Smartphones are the epitome of modern science and technology, and they are the culmination of the development of electronic manufacturing technology. After more than 20 years of rapid development. Currently, China's mobile phone manufacturing and the entire electronic product manufacturing industry is facing enormous challenges! : From 2013 to 2017 During the year, taking the production of mobile phones as an example:
For details click on the video to watch:
The second session of the China Mobile Manufacturing Automation Exhibition Organizing Committee sincerely invited all friends of the smart phone and electronic product manufacturing industry to visit and guide the exhibition.
Pre-registration exclusive 1: VIP card delivery service, fast entry, skip-line 2: Receive the organizer's live exquisite gift 3: Enjoy the show site VIP lounge, exquisite refreshment service 4: extract iPhoneX, oppoR15 mobile phone, Huawei hand ring.
Group exclusive: 1: Free shuttle bus service (limited to Guangzhou, Shenzhen, Huizhou, Dongguan area) 2: Free lunch 3: VIP visit permit, exclusive access to 4: Received an official souvenir of the exhibition 5: Exalted the exhibition site VIO Lounge Refreshment 6: Get a Free Booklet
2. From the profit sharing of the iPhone, calculate the truth behind the US-China trade deficit;
Recently, the trade war between China and the United States has drawn global attention. After chasing the source, Trump’s reason for provoking this trade war was its main reason for the long-term trade deficit with China, and Trump took this issue more than once. China has cut its deficit against the United States by 100 billion U.S. dollars this year.
A record-breaking trade deficit with China, on the face of it, seems to be that the United States has suffered a major loss. However, does the data represent everything? This article attempts to analyze the truth behind the data by composing the cost and profit of iPhone X.
The US foreign trade deficit will not disappear because of the trade war. Historically, the US foreign trade deficit has existed for a long time. Since the 1970s, the overall US foreign trade deficit has gradually been on the rise (see Figure 1).
It is worth noting that the mid-1980s coincided with the outbreak of the trade war between the United States and Japan. While the U.S. trade deficit fell slightly, it did not completely reverse the trend of the US imbalance in foreign trade, and the U.S. trade deficit with Japan is also the same. Failed to achieve a fundamental change (see Figure 2)
Looking back at bilateral trade between China and the United States, between 1985 and 2017, the United States had a trade deficit with China every year, and there was an overall trend of increasing year by year. In 2017, it reached a record high of 375.23 billion U.S. dollars (see Figure 3). It is also on this basis that the United States launched a trade war with China aimed at improving bilateral trade imbalances between China and the United States.
Why is this?
The most direct reason is that the current trade statistics method itself has its limitations.
At present, the internationally accepted trade statistics rules are 'origin rules', that is, based on the physical value of cross-border goods, and define import and export according to the country of origin and destination of the goods.
For example, Yi Gang, the Governor of the Central Bank, stated at the Boao Forum that as China has long been at the end of the Asian industrial chain, China often imports parts from Japan, South Korea, and China Taiwan, etc. After completing a series of processing, it exports finished products to the United States. The formation of this pattern allowed the United States to transfer its imports from Japan and South Korea to China, which in turn caused Japan and South Korea and other countries to reduce their trade surplus with the United States and China’s trade surplus with the United States.
In this process, China has subtly played the full role of the entire East Asian industrial chain. China's trade surplus with the United States in essence reflects the trade surplus of the entire East Asia industrial chain to the United States. In 2017, China had three regions: Japan, South Korea and Taiwan. The accumulated trade deficit was as high as 192.9 billion U.S. dollars, compared with only 15.4 billion U.S. dollars in 1997 (see Figure 4).
Therefore, simply initiating a trade war against China is not enough to offset the US deficit situation in East Asia. Of course, the root cause of the trade imbalance between China and the United States is far from being so simple. Digging deeper along the line of thought, we will find that it is hidden behind it. The unknown side.
What is the root cause of the trade imbalance between China and the United States?
Here, it is necessary to clarify the concept of 'global value chain'.
With the deepening of economic globalization and the vigorous promotion of a new round of industrial technological revolution with the core of the Internet, more and more multinational giants have started to allocate resources globally, and their products have been researched, developed, and produced. Processing, distribution and after-sales services are no longer confined to the same country or region. Instead, they gradually evolve into the 'one commodity, global production' situation, the so-called 'global value chain'.
These multinational giants no longer profit from manufacturing products. Instead, they use monopoly of brands and technologies to obtain the largest value-added portion of each product's value chain. From the perspective of the smile curve, the U.S. The profit positions at both ends of the curve are large, while the profitability rate of developing countries is at the bottom of the smile curve for a long time (see Figure 5).
For China, because of its comparative advantage in the labor force in the division of global value chains, it will import large amounts of resources from Latin America, the Middle East, Australia, and other countries and regions, importing large quantities of intermediate goods from countries such as the United States, Japan, South Korea and Germany. After assembly and processing, it is exported to Europe and the United States and other places. The actual added value is only part of China's processing and assembly. However, under the current export accounting method, the export products are all calculated at the ex-factory price, which is virtually overestimated. Sino-U.S. trade surplus.
In fact, China's foreign trade structure also illustrates this problem. In China's external trade surplus in 2017, the processing trade accounted for 61.9% of the total, while general trade accounted for only 38.1% (see Figure 6). This situation is bound to Caused the 'trade deficit in the United States, the profit deficit in China' situation. Therefore, the bilateral trade situation between China and the United States is far from the 'unfairness' shown by the data.
We may use the example of Apple in the United States as an example.
Once there was a popular book titled "The Global Tour of an iPhone" that was the epitome of Apple's iphone legend:
Designed in the United States, manufacturing key components in Japan, manufacturing core chips and displays from South Korea, supplying additional components from Taiwanese manufacturers, assembling them at Foxconn factory in Shenzhen, and then airlifting to the United States and being taken to the door of the Apple Store. The Chinese who lined up bought it, smuggled it back to China, then sold it to various parts of China, and then was reclaimed and re-sold by a mobile phone shop in Shenzhen, and finally was taken as an e-waste dismantling and recycling...
It should be noted that if we use the current international trade statistics method to judge, when the iPhone is shipped to the United States after being assembled at the Foxconn factory, the authentic US mobile phone will be counted as imported from China. In other words, Apple’s most profitable mobile phone, while generating huge profits for the United States, is making zero contribution to U.S. exports!
If the revenue generated by the iPhone product is included in the U.S. export, then what is the overall U.S. trade deficit situation? We can roughly calculate the amount based on Apple’s latest mobile phone, the iPhone X.
Table 1 is a list of the material costs of the iPhone X that was exposed by the media. It can be seen that the total BOM cost of a single iPhone X is 412.75 US dollars, which is approximately 2700 yuan, which only accounts for its price in China (64GB, 8388 yuan; 256GB: 9688 yuan) 30% or so. If you do not consider R & D, marketing and other expenditures, then each purchase a new iPhone X, will contribute nearly 6,000 yuan in profits.
So how will these profits be distributed?
According to a research report entitled "Capturing Apple's Global Supply Network Profit" written by three professors from the University of California and Syracuse University, the distribution of an iPhone mobile phone in various countries in the world has a huge difference. Apple has sold one iPhone for each. , Which enjoyed nearly 60% of its profits; ranked second in the supply of raw materials such as plastics, metals, which accounted for 21.9%; Korea, which is the main supplier of electronic components for screens, also earned only the profit of the iPhone. 4.7%; As for mainland China, only 1.8% of its profits were obtained through labor (see Figure 7).
So, for every iPhone X sold, Apple can profit from more than 3,000 yuan. If this figure is roughly determined to be the profitability of all iPhone products, then in 2017, the United States 'imported' iPhone from China. The profits obtained will exceed 22 billion U.S. dollars.
Further, Counterpoint Research statistics show that in 2017, iPhone products sold worldwide at 216 million units. If more than 51 million units were sold in China, there were 156 million iPhone products exported from China, of which 70 million were from the United States. unit.
According to the revenue structure of Apple’s 2017 annual report, only the iPhone products expanded China’s external trade surplus by US$91 billion and expanded its trade surplus with the United States by US$40 billion. Apple’s gross profit from this will be US$52.7 billion and 232. Billion dollars or so.
This is just Apple's iPhone product line. In reality, there are many such multinational giants, such as Nike sports shoes made in Fujian, Dell, Hewlett-Packard computers assembled in Chongqing through Foxconn, these are all caused by the United States trade deficit with China High important factor. Sina Technology
3. Eye-catching investment performance in the semiconductor industry or a watershed in the development of China's private equity fund industry;
In 2017, the total size of the country’s private equity funds exceeded RMB 12 trillion, with negative growth for the first time. With the new regulations emerging from the asset management industry, the entire private equity industry expects to face new challenges in terms of funding channels and investment customer thresholds. , Industrial investment is being counter-attacked. The growth of domestic private equity funds in the past year has been mostly concentrated in equity funds such as venture capital investments.
Regarding the new structural changes in private equity funds, Yin Jiayin, executive partner of Beijing Hailin Investment Co., Ltd., which has been focusing on the investment in the pan-semiconductor field, publicly stated that the official has comprehensively increased the integrated circuit, 5G, new materials, and digital medical industries into National strategic industries, which bring a lot of opportunities for industry investment.
According to the report of the World Association for Semiconductor Trade Statistics, the world's semiconductor market exceeded the US$400 billion mark for the first time in 2017, hitting a new high in seven years, a year-on-year increase of 20.6%, and the optoelectronics industry has exceeded US$800 billion.
Due to fear that excessive dependence will damage national security and the development of the domestic semiconductor industry, China plans to spend approximately US$150 billion in 10 years to occupy a leading position in chip design and manufacturing. National Integrated Circuit Industry Investment Fund Co., Ltd. (CICIIF) The first round of funds is as high as US$20 billion. The second-stage fund-raising has been started and is expected to reach 200 billion yuan. The second-phase funds will focus on supporting power devices, third-generation compound semiconductors, and 5G-related chip design and manufacturing companies.
Despite the attractive investment prospects of the pan-semiconductor industry, Yin Jiayin also reminded investors to pay close attention to potential risks. 'This is not only a capital-intensive industry but also a technology-intensive industry. The pan-semiconductor industry encompasses upstream IP development, equipment. Manufacturing, materials, mid-range chip design and chip manufacturing to low-end package testing and other analog circuits, sensors, discrete devices and other branch industries, involves multiple subdivided areas, each subdivided area may vary greatly, try to stop investment It is easy to encounter significant risks.
To this end, Yin Jiayin proposed the strategy of 'one center and two basic points'. She explained that Hailin Investment insists on the subdivision industry as the center, and not only deeply cultivating the selected areas of the most knowledge, but also deepening its professionalism. Industry-based moderate diversification, vigorously integrate the resources of the industrial chain, obtain 1+1>2 effects, refuse to blindly pursue hot spots, and effectively avoid investment risks.
In practice, Hailin Investment has created a three-in-one operation model of a fund + an industry + a park, based on a special industrial fund initiated and established by it, through the path of 'single enterprise → cluster of similar companies → expansion of industrial chain → cluster of industry' Create the advantages of industrial clusters, thus fundamentally enhancing the overall competitive advantage of the dominant industry chain within a given region, so that the industry does not rely solely on the unilateral drive of policy or capital in the process of growth and growth, and instead rely on the 'trinity' of collaborative guidance. Achieve leapfrog development.
As of June 2017, Hailin Investment manages assets of RMB 30 billion, of which the China Optoelectronics and Innovative Technology Industry Fund of the company is the first domestic private equity investment fund focusing on the optoelectronics industry and innovative technology industry. The total scale is as high as 10 billion yuan. It has received strong support from the Chinese and Israeli governments, and has received strong guidance from the Ministry of Industry and Information Technology and the full cooperation of the China Optics and Electronics Industry Association. The domestic leader in flat panel display is also the joint launch of the fund. One of the parties. Optoelectronics Fund has established long-term strategic partnerships with industry optical and electronics industry associations in China and the Shenzhen Tablet Association, which not only provides strong capital support for the invested companies, but also brings a wealth of industrial chain resources to help them quickly. Grow up, has successfully voted Dongxu Optoelectronics, Shangda Electronics, Lianchuang Electronics, Xin Yihua, Huasheng Power, Blu-ray and a large number of star companies.
Yin Jiayin believes that the levels of investment and research in private equity institutions have always been in a state of conflict. The market differentiation caused by the surge in industrial funds is likely to accelerate the reshuffle of the private equity fund industry and promote the survival of the fittest in the private equity fund industry, thus making the private equity industry go through a round. Maintain healthy growth after capacity expansion.
4. Bitcoin trading platform Coinbase acquires Earn.com in excess of US$100 million;
SAN FRANCISCO, Beijing time April 17 morning news, this Monday, digital currency trading platform Coinbase announced the acquisition of Earn.com. As part of this acquisition, Earn's founder and CEO will join Coinbase and serve as chief Technical officer.
Earn enables users to obtain digital currency by forwarding mails or completing some tasks. Its founder Balaji Srinivasan was a partner of venture capital firm Andreessen Horowitz before founding the company.
Coinbase said that Srinivasan will play the dual technology evangelist status of industry and Coinbase.
On Monday, Coinbase CEO Brain Armstrong stated in a blog post: 'Balajy is now one of the most respected technicians in the field of digital currency and is considered to be One of the few genuine originalists (originalist) in this nascent industry.'
Coinbase did not disclose the specific terms of the deal. According to news from Retech, the technology media, the deal involved more than $100 million.
Srinivasan holds a bachelor's, master's, and doctoral degree in electrical engineering from Stanford University and a master's degree in chemical engineering. He taught at Stanford and taught courses in data mining, statistics, and blockchain.
Srinivasan will also be responsible for recruiting more talents after joining Coinbase. In recent months, Coinbase, a company based in San Francisco, California, has recruited a large number of people.
In March of this year, Coinbase hired Emilie Chaoi from LinkedIn to take charge of the company’s acquisition and cooperation. The company also hired Tina Bhatnagar, the former Twitter vice president, and New York. Eric Scro, chief financial officer of the stock exchange, et al.
At the same time, Coinbase continues to make acquisitions. On Friday, Coinbase announced the acquisition of a mobile app browser designed for the Ethereum blockchain Cipher Browser. (Xiaobao) Sina Technology
5. Yang Hao encounters crisis. Meizu executives and employees, netizens diss;
On the 14th of this month, Meizu’s director of science and technology Gavin Zhang also made a microblogging condemnation of Yang Lan. He said that he did not agree with Yang Lan and he believed that he could not lead the Meizu out of the predicament.
Although he deleted the previous microblog today, he claimed that it only represented personal speech and apologized to the Meizu company and his friends who cared and loved the brand. However, from the interaction with netizens, one can still see that he is not personally aware of Yang Wei. Approval.
In addition to the Meizu executives' dissatisfaction with Yang Xin, Meizu's employees at the bottom of the team also have a lot of opinions. Although the Weibo name is "Huang Weixuan," it's because of the incompetence that kills the three armed forces. Tucao, there is no specific name, which The metaphor is self-evident. (Currently this Weibo has been deleted).
In addition, netizens also joined in the controversy of Yang Jun’s army. Weibo’s real-name authentication was Bai Yong-Ling’s netizen who sent a micro-blog diss to Yang Wei. He said that from a personal perspective, he likes Yang Ye because they love the retro concept. And strong Chinese style; but from the company's point of view, for the Meizu, Yang Hao is not suitable for its young and energetic style. (Do not look into the Meizu Technology President Bai Yongxiang)
As for the party Yang Shu who was diss, although the microblog was updated normally, the comment function was closed
Yang Hao seems to be very calm, in fact, has long been frequent action. Some netizens broke the news that Yang Lan has brought some of the original TCL personnel to the Meizu, as a key position, it seems that Meizu is expected to TCL, Meizu 15 may be 'sculpting time' is It is derived from TCL's 'Like Life'.
Samsung created a 'Jess life' and Huawei's 'jazz life' brilliant Yang Lan in the Meizu is experiencing a crisis of mistrust from the executives to the bottom staff, users, I hope that the original TCL related personnel can help him After this crisis, Pro7's performance has been unsatisfactory. The Meizu 15 launch on April 22 was only a success for him. It must not fail. Otherwise, the only brand idea will be difficult to implement.