Original title: Resume A shares in 2018

Image source: vision china

Text | Suning Wealth Information, Author | Wang Chen, Gu Huijun

Looking back on 2018, under the influence of a series of internal and external factors, such as "deleveraging" and "US dollar interest rate hike", A shares began to fall all the way from February to the end of the year, which can be described as miserable (see Figure 1). Below, this paper makes a resumption of the stock market in 2018 from four aspects: valuation, performance, capital and market sentiment, to help investors take care of the present and future of A shares.

Valuation: Looking at the historical low vertically, looking at the global depression horizontally.

We analyze the valuation of A shares based on a dimension of 2 (index, industry) ×2(PE, PB).

PE of main index of a shares:By analyzing the historical PE data of Shanghai Composite Index, Shenzhen Stock Exchange Index, Shanghai Stock Exchange 50, Shanghai Stock Exchange 300, Shanghai Stock Exchange 500 and Growth Enterprise Market Index (the data of Shanghai Composite Index and Shenzhen Stock Exchange Index since 2002, and the data of other indexes since their release), it can be found that the current valuation levels of each index are in a low position: the PE of Shanghai Stock Exchange 50 and Shanghai Stock Exchange Index are 10% and 12% respectively; The PE of Shanghai and Shenzhen 300 and Shenzhen Component Index are relatively high, accounting for 25% and 30% respectively in history. CSI 500 and GEM refer to PE at the bottom of history.

PB of main index of A shares:According to PB data, the indexes are also at historical lows. The PB of Shanghai Composite Index, Shenzhen Component Index, Shanghai 50, Shanghai and Shenzhen 300, CSI 500 and Growth Enterprise Market Index are located at 1%, 9%, 0%, 15%, 1% and 13% respectively in history.

CITIC’s first-class industry PE (see Figure 2):PE valuation of all industries is at the bottom of history. Among them, the PE level of defense, military industry, communication, agriculture, forestry, animal husbandry and fishery industries is relatively high, but it only exceeds the historical 2.7%, 2.3% and 2.3%, while the PE valuation of banks, steel, real estate, coal and other industries with relatively low PE level has not reached the historical level of 0.5%.

PB of CITIC’s Tier 1 industry (see Figure 3):Compared with PE, the historical percentage of PB in CITIC’s tier-one industries is relatively lower, and the PB valuation of food and beverage, catering tourism and pharmaceutical industries with higher rankings has not exceeded the historical 0.2%, and all PB levels are at the bottom of history.

On December 26, 2018, the PE of S&P 500 was 18.70, the PE of Hang Seng Index was 9.53, and the PE of Shanghai and Shenzhen 300PE was 10.22. The PE of Nasdaq is 39.9, while that of GEM is 28.2. Therefore, from the horizontal comparison, the valuation of A shares is close to the level of global valuation of Hong Kong stocks.

Performance: both year-on-year and quarter-on-quarter declines.

Since the A-share annual report has not been published, we use the data of the National Bureau of Statistics to look at the revenue and net profit by industry (see Table 1). In terms of revenue, about 80% of the industries’ revenue growth rate is negative year-on-year. Among them, only the YOY of oil, coal and other fuel processing industries, mining professional and auxiliary activities, and oil and gas mining industries exceeds 10%, with year-on-year growth rates of 17%, 13% and 12% respectively, while the operating income of non-ferrous metal mining and dressing industries and ferrous metal mining and dressing industries has dropped significantly year-on-year, dropping by 40% and 43% respectively.

From the perspective of net profit, the growth rate of net profit of over 80% of industries is negative, among which the net profit of ferrous metal mining industry and other mining industries has fallen by a large margin, down by 72% and 50% respectively.

From the perspective of industrial added value, both the year-on-year growth rate and the chain growth rate have declined. In November 2018, the growth rate of industrial added value was 0.36% (see Figure 4), the lowest since August 2015. In November 2018, the year-on-year growth rate of industrial added value was 5.4% (see Figure 5), the lowest since March 2018, and it also showed a downward trend.

Capital: overall substantial net outflow, net inflow of foreign capital.

Investigating the daily main capital flow of Shanghai and Shenzhen stock markets since 2018, it is found that the main capital of Shanghai and Shenzhen stock markets is mainly in the state of capital outflow. According to the statistics of capital flow in the fourth quarter of 2018, it is found that over 80% of the time, A shares in Shanghai and Shenzhen stock markets are in a state of net outflow of main funds. In the fourth quarter of 2018, the net outflow of A shares in Shanghai and Shenzhen stock markets exceeded 600 billion yuan (Figure 6).

Judging from the flow of funds northward, most of the time the funds are in a state of net inflow. In the fourth quarter of 2018, the net purchase of northbound funds was about 60 billion yuan (Figure 7). Although it was in a state of net inflow, it was significantly lower than the net purchase of 81.5 billion yuan in the third quarter.

Market sentiment: trading is sluggish.

We measure the market sentiment of A shares from three aspects: trading behavior, index products and the views of market participants.

Margin ratio is an important indicator to observe market sentiment from the perspective of trading behavior. Since the end of January 2018, the margin ratio has been declining all the way, and it was not until December that the downward trend was changed. Since December 2018, the ratio of margin financing to securities lending has shown a slight upward trend (see Figure 8).

From the perspective of index products, since 2018, the discount rate of closed-end funds has been positive and shows a fluctuating upward trend (see Figure 9). By mid-October, the discount rate reached the highest level. At present, the discount rate has declined from October and remained at around 10%.

Among many market participants, we choose the most rational data of two types of participants (researchers and block traders) to observe investor sentiment (see Figure 10 and Figure 11). Judging from the seller’s recommendation index, the seller’s recommendation index in the fourth quarter reached the top of nearly three months at the end of October, and after October, the seller’s recommendation index showed a straight decline and is still at a low level. From the perspective of bulk transactions, the current transaction volume has slightly increased compared with the third quarter, and the discount rate has dropped first and then increased.

2018 Trend Summary and 2019 Prospect

Looking higher, we believe that the downturn of A shares in 2018 is inseparable from the overall macroeconomic situation.

Affected by factors such as deleveraging, the performance of industrial enterprises declined in 2018, and the year-on-year growth rate declined. Coupled with external factors such as trade frictions and the Fed’s interest rate hike, A-share confidence was insufficient, and funds in Shanghai and Shenzhen stock markets flowed out significantly. The main indexes of A-shares and industry valuation are also at a historically low level.

Looking forward to 2019, we believe that the three carriages (export, investment and consumption) that drive the economy will show this trend with great probability:

(1) Exports will fall back, mainly due to the impact of international trade and the economic slowdown in Europe and America, so we need to focus on the progress and results of Sino-US trade negotiations.

(2) Real estate investment in fixed investment will fall back, but the possibility of loosening the strict control policy on real estate will not be ruled out; Infrastructure will increase slightly, but the extent is limited, mainly depending on whether the space of China’s monetary policy can be opened with the peak of the US interest rate hike cycle, and whether the central and local governments can break through the debt ceiling.

(3) Consumption may improve slightly, which mainly depends on the influence of the leverage of the residential sector. In addition, the policies that may have a general and long-term impact on the macro-economy are tax reduction, fee reduction and the principle of competition neutrality of state-owned enterprises. If the above two policies can make substantial progress beyond expectations, it will greatly boost investors’ mood and fundamentally change the fundamentals of the macro-economy.

In general, it is expected that the probability of market volatility bottoming out in the first half of 2019 is high, and the positive effect of follow-up policies on the stock market remains to be seen. Investors should be alert to the risks brought by market fluctuations. (This article does not constitute any investment advice)

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　　In early September, China launched an anti-dumping investigation on Canadian rapeseed, which boosted the overall oil trend. With the National Day holiday approaching, the market has cooled down the subject matter of Canadian rapeseed anti-dumping transactions. Recently, the supply and demand structure of palm oil producing areas has been expected to tighten, the Indonesian Palm Oil Association has released the signal of output reduction and the Indonesian Ministry of Finance has reduced export taxes and fees, which offset the negative impact of India’s increase in vegetable oil import tariffs. Palm oil production in Malaysia decreased month-on-month due to weather factors, and palm oil led the oil trend.

　　Weather factors affect unit yield

　　At present, palm oil production is in a seasonal increase cycle, but due to bad weather, palm oil production in Malaysia has not increased as expected. SPPOMA survey data show that the output of palm oil in Malaysia decreased by 7.01% from September 1 to 20, and the yield of fresh oil palm fruit string decreased by 7.80%. Moreover, the Malaysian meteorological department said that the monsoon season is expected to start from Tuesday and will last until the beginning of November. The heavy rainfall and flood risk brought by the monsoon may disrupt the harvest rhythm of oil palm fruits and affect palm oil production. The bad weather in the northern part of the Malaysian Peninsula has also caused the market to worry about the delay in the seasonal peak of palm oil production, further strengthening the concern of palm oil production reduction in Malaysia. Indonesia’s palm oil production has also declined. According to the prediction of the Indonesian Palm Oil Association, palm oil production will drop by 1 million tons to 53.8 million tons in 2024, mainly because the dry weather last year led to a decline in yield, while the oil palm area did not increase. In addition, the implementation of B35 biodiesel blending ratio in Indonesia has increased the consumption demand of palm oil, resulting in the continued low inventory of palm oil in Indonesia. At the end of June, the palm oil inventory was only 2.82 million tons, which was the lowest in the same period in the past five years.

　　Export demand is unsustainable.

　　Malaysian palm oil export demand exceeds market expectations. In September, Indonesia raised the reference price of palm oil export, which led to an increase of 24 US dollars/ton in export tax compared with August, and improved the export competitiveness of Malaysian palm oil. According to shipping data, Malaysia’s palm oil exports from September 1 to 20 ranged from 890,000 to 950,000 tons, an increase of 6.8% to 10% over the same period of last month. Due to the decline of palm oil production in Malaysia due to bad weather and strong export demand, the accumulation rate of palm oil is lower than expected.

　　From the overall demand of palm oil, India raised the import tariff of edible oil from September 14th, and the tariff of crude palm oil increased from 5.5% to 27.5%, and the import tariff of refined palm oil increased from 13.75% to 35.75%, so the import demand of Indian palm oil decreased. According to Indian buyers, Indian refiners canceled the purchase order of 100,000 tons of palm oil delivered from October to December due to the sharp increase in tariffs and soaring prices in Malaysia. In addition, Indonesia’s Ministry of Finance revised the new rules of palm oil export tax, and the export tax was levied according to the percentage of the reference price. The tax rate of crude palm oil was 7.5%, and the tax rate of 24-degree refined palm oil was 4.5%, which came into effect on September 21st. According to the reference price of USD 839.53/ton in September, the export tax is reduced by USD 27/ton and USD 32/ton compared with that before adjustment, which will partially offset the negative impact of the increase of import tax in India on palm oil export. The reduction of export fees will help improve the attractiveness of Indonesian palm oil and pose greater competitive pressure on Malaysian products in the export market. In addition, the incremental export demand will also ease the inventory pressure brought about by the recovery of production and further support the palm oil price.

　　Imports continue to be upside down.

　　In the first half of the year, the domestic palm oil import profit continued to be upside down, and the import volume was low. According to the data released by China Customs, the total palm oil import in August was 400,000 tons, a year-on-year decrease of 35.5% and a decrease of 18,900 tons compared with 419,700 tons in the same period of last month. At present, the inventory pressure of palm oil producing area is light, the export quotation is firm, and the upside down of import profit in recent months is still serious. Last week, there were three boat washes in December in China, and no new ships were bought. Due to less palm oil arriving in Hong Kong, it continued to go to the warehouse. On September 17, the commercial inventory of palm oil in key areas of the country was 528,000 tons, a decrease of 45,000 tons or 7.8% compared with last week. As the temperature drops, palm oil will gradually enter the off-season of consumption, and the rate of palm oil going to the warehouse will slow down in the later period.

　　On the whole, although domestic palm oil itself is on the rise.Insufficient, but palm oil prices are expected to be boosted due to multiple factors such as the production of palm oil in the producing area is less than expected, the pressure of accumulated storage is reduced, and the production reduction season will enter in November. (Author: Huishang Futures)

[car home Beijing Preferential Promotion Channel] At present, preferential activities are being carried out in Beijing, with the highest discount reaching 10,000 yuan and the lowest starting price of 85,900 yuan. If you are considering buying Mazda 3 Angkeira, now is an excellent opportunity. Please be sure to click "Check the car price" in the quotation form to get a higher discount!

Mazda 3 Angkeira adopts a streamlined body design, and the front face part combines exquisite lines and dynamic elements. Its unique air intake grille design echoes the sharp headlight group, showing a strong sporty atmosphere. The overall style not only reflects Mazda’s consistent elegance and exquisiteness, but also keeps fashionable and dynamic.

Mazda 3 Angkor Serra has performed well in body size, with a length * width * height of 4,662 * 1,797 * 1,445 mm and a wheelbase of 2,726 mm respectively. The body lines are smooth and dynamic, and the front and rear wheel tracks are 1568 mm and 1581 mm respectively, ensuring a stable driving posture. Equipped with tyre size 205/60 R16, the rim style is simple without losing the sense of movement, which improves the visual effect and driving performance of the whole vehicle.

The interior style of Mazda 3 Angkeira is simple and sporty, creating a fashionable and elegant atmosphere. The steering wheel is made of plastic, which provides good grip and maneuverability, and supports manual adjustment up and down and back and forth, so that the driver can find the most comfortable position. The center console is equipped with an 8.8-inch high-definition touch screen, which supports a variety of functions, including multimedia playback, navigation and vehicle settings. In addition, the car also provides two USB ports and an SD card slot, which is convenient for passengers to connect external devices and play media files. The seat is made of fabric. The main seat has the functions of fore-and-aft adjustment, backrest adjustment and height adjustment (4 directions), while the co-pilot seat supports fore-and-aft adjustment and backrest adjustment to provide passengers with a comfortable sitting position. The rear seats can be laid down in proportion, which increases the flexibility of luggage space.

Mazda 3 Angkeira is equipped with a 1.5L naturally aspirated engine with a maximum power of 86kW and a maximum torque of 148 N m.. The perfect combination of this L4 engine and the 6-speed manual transmission provides the driver with excellent power output and smooth shifting experience.

The owner of car home thinks that the exterior design of Mazda 3 Angkeira is excellent, especially the lines on the side and the silver decorative strips on the door, which makes her fondle admiringly. She said that when choosing a vehicle, the exterior design of Mazda 3 Angkeira became the reason for her final choice. She described: "Just take the side, the exterior design of this car is enough to fight, and the transition of the waistline can be said to be a flowing mountain. The silver-gray exterior paint with the silver decorative strip on the door is really unique."

　　[Original Test Drive] The second generation is a brand-new model that was unveiled in north american auto show in January this year, and we met with it at the Shanghai Auto Show in April this year. After that, all the preparations for listing were well-organized but quickly. It’s October in a blink of an eye, and it’s time to get in touch with the new SRX, so we packed our bags and came to Shanghai, smiling and ready to say hello to the new SRX.

The sharp and dazzling shape design is an absolute film killer.

　　Since the first meeting at the Shanghai Auto Show, we have been deeply impressed by the sharp appearance of the new SRX, which can be said to be one of the highlights of the new model. The outline of the whole vehicle is more distinct than that of the previous generation SRX, which shows that the designer is pursuing a combination of art and technology. We have described the exterior interior design in detail in the real shot article of the new SRX before. Interested readers can click on the picture below to browse the real shot article. This paper only explains some details of the shape.

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　　The car system was defined as a model at the beginning of design, but compared with the flat shape of the high chassis of the previous generation SRX, it is obvious that the new appearance of the new SRX is more in line with Cadillac’s product concept of "eye-catching style". Like most and the first to open up the cross-border SUV field, the new SRX is also a combination with SUV models.

　　20-inch large wheels are rare even on large SUV models, so the new SRX of medium-sized crossover SUV is equipped with this configuration, which gives some surprises. High-profile chrome-plated painting can reflect the flamboyant American style, but the larger the size of the wheel hub, the greater the self-weight, which may have some influence on the dynamic performance.

　　The headlights of the new SRX are not only eye-catching, but also excellent in functionality. In the high-profile version, this xenon headlight has the functions of curve auxiliary lighting and automatic adjustment of light level. The specific performance of the latter is that the new SRX can lower the headlight light height when going uphill to avoid causing trouble to the opposite car, while raising the headlight light height when going downhill to increase the lighting range.

The price range of Land Rover Star Pulse 2019 is between 572,800 and 878,800.

This model has a highly recognizable front face, full, rich and layered, showing a tough temperament under the young and fashionable appearance. The simple front face with sharp headlights perfectly explains the domineering of Land Rover, and it looks full of gas from a distance.

Different from its domineering appearance, the interior is relatively simple, the functional areas are clearly divided and the materials are more elegant. The leather material with exquisite stitching is in line with its luxury car. In addition, the shape of the rear of the car is also very unique, and you can see the unique back of Range Rover at a glance, whether during the day or late at night. The design of animation elements of taillights, like the pupils of robots, is full of mechanical sense. The youthful design that echoes from beginning to end not only shows the original charm of Land Rover, but also attracts the attention of more young people.

Land Rover Star Pulse 2019 is a very attractive model, and its price range is between 572,800 and 878,800. The front face of this car is highly recognizable, full, rich and layered, showing a tough temperament under the young and fashionable appearance. The simple front face with sharp headlights perfectly shows the domineering of Land Rover, and it looks full of gas from a distance.

Interior, unlike its domineering appearance, is relatively simple, with clear division of functional areas and more sophisticated materials. The leather material with exquisite stitching is in line with its luxury car. In addition, the shape of the rear of the car is also very unique, and you can see the unique back of Range Rover at a glance, whether during the day or late at night. The design of animation elements of taillights, like the pupils of robots, is full of mechanical sense. The youthful design that echoes from beginning to end not only shows the original charm of Land Rover, but also attracts the attention of more young people.

Overall, the Land Rover Star Pulse 2019 is a very attractive model. Both the exterior and the interior show the unique charm of Land Rover. If you are interested in this car, you can consider adding it to your car purchase list.

　　[Aika car listed new car original]

　　On November 1st, Geely Xingrui was officially listed.The price range is 113,700-149,700 yuan.. The new car is based on the CMA super-matrix architecture of "Technology Geely 4.0", adopts a new generation of family-style design language of "Technology Geely 4.0", adopts a brand-new "space-time overlapping cockpit" design for the interior, and is equipped with a 2.0TD direct injection turbocharged engine of Volvo Drive-E series.

　

　

　　What other cars can I buy at the same price?

　　After the launch of Geely Xingrui, it is believed that it will win the favor and attention of many consumers, but what cars can be bought at the same level and price is also a matter of more concern to consumers. Geely Xingrui has the strength to compete with joint venture brands, so Xingrui’s competitors are also locked in Dongfeng Nissan Sylphy, FAW Toyota Corolla and SAIC Volkswagen LaVida.

　　Geely Xingrui is the first car with CMA architecture.

　　In terms of appearance, Geely Xingrui adopts a new generation of family-style design language of "Science and Technology Geely 4.0", and the brand-new front grille of "Recalling the Universe" has high recognition. According to the official introduction, the shield-shaped outer contour design is inspired by the layers of diffused and expanding cosmic stars, and the built-in vertical grille is decorated with chrome-plated bright strips, which brings a horizontally widened visual effect. In addition, the new car is also equipped with a three-stage pulse daytime running light.

　　On the side of the car body, the overall lines of Geely Xingrui are smooth and full of impact, and the slip back shape makes it look more dynamic. In terms of body size, the length, width and height of the new car are 4785×1869×1469mm and the wheelbase is 2800mm respectively. The two models provide two tyre size models, 215/55 R17 and 225/45 R18, for consumers to choose from.

　　On the tail side, a slender chrome-plated decoration runs horizontally and is connected with taillights at both ends, which further stretches the visual effect of horizontal extension and presents an obvious "wide-body coupe" style. After the LED taillights are lit, they show a gradual outward effect, which is very scientific and technological, and the slightly tilted tail cooperates with the exhaust from both sides, which makes the tail more dynamic.

　　Brand-new design of "space-time overlapping cockpit"

　　In the interior part, Geely Xingrui has adopted a brand-new "space-time overlapping cockpit" design, which makes the lines more concise and smooth, and visually more fashionable and full of science and technology. In terms of color matching, the new car uses yacht blue and high-grade gray, and is equipped with a dynamic flat-bottomed three-spoke steering wheel. In addition, the speaker panel of the new car adopts cloud streamline modeling design, which is full of three-dimensional sense, and is also equipped with stepless color-changing breathing atmosphere lights at the center console and door trim. The main driver’s seat of the new car is electrically adjusted in 6 directions, the back of the rear seat is folded 4/6, and the trunk lighting is standard.

　　In terms of configuration, Geely Xingrui comes standard with headlight delay off+automatic opening and closing function, one-button lifting window of the whole car and exterior rearview mirror heating. In terms of intelligence, the new car adopts a combination of a 12.3-inch high-definition central control panel and a 7-inch LCD dynamic instrument, supports OTA upgrade of the whole vehicle, and has functions such as App remote control system, GKUI Jike intelligent ecosystem, intelligent voice interaction, online Gaode map navigation system, 4G network +Wi-Fi and so on. Among them, the flagship model is also equipped with HUD head-up display, transparent chassis, APA automatic parking system, mobile phone wireless charging and more functions.

　　Interior space

　　2.0TD engine with Volvo Drive-E series.

　　In terms of power, Geely Xingrui is equipped with a 2.0TD engine of Volvo Drive-E series, with a maximum power of 140kW(190 HP) and a peak torque of 300Nm. The transmission part is matched with a 7-speed dual-clutch gearbox.

A few days ago, the hit TV series "Perfect Companion" starring Edward Zhang and Gao Yuanyuan is coming to an end. In the play, Edward Zhang plays Sun Lei, a family husband who is "the man is the master". With her real acting skills, she shows her devotion and love for her family, and her understanding and tolerance for her partner has won the favor of many viewers. She is called the "human ideal" of women in the new era. The audience and netizens said that Sun Lei’s charm lies in his understanding of respecting women and supporting gender equality. As a "family cook", he realized the hard work of women to take care of the family, so he could accept the family division of labor of "women take care of the family outside and men take care of the family inside". In the latest story, because there are different ideas about the balance between career and family, the relationship between Sun Lei and Chen Shan is broken, and the audience feels sorry for the "mountain bamboo shoots" CP. Every character in the play is not born perfect, Sun Lei also has shortcomings, and there are places in life that are not well cared for, but this imperfection also makes the characters more real, so that imperfect partners have room for common growth.

Edward Zhang Gao Yuanyuan "mountain bamboo shoots CP" be? On the Opening Way of Correct Family Communication

The TV series "Perfect Companion" has been broadcasted all the way up to now, and the finale is about to come. In the drama, Edward Zhang challenges a new role to play the husband Sun Lei, who is a "domestic man". With his real acting skills, he has created an image of a good husband who is considerate to his wife and daughter, knows how to take care of the family, and even is willing to make self-sacrifice and concessions for the woman’s career, and is called "the ideal on earth" by the audience. Many topics such as "Sun Lei gave Chen Shan a sense of security", "Chen Shan’s mode of getting along with Sun Lei" and "Gao Yuanyuan Edward Zhang’s husband and wife’s fitness" have also been on the hot search one after another. Some viewers said: "Sun Lei played by Edward Zhang, especially like a person who will appear in life, can also see the importance of communication between husband and wife through the pursuit of drama. I hope that Sun Lei and Chen Shan’s’ mountain bamboo shoots ‘CP can be rebuilt and usher in a happy ending."

For the balance between family and career faced by the characters in the play, the audience also lamented that the plot in the play really reflected the situation in real life, and frankly said: "There will always be a sacrificial party when husband and wife get along. Although Sun Lei and Chen Shan don’t understand each other’s behavior, after the quarrel, both sides can communicate effectively and empathize with each other, so it is worth learning." Some netizens fully understood Sun Lei’s self-sacrifice in support of his wife’s career: "Sun Lei’s charm lies in his understanding of respecting women and supporting gender equality. As a’ domestic man’, he can personally understand the hard work and difficulty of women in taking care of the family, so he can better understand the family division of labor of’ women outside the house and men inside’. "

Edward Zhang’s "domestic man" who shows the imperfect autonomy of family division of labor in the new era makes the role more real.

In the past, the characters played by Edward Zhang were mostly "outside the home". This time, Sun Lei, the "domestic cook" played in The Perfect Companion, is a typical "inside the home" type. Sun Lei handles all the big and small things at home, so he knows more about women’s efforts and hardships. Under the relationship between husband and wife in the new era, this kind of "domestic man" is actually a new style. For Sun Lei and Chen Shan’s concept of family division of labor, which also made the audience discuss how to divide the labor in marriage, some netizens left a message saying: "The division of labor between women and men in the play is becoming more and more common in today’s real life of equality between men and women. Both the division of labor between women and men is autonomous, and either way is worthy of being recognized.

Some viewers also said that Sun Lei took the initiative to take care of his family and daughter, and making concessions was not a sign of cowardice, but out of love for his family and family. After the divorce, Sun Lei met Bole in his professional field and returned to the right track of his career, which also proved that he can contribute to his family through his career ability. Sun Lei is not perfect, every character in the play is not perfect, and it is these imperfections that make the characters in the play more real and give imperfect couples room to grow up with each other.

1905 movie network news On August 3rd, the first film of Bo Huang’s "HB+U" project, A Rushing West, was launched in Jiangcheng Chongqing. The "HB+U" new director assistance program was initiated by actor Bo Huang, and Hanna Film and Shengwan Culture gave full support. The program aims to provide excellent platforms and resources for outstanding young directors with movie dreams. The film "A Rushing West" was written and directed by Feng Yong Qin, a young director, with the participation of many old players and powerful newcomers. The first concept poster with strong style was also exposed with the boot, which opened the tip of the iceberg for everyone.

　

Focus on the concept of commercial genre films. Posters are full of tension and strong style.　

The film "Rushing West" will create a commercial genre film with strong style, commercial market potential and social reality speculation. Feng Yongqin, the screenwriter and director of this film, graduated from the Central Academy of Drama. His previous works, such as Woodenhead and Soda Soda, have been shortlisted for First Youth Film Exhibition and other related film festivals many times. He is a young new director with great potential. The film starring also assembled a number of acting talents and potential new stars with profound knowledge in the industry, and the lineup should not be underestimated.

The concept poster of the first exposure film "Rushing West" is bold in composition and color, full of impact and impressive. In front of the red background of the poster, fiction and fact stood with a group of characters and a strange animal. The picture was full of potential dangers and inexplicable uneasiness. Careful observation will reveal that this is another reflection in the water, which is difficult to distinguish between true and false. It seems to have no obvious connection with the film title "Rushing West" at first glance, but it is actually a mystery. What is the relationship between the three people in the poster? What story is hidden in the looming "murder weapon"? Why does water go against the current? What is the meaning of "anger"? The intriguing posters make people have a desire to find out.

　

Chongqing, the first film of Bo Huang’s "HB+U" project, continues its "frontier"

In 2016, actor Bo Huang launched the "HB+U" new director assistance program, which is dedicated to selecting new director works with genre film creation potential, helping young filmmakers realize their movie dreams and give back to the film industry. In the past two years, Bo Huang actively participated in it as a promoter, and even served as a judge of "Golden Horse Venture Capital" to find outstanding works with potential. At present, the project has selected a number of works with unique image style and large market space from hundreds of works, and will be launched one after another.

The film "A Stormy Flow to the West" is the first film of the "HB+U" project. As the initiator, Bo Huang has always participated in and helped the early creation and preparation of "A Stormy Flow to the West". Coincidentally, Bo Huang took part in filming in Chongqing in the same year, and this film is one of the supporting projects of Mr. Andy Lau’s "Asian Rising Star Director" program. Twelve years later, the first film of the new director’s plan, which was helped by Bo Huang himself, also started from Chongqing. The unexpected encounter between fate and inheritance made people look forward to this film.

　　[car home Information] Recently, we learned from the official that the new generation (|) of FAW-Volkswagen will be officially listed on July 9. The new generation of Magotan is built on the platform of MQB-B, with new interior design and intelligent driving scheme newly released by DJI. The power will be equipped with 1.5T and 2.0T options.

　　Looking back at the appearance briefly, the new car adopts a brand-new family-style design style, the central Volkswagen brand LOGO can be lit, and there are penetrating light strips on both sides, which is full of science and technology. The large-size diversion groove under the front of the car further enhances the sense of movement. From the side of the car body, the car adopts a new style of two-color large-size wheels. Through taillights are used at the rear of the car, with red reflective strips below, which greatly enhances the layering of the rear of the car. In terms of body size, the length, width and height of the new car are 4990/1854/1487mm and the wheelbase is 2871mm respectively.

　　　The new car is equipped with 15-inch 2K central control large screen +11.6-inch passenger screen +10.25-inch LCD instrument. The car will also be equipped with DJI intelligent driving system, which supports IQ. Pilot intelligent driving assistance, L2+ automatic driving, adaptive cruise, lane keeping, changing lanes by shifting lever and dealing with emergency traffic jams. At the same time, the new car will also adopt Iflytek voice solution, and the dual-tone area of the driver/co-driver will respond, with the recognition accuracy rate exceeding 95%. In addition, the car will also be equipped with Harman Kardon stereo, electric adjustment, ventilation, heating and massage of front and rear seats.

　　In terms of power, the new Magotan is equipped with two power systems, namely a 1.5T turbocharged four-cylinder engine with model D5V, with a maximum power of 160 HP (118kW); And a 2.0T engine with model EA888-DTJ, with maximum power of 220 HP (162kW) and peak torque of 350 Nm; The transmission system is matched with a 7-speed wet dual-clutch gearbox. (Text/car home yaoyu)

1905 movie network news On July 14th, Esther Yu took a group of photos through her personal social account, in which she cut the ultra-short black to unlock the new look. Esther Yu, who has always taken the sweet route with long curly hair or double ponytails and ball heads, suddenly changed her style and triggered a hot discussion among netizens.

In the publicity blockbuster, Esther Yu’s ultra-short hair is matched with glossy shirt and black leather shorts, and all-inclusive smoky makeup is matched with red lips, which makes her temperament change greatly and she is very handsome. Such a changeable Xinzi Xin is so lovable!