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The requirement for people to buy a car now is not only comfortable, but also other aspects such as configuration, power, materials and workmanship are important reference factors. What I bring to you today is a-. Next, let’s see if its highlights can attract you with Xiaobian.

Let’s take a look at the appearance of Hongqi Guoyao first. The front of Hongqi Guoyao is flamboyant and looks sharp. With headlights, the shape is very elegant. The car is equipped with LED daytime running lights, automatic opening and closing, delayed closing and so on. Come to the car side, the car body size is 5695MM*2095MM*1985MM, the car uses solid lines, the car side gives people a very fashionable and atmospheric feeling, with large-size thick-walled tires, the shape is quite simple. In terms of the rear end, the overall shape of the rear end echoes the front face, and the taillights are very exquisite. Coupled with the unique exhaust pipe, the overall shape is still very eye-catching.

Sitting in the car, the interior design is very unique, which is consistent with the positioning of the car. The steering wheel of the car is well designed and made of genuine leather, which gives people an impulse to control it. From the central control point of view, the central control screen with 12.3-inch touch-sensitive LCD makes the interior design layered and looks young. Let’s take a look at the dashboard and seats again. The dashboard design is remarkable, and the shape takes the movement route. The car uses leather seats, equipped with auxiliary seat with memory electric adjustment, seat with memory electric adjustment and other functions, and the overall ride feels soft and comfortable.

Hongqi Guoyao is matched with an automatic manual transmission (AT) gearbox, with a maximum power of 265KW and a maximum torque of 500N.m, and its power performance is good.

In terms of functional configuration, Hongqi Guoyao is equipped with car networking, driving mode selection, remote control key, rear wiper, interior atmosphere light and other configurations.

The moderate size of the car is a very suitable choice for many families, and the internal space is enough for daily use in families. Today, you can go to the 4S shop to experience this car.

1905 movie network news　In recent days, the film released a new preview, vividly setting out the fierce confrontation at the negotiating site. On one side is Zhuo Wenwei, the daring kidnapper who kidnapped the police with a gun, and on the other side is Xie Jiajun, a negotiator who strives for a peaceful solution.The limit between experts is pulled, and the opportunity is fleeting. Between the concessions and confrontations between the two of you and me, the situation is getting more and more confusing.movie"Negotiators"Produced by producers, writers, directors, and lead actors, it will beOn May 24/25/26, it will be released nationwide on June 8. The film has been pre-sold. Looking forward to seeing you on the big screen!

A bandit with a venomous tongue meets an expert’s mouth

Liu Qingyun and Wu Zhenyu are masters

In the "Extreme Pull" version of the trailer released by the movie "Negotiator", the "arrogant" kidnapper Zhuo Wenwei was also once in a dilemma of lack of power supply and food, and had to exchange hostages. Another negotiator, Xie Jiajun, used his unique negotiation skills to stabilize Zhuo Wenwei, who was increasingly out of control. When the rhythm was interrupted by the sudden action of the police, he was also able to regain the initiative with ease.Faced with the unexpected situation, the two experts are working hard to control the situation, and the different styles of negotiation have also turned the originally thrilling kidnapping case around.

As the preview showed, Zhuo Wenwei, a police officer turned kidnapper, was mostly surprised, and Liu Qingyun also revealed that "Zhuo Wenwei can boldly push things to a very marginal and dangerous situation. He will choose a very risky way to solve the problem that no one can predict."In Wu Zhenyu’s words, "Life and death are more important than right and wrong. Xie Jiajun doesn’t want anyone to die, so the judgment of right and wrong can be handed over to the court." When the two negotiators with different ideas and styles meet, the thrilling police station kidnapping case will surely usher in an extraordinary end!

"Negotiator" is on ahead of schedule

The Dragon Boat Festival sees a different police story

For the director Qiu Litao, "Negotiation Expert" is one of the more unique films he has made. "The actors and I both need to create a tense atmosphere through conversations and other literary dramas, and we need to use our mouths to create suspense. From the beginning of filming, this film was completely different from a regular police and gangster film for me."

In the released materials of the film, it is also obvious that there are interesting plots that are different from previous Hong Kong films: kidnapping bosses, experts fighting each other, and leaders being deflated… In the tense and exciting main story, there are both light and humorous pictures, and I look forward to the main creator bringing a different police story!In the Dragon Boat Festival film, the movie "Negotiator" brings the audience an eye-catching effect from the story, theme, and cast. Whether it is professional attributes or a relaxed and exciting viewing experience, it is worth a visit to the theater.

CCTV News:These more than a dozen wild Asian elephants who walked out of the jungle and migrated northward not only aroused Chinese’s curiosity and concern, but also attracted many international media. Their stories, along with their footsteps, broke the restrictions of language and national boundaries and appeared in the pages of foreign mainstream media.

Associated Press: China elephants become international stars.

In the past few days, the international media have shown great enthusiasm for the journey of these elephants. Washington post said: Elephants walked 300 miles in China and headed for the city. The headline of National Public Radio (NPR) is: The elephant walked hundreds of miles and then arrived in a city in China. No one knows why. An Associated Press report even compared the elephants to "international stars".

Japanese media sent a team of journalists in China to track and report the elephants on the spot.

Among them, Japan’s TBS TV station also produced a 30-minute album for this elephant group in the large-scale live broadcast program "Interesting Talk at Noon". With the progress of elephants, Japanese media have also sent teams of journalists in China to track and report the rare wild elephants in Japan.

Japan Asahi TV reporter:It is said that elephants are now in the mountains, so we have come here, and there are villages nearby. The local government has taken various measures to prevent elephants from entering densely populated areas.

Asahi TV reporter:There is a checkpoint in front, because there are elephants in it, so we can’t go any further now.

Through these on-the-spot tracking interviews on elephant migration, the efforts made by the China government and local people to protect elephants and ensure that people and elephants live in peace have also been objectively reported by the international media.

Many mainstream media in the United States and Europe, including the British Guardian and CNN, have noticed that in order to cope with the migration of wild elephants that look cute but are actually dangerous, and ensure the safety of human elephants, the China government mobilized emergency teams, used drones and infrared cameras to track the movements of elephants and evacuated residents in time. In order to guide the elephants away from the city, the staff prepared enough food to attract elephants and blocked the road with vehicles in advance.

Foreign netizens have commented on China’s practices.

Under the video of the elephant group, foreign netizens also commented on China’s practice. Some netizens said: "The development of this matter for so long just proves people’s patience. Other countries may simply anesthetize them and move them back to the jungle. " Some netizens also said: "I am very happy to see that the way the government treats them is full of respect. I hope they can finally find a safe place with enough food and water to settle down. 70% of wild animals have become extinct in the past 50 years. We must do our best to save these animals. Every animal is precious. "

In addition, The New York Times, Reuters, The Guardian, Associated Press and other media all mentioned that the population of wild elephants in China has increased from 170 in the 1970s to more than 300 now. This is an effective proof of China’s protection of natural environment and wildlife.

1905 movie network news What was once widely known is going to cooperate with the director again. It is reported that he will join Rodriguez’s new film and restart the filming. Besides directing, Rodriguez will also be the screenwriter and producer of this film.

At present, in Hollywood, there are two versions of "Very Little Secret Agent" being produced. In addition to the movie version, there is also an animated series. Netflix is building a series of film and television dramas around this IP. The new film tells the story of the children of the world’s most powerful secret agent who inadvertently helped a powerful game developer release a computer virus, enabling him to control all technologies, leading them to become agents themselves to save their parents and the world. In terms of actors, besides the new Cotrona, there are Zachary Levi, Avery Calgani La and Connor Esteson.

There are four original "Very Small Agents" series, and the global box office has accumulated more than 550 million dollars. The first one was released in 2001, starring antonio banderas, carla gugino, alexa vega and daryl sabara. It tells that Gregorio and ingrid used to be the best agents in the world. They fell in love during a mission for hostile forces, and then they became married anonymously. A few years later, evil forces forced them to return to the rivers and lakes. Unexpectedly, they were kidnapped, and their children Carmen and Juni had to overcome many difficulties to save their parents and the world.

Dear riders, today we will bring you a super-burning off-road "artifact"-Warrior 917! It is simply a bright star in the cross-country world, and it has its own aura as soon as it comes out.

Appearance: the lion awakens, domineering and unstoppable.

The appearance of Warrior 917 was carefully created by more than 50 design masters, and it has been carved by more than 500 days and nights. The front face is like "lion awakening in the east", and the trapezoidal grille exudes an ancient and majestic atmosphere. Headlights, like sharp swords, cut through the darkness ahead; The taillight is straight into the sky, as if to announce its domineering to the world. The body lines are extremely tough, and when it gallops, the strong wind seems to be telling the lofty aspirations of off-road. The design of combining rigidity and softness makes it unique in toughness and interpretation of off-road spirit to the extreme!

Interior: luxury feast, Chinese aesthetics

As soon as you get into the car, you will be shocked by its luxurious configuration. Wan Li Jiangshan as the theme of the interior, solid wood decoration is like a flowing picture of mountains and rivers. Beacon-style air conditioning outlet is simple and practical. The armrest is like a pistol ready to go, and the shift handle is like a future aircraft, which gives you a feeling of being in control in an instant. General’s seat is square and noble, made of Nappa leather perforated material, which is safe and comfortable. The layout of the central axis is majestic, inheriting the traditional symmetrical aesthetics and showing the Chinese style. Qualcomm 8155 platform realizes five-screen interaction with rich information and convenient operation. Far-infrared night vision and other systems, so that your vision has no boundaries. Intelligent fragrance and Dana audio will make you enjoy a good time during driving. There is also the cool Oriental Hawkeye UAV system, which can help you survey the road; 6kW reverse power supply allows you to use electricity outdoors without worry. This "black technology" is really awesome!

Motivation: the beast growls and has unlimited passion.

Start the extended range version of Warrior 917, the three motors +1.5T range extender roared instantly, and 816 horsepower seemed to awaken a sleeping beast. It takes only 6 seconds to accelerate, and the feeling of boiling blood can only be known by personal experience. On unpaved roads, its power is endless, and climbing over the ridge is as easy as walking on a flat road.

Chassis: solid and reliable, with first-class control.

Its chassis technology is even more awesome. The front and rear double wishbone independent suspension with the same military vehicle technology is as strong as a steel fortress with a non-load-bearing body. CDC damping control and "magic carpet" technology make you stable on bumpy roads. VMC chassis domain control can customize driving experience. There are also three electronically controlled differential locks, no matter how rugged the road is, it can’t stop its progress. The steering of AKC rear wheel is controlled by wire, realizing the "crab walking" mode, and the off-road "drift" is not to mention, which is smart and free. Five off-road modes+intelligent AUTO, plus infrared detection, can make intelligent decisions and adjust accurately. Driving in the mud is as steady as an old dog, and the wading depth can reach 900mm, which is safe and worry-free.

Warrior 917 is such a magic car that combines rigidity and flexibility, and it can be called the peak of cross-country in China. Riders, are you already excited? Come and conquer the unknown journey with Warrior 917 and feel the unprecedented new cross-country experience! See you next time, more exciting waiting for you!

Recently, the iPhone 16 Pro 128GB version enjoyed the national subsidy policy for the first time, and the news that the price dropped to 5,499 yuan sparked heated discussions on social media. This price reduction not only made many consumers flock to it, but also set off a wave of buying spree in JD.COM’s self-operated flagship store, which led to the goods being sold out for a time. However, behind this shopping spree, the controversy about storage capacity and cost performance also followed.

For the 128GB version of iPhone 16 Pro, consumers and industry insiders have had a heated discussion. Science and technology blogger "Science and Technology Daily" bluntly said that buying the 128GB version is really a "waste of state subsidies", and suggested that consumers should look to the domestic flagship mobile phone with the same price. Indeed, in today’s era of short videos and high-definition photos, 128GB of storage space may be stretched for heavy users. Domestic mobile phones with the same price often provide more storage space, which makes the cost-effective advantage of iPhone questioned.

Faced with the problem of insufficient storage space, some consumers put forward an alternative scheme of expanding their capacity by themselves after purchasing the 128GB version. However, this seemingly economical solution has great risks. According to Apple’s official statement, any unauthorized modification or disassembly will cause the equipment to lose its warranty qualification. In addition, unofficial expansion may also lead to a series of problems such as unstable equipment and incompatible systems, which will ultimately affect the user experience. In the iPhone ecosystem, the importance of official maintenance service cannot be ignored. Consumers need to weigh the value of warranty service while pursuing cost performance.

The introduction of the state subsidy policy has undoubtedly brought benefits to consumers, but it has also triggered in-depth thinking about product selection. When buying an iPhone, consumers need to fully consider their own needs, usage habits and subsequent maintenance costs, rather than simply being attracted by low prices. After all, a mobile phone that really suits you depends not only on the initial price, but also on the long-term use value.

　　On March 30th, the seven departments jointly held a video teleconference on the 2018 national agricultural anti-counterfeiting special action, summed up the work in 2017 and the past five years, and deployed the key work of agricultural anti-counterfeiting in 2018.

　　Among these seven departments, there is the State Administration of Market Supervision established in accordance with the Plan for Deepening the Reform of Party and State Institutions.

　　According to industry experts interviewed by the reporter of Legal Daily, the establishment of the State Administration of Market Supervision means that the supervision of the market has entered a new stage.

　　It is not a simple merger between institutions.

　　The Plan for Deepening the Reform of Party and State Institutions points out that reforming the market supervision system and implementing unified market supervision are the key links to establish a unified, open, competitive and orderly modern market system. In order to improve the market supervision system, promote the implementation of the strategy of strengthening the country by quality, create an honest and trustworthy market environment, further promote the comprehensive law enforcement of market supervision, strengthen the supervision of product quality and safety, and make the people feel at ease in buying, using and eating, the responsibilities of the State Administration for Industry and Commerce, the General Administration of Quality Supervision, Inspection and Quarantine, and china food and drug administration, The responsibilities of price supervision and inspection and anti-monopoly law enforcement of the National Development and Reform Commission, centralized anti-monopoly law enforcement of the operators of the Ministry of Commerce and the office of the the State Council Anti-monopoly Committee were integrated, and the State Administration of Market Supervision was established as a directly affiliated institution of the State Council.

　　"Before the reform of the party and state institutions, the functions of market supervision and management were scattered in different departments, resulting in a so-called ‘ Jiulong Water Control ’ Phenomenon. To use a common saying that people are familiar with, it is ‘ Seven or eight big caps can’t control a broken straw hat ’ . Although several departments perform their respective duties, they can’t hold a fist in market supervision, which wastes human and material resources to a certain extent and can’t supervise the market effectively and efficiently. At the same time, this has also led to food and drug fraud, illegal business operations of small business hawkers and other violations of the rights and interests of the people. " Wang Yukai, a professor at the National School of Administration, said.

　　The establishment of the State Administration of Market Supervision is considered to be an effective solution to the problem of "water control in Kowloon".

　　"However, it needs to be clear that the establishment of the State Administration of Market Supervision is not a simple combination between departments, but on the basis of following market rules, it breaks down the barriers between departments in the past and regroups the functions and businesses of various departments." Wang Yukai said.

　　Wang Jingbo, dean of the Institute of Government under the Rule of Law of China University of Political Science and Law, also believes that the establishment of the State Administration of Market Supervision is to realize the reconstruction, integration and convergence of "you have me and I have you" among different departments.

　　Form a comprehensive law enforcement team

　　With regard to the responsibilities of the State Administration of Market Supervision, the Plan for Deepening the Reform of the Party and State Institutions stipulates that it is responsible for comprehensive market supervision and management, uniformly registering market entities and establishing information publicity and sharing mechanisms, organizing comprehensive law enforcement of market supervision, undertaking unified anti-monopoly law enforcement, standardizing and maintaining market order, organizing the implementation of the strategy of strengthening the country by quality, supervising the quality and safety of industrial products, food safety and special equipment safety, and uniformly managing measurement standards, inspection and testing, certification and accreditation, etc.

　　Among these responsibilities, "organizing comprehensive law enforcement of market supervision" has attracted people’s attention.

　　"Comprehensive law enforcement has many meanings, both centralized and multi-departmental. The integration of departmental law enforcement teams is mainly reflected in the integration and change of administrative management. This kind of reform and adjustment has many positive meanings and highlights different from the past. For example, improve the supervision efficiency in various fields, bridge the original separation between departments, adapt to the staged expectations of economic development, and adapt to the development needs of the new economy. It can be said that this reform is based on the principle of simplification, unification and efficiency, and it is a whole-process, full-chain supervision mechanism and system that has been redefined and constructed. This reform direction is in line with the people’s hearts and is completely correct. " Wang Jingbo said.

　　"In the past, as long as each department had functions related to market supervision, it would set up its own law enforcement team. For example, the quality supervision department has the law enforcement team of the quality supervision department, the industrial and commercial department has the law enforcement team of the industrial and commercial department, and the food and drug supervision department also has the law enforcement team of the food and drug supervision department. Now it is different. A large overall market supervision pattern is taking shape, and the law enforcement team will be reorganized and integrated to adapt to the overall market supervision pattern. It is foreseeable that in the future, several new and comprehensive law enforcement teams will be re-planned, which can avoid the confusion of law enforcement and the lack of purpose caused by each management. " Wang Yukai said.

　　Wang Yukai told the "Legal Daily" reporter that after the establishment of the State Administration of Market Supervision, the construction and optimization of the law enforcement team will be greatly strengthened, which is of great benefit to realizing the market supervision function, maintaining the socialist market economic order, protecting the rights and interests of ordinary people from infringement, and cracking down on fraud and counterfeiting.

　　The regulatory capacity has been greatly improved.

　　The establishment of the State Administration of Market Supervision is undoubtedly a great change in market supervision, and a brand-new market supervision system is ready to emerge.

　　"In the past, decentralized supervision of various departments has now become unified centralized supervision. Under the new supervision pattern, we can form a very good institutional model in organizing market supervision and promoting comprehensive law enforcement, and truly avoid problems such as decentralized governance and overlapping functions, so that market supervision departments can better serve the people. This is also the purpose and significance of the reform of the party and state institutions. " Wang Yukai said.

　　"The previous supervision method was fragmented. After the establishment of the State Administration of Market Supervision, the supervision has the ability to integrate. Especially with the development of science and technology, technologies such as big data have been fully applied, and many information barriers have naturally been opened. Under this new regulatory pattern, the regulatory capacity will definitely be greatly improved. " Wang Jingbo said.

　　Wang Yukai told reporters: "Previously, many places have integrated the departments related to market supervision. It can be said that the establishment of the State Administration of Market Supervision is natural and natural, which is of great significance to the long-term healthy development of China’s future market supervision pattern and market economic order. "

　　"After the establishment of the State Administration of Market Supervision, the supervision of the market will be strengthened. With the strengthening of this supervision, the guarantee and expectation of product quality will be higher. The higher the quality of products, the people can buy and use with confidence. In this way, we can enter a virtuous circle process, and also promote market competition more effectively, thus bringing more vitality and benefits to the long-term, sustained and healthy development of the economy and society. In addition, higher efficiency and lower administrative costs have always been the goal of government reform. Therefore, the establishment of the State Administration of Market Supervision is of great benefit to improving market order and improving people’s lives. " Wang Jingbo said.

Dahebao Dahe Finance Cube Trainee reporter Chen Yuxi Ren Bing

In the past 100 days in 2018, Zhongyuan Expressway’s six rounds of financing of 6.4 billion yuan is very eye-catching, and its accumulated loan has reached 38.6 billion, nearly three times its net assets! Behind the high-frequency opening of the "borrowing" model, on the one hand, the financing skills can be seen, and the thirst for funds under the diversified and rapid development can also be seen.

Financing again! In 2018, six rounds of financing have reached 6.4 billion.

On the morning of April 12th, Zhongyuan Expressway announced its second corporate bond coupon rate in 2018. According to the announcement, the issuance scale of corporate bonds is 1.3 billion yuan, with a term of five years, accounting for 5.21% in coupon rate. Zhongyuan Expressway said that the funds raised this time are mainly used to repay the company’s debts.

Just 10 days ago, the first phase of corporate bonds of Zhongyuan Expressway in 2018 was just listed on the Shanghai Stock Exchange, with a bond issuance scale of 1.5 billion yuan, which is also a term of 5 years. In addition to corporate bonds, Zhongyuan Expressway also issued two issues of ultra-short financing, raising 2 billion yuan. In addition, Zhongyuan Expressway also borrowed 1.6 billion yuan from Henan Communications Investment Group Co., Ltd., the controlling shareholder of the company. In just over three months, Zhongyuan Expressway has carried out six rounds of financing, with a total financing amount of 6.4 billion yuan.

According to statistics, as of April 12, 2018, the accumulated loan balance of Zhongyuan Expressway has reached 38.6 billion yuan, and according to its latest quarterly report, its net assets are only 13 billion, accounting for only one third of its loan balance. At present, among the expressway listed companies, Zhongyuan Expressway ranks first with an asset-liability ratio of 74.97%.

Corporate bonds+ultra-short financing, Zhongyuan high-speed financing logic can be seen.

By combing the financing process of Zhongyuan Expressway in the past two years, it is found that this corporate bond and ultra-short financing are the continuation of its previous financing behavior.

In December 2016, Zhongyuan Expressway was approved by the China Securities Regulatory Commission and allowed to publicly issue corporate bonds with a total face value of no more than 4.8 billion yuan to qualified investors. After receiving the approval of the 4.8 billion quota, Zhongyuan Expressway issued the corporate bonds with a total scale of 2 billion yuan, 5 years and 4.95% of coupon rate in August 2017, and listed on the Shanghai Stock Exchange on August 14. The 1.3 billion yuan of corporate bonds to be issued this time and the 1.5 billion yuan of corporate bonds in the previous period are also in the 4.8 billion quota.

In addition to issuing corporate bonds for long-term financing, issuing short-term financing bonds and ultra-short-term financing bonds for short-term financing is also handy for Zhongyuan Expressway.

In February, 2015, China Banking Market Dealers Association accepted the registration of Zhongyuan Expressway short-term financing bonds with a validity period of 2.7 billion yuan for two years. After obtaining the registration, Zhongyuan Expressway issued 500 million yuan in March and December 2015 respectively, and then issued 500 million yuan and 1 billion yuan in March and September 2016 respectively. After the first two issuances expired, Zhongyuan Expressway recycled the quota before the end of the validity period, and issued another 1.2 billion yuan in January 2017 with the maturity date of January 24, 2018. That is to say, more than two months ago, Zhongyuan Expressway just paid a short-term debt of 1.2 billion.

In addition, in May 2016, Zhongyuan Expressway also applied for approval of 3 billion ultra-short-term financing bonds, and quickly issued 1.5 billion in May and August 2016 respectively, and all the quotas were used up. These two sums of money were paid after 270 days, and Zhongyuan Expressway carried out circular issuance, namely, 1 billion yuan 90-day ultra-short financing issued in May 2017, 1 billion yuan 270-day ultra-short financing issued in July, and two 1 billion yuan 90-day ultra-short financing issued in January 2018.

Combing the above bond issuance process, we can see that Zhongyuan Expressway has made full use of the two short-term financing registration quotas, without wasting them, and borrowed the old ones for the new ones and seamlessly connected them. However, in May 2018, the registration period of 3 billion ultra-short-term financing is coming, but Zhongyuan Expressway still needs to pay a total of 3 billion ultra-short-term financing bonds in April and June, so it can’t wait to apply for registration of 5 billion ultra-short financing to make up for this funding gap.

Highway+real estate+finance, diversified layout behind high-frequency financing

Although borrowing heavily, it does not affect its outstanding performance. In fact, the large amount of capital demand of Zhongyuan Expressway stems from the acceleration of the company’s engineering construction and the continuous extension of diversified business chains.

Since the 2017 annual report has not been disclosed, the relevant data of the 2017 semi-annual report is taken as a reference.

According to the subsidiaries, joint ventures or joint ventures of Zhongyuan Expressway shown in the following figure, it can be seen that apart from the construction and operation management of the traditional main business toll roads, Zhongyuan Expressway has a layout in real estate development, property services, oil products management, engineering project supervision business and financial industry, and various investment fields have led to its strong capital demand.

Then, what is the investment situation of Zhongyuan Expressway in various fields?

The first is the highway project. In the first half of 2017 alone, Zhongyuan Expressway newly invested 535 million yuan in 14 road and bridge projects, including Zheng-Luo Expressway reconstruction and expansion project and Zheng Xin Yellow River Bridge project. By June 30, 2017, the accumulated actual investment of these 14 projects was as high as 39.214 billion yuan. And this is not all the road and bridge assets of Zhongyuan Expressway.

Followed by real estate. In recent years, Zhongyuan Expressway has carried out real estate development projects in Zhengzhou and Xuchang through subsidiaries such as Yingdi Real Estate. As of June 30, 2017, the ending balance of Zhongyuan Expressway’s investment in two real estate subsidiaries, Henan Yingdi Real Estate Co., Ltd. and Henan Junyi Real Estate Co., Ltd., was 393 million yuan and 99.33 billion yuan respectively.

Finally, the financial sector. Zhongyuan Expressway has continuously increased its financial business for many years, while investing heavily in financial institutions such as Zhongyuan Agricultural Insurance and Zhongyuan Trust, while vigorously developing its "Bingyuan Department" finance. With two legs, Zhongyuan Expressway has become an invisible "financial control giant" in Henan. The semi-annual report of 2017 shows that the investment balance of Zhongyuan Expressway in Zhongyuan Trust and Zhongyuan Agricultural Insurance is 2.498 billion yuan and 187 million yuan respectively, while the investment balance of its subsidiary Bingyuan Holdings Co., Ltd. is as high as 700 million yuan.

In the latest performance forecast of Zhongyuan Expressway, the net profit of Zhongyuan Expressway is expected to increase by 260 million to 560 million in 2017, with an increase of 35% to 75%. In this regard, Zhongyuan Expressway said that it is precisely because of efficient multi-channel financing that all the funds needed by the company can be successfully put in place and its performance can achieve rapid growth.

Economic Observer reporter Cai Yuekun 　"I don’t want it!" On June 6, Master Xi, who was in his fifties, spoke to reporters while driving a car online: a branch of a construction enterprise owed him more than 100,000 yuan, which has been more than ten years, and there is no hope of recovery.

Master Xi is an individual boss, who has long provided stone for the construction party. Nowadays, the whole industry is getting more and more depressed, and it is more difficult to get back the money for the construction enterprises. Using his spare time, Master Xi started a network car.

It is not only Master Xi who is difficult to collect debts, but also the construction industry in the upstream of individual enterprises is also bearing the burden that the accounts are increasingly difficult to recover after the advance payment for Party A..

According to the reporter’s incomplete statistics of listed construction enterprises in various provinces, by the end of 2022, the accounts receivable of Shanghai Construction Engineering had increased to about 62.489 billion yuan, accounting for 17.04% of the total assets; The accounts receivable of Chongqing Construction Engineering Co., Ltd. is 21.378 billion, accounting for 26.05% of the total assets; The accounts receivable of Anhui Construction Engineering Co., Ltd. is 36.191 billion yuan, accounting for 24.28% of the total assets & hellip; …

The rising accounts receivable, like a sword of Damocles, hangs over the heads of construction enterprises.

Li Chuan, who works in a large construction enterprise, has a deep understanding of this: "For construction enterprises, although accounts receivable are hard to get, the current payments of small and medium-sized enterprises in the upstream and downstream cannot be defaulted, and the wages of migrant workers cannot be defaulted. Affected by the high pressure of accounts receivable, even some enterprises can’t rely on credit to support cash flow. "

After the accounts receivable are defaulted by Party A, it will cause some construction enterprises to default on suppliers and other payment. In addition, the reporter’s investigation found that there are also illegal subcontracting, subcontracting and other industry chaos in the construction industry, which makes the problem of "triangular debt" in the construction industry extremely prominent. "Triangle debt" is a "difficult hurdle" in front of many construction enterprises, which has troubled the healthy and benign development of the whole industry.

In addition, the level of accounts receivable of construction enterprises is also related to the customer’s region. Comparatively speaking, the state-owned construction enterprises in economically developed areas, such as East China, are relatively less dragged down by accounts receivable, while the state-owned construction enterprises in the central and western regions are relatively more dragged down by accounts receivable.

In Li Chuan’s view, construction enterprises work hard, hard and painful. The construction industry is not only a labor-intensive industry, but also an industry of national economy and people’s livelihood. Therefore, how to solve the problem of "triangle debt", how to achieve high-quality, healthy and long-term development, and how to solve the problem of settlement of accounts receivable of construction enterprises is imminent.

High accounts receivable

The high accounts receivable of listed construction enterprises has become a common problem in the whole construction industry.

In addition to listed construction enterprises in various provinces, the reporter noted that China Construction’s 2022 annual report also revealed that by the end of 2022, the company’s accounts receivable amounted to 210.43 billion yuan, up 27.5% year-on-year. The main reason for the increase was that the overall business scale increased and the volume of accounts receivable increased. Accounts receivable accounted for 7.93% of total assets.

Li Chuan said that accounts receivable mainly correspond to two types of customers: one is that accounts receivable are difficult to recover due to the increase in defaults of real estate customers in the past two years; The other category is government investment and construction projects, accounting for a higher proportion. Because there is no settlement for construction enterprises in the upstream, there are many problems such as wage arrears for migrant workers and supplier lawsuits.

For construction enterprises, accounts receivable are hanging high. On May 25th, relevant persons of Chongqing Construction Industry analyzed to reporters that the increase of accounts receivable of construction enterprises is closely related to the macroeconomic downturn, and the real estate market is depressed in the past two years, and there are many enterprises that have exploded, and real estate development is one of the important customers of construction enterprises. In addition, it is an indisputable fact that the macro-economy has been in a downturn in the past two years, and the accounts receivable of construction enterprises have increased significantly.

On May 25, Zhang Wen, an analyst with the rating department of CSI Pengyuan Industrial and Commercial Enterprise, told the Economic Observer that the construction market in China has continued to grow for a long time, and the phenomenon of capital construction is widespread in the industry, which makes a large number of accounts receivable in the accounts of construction enterprises, and its scale keeps growing with business expansion; In addition, in recent years, the deterioration of the liquidity of housing enterprises and the intensification of the contradiction between local government revenue and expenditure have also lengthened the payment cycle of construction enterprises.

Relevant persons from Shaanxi Construction Engineering told reporters that since its listing, the company has entered a stage of rapid development, and its operating income has achieved rapid growth, which has also driven the growth of accounts receivable. Although such projects generally have a long repayment period, many projects are mainly government and state-owned assets, and the repayment is guaranteed.

Viann, an analyst in the rating department of China Chengxin International Industrial and Commercial Enterprise, told the Economic Observer that the proportion of two funds in assets of construction enterprises is relatively high, and the high asset-liability ratio is also a common phenomenon in the industry. After the housing enterprises are out of danger, the bigger problems faced by construction enterprises are the problem of clearing debts and bad debts. How to recover and monitor the two funds during the follow-up project, how to prevent and control risks and reduce losses are difficult.

Real estate thunder drag

According to many investigations, the increase of mine explosion in real estate enterprises in recent two years has become one of the important reasons for the high pressure of accounts receivable in construction enterprises.

For example, on May 22nd, Duanheng Construction applied to Chongqing No.5 Intermediate People’s Court for reorganization of Jinke Real Estate Group Co., Ltd. (hereinafter referred to as "Jinke Shares", 000656.SZ). As a construction party, Duanheng Building is the corner where many construction enterprises recover debts from real estate enterprises.

According to Pengyuan’s credit data, in 2022, there were 27 new default subjects in the real estate industry, and the number of default bonds was 188, up by 125% and 176% year-on-year, accounting for 56.3% and 76.1% respectively, and the risks in the industry accelerated. According to overseas market data, after 2021, real estate enterprises have become the main risks in the overseas bond market, and the proportion of default subjects has increased significantly, accounting for 89% in 2022, up 34 percentage points year-on-year.

The default of housing enterprises also dragged down the accounts receivable of construction enterprises. For example, Chongqing Construction Engineering’s 2022 annual report shows that more than half of the customer names with bad debt provision are housing enterprises.

In addition, the 2022 annual report of Shanghai Construction Engineering pointed out that in 2022, the newly signed contract was 451.687 billion yuan, and the operating income was 286.037 billion yuan, an increase of 1.77% year-on-year; However, the net profit of returning to the mother was 1.356 billion yuan, a year-on-year decrease of 64.03%.

Regarding the reasons for the change in net profit, Shanghai Construction Engineering pointed out that the company was affected by force majeure factors, and the gross profit margin of construction business declined. Affected by the downturn of the real estate industry and regulatory policies, the gross profit margin of real estate development business has decreased, and some inventories have been depreciated by a large amount. The fair price of financial assets in hand fell.

In this regard, Viann said in an interview that it is true that some risks and financial pressures have been transmitted to the construction enterprises, but the overall impact is controllable. The construction enterprises that have undertaken more private housing projects are mainly affected, such as some private regional leading housing construction enterprises in Nantong, which are relatively deeply bound to Evergrande, resulting in their own liquidity risks.

Long cycle of state-owned accounts

In addition to being dragged down by the explosion of housing enterprises, the more important types of accounts receivable of construction enterprises at present are: government investment projects and state-owned enterprise investment projects, which are hard to become the pain that construction enterprises cannot express.

Li Chuan said frankly, "Now the payment cycle of state-owned enterprises or government projects is too long. At the same time, we can’t default on the payment of small and medium-sized enterprises, let alone the wages of migrant workers. In the middle, we can only squeeze our own profit margins. "

Li Chuan said that although there is less possibility of bad debts in accounts receivable of government investment projects, the time period will be longer. At present, there are many lawsuits in construction enterprises, most of which are accounts receivable disputes with private owners. For government investment projects, it is more reported to the SASAC through the group, and the SASAC coordinates the settlement of accounts receivable.

According to the disclosure of Shaanxi Construction Engineering’s 2022 annual report, the reporter found that there are mainly state-owned enterprises according to the accounts receivable of the top five at the end of the period. The details are as follows: Xixian New Area Qinhan New Town Development and Construction Group Co., Ltd., Xi ‘an International Football Center Operation Management Co., Ltd., Xixian New Area Fengxi New Town Development and Construction (Group) Co., Ltd., Xixian New Area Jiaotong University Science and Technology Innovation Port Development Co., Ltd. and Yan ‘an University. The ending balances of accounts receivable are 3.045 billion yuan, 2.141 billion yuan, 1.578 billion yuan, 1.332 billion yuan and 1.267 billion yuan respectively. Five entities account for 5.63% of the accounts receivable of Shaanxi Construction Engineering.

Although the account period of government investment projects and state-owned enterprise investment projects is long, for construction enterprises, such projects basically account for most of the company contracts.

According to the Chongqing Construction Engineering Annual Report, in 2022, the company continued to strengthen strategic marketing and deepen strategic cooperation with local governments, state-owned investment platforms and survey and design consulting units. In the whole year, 43.55 billion yuan of government and state-owned investment projects were newly signed, accounting for more than 59%.

In addition, the annual report of Shanghai Construction Engineering revealed that in 2022, the company signed a total of 451.687 billion yuan of new contracts, of which construction business and government investment projects accounted for 29%, an increase of 11 percentage points over the same period of the previous year; State-owned enterprise investment projects accounted for 55%, and the total ratio of the two reached 84%, which continued a good business pattern.

Regarding the problem that the account period of government investment projects and state-owned enterprise investment projects is too long, Zhang Wen told reporters that the main reason for the increase in the arrears of accounts receivable of construction enterprises in urban investment and PPP cooperation projects is the decline in land transfer income, tax reduction and fee reduction, which has increased the financial pressure on local governments and urban investment companies; Secondly, in recent years, the supervision of PPP projects has become stricter, and some PPP projects have hidden debt risks, which affects the timely payment of projects. For construction enterprises, this phenomenon undoubtedly increases the pressure of capital turnover, especially for construction enterprises located in weak areas.

Viann also told reporters that according to the investigation, the increasing financial pressure of some city investment platform companies has really impacted the repayment of construction enterprises. Construction enterprises generally encountered the situation that some government platform customers delayed the payment of the project funds, and the account period was lengthened as a whole. Even some city investment platform companies with weak qualifications and weak regions have begun to show arrears in the project funds or other default signals, especially for PPP projects and investment and financing construction projects with long cooperation periods. Most of them still rely on the payment mode of the government, but there are many influencing factors such as the change of government, the change of financial situation and the change of policy, and the uncertainty of payment is further increased.

"Construction enterprises should combine their own conditions and resources, take risk control as the bottom line, not blindly expand the scale of investment and financing projects, carefully select regions and owners, pay more attention to the source and availability of project funds, and strictly isolate risks from project companies to prevent risks arising from issues such as capital advance." Viann said.

Say "No" to the huge amount of money!

Another important reason for the high accounts receivable is that the "advance payment" of construction enterprises after undertaking projects belongs to the normalization phenomenon of the industry.

Li Chuan told reporters that it is convenient for a department project to ask: "Can it be funded?" If the contractor answers no, it may be difficult to take down the project.

Li Chuan said that because of the increasingly fierce competition in the construction industry, the cost of adding various materials and labor costs is also increasing. In this context, if construction enterprises frequently advance capital, it will greatly affect the company’s profit rate and other indicators, and compress the profit space of enterprises. Even if the enterprise lacks temporary working capital, huge accounts receivable may become the last straw to crush the normal operation of the enterprise.

A person in charge of the construction legal affairs department of a central enterprise once told reporters that the problem of advance payment is closely related to the business model formed by construction enterprises and developers for a long time. Private real estate enterprises have exploded one after another, and the macro-environmental impact of the overall real estate industry has been superimposed, which has affected the recovery of accounts receivable of construction enterprises. Some private construction units such as Nantong Liujian even went bankrupt and reorganized because of debt problems.

With regard to the advance payment in the construction industry, Zhang Wen told reporters that the project owners (local governments, state-owned enterprises and real estate developers, etc.) have the demand for advance payment for construction due to the consideration of capital turnover and scale expansion, while the threshold of the construction industry is low, the degree of homogenization of enterprises is high, and the competition is fierce, forcing construction enterprises to make concessions through payment terms to undertake projects.

Viann told reporters that, on the whole, for most enterprises, the problem of advance payment is still within the tolerable range, and the profit growth and financing channels are relatively smooth, which can cover some related losses. Enterprises with strong financial strength will have more obvious advantages in project contracting, and enterprises with weak financial strength may lose opportunities in project expansion, or they may be gradually eliminated due to the untimely collection of accounts, and the Matthew effect of the industry will be further highlighted.

The chaos of subcontracting still exists.

Behind the problem of "triangular debt" in the construction industry, it is closely related to the chaos of illegal subcontracting and subcontracting in the construction industry.

Li Chuan told reporters that illegal subcontracting in the construction industry still exists, but it is relatively formal for state-owned enterprises, and some private construction enterprises subcontract more.

The reporter noted that on January 3, 2019, the Ministry of Housing and Urban-Rural Development issued the Notice on Printing and Distributing the Administrative Measures for the Identification, Investigation and Punishment of Illegal Acts in Construction Project Contracting and Contracting, which regulates the contracting of projects by the construction unit to individuals and the contracting of projects by the construction unit to units without corresponding qualifications.

Li Chuan said that at present, the management of project subcontracting is becoming stricter and stricter in the country, so enterprises themselves will pay attention to avoiding risks in this respect.

Secondly, talking about subcontracting, Li Chuan said that adopting subcontracting system is a common phenomenon in the construction industry. For example, after a construction enterprise bids for the project, it cooperates with many downstream subcontractors through market competition. In addition, part of the cooperation is with labor service companies. In the process of cooperation with labor service companies or subcontractors, the payment method depends on how the contract is agreed. For example, according to the progress of the project, when Party A pays a certain percentage to the construction enterprise, the construction enterprise will also pay a certain percentage of the project payment to the labor service company according to the time node agreed in the progress of the project. "But in general, when the project is completed, the construction enterprise must settle the arrears of the labor service company. Because labor service companies also have to pay wages to migrant workers. Therefore, when Party A is in arrears with accounts receivable for a long time, for construction enterprises, it is necessary to pay the funds of the labor service company, and sometimes it is necessary to borrow money to alleviate the financial pressure. " Li Chuan said.

Li Chuan said that for some construction enterprises, when the scale of accounts receivable reaches a certain level, faced with a large number of Party A’s inability to pay in time, there may be a large number of arrears owed by labor service companies or subcontractors, which is also one of the reasons for a large number of "triangular debts" in the construction industry.

Li Chuan said that in terms of specific construction, in the 1990s, enterprises generally managed their own construction employees, and then subcontracting gradually appeared, separating the labor service layer from the management layer, and pushing the labor service layer to the social level for cooperation. However, twenty years later, many construction enterprises began to set up their own labor industrial parks, and employees were paid by enterprises, so the project construction was not carried out through subcontracting, so as to avoid risks caused by subcontracting cooperation in the later stage.

Strain over the hurdle

"Triangle debt" has also become a difficult hurdle for many construction enterprises.

On June 8, a construction enterprise executive told reporters that the biggest problem facing the company at present is that the money for government projects will not come back, and it has to be funded to continue to take over the project. The advance funds for individual projects are also borrowed from banks.

State-owned project accounts will become the "last straw" to crush enterprises? Construction enterprises should pay enough attention to the problem of difficult accounts for state-owned projects.

For how to reduce the problem of accounts receivable from the source, some construction enterprises have adjusted their business ideas.

The relevant person in charge of the above-mentioned Chongqing Construction Engineering told reporters that at present, when a new project is accepted, it will be judged whether the project can be accepted according to the expected profit of the profit project and the fund planning of the project. If the advance payment is too high, many projects may be rejected internally and no longer participate in the competition. At present, the company’s business philosophy is that projects that have no expected profits or need huge advances will no longer participate.

"Because the market construction industry is not good, although a large number of projects regardless of cost will be beneficial to the company’s scale expansion, it will have an impact on the risk control and quality development of enterprises. Therefore, for projects that require huge advances, new projects are not accepted now. " The source said.

Li Chuan also said that the company began to be very cautious about the management and control of real estate. There are prudent principles when choosing the source, such as real estate development in first-tier cities.

At the same time, Li Chuan said that the company is constantly stepping up the collection efforts, generally adopting hierarchical promotion. From the group to the responsible department of the company, there are certain planned tasks to pay off debts every year, so as to increase the collection efforts of accounts receivable in an all-round way. For some accounts receivable with bad debts, the company also communicates with Party A to relieve the pressure of accounts receivable through litigation, debt in kind, creditor’s rights replacement and other ways.

The reporter noted that the policy level has also been concerned about the arrears of project funds in the field of engineering construction. For example, the Regulations on the Protection of Wage Payment for Migrant Workers (Order No.724 of the State Council), which came into effect on May 1, 2020, has made relevant provisions on the punishment responsibility of the construction unit for implementing the construction funds, failing to implement the project payment guarantee, and the responsibility for paying off wages.

Many construction enterprises also told reporters that the problem of huge accounts receivable should be treated from the source. For example, we should strengthen the standardized management from the source for the policy norms of the construction enterprise’s advance payment problem.

Viann told reporters that under the current market situation, construction enterprises should first change their business ideas, focus on high-quality development, stop blindly expanding their business scale, and put more emphasis on how to realize new contracts with income, profitable income and cash flow profits.

Viann believes that "nowadays, construction enterprises generally pay more attention to the risk control of the front-end and marketing end, such as strengthening the role of pre-evaluation of projects, strengthening due diligence on owners, and implementing business terms in detail, so as to provide a contractual basis for future settlement payments and grasp risks from the source. In addition, in the middle and back end, we should also strengthen the control of the whole process of the project, so that we can monitor the related risks in the process of project implementation in real time and make a good plan. The collection and management of "Two Funds" are no longer just considered by the Finance Department and the Treasury Department, but need the full cooperation of the departments such as market, risk control, fund, project management, finance and risk control, and all of them pay more attention to it. It is suggested that the proportion of the pressure drop of "Two Funds" in the assessment index can be increased, and the target responsible person should be implemented and the relevant rewards and punishments should be given to the collection tasks such as the payment of completed projects, the payment of projects under construction, and the expected bad debts but the collection realized.

(At the request of the interviewee, Li Chuan is a pseudonym in the article.)