xiaoping once again became the man of the year.

On June 28th, CCTV reported that it was supposed to be the law enforcement department of traffic violators, but it acted as an "umbrella" for those who were rectified. Since June last year, Harbin has destroyed 251 "protective umbrellas" hidden in the traffic system in two batches. Hongsheng Wang, the former detachment leader of the municipal traffic administrative comprehensive law enforcement detachment, and Wang Wei, the former deputy detachment leader of the municipal traffic police detachment, have been "double-opened" and transferred to judicial organs for legal treatment.

129 law enforcers act as umbrellas for personal gain.

The phenomenon of "black car" in Harbin has a long history. As early as 2007, some people reported that some people bought scrapped vehicles as taxis and operated in different regions. By 2015 and 2016, the phenomenon of "black car" reached its peak, and even openly competed with regular taxis to grab passengers, asking for exorbitant prices, looting and extortion, and passengers suffered greatly.

Hongsheng Wang, the former detachment leader of Harbin Traffic Administrative Comprehensive Law Enforcement Detachment, accepted the trial site (data picture)

As soon as the "black car" is rectified, it will disappear, and if it is not rectified, it will be on the road again. For more than 10 years, the problem of "black cars" has been banned and repeated. The reason is that, in addition to the benefit drive, the "umbrella" within the management department is the direct cause of the proliferation of "black cars".

"We must resolutely guard against and correct what the people oppose and hate", and implement the requirements of the Supreme Leader General Secretary. The main leaders of Heilongjiang Province and Harbin clearly put forward that it is an important task to punish illegally operated vehicles and investigate and deal with "protective umbrellas" to safeguard the interests of the people. On June 26 last year, a task force was formally established in Harbin to crack down on illegal operation of vehicles and strictly investigate the "protective umbrella" behind them.

The Municipal Commission for Discipline Inspection dispatched more than 30 business backbones of discipline inspection and supervision offices to participate in special rectification actions throughout the process. In the early stage, in order to investigate the problem more thoroughly, the cadres of the Commission for Discipline Inspection disguised themselves as unannounced visits, ventured to take a "black car" many times to understand the situation and mastered a lot of valuable information. After a month’s careful arrangement, starting from the early morning of July 27th, the Municipal Commission for Discipline Inspection organized and coordinated the public security, transportation and other departments to launch the "closing the net" action.

After checking 16,800 related vehicles, seizing 214 illegally operated taxis, knocking out 7 "black car" gangs, and handing over the clues of 174 illegally operated taxis to the public security organs, the "protective umbrellas" hidden behind them were revealed one by one.

On November 13th of that year, the Supervision Bureau of Harbin Municipal Commission for Discipline Inspection publicly reported the investigation and punishment of party member cadres and staff acting as "protective umbrellas" for illegally operating taxis, and severely investigated and held 129 party member cadres and staff accountable.

Among the 129 public officials notified, some involved the supervision department’s ineffective performance of the main responsibility, dereliction of duty, some involved the inaction and disorderly actions of law enforcement departments, some party member cadres lost their principles, interceded for illegal operators to ask for cars and mitigated punishment, some party member cadres tipped off illegal operators or tried to cover up the people involved, and even worse, they abused their powers because of accepting benefits and acted as "protective umbrellas" for the illegal operation of "black car" gangs.

Seven cadres, including Hongsheng Wang, the detachment leader of the Municipal Traffic Administrative Comprehensive Law Enforcement Detachment, and Li Lun, the political commissar, were expelled from the Party and public office for allegedly abusing their powers to commit crimes, harboring crimes or accepting bribes, and were transferred to judicial organs for legal treatment. Other party member cadres were punished by probation, dismissal of their posts in the Party, and severe warnings within the Party, depending on the seriousness of the case, for accepting bribes, informing people, caring for intercession and other violations.

Eight party member cadres, including Tan Hongzhi, former party secretary and director of the Municipal Transportation Bureau, Qi Ming, deputy director, and Liu Wei, leader of the discipline inspection team, were dismissed from their posts in the Party and removed from their posts by the administration for failing to perform their main responsibilities and supervisory responsibilities.

Among the 122 "protective umbrellas", 108 people are involved in the public security system.

It’s only been more than half a year since the last briefing. On June 25th, the Supervision Committee of the Harbin Municipal Commission for Discipline Inspection informed 122 leading cadres and public officials about the issue of "protective umbrellas" for the "crazy trucks". Among them, Wang Wei, deputy detachment leader of the municipal traffic police detachment, Ming Changqing, team leader of the municipal traffic police Daoli, and Yu Guangjun, etc. 11 people were transferred to judicial organs for legal treatment.

Wang Daoan, the captain of the city traffic police, Li Renming, the captain of Taiping, Han Ming, the captain of Haxi, and Gao Wenfeng, the political commissar of Acheng Brigade, were dismissed. Zhang Jidong, the former captain of the patrol brigade of the municipal traffic police detachment, and Pan Guangping, the captain of the bungalow, were respectively punished by party discipline and government affairs.

Ma Tengxiang, former deputy director of Nangang Branch of the Municipal Public Security Bureau, intervened in law enforcement and provided protection for illegal acts of trucks. He was punished by staying in the party and determined his retirement benefits according to his non-leadership positions at the official level.

Fourteen public officials from Daoli District, Daowai District, nangang district, Xiangfang District, Songbei District Urban Management Law Enforcement Bureau and Transportation Management Office of the Municipal Transportation Bureau failed to perform their supervisory responsibilities, and were punished by party discipline and government affairs respectively.

These 122 leading cadres and public officials have various ways to violate the law and discipline, some abuse their powers to give the green light, some reveal secrets to sell people’s feelings, some organize groups to violate the rules, some interfere in law enforcement, some interfere in the project for personal gain, and some release water from the source to make changes, which seriously undermines the authority and credibility of law enforcement.

It is worth noting that among the 122 "protective umbrellas", 108 people are involved in the public security system, including 100 public security traffic police.

In order to make the cadres of public security organs deeply learn the painful lessons of this case, earnestly rectify the problems, thoroughly eliminate the negative effects, and reshape the new image of public security traffic police, on the 27th, Harbin public security organs held a warning education conference.

The Harbin Public Security Bureau has studied and promulgated the "six whatevers and six unifications" prohibition iron regulations, thoroughly investigated and sorted out hidden dangers in the overall scope, and comprehensively carried out special rectification in terms of team style, police handling, law enforcement quality, and collusion between traffic police and police stations and police officers.

At the same time, a key work inspector group was set up to station in the traffic police detachment to comprehensively supervise the work of building a clean and honest party style, rectifying work style, and providing four zero services. Solidly promote the strict management of the party and the police in an all-round way, and regard June 27 of each year as the overall "warning education day" to guide the education of the whole police not to forget the shame and alarm bells.

(Reporter Li Wenxue)

The cold wave strikes, and every time this season, colds seem to become "frequent visitors." In the office, subway and bus … I hear sneezing and coughing from time to time.

Many people have complained that they feel weak all day after catching a cold, and their whole body aches, and sometimes they have fever, which is even heavier than usual colds. If you have the above symptoms, you are likely to have influenza, also known as flu.

Winter is the season of influenza, and the intensity of influenza is increasing in many places at present. How can we prevent it? How to distinguish influenza from common cold?

Today, we invited Li Yanhong, director of Peking University Shenzhen Hospital, to lead us to understand the flu and take preventive measures during the winter solstice.

National monitoring data show that influenza is the main respiratory infectious disease in China, and the number of reported cases in China is increasing gradually, among which influenza A virus and influenza B virus are the main sources of infection.

The flu is coming, which makes people wonder why it is more vulnerable to the flu in winter.

First of all, when the temperature drops in winter, the influenza virus is more likely to survive and spread in a cold and dry environment.

The transmission route of influenza is mainly respiratory droplets, and it can also be transmitted directly or indirectly through oral cavity and nasal mucosa. In winter, people prefer to move indoors, with many people in contact and a relatively sealed environment, which undoubtedly creates good conditions for the spread of the virus.

Secondly, the immune system may be weakened in a cold environment, and in winter, people do relatively little exercise and outdoor activities, and the sunshine time is short, which leads to the decline of vitamin D level, relatively weak immunity, and are more susceptible to influenza virus infection.

Furthermore, if you still have bad habits such as unbalanced diet and lack of adequate sleep, which affect the health of the immune system, the flu will easily find you.

In a word, the increase of influenza patients in winter is the result of many factors, from environmental conditions to people’s behavior habits, which will affect the spread and incidence of influenza.

Influenza and common cold are two different respiratory diseases. Although they are both caused by viruses, there are some differences.

● Virus type: Influenza is caused by influenza virus, while common cold is caused by many different viruses, such as rhinovirus and coronavirus.

● Severity: Compared with a cold, the course of influenza is generally longer, taking 5-10 days, and the symptoms are usually more serious, mainly including high fever, severe headache, body aches, cough and sore throat. The common cold can be cured in 5~7 days, and its symptoms are relatively mild, usually manifested as respiratory symptoms such as stuffy nose, runny nose, cough and sore throat.

● Onset speed: The onset speed of influenza is relatively fast, and the illness is rapidly aggravated within one or two days. The onset of the common cold is slow, and the symptoms gradually appear.

Comparison of onset speed

● Scope of infection: Influenza usually causes a large-scale epidemic, while the common cold is commonly spread among individuals.

● Risk of complications: Influenza may cause serious complications, such as pneumonia, myocarditis and craniocerebral encephalitis. The common cold generally has fewer complications.

Generally speaking, the flu is relatively serious and spreads quickly, while the common cold is lighter and has a smaller spread range. In terms of treatment and prevention, influenza needs more attention, while the common cold can generally be relieved by rest and appropriate drugs.

At present, influenza has entered a period of high incidence, and the following susceptible groups need special attention.

For example, pregnant women, young children, the elderly, patients with chronic diseases such as heart disease, lung disease and diabetes have relatively weak immunity and are more susceptible to influenza virus.

Although influenza is mostly a self-limited disease, symptomatic treatment is generally adopted to alleviate symptoms, but a few patients can develop pneumonia and even rapidly develop into severe diseases.

Therefore, for people susceptible to influenza, it is necessary to do personal protection.

The key to prevent influenza is to strengthen personal protection;

◆ Pay attention to hygiene: wash your hands with soap and water frequently, or use alcohol-based hand sanitizer, especially after touching public places, coughing and sneezing.

◆ Healthy lifestyle: keep enough sleep, eat a balanced diet, exercise moderately, improve your immunity, and keep windows open and ventilated every day at home.

◆ Wear a mask to avoid contact with viruses: Be sure to wear a mask when going out, try to avoid close contact with people who have been infected with the flu, avoid going to crowded places, and reduce the chance of infection.

◆ Vaccination against influenza: Influenza vaccine is one of the most effective ways to prevent influenza. Regular vaccination against influenza can improve immunity and reduce the risk of influenza infection. In particular, people with poor resistance can be vaccinated against influenza in advance.

If you have flu symptoms, it is recommended to rest at home and keep enough rest. Minimize contact with others, drink plenty of water, and properly ingest foods rich in vitamin C, such as citrus fruits and green leafy vegetables, which will help relieve symptoms. For ordinary patients, it is mainly symptomatic treatment.

○ fever < 38.5℃: physical cooling.

○ High fever (≥38.5℃): antipyretic drugs such as ibuprofen and acetaminophen can be taken;

○ Cough and expectoration: ambroxol hydrochloride, acetylcysteine, Su Huang to relieve cough;

○ Diarrhea: probiotics, montmorillonite powder, etc.

At the same time, it is also necessary to use targeted anti-influenza drugs, such as oseltamivir and mabaloxavir. However, it should be noted that oseltamivir and mabaloxavir are mainly used for the treatment of influenza A and B, but not for the common cold and bacterial infection. And when used for treatment, the sooner the flu symptoms appear, the better, and it needs to be taken within 48 hours after the symptoms appear, which can shorten the duration of symptoms.

Tips: oseltamivir and mabaloxavir are prescription drugs, so it is best to take them under the guidance of a doctor.

Expert style

Li Yanhong:

Chief physician, Department of Respiratory Medicine, Shenzhen Hospital, Peking University

Good at direction:

He has been engaged in clinical, teaching and scientific research work in respiratory medicine for more than 30 years, and went to the hospital of Japan Independent Medical University for further study in 2014. He undertook theoretical teaching and clinical teaching for 8-year graduate students in Peking University, presided over the completion of one Shenzhen-level project, and published more than 20 papers in SCI journals and core journals.

Social service:

He is currently the vice chairman of the Shenzhen Medical Association’s respiratory disease society of integrated traditional Chinese and western medicine.

Vice Chairman of Allergy Committee of Shenzhen Medical Doctor Association

Vice President of Shenzhen Respiratory Diseases Branch of Chinese Medical Doctor Association

Vice Chairman of Allergy Prevention Committee of Shenzhen Preventive Medicine Association

Member of Guangdong Allergy Branch

Member of Respiratory Diseases Branch of China Geriatrics Society.

Standing Committee member of Shenzhen Medical Association Respiratory Disease Branch

Member of Sleep and Respiratory Branch of China Geriatrics Association.

▍ Image source: giphy.com; Network. If there is any infringement, please contact to delete it.

Read the original text

　　Recently, the Anti-smuggling Bureau of Guangzhou Customs, with the assistance of the Anti-smuggling Bureaus of Huangpu, Jiangmen, Kunming and Nanning, launched the "Fighting 28" special campaign to crack down on the smuggling of imported fruits, successfully destroyed three smuggling criminal gangs and arrested 12 suspects, involving a case value of about 1.355 billion yuan.

　　The smuggling gang involved in the case has been purchasing mangosteen, longan, durian and other fruits of Thai origin overseas for a long time in the name of a company in Guangzhou, and after transporting them to the borders of Guangxi and Yunnan, the local smuggling gang responsible for customs clearance declared imports through border small-scale trade and general trade by falsely reporting the origin and underreporting the price, and sold them to Guangzhou and other places for profit. In addition, it was found that smuggling gangs smuggled fruits in the border market under the guise of "border residents".

　　At present, the case is under further investigation. Guangzhou Customs will resolutely implement the deployment of the special action of "National Sword 2020" of the General Administration of Customs, and resolutely crack down on smuggling crimes by relying on the working mechanism of "smuggling by all staff" to safeguard the "safety at the table" of ordinary people.

The Long March is a manifesto

The Long March is a propaganda team.

Long March is a seeder.

　　　　　　 In October, 1934, the Chinese Red Army of Workers and Peasants began a long March that was arduous and shocked the world. According to statistics, during the Long March, the Central Red Army passed through 11 provinces, crossed 18 mountains, crossed 24 rivers, crossed grasslands and climbed snow-capped mountains, with a journey of about 25,000 miles. Finally, in October 1936, the three main forces of the Red Army joined forces, marking the victory of the Long March and creating a great miracle in human history! Through the Long March, the Communist Party of China (CPC) publicized our Party’s anti-Japanese proposition of going northward, sowed revolutionary kindling in various places along the Long March, and also expanded the influence of the Communist Party of China (CPC) and the Red Army in the whole country.

　　　　　　 On August 1, 1965, in order to commemorate the 30th anniversary of the victory of the Red Army’s Long March, a large-scale vocal suite "Long March Suite &mdash; &mdash; The red army is not afraid of the expedition.

　　　　　　 On the stage of this issue of Le Ling Singing, we welcome an old comrade-in-arms chorus art troupe formed by retired actors of Long March Suite and some singers who love Long March Suite. They will tell us why Long March Suite has been sung for decades and how it has become a classic among classics.

　　　　　　 Let’s meet the actors who premiered 55 years ago. Time can only take away youth, but it can’t take away lofty ideals and firm beliefs!

Chorus of revolution

The revolution of chorus

　　　　　　 Referring to the response after the premiere of "Song of the Long March", as the original general director, Grandpa Han Rongshi, who is 88 years old this year, said: "The situation at that time is still vivid. After the performance, it was an instant hit and was warmly welcomed. Comrade Zhu Jianer, a musician, wrote an article saying that "Long March Songs" is a chorus of revolution and a revolution of chorus. The chorus of revolution refers to the content of "Long March Songs" and describes the whole process of the Long March. The revolution of chorus is about form. It breaks through the original form of chorus wearing a dress and standing on the stage like a wall, adding performances, actions and scenes, which is very visual and makes the audience enjoy and be satisfied. "

　　　　　　 Wang Shuli, a violinist who also premiered, is currently the head of the Chorus Art Troupe of the old comrades-in-arms. He said that the reason why the Long March Ensemble is praised as a classic work in chorus is that it has achieved "three unifications".

Walking through Qian Shan

Highlight the revolutionary responsibility

　　　　　　 A landmark classic works, the reason why it can be sung so far, the reason why it can move people’s hearts, this is inseparable from its artistic creation. Every time I recall this past, I have been performing for more than 50 years, and Ma Ziyue, the bass singer who has performed more than 1,000 Long March Songs, is still impassioned.

The image is full of glory

Classic eternal inheritance

　　　　　　 In the process of creation, rehearsal and performance, The Long March Songs received the cordial care and guidance from Premier Zhou Enlai. After the premiere on August 1, 1965, Premier Zhou watched the Long March Songs three times in a month on August 6, August 24, August 27, and learned every song. In the same year, 18 members of the choir also visited Albania with Premier Zhou, including Han Rongshi, Ma Ziyue and Yang Zhenhui.

　　　　　　 Premier Zhou, who loves "Song of the Long March" so much, only left a group photo with the members. Speaking of this past, the 87-year-old grandmother Xie Gongcan, the former conductor assistant of the Long March Songs, was still very excited.

　　　　　　 As an epic red classic, "Long March Songs" has been sung all over the country, infecting generations of Chinese people, and has been sung ever since. It has been 55 years since it premiered in 1965. Although they were full of youthful hair, they still used their songs to inherit the Long March Songs and carry forward the spirit of the Long March. Today, on the stage of "Singing in the Age of Music", they are once again dressed in battle, and continue to present us with the original classic chapter with the passion of that year.

"Singing in Old Age, National Chorus Competition for the Elderly"

First broadcast of CCTV-1

Every Sunday at 17:00

Replay CCTV-12

Every Sunday at 20:15

Every Monday at 7:20

Xinhua News Agency, Beijing, March 23rd (Reporter Hu Hao)The case of illegal operation of vaccines in Shandong has recently aroused public concern about vaccines: what will happen if vaccines are not transported through the cold chain? Worried that the vaccinated vaccine is invalid, do you want to replant it? What’s the difference between the first-class vaccine and the second-class vaccine in transportation and use? At the media forum organized by the National Health and Family Planning Commission on the 23rd, experts from China’s immunization program answered questions of general concern.

Why should vaccines be refrigerated? How terrible is a vaccine that is not refrigerated?

Zhao Kai, academician of China Academy of Engineering and chairman of the National Committee of Experts on Immunization Planning: Vaccines are biological products made by various pathogenic microorganisms. Some vaccines are attenuated viruses, for example, the main component of measles vaccine is attenuated measles virus, which is alive; Have a plenty of inactivated vaccine, after the bacteria are inactivated, it is an active protein, which plays an immune function.

Therefore, vaccines are delicate. For example, vaccines are afraid of heat and light, and sometimes some vaccines are afraid of freezing. In order to keep the vaccine active, cold chain should be used in transportation.

Generally speaking, if there is no cold chain during the storage and transportation of the vaccine, the activity of the vaccine will be affected more or less, but it is also related to the length of time and temperature outside the cold chain.

As for whether vaccines that have not been transported by cold chain will have adverse vaccination reactions, two factors need to be integrated. One is to investigate the cold chain situation of illegal vaccine transportation, and the other is to investigate the monitoring situation of the information management system for suspected adverse vaccination reactions.

Wang Huaqing, MD, Chief Physician of China Center for Disease Control and Prevention: Theoretically, the vaccine involved is a vaccine produced by a regular manufacturer, not a fake vaccine or a fake vaccine. It has quality control in the early stage, and the safety risk will be less. The impact of not having cold chain transportation in the later period needs to be evaluated.

What is the relationship between class I vaccine and class II vaccine? What’s the difference between management?

Wang Huaqing: A class of vaccines includes three situations. First, 14 vaccines designated by the state prevent 15 diseases. Second, the increase of the provincial health administrative department is included in the national immunization plan. The third is the emergency immunization organized by the government. For example, if there is an epidemic, emergency immunization is needed, or it is possible to predict that the disease will become popular and organize group vaccination, which all belong to the first type of vaccine.

The first type of vaccine is vaccinated free of charge; The second kind of vaccine is self-funded and voluntary.

The management of the second type of vaccine is technically the same as that of the first type of vaccine. The technical requirements are the same whether in circulation or use. However, its procurement methods are different and its supply channels are different. The procurement of the first type of vaccine is carried out by the government, and then distributed step by step through the disease control system, and finally to the inoculation unit. The second type of vaccine is based on the regulations on the management of vaccine circulation and vaccination. Production enterprises can supply it directly to business enterprises, or to disease control departments and vaccination units. Business enterprises can supply disease control institutions, vaccination units or other business enterprises. So the channels are different.

Is there any difference in quality between domestic vaccines and imported vaccines?

Zhao Kai: The technological level of domestic vaccines is completely similar to that of foreign countries. In particular, the quality of vaccines, China’s 2010 edition pharmacopoeia and the European Union’s pharmacopoeia standards are the same. Some domestic vaccines and imported vaccines have been compared or observed, and they are all the same.

Every batch of vaccines produced in China must undergo compulsory inspection and audit before they are put on the market, which is called "batch inspection". Those that fail are not allowed to go on the market. I think this quality is guaranteed.

Wang Huaqing: Actually, domestic vaccines and imported vaccines require the same standards, and they will not enter the market until they reach the standard. Most of our country uses domestic vaccines, and the control of infectious diseases in China is the contribution of domestic vaccines. If there is no domestic vaccine, the control of polio, hepatitis B and measles in China will not be so good. These are all the effects obtained by inoculating children with our own vaccines. Therefore, the final evaluation depends on whether the disease has been controlled after the application of the vaccine and whether its suspected abnormal reactions have increased. In fact, from our monitoring, there is no big difference between domestic and imported vaccines.

How to deal with vaccines near the shelf life? Is it possible to vaccinate the public with expired vaccines?

Han Cheng, director of Desheng Community Health Service Center in Xicheng District, Beijing: As a primary health service center, our vaccine procurement path is very strict, and there are also strict regulations on the validity period. Drugs that have expired in the past six months cannot enter the procurement and distribution system, and the system will automatically block them. It is impossible to enter the organization. In addition, the purchase of vaccines is on a monthly basis, and one batch is used up before entering the second batch, and it is cleaned once a month, and it is uniformly distributed and purchased by the Beijing Center for Disease Control and Prevention.

How do I know if my vaccine is a problem vaccine? Can it be traced back?

Han Chengcheng: The batch number of the vaccine can be traced back. Each child has a batch number corresponding to each medicine, which can be checked. Therefore, it can be traced back to which child a batch number was hit. The validity period of the vaccine, the time of vaccination, etc. are also completely traceable.

Wang Huaqing: When the vaccine enters the disease control system, there will be a receipt form, when it was delivered, the process of delivery, its temperature, the varieties delivered and the quantity, all of which have a complete receiving record. In the process of use, there are two records, including the parents’ signature, when and what vaccine the children took, which company and the batch number. One is the vaccination certificate in the hands of the parents, and the other is the record or vaccination card of the electronic information system.

Is it necessary to confirm whether the vaccine is effectively vaccinated by antibody testing? Is it necessary to replant the vaccine?

Wang Huaqing: If you were not vaccinated in childhood, when should you replant? Different vaccines are different, which needs to be judged again.

We are all very concerned. Did I succeed after the vaccination? The international general principle is that there is no need for testing, because if the vaccine reaches a high vaccination rate, the whole population will have a barrier.

Vaccination, under normal circumstances, does not mean that everyone produces protection, because the main function of vaccine is a group. For example, if 80% to 85% of polio is successful after taking sugar pills, polio will be blocked and eliminated.

If everyone is vaccinated, we will build this crowd barrier. If some people are vaccinated and some people are not vaccinated, the disease may become popular in the future. Therefore, to control an infectious disease, we must maintain a very high vaccination rate in vaccination, especially in the use of vaccines in the national immunization program. If the vaccination rate is not high, then the disease will become popular.

　　There are not many days between "stepping on the brakes" in late April and regaining the upward trend since early May.

　　On May 20th, the international gold price once again set a record high. London gold price and COMEX gold futures price both broke through the $2,440/oz mark and continued to attack. Domestic gold prices opened sharply higher, and SHFE gold in Shanghai Futures Exchange hit 582.44 yuan/gram. (Source: Wind)

　　After a break in late April, the price of gold once again opened the rising channel in May.

　　In the past two weeks, the inflation, employment, economic growth and consumption data released by the United States have weakened in an all-round way, the US dollar index and US bond interest rates have fallen back at a high level, and the market’s expected first interest rate cut has been advanced again, and macro bets have boosted the recovery of gold prices; On the weekend, the risk worries caused by the geopolitical conflict in the Middle East fermented and brought more safe-haven funds into gold.

　　Since March this year, the global gold price has ushered in a remarkable surge, and the gold price has been "soaring" all the way, and the banner of a record high has been refreshed again and again. At present, in the face of the complex intersection of short, medium and long-term influencing factors, how do you view the future trend of gold prices? Standing above the $2,400/oz mark of COMEX gold, can you still allocate gold?

　　The gold of the times

　　"Sometimes Betrayal" and "Never misjudge. "

　　How to treat the future trend of gold price? In the long history, gold has experienced many "bull and bear markets" step by step.

　　Before 1970s, the global monetary system actually took gold as the "anchor", with the US dollar pegged to gold and the major western currencies pegged to the US dollar. After the collapse of the Bretton Woods system in August 1971, it declared the end of the gold-linked era.

　　Since then, gold has experienced nine complete big markets, lasting for 32 months on average and increasing by 172% on average.

Source: Wind, open sourceresearch institute

　　The boosting factors of each gold bull market are closely related to the context of its times and are different from each other. However, no matter how the times change, most of the time it revolves around several real pricing logics closely related to the characteristics of gold itself:

　　① Financial attribute: gold does not bear interest, but it bears interest when holding US Treasury bonds. As the opportunity cost of holding gold, the real interest rate of 10Y US Treasury bonds is negatively correlated with the price of gold.

　　(2) Safe haven property: When financial, economic and geopolitical fluctuations or crises occur, the demand for safe haven of gold is often increased, which leads to a risk premium.

　　③ Currency attribute: Gold has certain substitution for the US dollar system, and the weakening of US dollar credit will benefit gold.

　　4 Commodity attributes: Gold can resist inflation, and the dollar will depreciate with inflation, so the higher the global inflation, the higher the price of gold.

　　This round of gold rising cycle began in November 2022 and has lasted for 16 months, with an increase of more than 40%. Then, from the above pricing logic, what factors have started this round of gold bull market?

　　From the traditional pricing framework, gold is a non-interest-bearing asset, and the real interest rate is the opportunity cost of holding gold. In other words, the interest rates of gold and US debt are in the same boat, and the downward interest rate will push the price of gold higher.

　　The rush of funds to the Fed’s interest rate cut expectations and the expectation of the easing cycle often become the catalyst for the rise of the gold market.

　　In the second half of last year, the Federal Reserve officially completed the current round of interest rate hikes for 11 times. After that, the US economic data slowed down in October, and the Fed’s interest rate meeting in November was biased. So far, it is the most historical interest rate hike cycle in the United States since 1980. It has basically become a consensus that when interest rate cuts become the general trend, gold will enter the rising market.

　　The trend of gold in the past 20 years can be found that the market of gold often begins with the end of interest rate hike, and finally monetary tightening or economic recovery. For example, at the end of interest rate hike in late 2006 and late 2018, the price of gold started a big rising cycle and the market went all the way to the end of the interest rate cut cycle.

　　However, in this gold bull market, we will find that the trend of gold has undergone subtle changes, and it seems that it is no longer satisfied with its limited play under the dollar order.

　　Especially since the beginning of this year, gold has become the focus not only because of its remarkable increase, but also because of its "challenge" to the traditional pricing framework: the law that the real interest rates of gold and the dollar and the United States usually change in the opposite direction has "failed".

　　Since April, the nominal interest rate of 10-year US debt has surged to nearly 4.7%, the real interest rate has risen from 1.87% to 2.41%, the US dollar index has risen from 104 to 106, but gold has soared by over 7% for a time, and it has only recently been slightly adjusted back. (Source: Wind)

　　Is there a new and more important pricing factor at work in this seemingly contradictory trend, or is it just an illusion caused by short-term emotional excitement?

　　Tracing back to the source, the bottom of the logic is the ultimate deduction of the safe-haven property of gold in the process of reshaping the global political and economic system. The occurrence of deviation and the failure of the anchor actually increase the "fragility" against the dollar.

　　Gold is a mirror image of the dollar, and the market in recent years has cast a vote of no confidence in the dollar. Although after the collapse of the Bretton Woods system, the world entered the credit currency system represented by the US dollar, and gold no longer has the functions of circulation and pricing, but it still maintains the role of value storage. Therefore, once the credit currency system represented by the US dollar is in crisis, gold will rise sharply.

　　Internally, in recent years, the US finance has continued to expand substantially, the debt scale has accumulated rapidly, and the problem of fiscal sustainability has caused social concern. Fitch downgraded the credit rating of US debt, which became the internal cause of the credit decline of the US dollar system. The rise of geopolitical risks and the rise of anti-globalization thoughts are the external causes of the decline of the credibility of the US dollar system. The freezing of foreign exchange reserves in some countries in the geopolitical conflict between Russia and Ukraine accelerated this process.

　　Internal and external factors are superimposed, the credibility of the dollar system is declining, and the world has entered the process of "dollarization". Central banks around the world have turned to gold as an anchor to stabilize foreign exchange reserves.

　　Gold sometimes seems to "betray" the traditional analytical framework, but what is never misjudged is the trend and background color. The gold of the times is generally the same.

　　The golden age

　　"Megatrend" and "Masterpiece"

　　After experiencing record highs again and again, the value of short-term transactions will decrease when standing above the threshold of COMEX gold of $2,400/ounce. A smoother rise may need to wait for catalytic factors. This is a change, but there are some unchanged ones, which ensures that the value of gold in large-scale asset allocation is still outstanding.

　　On the one hand, the "megatrend" under the current narrative background of the world remains unchanged, the US debt problem is hard to return, geopolitical events are frequent, the pattern of anti-globalization and dollarization may be further deepened, or the global central bank will continue to increase its holdings of gold, and the logic of long-term rise in gold prices is still there.

　　First, in the second half of the year, with the gradual realization of the expected interest rate cut in the United States, the downward trend of the real interest rate of the 10-year US debt is expected to support the gold price to a certain extent. However, considering that the interest rate cut is expected to rush since 2023, the persistence and elasticity of the subsequent gold market depends on the change of the expected difference.

　　Second, this year may become the biggest election year in history. In recent years, overseas risk events have continued, and the global economic policy uncertainty index center has risen, which also provides room for high gold prices.

　　Third, the game between big countries in the fields of politics, economy, industry and finance has been fully rolled out. Anti-globalization has brought about an increase in friction costs, superimposed energy transformation and inflation stickiness in the service industry, and it may be difficult for overseas long-term inflation centers to fall back quickly.

　　Fourth, on the chess game of the global economy, changes are quietly staged, the US debt problem is hard to return, geopolitical events are frequent, and the supranational sovereign credit value of gold under the new paradigm will constitute the medium and long-term investment logic.

　　Historically, the emergence of every round of gold bull market is inseparable from the strength of the gold currency attribute, which reflects the changing forces of all parties in the international monetary system.

　　According to the data released by the central bank on May 7, despite the recent rapid rise in international gold prices, the pace of the Bank of China’s increase in holdings has remained basically stable. At the end of April, China’s gold reserves were 72.8 million ounces, compared with 72.74 million ounces at the end of March. This is the people since October 2022.For the 18th consecutive month, it increased its holdings of gold reserves, setting the longest holding period.

　　Statistics show that at present, the proportion of gold in China’s international reserves is only 4.32%, which is still far below the global average of about 14%. The proportion of gold reserves in the United States, Germany, Italy and other countries in the same period is over 65%, so there is still room for improvement in the future. (Source: World Gold Council; Publicly reported)

　　From this point of view, the participants in the short-term gold game seem to face a strong opponent, which makes investors who try to play short-term gold games seem unwise and difficult to win.

　　On the other hand, after the rise, the return risk characteristics of gold itself have not changed, and the low correlation with other assets still exists, which ensures that the value of gold in the allocation of large assets is still outstanding.

　　In recent 20 years, the correlation coefficient between gold and other common large-scale assets is less than 80%, and the correlation coefficient between gold and the main indexes of A-share market is less than 50%:

　　The trend of dollar gold and Shanghai gold is highly consistent: the correlation coefficient between SHFE gold and COMEX gold is as high as 0.98 in recent 20 years. Although Shanghai gold is affected by the exchange rate of RMB against the US dollar, from the perspective of long-term allocation, the trend of the two is highly consistent;

　　The correlation between gold and A shares is low: gold and CSI 300,Most of the correlation coefficients are within 0.5, and those with equity funds and hybrid funds are within 0.7. (Source:Institute)

　　Taking the most common equal weight strategy as an example, we observe the effect of moderately increasing the gold allocation in the allocation of 28-share debt and 64-share debt respectively.

　　The calculation shows that moderately increasing gold allocation in the allocation of 28-share debt and 64-share debt can achieve a better strategy of increasing income and reducing risk at the same time.

　　In the benchmark strategy of 2:8 ratio of stocks and bonds, if 10% of funds are removed from bond assets and 5% from stock assets, the average annualized rate of return will increase by 0.69 percentage points, the maximum withdrawal will decrease by 1.97 percentage points, the annualized volatility will decrease by 0.38 percentage points, and the annualized Sharp rate will increase by 0.199.

　　On the benchmark strategy of 6:4 ratio of stocks and bonds, if 15% of funds are removed from bond assets and 5% from stock assets, the average annualized rate of return will increase by 1.11 percentage points, the maximum withdrawal will decrease by 1.57 percentage points, the annualized volatility will decrease by 0.71 percentage points, and the annualized Sharp rate will increase by 0.091. (Source: Institute)

　　On the other hand, this forever shiningNo one can predict how long its history will develop. However, the history of gold over thousands of years makes people reasonably believe that future generations will also be fascinated by gold.

　　How to allocate gold? Physical gold has always been regarded as a "safe haven", which is more suitable for investors who pursue a sense of security and long-term value storage, but it needs to be carefully stored to prevent its value from being affected by wear and tear.

　　In contrast, gold-related theme funds, such as gold stock ETF or gold ETF, provide a more convenient choice for market transactions, but when the market is hot, it is also necessary to maintain the principle of rational investment and avoid paying for high premiums.

　　However, no matter which variety you choose, you must pay attention to the position control when allocating gold. Gold is more suitable as a part of asset allocation rather than a heavy position or a single layout, and the usual position ratio is 5-10%.

　　As far as the current gold investment is concerned, perhaps the answer before investors is this:Moderately downplay the short-term trading value of gold, look for the opportunity to point gold in the shock, and explore the gold value in asset allocation from the perspective of long-term allocation.

　　(Article source: Huaxia Fund)