A shares continue to slump, but these stocks hit a new high! What are the commonalities?

Recently, a number of stocks, such as Changjiang Power, Nanjing-Shanghai Expressway and China CNOOC, have set a record high in stumbling.

Even a slow bull stock like Changjiang Power, which has been hitting new highs for 20 years, has recorded a monthly decline of more than 5% for five times in the past three years. If investors lack a pre-judgment on the degree of bumps on the road to investment, then a bad investment experience is likely to wash investors out.

In fact, investment is counter-intuitive. In the bottom area of the stock market, Mr. Market is cold and depressed, and the already cheap stock price will be further cheaper. The rise seems to be in the foreseeable future, and investors can’t help but leave the market to wait and see, but this is precisely the sowing area, just like investors who have been long in blue chips in 2016 and 2018, they have won generous market rewards in the following years; In the top area of the stock market where everyone is hypnotized by the stock price, when investors revel and everyone seems to have a bumper harvest, the stock market just enters the high-risk and low-return range, just like investors who entered the market in 2007 and the first half of 2015, which is an important reason for investors who entered the market in early 2021 to Lacrimosa in the past three years.

What investment should pursue is to earn money that can outperform inflation in the long run, rather than a good investment experience. Even if the Dow Jones index has achieved an annualized rate of return of 11% in the past 70 years, investors will not have a good experience, because the retracement of more than 5% takes up most of the time, and people are either regretting why the last high point was not sold or worrying about when the next high point will come.

Successful investment can’t empathize with the market, especially in extremely pessimistic moments, because only in such moments, the downside risks are limited and the upside benefits are considerable. As David Swenson, the late chief investment officer of Yale University, said, holding uncomfortably different positions is painful until the final victory comes.

Stumbling to a new high

Changjiang Electric Power reached a record high on December 28th, 2023. Since November 18th, 2003, Changjiang Power has increased nearly 20 times in the past 20 years, which is a typical slow bull stock, but the fluctuation range of Changjiang Power is enough to scare off investors who follow suit.

Since 2021, Yangtze Power has increased by nearly 40% in three years, far outperforming the broader market. However, in the past three years, the stock price retreated more than 10% three times, and the retreat rate exceeded 12.7% from March to May in 2021; From October to November 2021, the withdrawal rate exceeded 13%; From July to November 2022, it retreated by nearly 20%.

In the past three years, the number of days that Changjiang Power rose was 344 trading days, and the number of days that it fell was 353 trading days. From a psychological point of view, the pain effect brought by the decline is three times that of the happiness effect brought by the rise. Therefore, although Yangtze Power has increased by 40% in the past three years, if the stock price is frequently checked, investors feel far more pain than happiness.

Nanjing-Shanghai Expressway hit a record high last month. Since its listing in 2001, it has increased by 5.27 times, with an annualized income of 8.3%. In the past three years, Nanjing-Shanghai Expressway has increased by 30%, and the biggest retracement of the stock in the past three years is 25%. As a public utility stock, the fundamentals of Nanjing-Shanghai Expressway are relatively transparent and stable, the dividend yield is clear and relatively predictable, and the intrinsic value is relatively stable, but the stock will also encounter emotional selling during the market downturn. However, in the long run, the stock price will eventually be close to the company’s fundamentals.

Xingqi Ophthalmology hit a record high last month. Since its listing on December 8, 2016, the stock has risen 50 times. The stock has also increased by 174% in the past three years, but the biggest retracement is as high as 59%. In June 2022, the stock peaked at 174.81 yuan, but it fell to 83.47 yuan in October 2022.

Kweichow Moutai, a long bull stock, has increased eight times since 2016, but it has happened three times when it retreated more than 30%. In June 2008, Kweichow Moutai once reached 803 yuan, but its share price fell all the way, and the decline accelerated in October. In November 2018, it once dropped to a low of 509 yuan, with the largest retracement reaching 37%. In February, 2021, Kweichow Moutai once reached 2627 yuan, and in August, 2021, it reached 1525 yuan, with a retracement rate of 42%. During the period from June to October 2022, the maximum withdrawal was 37%.

Volatility is the truth of the stock market.

Because greed and fear dominate the market periodically, the stock market is always accompanied by quite violent fluctuations. When the market is pessimistic, the corresponding price-earnings ratio may fall in the range of 8-9 times, and when the market is optimistic, the corresponding price-earnings ratio will be more than 25 times. Even if the fundamentals of listed companies are steadily rising, the fluctuation of valuation will lead to the share price being easily halved.

Yao Zhang, a stock price investor, once said: "Fluctuation is the nature of the market. How can there be no fluctuation among thousands of various participants? It is the fluctuation that creates a source of profit, allowing various types of investors to find reasons for buying and selling, and allowing value investors to find value-for-money prices."

Duan Yongping almost holds a single stock in the US stock market-Apple, but he thinks that no one may be more happy than him to see Apple’s share price fall. "Investors can only imagine the company as a non-listed company, and they will understand without stock price changes. However, most people can’t do this. Objectively speaking, if there is no way to treat a company as a non-listed company, most investors will eventually lose money. " Duan Yongping once said. In the past 10 years, Duan Yongping’s holding of Apple has earned about 10 times the income, and he has also experienced four plunge in the past 10 years.

Investing in the stock market requires a certain tolerance. Investors need to anticipate stock price fluctuations, even violent fluctuations, as John Berg, founder of Pioneer Fund, said, "If you can’t stand the heat, you should stay away from the kitchen".

This is a real case told by Morgan Hauzer, a famous Wall Street investor, in The Psychology of Money. He cited the example of Dow Jones index and gave a mathematical explanation for this phenomenon.

Image source: Morgan Hauzer, Money Psychology

The gray interval in the picture represents the stage when the current price is at least 5% lower than the previous historical high, and this gray stage is the time when you will be unhappy-because during this "gray" time, you are either regretting why the last high point was not sold or worrying about when the next high point will come. There is no need for accurate statistics at all. We can see with the naked eye that the gray "unhappy" period has occupied most of the time in these 70 years.

Great investors are made, and many investors who have stood the test of time have suffered a lot of market pressure. Charles Munger once said, "Our generation, this batch of people who make value investments, is not made. Stick to it, you don’t even need to be smart. "

Investment needs to distinguish the stock price from the intrinsic value of the stock. Investment needs to be "insensitive". If you keep an eye on the short-term stock price, investors will not only have a bad experience, but also be fooled by the market, buy high and sell low, and run in the wrong direction; If we regard investment as "the stock price is what you pay, and the value is what you get", we should pay close attention to the relatively stable intrinsic value, ignore the jumping stock price, or use the irrational market to buy low and sell high, so that investors can earn long-term money and avoid resonating with market sentiment to form good investment results.

(The original title is "A shares continue to slump, but these stocks have reached a new high! What are the commonalities? Great investments are made! 》)

The auspicious food has arrived, and it’s time for dinner! Geely Binrui X Colorful, Colorful Eating Zunyi Line ended successfully

With the continuous improvement of living conditions, cars have become a part of life, and people’s pursuit of life is always constantly innovating. At the moment when the pace of life is fast, there is always no stopping, pressure and motivation go hand in hand, spurring those who move forward to not relax and neglect. On the way to carry all the pressure, I yearn to return to nature, return to tranquility, want to find a quiet inch of land, and want to find myself lost in the brilliant lights. Sometimes, a smell, a drop of rain can stop my mind, fantasizing that I can stop at a certain moment in the car water Ma Long, and fantasizing about being in the warm wind of nature, let my brain pause and rest quietly for a while.

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The original divorce has just turned a year old, and Yang Ying, who has eaten Huang Xiaoming’s "dividend", has returned to her "vicious circle"

When it comes to Yang Ying and Huang Xiaoming, I’m sure you all know them well.

They are both famous celebrities in the entertainment industry and have also been married.

Although the two of them regretfully divorced last year, their story is still deeply ingrained in people’s hearts.

As early as 2015, Yang Ying and Huang Xiaoming were already married with a license.

And also in October of that year, the two held a massive and disastrous wedding.

The specifications for this wedding are still rather high.

Both of them were well-known figures in the entertainment industry. Naturally, many well-known figures attended the wedding.

For example, He Jiong, Xie Na, and so on.

These very famous figures in all walks of life are all well-known and well-known names to the public.

Mentioning any of these, I’m sure you’re not unfamiliar with them either?

To exaggerate, at this wedding, almost half of the entertainment industry was present.

Moreover, not only the entertainment industry, but also bosses and big figures in the fields of politics, business, etc. attended this wedding, which can be said to have given the couple enough face.

And this marriage is also quite luxurious.

When a reporter interviewed Huang Xiaoming, he asked about the budget for his wedding.

And Huang Xiaoming’s answer also seemed a little simple.

He expressed it this way. Like ordinary people, he can only hold this wedding in his life.

Although Huang Xiaoming did not reveal the specific amount, it was not difficult for the reporter friends to find out by virtue of the phenomenon and the observation of the wedding scene that the wedding was quite luxurious, and it could really be described as "trench".

No matter it is the wedding photos, the wedding scene shooting, and every detail, it undoubtedly reveals how luxurious and high-profile this wedding is, and the specifications are beyond your imagination!

It was this unprecedented luxury wedding that left a deep impression on everyone.

According to the scene situation and some details, it can be concluded thatThe cost of this wedding was at least 200 million RMB.

God, 200 million, this is really a wealth that most people will never see in their lifetime.

And for everyone, it’s just the cost of a wedding.

I have to sigh that Huang Xiaoming’s income is indeed very high.

At that time, Huang Xiaoming was definitely a star of high status and strength.

According to reports, his annual income is very high.

Huang Xiaoming had a good talent in this area since he was a child. He also studied hard and entered the performance department of the famous Beijing Film Academy at that time for further study.

Huang Xiaoming first entered the entertainment industry in 1998.

The TV drama he starred in, "Love is Not a Game", was the first TV drama in his life.

From then on, he began to enter the entertainment industry.

Since then, he has starred in a number of works, and the genre of his works has been constantly changing.

The attempt to change the style of his works has also given Huang Xiaoming more experience and full experimentation.

By the beginning of the 21st century, most of the works he starred in were ancient costumes and history.

He has played many roles, all of which are vivid, as if historical figures have come to life, making a deep impression.

He also won many awards for this, such as the Outstanding Actor Award and so on, which made him even more famous.

In addition to his acting skills, Huang Xiaoming is also excellent in other aspects.

For example, Huang Xiaoming’s character is also very good, giving people a practical and reliable image, just like a big brother.

And he has a good life.In the entertainment industry, he has a good relationship with many people and is very popular.

At that time, Huang Xiaoming’s acting skills and reputation were among the best in the entertainment industry, and there was really no one like him.

The work he filmed at that time was also a smash hit.

To exaggerate, Huang Xiaoming was one of the top performers at that time.

In addition to TV dramas, he also starred in many movies, which became a hit and won extremely high box office in that era.

These film and television works have made Huang Xiaoming’s worth rise again and again.

By 2014, Huang Xiaoming had reached the fourth place in China’s Forbes list, which was truly terrifying.

Let’s take a look at Yang Ying again.

Yang Ying first debuted as a model and became a fashion model in Hong Kong, and she also rose to prominence and made her mark.

In 2007, her focus shifted from being a model to being an actress, and she began to enter the entertainment industry.

The two years when he came out of the entertainment industry were not easy, and there was no good show to shoot.

Also to increase popularity,She went to Jay Chou’s concert and worked as a dancer.

You know, at that time, Jay Chou was one of the top singers.

If you can be a dancer on it, even if you are not remembered, you can get familiar and increase your popularity.

But after all, I’m new here, I don’t have much experience, and I don’t have much drama to shoot.

On the one hand, she continued to do her old job as a model,On the other hand, go to some shows to increase your popularity.

For example, she once hosted a fashion show in Hong Kong, "I Am a Model".

Later, she also went to Japan, where she participated in some TV dramas and participated in some shows, such as the TGC fashion show.

During that time, she starred in a number of productions and collaborated with others on a number of films.

Yang Ying’s career is flourishing and she is gradually moving towards a greater and higher level.

Examine in detail how Huang Xiaoming and Yang Ying met, and let’s start with an incident in 2010.

By 2010, Huang Xiaoming had become a top domestic star, while Yang Ying was not a top-notch at the time, but it was also a growing trend with a promising future.

In May of that year, Huang Xiaoming invited Yang Ying to play the heroine in the song he sang, "Can’t Stand It".

This is the first contact between the two of them.

Later, Yang Ying’s career also gradually developed and diversified.

She has participated in shows, acted in TV dramas, and dubbed voices, etc., which not only enriched Yang Ying’s acting skills, but also improved her relevant experience.

Finally, in 2015, Huang Xiaoming and Yang Ying held that grand and unprecedented wedding in Shanghai.

But unfortunately, the last two people still divorced for various reasons.

This has to make many people feel sorry, as if the wedding and happiness of the two were yesterday.

Strange to say, Yang Ying seemed to be in some kind of predicament after getting divorced.

Yang Ying may not have realized the problem herself.

Many of her resources and connections before the divorce were inseparable from Huang Xiaoming.

We cannot deny that many producers and directors have indeed given Yang Ying resources for Huang Xiaoming’s sake.

However, Yang Ying did not realize this, nor did she realize that these were all related to Huang Xiaoming.

She failed to streamline and rationalize these resources in a timely manner.

She has a great advantage, but unfortunately she doesn’t have a good grasp of it.

She can have a higher platform and level, but unfortunately she doesn’t have a good grasp of it.

Compared with the actresses of the same period, Yang Ying still has some shortcomings

This also caused her to be inferior to others in terms of competitiveness. Although Yang Ying had her own style, after leaving Huang Xiaoming, she was indeed a little powerless.

However, Yang Ying is not a casual person, and there is indeed a period of disconnection after the divorce.

But she actively worked hard to improve her acting skills, and she was also a popular star, so naturally there was still a drama to be filmed.

This year,Yang Ying also filmed "Acacia Order" and other worksIt also proved once again that Yang Ying was not as capable of filming and becoming successful as Huang Xiaoming.

In addition, Yang Ying has always been one of the few female stars in "Run Brothers", and she is also a veteran of this show.

She started the show very early, and although the stars of the show are constantly changing,But Yang Ying has been active in this program.

And she also lived out her own style and charm in "Run, Brothers".

Sometimes it makes people laugh out loud, sometimes it makes people give thumbs up, which is really impressive.

Nor has she forgotten her old job – modeling.

It has to be said that with nearly 20 years of modeling experience, she is indeed very good.

In addition, she has also received many advertisements for cosmetics, and her fame is also very high, which has led to the sale of these cosmetics.

In Harper’s Bazaar, she even appeared on the cover.

One must know that not everyone can be on this cover, which is definitely one of the proof of Yang Ying’s strength level.

Although Yang Ying and Huang Xiaoming went from marriage to divorce, this relationship made many people sigh.

However, Yang Ying, who left Huang Xiaoming, no longer received Huang Xiaoming’s "bonus". Although her career was somewhat blocked, she worked hard to change the status quo, fight for opportunities for herself, expand her advantages, and now she is slowly on the right track.

Although there are difficulties and obstacles that many people cannot imagine, Yang Ying still accepts them all.

I have to sigh with emotion that the current star artists are really not good.

The high salaries in this industry are not unreasonable. I am afraid only the actors themselves know how much hardship they have to endure behind the scenes, right?

What do you think of Yang Ying returning to her "vicious circle" after divorce? Feel free to leave a message in the comment area.

Responsible editor:

Another star forwarded the rollover? Yang Zi forgot to delete the "copy" to cause controversy, and netizens were angry and criticized

Was this… a rollover?

On August 30, actor Yang Zi forwarded the news of Guan Hu’s wife Liang Jing about the movie "Eight Hundred", with the caption: "Good movies can always make the audience feel the same way… moved! Come on Chinese movies". There is indeed no problem at first glance, but this is the content after she edited it. Some netizens found that the words "Copywriting:" were added to Yang Zi’s first post, and it was suspected that he had forgotten to delete it. Subsequently, netizens criticized him for not being concerned, and the related topic caused heated discussion in public opinion.

Yang Zi edited Weibo

The news forwarded by Yang Zi is Liang Jing’s response to netizens saying that the movie "800" saved the film industry as the first blockbuster movie in the theater. Liang Jing said that it was everyone who walked into the theater who saved the Chinese movie. She also said that seeing the audience moved to tears while watching the movie made her eyes wet.

After Liang Jing posted the news, many artists forwarded it one after another, cheering for Chinese movies, and Yang Zi was among them. Originally, this kind of forwarding should make some netizens feel warm-hearted. After all, under the influence of the epidemic, the Chinese film market has been in a slump for a long time, and it was not until the release of the movie "800" that it swept away the slump.

Yang Zi forwarded Liang Jing's dynamic

Yang Zi edited the content shortly after posting the first version of the news, but the Internet has memory, even if she changed it very quickly, it will inevitably make netizens feel that she is not concerned, whether it is a few short words, it is suspected that someone else should prepare the copy in advance, or before sending the news, did not pay attention to check, resulting in mistakes, which can be reflected from the side: Yang Zi, really not concerned. Of course, there are also fans who explain that it is deliberately posting like this, in order to have a greater publicity effect, but the majority of netizens do not seem to buy it.

User comments

In fact, it is not uncommon for celebrity copywriters to flip. For example, Wu Lei forgot to delete the words "copywriting" when he forwarded the news about the tenth anniversary of the Wenchuan earthquake.

Wu Lei

Go to heaven and earth and discover this navigation artifact!

The common people watched the simulcast and found this navigation artifact!

Is it easy to get lost in the underground garage? Can’t find your way around the mall? Don’t worry, this has a solution! At the finals of Xiongan Future City Scene Exchange, the indoor and outdoor integrated positioning system of "Beidou + X" brought by China Unicom Smart City Research Institute can achieve accurate navigation in non-exposed spaces, allowing Beidou navigation not only to "go to the sky", but also to "go to the ground".

What is a non-exposed space? In fact, it is an area where traditional satellite navigation systems cannot provide accurate and reliable positioning services due to obstruction. Underground garages, subways, office buildings, etc. that we often go to in our daily lives belong to this type of area. If these places have accurate navigation, we no longer have to worry about getting lost, and daily travel becomes more convenient.

In addition to daily life, this project can also bring reliable protection to safe production. Xiongan has a large amount of underground space. In case of an emergency, precise positioning can help staff carry out rescue and find emergency resources.

Du Zhongyan, director of the Product Research & Development Department of China Unicom Smart City Research Institute, said, "We have created the indoor and outdoor integrated positioning system of’Beidou + X ‘. At present, this application has been commercially tested in the State Grid, including some Xiongan buildings and underground pipe corridors. It can solve the high-precision positioning and navigation needs of workers and ordinary people indoors. At the same time, it includes personnel patrol, personnel inspection and corresponding position navigation of people, vehicles and objects in this scenario. Solve some pain points and problems that cannot be touched by satellite signals in this indoor scenario, and we will further expand the corresponding application scenarios in the next step."

Positioning, water quality testing, safety warning… If you don’t come to the Xiongan Future City Scenario Series Competition, you don’t know that Beidou technology is so widely used, and this project has achieved a good score in the top ten on its track. "Hebei News Network" recently continued to report the news of the 2024 Xiongan Future City Scenario Competition finals, and projects from various tracks appeared one after another, depicting the participants’ infinite imagination of the future city and future scenarios.

Sponsor: Hebei Xiongan New Area Working Committee of the Communist Party of China

Hebei Xiongan New Area Management Committee

Operation: Hebei Daily Press Group

Original title: "From Heaven to Earth, Discover This Navigation Artifact!"

Read the original text

After Evergrande resumed trading…

Today is the first trading day of Hong Kong stocks in October. Evergrande’s two stocks resumed trading today, and China Evergrande has become the most concerned individual stock in the market.

According to the Beijing Youth Daily, as of the close, China Evergrande had a strong performance throughout the day, rising more than 40% during the session.

The biggest intraday rise fell back to about 10%, and then rose again. As of the close, it rose 28.13% to close at HK $0.41, and the turnover was HK $161 million, 73% larger than the previous trading day.

Evergrande Properties rose as much as 14%, but fell as much as 3.39% to close at HK $0.57.

Evergrande Automobile announced in the Hong Kong Stock Exchange on October 3 that at the company’s request, the company’s shares will be temporarily suspended from trading on the Hong Kong Stock Exchange at 9:00 am on September 28, 2023, pending the company’s publication of an announcement on inside information.

China Evergrande announced on the Hong Kong Stock Exchange on the evening of October 2 that the board of directors of the company believes that there is no other inside information that needs to be announced at present. The company has applied to the Stock Exchange to resume trading of the company’s shares from 9:00 am on October 3, 2023.

On the same day, Hengda Property also announced that the board of directors of the company believes that the company’s operating conditions are normal and there is no other inside information that needs to be announced. The company has applied to the Hong Kong Stock Exchange to resume trading in the company’s shares from 9:00 am on October 3, 2023.

According to previous reports, on the morning of September 28, China Evergrande, Hengda Automobile, and Hengda Property announced the suspension of trading on the Hong Kong Stock Exchange.

That evening, China Evergrande Group announced on the Hong Kong Stock Exchange that the company had received a notice from the relevant departments that Mr. Xu Jiayin, the executive director and chairperson of the board of directors of the company, had been taken compulsory measures according to law on suspicion of illegal crimes.

On September 24, China Evergrande Group issued an announcement on the Hong Kong Stock Exchange, containing the terms of the company’s proposed overseas workout ("Proposed Restructuring"). Each new note to be issued under the proposed restructuring shall comply with the "Pilot Measures for the Administration of Overseas Issuance of Securities and Listing of Domestic Enterprises" issued by the China Securities Regulatory Commission and the "Measures for the Administration of Examination and Registration of Medium and Long-term Foreign Debt of Enterprises" issued by the National Development and Reform Commission according to its applicable circumstances. The company must prove that it complies with the relevant provisions. In view of the ongoing investigation of Evergrande Real Estate Group Co., Ltd. (the main subsidiary of the company), the current situation of the group cannot meet the eligibility for issuance of new notes. Holders of securities of the company and potential investors should exercise caution when trading securities of the company.

On the evening of September 22, China Evergrande announced that since the announcement of the company’s planned overseas workout, the group’s sales were not as good as the company expected. Based on the company’s current situation and consultation with its advisors and creditors, the company believes it is necessary to re-examine the terms of the proposed restructuring to match the company’s objective situation and creditors’ demands.

On September 16, the WeChat official account "Shenzhen Nanshan Public Security" issued a case report saying that recently, the public security organs have taken criminal compulsory measures against Du and other suspected criminals of Evergrande Financial Wealth Management (Shenzhen) Co., Ltd. Investors who need to report the case can register the case.

China Hengda in the first half of 2023 financial data show that in terms of liabilities, as of June 30, China Hengda’s total liabilities 2.3882 trillion yuan, excluding 603.98 billion yuan of contractual liabilities is 1.78422 trillion yuan, of which 624.77 billion yuan, trade accounts payable and other payables 1.05657 trillion yuan (including 596.17 billion yuan for engineering materials payable), other liabilities 102.88 billion yuan. Borrowing is 624.77 billion yuan, compared with 612.39 billion yuan at the end of 2022, an increase of 12.38 billion yuan, and the average annual interest rate of borrowing is 7.97%, compared with 8.12% at the end of 2022.

In the first half of 2023, China Evergrande’s revenue was about 128.18 billion yuan, gross profit was about 9.80 billion yuan, gross profit margin was 7.64%, operating loss was 17.38 billion yuan during the period, non-operating loss (including litigation, land recovery, equity disposal and other losses such as asset appraisal impairment) 15.03 billion yuan, income tax expenses 6.84 billion yuan, net loss total 39.25 billion yuan. China Evergrande’s cash and cash equivalents are about 4.047 billion yuan, of which restricted cash is about 9.334 billion yuan.

Source | Observer Network Synthesis

Original title: "After Evergrande resumes trading…"

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Subversive black technology blessing, China’s high-end car brands "look up" to break into the million-level market

This may be a press conference of the most concerned domestic automobile brands in recent years. During the press conference, the keyword "looking up" directly rushed to the hot search.

Text | Fiction Fiction Fiction Fiction Fiction Fig

On January 5th, with a car looking up at U8 heading sideways to the conference stage, it means that the automobile consumption market has ushered in a brand-new brand, and at the same time, it has also ushered in the first "million-class" automobile brand belonging to China automobile enterprises.

After several rounds of preheating, we are no strangers to the brand-new brand "Looking Up". In particular, the short video of hard-core function introduction released for several days recently has aroused the appetite of the outside world. Therefore, the outside world has also paid great attention to this long-awaited conference. During the press conference, the keyword "looking up" even rushed into the hot search list directly.

As Wang Chuanfu, chairman and president of BYD Co., Ltd. said when he mentioned looking up at the brand at the ceremony of BYD’s 3 millionth new energy vehicle off the assembly line two months ago, looking up at the brand is carrying subversive "black technology".

The same is true. After the press conference, dry goods are full and heavy technical functions are frequent, which is why car novels are written every other day. It is necessary to spend some time to digest and think when the heavy information that comes upon us overflows.

Looking back at this conference, it not only ushered in the brand-new high-end automobile brand and its first model, but also ushered in a new node in the development process of China automobile brand, and began to really have its own million-level luxury automobile brand.

The birth of hope comes naturally.

Why do you choose to launch Looking Up Brand at this stage? You know, looking up to the price of the brand’s models will hit a million levels. Before looking up, BYD’s long-term experience in major markets was in the range of 100,000-300,000.

Before talking about this topic, the car novel thought of a sentence circulating on the internet, "You can’t buy BYD now, and you can’t afford BYD in the future." It is not difficult to see the great changes that have taken place in BYD in just a few years.

According to the latest data, in December last year, BYD achieved a sales volume of 234,598 passenger cars, with a cumulative sales volume of 1,868,543 vehicles throughout the year, and it is expected to become the global new energy vehicle sales champion.

In this regard, Wang Chuanfu said, "The performance of the market proves that our choice and persistence are correct, and it also gives the brand an opportunity to make an upward breakthrough."

In addition, according to its disclosure, BYD has a technical dream to provide users with extremely safe cars by better controlling the posture of the car body. And when new energy vehicles have not yet entered the mainstream stage, an ET concept car equipped with four-motor drive technology has been conceived. In order to realize this bold idea, BYD’s R&D team has been fighting for it for 20 years.

At present, with the steady progress of BYD brand, it has gained the recognition of more and more users. On this basis, it is natural to launch high-end brands and look up to nature.

Technology is king, empowering the "million level"

Although the price of the first model has not yet been announced, from the price range revealed before, the price of its models will touch the million-level high-end automobile consumer market.

To reach this level of market, as a brand-new brand, how to support its million-dollar price? For the answer to this question, Wang Chuanfu also gave the answer at the press conference.

In his words, "China people’s high-end brands are not just buying materials, but should be based on super technology to provide users with subversive products and experiences".

The "super technology" mentioned here was also officially released at the same press conference-Yi Sifang.

According to reports, "Easy Sifang" is a 100% independent research and development power system with four motors as the core. The wheel end dynamics can be adjusted at a speed of millimeters through a more perceptive electric drive system. Suitable for pure electric and hybrid platforms, covering hard-core off-road and super-running models. This technology is also the first mass-produced four-motor drive technology in China.

In BYD’s view, this technology is the "golden key" to provide users with the ultimate safety. It can accurately control the four-wheel dynamics of vehicles with the four-motor independent vector control technology, thus breaking the imagination of traditional cars and creating a brand-new automobile safety technology system.

It can be seen from the pictures displayed at the press conference that the U8, the first model equipped with this technology, has the "black technology" functions such as turning around in place and emergency floating to get out of trouble. Even if there is a flat tire during high-speed driving, the vehicle can still maintain a stable posture.

In the future, the "Easy Sifang" technology will be equipped as standard on all models of the brand.

U8, U9, two cars open the road of looking up.

At the press conference, in addition to looking up to its first mass production model-U8, which is positioned as a million-level new energy hard-core off-road vehicle, as an egg, its million-level pure electric performance sports car U9 was also released at the same time. This also means that at the beginning of the official release, we have chosen to go straight into two market segments: high-end hard-core off-road and performance super-running.

Looking up at U8 and looking up at U9 all adopt the family "dimension door" design language of looking up at brands. Among them, looking up at U8 is more than 5 meters long and 2 meters wide. The acceleration time of looking up at U9 is 2 seconds.

In this regard, Wang Chuanfu said that in the era of electrification, China car companies have mastered the initiative of technology. During the vigorous development of new energy vehicles in China in the past 20 years, technology has blossomed and the market has blossomed. "Now our battery and electric drive technology have stood in the forefront of the world, and our deep technology accumulation and mature industrial chain support us to continue to move forward to the deep water area of technology."

Although Wangwang is still a brand-new high-end brand just born, Wang Chuanfu is not worried about the performance of this brand-new high-end brand in the future market. In his view, "mature technology has given birth to mature products, and will eventually show an increase in sales."

According to it, "in the history of automobiles for a hundred years, technological breakthroughs often bring brand-new products and experiences, and BYD has achieved high-end brands with super technology. Have the responsibility, obligation and courage to explore the most cutting-edge technology in the industry and transform it into products to contribute to consumers. "

In the future, Wangwang brand will take the lead in carrying many top technologies mastered by BYD, impacting the million-level high-end market that has been firmly occupied by traditional brands.

As a million-level high-end brand, Wangwang Amy Hu, general manager of the Sales Division, introduced it at the press conference, and Wangwang will establish a self-operated channel to ensure that users can enjoy open and transparent services and the rights of consistent interoperability.

According to reports, in the first quarter of this year, Wangwang Automobile will set up experience centers in Shenzhen, Guangzhou, Shanghai, Beijing, Chengdu, Hangzhou and other cities. 【END】

Attachment: Ten Highlights of "Easy Sifang" Technology

1. "Easy Sifang" is a set of power system with four motors independently driven as the core, which completely reconstructs the characteristics of new energy vehicles from three dimensions: perception, decision-making and execution, completely subverting the power system capability system of previous fuel vehicles.

2. The prototype of "Easy Sifang" technology appeared in the ET concept car released by BYD Group 20 years ago, which was inspired by the cheetah’s perfect posture control at high speed, and four motors independently drive the four wheels of the vehicle. This is also an innovative driving technology that finally ushered in mass production opportunities under the background of core breakthroughs in the three technical fields of battery, electric drive and electronic control after 20 years of continuous exploration.

3. The most subversive value of "Easy Sifang" technology is to break through the constraints of the traditional automobile technology architecture and provide users with extremely safe cars with brand-new ideas.

4. Compared with the traditional fuel vehicle power system, the "Easy Sifang" technology can independently adjust the dynamics of the four-wheel end of the vehicle at millisecond speed through a more perceptive electric drive system, thus better controlling the body posture.

5. "Easy Quartet" technology can provide users with greater safety redundancy, such as accurately adjusting the torque of the remaining three wheels at a frequency of 1000 times per second after a single wheel puncture, and timely and forcefully compensating the posture of the car body through the driving wheel to help the driver stop the vehicle stably and controllably. This function is expected to avoid the occurrence of secondary accidents to the greatest extent from the root of power.

6. The model equipped with "Easy Sifang" technology can even get the emergency floating ability by virtue of the four-wheel independent vector control function, because the protection ability of the core system of the whole vehicle reaches IP68 level and has good tightness of the body and cockpit, which shows the imagination space of the power technology application mode of traditional fuel vehicles.

7. The maximum rotation speed of the "Easy Sifang" platform is 20500rpm, and the horsepower of the whole vehicle is over 1,100 horsepower, which can meet the performance requirements of various extreme scenes such as streets, off-road and racetracks.

8. The powerful power brought by independent research and development of highly integrated motors also supports the "Easy Sifang" technology to realize flexible in-situ U-turn function on high adhesion roads such as asphalt roads.

9. With the independent positive and negative torque output capability of the four-motor drive technology, the "Easy Square" platform can achieve a braking distance of less than 40 meters and an agile steering capability of less than 12 meters while the steering gear and brakes are not working.

10: In the future, all models of Wangwang brand will be equipped with "Easy Sifang" technology as standard.

It’s a pity that a pair of good skins! 2022 Volvo XC60 has frequent problems.

Recently, a number of 2022 Volvo XC60 owners have reported that there are suspected car quality problems, which affect safe driving. They collectively spit out the central control screen in the car: so rubbish! Nothing works except reversing images! If you use the meeting card, it will crash! All rely on the "mobile phone bracket" to cure all diseases.

Some car owners bought a 2022 XC60 Zhiyuan Deluxe SUV on July 28th, 2021. After taking the car home, the car system failed the second time, and the central control screen was completely black. Fortunately, it could still be started.

Due to waiting for the 4S shop to give a treatment plan, the owner stopped the car in his garage and did not start it. On the morning of July 31, I wanted to drive, got into the vehicle, and prompted that there was a fault. I couldn’t start, the battery was dead, the spare battery was dead, and the central control panel of the car failed. The whole car has no electricity, can’t be locked and can’t be started.

Also, since the day when the car was picked up on December 19th, last year, the car quality problems such as black screen, false alarm of faults, and inexplicably sounding voice reminders kept appearing. The car fault code was detected in the 4S shop many times, and the problem remained after the car system was overloaded.

A car owner in Beijing said that he brought a 2022 XC60 Zhiyi Deluxe Edition on July 20th. Less than a kilometer after leaving the 4S shop, the central control screen turned black and the LCD dashboard was not fully displayed.

What makes it even more difficult for car owners to accept is that once the car system failure occurs, it is often difficult to solve it effectively in a short period of time, and these problems often occur shortly after the car owner buys the car.

In fact, the quality of Volvo XC60 is at the middle and lower reaches of the same class, and its major problems are abnormal sound of oil pump, armrest box, door hinge, A-pillar on bumpy road section, steering and so on.

On June 11th, last year, the 2022 Volvo XC60 went on the market, which was a mid-term change. The appearance was adjusted and the car system was upgraded. There are 9 models to choose from, and the official guide price is 373,900-603,900 yuan.

According to the feedback from major auto websites, forums and riders, the explosion of 2022 XC60 has some problems such as black screen, crash and restart, and it is a concentrated explosion.

Say a few more words

As a mid-level luxury brand that focuses on sales, it is really wrong for the new model to have so many failures soon after its launch. I don’t know what the manufacturer will explain and how to solve the problem. It is estimated that it will be recalled in a high probability.

The high value of Volvo XC60 gives it a lot of points, which is unparalleled in the same class. However, the "long" looks good, and it will not help if the quality is not enough. After all, the main function of the car is to drive, and the face value is just the icing on the cake.

It’s a pity that a pair of good skins!

Source: Sina News

Original is not doing business? The stars all ran to do live broadcasts to sell things. Netizen: It’s really worth losing!

Original title: Doing nothing? The stars all ran to do live broadcasts to sell things. Netizen: It’s really worth losing!

When it comes to live broadcast, who will you think of? Online celebrity? It seems that online celebrity, no matter which platform, has finally moved towards bringing goods.

Because of what?

Because making money!

But I don’t know when it will start, and some stars in the entertainment circle have also started live broadcast.

But now it seems that star live broadcast with goods has gradually become the mainstream.

Ada has always been a "sexy goddess" in everyone’s mind, and it should be regarded as a "bridesmaid event" when it is the hottest. When the popularity of Ada was high again, it turned out to be an event held by a live broadcast platform, and it also became an excellent anchor. In the two-hour live broadcast, it sold more than 15 million products, including 18 products such as juicer, electric toothbrush and vacuum cleaner, and at the same time, it also won hundreds of thousands of yuan in online gifts.

At that time, it caused a heated discussion. How did a good female star become a net red? However, this is not a case.

Wong Cho Lam, a variety coffee, also entered the stage of live broadcast with goods early. And his record is also worth mentioning. A commodity can sell more than 100,000 pieces in just 12 minutes, and the sales during the live broadcast period have exceeded 10 million, not including the reward income of live broadcast of more than 3 million yuan.

And do you still think it’s very expensive to bring goods live by a star?

In fact, what you think of losing your worth is to raise your worth in others’ eyes. Star live broadcast with goods not only brought rich returns to themselves, but also brought rich returns to businesses. Although everyone is ostensibly saying that all the stars have gone to be online celebrity, it’s so disgraceful. But you can’t deny that the star’s ability to carry goods is too strong.

Therefore, it’s not worthwhile for you to feel bad about the live broadcast of the stars. You still feel bad about your wallet ~ After all, double 11 is really coming!

Editor in charge:

"finished! Reaching the top of the Steam hot list, can the popularity of live-action interactive games last? | Titanium Thermal Review

Recently, the domestic real-life love video game "Finished! I’m Surrounded by Beautiful Women (hereinafter referred to as "Die") went out of the circle, grabbing the best-selling list in China area of Steam for several days.

According to the data of the little black box, the number of online players in the 24-hour peak of "Die" exceeded 65,000, and Steam rated it as "particularly favorable". Why can such a game with simple production and short process be a great success? What pain points does it capture for players?

Is real-life interaction+game a new game mode? What is the difference between the creation of such games and traditional games? What are the advantages and disadvantages of each?

The popularity of this live-action interactive game has catalyzed the new trend of short play+game. The secondary market has heard the news and many concept stocks have ushered in a round of rise. What impact has the success of "Die" brought to the game, short play and even the AI industry? Can this wave of live-action interactive games last?

In this issue of Titania Hot Review, Ma Xiao, the reliable editor-in-chief of Eryuan, Coboo Liang, the founder of Caiyin Society, and, the financial manager, are invited. I am surrounded by beautiful women. Producer Yang Sheng talked about the topic "Die! "Reaching the top of the Steam hot list, can real-life interaction arouse a new wave of the game industry?" Discussed, and the following is a collection of some viewpoints.

Why can such a game with simple production and short process be a great success? What pain points does it capture for players?

Ma Xiao, editor-in-chief of Reliable Second Element, said that this is not just a pain point, but more like a harvest for male players. The producer said that 90% of the players in the game are men, which reflects the value of male players. Although the Steam platform is not a domestic platform, many popular games, such as goose and duck killing, are unknown and even attract non-hardcore female players. Although the Steam platform has a threshold, it is not as convenient as mobile games, but the game can be online for up to 60 thousand people, which has reached the level of GTA and big escort. Therefore, the consumption power of male players can not be ignored. They can bring fire games and create peak values and sales, which proves their value.

Coboo Liang, the founder of Caiyin Society and the manager of Hujing Finance, said that this game feels like a 100-level challenge game popular in college, which can stimulate people’s desire to challenge. Just like the popular game "A sheep has a sheep" at the end of last year, this phenomenon is a kind of communication phenomenon. Economics points out that the worse the economic situation, the more developed the game industry, which is related to the explosion of games. In addition, this game is simple and easy to play, unlike World of Warcraft, which requires teamwork, players can experience it independently and compare scores with others.

"finished! Yang Sheng, producer of "I am surrounded by beautiful women", said that players increasingly want to participate in story decision-making, and games that affect the story line are becoming an entertainment trend. Players can choose idols, story trends, game endings, and even experience self-designed emotions within three hours. This game is only a harbinger of the interactive era, and there will be more such games in the future. This is not just a men’s market, but women will also participate. I have received many feedbacks from women who will play with their boyfriends. Therefore, there may be a new trend in the future: people prefer to spend 40 yuan at home to enjoy a three-hour story of their own, rather than spend 80 yuan on movie tickets to see the ending set by others.

Is real-life interaction+game a new game mode? What is the difference between the creation of such games and traditional games? What are the advantages and disadvantages of each?

Coboo Liang, the founder of Caiyinshe and the financial manager, said that with the development of technology, there will be a new trend every few years. Nowadays, VR games and live-action interactive games are very popular in shopping malls, and people need to queue up for experience. Previously, I communicated with the founding team of the original god. They designed different styles of illustrations to let players experience the characters in the game. As for the real-life interactive game, it has great potential in the future return on investment. The data shows that in 2022, the revenue of console games accounted for 39%. Although the proportion of mobile games was as high as 81% in previous years, and the console games were somewhat backward, this year, due to the release of Warcraft in the national service, a large number of console gamers were released, and they may be willing to try other types of games, especially those driven by new technologies and new ideas.

Ma Xiao, editor-in-chief of Reliable Second Element, said that real-life interactive games are nothing new. In the past few years, there have been many products that meet this label, such as Invisible Guardian and Detroit. If we take each link apart, short plays and Galgame or AVG games have a long history and a stable ecology. Many game companies even have special production lines to shoot real people. Role-playing games, such as playing kim kardashian’s life experience, also persist overseas. Therefore, this is nothing new, but every link makes people feel that they can try, which may be the reason why everyone studies it.

Different from traditional games, real-life interactive games cost less. Whether it is MMO or secondary game, to attract players’ attention, at least a big world or an open world is needed, and the team behind it also needs hundreds of people, and the research and development expenses are often hundreds of millions. And this game costs only 5 million, which may incite 20 million income, and the number of teams is much smaller than hundreds. In the current competitive market environment, this low-cost, high-income model is very attractive.

The advantage of this game is that it is in a superior niche between movies and games. Compared with large-scale games, it costs much less and is less risky for many bosses. Compared with expensive film and television dramas, the cost is lower. Compared with Galgame or short play, it has higher experience and quality, and has certain advantages in judging and script.

"finished! Yang Sheng, the producer of "I am surrounded by beautiful women", said that real-life drainage actually applies the mature techniques of the film industry and the film and television industry to new industries. Startups in the game industry often have no reference tutorials in the development process, while the film industry has many tutorials for reference. Therefore, it can be considered that the film industry can empower the game industry.

When developing a project, divide the budget of each link according to the total budget, and then push back the creation. This way is different from the way some games are made. They may insist on completing something emotional by the producers or sponsors, but in order to ensure the playability of the game, it is necessary to compress the budget of each link and make things more compact.

Real-life drainage may only be regarded as a medium or above-average product in the industry, but other products have run amazing data overseas. These are the products that really make money. Real-life drainage can let people see the live broadcast, and it is a money-making work made above the water, which everyone can see.

In the future, digital people, digital assets and artificial intelligence technologies will progress, and a large number of interactive games driven by digital people will appear. The actors in these games have higher cooperation, wider business endorsements, and their personalities can be set at will without rest. The options may no longer be limited to three or four, and the dialogue level may be as high as six or seven layers with the help of AI. What I see now is only a harbinger of great changes in the future.

Different options about interactive games will inevitably have multi-ending branches, how to shape the branch endings and how to predict the player’s choice.

"finished! Yang Sheng, the producer of I am Surrounded by Beauty, said that Nolan’s works, whether Inception or westworld, have always emphasized human free will. We also try our best to embody this point in game design, especially in time control. For example, the game won’t ask players if they want to eat soybean milk fritters at night, but ask them if they want to eat steamed stuffed buns or soybean milk fritters at 8: 00 in the morning, which is more in line with real life and better reflects the players’ free will.

The timeline and story trigger time of the game are carefully designed, and the first-person shooting method is adopted, so that players have a stronger sense of involvement. What really touches players is not exquisite design, but their own emotional choices. The game only provides choices, and players use their emotions to impress themselves.

About "finished! What is the impact of the success of the game, short play and even the AI industry?

Coboo Liang, the founder of Caiyinshe and the financial manager, said that new opportunities are the most important influence. The game industry has a history of more than 20 years, from the earliest word games to games with pictures, such as Stone Age and Magic Baby, which have driven the birth of a large number of game companies. However, in recent years, the mobile game market has been monopolized by some big companies, which has limited the output of high-quality content, which is unfavorable to the development of the industry and has also led to a large number of low-quality games.

Through different inputs and technologies, new changes may be brought, which may be what the capital market really wants to see. For the capital market, how to tell a good story and provide new ideas is the biggest way to generate new benefits. The popularity of the game is related to the design. For example, World of Warcraft has attracted players for more than ten years.

However, this also brings problems, and a large team is needed to write the story, which may be a problem to be considered in the future. It is necessary to guide the development of the story and provide players with free imagination. How to tell stories better determines how far this road can go.

Ma Xiao, editor-in-chief of Reliable Eryuan, said that the direct impact is the stock market. For example, when a friend was trading stocks, he saw the fiery concept of short play and considered investing in enterprises with online text and IP ecology. This kind of influence is actually quite crazy.

From the perspective of individual developers and teams, AI can help make games and improve the final presentation results. For example, individual independent game producers can use AI to improve the workflow, such as making NPC, automatic dialogue, modeling, etc., thus saving time. For small teams or individual developers, if you want to play games, AI may be helpful.

Like the second dimension and the open world, before The Original God came out, people didn’t think that the second dimension was a fiery industry or concept. However, "The Original God" can earn 20 billion yuan a year, which immediately became a slogan. Therefore, there may be many companies, including games, short plays and movies, which will launch more interactive game products. This may be like the open world and the second element, and a batch of products may come out soon, but the quality of the actual products may need to be tested by the market and players.

"finished! Yang Sheng, the producer of I am surrounded by beautiful women, agreed with Teacher Liang’s point of view, especially the reaction of the stock market. Previously, there were various types of enterprises, mainly game companies. They were concerned about how to copy the model, ensure the quality, seize the new market and form new barriers. Film and television companies are more concerned about the theme, whether gamification can bring them new increments, and whether they can bring some difficult themes into the game form in a lighter and more flexible way.

They began to think about whether they can turn film and television works into games with one click, or make the games realistic and drive fans through star artists. Although the two types of companies have different considerations, they both think that this is an incremental market, and the market is still there. Everyone has seen this opportunity.

There may be more types, such as thriller, suspense detective, female emotional orientation and other new types, which may make more themes flood in and make the market bigger. Interactive games are different because they cultivate users’ habits. Once this idea is opened, it may be difficult to go back.

"Wan Mei" is more like a warlords for everyone to see, an example, showing that there is still a big market in the future, but it is far from being explored in the end.

As a representative of one-line narration, whether movie dramas will have more impacts in the future.

"finished! Yang Sheng, the producer of "I am surrounded by beautiful women", said that the technology and game media have responded positively to this matter recently, while the film and television media are still watching because they still think it is a game. However, as early as college, I have seen movies with multiple endings, such as Phantom 1408 and Butterfly Effect, and even need to buy a special DVD to see all the endings. Some directors and screenwriters in the film industry are also trying to create different endings of the same story, which are hidden in DVD menus or buttons, like eggs.

The film industry has been trying to show the possibility of parallel worlds, and people are also exploring whether it can show the possibility of parallelism in a linear narrative. New interactive works need time. There may be some shoddy works around the Spring Festival, but before next year’s summer file, there may be a number of more exquisite and interactive works, which will educate the market again.

It is worth looking forward to that people may choose to create stories with their families at home through small programs or software, instead of gambling to the cinema. This is not just a software, it may be Netflix’s works, knowledgeable person’s works, or other things, it may not be a game, but it is a kind of participation.

Can the enthusiasm of this wave of live-action interactive games last?

Ma Xiao, editor-in-chief of Reliable Second Element, said that this problem is difficult to define, because we must first determine what is a real-life interactive game. If "The Invisible Guardian" was the initial point of the real-life interactive game, then four years have passed now. This period of time can be said to be lasting, or it can be said that there is a period of silence in the middle. Many film and television companies have launched interactive dramas, and many live-action interactive games have also been on Steam, but they have not met expectations.

Many game companies may think that this is not just hiring people to shoot? Film and television companies may think that this is not to turn the script into a game? But in fact, it is not easy to cross the border. For example, some video companies have hired film and television writers to make live-action interactive games, but found that the works of these famous brands or successful screenwriters are completely unusable. The game industry has also tried to find some screenwriters in the field of film and television, but found that there are acclimatized situations in the process of output.

More products may enter this track in the future, and the competition will become fierce. The key lies in whether the successful experience can be transformed into higher production capacity at lower cost, or whether the quality advantage of shoddy products can be maintained and the cost can be controlled. Whether we can continue to succeed depends on what products will come out in the future.

It remains to be seen whether this tuyere will last or will be silent again.

Coboo Liang, the founder of Caiyin Society and the manager of Hujing Finance, said that the intervention of capital may promote the development of an industry, but it may also cause harm to it. For example, in bike-sharing, there were only mobike and OFO at first, but with the influx of capital, the industry competition was fierce, and finally both companies were forced to sell. The current market leaders are some big companies, such as Meituan and Didi.

The intervention of capital may lead to the situation that "bad money drives out good money". For example, some developers may not have strong production ability, but they are good at attracting capital and may get more financing, while those developers who focus on game production may not be able to make better games because they don’t get enough financing.

In this tuyere, it is necessary to use capital instruments carefully. Although capital can promote the rapid development of the industry, it may also have a devastating impact on the industry. Especially for listed companies, they may use this concept to promote the stock price, but for real industry people, it doesn’t make any sense.

"finished! Yang Sheng, producer of I’m Surrounded by Beautiful Women, said that well-known screenwriters may encounter difficulties when entering the game industry, because the production habits of film and television and game industries are different. For example, film writers are used to creating reasonable and unexpected endings, but in interactive games, this is only one of the three possible endings. Screenwriters may be confused about the other two endings, because this is not their way of writing.

The assets of film and television companies include many well-known screenwriters, but they need to be trained and polished to enter the game field. This is not only the task of gamers, but also the task of film and television people. It is very difficult to find a way to make masters willing to participate and produce high-quality content.

Game companies face the same problem. They claim that they lack high-quality content and hope to find excellent screenwriters to create together. This is a good direction, because it is no longer just to make products under the world view of big companies, but to create their own interactive world.

However, like bike-sharing, although everyone’s ideas are good, there may be all kinds of confusion in the user link, which is uncontrollable. After everyone wants to enter this field, it is expected that there will be regulatory constraints first to guide the development of these projects. Then, after regulatory adjustment and careful consideration, writers and game companies may bring real innovation.

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