Finance is the core of modern economy, and capital market plays an important role in financial operation. How to give full play to the function of the capital market and serve the high-quality development of the economy is an important subject that must be answered well in China’s modernization drive. At present, China has entered a new development stage of building a socialist modern country in an all-round way and marching towards the goal of the second century. We must uphold and strengthen the leadership of the Party, implement the new development concept completely, accurately and comprehensively, strive to build a modern capital market with China characteristics, and promote high-quality economic development.

First, China’s capital market has undergone profound structural changes in the new era.

Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has attached great importance to the capital market work, strengthened centralized and unified leadership over the capital market, made a series of major decision-making arrangements, and clearly proposed to build a standardized, transparent, open, dynamic and resilient capital market through deepening reform. General Secretary of the Supreme Leader profoundly pointed out that it is necessary to put the development of direct financing in an important position and form a multi-level capital market system with complete financing functions, solid basic system, effective market supervision and effective protection of investors’ legitimate rights and interests; It is necessary to take the initiative to prevent and resolve systemic financial risks in a more important position, scientifically prevent, identify, warn, discover and dispose of them early, focus on preventing and resolving risks in key areas, and focus on improving financial security defense lines and risk emergency response mechanisms; Wait a minute. These important expositions have pointed out the direction for the reform and development of the capital market in the new era. Especially since the National Financial Work Conference in 2017, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, China has closely followed the main line of structural reform on the financial supply side, persisted in using reform ideas and methods to break the institutional obstacles of the capital market, resolutely promoted comprehensive and deepening capital market reform, promoted profound structural changes in the capital market, and served economic development to achieve a quantitative and qualitative Shuang Sheng.

Equity bond financing has grown steadily.From 2017 to 2021, the initial public offering (IPO) and refinancing amount totaled 5.2 trillion yuan, and the exchange bond market issued 33.9 trillion yuan. Among them, in 2021, the total amount of IPO and refinancing was about 1.5 trillion yuan, and the total amount of financing in the stock and exchange bond markets exceeded 10 trillion yuan, both hitting record highs.

The market structure is obviously optimized.By the end of June 2022, there were more than 2,200 listed companies in A-share strategic emerging industries, and the market value of high-tech industries such as information technology and biomedicine increased from about 20% at the beginning of 2017 to about 37%. The R&D investment of listed companies accounted for more than half of the national R&D expenditure, and the role of listed companies as the "basic disk" of the real economy and the "leader" of transformation and development was more prominent. The investor structure has gradually improved, and the proportion of domestic professional institutional investors and foreign positions in the circulation market value has increased from 15.8% at the beginning of 2017 to 23.5%.

The multi-level market system has been continuously improved.The pilot registration systems in science and technology innovation board and Growth Enterprise Market have been successfully implemented one after another, greatly enhancing the attractiveness of the capital market to high-quality enterprises. It is a key step to deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and build the main position of service-oriented SMEs. The People’s Republic of China (PRC) Futures and Derivatives Law was reviewed and passed, which effectively filled the blank of "Basic Law" in the field of futures and derivatives. By the end of June, 2022, there were 94 kinds of futures options, which basically covered the main areas of the national economy and people’s livelihood. In the context of the sharp rise in international commodity prices since 2021, the prices and increases of major futures varieties such as thermal coal and iron ore in China were less than the spot and less than those overseas, which contributed to the overall situation of ensuring supply and stabilizing prices.

The function of optimizing resource allocation is further exerted.The adaptability and inclusiveness of the basic system of the capital market have been significantly improved, and the market-oriented incentive and restraint mechanism has been continuously improved. The role of the main channel of capital market mergers and acquisitions has been continuously strengthened. In the past five years, the transaction amount of mergers and acquisitions was about 10 trillion yuan, which stimulated the vitality of market players. The delisting system has been further improved. This year, 42 companies have been forced to withdraw from the market, and the market ecology of orderly advance and retreat and survival of the fittest is accelerating.

High-level institutional opening has been steadily advanced.Coordinate openness and security, and promote the all-round opening of markets, products and institutions. The ratio of foreign shares in the securities fund futures industry has been fully liberalized. Interconnection has been deepened, the institutional arrangements of Shanghai-Shenzhen-Hong Kong Stock Connect have been continuously optimized, transactional open-end funds (ETFs) have been incorporated into the Shanghai-Shenzhen-Hong Kong Stock Connect, and the Shanghai-Luntong mechanism has been extended to Shenzhen Stock Exchange internally and Germany and Switzerland externally. A-shares have been included in internationally renowned indexes and their proportion has been continuously increased, and A-share index futures have been launched in Hong Kong. The net inflow of foreign capital has been maintained for many years, and the international attraction and competitiveness of China’s capital market have been significantly enhanced.

Second, the modern capital market has an important function of serving the high-quality development of the economy.

As China’s economy enters the stage of high-quality development, providing efficient financial support for strategic emerging industries, small and medium-sized enterprises, promoting cross-cycle, cross-industry and cross-group risk dispersion, and meeting people’s growing demand for wealth management have put forward new and higher requirements for the financial system. The capital market has unique and important functions in resource allocation, risk mitigation, policy transmission, expectation management, etc. It is the key to deepening the structural reform of the financial supply side and can play a greater role in high-quality development.

Since 2019, China’s science and technology innovation board and Growth Enterprise Market pilot registration systems have been successfully launched, greatly enhancing the attractiveness of the capital market to high-quality enterprises. The picture shows that on August 24, 2020, at the listing ceremony of the first batch of enterprises in the GEM reform and pilot registration system held in Shenzhen Stock Exchange, listed enterprises received securities registration certificates. Xinhua News Agency reporter Mao Siqian/photo

Stimulate the innovation vitality of market players and help consolidate the micro-foundation of high-quality economic development.Innovation is the first driving force for high-quality development, and cultivating a number of innovative enterprises with core competitiveness is the micro-foundation that high-quality economic development must have. The mechanism of risk sharing and benefit sharing in the capital market can not only provide financing support, but also play an important role in improving corporate governance and encouraging entrepreneurship. From the history of economic and financial development, scientific and technological innovation, property rights protection, market expansion and financial support are all key forces to promote the continuous occurrence of "creative destruction", and the positive role of capital market is becoming increasingly prominent. The development of the stock exchange has further smoothed the circulation of the company’s shares, improved the efficiency of financing and pricing, and provided more convenient conditions for the implementation of innovative mechanisms such as equity incentives. Without the sustained development of the capital market, enterprise innovation and scientific and technological progress could not change with each passing day.

Promote the benign interaction between industry and finance and help smooth the national economic cycle.Economic activity is a dynamic cycle process, and realizing a virtuous cycle of savings and investment is the most basic and important part. All along, China’s savings are mainly converted into investment through credit, and indirect financing is dominant. With the development of industrialization and urbanization in China to a certain stage, there has also been a situation in which overcapacity in traditional industries and insufficient investment in emerging industries coexist. Microscopically, the return on investment of enterprises has declined, while macroscopically, the demand for effective investment has been sluggish. In recent years, China has maintained a reasonable and abundant liquidity, the market interest rate has generally declined, and the growth rate of social financing scale has basically matched the nominal growth rate of GDP. On the whole, however, the problem of China’s lack of capital, especially innovative capital, is more prominent. This structural contradiction is even more prominent when the downward pressure on investment growth in traditional industries increases. The capital market can promote the accumulation of savings in innovative industries by decentralized decision-making and taking risks at its own risk. At the important juncture of current economic restructuring, it is even more necessary to give full play to the role of the capital market, promote the coordinated development of direct financing and indirect financing, guide more savings to gather in emerging industries, simultaneously promote the transformation and upgrading of traditional industries, form a more efficient and high-quality input-output relationship, and realize the dynamic balance of the economy at a high level.

Help improve macroeconomic governance and promote the smooth operation of the economy.The shift period of economic growth is also a period of high incidence of financial risks, and maintaining macroeconomic stability is a necessary prerequisite for successfully turning to high-quality development. The experience of some economies shows that high leverage is an important source of systemic risks. After the economic growth rate declines, financial risks, especially debt risks, are exposed at an accelerated pace, and the economy will experience a difficult process of passive deleveraging. At present, China’s macro leverage ratio is relatively high. By expanding the scale of equity financing and enriching risk management tools, the capital market can alleviate the high leverage risk and smooth the transmission of monetary policy, which is of great practical significance to improving the stability of economic operation.

Promote the fruits of economic development to benefit the people more and help achieve shared development.To take the road of high-quality development, we must adhere to the people-centered development thought. Capital market is an important channel for residents to increase their property income and meet the growing demand for wealth management, and it is also an important support for improving the multi-level and multi-pillar endowment insurance system. In recent years, the CSRC has made great efforts to deepen the reform of the investment side, strengthen all kinds of medium-and long-term investment forces, promote the introduction of Public Offering of Fund policy for personal pension investment, vigorously advocate professional investment, value investment and long-term investment, and guide listed companies to enhance their returns to investors through cash dividends and share repurchase. At the same time, we will continue to optimize the ecology of the capital market, crack down on securities violations with "zero tolerance", promote the litigation system for special representatives of securities disputes, and better protect the legitimate rights and interests of investors, especially small and medium-sized investors. From 2017 to 2021, the cash dividends of listed companies in China exceeded 6 trillion yuan; The annualized rate of return of partial stock funds is 11.7%, and Public Offering of Fund is entrusted to manage all kinds of pensions over 4 trillion yuan, which has created a good return. In the next step of deepening the capital market reform, it is still necessary to further enhance the value creation ability of listed companies, enhance the professional ability of industry institutions, and realize the benign mutual promotion of the development of the real economy, the improvement of the quality of listed companies and the growth of investors’ returns.

Third, firmly grasp the correct direction of building a modern capital market with China characteristics

After more than 30 years of reform and development, especially since the 18th CPC National Congress, China’s capital market has entered a new stage of building a modern capital market with China characteristics. We should implement the new development concept completely, accurately and comprehensively, constantly deepen our understanding and practical grasp of the laws of modern capital markets, and strive to build a standardized, transparent, open, dynamic and resilient capital market.

Adhere to the party’s overall leadership over the capital market work and ensure that the development direction is always correct.The leadership of the Party is the most essential feature of Socialism with Chinese characteristics and the fundamental guarantee for building a modern capital market with China characteristics. We must firmly grasp the correct political direction, faithfully implement the spirit of the important instructions of the Supreme Leader General Secretary and the decision-making arrangements of the CPC Central Committee, better combine the political and organizational advantages of the party’s leadership with the general laws of the development of the capital market, adhere to the people’s position of capital market supervision, and truly embody the persistence and strengthening of the party’s leadership in serving the real economy, preventing and controlling financial risks, and deepening financial reform, and effectively promote the high-level cycle of science and technology, capital and industry. Accelerate the formation of an atmosphere in which the CSRC system comprehensively and strictly manages the party, adhere to the strict main tone, promote the whole process of supervision and control over the operation of public power, strengthen the supervision of industry integrity, and create a clean and upright capital market ecology.

The capital market has unique and important functions in resource allocation, risk mitigation, policy transmission and expected management, and can play a greater role in high-quality development. On November 15, 2021, the Beijing Stock Exchange ushered in the opening of the market, and the ability of the capital market to serve the innovation and development of small and medium-sized enterprises was further improved. The picture shows the logo display wall of 81 enterprises listed in the first batch of Beijing Stock Exchange. Xinhua News Agency reporter Li Xin/photo

Insist on seeking truth from facts and firmly take the road of developing China’s characteristic capital market.After hundreds of years of development, the capital markets in western countries have formed some relatively mature experiences, and we should actively learn from them with an open and pragmatic attitude. At the same time, we should also see that China is building a capital market under the conditions of a socialist market economy. The development orientation, functions and responsibilities of the market must be adapted to the basic socialist system, and we must fully consider the current market foundation, investor structure and legal integrity environment in China. In recent years, the CSRC has adhered to the three principles of respecting the basic connotation of the registration system, learning from international best practices, and embodying the characteristics of China and its development stage, and successively promoted the pilot registration systems of science and technology innovation board, Growth Enterprise Market and Beijing Stock Exchange. While adhering to international common practices such as focusing on information disclosure, strengthening the responsibility of intermediary agencies, and promoting market-oriented pricing, it has made a series of distinctive institutional arrangements in the aspects of primary and secondary market balance, misplaced development of sectors, and investor protection. We should always persist in seeking truth from facts, boldly explore and carefully verify, take the reform of registration system as an opportunity, continue to deepen the reform of capital market in an all-round way, and strive to embark on a road of capital market development in line with China’s national conditions.

Adhere to marketization and rule of law, and create a stable, transparent and predictable development environment.The capital market is extremely demanding. We must adhere to the principle of "building a system, non-intervention, and zero tolerance", respect the laws of the market, abide by the spirit of contract, further promote the "streamline administration, delegate power, strengthen regulation and improve services" reform, give full play to the decisive role of the market in resource allocation, and better play the role of the government. In particular, we should correctly understand and grasp the characteristics and behavior laws of capital and guide the healthy development of capital norms. On the one hand, we should grasp the political and people-oriented nature of capital market supervision, guard the entrance, establish and improve the system and mechanism to prevent the disorderly expansion of capital with relevant parties, and maintain a fair market environment. On the other hand, to strengthen the coordination between securities supervision and industry supervision, we should not only shine a "red light" but also set a "green light", implement the "two unwavering", promote the common development of diversified ownership economies, protect property rights and intellectual property rights according to law, stimulate entrepreneurship and market innovation to create vitality, and better guide capital to serve the socialist market economy.

Adhere to the concept of system, and strive to build a new pattern of governance in which all parties build, govern and share.The capital market is an ecosystem with complex mechanism. Only by coordinating the relationship between the present and the long-term, the overall situation and the local situation, and constantly strengthening its own functions through reforming and perfecting the system, optimizing the structure and improving the ecology, can we better serve the real economy in a way of "moistening things quietly". This requires firmly establishing the overall concept, not only doing well the capital market’s own affairs, but also actively strengthening coordination with fiscal, taxation, monetary and industrial policies, giving full play to the enthusiasm of the central and local governments, and enhancing joint efforts in promoting medium and long-term capital to enter the market, improving the quality of listed companies, expanding the high-level opening up to the outside world, and cracking down on securities violations, so as to jointly create a good market ecology.

Adhere to the overall planning of reform, development and stability, and promote the stability of the capital market.The stable operation of the capital market is the basis for maintaining its normal function, and it is also the basic prerequisite for promoting reform and better serving the real economy. It is a law that the stock market goes up and down. The government should not and should not intervene in normal fluctuations and cannot spend money to buy indexes. However, non-intervention is not laissez-faire. We must always adhere to the bottom line thinking and resolutely prevent abnormal fluctuations caused by "market failure". This requires keeping the bottom line of risk and grasping the degree. At the same time, we must also realize that the stability of the capital market is not maintained, but changed. We must maintain our strength, persist in stimulating market vitality through reform, and enhance the endogenous motivation of market resilience and high-quality development.

Fourth, continuously improve the ability of the capital market to serve the high-quality development of the economy in the process of comprehensively deepening reforms.

At present, the great changes in the world that have not happened in a hundred years have accelerated their evolution, and the characteristics of changes in the world, times and history are more obvious. At the same time, China’s development is still in an important period of strategic opportunities, and the development of China’s capital market is still in an important period of great potential. We must adhere to the general tone of striving for progress through stability, resolutely implement the requirements of "preventing the epidemic, stabilizing the economy, and ensuring safe development", put risk prevention, steady growth, and promoting reform in a more prominent position, actively strengthen policy coordination with relevant departments, increase financial support for epidemic prevention and control and economic recovery and development, and strive to achieve market stability, policy stability, and expected stability.

Maintain the smooth operation of the market and strengthen the market function.The capital market is a "barometer" of the national economy, which reflects expectations and reflects confidence. Under the complicated and severe situation, it is of special significance to maintain the stable and healthy development of the capital market. Since the beginning of this year, due to the superposition of factors such as the Ukrainian crisis and repeated domestic epidemics, the market has experienced great fluctuations. Under the strong leadership of the CPC Central Committee, all parties concerned have made joint efforts, and the market has gradually stabilized and is expected to improve significantly. The CSRC will continue to take maintaining the smooth operation of the market as its top priority, strengthen macro-judgment, continue to exert efforts around stabilizing expectations, listed companies, funds and market behavior, strengthen the monitoring and analysis of marginal changes such as market capital flow, investor behavior and performance of listed companies, improve the endogenous stability mechanism of the capital market, and improve the risk response plan in extreme cases. At the same time, actively strengthen communication and coordination with macroeconomic management departments and industry authorities, maintain the stability and consistency of policy expectations, help effectively resolve the risks of real estate enterprises, promote the healthy development of platform economy norms, and strive to promote market stability and economic stability with expectations.

Fully implement the stock issuance and registration system to promote the optimal allocation of resources.The registration system is a "bull’s nose" project to comprehensively deepen the reform of the capital market, a key measure to develop direct financing, especially equity financing, and a major reform to improve the market-oriented allocation system and mechanism of factors. The 14th Five-Year Plan, the Central Economic Work Conference in 2021 and this year’s "Government Work Report" all made clear arrangements for the full implementation of stock issuance registration. Generally speaking, after nearly three years of pilot exploration, the registration system structure with information disclosure as the core has withstood the market test initially, the supporting system and the supply of the rule of law have been continuously improved, and the conditions for fully implementing the stock issuance registration system have basically been met. In the next step, the CSRC will firmly grasp the correct direction of reform, scientifically grasp the issues such as the audit and registration mechanism, the positioning of various sectors, and guide the healthy development of capital norms, and make preparations for rules, business and technology with "embroidery" to ensure the smooth landing of this major reform. At the same time, accelerate the reform of intermediary and investment, improve the judicial system and mechanism of securities law enforcement and the investor protection system, promote the innovation of key systems, and create a good institutional and ecological environment for the healthy development of the capital market.

Improve the multi-level capital market system and help stabilize the macro-economic market.Focus on macro-stabilizing leverage and micro-increasing vitality, further enhance the coverage and inclusiveness of capital market services, and better meet the differentiated development needs of enterprises of different types and stages. Grasp the key of supporting innovation, stick to science and technology innovation board’s "hard technology" positioning, speed up the improvement of the evaluation criteria for growth-oriented innovative start-up enterprises on the Growth Enterprise Market, highlight the blue-chip characteristics of the main board, strengthen the positioning of innovative small and medium-sized enterprises served by the North Exchange, and strive to form a pattern of dislocation development and moderate competition in various market sectors. Give full play to the role of "leading" and "feedback" of the North Stock Exchange, make overall plans to promote institutional innovation at the basic and innovative levels of the New Third Board, steadily expand the pilot scope of regional equity market innovation, improve the market interconnection mechanism at all levels, improve the basic system that is more suitable for the characteristics of SMEs, and create the main position of service-oriented innovative SMEs. Give full play to the strategic and basic role of private equity and venture capital funds in supporting innovation, further improve regulatory transparency and service efficiency, and smooth all links of fundraising, investment, management and withdrawal. The exchange bond market is an important part of the multi-level capital market system. By the end of June 2022, the size of this market in China had exceeded 19 trillion yuan, accounting for about 14% of the total domestic bond market, of which non-financial corporate bonds accounted for 43%. The CSRC will further improve the bond financing support mechanism for private enterprises, and strive to improve the availability and convenience of bond financing for private economy and small and medium-sized enterprises; Further promote the expansion of real estate investment trust funds in infrastructure and broaden the scope of pilot projects.Pay close attention to promoting the landing of affordable rental housing and private enterprise pilot projects, and help accelerate the formation of a virtuous circle of existing assets and new investment; Together with relevant parties, we will deepen the interconnection of the infrastructure of the bond market, improve the market-based legal bond default disposal mechanism, and accelerate the construction of a sound, orderly, transparent and open bond market system. At the same time, we will further improve the variety system of the futures market, promote more entities to participate in the futures market, and strengthen the joint supervision of futures and cash, so as to better help the overall situation of ensuring supply and stabilizing prices.

China Securities Regulatory Commission has continuously strengthened pragmatic cooperation between the mainland and Hong Kong markets and supported Hong Kong in consolidating its position as an international financial center. On October 18th, 2021, morgan stanley capital international (MSCI) China A50 Interconnection (USD) Index Futures was officially listed and traded on the Hong Kong Stock Exchange. The picture shows the advertisement of MSCI China A50 interconnection (USD) index futures on the big screen of Hong Kong Exchange Square. China News Service reporter Zhang Wei/photo

Improve the quality of listed companies and give full play to the "barometer" function of the capital market.Listed companies are an important micro-foundation for high-quality economic development. In recent years, the CSRC has thoroughly implemented the Opinions of the State Council on Further Improving the Quality of Listed Companies and the Implementation Plan for Improving the Delisting Mechanism of Listed Companies, which was deliberated and adopted by the Central Committee for Deep Reform, to promote the steady improvement of the quality of listed companies. The CSRC will continue to take improving the quality of listed companies as an important part of comprehensively deepening the reform of the capital market, insist on paying equal attention to good entrance clearance and smooth multiple exit channels, and insist on focusing on the two-wheel drive of information disclosure and corporate governance, further resolve outstanding problems such as false information disclosure and illegal occupation of guarantees by major shareholders, and guide listed companies to standardize governance, focus on their main businesses, and become better and stronger. At the same time, give full play to the role of the main channel of capital market mergers and acquisitions, support industry-leading listed companies to promote the coordinated development of small and medium-sized enterprises, and promote the integration of industrial chain supply chain and economic transformation and upgrading.

Coordinate openness and security, and expand high-level two-way opening.China’s capital market has grown in the process of opening up, and it will certainly grow in the process of further opening up. Facing the complicated international environment, the CSRC will resolutely implement the decision-making and deployment of the CPC Central Committee, make overall plans for opening up and security, and unswervingly promote the all-round institutional opening of markets, institutions and products. Accelerate the implementation of the overseas listing filing system for enterprises, keep the overseas listing channels open, support all kinds of enterprises to go overseas for listing according to laws and regulations, and make good use of the two markets and resources. We will continue to strengthen the construction of regulatory capacity under the conditions of opening up, and further improve the monitoring and supervision mechanism and risk response plan for cross-border funds. At the same time, strengthen pragmatic cooperation with the Hong Kong market, deepen the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism, further promote the Hong Kong market’s ability to undertake the listing of domestic enterprises, support Hong Kong to consolidate its position as an international financial center, and promote the coordinated development of the two markets.

(The author is Party Secretary and Chairman of China Securities Regulatory Commission)

1, 460 shared version listed.

A few days ago, we learned from Changan New Energy Officer that its Changan Yidong EV460 has added a shared model, and the price of the new car is 139,900 yuan. Its cruising range is consistent with the current model, and the cruising range of NEDC under comprehensive working conditions is 405km.

In terms of power, it uses a 100kW driving motor and a ternary lithium battery with a capacity of 52.56kWh.

2. It will be officially listed in May.

A few days ago, it was learned from the automobile official that its brand-new compact pure electric car iC5 will go on sale in May, and the pre-sale has been started at present, with the pre-sale price of 155,000-180,000 yuan. NEDC has a comprehensive cruising range of 530km.

Jianghuai iC5 adopts a 142kW driving motor with a capacity of 64.5kWh ternary lithium battery pack, with a maximum power of 204Ps and a peak torque of 340 N m.. The 0-100km/h acceleration time is 7.6s, and the NEDC battery life can reach 530km. (Source: First Electric)

3. It will be officially listed on May 11th.

A few days ago, Aika Automobile learned through official channels that the zero-run T03 will be officially listed on May 11th. The new car is the first product of the T platform, and will be equipped with the Heracles electric drive assembly independently developed. The maximum power is 55kW(75Ps), the maximum torque is 155Nm, and the official data of 0-50km/h acceleration is 5s. At the same time, using high-performance lithium battery, the energy density of PACK is as high as 171Wh/kg, and the battery life of NEDC reaches 403km under comprehensive working conditions. (Source: Aika Automobile)

4, the new E-class street real shot

Recently, Mercedes-Benz’s new E-Class appeared on a street in overseas markets. The car will be launched in overseas markets in the second quarter of this year, and the time to enter China is expected to be in the second half of this year. Looking at the appearance, this real-shot model includes a standard version and a large standard version. The former is equipped with a banner grille, and the chrome trim of the front bumper covers a wider area. The car side uses double five-spoke wheels, and the overall design is luxurious, but the younger style is still outstanding. If you want to see the big logo in sports, there are two raised lines above the hood, which shows the sense of strength. The double banner grille also conforms to the identity of the sports version. The car side is equipped with five-spoke wheels, which are consistent with the current style. The blackened style light group also highlights the younger positioning of the E-class. Like the family’s latest iconic "7" light strip, the two versions share elements.

Large and medium-sized cars such as Mercedes-Benz E-Class, Audi A6 and BMW 5 Series will inevitably be more conservative in styling design, and at the same time, it will also bind its user groups to the older age groups, and consumers with lighter grades will feel out of place when driving it. However, the younger style of the new E-class is in sharp contrast with the current models, and it is no exaggeration to say that there is no sense of disobedience when driving it after 80 s and 90 s! (Source: Online Auto Market)

5. Software update

It is reported that Tesla has updated the software of the Model S Performance version, and the acceleration time of the car of 0-96km/h will be realized within 2.3s. But so far, Tesla has not explained this update, nor has it revealed too much the specific reasons for the shortened acceleration time of the car.

Some people speculate that the shortening of acceleration time is related to Tesla’s "Cheetah Stance”Launch Mode. The latest adaptive air suspension and attitude can increase traction, and the acceleration of the car is indeed improved during the test. (Source: First Electric)

6. The new Mercedes-Maibakh S-class spy photos are exposed.

Recently, overseas media released a new set of S-class test spy photos of Mercedes-Maibakh. In terms of power, the new car will replace the V12 with a combination of V8 engine and 48V motor, and a plug-in hybrid version will be introduced. The new Maibakh S-Class is expected to be officially released in 2021.

Mercedes plans to use EQ Boost light mixing system to provide a new car with a 4.0L V8 twin-turbo engine and a 48V motor system, and it is also expected to introduce a combination of a 3.0L inline six-cylinder turbocharged engine and a plug-in hybrid system. The V12 engine used in the current model will probably no longer be used. (Source: First Electric)

7. Lucid’s first electric car Air extreme cold test exposure

With the cancellation of new york Auto Show in April, 2020, the production version of Lucid’s first model, Air, which was originally scheduled to be launched in the world was forced to be postponed. Now the Javits Convention and Exhibition Center, where the auto show was held, was changed to a temporary hospital to contribute to new york’s fight against novel coronavirus. On the other hand, Lucid is also preparing for the final mass production of Air. Recently, it released a video of the extreme cold test of a new car in northern Minnesota.

As we all know, every car needs to be tested for extreme cold in winter before it is put on the market, so Lucid brought Air to the north of Minnesota a few months ago, where the temperature is as low as -33℃. In the past winter of 2019, Lucid had two Air prototypes (Beta 4 and Beta 5) that challenged four different types of bad road conditions: circular track, ice, snow and control track. (Source: Sina Auto)

8, Opel Mokka electric version of the road test spy photos exposure

For the brand Opel, I believe many small partners are unfamiliar. As it withdrew from the domestic market and joined the PSA Group, it made a profit. A few days ago, overseas media exposed a group of Opel Mokka electric models.

Judging from the spy photos exposed, the overall design originated from the GT X concept car launched in 2018. As a brand-new small crossover vehicle, it adopts a sharper design appearance and is built on the CMP platform. It is reported that the new car will be officially released at the end of 2020 and will be put on the market in early 2021. (Source: First Electric)

9, BYD Hanshi car exposure

A few days ago, BYD Han’s test drive was officially exposed. Although there is still a certain gap compared with the concept car, it has also achieved the design benchmark as a flagship model.

This BYD Han designed by former design director Iger has quite an Audi charm, especially the dragon-shaped front face design style, texture and sense of science and technology coexist. The design style of the old Audi A6L front net and the headlight design style have been transplanted to some extent. It can be seen that even if this design language appears on BYD Han, it can also bring better visual effects.

As for the tail styling design, the sense of technology and design brought by the LED taillights is enough to bring better visual impact. Compared with the previous models, the design has been further improved. (Source: Gossip on the rims)

10. New Bronco interior spy photos

A few days ago, we learned a set of spy photos of the interior of the new Ford Bronco from relevant channels. The interior of the new Ford Bronco adopts a black overall color scheme, and is also equipped with a knob shift mechanism and a full LCD instrument panel. The new Ford Bronco is designed in a tough style, positioned as a hard-core off-road vehicle, and will be equipped with a power combination of 2.3T engine and +10AT. It is understood that the new car will be released next spring.

The new car will be equipped with a 2.3T gasoline engine of the same model as Ranger pickup truck, with a maximum power of 201kW(274Ps) and a maximum torque of 420Nm, and the transmission system will be matched with a 10-speed automatic. In addition, the new car is expected to match the 7-speed manual transmission. The new car will share the platform and some technologies with the new Ford Ranger, and some of the chassis transmission technologies are developed in cooperation with Dana Company of the United States. (Source: Aika Automobile)

11、PURA Vision S

Recently, according to foreign media reports, the Pininfarina PURA Vision SUV will be launched in 2022. Pura Vision will adopt a four-door five-seat design, and the real car shape is closer to the hunting version. It is expected that competitors will lock Urus and DBX after the new car goes on the market.

According to Luca Borgogno, the design director of Pininfarina, the Pura Vision model was inspired by Italy’s top yachts, trying to bridge the gap between Lamborghini Urus and Panamera Sport Turismo, and the interior of the car will be fully customized.

At the same time, the Pura Vision production model will be equipped with 24-inch wheels, and the power will be driven by four wheel motors. The maximum output power can reach 1014 horsepower, the acceleration time from 0 to 96 km/h is less than 3 seconds, the maximum speed can reach 290km/h, and the maximum cruising range is 550km. The price of the new car is expected to be around 250,000 pounds (about 2.24 million yuan). (Source: First Electric)

12. Mercedes -AMG One will be released in 2020.

As the technical flagship of Mercedes-Benz road car, Mercedes -AMG One will be officially released at the end of 2020. Six-time world champion Louis Hamilton has taken the lead in experiencing this road supercar closest to Formula One racing. It is reported that the new car will be assembled in the Mercedes -AMG high-performance powertrain factory in Worth, Briks, UK, with a starting price of 2.4 million pounds (about 20.932 million RMB). The competitors are locked in LaFerrari and the upcoming Valkyrie in aston martin.

Mercedes -AMG One is equipped with a plug-in hybrid powertrain consisting of a 1.6-liter turbocharged V6 engine and four electric motors, with a maximum output of 986 horsepower. This V6 engine has won the title of driver and F1 champion for Mercedes team for six consecutive times since 2014. On Mercedes -AMG One, the speed of red line is 11,000 rpm, which is lower than the speed of racing car (the upper limit is 15,000 rpm, but it rarely exceeds 13,000 rpm). (Source: Sina Auto)

13. Brand-new E-Pace reloading PTA platform

Under the global wave of car electrification, Jaguar’s entry-level SUV model E-Pace ushered in a major upgrade only two years after its release. The new Jaguar E-Pace will be equipped with a fully upgraded PTA platform, providing a mild hybrid and plug-in hybrid powertrain for the first time. Although the appearance change is relatively small, the in-car technology will take a big step forward and is expected to be officially released by the end of 2020.

The biggest change of the new Jaguar E-Pace will be the replacement of Jaguar Land Rover’s PTA (Premium Transverse Architecture), just like the discovery of Miracle. PTA architecture is a comprehensive upgraded version of the previous D8 architecture, and the same platform is also built with Discovery Divine and evoque, so that E-Pace can be equipped with electric powertrain. (Source: Sina Auto)

14. OceanForce-E hard-core electric SUV will be launched soon.

Earlier this month, Fisker revealed the hard-core version of the upcoming Ocean SUV. At present, Tesla has no plans to build a pure electric hard-core SUV, and the hard-core electric SUV will be a broad market. Fisker is working hard for this and will launch the Fisker Ocean Force-E off-road kit version based on the Fisker Ocean standard version. In the future, it will be sold to the team as a rescue vehicle, and even a military version of the electric SUV will be launched.

The appearance of Fisker Ocean Force-E looks very hard. It is hard to imagine that it is a pure electric off-road vehicle. The off-road kit added includes suspension upgrade, off-road vehicle wheels and wheels, headlights attached to the lower bumper, headlight protection bar, front trailer hook, roof rack with integrated lighting, full-size spare tire, lower front protective pedal and more durable interior. There is even a big drinking water tank with a faucet in it. Fisker did not disclose the details of the interior. (Source: Auto Expo)

15. Red Flag HS5 will push the hybrid version.

Hongqi HS5 is its best-selling SUV model, which is currently equipped with 2.0T+6AT fuel power. Recently, the online auto market learned that Hongqi HS5 will add a 48V light-mixed vehicle with a 2.0T engine to match the AT gearbox. The new car is expected to be officially put on the market during the year. In the medium-sized SUV market, there are not many models equipped with 48V light hybrid, and only evoque and Range Rover Sport are well known.

Judging from the matching of powertrain, Hongqi HS5 48V light hybrid is still expected to be equipped with the 2.0T engine of the current model, which belongs to the developed 2.0T low-power version, with a maximum power of 165kW and a peak torque of 340N.m. This engine adopts 10 core technologies, such as high compression ratio+Miller cycle combustion, 350bar precise fuel injection, full MAP precise intelligent thermal management technology, two-stage variable displacement oil pump, and electronically controlled high-response double-channel supercharger, and its thermal efficiency reaches 39%. (Source: Online Auto Market)

16. Tesla is considering adding the baby mode function.

Following the addition of Joe Mode in the V10 update in autumn of 2019, a new function-Baby Mode is likely to be added in future software updates, which can make the interior environment quieter. ·(Elon Musk, CEO of Tesla, recently confirmed on Twitter that Tesla is considering adding Baby Mode to the existing Joe Mode. (Source: Sina Auto)

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