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The Central Meteorological Observatory issued a blue warning for typhoon.

  CCTV News:The Central Meteorological Observatory issued a typhoon blue warning at 18: 00 on October 2nd. The center of Typhoon KOINU (strong typhoon) No.14 this year is located at 5: 00 pm today (2nd) in the northwest Pacific Ocean about 630 kilometers south-east of Taiwan Province, China, which is 19.6 degrees north latitude and 126.4 degrees east longitude. The maximum wind force near the center is 15 (48 meters).

  It is estimated that "Little Dog" will move to the northwest at a speed of 10-15 kilometers per hour, and gradually approach the southeast coast of Taiwan Province Island, and its intensity will continue to increase. The strongest one can reach the super typhoon level (16-17, 52-58 m/s), and it will land or brush over the southeast coast of Taiwan Province Island from the night of the 4th to the morning of the 5th (strong typhoon level or super typhoon level, 48-52 m/s).

  Gale forecast: From 20: 00 on the 2nd to 20: 00 on the 3rd, there will be 6-8 winds in the southern part of the East China Sea and the waters near Diaoyu Island, east of Taiwan Province, bashi channel, Taiwan Province Strait, northeastern South China Sea, coastal areas of southern Zhejiang, Fujian and Taiwan Province Island, 9-12 winds in the southeast of Taiwan Province Island, 13-16 winds in the nearby sea where Little Dog Center passes, and 17 gusts.

  Defense guide:

  1. The government and relevant departments shall, in accordance with their duties, do a good job in typhoon prevention and emergency rescue.

  2. Water operations and passing ships in relevant waters should return to Hong Kong to take shelter from the wind, strengthen port facilities, and prevent ships from anchoring, grounding and collision.

  3. Stop large-scale indoor and outdoor gatherings and dangerous outdoor operations such as high altitude.

  4. Reinforce or dismantle structures that are easy to be blown by the wind. Personnel should not go out at will. They should stay in windproof and safe places as far as possible, so as to ensure that the elderly and children stay in the safest place at home, and the dangerous people will be transferred in time. When the typhoon center passes by, the wind will decrease or stay still for a period of time. Remember that the strong wind will suddenly blow and you should continue to stay in a safe place to avoid the wind.

  5. Relevant areas should pay attention to prevent flash floods and geological disasters that may be caused by heavy precipitation.

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Read the Apollo program first: how did the United States defeat the Soviet Union and realize the first moon landing?

        While carrying out manned space flight, korolev began its efforts to fly out of the earth. Of course, the moon closest to the earth is the first landing target for human beings to go into space. In order to land on the moon, at least three people need to take the same spaceship, so the size and weight of the spaceship are much larger than that of the Dongfang, which carried an astronaut before. In addition, the distance to land on the moon is much farther than that of orbiting the earth, so the thrust of the rocket must be much larger than that of the previous R-7. Korolev began to improve the R-7 in 1958. However, due to the political turmoil in the former Soviet Union, he was short of funds, and his work encountered many troubles. In 1959, Luna, the first spacecraft of the former Soviet Union to explore the moon, was supposed to touch the moon, but in the end it was 6,000 kilometers off the scheduled orbit. Fortunately, Lunar Exploration II was a success, becoming the first human aircraft to reach the moon, and korolev won the first place in the world for the former Soviet Union. The third ship went one step further. It sent back photos of the back of the moon.

Sergei korolev, the father of space flight in the former Soviet Union

        According to korolev’s plan, it is a matter of time before the Soviet Union landed on the moon, and it should be before the Americans. In order to meet the needs of landing on the moon, korolev put forward a new design scheme and long-term planning for a large rocket, which is the famous N1 launch vehicle of the former Soviet Union. N1 also has two little brothers N2 and N3, whose size and thrust are gradually reduced, and the latter is used to carry intercontinental missiles. However, just after the design scheme of N1 was released, before it was implemented, the former Soviet Union was caught in a debate about whether to give priority to the development of intercontinental missiles or manned rockets. In December, 1959, after intense discussions among officials in charge and experts at all levels, the idea of giving priority to missile development prevailed. In this case, there is no need to build a super-large rocket like N1. Although korolev has also obtained some funds to continue to develop rockets for landing on the moon, the former Soviet Union’s moon landing plan has temporarily stalled.

        At the same time, the White House ushered in a new owner, and the United States also entered their new era. The balance of the space race began to tilt in favor of the United States.

        On January 20, 1961, snow covered Washington, the capital of the United States. The youngest president in American history, only 43-year-old John F. Kennedy, was sworn in in front of the White House. A few months ago, he defeated Nixon, the then vice president, in the general election, and the two men always could not avoid a controversial topic-how to defeat the Soviet Union in the Cold War. American efforts began with President Eisenhower, and Nixon, then vice president, did a lot of work. However, the youthful Kennedy was much more ambitious than his predecessor. In Kennedy’s famous inaugural speech, he put exploring the mysteries of interstellar space as the first priority in his scientific work, before conquering deserts and treating diseases. And he called on the United States and the Soviet Union to join hands in these fields. Only four months later, Kennedy put forward an ambitious space program-landing on the moon within ten years. This program was named after the sun god, which is the famous Apollo Program.

        

Von Braun is with President Kennedy.

        The Apollo program is the largest plan for human beings to explore space and unknown areas, and the whole country in the United States has mobilized. Hundreds of universities, research institutions and companies, more than 20,000 scientists and 400,000 people directly and indirectly participated in this space program. The key to the Apollo program is the development of the rocket to the moon, and the popular candidate is von Braun. Therefore, when the project was about to begin, von Braun and his team transferred from the Army to NASA. Von Braun served as the director of Marshall Space Center, responsible for the development of rockets to the moon, the project code-named Saturn. Von Braun’s new job began in 1961, and he was fighting against his unknown opponent in the Soviet Union.

Von Braun, praised by NASA as the first person in the history of world space.

        Compared with korolev, von Braun is much luckier. The United States is more secure in financial resources and manpower than the former Soviet Union, so Americans catch up quickly. In 1961, von Braun’s Saturn I rocket was successfully developed, which was the first large thrust rocket made in the United States. The thrust of the first stage rocket reached 6670 kn, exceeding the thrust of all R-7 engines. Generally speaking, Saturn-1 was very successful. It not only successfully put five spacecraft, including command module and service module, into Earth orbit in 1964-1965, but also sent some satellites related to the Apollo program and microwave survey ships between the Earth and the Moon (to prepare for the subsequent communication on the moon) to the scheduled orbit.

The three astronauts of Apollo 11 reunited in front of the lunar module that year.

        NASA originally planned to use Saturn-1 to carry out four manned space flights in 1965-1966, but later it was found that the thrust of the rocket was slightly insufficient, so von Braun developed a Saturn-B rocket with stronger thrust in 1963. The thrust of its first-stage rocket was about 10% higher than that of Saturn-1, and the thrust of its second-stage rocket was more than doubled (890 kN to 400 kN). So far, the United States In addition to rocket technology, there are many cutting-edge technologies needed for landing on the moon. Let’s take a look at the preparations made by Americans on several key technologies.

        The first is the technology of landing and leaving the moon.It is not easy for astronauts to land on the moon safely. On the earth, with the help of the atmosphere and the ocean, we can slow down the capsule that is about to land by parachute, and we can also land on the ocean in order to prevent the capsule from colliding with the ground. Unlike the earth, the moon has neither atmosphere nor ocean, so these methods of landing on the earth are not used on the moon. The only way is to slow down the lunar module with a reverse rocket, just like what we saw in the movie Star Wars and various science fiction films. But in reality, it is very difficult to do so, and the rocket jet speed and angle must be controlled very well.

        Of course, astronauts are neither Chang ‘e nor WU GANG, so they can’t live on the moon for a long time, and they still need to leave the moon and return to Earth. At the beginning of the Apollo program, NASA proposed four return schemes.

        The first plan is to take a big rocket with the lander, and the United States is the smallest.

        The fourth scheme is to launch two rockets to the moon, one carrying the lunar module and the other carrying the rocket returning from the moon to the earth, and then assemble it on the moon. The disadvantage of this method is that if the trajectories of the two rockets deviate a little, the landing point of the lunar module and the returning rocket will be 180 kilometers or more, and the astronauts will not come back.

        Most experts prefer the first scheme because it is simple. At that time, most experts were not sure about air docking. In fact, von Braun also supports this scheme, and has planned to design a Nova rocket (nova) larger than Saturn V to accomplish this mission. However, a scientist named John Houbolt (1919-) insisted that the total weight of lunar landing equipment should be as light as possible, and tried his best to convince most people, so experts including the Marshall Space Center led by von Braun accepted the third scheme. The Apollo program finally adopted this scheme and achieved success. American historians believe that it would not have been possible to land on the moon in the late 1960s if NASA had not finally adopted the opinions of a few people, although Americans were able to land on the moon in the end.

        Of course, one of the difficulties of this plan is docking. For this reason, Apollo 9 conducted a docking test in orbit around the earth, and the test was successful. Only then did the Americans move on.

        Secondly, the technology of the moon landing spacecraft..Spacecraft landing on the moon include Command and Service Module (CSM) and Lunar Module (LM). As shown in the figure below:

The three parts of Apollo 11, from left to right, are the service module, the command module and the lunar module.

        The command module is the shelter for astronauts on their way back and forth. It is not only to send astronauts from the earth to the moon orbit, but also to return them, and it is also the only part that re-enters the atmosphere to send astronauts to the surface, so it has been tested the most in the Apollo program. This module is about three and a half meters in diameter, nearly four meters high and weighs 5.5 tons. The service module (SM) is connected with the command module (CM, sometimes called the space module in the news), and its diameter is similar to that of the command module, but its length is seven meters. It transports all kinds of materials needed for landing on the moon, including liquid fuel and various equipment, weighing 24 tons. The service module is connected to the command module and flies to the moon together, but it will be thrown away when the spacecraft re-enters the earth’s atmosphere. Most of the time, the service module and the command module are tested together. The part of landing on the moon includes the thrust rocket needed for landing on the moon and the rocket leaving the moon, as well as the lunar module. Although the weight of this part has been reduced as much as possible in the design, it still weighs 15 tons.

        Then there is the control technology.One of the most critical technologies is the Kalman filter in automatic control. This filtering method was invented by Rudolph E. Kalman (1930-), an American Hungarian mathematician. At the beginning of this control theory put forward by Kalman, its practicability was so doubtful that he did not publish this achievement in the journal of electronic engineering and automatic control, but published it in the journal of mathematics. One day in 1960, Kalman visited Stanley Schmidt (1944-), who worked in NASA, and found that his method was very useful for solving the difficult problem of orbit prediction in Apollo program, so he taught it to Schmidt.

        Finally, there is the problem of communication between the earth and the moon.The moon is 380 thousand kilometers away from our earth, nearly 10 times the circumference of the earth. Such long-distance two-way communication has never been carried out by humans before. Will the attenuation of the signal interrupt communication? In addition, it takes more than two seconds for radio waves to travel back and forth between the earth and the moon once. How to eliminate the influence of this delay on control? There are many problems that need to be tested one by one to determine. To this end, the United States launched some spacecraft to test the communication between the earth and the moon. Finally, Motorola provided intercom equipment between the moon and the earth. Unfortunately, this great company no longer exists independently today.

        In the race to the moon, the former Soviet Union was far behind the United States in key technologies except rocket technology.

        Of course, in the end, everything will go back to the rocket, because the total weight of several parts of the whole moon landing spacecraft exceeds 45 tons, which makes the manufacture of large thrust rockets become the bottleneck of the whole plan. Von Braun’s team needs to design a rocket with much larger thrust than Saturn-B. The previous dozens of various launch tests undoubtedly provided rich technical accumulation for their later development of new rockets. In 1967, von Braun’s masterpiece Saturn V was born.

        But in January 1967, Apollo 1 had an accident before it was launched. In a ground test, the oxygen cabin exploded and the spacecraft caught fire, killing all three astronauts. The accident did not shake the determination of Americans, but helped Americans find many problems and make a lot of improvements, from the design of spacecraft to the spacesuit. Some of these improvements benefited the later Apollo 13 and avoided new tragedies. Although the Apollo program was slightly delayed, in November, Apollo IV (to commemorate the three astronauts who died, Apollo 1, 2 and 3 were vacant) was successfully launched, which was the first test of Saturn V rocket. In the following six months, the United States conducted two more experiments and tested all the links needed for landing on the moon in an unmanned state. After half a year’s preparation, from October 1968, the United States began to use manned spacecraft (Apollo VII) for simulation experiments. In just seven months, the United States conducted as many as four experiments, and 12 astronauts went into space. Among them, Apollo 8 manned the lunar orbit for the first time, and three astronauts circled the moon for 10 times. Apollo 10 tested the landing process of the spacecraft to the moon and landed at a height of only 15,000 meters from the surface of the moon, which is only slightly higher than the cruising altitude of commercial aircraft.

        The next task is to land on the moon and let the astronauts set foot on the surface of the moon. For the first trip to the moon, NASA made full preparations. In the early stage, I launched many experiments and tried everything I could think of. The rest is to determine the candidate for the first moon landing mission. After many considerations, Neil A. Armstrong (1930-2012), Edwin E. Aldrin (1930-) and Michael Collins (1930-) were finally determined to perform this historic mission. Of course, to be on the safe side, NASA has also prepared a corresponding backup team. Even after selecting a three-person team, who will set foot on the moon first has become the focus of controversy among several astronauts. In training, Aldrin climbed out of the hatch first, and finally changed to Armstrong, because the design of the hatch was more convenient for him rather than Aldrin going out first. For the inside details of Apollo’s landing on the moon, readers can refer to the book Apollo-Lunar Expedition.

        Soon, a glorious moment in human history came. On July 16, 1969, at the Kennedy Space Center in Cape Canaveral, Florida, Armstrong and others boarded the towering Apollo 11 spacecraft and were about to begin the human journey to the moon. The Apollo landing on the moon was televised by the United States to the whole world, and Nixon, then president, watched the live event on TV from the Oval Office of the White House. I think that if every reader can go back to that day, he will definitely sit in front of the TV and watch it. Fortunately, more than 30 years later, in the command room of Kennedy Space Center, I saw the command of Apollo 11 mission and the video of landing on the moon at the simulation site.

        Ok, now please follow me to the command center. At 9: 32 am (Eastern Daylight Time), the rocket launch entered the final countdown. Astronauts and rockets are in good condition. Perhaps out of excitement or nervousness, Armstrong’s heart rate reached 110 beats per minute when the rocket was launched, which had never happened before. On the console, the display screens and lights of various instruments kept flashing, and the timer on the wall began to count down-10, 9, 8…3, 2, 1. At this time, the sound of "emission" sounded in the background. On the big screen, Saturn V ignited successfully, and the orange flame pushed the 110-meter-high behemoth to rise slowly and faster until the rocket disappeared on the screen. On the fourth day, July 19, the rocket entered the lunar orbit; On the fifth day, July 20th, Apollo 11 was ready to land on the moon. The camera switches to the image of Apollo 11 landing on the lunar surface, and there is a camera under the lunar module, which sends the blurred image of the lunar surface back to Earth. I saw the lunar module getting closer and closer to the surface of the moon and finally stopped there. This image can be seen on the website of NASA. After the lunar module landed safely on the surface of the moon, commander Armstrong returned the first words that humans said on the moon: "Houston, this is the Jinghai base. The eagle landed successfully. "

        Next, Armstrong and Aldrin should sleep for five hours according to the pre-set itinerary, because they didn’t sleep much during the flight. But both of them were so excited that no one could sleep. After consulting the headquarters, they set foot on the surface of the moon in advance. On the screen of the control room, Armstrong stepped down from the lunar module and set foot on the moon. His movements were very slow. Because of the long distance and the communication technology is far less developed than today, the images and sounds sent back are intermittent, but Armstrong’s famous words can still be distinguished, "This is one small step for man, but one giant step for mankind." The recording of these seconds can be heard on the Internet.

        

Aldrin is on the surface of the moon.

        More than 600 million viewers around the world watched the first human step on the moon on TV. Armstrong and Aldrin put some experimental instruments on the surface of the moon and collected more than 20 kilograms of lunar rock samples. The two of them stayed on the moon for about two and a half hours, and then went back to the lunar module to sleep. Although Aldrin accidentally broke the ignition switch of the return rocket, it was near miss. They turned on the switch with a pen, and the rocket sent them to the lunar orbit to rendezvous with the control/service module, and then returned to Earth. On July 24th, the command module carrying three astronauts fell into the Pacific Ocean. The whole process from launch to safe landing on the earth’s surface is about eight days and three hours.

        

Armstrong and other three astronauts spent more than ten days in the isolation cabin after returning from the moon. At that time, American President Nixon visited them in the isolation cabin at the first time and congratulated them through the glass window.

        The success of Apollo’s landing on the moon is a victory for all mankind. As many as 400,000 people directly and indirectly participated in the Apollo program (Nixon’s original words). They came from different countries in the world, including many Chinese scientists. How much contribution did von Braun make in the Apollo program? NASA commented on him like this: "There is no doubt that he is the greatest rocket scientist in history. His greatest achievement was that when he was the director of the Marshall Space Flight Center of NASA, he presided over the research and development of Saturn V and successfully achieved the great cause of human landing on the moon for the first time in July 1969. " It can be said that there would be no Saturn V without von Braun. Although humans can finally land on the moon, it will not be within the time limit set by Kennedy-the 1960s.

        On January 12th, 1966, korolev died of a surgical operation at the age of 59. It’s a pity that he didn’t see the successful docking of his designed spacecraft Soyuz and Salute-he had been buried underground for more than four years.

        Vasily Mishin (1917-2001), korolev’s successor, did not have the influence and courage of korolev. Although he completed the development of the N1 rocket under very difficult circumstances, the rocket failed in all directions. Coupled with the constant space accidents, especially the death of astronauts, the Soviet Union’s moon landing plan failed as a whole and was finally abandoned.

        In the end, Americans successfully landed on the moon many times, but the former Soviet Union did not once. The fundamental reason for this is not that korolev’s ability is not good, but that the former Soviet Union lost in its comprehensive national strength.

        Without his opponent, von Braun continues to devote himself to the space industry. After Apollo 11, the United States successfully landed on the moon five times, completing a feat in human history. In 1972, after achieving the expected goal, the United States terminated the Apollo program and developed a reusable space vehicle, the space shuttle. Five years after the last Apollo spacecraft landed on the moon, von Braun also came to the end of his life. In 1977, he died of cancer. Shortly before his death, he won the National Science Award, the highest award in American science and technology, but he was unable to go to the White House to receive the award.

(This article is taken from the second volume of Light of Civilization, written by Wu Jun, People’s Posts and Telecommunications Publishing House, 2014). )

        

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Party A: Our public unit only pays the principal.

CCTV News:In the "Government Work Report" in 2019, it was proposed that more than half of the money owed to private enterprises should be paid off before the end of the year. It’s near the end of the year. How’s the debt settlement going? According to the clues reflected by the Sixth General Inspection and the third-party evaluation agency in the State Council, our reporter came to Henan for a field investigation.

Hao Yunjiang is the production manager of a construction company in Zhengzhou, Henan. But in the past two years, he has not taken over the new project, but has been looking for the arrears of the completed project. What bothers him most is the No.1 teaching building in the new campus of Zhengzhou Industrial and Trade School. This project was completed and delivered in 2017, and the settlement amount was more than 30 million yuan. However, after more than two years, there are still nearly 7 million yuan outstanding for the project.

Hao Yunjiang, Project Production Manager of Runhua Construction Co., Ltd.:Normally, when I deliver it to the school for use, I should pay all the money to us within three months. What is given now is about 23 million yuan.

During the interview, Hao Yunjiang suddenly received a phone call from the school and asked him to talk face to face. The reporter saw in the newly built campus that this teaching building is already in normal use.

Zhengzhou Industrial Trade School staff:The school really has no money, not a project of yours, but all projects are like this. We owe tens of millions of dollars, and they are all there. It is planned that Zhengzhou newspaper will call us with a sum of money before the end of December, and your project arrears will definitely be fully returned.

The school said that they have been waiting for the money sold by the old campus to arrive, and they will be able to pay the account owed to Hao Yunjiang before the end of December this year. Surprisingly, Hao Yunjiang rejected this repayment plan.

Hao Yunjiang, Project Production Manager of Runhua Construction Co., Ltd.:What do you mean, give us more than 6 million and it’s over?

Zhengzhou Industrial Trade School staff:The higher authorities now let us talk about our repayment plan. We will give you as much as we owe you, and pay before the end of December.

Project Production Manager of Runhua Construction Co., Ltd.:Do you have to make up for it properly?

Hao Yunjiang, Project Production Manager of Runhua Construction Co., Ltd.:Our interest is really spread out.

Zhengzhou Industrial Trade School staff:Then if you are in this case, your arbitration has not yet reached a conclusion.

Hao Yunjiang said that the debts were delayed again and again, and the foreign debts they borrowed when they first raised funds had accumulated more and more interest in a few years. The company could no longer bear such financial pressure, so it had to choose the way of legal arbitration.

Hao Yunjiang, Project Production Manager of Runhua Construction Co., Ltd.:The final account I submitted was 34 million yuan, and the amount approved at the beginning of this year was more than 30.099 million, which was less than 4 million yuan. At that time, my purpose was to get the money quickly. I recognized the amount and gave it to us. As a result, I admitted it and delayed it for another year. When I ask you, it means no money. Who are we looking for?

The amount of litigation of Runhua Company, including principal and interest, is 9.52 million yuan, while the amount owed by the school is only 6.64 million yuan, which is quite different.

Zhengzhou Industrial Trade School staff:Even if I compensate you a penny, public units belong to state-owned funds, you know. Let’s talk about compensation, which is definitely not allowed by the (superior) audit.

Hao Yunjiang, Project Production Manager of Runhua Construction Co., Ltd.:In January this year, I hugged my head and cried in the office. I have always insisted on not suing, as long as I can get by.

Zhengzhou Industrial Trade School staff:If you don’t sue, you may get it in December, but there may be no interest.

Hao Yunjiang can’t accept this result only by paying the principal, regardless of interest. Finally, both parties decided to wait for the final arbitration result.

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Enterprise’s Character: An Analysis of Ruixun’s Financial Fraud from the Perspective of ESG

  On February 1st, 2020, Muddy Waters Research published an 89-page research report, pointing out that Luckin Coffee (hereinafter referred to as "Ruixing"), a Chinese stock company listed on Nasdaq, was fabricating its financial and operational data, saying that "in the third quarter of 2019 and the fourth quarter of 2019, the daily consumption of goods in each store was exaggerated by at least 69% and 88% respectively". On April 2, Ruixing admitted that the fictitious transaction amount was about 2.2 billion yuan, and then its share price plummeted by 80%, and trading was suspended several times during the session. On April 3rd, China Securities Regulatory Commission issued an announcement strongly condemning the financial fraud of Ruixing, saying that it would strictly follow the relevant arrangements of international securities regulatory cooperation, check the relevant situation according to law, resolutely crack down on securities fraud and effectively protect the rights and interests of investors.


  As the old saying goes, "If you don’t keep your word, you won’t stand". The Ruixing incident has had a very serious negative impact on the international reputation of China enterprises, and some investors even have a natural sense of rejection of China Stock Exchange, indirectly contributing to the phenomenon that "bad money drives out good money" in the market recently, affecting employees, supply chains, customers and other stakeholders. From the perspective of ESG, this paper will analyze the various contents of "Ruixing Incident" in detail, and provide warning and reference for regulators, enterprises and investors.


  First, the background of the "Luckin Coffee" financial fraud incident


  (A) the seriousness and negative impact of the Ruixing incident


  1. The credibility of enterprise data in China was questioned.


  The seriousness of financial information fraud is self-evident. This time, Luckin Coffee directly thundered in the US financial market, crushing the international reputation accumulated by China Stock Exchange in one fell swoop and igniting the trust crisis of China enterprises. In the eyes of more overseas investors, they may not know that Ruixing is a case, nor do they know the industry in which Ruixing is located and the business model adopted, but they will stick to the stereotype that this is a China enterprise and a China enterprise with financial fraud as high as 2.2 billion yuan. So how can we judge whether the data of other China enterprises are equally doubtful?


  Based on the principle of information asymmetry, foreign investors will not have a natural trust in China Stock Exchange. On the contrary, China enterprises have to make great efforts to win the favor of investors bit by bit through long-term stable performance level and good corporate governance mechanism. However, Luckin Coffee unscrupulously fabricated a huge transaction amount of up to 2.2 billion yuan, ignoring the law and discipline, and directly sent an extremely negative signal: the credibility of data is insufficient. From good to good, from evil to collapse. The far-reaching impact of "Ruixun Incident" can never be remedied overnight, and the difficulties of China Stock Exchange will only worsen. Even if high-quality enterprises take out powerful third-party forensic materials to endorse and try to prove the authenticity, integrity and effectiveness of their own data, they still need to face the trust stain of "Ruixun Incident".


  At the same time, among the top ten institutional shareholders of Ruixing, there are many famous investment institutions such as Bank of America, UBS and Melvin Capital Management Company. Among the funds with heavy positions in Luckin Coffee, there are also internationally renowned asset management companies such as American Funds and BlackRock. The occurrence of this "Ruixing incident" will seriously affect the trust of investors in top asset management institutions in China’s corporate data, leading to incalculable consequences.


  2. Directly infringe upon the basic rights and interests of stakeholders.


  First, it will directly infringe on the basic rights and interests of employees and consumers. By December 31, 2019, there were 4,507 directly operated stores in Luckin Coffee with tens of thousands of employees. The follow-up progress of the "Ruixing incident" is not optimistic. If it really involves delisting, insolvency or even bankruptcy liquidation, employees will be forced to bear the risk of unemployment at first, and consumers who have prepaid money (such as recharging) will find it more difficult to recover losses. In addition, on the moral and emotional level, Ruixing directly trampled on the trust of employees and consumers, causing bad social impact.


  Second, it will endanger the basic rights and interests of investors. Wind data shows that by the end of 2019, there were 158 institutional investors holding Luckin Coffee shares, with a total of 460 million shares, accounting for 23.93% of institutional shares. At the same time, as shown in Table 1, as of April 8, 2020, the total market value of Ruixing has shrunk from 66 billion yuan at the end of 2019 to 7.84 billion yuan, a cliff-like decrease of 88.12%; The market value of circulation fell to 3 billion yuan, less than one-third of the end of 2019.


企业的品格:从ESG角度分析瑞幸财务造假事件


  Third, the corresponding supply chain enterprises will be hit hard. Luckin Coffee’s supply chain includes Ruixing Baking (Tianjin) Co., Ltd., which was established in May 2019 with a registered capital of 200 million yuan, Swiss coffee maker Shelley and franca, syrup supplier Fabry, dairy supplier Fonterra, coffee raw bean trader Mitsui Products and baking factory Taiwan Province Yuanyou, and Louis Dafu, one of the four major grain merchants. There are a lot of payables in the transaction between suppliers and Ruixing. Judging from the sales scale and the number of stores in Luckin Coffee, there is a risk that the payment cannot be settled in time and comprehensively. "Ruixing incident" not only affects the construction of good supply chain relations, but also directly brings huge financial risks to suppliers. Once Ruixun’s financial fraud event turns into a debt crisis, it will be difficult for suppliers to directly circulate customized equipment and goods in the market (such as Ruixun’s customized coffee machine and product packaging, etc.), which may involve huge economic losses.


  (B) the basic logic of financial fraud in the Ruixing incident


  1. Ruixun’s information disclosure is seriously distorted, and the financial audit mechanism fails.


  From the second quarter to the fourth quarter of 2019, Ruixing executives and some employees forged transactions worth about 2.2 billion yuan. As of April 8, 2020, according to the quarterly financial information of Ruixun in Wind database, the total operating income of Ruixun in the second and third quarters of 2019 was 910 million yuan and 1.54 billion yuan respectively, and the financial report in the fourth quarter has not been released. The market expects the revenue in the fourth quarter of 2019 to be between 2.1 billion and 2.2 billion yuan. Therefore, the proportion of financial fraud is conservatively estimated to be as high as 48.35%.


  Ruixun’s financial fraud method is still in the investigation stage, but according to the five conclusive evidences and six dangerous signals listed in the "fraud" section of the Muddy Water Report, Ruixun’s financial fraud methods may include, but are not limited to: increasing the pick-up number out of thin air by means of "jumping the number of the pick-up code" and blocking the direct correlation between the pick-up code and the daily order volume, thus increasing the online order volume by 72%; Providing free beverage coupons to existing users to invisibly increase the promotion, while falsely claiming that the proportion of free items continues to decline, and the actual sales price has increased by 9% (accounting for the proportion of listed prices); In the third quarter of 2019, the advertising expenditure was exaggerated by 336 million yuan, and there is reason to suspect that it was used for fraudulent income and forged store profits. Ruixing’s financial information disclosure is seriously distorted, and it is difficult to identify it through standardized audit processes and means. Specifically, Muddy Waters Company used a total of 1,510 employees, including 92 full-time employees and 1,418 part-time employees, to visit 981 stores in Luckin Coffee, collect a total of 25,843 shopping receipts, and shoot 11,260 hours of store videos. The time and economic costs are huge, which can never be completed by the basic financial audit mechanism.


  At present, there is no conclusion as to whether Ernst & Young Huaming Certified Public Accountants, which issued the audit report for Ruixing, should bear the responsibility. However, even if the accounting firm has indeed properly fulfilled its expert obligations, the occurrence of the "Ruixing incident" has revealed the natural shortcomings of financial auditing in the face of human fraud and fraud.


  2. Ruixun’s internal control has failed and there are major defects.


  Luckin Coffee’s 2019 prospectus (Form F-1 of the US Securities and Exchange Commission) shows that the audit results of the consolidated financial statements as of December 31, 2018 show that Rui survived two "major defects" in financial and internal control. According to the definition of the standards formulated by the Accounting Oversight Board (PCAOB) of listed companies in the United States, "material defect" refers to a defect or combination of defects in the internal control of financial reports, and there is the possibility that the material misstatement of annual or interim financial statements has not been reasonably and timely prevented or discovered. Ruixing disclosed that it lacked sufficient accounting and financial reporting personnel, necessary knowledge and experience in applying US GAAP and the rules of the Securities and Exchange Commission (SEC), and financial reporting procedures that met US GAAP and the requirements of the Securities and Exchange Commission (SEC).


  Ruixing is a listed Chinese stock company in the United States, which is bound by the Sarbanes-Oxley Act of 2002. Article 404 clearly requires the management to undertake the responsibility of establishing and maintaining a proper internal control structure, and requires listed companies to provide internal control reports and internal control evaluation reports in their annual reports. At present, Ruixing has not disclosed the 2019 financial report and internal control report, but the latest information still cannot confirm that the effectiveness of its internal control has been convincingly improved.


  3. Ruixun’s "investor protection" system is lacking.


  The way of stock pledge financing is to use the securities held as collateral to obtain loans, without the need for management to sell shares directly. However, when the value of pledged shares falls, the lending institution has the right to ask the borrower to provide more cash or collateral, and may ask for compulsory liquidation when the borrower fails to perform. In the face of financial risks, large-scale stock pledge will cause the stock price of the corresponding securities to plummet, which will harm the remaining investors in the market and form a negative cycle, so it is a key negative danger signal for investors. The research report of Muddy Waters shows that the management of Ruixun has mortgaged nearly 50% of its shares as loan collateral (61 million ADS), accounting for 24% of the total shares of Ruixun, even exceeding the total shares (51 million ADS) placed by Ruixun in May 2019 and January 2020, so investors will face serious financial risks.


  Second, the ESG performance level of Luckin Coffee


  (1) Environment (e)


  Ruixing is a new retail professional coffee operator who mainly sells coffee and related drinks, so its production and business operation objects mainly include the whole process of sales and service of coffee drinks. According to the data of American Professional Coffee Association (SCAA), the water polluted by wastewater in the process of coffee water grinding is 40 times as much as that wasted by urban sewers on average. Ruixing has not released a separate social responsibility report, nor has it disclosed its own treatment and recycling methods of sewage and wastewater on the official website. At the same time, the product packaging of coffee catering service industry is also polluted and wasted. As a new retail coffee operator, Ruixing’s take-away service involves more packaging materials than the average catering service. Even if environmental protection kraft paper packaging bags are used, coffee cups still have problems such as degradation and difficulty in direct recycling. At present, there is no direct evidence that it has been punished by the environmental protection department, but the lack of information about the environmental level of Ruixing makes it impossible to carry out relevant environmental assessment, and the real situation is in doubt.


  (2) society (s)


  One of the most important points in Ruixun’s business model and brand proposition is to change the coffee consumption experience with the new retail model. Therefore, Ruixun believes in standardized processes and operating mechanisms more than paying attention to the practical needs of employees, uniting corporate cohesion and shaping common values. Ruixing does not encourage or advocate the communication between employees and customers, but only provides the online purchase method of ordering. With fully automatic coffee machine, each order must be completed within 2 minutes, and the completion process of each preset program needs to be supervised by a special person in the monitoring center. Any illegal operation and delay in operation time will be reflected in the performance evaluation process linked to salary and counted by the digital management system. At the same time, even a number of stores will be arranged in the same community, and there is a competitive situation. On the whole, Ruixun’s social development is not sustainable, and its employees have no sense of belonging and consumers’ loyalty is low, which is directly reflected in the fact that Ruixun still needs to take great efforts to promote sales.


  (C) Corporate Governance (G)


  In terms of organizational structure, Luckin Coffee and Chairman CAR Inc. are both Lu Zhengyao, and its subsidiary, Hydrogen Dynamics Yiwei, reached a strategic cooperation with Luckin Coffee in all-media integration in 2018, involving significant related party transactions. According to the news of Bloomberg on the evening of April 6, Bronstein, Gewirtz & Grossman, a professional class action service agency, announced that it had filed a class action lawsuit against Ruixing and its senior management on behalf of investors, aiming to demand the defendant to compensate for the alleged violation of the Securities Exchange Act of 1934. At the same time, the fourth paragraph of Article 2 of the new Securities Law, which came into effect on March 1, 2020, clearly requires that "securities issuance and trading activities outside People’s Republic of China (PRC) disrupt the market order in People’s Republic of China (PRC) and damage the legitimate rights and interests of domestic investors, they shall be dealt with and investigated for legal responsibility in accordance with the relevant provisions of this Law", and a serious condemnation announcement will be issued for the Ruixing incident, which will resolutely crack down on fraud. Ruixing’s corporate management is bad, its internal control is seriously flawed, and its information disclosure is seriously distorted. The financial fraud of senior executives has involved criminal responsibility including fraud, and it will directly face the early warning risk of delisting.


  Third, the ESG logic behind the Ruixing incident


  (A) the relevance of ESG and financial performance


  ESG integrates environmental, social and governance factors, which can comprehensively reflect the non-financial performance of enterprises and evaluate the long-term sustainable development ability of enterprises. A large number of domestic and foreign literature studies have shown that ESG is related to company valuation, stock returns, financing costs and other factors related to company quality. Cohen et al. (1997) compared the environmental performance and financial performance of manufacturing companies in the S&P500 index, and found that the environmental performance is positively correlated with the intangible assets value of listed companies. This study shows that good environmental performance can increase the valuation of intangible assets of listed companies. In addition to a single environmental factor, Brammer & Millington(2008) discussed the relationship between corporate social performance (CSP) and corporate financial performance (), and found that in the short term, companies with poor CSP performance have better financial performance; But in the long run, companies with good CSP performance have better financial performance.


  In 2018, the Green Finance International Research Institute of Central University of Finance and Economics published two research results, namely, Research on the Correlation between ESG Performance of Listed Companies in China and Corporate Performance, and Research on the Correlation between ESG Performance of Listed Companies in China and Corporate Default Risk, which is also one of the important achievements of the China-UK Green Finance Working Group. It is found that ESG performance in manufacturing industry is positively correlated with the company’s P/B ratio and P/E ratio, while ESG performance is negatively correlated with stock risk, which is particularly significant in manufacturing industry. In terms of ESG and bond default rate, it is found that the higher the ESG level, the lower the probability of corporate bond default or downgrade, and the higher the ESG level, the higher the corporate bond yield.


  At the same time, some scholars suggest that ESG performance has a negative correlation with the company’s downside risks. Koehler and Hespenheide(2013) believe that ESG problems will lead to corporate crises, and those companies that are clearly prepared to deal with ESG shocks can better mitigate short-term and long-term downside risks. Hoepner et al. (2018) found that ESG problems can benefit shareholders by reducing the company’s downside risks.


  (B) ESG is a key indicator to measure the credit quality of enterprises.


  If the financial report maps the current credit ability of the enterprise, then ESG can represent the long-term credit quality of the enterprise. Behind Ruixing’s financial fraud is the lack of ESG performance, which implies the moral responsibility of enterprises. In the case of frequent financial information distortion and financial report fraud, ESG information, as the key motivation information hidden behind the financial performance of enterprises, can make up for the lack of financial indicators and provide investors with evaluation methods and indicators to further understand the overall situation of the company.


  From the specific indicators, environmental indicators can evaluate the green development, environmental compliance and green degree of the whole life cycle of enterprises, which can comprehensively measure the environmental risk and green sustainable development ability of enterprises; Social indicators evaluate the performance of enterprises in public welfare activities and stakeholder protection, measure the degree of responsibility of enterprises from the perspective of stakeholders, and show the operational ability of enterprises from the side; Governance indicators evaluate the organizational structure, investor relations, information transparency, risk management, etc., and carefully consider the corporate governance capacity and long-term sustainable development capacity.


  Fourth, the reference and enlightenment significance of Ruixing incident


  (1) Regulatory body: Establish and improve the ESG information disclosure and verification system of enterprises.


  Basically, in this Ruixun incident, the regulatory authorities need to speed up the construction of ESG information disclosure system, and gradually establish and improve the corresponding auditing system and supporting mechanism. By requiring and guiding enterprises to disclose ESG information, we can help enterprises improve their credit quality and improve the overall quality of Chinese enterprises. At present, there is still a certain gap between the A-share market and the US stock market in the development of ESG information disclosure, and ESG information disclosure has not been completely enforced, which lacks standardization for the performance of listed companies in non-financial indicators. At the same time, although China’s regulatory authorities have increased the regulatory penalties for listed companies in terms of environment and governance in recent years, overall, the cost of violating laws and regulations of enterprises is still lower than that of the US stock market, and the strong binding nature of enterprises’ supervision needs to be further improved.


  In addition, the regulatory authorities should gradually reduce the regulatory barriers in domestic and foreign markets, strengthen the control and supervision of the quality of China Stock Exchange, and strengthen domestic penalties for overseas violations. The new Securities Law, which came into effect on March 1 this year, clearly states that securities issuance and trading activities outside People’s Republic of China (PRC) disrupt the market order in People’s Republic of China (PRC) and damage the legitimate rights and interests of domestic investors, and shall be dealt with and investigated for legal responsibility in accordance with the relevant provisions of this Law. Regarding the Ruixun incident, the statement of China Securities Regulatory Commission on April 3 also stated that the China Securities Regulatory Commission will check the relevant situation in accordance with the relevant arrangements of international securities regulatory cooperation, resolutely crack down on securities fraud and effectively protect the rights and interests of investors.


  (2) Enterprise: issue an ESG consulting rating report reviewed by a third party.


  From the perspective of enterprises, on the one hand, enterprises need to raise awareness of ESG information disclosure and strengthen their own ESG capacity building. Behind the events such as Ruixing in China Stock Exchange, Kangmei and Kangdexin in A-share, the ESG problem of enterprises has been exposed. Only by solving the bad habits of enterprises from the root and improving their credit quality can we avoid the recurrence of such events. On the other hand, enterprises should issue ESG consulting rating reports reviewed by third parties to enhance the credibility of ESG information disclosure data. Enterprises have the motivation to disclose information that is beneficial to them and avoid information that is unfavorable to them, so it is particularly important to issue a credible third-party review of both financial information and ESG information. At the same time, third-party review is also the second constraint on enterprises besides supervision, which can standardize enterprise behavior to a certain extent and enhance the compliance of enterprise information disclosure.


  (C) investors: pay attention to the quality and sustainability of enterprises and avoid speculative business models.


  Investors should also pay more attention to long-term value investment. The strategic mode of short-term investment is short-term and unsustainable. In order to obtain long-term sustainable returns, investors should pay more attention to the internal quality of enterprises and tap the endogenous value of enterprises. By incorporating ESG into the investment strategy, we can not only avoid environmental risks, moral risks and governance risks of enterprises, but also screen out investment targets with strong anti-risk ability and strong self-management ability when systemic risks occur, so as to alleviate the market impact and obtain higher returns. In addition, if more and more investors incorporate ESG information into their investment decisions, they can also close down enterprises to improve ESG performance, thus promoting the high-quality development of the whole market.


  Author:


  Shi Yichen, deputy dean of the International Institute of Green Finance of Central University of Finance and Economics, and dean of the Yangtze River Delta Green Value Investment Institute.


  Yang Chenhui is a researcher at the International Institute of Green Finance of Central University of Finance and Economics, and a researcher at the Yangtze River Delta Green Value Investment Institute.


  Bao Jie is a researcher at the International Institute of Green Finance of Central University of Finance and Economics, and a researcher at the Yangtze River Delta Green Value Investment Institute.


  This article was first published on WeChat WeChat official account: International Research Institute of Green Finance of Central University of Finance and Economics. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.

(Editor: Ma Yan)
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Countdown to the Chinese New Year Music Festival. China’s big names all appeared.


Yuan Huiqin and China Philharmonic Orchestra



Asgen


  BEIJING, Jan. 23 (Xinhua)-On Jan. 22, the "Dragon and Phoenix Becoming Lucky-Global Chinese New Year Music Festival", jointly sponsored by the National Centre for the Performing Arts and Phoenix Satellite TV, will be officially staged on the 29th day of the Lunar New Year (Jan. 24). The sudden cold wave can’t stop the enthusiasm of artists. In order to provide a rich music feast for Chinese compatriots around the world on the eve of the Spring Festival, members of the China Philharmonic Orchestra rushed to the rehearsal site with their musical instruments in the early morning. The original ecological tenor Gao Baoli, the Peking Opera artist Yuan Huiqin, who is known as "a thousand-faced old Dan", the piano rookie Wang Yujia, who is known as "the female version of Lang Lang in China", and Jiang Kemei, the most outstanding and popular all-rounder of Hu Qin in the contemporary era, and many other musicians on the performance list also arrived. The artists gathered together and rehearsed their carefully selected tracks for this global Chinese music festival.


  "China melody, Western-style interpretation; The innovative arrangement technique of "traditional art and modern expression" has brought different passions to "top" artists. Although it is only a rehearsal, the artists’ serious input has not diminished at all. After a short run-in, they will interpret the classic songs in a seamless and vivid way. After exploring the details, the artists couldn’t help clapping their hands and encouraging each other.


  Yuan Huiqin: Music Festival Seeking Artistic Standards


  On the same day, the longest running-in piece was an excerpt from the Beijing Opera Symphony "The Woman of Yangmen". At this Chinese and Western Spring Music Festival, the Beijing Opera Symphony, which combines tradition and modernity, will undoubtedly be one of the biggest highlights. Although Yuan Huiqin, the singer of "Young Woman", once cooperated with the China Philharmonic Orchestra in a solo concert held in May this year, the symphony orchestra needs to "walk beside" the actors because of the complete lines and dramatic conflicts, as well as the dramatic changes in the singing rhythm of Beijing Opera, which is different from ordinary symphony performances, and each performance will be different according to the actors’ live performance.


  Talking about the "trueness" between the two sides in the rehearsal of some beats, Yuan Huiqin, who was running between the rehearsal of the Spring Festival Evening and the rehearsal of the music festival, explained: "The global Chinese New Year Music Festival is a platform to spread the charm of China music and Chinese culture to the world. This high-end cultural performance requires very high artistic standards. In addition, the Beijing Opera Symphony is an innovation of the traditional Beijing Opera, which brings challenges to the cooperation between performers and orchestras, so we choose it carefully. There is no such difficulty in the program I will perform in the Spring Festival Evening. First, because the form is traditional Peking Opera, and second, because the Spring Festival Evening focuses on creating a festive atmosphere. "


  Gao Baoli: The best state is reserved for Chinese people all over the world.


  At the rehearsal scene, the original ecological singer Gao Baoli and the China Philharmonic Orchestra, who cooperated for the first time, brought a lot of surprises to each other, and the "Shandandan Blooms in Red" in one go was full of charm. "I have been looking forward to working with the Philharmonic Orchestra, hoping to bring innovative auditory enjoyment to the audience through the sublimation of folk music through symphony. In order to participate in the global Chinese New Year Festival and fully show the charm of China folk songs to the world through this platform, I have turned down many commercial performances during this time, and I hope to keep my best state for Chinese compatriots around the world. I am particularly happy that the cooperation with the Philharmonic Orchestra can be so tacit today. " Gao Baoli, who won warm applause from the Philharmonic Orchestra, said seriously.


  Wang Yujia: Be yourself and don’t be a "female version of Lang Lang"


  The first movement of Tchaikovsky’s Piano Concerto No.1 in B-flat minor and the fourth movement of the Yellow River are ups and downs, and ten slender fingers are performing classic songs like flowing water. Wang Yujia, a pianist on the piano bench, is totally different from the girl born after 80s who highlighted yellow hair and wore jeans and sneakers. The only similarity is her seriousness when watching other people’s performances under the stage.


  The members of the Philharmonic Orchestra who rehearsed together could not believe that Wang Yujia had never played "Yellow River" in public. Wang Yujia, who was born in 1987 and went to the United States to study piano at the age of 14, is now famous in the European and American music circles. Wang Yujia, who just learned that the fourth movement of Yellow River would be performed at the music festival two weeks ago and returned to China for the Spring Festival for the first time in 14 years, said: "The Yellow River is a classic song representing China. I am very happy that the Global Chinese Music Festival will allow me to play this song for the audience of the motherland during the Spring Festival. Although it is the first time to cooperate with the Philharmonic Orchestra, it is not strange at all. There is a feeling of going home. On the day of the ceremony, I hope that I can present the magnificent momentum of the fourth movement, so that the global audience does not feel that a girl is playing. " After a song, sweating Wang Yujia spontaneously took off her sweater in public. Before doing this action, she did not forget to consult the consent of others present with her eyes.


  Talking about the title of "China female version of Lang Lang" given to her by the domestic media, frank Wang Yujia said: "Lang Lang is a young pianist who is internationally renowned. I am very happy and grateful to them for calling me that. This is my affirmation. I am honored, but I still want to be myself and be the only Wang Yujia rather than being a replica of others."


  Jiang Kemei: The spread of music in China should be gradual.


  Jiang Kemei, a well-known Huqin performer who has cooperated with China Philharmonic Orchestra for many times, performed "Deep Night", which can be described as a combination of rigidity and softness, graceful and graceful atmosphere. The perfect cooperation between the two sides shows the oriental charm of Chinese folk music incisively and vividly. Jiang Kemei was deeply touched by the holding of the Chinese New Year Concert around the world: "In recent years, the foreign exchange of China music has been very frequent. It is of great significance for our China music to go further to the world to hold the Chinese New Year Festival for the whole world on such a special day as the Spring Festival."


  Jiang Kemei, who has been invited to participate in large-scale international performances such as Cannes International Film Festival and Prague Spring Music Festival, and has cooperated with many internationally renowned orchestras and conductors, said that China’s music has a high international recognition at present: "I was once invited to perform two classic tracks, Deep Night and Horse Racing, with the world-famous Ottawa Symphony Orchestra, because it was the first time to perform oriental folk music together, and the conductor of the Ottawa Symphony Orchestra was very nervous. However, after a period of running-in, the performance was very successful, and the audience repeatedly asked to return. The perfect combination of erhu and violin brought a refreshing feeling to the audience and a great surprise to the conductor. After the performance, he patted me on the shoulder and told me that he would come to China to learn about China music. " Jiang Kemei also said that it is a very clever way to spread oriental music by combining Chinese and Western music in the global Chinese New Year Concert. From the combination of Chinese and Western music to the original flavor, the gradual infiltration and dissemination will give foreign audiences a process from understanding to acceptance to appreciation, which is an effective way for China music to go global.


  Asgen: High-pitched Challenge to C 《 Qinghai-Tibet Plateau 》


  Composer Zhang Qianyi once said: "Asgen’s temperament is very suitable for fresh, pure and distant songs." Each other is born from the heart, and the song is like a person. As simple and mellow as her singing, Asgen is reminiscent of the air with fragrant flowers and plants brewing on the plateau.


  Asgen, who was still performing in Sichuan in the morning, flew back to Beijing at noon and rushed directly to the rehearsal hall of China Philharmonic Orchestra to participate in the rehearsal of "Dragon and Phoenix Becoming Lucky-Global Chinese Music Festival 2009". Despite some airsickness symptoms, as soon as the music started, Asgen was as excited as a different person.


  On the stage of the global Chinese music festival, Asgen was the first Tibetan singer to sing. Therefore, Asgen chose the song "Qinghai-Tibet Plateau". The Qinghai-Tibet Plateau, which was created in 1997, combines the popular singing style with the Tibetan folk singing style, and the passionate and infectious melody sings the amorous and verve of the Qinghai-Tibet Plateau. This time, Asgen’s version of "Qinghai-Tibet Plateau" raised the music to C, and the singing was even more like the sound of nature.


  "The first time I cooperated with the Philharmonic Orchestra, the difficulty of the songs also increased, so the pressure was also great. Although I have been singing on the stage for so many years, I still feel nervous when I think that Chinese in the world is watching me sing. " The first audition went well, but Asgen asked to sing again, and asked Xu Peidong, the artistic director of the Chinese Music Festival, the conductor of the orchestra and even the staff who stopped to listen on the sidelines to help her make suggestions and adjust the most perfect singing effect.


  Xue Wei: China music should show off its skills to the world.


  "The success of a musician is closely related to national strength and national prosperity. I have played abroad for so many years, and I have witnessed and experienced many changes. China has made great progress in these years, and the achievements of China music are obvious to all. Now China music can and should proudly show our achievements to the world. " Xue Wei, one of the most outstanding contemporary violin masters, the China musician who has won the highest and most prizes in international violin competitions so far, and the violinist who set the record for the youngest professor in royal academy of music 20 years ago, said so.


  Perhaps it is to express this idea that Xue Wei suggested that the track of "Dragon and Phoenix Becoming Auspicious-Global Chinese Music Festival 2009" be selected as "Sunshine Shining in Tashkurgan". The Sunshine in Tashkurgan, which has a strong ethnic flavor, applies Tajik music materials and absorbs the playing techniques of China folk instruments, and is known as one of the most representative gorgeous and dazzling works of Chinese violin music.


  Accompanying Xue Wei to complete this performance is the violin "Stradivari" made in 1751. "As a performer, every performance will try to attach some new content and new breakthroughs. Without new elements, there will be no new source of enthusiasm. I look forward to new breakthroughs on the stage of the National Centre for the Performing Arts. " In the cooperation with China Philharmonic Orchestra, Xue Wei and "Stradivari", the old partners, are full of passion, and the second degree and the decoration of semitone, the imitation of the four-tone chord of Dongbula and the unrestrained cadenza are outstanding.

Editor: Yan Bin

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Announcement of Beijing Local Taxation Bureau and Beijing Environmental Protection Bureau on Issuing the Interim Measures for the Verification and Calculation of Beijing Environmental Protection Tax

No.3 of 2018

  The Interim Measures for the Verification and Calculation of Beijing Environmental Protection Tax are hereby promulgated and shall come into force as of January 1, 2018.

  It is hereby announced.

  Annex: 1. Table of Characteristic Value Coefficient of Sewage Discharge of Some Small Tertiary Industries (omitted)

     2. Water pollution equivalent value of livestock breeding, small enterprises and tertiary industry (omitted)

     3. Adjustment coefficient of dust emission from construction site (omitted)

     4. Construction site dust management grade standard (omitted)

     5. Policy Interpretation on the Announcement of Beijing Municipal Environmental Protection Bureau of Beijing Local Taxation Bureau on Issuing the Interim Measures for the Verification and Calculation of Beijing Environmental Protection Tax (omitted)

  Note: The attachment can be found on the official website of Beijing Local Taxation Bureau (www.tax861.gov.cn).

Beijing Local Taxation Bureau    

Beijing Municipal Environmental Protection Bureau    

March 29, 2018  

Interim Measures of Beijing Municipality on the Verification and Calculation of Environmental Protection Tax

Chapter I General Principles

  the first In order to improve the environmental quality of this Municipality, give full play to the role of taxation in promoting pollution control and emission reduction, and strengthen the collection and management of environmental protection tax, these measures are formulated in accordance with the provisions of People’s Republic of China (PRC) Environmental Protection Tax Law, People’s Republic of China (PRC) Tax Collection and Management Law and its implementation rules and other relevant laws and regulations.

  the second Taxpayers within the scope of this Municipality who cannot calculate the tax payable of air pollutants and water pollutants in accordance with the methods specified in Items 1 to 3 of Article 10 of the People’s Republic of China (PRC) Environmental Protection Tax Law shall verify and calculate the tax payable in accordance with the provisions of these Measures.

  The air pollutants and water pollutants mentioned in the preceding paragraph refer to air and water pollutants discharged by livestock breeding, small enterprises and some tertiary industries, dust (general dust, the same below) generated by construction sites, and sulfur dioxide generated by municipal gas facilities (burning municipal pipeline natural gas).

  Article The local tax authorities at all levels and the competent department of environmental protection shall establish a cooperation mechanism for the verification and calculation of environmental protection tax according to these Measures, and carry out the verification and calculation of environmental protection tax in an orderly manner according to the responsibilities of the departments.

  Article 4 Local tax authorities shall perform the following duties:

  (1) Incorporating taxpayers who meet the approved calculation into tax administration;

  (two) according to the latest pollution characteristic coefficient issued by the competent department of environmental protection, timely maintenance and adjustment of the approved tax-related data;

  (three) to supervise, verify and inspect the basic data of taxpayers’ production and operation, the basic situation of pollutant discharge and the payable amount of environmental protection tax.

  Article 5 The competent department of environmental protection shall perform the following duties:

  (a) the municipal environmental protection department is responsible for formulating and adjusting the sampling measurement methods of this Municipality; To supervise and control the sewage discharge of taxpayers approved for calculation;

  (two) responsible for providing the relevant information obtained in the supervision and management of environmental protection to the district tax authorities;

  (three) to cooperate with the tax authorities to implement the tax inspection of environmental protection tax according to law.

Chapter II Calculation Methods

  Article 6 Taxable amount of pollutants generated by catering industry (without sewage discharge metering equipment), accommodation industry, washing and dyeing service industry (clothing), beauty salon and health care industry, bathing industry (foot washing and bathing), automobile and motorcycle repair and maintenance industry, photography and printing service industry and independent coal-fired boiler that cannot be verified and calculated according to the methods specified in Item 1 to Item 3 of Article 10 of People’s Republic of China (PRC) Environmental Protection Tax Law is:

  Taxable amount = characteristic index value × pollutant discharge characteristic coefficient × specific applicable tax amount

  The characteristic coefficient of emission shall be implemented in accordance with the Table of Characteristic Coefficient of Sewage Discharge of Some Small Tertiary Industries attached to these Measures (see Annex 1). The specific applicable tax amount is the applicable tax amount of taxable pollutants in Beijing.

  Article 7 The taxable amount of water pollutants in livestock breeding, small enterprises, catering and entertainment services (with sewage discharge metering equipment) and hospitals that cannot be calculated according to the methods specified in Items 1 to 3 of Article 10 of People’s Republic of China (PRC) Environmental Protection Tax Law is:

  Taxable amount = pollution equivalent number × specific applicable tax amount

  The pollution equivalent number is calculated by dividing the characteristic value of pollution discharge by the pollution equivalent value, which shall be implemented in accordance with the Water Pollution Equivalent Value of Livestock Breeding, Small Enterprises and Tertiary Industry (see Annex 2) attached to these Measures. The specific applicable tax amount is the applicable tax amount of taxable water pollutants in Beijing.

  Article 8 The taxable amount of dust generated by the construction site of the construction project is:

  Taxable amount = land area of construction site × 0.065 × construction period × adjustment coefficient of dust emission of construction site × specific applicable tax amount.

  The land area of the construction site of the construction project is the land area of the construction unit (including the agent). The construction period shall be calculated on a monthly basis. If the construction period is less than one month, the construction period shall be converted according to the actual construction days in different construction stages divided by the actual days in the current month. The adjustment coefficient of dust emission on the construction site shall be implemented in accordance with the Adjustment Coefficient of Dust Emission on the Construction Site attached to these Measures (see Annex 3). The specific applicable tax amount is the applicable tax amount of taxable air pollutants in Beijing.

  ninthstrip Construction sites include housing construction sites (including industrial plants), decoration sites, municipal infrastructure sites, demolition sites, greening sites, water sites, highway sites, railway sites, etc. within the administrative area of this Municipality.

  Article 10 The construction unit (including the agent) construction land area is determined according to the following methods:

  (a) according to the land, planning, housing and urban-rural construction departments issued by the state-owned land use certificate, the construction project planning conditions from the construction land planning permit (the construction project planning permit from building construction permits), the house ownership certificate or the immovable property certificate, as well as the approval documents of the administrative departments with approval authority or other relevant materials;

  (two) the main technical parameters such as length, width and pipe diameter should be provided when the area of linear projects such as highways, railways, water affairs and pipe networks is approved;

  (three) there is no relevant approval documents to prove the construction area of the project, the construction unit shall calculate the construction area according to the actual land area.

  Article 11 If the construction site of a construction project meets the Class II standard in the Grade Standard for Dust Management of Construction Sites attached to these Measures (see Annex 4) and meets the Class I standard, the tax payable shall be calculated according to the reduction factor of 50%; If it only meets the second-class standard, the tax payable shall be calculated according to the reduction factor of 100%; If the second-class standard is not met, the tax payable shall be calculated according to the reduction factor of 200%.

  If there is grade standard information in the dust management of the relevant government departments in the construction site of the construction project, the tax authorities shall determine the reduction coefficient based on this information.

  Article 12 The taxable amount of sulfur dioxide generated by gas facilities (burning municipal pipeline natural gas) that cannot be actually monitored is:

Taxable amount of sulfur dioxide

Chapter III Approval Methods

  Article 13 Taxpayers who meet the approved calculation conditions should fill in the Basic Information Collection Form of Environmental Protection Tax when registering the tax source of environmental protection tax for the first time, submit it to the competent tax authorities, and be responsible for the authenticity of the application materials.

  Article 14 Taxpayers who implement the approved calculation meet the calculation conditions of taxable pollutants stipulated in Items 1 to 3 of Article 10 of the People’s Republic of China (PRC) Environmental Protection Tax Law by installing, monitoring and measuring the emissions of atmospheric and water pollutants. If these measures are no longer applicable, they should re-fill in the Basic Information Collection Form of Environmental Protection Tax in the next month after the change, and make tax returns according to law.

  Article 15 When taxpayers file tax returns, they shall file and fill in the tax returns according to the following circumstances:

  (1) Taxpayers who are subject to the provisions of Article 12 of these Measures shall fill in the Environmental Protection Tax Declaration Form (Form A) to declare and pay taxes.

  (2) Taxpayers who apply other methods of these Measures shall fill in the Environmental Protection Tax Declaration Form (Form B) to declare and pay taxes.

  Article 16 These Measures shall be interpreted by Beijing Local Taxation Bureau and Beijing Environmental Protection Bureau.

  seventeenthArticle These Measures shall come into force as of January 1, 2018.

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Take measures to expand the soybean planting area to 140 million mu and increase the production capacity steadily.

  CCTV News:Soybean is the main source of edible vegetable oil and protein feed, and it is also an agricultural product with high dependence on foreign countries in China. This year, the state has taken various measures to expand the soybean planting area nationwide to more than 140 million mu.

  This year, the northeast of China has guided farmers to grow more soybeans by carrying out grain-soybean rotation. This year, Heilongjiang Province will co-ordinate 1 billion yuan of agriculture-related funds to support the expansion of more than 10 million mu of soybeans, with the largest area. Jilin Province mobilized farmers’ enthusiasm by means of preferential policies and increasing investment in science and technology. This year, the area of soybean planting was 854,000 mu, up 22% year-on-year.

  In addition, this year, the country promoted soybean and corn strip compound planting in suitable areas such as northwest, Huang-Huai-Hai, southwest and Yangtze River basin. In order to arouse farmers’ enthusiasm, on the basis of the central government subsidizing 150 yuan per mu, the provincial finance will subsidize 170 yuan per mu to make up for the increased costs of sowing, fertilizing, spraying and harvesting. Shaanxi province has sown 1.877 million mu of soybeans and interplanted 680,000 mu of soybeans and corn. Yan ‘an and Yulin have integrated improved varieties, agricultural machinery and processing to increase production, and created 40 soybean-corn strip compound planting demonstration zones.

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Strive to improve the agricultural competitiveness of China’s big countries

The Central Committee of the Communist Party of China’s Proposal on Formulating the Thirteenth Five-year Plan for National Economic and Social Development (hereinafter referred to as the "Proposal") adopted by the Fifth Plenary Session of the 18th CPC Central Committee puts forward that "improving the quality, efficiency and competitiveness of agriculture". China is a big agricultural country, and China’s agriculture is a big country agriculture. During the Thirteenth Five-Year Plan period, only by accelerating the development of modern agriculture and striving to improve the agricultural competitiveness of China’s big countries can we provide a solid foundation and strong guarantee for the transformation and upgrading of economic development and the building of a well-off society in an all-round way. Accelerating the development of modern agriculture and striving to improve agricultural competitiveness are also the needs to cope with the profound changes in the domestic and international environment for agricultural development. Domestically, economic development has entered a new normal, showing three characteristics: speed change, structural optimization and power conversion, which requires the simultaneous development of new industrialization, informationization, urbanization and agricultural modernization. In the simultaneous development of the four modernizations, agriculture is still a short board, and it is urgent to speed up the transformation of agricultural development mode and the adjustment of agricultural structure. From an international perspective, developed countries and regions are paying more and more attention to improving agricultural competitiveness, gradually eliminating direct subsidies to agriculture by adjusting laws and policies, and instead increasing support for agricultural business entities in the market field, so as to improve their competitiveness and promote the process of agricultural marketization. Facing the changes in the development environment at home and abroad, and implementing the spirit of the Fifth Plenary Session of the 18th CPC Central Committee, we should fill in the shortcomings of agriculture as soon as possible and strive to improve the agricultural competitiveness of China’s big countries.

Change the concept of agricultural development and pay more attention to the transformation of mode and structure.

The "Proposal" pointed out that to achieve the development goals during the "Thirteenth Five-Year Plan" period, solve development problems and cultivate development advantages, we must firmly establish the development concept of innovation, coordination, green, openness and sharing. The concept of development is the forerunner of development action. To develop modern agriculture and improve agricultural competitiveness under the new economic normal, we must firmly establish and implement the new development concept, and pay more attention to changing modes and adjusting structure.

The reason why we should pay more attention to changing the mode and adjusting the structure is because although agriculture is a traditional industry, its versatility is becoming increasingly obvious with the development of agriculture and economy and society. Modern agriculture should not only give play to traditional production functions and ensure food supply, but also give play to ecological and environmental protection, sightseeing and leisure, cultural inheritance and other functions to promote sustainable development. Only by establishing a new development concept and paying more attention to changing the mode and adjusting the structure can we accelerate the formation of a modern agricultural industrial chain pattern from field to table, form a modern agricultural industrial system with the integration of primary, secondary and tertiary industries, better lead the transformation of agricultural development mode and promote the improvement of agricultural development quality and efficiency. Therefore, we should speed up the transformation of extensive management methods that rely on resource consumption, strengthen the drive of agricultural scientific and technological innovation, and take the road of agricultural modernization with high output efficiency, product safety, resource conservation and environmental friendliness. On the basis of stabilizing grain production, we should scientifically determine the self-sufficiency level of major agricultural products, rationally arrange the development priorities of agricultural industries, give full play to the comparative advantages of various regions, industries and business models, promote the integration and interaction of primary, secondary and tertiary industries, and realize the transformation of agricultural production from production-oriented to consumption-oriented

Improve the innovation and extension system of modern agricultural science and technology and vigorously apply advanced science and technology.

The "Proposal" proposes to improve the modern agricultural science and technology innovation promotion system. At present, advanced science and technology plays an increasingly important supporting role in improving the comprehensive agricultural production capacity and overall competitiveness. In 2014, the contribution rate of agricultural science and technology progress in China has reached 56%. In the past, we put more emphasis on agricultural science and technology, such as improved varieties and good methods. Today, we propose to improve the innovation and extension system of modern agricultural science and technology and vigorously apply advanced technology, and its breadth and depth far exceed the cognitive scope of the past.

As far as biotechnology is concerned, it includes not only the traditional optimization of agricultural and livestock varieties, but also the modern biotechnology represented by transgenic technology. We should intensify technological research and development and industrialization, achieve the target requirements of high yield, high quality, high efficiency, ecology and safety, and effectively guarantee national food security and food safety. As far as equipment technology is concerned, it used to be more understood as a production tool to replace labor, but today it has become the basic production factor for developing modern agriculture, and the improvement of equipment technology level can greatly improve production efficiency and output benefit. Among them, special attention should be paid to the application of modern information technology. Modern information technologies such as agricultural Internet of Things, e-commerce, big data, cloud computing and global positioning system are playing an increasingly important leading and supporting role in agricultural production, processing and circulation. Especially the booming e-commerce will have a revolutionary impact on the circulation of agricultural products. Accordingly, to improve the modern agricultural science and technology innovation extension system, we need to think and plan from the strategic height that science and technology are the primary productive forces and important production factors, accelerate the establishment of modern agricultural science and technology innovation system, scientific and technological achievements transformation system, extension and application system, and accelerate the agricultural mechanization and informatization.

Constructing modern agricultural industrial system and optimizing the combination of resource elements

The "Proposal" pointed out that efforts should be made to build a modern agricultural industrial system. The main difference between modern agricultural industrial system and traditional agricultural industrial system is that the former focuses on forming a new factor combination mode through intensive investment and in-depth development of modern production factors such as financial capital, science and technology, organization and management, and promoting the steady improvement of total factor productivity and comprehensive quality of agricultural industry.

The role of modern agricultural industrial system in promoting agricultural competitiveness is mainly manifested in four aspects: specialization, scale, intensification and integration. First of all, specialized division of labor to improve labor productivity. According to the market demand and their own endowment, agricultural business entities focus on a certain field, variety or link that they are best at and most suitable for, and carry out specialized production and business activities, which can effectively improve labor production efficiency and business benefits. Secondly, large-scale production improves the land output rate. On the one hand, the moderate scale operation of land is convenient for arranging and utilizing land in pieces and improving the scale efficiency of agricultural production. On the other hand, connecting scattered land management entities through socialized services can transcend the boundaries between plots and families, promote the centralized investment of modern production factors such as capital, science and technology, management and equipment, and greatly form the spillover effect of scale management. Third, intensive management improves the efficiency of resource combination through the scientific, accurate, reduced and efficient utilization of various resource elements. Fourth, integrated development improves agricultural total factor productivity. In the development of modern agriculture, the absence of any factor of production will form a "short board effect". Only by building a modern agricultural industrial system, vigorously optimizing the combination of various production factors, and striving to realize the integrated development of production, processing, logistics and marketing, can agricultural competitiveness be effectively improved.

Change the mode of agricultural management and cultivate new agricultural management subjects

Agricultural management mode mainly includes two aspects: agricultural production mode and service mode, which is an important symbol of agricultural competitiveness of big countries. From the perspective of agricultural production mode, many new management modes, such as farm management, cooperative management and enterprise management, which are based on household contract management, have greatly promoted the commercialization, scale, intensification, specialization and organization of agricultural production. All kinds of new business entities have different functional orientation and comparative advantages, and have broad adaptability and development space. The interests of the main members of farm management are highly consistent, and the cost of labor supervision is low, which occupies a leading position in the production of breeding industry; Cooperative business entities organize scattered farmers, improve market bargaining position, reduce production and transaction costs, and have economies of scale in the integration and development of primary, secondary and tertiary industries, which is conducive to increasing farmers’ income; Enterprise management subjects have advanced technology and equipment, strong financing and anti-risk ability, and have obvious advantages in deep processing of agricultural products, logistics and distribution, carrying out innovative agricultural production and management activities, and improving agricultural added value.

From the perspective of agricultural service mode, various public welfare and business service organizations have flourished, and the professional, serialized and multi-level service models have been continuously innovated, initially forming an agricultural socialized service system led by government public service agencies and widely participated by multiple service subjects. In particular, some business service organizations provide services for farmers in the aspects of seed and fertilizer supply, agricultural machinery operation, production management, product sales, etc. by means of full trusteeship and semi-trusteeship, which neither changes the farmers’ contract relationship, but also ensures that the land is planted with people and the land can be planted well, showing great vitality in practice. It can be said that the agricultural management mode of "diversified business entities+whole-process socialized service" is an important path choice for China’s agricultural modernization and an important institutional innovation to adapt to China’s national conditions with a large population and a small population.

Cultivate new professional farmers and improve the quality of agricultural practitioners

The "Proposal" proposes to cultivate new professional farmers. This is an urgent need and an important support to solve the practical problem of "who will plant the land" and "how to plant the land well", improve the quality of agricultural practitioners and enhance the competitiveness of agriculture. The problem of "who will plant the land" is rooted in the weak competitiveness and low comparative income of agriculture, which is not unrelated to the non-professionalism of farmers. From the current practice and development trend, traditional farmers have lived in rural areas for generations, specializing in agricultural production, and are the basic groups that produce new professional farmers; After market experience, returning migrant workers have certain capital, technology and marketing capabilities, and are the core strength of new professional farmers; Rural junior and senior high school graduates have received systematic basic education and have strong ability to absorb and apply new knowledge and technology, which is the basic reserve of new professional farmers; The new farmers who master modern agricultural technology, have the concept of ecological agriculture and Internet thinking are the emerging groups of new professional farmers. Through targeted and classified vocational education and training, they can master their professional skills and improve their professional quality, become professional rural practical talents and management talents, and become new agricultural production subjects and service subjects to meet the requirements of modern agricultural development.

Grasp the national conditions in depth and give play to the comparative advantages of agriculture.

Compared with the United States, Canada, Australia and other countries with abundant agricultural resources, China’s total agricultural resources are insufficient and per capita resources are scarce. However, from the perspective of comparative advantage, there are many types of agricultural resources in China and other relative advantages, which have the conditions to improve agricultural competitiveness by giving full play to comparative advantages.

Generally speaking, China’s agricultural comparative advantages are mainly manifested in three aspects: First, comparative resource advantages. China has a vast territory, rich landforms, diverse climate, various types of agricultural resources and obvious characteristics of species diversity. For example, China’s higher plant species account for 10% of the world’s total, and mammal species account for 13%, both of which rank among the top in the world. We should make full use of this unique advantage of agricultural comparative resources. The second is comparative industrial advantages. The variety of agricultural resources in China determines the diversity of agricultural industrial structure in various places. All localities should base themselves on comparative advantages, develop different industries selectively and emphatically, and promote the formation of a modern agricultural industrial pattern with appropriate division of labor, reasonable layout and balanced total output throughout the country. The third is comparative competitive advantage. Compared with the United States, Canada and other countries, China is relatively competitive in non-resource products such as gardening and animal husbandry. Compared with Japan and South Korea, China is absolutely competitive in grain production. Giving full play to the comparative advantage of agriculture is to transform resource advantage into industrial advantage and industrial advantage into competitive advantage as soon as possible, and strive to improve the agricultural competitiveness of China’s big countries. (Zhang Hongyu)

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Nakamura Shido dumped Meisa Kuroki and cohabited with a handsome white-collar woman.


Nakamura

    Nakamura Shido, a Japanese kabuki actor who has appeared in films such as Red Cliff one after another and is well known to China audiences, has recently been found to be madly in love with a female white-collar worker who graduated from Waseda University, even to the point of talking about marriage. According to FRIDAY, a photo magazine published on January 14th, 38-year-old Nakamura Shido was photographed buying a wedding ring with a 27-year-old female white-collar worker, thus speculating that Nakamura is about to enter the marriage hall for the second time.

    Nakamura Shido, who divorced actress YUUKO TAKEUCHI in 2008, has a son with his ex-wife, Takeuchi, who is now 5 years old. After the divorce, Nakamura was once rumored to be in love with 22-year-old Meisa Kuroki, but both denied it.

    According to the new issue of FRIDAY, the rumored girlfriend who is in contact with Nakamura has a short hair style, and the whole person looks particularly handsome. After graduating from Waseda University, she worked as a magazine graphic model during her school days, and became a white-collar worker of a silver jewelry brand company after graduation. On January 3, the magazine photographed Nakamura and the woman going to a jewelry store in Tokyo, and Nakamura chose a wedding ring for them. From their sweet smiles, it can be seen that they are by no means ordinary men and women. The magazine also revealed that Nakamura had started living together with this woman.

    According to relevant sources, Nakamura and this woman met through a friend’s introduction at an endorsement event in the summer of 2010, but the marriage was denied by this insider. "I don’t think it will be so soon … …” . After the divorce, Nakamura always avoided talking about emotional topics, but in recent interviews, Nakamura changed his previous avoidance attitude. When asked if he would get married within the year, Nakamura once said with a smile: "I will work hard!" The words reveal the expectation of remarriage.

[Movie Network]www.1905.com Exclusive manuscript, please indicate the source.

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Huawei Pura 70 all mobile phones are greatly promoted, and JD.COM’s self-operated high-rise is reduced by 1,500 yuan.


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Huawei Pura 70 series mobile phones were launched in April this year, and now the whole department has launched a big promotion activity. The following are the preferential prices of several popular models: 1. Huawei Pura 70: 500 yuan can be reduced under an order, and 300 yuan coupons can be superimposed, so the maximum discount is 800 yuan. 2. Huawei Pura 70 Pro: 800 yuan can be reduced for an order, and 300 yuan coupons can be superimposed, with a total maximum discount of 1,100 yuan. 3. Huawei Pu …