中文
In 2011, we really understand that economic recovery is difficult and structural adjustment is not easy. Whether it is the world economy or China's economy, whether it is the railway construction industry downstream of the construction machinery industry, or the construction machinery industry itself, most of the sub-industries are inevitably facing a difficult transition. This transformation is not only the adjustment of China's economic development structure and social structure, which has been emphasized by the central government. For an industry itself, it is also necessary to break the shackles. For example, whether the excavator industry can avoid the old road of the loader industry, even if it is to go, it should avoid the worse consequences of hurting the industrial foundation as far as possible.
Standing at the beginning of 2012, we may be worried about "when will sales grow? Can the user's first payment in 2012 be due? Can agents argue no more, can manufacturers give more policy support, and can suppliers not be so anxious to settle accounts?
However, these problems are seemingly urgent, maybe calm down and think about them, they are not as important as they seem. I believe that as long as we are persistent, grateful to life, grateful to our employees and shareholders, then our enterprises and our industry will not always be in a low ebb.
There is a long way to go. For all those who want to make their career a long time, what seems to be not urgent but really important is what should be brought into their eyes and thought carefully at this moment. The purpose of the cover article of the first issue at the beginning of this year may be precisely this. With a view to the future, many factors that will affect the development of China's construction machinery industry in 2012 will be sorted out and straightened out in order to be calm.
General trend forecast
Looking forward to the Recovery Prospect after the "Soft Landing": Prospects for Economic and Industrial Development in 2012
The trend of China's economy in 2012 will be very complicated. On the one hand, foreign demand may fall as sharply as it did in 2009, but the government is unable to introduce a "super-loose" monetary policy again. Because once monetary policy is relaxed, there may be a retaliatory rebound.
In recent years, China's economic fluctuations have increased significantly, with a very short transition time from overheating to overcooling and from deflation to inflation. There are two reasons. One is that China's economy is heavily dependent on overseas markets, with 25% of GDP contributing to exports. The other is that the use of macro-control policies is too intense, which makes the future policy adjustment space smaller.
The keynote of the national macro-policy in 2012 is to continue to implement sound monetary policy and active fiscal policy. However, it should be pointed out that the policy tone set by the Central Economic Work Conference may not be implemented for a whole year, because the variables of China's economy are still very large, so it is possible that the policy will be readjusted again in mid-2012.
But what will not change is that growth remains the overriding task. In the short term (the first quarter of 2012), monetary policy is mainly to reduce the deposit reserve ratio, and the possibility of interest rate reduction is small. In addition to expanding fiscal expenditure, tax reduction will be an important option for active fiscal policy. But if the policy of "guaranteeing growth" is used too vigorously, excessive monetary policy will lead to a sharp rise in inflation, which does not exclude the possibility of controlling inflation and prices in the third quarter of 2012.
Will there be some unexpected changes in China's economy in the future? Is it possible for us to continue to make reliable judgments about the future by grasping the theories, data and laws of macroeconomic cognition and prediction in the past?
Price highs have shown promising prospects for a fall.
Inflation is always the first factor in macro-economic decision-making. The judgment of macro-economy depends not only on the current situation of inflation, but also on the trend and expectation of inflation in the future. After making a basic judgment of the current trend of inflation, economic growth and its trend are taken as the basis for judging the problem.
CPI will continue to decline until the end of 2012. All the uncertainties that can be understood at present have been taken into account when making judgments. Therefore, the possibility of changing the trend of CPI decline is very small. The sharp decline of PPI is expected to reach the bottom by the end of 2011 or the beginning of 2012. It is expected that in the first quarter of 2012, China's PPI will be close to 0, and take this as a starting point to enter a new stage of steady climbing. Of course, there will be short-term fluctuations in this process due to more uncertainties. It is estimated that the lowest CPI in 2011-2012 may occur between the third quarter and the fourth quarter of 2012. According to the annual data, it is expected that in 2012, compared with 2011, CPI will fall by 2.4 percentage points and PPI by 3.8 percentage points.
Since June and July 2011, the whole tail-warping factor has fallen sharply, and there is no strong new price increase factor to suppress the impact of the tail-warping factor, thus forming the current tightening policy with sustained efforts. A general consensus has been reached on the reduction of prices and the adjustment of price deflation. In addition, the convening of the Central Economic Work Conference shows that China is now in a real stage of policy adjustment.
On the other hand, there will be two big differences in PPI in 2012. On the one hand, PPI growth fell sharply throughout the year; on the other hand, commodity prices showed an upward trend.
The key period for the completion of the bottom of the business cycle in 2012 is when the turning point of the bottom of the first half of the business cycle emerges. Before that, the overall economic downturn is unlikely to be changed. It is expected that the industrial value added data will fall significantly month by month and continue until the end of the first quarter, and then the extent of the continued downturn will be reduced. On the other hand, due to the closer relationship between industrial profits and PPI, it is expected that the change of profits in 2012 will basically coincide with the change of PPI, forming a trend of low before and high after.
The supporting position of investment and consumption is likely to change.
After judging the bottom of the economy in 2012, the next step is to see when our economy will take off in 2012, and where will the power of take-off come from?
The motive force of economic development is first import and export. At present, there is no doubt about the expected decline of export growth in 2012. However, the extent of the decline is still controversial. For this reason, it is expected that 10% export growth will be guaranteed for the whole year of 2012. However, the decline of import will slow down the growth of trade surplus, which will affect the decline of GDP growth rate by about 0.5-0.6 percentage points, but in any case. Said that its impact on GDP growth is not as bad as imagined.
The second driving force is consumption. Consumption growth in 2012 is expected to increase by 0.2 percentage points, slightly higher than in 2011, which is actually a small change, but combined with the CPI of 2011 and 2012, the actual consumption growth rate will increase by 2 percentage points. If the total retail sales of social consumer goods are converted into consumption concept in GDP accounting, we can calculate that the contribution of consumption growth to GDP in 2012 will reach 0.6-0.8 percentage points. This has suppressed the negative growth caused by imports and exports, but the impact of imports and exports and consumption on GDP growth in 2012 is relatively small, the final result of affecting economic growth is investment in the final analysis.
Considering the positive factors such as equipment renewal cycle, value-added tax transformation and so on, the investment forecast for 2012 should also take into account the negative factors such as the decline of the whole market and the decline of profits and earnings of enterprises. Generally speaking, the growth rate of manufacturing investment in 2012 will decline, but the growth rate will still be more than 25%.
For real estate investment growth, it will reach 18.5% in 2012, down 12 percentage points from 30% in 2011. As real estate investment accounts for 30% of the total fixed assets investment, the decline of real estate investment will make fixed assets investment fall by at least 4 percentage points in 2012, while the growth of manufacturing investment will fall from 30% in 2011 to 25% of the expected level. In a word, real estate investment will have a 5% to 6% decline impact on fixed assets investment. Converting it into capital formation in GDP is expected to reduce GDP by about 1.4 percentage points. Therefore, infrastructure construction has become an important factor in promoting economic growth in 2012.
From the long-term development of railways, we can see that the pattern of railway shortage will not change substantially in the next 10 years, and the inherent demand for sustained and high growth of investment will not change. Therefore, for railway investment in 2012, it is expected to reach more than 90 billion yuan.
After summarizing the above investment growth data, we can make a basic judgment on the investment growth in 2012: the investment growth rate in 2012 is estimated to be about 22%, which is nearly 2 percentage points lower than that in 2011. If we convert it into capital formation and consider the impact of prices, it will produce 0.8% impact on GDP. Finally, we can get the forecast of GDP growth in 2012 from 9.1% to 8.5% by combining 0.2% of excess after consumption has been suppressed.
Market frontier
In the industrial value chain of construction machinery industry, if there is a group that can first and most clearly judge the changes in the market, then it is undoubtedly the agent group. As the most important and valuable marketing channel, China's construction machinery agent group is growing and maturing with the unceasing market turbulence. How do they treat and welcome 2012?
Shaping Sustainable Competitive Advantage
From a nationwide perspective, stable agents are mostly located in East China, North China and Northeast China. Their development is relatively advanced and their scale is relatively large. These agents have experienced two tests in 2004 and 2008, and basically have certain ability and experience in dealing with the market downturn. At present, the impact of the market on agents is not very big, but the impact is certainly there.
Rational View and Interpretation of Market
According to the sales plan made by the manufacturer at the beginning of the year, many agents can not complete it at present, so in recent period, the focus of attention has turned to "how to set the target for 2012". Everyone is looking at the market rationally and interpreting the market.
In this process, the manufacturer wants the agent to arrange his own action plan according to his geographical position and market environment. Although the specific situation of each manufacturer is different, one thing is certain. No manufacturer wants to lag behind in the market. Everyone wants to achieve good results. Therefore, it is also certain that the competition in the industry will become more and more fierce. It is undeniable that competition is a good thing, but if competition develops into vicious competition, it will have a serious impact on the whole industry. This requires that agents must have basic management concepts. They should not sacrifice their profits, financial status, accounts receivable and so on to compete and gain market share. Even if the sacrifice is a strategy of market competition, sooner or later we will pay for the sacrifice, because the construction machinery industry is not just living for 2012.
Shaping Sustainable Competitive Advantage
Lixing Bank began to consider doing logistics and financial leasing business three years ago. Although the financial leasing market is better and can bring relatively stable cash returns to agents, whether each agent should do financial leasing should be judged according to its own economic situation. As a capital-intensive business, financial leasing must have sufficient economic strength. Lixing has the advantage in this respect.
Speaking of advantages, Caterpillar made internal adjustments around the world in 2008 to encourage the development of agents. As a partner, Caterpillar wants the business model of agents to be sustainable and requires the overall business model of agents to be viable. This is the most important point. We can find that each agent has its own advantages, for the agent, the key is to understand their own advantages, give full play to this advantage and maintain their own industry evergreen. No one can escape the downward trend of the overall market, but with a stable business model, it can help agents stabilize the impact of the downturn, and then create better results when the market recovers.
Customer-centered
Li Xingxing's corporate culture is customer-centered, regardless of whether the market is good or bad, it will always be like this. I tell our employees that our salaries are given by customers, and customers are always right. The problem is how to meet and influence customers'needs according to your own advantages. We want to provide customers with comprehensive solutions, regardless of new machines, second mobile phones, leasing, financing, logistics and other aspects, we must do our best to cater to customers, through this ability to meet customer needs, and form a certain partnership with customers, so as to establish long-term business relations. We do more than a single business with customers. We hope to achieve long-term cooperation with customers. I believe that every brand and agent will have this idea. The key is to have the ability to satisfy customers. Only through continuous self-study and self-follow-up can we gain a foothold in the market.
Pay more attention to the growth of employees
Training, first of all, should form a culture within the company, rather than emergency measures. In Lixing, every employee has its own training. Only targeted training can make the employee better and better to complete their work within the scope of their own work. On the other hand, every employee doesn't want to go where they are. Employees always want to make progress. Therefore, we must provide some training for our employees to help them make progress.
Once the target is clear, we need to define the training indicators. For example, the working situation of an employee determines that it may take 50 hours of training a year. Then we will first ensure the length and quality of training, regardless of whether the market is in the off-season or in the peak season. Of course, the provisions of such indicators are not rigid, but also have certain flexibility. They will make corresponding plans according to different departments.
Lixing always emphasizes the importance of training, because we want employees to do their work well, and hope that employees can have better self-improvement through training.
In the fourth quarter of 2011, the construction machinery market declined a lot, but the worst situation has emerged on the table. I believe that the downward trend will soon stabilize. In 2012, the whole industry will have some growth, which can be expected, but the growth may not be too large.
In the long run, there are still some hidden dangers of overcapacity in the industry, but I think that through this downturn, many manufacturers will reassess the domestic construction machinery market, which is also a good thing.
Shaping Sustainable Competitive Advantage
Lixing Bank began to consider doing logistics and financial leasing business three years ago. Although the financial leasing market is better and can bring relatively stable cash returns to agents, whether each agent should do financial leasing should be judged according to its own economic situation. As a capital-intensive business, financial leasing must have sufficient economic strength. Lixing has the advantage in this respect.
Speaking of advantages, Caterpillar made internal adjustments around the world in 2008 to encourage the development of agents. As a partner, Caterpillar wants the business model of agents to be sustainable and requires the overall business model of agents to be viable. This is the most important point. We can find that each agent has its own advantages, for the agent, the key is to understand their own advantages, give full play to this advantage and maintain their own industry evergreen. No one can escape the downward trend of the overall market, but with a stable business model, it can help agents stabilize the impact of the downturn, and then create better results when the market recovers.
Customer-centered
Li Xingxing's corporate culture is customer-centered, regardless of whether the market is good or bad, it will always be like this. I tell our employees that our salaries are given by customers, and customers are always right. The problem is how to meet and influence customers'needs according to your own advantages. We want to provide customers with comprehensive solutions, regardless of new machines, second mobile phones, leasing, financing, logistics and other aspects, we must do our best to cater to customers, through this ability to meet customer needs, and form a certain partnership with customers, so as to establish long-term business relations. We do more than a single business with customers. We hope to achieve long-term cooperation with customers. I believe that every brand and agent will have this idea. The key is to have the ability to satisfy customers. Only through continuous self-study and self-follow-up can we gain a foothold in the market.
Pay more attention to the growth of employees
Training, first of all, should form a culture within the company, rather than emergency measures. In Lixing, every employee has its own training. Only targeted training can make the employee better and better to complete their work within the scope of their own work. On the other hand, every employee doesn't want to go where they are. Employees always want to make progress. Therefore, we must provide some training for our employees to help them make progress.
Once the target is clear, we need to define the training indicators. For example, the working situation of an employee determines that it may take 50 hours of training a year. Then we will first ensure the length and quality of training, regardless of whether the market is in the off-season or in the peak season. Of course, the provisions of such indicators are not rigid, but also have certain flexibility. They will make corresponding plans according to different departments.
Lixing always emphasizes the importance of training, because we want employees to do their work well, and hope that employees can have better self-improvement through training.
In the fourth quarter of 2011, the construction machinery market declined a lot, but the worst situation has emerged on the table. I believe that the downward trend will soon stabilize. In 2012, the whole industry will have some growth, which can be expected, but the growth may not be too large.
In the long run, there are still some hidden dangers of overcapacity in the industry, but I think that through this downturn, many manufacturers will reassess the domestic construction machinery market, which is also a good thing.
China's construction machinery industry should have its own innovation
China's construction machinery industry has its own characteristics, different from Japan, Korea, Europe and the United States, the ecology and channels are not the same with them, so we can not carve boats and seek sword, simply copy overseas experience, we should innovate on the basis of learning to imitate.
Manufacturers should not only focus on scale, but also on quality. This quality includes technical quality, service quality and debt quality. Manufacturers also need to be concerned about the overall profitability, that is, profits. Moreover, manufacturers must pay attention to the demands of agents and have more effective interaction with agents. The economic differences of domestic regional markets are very large, and the growth rate of each region is also different. Ultimately, the agency's performance in the regional market is closely related to the effect of interaction with the manufacturer. If we interact well, sales will grow much faster.
As an enterprise, the agent should have a good corporate governance structure, corporate culture and corresponding corporate strategy, and the enterprise decision-makers need strong entrepreneurship.
The enterprise value of Wuhan Qianli Ma lies in service, and the innovation of service should be insisted on. Only by keeping pace with the times and innovating continuously can we develop the enterprise value and channel value of modern business management. In terms of creditor's rights, we should have a more professional and systematic idea of creditor's rights management. Creditor's rights management, as the three core pillars of enterprise operation, should be put in the first place and make necessary investment.
As colleagues, we all have the responsibility to maintain the sustainable development of the industry and the common rules of the industry. Among them, manufacturers should first take on the role of the industry and formulate relatively sustainable industry rules from the perspective of the industry; the work of industry associations must also be in place, so that enterprises in this industry can not grow in a barbaric state; manufacturers should also carefully cultivate and care for their agents, which are an integral part of the manufacturer and should be regarded as their whole. As part of the value chain to help them grow, manufacturers should integrate their channels with an open, inclusive and innovative concept.
Creating the Future Rationally
Through contacts, it is found that the needs of customers are also changing. Customers are also constantly exploring their own profit model, business model. What we should do in the future is to guide customers, help them grow sustainably, and help them realize the transformation from individual operation to enterprise operation. Only the success of our customers is our real success. Only in this way can our industry become healthier.
In 2012, the construction machinery industry should gradually abandon low-cost, blind impulsive marketing, which violates the law of fair competition. We should enhance the professionalism of marketing team, including product understanding, marketing skills and marketing methods, so that our industry can become more rational and professional.
In the most difficult times, it is also an opportunity. We should constantly look for opportunities for development. If we only consider the competition of enterprises, sometimes we will feel "painful". But from the perspective of the industry, engineering machinery and equipment is actually fully respecting a universal value of human society - to liberate the labor force from heavy physical labor and high-risk activities. When I think about this sense of mission, we must be confident about the future.
Only in this way can we have more fun and enjoy ourselves through hardship. At the same time, we will have a sense of mission to focus on the interests of our customers and employees. Because it is our customers who support the development of the industry. They work harder than us. At the same time, our employees are doing their best to deliver a set of equipment and services to the great transformation of building modern China and realizing China's economic transformation and promoting China's urbanization process. So we should be grateful to them with a heart of gratitude.
Actively Response to Challenges and Be the Winner
Due to the scarcity of resource-based minerals in Zhejiang Province, the demand for construction machinery mainly comes from infrastructure construction. The state's macro-control has led to the late construction and suspension of many projects, resulting in a very low market demand. In terms of specific performance, sales continued to decline from May 2011, with no sign of tail warping. Compared with the same period in 2010, sales declined significantly.
Market Competition Situation Different from 2004
Because of the bad situation of the engineering market, the whole social capital chain is tense, and the overdue rate of the excavator users'financing lease and bank mortgage repayment has increased significantly. When the original deadline is serious, to implement the legal tractor, users will be very anxious, trying to redeem the machine, or even compromise. Recently, users have taken the initiative to pull back the equipment, which has led to a significant increase in the number of devices implemented by some agents, which was not before. This part of the inventory is difficult to digest at present, occupying a lot of funds.
In this environment, the behavior of the agent group is also "strange". According to the experience of 2004, Zhejiang was a disaster-stricken area affected by macro-control. After April and May, agents took corresponding measures, such as laying off employees and selling service vehicles, to reduce operating costs. But at present, Zhejiang agents not only did not reduce staff, but also insisted on promotion and investment.
Although Zhejiang Liyang has not lost money yet, many of its peers have suffered continuous monthly losses. There are several reasons why we still insist on investing instead of following the old road in 2004: in another month, the seasonal peak season of the market, if we reduce our staff now, we may not have enough strength to cope with this opportunity after the Spring Festival. In addition, there are different opinions about the market trend in 2012, and there is no definite forecast. If we reduce staff, investments and costs now, it is equivalent to adopting a posture and strategy of "admit defeat", then we may lose now. If you participate in the traditional peak season competition, success or failure accounted for 50%, at least 50% of the chance to win. If 2012 is a bad situation, it is equivalent to "killing chickens with a bull's knife", which may cost high or even lose money, but the competition in the industry will not lose. If the market situation is good in the future, it will certainly be better. So now the agent is a tangled mentality, we have not relaxed.
Five to eight years of hard life ahead
After 10 years of competition in the loader industry, the top five account for 70% of market sales, brand concentration has been formed, competition has returned to rationality, and gross profit of manufacturers and agents has begun to rise. In the next five or ten years, which brands will be eliminated, who will win the first five seats in the excavator market, and who dares to neglect them?
The good days of excavator agents are coming to an end, and the future will be five to eight years of very painful days, which is a bit like the agents of loaders in the past few years, which is unavoidable. We are ready for this, even though the market demand is still large, but the competition will be even more brutal.
So, which brands and agents can survive? Like gambling, if you have strong financial strength and can afford to lose, you can survive. Of course, there are many other factors, such as the cost-performance ratio of the product itself, including the product's research and development capabilities, renewal capabilities, technological advancement, which also includes the reliability of the product, energy saving and other aspects, which is the competitive advantage of the product hardware form. Only a good product with cost-performance ratio can be accepted by the market, it is possible to survive. The ability to serve is also important to achieve customer service satisfaction in a real sense. From the market in recent years, the ability of the marketing network construction, the system of combat, competition ability is also very important.
The following factors must be attributed to the agents on the body. After years of distribution model, in the market to participate in competition, the level of agents is a very important competitive link, when the winter comes, excellent agents are very scarce resources.
In 2012, the market will not be worse
I am engaged in the construction machinery industry for nearly 20 years, the last decade has never been on the future market forecast. In the middle of so many voices, we compare the concentration of the identity of a relative to 2005-2006 years in 2012, continue to be a peak annual demand. The second point I agree with is that the first quarter of 2012 is certainly not as prosperous as the same period in 2011, but the third and fourth quarters of 2012 will certainly not be as miserable as the same period in 2011.
The agents to do 2012 years of continuous market downturn ready, don't think too optimistic, because what Chinese market are likely to occur, it is not completely follow the laws of the market to go, much affected by the policy.
In the 2012 strategy and tactics of the time, Liyang has all the plans are good. Whether the situation is good or bad, the whole company with a very positive attitude to deal with, increase investment, companies in the recruitment, training for a couple of months for a big fight.
What time to judge the situation again, my personal view is 6 months to 2012 years, do not think these traditional seasonal opportunities now, first of all to win this battle, it should make full preparations, such as inventory, personnel, sales orders will be planning. Wait until June to determine the whole industry in the second half is what kind of situation, and then make adjustments. There are some adjustments now to do foreshadowing, plan.
In the new market competition environment, manufacturers should incorporate agents into a marketing system. What difficulties will agents encounter in 2012? The first is the difficulty of cash flow. Why are funds tight? Because sales are low. However, the overdue payment of users causes the delay of repayment. After the unsalable sale, the increase of inventory also occupies funds. So the manufacturer should understand the agent and take these objective factors into account when formulating the policy. For example, the agent should be allowed to reasonably defer the due payment, expand the scale of some inventory financing, and so on.
The second point is that rush may increase the risk. I also think that the agent and the manufacturer should share the burden. I think manufacturers need to understand agents in terms of cash flow and have a good service policy for customers.
For the Zhejiang market, we can not see any reason for big ups and downs, we are quite confident. Although currently affected by tightening monetary policy, it is more targeted at CPI and real estate. There are many infrastructure projects in Zhejiang Province in the 12th Five-Year Plan, such as highway, railway, water conservancy and so on. In the next three to five years, the rigid demand of construction machinery is still relatively strong.
Creating a Harmonious Competitive Environment Together
In the fourth quarter of 2011, the total market demand of Hefei Zhongjian is 41% lower than that of the same period last year. Among them, the Anhui market is down 40%, the Hubei market is down 35%, the Henan market is down 34%, and the Jiangxi market is down 61%. In the fourth quarter, the working hours of machines are down more than 15% compared with the same period last year, which is mainly due to the decrease of new projects, especially the sluggishness of real estate. Soft.
Market competition will become increasingly fierce, and integration is inevitable.
In 2012, in addition to the continued growth of investment in guaranteed housing construction and farmland water conservancy construction, investment in infrastructure construction such as railways has gradually recovered, prices have gradually declined, and financial pressures have slowed down. It is expected that the market demand of construction machinery will remain the same in 2012 as in 2011. The total market volume of Hefei China Construction Co., Ltd. will change by the same margin as that of the whole country. It is expected that the market volume of Anhui and Jiangxi in 2012 will be higher than that in 2011. The market in Hubei and Henan will grow slightly, less than 5% in 2011. The total demand for excavators in the domestic market is expected to be 180,000 to 200,000 units in 2012. Due to the serious imbalance in production and marketing, competition will become increasingly fierce. Therefore, market integration is inevitable for both manufacturers and agents.
Users will be more mature and rational
Domestic brands will choose customers by sterilization in the growth process, while Japanese, Korean, European and American brands will choose customers with good credit and long-term cooperation intention for mature markets.
For users, purchasing excavators is an investment behavior. From the perspective of investment, it is very important to maintain a rational attitude. When purchasing excavators, we should pay attention to choosing the brand with stable product quality and good after-sales service, and choose the right model according to needs.
Creating a Harmonious Competitive Environment Together
With the intensification of the contradiction between production and marketing in the market and the intensification of competition, agents will bear great risks. In order to gain more profits in the limited market space, in addition to strictly controlling risks, acting according to their abilities and promoting flexibly, agents are not only fair competitors, but also friends and community of interests. They should not deliberately increase the cost of others, but also complement each other and work together. Good environment for construction machinery market.
For manufacturers, in the downturn of the market, we should make reasonable production plans and let core agents survive, develop and strengthen in the competition.
Source website: Today's Construction Machinery
In 2012, Northern Highway will work hard on strengthening management, strengthening process control, strengthening post-market benefits, reducing management costs and operating costs, improving product quality, opening up sources and saving expenditures, steadfastly operating, maintaining smooth capital flow, keeping investment in personnel unchanged, continuing to recruit a number of outstanding personnel, optimizing and adjusting personnel, actively meeting challenges and becoming the ultimate winner.