Set micro-grid launch micro-channel IC WeChat public number: 'Daily IC', real-time release of major news, every day IC, every day micro-grid, micro-micro!
1. plunge, cut a single, price increases, out of stock coexistence: mobile phone supply chain fantasy 2017, and confused 2018;
Set microblogging / Xu Lun
Plunge, cut a single, price increases, out of stock!
May I ask who can link these four extreme and opposite words with the 2017 mobile phone market in early 2017? Looking back at the end of the year, it is precisely these four words that accurately represent the 2017 China smart phone industry chain The real situation.
Rejoicing, hope, sadness, confusion!
Corresponding to the above group of words has also become the most expression of this year's mobile phone industry chain participants mood .Modern reality 2017 staged a blockbuster, industry chain with 'tweak, Biequ, unobstructed' summed up the words 2017 year.
Mobile concept stocks: bull market glory, plunged by the end of the year
'Quickly recommend me to a cell phone concept right?' In October before more than one person private letter author.Also really in the middle of the year, the number of cell phone concept constantly rising in the circle of friends out in the beginning of the year, which also hook Played a lot of friends want to take advantage of the profits made chain profits.
In 2017 anxious stock market environment, the entire mobile phone supply chain related stocks entered the bull market in the first half of this year! At the beginning of this year, the entire industry almost reached a consensus that this year's mobile phone key words will focus on 'double photo', 'full screen' Ceramic "and so on. With highly consistent market expectations and quick actions by handset manufacturers, it has attracted huge sums of money from suppliers in the supply chain by upgrading their production lines, mergers and acquisitions, and fixed assets. The capital market has also started to push forward the listing of real money The share price of the company hit a new wave after wave.
Taking this year's typical mobile phone supply chain Sunny Optical, for example, the first day of trading on January 3, 2017, the lowest point of 32.96 Hong Kong dollars / share, which is also the lowest point of this year, followed by Sunny Optical opened a Wave of bull market, continuous non-reversal soared all the way up to hit a new high of 152.6 Hong Kong dollars / share this year until November 14. Rough calculations rose up 4.6 times compared with the beginning of this year. Sunny optical this round of rise, with this year's double Photo, four shots directly related to the outbreak (below: Sunny Optical 2017 price movements)
The company is located in:
In addition to Sunny Optical, Hong Kong stocks in the mobile phone giant BYD Electronics also opened a boom, from the beginning of the low of 5.5 Hong Kong dollars / per share, to October 13 hit a 26.45 Hong Kong dollar / share, up 4.8 times . A shares, the same optical leader Ophelia shares doubled, the screen leader BOE also out of the super-industry, the highest stock price nearly doubled, the market value hit a record of more than 200 billion. (Figure: BOE A 2017 stock price trend)
The company is located in:
More mobile phone industry chain companies to speed up the layout, such as the continuous increase of Sanhuan Group ceramic components, Ophelia renamed Optoma Technology, Sony Guangzhou plant ready to make a big move, BOE also accelerated the Chengdu OLED production line, recently announced the 6th generation flexible AMOLED production line Advance production.
Thriving, but hidden crisis.On December 14, the reduction of Orfefe technology institutions, shares heavy volume plummeted intraday limit, the closing was still down 7.31% .Market rumors and a cell phone manufacturers .But in the industry view The fall of Orfei technology is by no means accidental, nor is it a reason for a company, but into the October after the decline of the overall mobile phone market environment, the situation, and even the collective industry recently fell into an extremely pessimistic mood.
From December to see, the concept of mobile phone stocks to Opfik Technology, BlueScope, BYD, Sunny Optical, Qiu Titanium Technology, Legislative News precision, 科森 technology, Desay Battery and other share prices have been declining. Hill titanium technology 3 months stock price was cut)
In particular, Hong Kong stocks, Sunny, BYD Electronics and other big Niudu this year, in fact, as early as the high point in October, opened the plunge mode .2 months, BYD Electronics fell more than 40%, Sunny Optical Over 30%. The Hill titanium technology from September to now, but also been cut.
What happened to the market? Many investors are asking.
Mobile phone manufacturers: cut a single record and co-exist
Stocks are a barometer of changes in the market, nothing wrong with the stock supply chain crash is actually reflected in their downstream customers - mobile phone manufacturers and markets out of the question.
This year, the second half of the full screen actually did not detonate the market as expected, while the sensitivity of Hong Kong stocks higher, as early as October began to be reflected .According to the author, the industry rumor, earlier there are investment agencies start Write a report, short cell phone concept stocks.That is, only this week the media will be published within the relevant internal information.
December 15, set micro-net release cut a single message in the circle of friends crazy specific content to see: Apple recently cut chip in the A11 processor TSMC orders, the first quarter of next year, A11 of the first quarter than the amount of investment Less 30%, and expects the iPhone 8 shipments in the season may be substantially reduced by half, while Huawei, OPPO, vivo, etc., the recent order to adjust the scale of the downward adjustment, and some manufacturers shrink the order of about 10%.
In addition to the major manufacturers, the entire market is also in a state of decline.Recently from the Ministry of Industry data show that in addition to the year-on-year increase in February, the rest of the months are down compared to the same period in 2016. Especially in November, the domestic mobile phone compared with the same period last year Down 20.7%, the decline almost reached the lowest point of the year .In foreign brands, in November, the domestic mobile phone brand shipments of 37,245,000, down 19.2%, accounting for 86.1% of domestic shipments over the same period, Overseas mobile phone brand shipments of 6,006,000, down more reached 28.6%.
MIIT November data exacerbated the market's pessimistic mood.However, when we look at another point of view, the 2017 full-year data, analysis and forecast 'Wal-Mart OV' sales volume of the four major manufacturers will continue to record highs, but an increase over the previous year Not big.
Among them, the most proud of the millet was millet dropped into the bottom last year, a strong rise this year after millet technology co-founder Lei Jun said proudly, 'We are the only one in the mobile phone business downhill, but also to achieve More interesting is that Lei Jun had also vowed to announce that it will no longer be announced sales, but the third quarter of this year, data, including executives including Lei Jun repeatedly mentioned.
Look at Huawei, this year they are refreshing the sales volume is a high probability event.Li Jun, Huawei Consumer Business CEO Yu Chengdong also encountered an embarrassing, in the Huawei mate 10 conference, he expected the third quarter of this year Huawei's shipments Beyond Apple to become the world's second-largest maker of smartphones.However, the subsequent major data report shows that Apple still surpassed Huawei in the third quarter.However, insiders said Huawei sales exceed Apple is a matter of time.
While the OPPO and vivo chopping the supply chain is very worried, but the analysis shows that this year the OPPO is still about 10% growth over last year, sales or future will reach about 110 million, while the vivo data will be better than last year.
Overall, sales of major brands of mobile phone manufacturers did not decline, but everyone on the 'full screen' market expectations are too high lead to too many orders.
2017 prices and out of stock harassment, 2018 into the structural market
The article mentioned at the beginning of a manufacturer, '2017 is tweaked, Biequ, unobstructed year'. In fact, mainly in the Chinese mobile phone market environment are anxious situation, the entire industry is facing raw material prices And out of stock tide.
In fact, this round of price hikes and out of stock tide started from mid-2016. The main control chip, screen, memory and other stock prices coexist with the price of raw materials, mobile phone components also rose simultaneously, and even the last few Month, with passive components MLCC, tantalum capacitors, aluminum electrolytic capacitors, etc. are price increases or out of stock.
According to a report released by IC Insights in October this year, DRAM rose an astonishing 111% in the past year and it is estimated that before the end of the year, DRAM is expected to show up to 40% Of the increase in memory prices also helped Samsung Electronics market value hit a new high, domestic mobile phone manufacturers complained to become Samsung wage earners.
Previously, Li-Rong Liu, chairman of Jinli, said supply-chain components this year, the price increases are unprecedented, the machine manufacturers have also formed a tremendous pressure, especially memory prices in the past few quarters of memory has always been in the price increases, However, it seems that the fourth quarter than the third quarter prices have risen 15% to 20%!
A recent surge case is the recent MLCC price surge, a manufacturer responsible person told the media, 'from the second half of last year, the company MLCC experienced three rounds of price increases, or about 25% -30%. Some capacitors, the original selling 3 dollars, and now may sell 20 dollars, or even turn 10 times also have a lot of high-end capacitance turn 30 times the price can not get the goods.
For this rate of price increases and speed, big brands can resist, specializing in low-end small manufacturers may be a fatal blow.After the mobile phone manufacturers and owners talked about the price increases, the excitement is open scolded: 'Often times, all the bad stuff in TMD that roasted seeds and nuts is fucking behind!'
However, some analysts told the author that as the production capacity continues to be released, the overall situation will be eased next year.In addition, the recent chopping down will also restrain the speculators and he also predicts that it is unlikely that the major manufacturers will cut off the core components and parts because Including high-end memory, screens and other devices will remain scarce resources for the next year.It is expected that the entire market may have a structural price increase or out of stock.
Confused 2018 three predictions staged war of wars, overseas breakout, AI will not lead to large-scale replacement
Pessimistic mood next year The end of 2017, the market seemed confused in 2018. There is the view that to undertake the 2016 machine tide, is expected to 2018 smart phone market will be the first to be followed by the next trend of the next I also do next year, three A point of view of judgment:
First, the mobile phone market in China will be staged in 2018, with 5-10 crises
The above analysis also shows that despite the end of 2017 including Apple, Huawei, OPPO, vivo, etc. have cut the phenomenon, but this year sales will still record high. No doubt, what second and third line brand has become a victim, and music, cool collapsed suddenly The case may also be re-staged next year.
There are two phenomena that deserve our attention: one is to extend the renewal cycle and the other is to further increase the concentration of mobile phones.
October 18 this year, Lei Jun microblogging share international research agency Counterpoint report, said consumers worldwide will be an average of 21 months for a cell phone replacement cycle of Chinese people for an average of 22 months, replacement frequency lower than Average.
The company is located in:
In addition, according to the latest data from Kantar Worldpanel, a market research firm recently, Huawei, Xiaomi, Apple, vivo and OPPO China accounted for 91% of the total market share of the top five handset manufacturers by the end of October, up from 79% last year, which means Leading them to ZTE, Meizu and Lenovo and other companies are still further expanding their advantages, these companies are trying to find a foothold in the domestic market.
Smartphone war hit today, the damn little brand has actually died several rounds, leaving either have their own survival siege, or sales have been small to negligible.In this stock market game, the top five Chinese brands Mobile phone manufacturers to find a larger increase, only to continue to eliminate the second and third line brands.
In fact, millet this year, contrarian growth in large part because of this 'you die and win' results.Industry analysts believe that the 'music as the system' this year's collapse will market neutral to millet.In short, in 2018 Consumption war will make 5 to 10 very uncomfortable, and even a crisis.
Second, overseas breakthrough
According to a report released by IDC, a well-known research company in the world, in the third quarter of 2017, millet has flattened the long-time overlord Samsung in the Indian market and ranked as the It is reported that Q3 quarter, millet sold a total of 9.2 million mobile phones in India, of which the best-selling is the red rice Note 4, red rice 4 and red rice 4A.
Also in the past few years continued planting in India OPPO signs of domestic success has been copied.OPPO variety of models sold in India, the overall share has entered the top 5. Data show that in the entire Southeast Asian market, OPPO with 17.2% Occupying the second place in the overall market.Under the example of Indonesia, the largest smartphone market in the region, the OPPO market occupies the second place in the third quarter respectively, with the sales volume increasing by 163% over the same period of last year.
Look at Huawei's goal has been very clear, as a global brand now Huawei Mate and P series flagship models are starting in Europe, while the recent media reports, Huawei next step will actively promote the U.S. market.
The next two years, with the exception of Southeast Asia, can be expected to North America, South America, Europe, Africa, etc. will become the mobile phone manufacturers in China to find incremental goals.
Third, AI phone is the future, but will not lead to large-scale replacement next year
This year 'full screen' has become a trap for many manufacturers, and now the industry chain in the hype next year AI phone, but I believe that the current mobile phone AI function is still very tasteless, and will not contribute to the next large-scale replacement of consumers reasons.
Chip companies including Huawei, Apple, Samsung, Qualcomm, MediaTek and others have been talking about artificial intelligence lately, but AI is still in the very early stages of being mentally handicapped. The so-called AI mobile experience on the market has not surpassed that of ordinary smartphones. In addition, in the field of AI, including privacy, data analysis, developer ecosystem, software are in the groping phase, and it can be predicted that it is difficult to have a revolutionary application or user experience at least next year.
However, at the same time, I believe that although AI will not lead the replacement trend next year, major manufacturers still need to invest more in research and development because this is the future trend.
Finally, I would like to put the words of a 4G transition article that I wrote in 2014: The market was always full of uncertainty until the big technological change of 5G, with the technology of mobile phone manufacturers being difficult and the market demand difficult to grasp. The consumer group However, please persist in choosing the direction of the history of the trend of the trend forward, to survive, quite survive, the dark front It is dawn. (Set micro / Xu Lun)
2. Channel chaos highlighting the hidden worries, the Chinese mobile phone manufacturers under the T-shaped pattern of survival;
Shopping malls that battlefield, Huawei's head of consumer BG Yu Chengdong and millet founder Lei Jun gang toast photo Wuzhen, Changsha, came the glory of the shop was hit by millet employees news.
December 11, Huawei glory mobile phone official microblogging reprinted a microblogging content shows that recently a mobile phone store in Huangxing Plaza, Tianxing District, Changsha, a malicious smashed shop events.Although the millet did not act on the hit shop A positive response, but according to the relevant media to verify the results of both see, smashing storefront staff for millet company Changsha office.
In fact, this is not an isolated event in the mobile phone industry. Prior to this, the direct conflicts between offline store employees of different mobile phone brands are common. As the innovation of mobile phones becomes more and more difficult and the homogenization of products becomes more and more serious, The knockout is also more intense, which also makes the friction between different mobile phone brands constantly.
According to the latest data released by China Institute of Information and Communication, the domestic handset market shipped 43.2511 million units in November, down 20.7% from the same period of last year. The new round of winter in the mobile phone industry has come.
Sun Yan Biao, president of the first mobile phone industry research institute, told CBN reporter that in October of this year, Xiaomi ranked fifth in sales volume after the likes of Huawei, OPPO, vivo and Apple, while glory ranked No. 9. However, Glory is also seeking space off the line, and as a result, millet and glory battle more intense.
Mobile phone into the stock market second half
From 2015, the channel sink is no longer a slogan, the offline market has become the main purchase channels for domestic mobile phones, including the Internet brand millet and glory.
With more and more open channels of offline channels, once the glory of playing online and Millet will also extend the front line.
In 2016, Lei Jun publicly disclosed that 'in the next five years, it will open 1000 offline stores, each with retail sales reaching 100 million yuan.' One year later, the number of millet stores nationwide increased to 258.
Not long ago, Zhao Ming, president of Glory, told reporters at the First Financial Technology and Innovation Conference that Glory uses a light asset model online and that there are only five people in Guangdong province who are under the line. "We added in all regions of the country Up to do offline people only 34 people.We have 17 provinces and cities, glory and even none of them.But today glory is already the fifth Chinese brand on the market, we split with Huawei dual brand, came in We are in front of Huawei, OPPO, vivo, Apple, glory is the fifth line under the brand.
Sun Yan Biao believes that increasing sales pressure and expanding the number of stores is proportional to, and the smartphone stock market dividend is already an overall trend, which gives front-line sales staff also brought greater pressure.
Recently, the Ministry of Industry and Information Technology Research Institute of China Institute of Information released "in November 2017 domestic mobile phone market analysis report" pointed out that in November this year, the domestic handset market shipments 43.2511 million units, down 20.7%; listing of new models 77, Down 22.2% from a year earlier.
Specifically, in terms of smartphones, smartphones shipped in November amounted to 40.345 million units, down 21.7% from the same period of last year. There were 52 new models of smart phones listed, down 40.2% from the same period of previous year. In October of this year, domestic handset shipments were 3818.1 Million, down 9.8%; listed on the new models of smart phones 50 models, down 28.6%. Whether it is handset shipments, or shipments of smart phones, November data drop much higher than in October.
Sun Qi, vice president of Sino said that according to the latest market data of Sino, the offline channel in November dropped 6% from the previous month and down 16% from last year. As a result of the pull of Apple and Huawei, the average offline price broke through 2,200 for the first time.
For handset vendors, the decline in shipments in the handset market is due to the "smartphones", "2G / 3G users switch to 4G", and "entry-level consumer upgrades". All three market bonuses have been eaten, and the mobile phone market has entered a climax Cruel 'stock market' second half.
T-type survival under the pattern
In fact, the decline in shipments of smart phones has begun to form the pressure chain conduction to the upstream.
A Taiwanese supply chain company revealed that handset brand manufacturers, including Huawei, OPPO and vivo, have shrunk by more than 10%, causing upstream manufacturers to have concerns about follow-up orders from mainland mobile phone customers. The industry chain generally believes the market will continue into next year the first season.
At present, the three mobile phone manufacturers did not make a formal response to the above statement.
However, from the current market situation, small and medium brand mobile phone manufacturers have begun to be affected by the market downturn to Meizu, in the market research agency Sino data, Meizu phone sales in the past year has been declining in the first In the third-quarter domestic sales of handsets by Sino-Unemployed reporters, Meizu sold 380,000 units in the quarter while the figure for the same period last year was 870,000, a decrease of nearly 60%. In the first quarter of this year, however, In the second quarter, Meizu sold 640,000 units and 450,000 units, which means that in the first three quarters, Meizu did not sell 1.5 million units of Meizu phones.
In the brutal competition in the market, under the pressure of capital Meizu seems to have come back to the origin, take the student population to stabilize the plate, using accessories and other products to become the Meizu hematopoietic nowadays last resort. 'Sun Yat-Biao told reporters.
Research firm GFK calls the current mobile phone market a "T-shaped pattern." GFK said in a sense, entering the second half of 2016, China's mobile phone market resources quickly converge from the original "inverted triangle" to the "T 'Type pattern that the head brand to continue to expand product lines, high school low price across the board shuffling, waist brand space compression, limited size, small brands and consumers form a fault, the channel is difficult to infiltrate, the market vitality drastically weakened, the whole Market pressure doubled, brand break need to introduce the difference of 'new' thinking, get rid of the market detention.
Under these circumstances, GFK analysts said it needs to capitalize on the 'grand platform era' and be driven by 'new' retail changes.
GFK analysts believe that in the future, mobile phone manufacturers, channel operators and e-commerce boundaries will gradually melt and enter the unbounded competition. The gradual superimposition of ecological links centered on mobile phones and speakers will gradually increase the 'marginal cost' for users to change brands, Just as when replacing a mobile phone number, a series of marginal costs such as contact notification, bank card unbinding, account number change, high quality and diversified ecological link experience will become the key barriers to competition in the future big platform.
A financial network
3. Lenovo, Asus even behind the Tango project officially closed by Google next year;
Sina mobile phone news December 17 morning news, according to foreign media reports, Google committed to the field of Tango project will be officially canceled in March 18.
The Google Tango project was officially launched four years ago, and the Tango project is dedicated to the AR space, which differentiates itself from the current handset AR, which requires 15 million 3D measurements per second using specialized sensors and matching software It real-time monitoring of the location and direction of the final combination of large amounts of data to draw a 3D model of the surrounding world.In contrast, Tango project more professional in the field of AR.
Tango project has landed on the hardware products, the first paragraph is launched by Lenovo Phab 2 Pro last year, this year ASUS also introduced the first AR phone - ZenFone AR.
Although there are products landing, but the development of Tango project is not very smooth, especially this year, Apple launched ARKit platform, and Google also launched the AR Core platform.
Although these two development platforms are not as professional as Tango, the products developed from these platforms can be backward compatible with many products, for example, based on the application developed by the Apple ARKit platform, and can use the products after 2015 (iPhone 6s) , Users do not need to buy AR mobile phone to enjoy AR's fun.
Of course, the Tango project has become Google's stepping stone to AR, and now its mission is to say goodbye.
4. Tricyclic Group released mobile phone ceramic cover new material three ring Phoenix crystal diamond zirconium ceramic;
Recently, the Third Ring Group (20.760, -0.03, -0.14%) held a theme of 'bath fire Nirvana Ceramics Freshmen' mobile phone ceramic materials conference, released its latest research and development 'Three ring Phoenix' diamond crystal zirconium ceramic material, the material to solve the strength, cost, mass production and other ceramic back cover in the mobile phone application of the key issues.
Reporter learned from the conference, 'Ring Fire Phoenix' diamond crystal zirconia material with ultra-high flexural strength, extraordinary fracture toughness, good rigidity, high wear resistance and other characteristics of its ultra-high resistance over 1200Mpa Bending strength, compared with tempered glass 552Mpa, has obvious advantages; 10 times the fracture toughness of glass, crack resistance to crack stronger ability; up to 200GPa elastic modulus, far more than toughened glass 76.7GPa, with more Good resistance to elastic deformation; 8-8.5 Mohs hardness, close to the sapphire material, and tempered glass is 5-6, to withstand the frictional damage of most substances in daily life.
It is worth mentioning that the 'ring Phoenix' diamond crystal zirconium oxide ceramic material also has unshielded characteristics of the signal, lower than the dielectric loss of toughened glass, reflecting the better quality of the electrical performance, more adapted to the future 5G era. 'Ring Phoenix' diamond crystal zirconium ceramic material can also be produced in black, white, white and color and other colors, used in the phone back cover to meet the needs of mobile phone users. In addition, the three ring Group also Can achieve the mass production of ceramics, reached the conditions applied to the phone back cover.
According to reports, San Huan Group is a half century history of ceramic materials research and development, application and production of the company, research and development and production of products including ceramic substrate resistance, ceramic alumina substrate, optical communication ceramic ferrules and multilayer ceramic chip capacitors (MLCC), ceramic package base, solid oxide fuel cell diaphragm, etc. In recent years, the three ring group involved in ceramic phone back cover and fingerprinting cover pieces, ceramic mobile phone cover, millet, a plus, Essential Has been applied to mass production models, and fingerprint identification cover has been OPPO, VIVO, Huawei and other major manufacturers mass production models in large-scale use.
Zhang Wanzhen, chairman of Tricyclic Group, said ceramic materials have four characteristics, one in the 5G high-frequency occasions, it is lower than the dielectric loss of glass nearly 20 times lower high-frequency loss, signal reception Clearer; the second is the zirconia crystal material with high affinity with the human skin, with beauty and feel; third, diamond crystal zirconia can be processed into any shape, including glass unibody shape difficult to achieve; Fourth, the strength of the ceramic back cover, Hardness is 2 times that of glass, not easy to scratch.He predicts that the characteristics of new ceramic materials is one of the best mobile phone in the future, and the mobile phone industry will also bring the Tri-Ring Group into a new application area.
5. Xinhua News Agency talk about Jiayue Ting: debt always have to pay off
Xinhua News Agency, Beijing, December 17, Electricity Issue: 'Compliance Development' Costs Keywords of the Financial Markets Week
Xinhua News Agency reporter Xu Sheng
Yue as Jiayue Ting once again be included in the list of unlucky; CIRC asked Kunlun Health Insurance to revoke illegal shares; new regulations on asset management by the market continued to heat up ... ... This week, 'compliance development' has become one of the inscription on the financial markets.
On the market, the topic of Jia Yueting, the largest shareholder of LeTV, has not been broken for a long time.
LeTV 13 evening announcement said that this time Jia Yunting was included in the list of deception because there is no payment to Ping An Securities transaction costs, interest, liquidated damages, notary fees, legal fees totaling 479 million yuan.
Included in the list of dishonesty, Jiayue Ting apply for bank loans, take the aircraft soft sleeper, high spending will be limited.
Indebtedness is always paid, while other unlawful interests obtained by illegal means must be refunded.
CIRC announced this week that such a case of illegal return of equity was ordered to be rescinded.
According to a survey conducted by the regulatory authorities, seven companies, including Shenzhen Hongchangyu Enterprise Management Consulting Co., Ltd., provided false financial reports and misrepresentation of sources of funds in investing in Kunlun Health Insurance and applying for relevant administrative licensing.
Insurance Regulatory Commission to find out the facts, recently issued a revocation of the administrative license decision, Kunlun health insurance revocation of the shareholders and the registered capital of the administrative license changes, and will be dealt with by relevant investors illegally obtained equity.
Supervision is strictly in order to better maintain the order of the financial market and better protect the legitimate rights and interests of all parties involved.
On the other hand, strict supervision is to strengthen law enforcement in the framework of the existing system. As the financial innovation continues, the regulatory regime in some areas has become somewhat unsuited, and the 'old ways' will lead to 'new risks' and the reform of the system will become Inevitable.
Recently, the new regulation of assets management draft has drawn great attention from the market.
Is it not unfair to change the future of financial competition? Is the transitional period the appropriate extension? ......
The new regulations on asset management are designed to prevent risks and the risks involved in the reform process are discussed more fully, which will form beneficial suggestions for the ultimate settlement of new regulations on asset management. It is conceivable that adherence to the reform in the asset management industry that is prudently, prudently and prudently promoted eventually Pipe industry is more healthy development.