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Author: Gao Fan is a distinguished researcher at the Shanghai Research Center for Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, Dean of the Institute of Marxism at Fudan University, and Professor at the School of Economics

The "Outline of the Fifteenth Five-Year Plan for National Economic and Social Development of the People's Republic of China" lists "adhering to the combination of effective markets and effective governments" as one of the major principles that must be firmly grasped for economic and social development during the "15th Five-Year Plan" period, and proposes "the formation of an economic order that is both 'flexible' and 'well managed'." Forming an economic order that is both "flexible" and "well managed" is a practical issue proposed by our party regarding the relationship between the government and the market. It is an important achievement in understanding the regularity of economic development and an important guarantee for continuing to write a new chapter of the two miracles on the new journey. It is of great significance to deeply explore its background, connotation, characteristics and implementation path.

Deepening understanding of the relationship between government and market and its internal logic

Properly handling the relationship between the government and the market is the core issue of economic system reform. Since the reform and opening up, especially since the new era, the party has led the people to continuously deepen their understanding of the relationship between the government and the market through practical exploration and promote a better combination of effective markets and promising governments. The Third Plenary Session of the 18th Central Committee of the Communist Party of China proposed to "make the market play a decisive role in resource allocation and better play the role of the government." The report of the 19th National Congress of the Communist Party of China emphasized "making the market play a decisive role in resource allocation and better play the role of the government." The report of the 20th National Congress of the Communist Party of China proposed to "give full play to the decisive role of the market in resource allocation and better play the role of the government.", 2024 The Central Economic Work Conference in 2016 proposed that "it is necessary to coordinate the relationship between the effective market and the effective government to form an economic order that is both 'flexible' and 'manageable'." The "Recommendations of the Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development" adopted by the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China proposed "the formation of an economic order that is both 'flexible' and 'well managed'." The expansion of the role of the market and the government to the role of the market, the government and the economic order marks the deepening of my country's characterization of the relationship between the government and the market from focusing on the economic operating mechanism to covering the operating mechanism, process and results at the same time; from "making the market play a decisive role in resource allocation" to "giving full play to the decisive role of the market in resource allocation", which means The policy focus has shifted from the stage of building and improving the market system to the stage of fully releasing the inherent functions and effectiveness of the market system; from being both "flexible" and "managed" to both "flexibly liberalized" and "managed well", it reflects that the government's management of economic operations has expanded from a dimension focused on risk prevention and order stability to a coordinated dimension of overall development and security.

From a theoretical logic perspective, the relationship between government and market has always been a core topic in economics research. Western theory often oscillates between "state intervention" and "laissez-faire." For example, mercantilism emphasizes state intervention, Smith's "The Wealth of Nations" emphasizes liberalism, the German Historical School emphasizes state intervention, Marshall's "Principles of Economics" emphasizes liberalism, Keynes's "The General Theory of Employment, Interest and Money" emphasizes state regulation, and so on. This repeatedly swinging evolution process also shows that to understand the relationship between government and the market, we must go beyond the simple "dichotomy" framework and the "plate combination" paradigm, and focus on system integration and functional synergy.

From the perspective of historical logic, since the founding of New China, our country has created two miracles: rapid economic development and long-term social stability. The fundamental reason lies in adhering to the leadership of the party, giving full play to the advantages of the socialist system with Chinese characteristics, and continuously promoting the adjustment of the relationship between the government and the market. Especially after the reform and opening up, the relationship between the government and the market has undergone profound changes: the economic options of micro-subjects have continued to expand, the role of market mechanisms has become increasingly prominent, and the government's strategic planning, macro-control, and industrial policy capabilities have also continued to improve, forming a positive interaction between the government and the market that empowers each other, and constitutes an important institutional advantage for the continued advancement of Chinese-style modernization.

From a practical logic point of view, the "15th Five-Year Plan" period is a critical period for basically realizing socialist modernization and connecting the past and the future. It has achieved remarkable results in benchmarking high-quality development and significantly improved the level of scientific and technological self-reliance. There are still some aspects that need to be improved in the current economic system, such as strengthening the construction of a unified national market and giving full play to the potential of domestic demand. In the new era and new journey, only by further handling the relationship between the government and the market can we form an economic order that is more consistent with strategic deployment and key tasks.

The connotative characteristics of an economic order that is both “flexible” and “well managed”

Adhering to the combination of effective markets and promising governments is expressed from the perspective of concepts and methods; forming an economic order that is both "flexible" and "well managed" is expressed from the perspective of performance and results. The goal of combining an effective market and a promising government is to form an economic order that is both "flexible" and "well managed". The ultimate goal is to promote high-quality economic development and promote the economy to achieve effective qualitative improvement and reasonable quantitative growth. The connotation of forming an economic order that is both "flexible" and "well managed" can be understood from the following aspects:

"Let it go" emphasizes giving full play to the decisive role of the market in resource allocation. Its direction is to reduce the government's direct intervention in the market mechanism and strengthen the government's enabling role in market operation, thereby promoting a smoother flow of goods and factors, continuing to improve factor productivity and total factor productivity, stimulating the vitality of micro entities, and ultimately basing the underlying logic of economic growth on the continuous optimization of resource allocation efficiency. The development of my country's labor market provides a profound example of this. At this stage, my country's rural labor force mainly realizes large-scale non-agricultural transfer through migrant workers. This is essentially the market's response to the signal that "the labor productivity of the secondary and tertiary industries is significantly higher than that of the primary industry." However, there are still certain obstacles to the full flow of labor between urban and rural areas, regions, and industries, and the labor market has relatively obvious segmentation characteristics. In recent years, our country has continued to deepen reforms in related fields, eliminated institutional barriers to labor mobility, and empowered the market itself instead of directly allocating labor. This is the key practice of "liberalizing".

"Good governance" emphasizes giving better play to the government's role. The government's role is not only to make up for market failures and stabilize economic growth and social order, but also to provide strategic guidance and collaborative tools for economic operations based on overall and long-term goals. "Good management" not only means that the government can warn, prevent and respond to factors that may cause economic fluctuations, that is, "manage" possible risks in economic operation, but also means that the government can fully empower growth and leading factors, that is, "deduct" new growth points in economic operation. At this stage, my country's cultivation and expansion of new productive forces is closely related to its scientific and technological innovation capabilities. Scientific and technological innovation is a systematic project, which depends on the investment mechanism in the field of basic research and the transformation mechanism from basic research to applied research. Basic research is crucial to the self-reliance and self-reliance of science and technology, but it often has the characteristics of long cycle, large investment, high risk, and strong externality. It is necessary to give full play to the role of the government's "visible hand" and rely on the new national system to promote the development of basic research in an in-depth direction. At the same time, it relies on industrial policy, financial policy, and the integrated development of education, science and technology talents to improve the efficiency of basic research transformation. This has important practical value for my country to promote the construction of an innovative power and high-quality development.

Both "liberal release" and "good management" emphasize the dialectical unity and organic synergy of the roles of the government and the market. "Let loose" and "manage well" condition and empower each other. Only by "liberalizing" can we "manage well". Only when the market role is fully exerted and micro-entities are dynamic, can the government have stronger fiscal mobilization capabilities and a higher level of public product provision. Only by "managing it well" can it be "unregulated". Only by strengthening the public service function of the government can all kinds of micro entities form stable expectations for economic activities and create sufficient incentives for investment, innovation and consumption. As a country that implements a socialist system, has a very large economic volume and regional development differences, my country needs to simultaneously stimulate vitality and maintain order to achieve high-quality development. "Freedom" emphasizes that on the premise of strengthening top-level design, we should fully stimulate the initiative of local and market entities and promote economic development in accordance with local conditions. Chinese-style modernization is a modernization that brings prosperity to all people. "Good management" requires the government to better play its role and promote the economy to achieve a good combination of development, sharing and sustainability. The leadership of the Communist Party of China provides the fundamental guarantee for coordinating the relationship between the government and the market. Therefore, it is both realistically necessary and institutionally feasible for our country to form an economic order that is both “flexible” and “well managed.”

Practical requirements for forming an economic order that is both “flexible” and “well managed”

At the micro level, efforts should be made to deepen the market-oriented reform of factors. Deepen the reform of the household registration system, promote the citizenization of agricultural migrant workers, continue to improve the level of rural social security, and promote the spontaneous flow of urban and rural labor mainly based on price signals such as wages; deepen the reform of the rural land system, safeguard the land contract rights, homestead use rights, and collective income distribution rights of farmers who settle in cities in accordance with the law, explore ways to establish voluntary paid exit, and build a unified urban and rural construction land city market, improve the efficiency of land factor allocation; deepen the reform of the financial system, enrich the supply of financial products, strengthen the support of capital factors for various market entities, and reduce corporate financing costs; improve the data basic system, improve digital rights confirmation, pricing, transactions, governance and other institutional mechanisms, strengthen the enabling role of digital technology in resource allocation, and give full play to the positive role of digital technology in information docking and market expansion.

At the meso level, efforts are made to promote industrial transformation and upgrading. In order to achieve our economic and social development goals on the new journey, our country must promote the deep integration of technological innovation and industrial innovation, maintain a reasonable proportion of manufacturing, and accelerate the construction of a modern industrial system with advanced manufacturing as the backbone. This not only requires governments at all levels to play a guarantee role in basic research investment and market order maintenance, but also requires various enterprises to carry out product innovation and technological innovation according to changes in market demand. In this process, the synergistic promotion effect of promising governments and effective markets must be maximized. Accelerate the improvement of government performance assessment and incentive mechanisms oriented towards high-quality development, place employment creation, innovation achievements, urban-rural integration, total factor productivity improvement and other factors in a more prominent position, and encourage local governments to not only focus on short-term growth, but also strive to cultivate regional long-term competitiveness and build a regional economic ecology that is both dynamic and well-regulated.

At the macro level, we should give full play to the advantages of the socialist system with Chinese characteristics and uphold and improve the basic socialist economic system. Chinese-style modernization is socialist modernization led by the Communist Party of China. Our country’s promotion of economic development is essentially to serve the all-round development of people and the common prosperity of all people. To form an economic order that is both "flexible" and "well managed", we must always adhere to the leadership of the Communist Party of China, adhere to the socialist system, and give full play to the advantages of the socialist system with Chinese characteristics. In terms of strategic guidance and regional coordination, we rely on the organic combination of different types of planning to ensure the continuity and systematicness of development paths, and transform the top-level design of coordinated regional development into development practice through mechanisms such as industrial collaboration and counterpart support. At the same time, we must adhere to and improve the basic economic system based on development goals and changes in the times. In terms of ownership, we adhere to and implement the "two unshakable principles" to promote the complementary advantages and common development of various ownership economies; in terms of distribution systems, we insist on distribution according to work as the main body and the coexistence of multiple distribution methods, and build a coordinated and supporting institutional system for primary distribution, redistribution, and third distribution, and promote the formation of an olive-shaped distribution pattern; in terms of economic operation systems, we adhere to the socialist market economic system, improve the macro-control tool system, enhance macro-policy synergy, improve macroeconomic governance efficiency, and promote finance to better serve the real economy.

"Guangming Daily" (page 11, March 17, 2026)

Guangming Daily, Beijing, March 16 (Reporter Zhou Shixiang) The first batch of results of the "Classics Series" organized by the Ministry of Education, "Economics Excerpts from Marx and Engels Lenin's Important Essays on Philosophy, Social Sciences and Various Disciplines" and "Education Credits from Excerpts of Marx and Engels Lenin's Important Essays on Philosophy, Social Sciences and Various Disciplines" were recently published by Higher Education Press.

The "Classic Series" is a key teaching material construction project for China's original philosophy and social sciences, and is guided and supported by the Party History and Documentation Research Institute of the Central Committee of the Communist Party of China. The "Classics Series" consists of a general introduction and several sub-themes, focusing on the selection of representative documents and important expositions of Marx, Engels, and Lenin in various periods, striving to comprehensively, accurately, and systematically embody the main theories and important ideas of Marx, Engels, and Lenin on philosophy and social sciences and various disciplines. It provides classic documents for teachers in various disciplines of philosophy and social sciences to conduct teaching and research, and to train high-quality talents such as masters and doctors. It also provides basic guidelines for the compilation, review, and editing of textbooks.

"Economics" is edited by Professor Pang Jinju of Nankai University. It selects 27 representative documents in the field of economics from the works of Marx, Engels, and Lenin, and excerpts 570 important discussions, which reflects the basic stance, basic viewpoints and basic methods of Marxist political economics. "Educational Credit Theory" is edited by Professor Yang Xiaohui of Northeast Normal University. It selects and compiles 36 important works, articles, letters and speeches on education by Marx, Engels and Lenin in different periods. It also excerpts 109 important discussions, which reflects the scientific connotation, spiritual essence, historical status and value of the times of Marxist educational thought.

The compilation and publication of the "Classic Series" will help promote the construction of the discipline system, academic system, discourse system, independent knowledge system, and teaching material system of philosophy and social sciences with Chinese characteristics, and consolidate the guiding position of Marxism in the field of philosophy and social sciences.

"Guangming Daily" (Page 9, March 17, 2026)

On the evening of March 16, Suda Shares (001277) announced that the company received a notice from the family of the company’s actual controller and chairman Li Xiyuan. It received a “Notice of Filing” and a “Notice of Lien” about Li Xiyuan issued by the Bengshan District Supervisory Committee of Bengbu City on March 13, 2026. The company’s actual controller and chairman Li Xiyuan was detained.

Public information shows that Suda Co., Ltd. is a professional service company focusing on the full life cycle management of machinery and equipment, and is committed to providing high-quality comprehensive aftermarket services for machinery and equipment to industrial customers. The company's business currently focuses on hydraulic supports for fully mechanized coal mining equipment, providing comprehensive after-market services such as repair and remanufacturing, spare parts supply management, and second-hand equipment rental and sales for coal production companies, and providing fluid connector products for machinery and equipment manufacturers.

Suda Co., Ltd. has 6 large-scale maintenance and remanufacturing bases, and has added two new maintenance centers in Shuozhou and Changzhi, Shanxi, and its market coverage continues to expand. The company has established a three-level warehousing and logistics system with Zhengzhou as the central warehouse and radiating to many customer gathering areas. It has established 7 customer service centers and 10 service outlets, and its business scale is firmly in the leading position in the industry.

From 2022 to 2024, Suda Co., Ltd. has ranked first in the hydraulic support repair and remanufacturing market share for three consecutive years, and is also the largest domestic coal mine machinery fluid connection parts service provider. At present, the company has a professional R&D team of more than 60 people and a production technology team of more than 600 people. It is one of the few production service companies that has obtained the Beijing Academy of Coal Science and Technology's remanufactured support and pressure frame test qualification report. After repair and remanufacturing by Suda Co., Ltd., the performance of the used fully mechanized mining equipment is no less than that of new equipment.

Regarding the lien on the actual controller and chairman of the board, Suda shares stated that the company has a complete governance structure and internal control mechanism, and will operate in accordance with the "Company Law of the People's Republic of China", the "Shenzhen Stock Exchange Stock Listing Rules", the "Governance Code of Listed Companies" and the "Articles of Association" and other laws, regulations and related systems.

As of the disclosure date of this announcement, the company's other directors and senior managers have performed their duties normally, the company's control has not changed, the company's production and operations are in normal condition, and the above matters will not have a significant impact on the company's daily operating activities. At present, the company has not received any investigation or cooperation documents from the competent authorities on the company, and it is not yet aware of the progress and conclusion of the lien investigation. The company will continue to pay attention to the progress of the above matters and perform its information disclosure obligations in a timely manner in strict accordance with relevant regulations.

The company will continue to pay attention to the follow-up progress of the above-mentioned matters and perform its information disclosure obligations in a timely manner in strict accordance with the provisions and requirements of relevant laws and regulations.

Media: Iran shocked the world with its killer weapon and America "turned from complacency to panic"

In one of the most tumultuous weeks in oil market history, Iran's trump card is a virtual blockade of the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas are normally transported.

An Iranian propaganda video made in the style of Lego animation has gone viral online, showing how Tehran is declaring victory in its war against the United States this week on a major battlefield: the oil market.

Seven armed speedboats rushed to the oil tanker and blocked shipping in the Strait of Hormuz; financial practitioners saw the skyrocketing oil prices and cried bitterly and were at a loss; Arab countries fell into despair due to the paralysis of crude oil exports.

The animated scene echoes real-life combat situations, highlighting how soaring oil prices have become one of Iran's most powerful weapons in the conflict.

Photo of US President Trump/Xinhua News Agency

"The energy market is the main battlefield in the next phase of the conflict," said Jeffrey Pyatt, a former White House energy adviser. "Iran is clearly using the market to make a fuss in the hope of putting pressure on the Trump administration."

For the "survival is victory" Iranian regime, pushing up oil prices is a key success indicator against Trump, who is obsessed with driving down oil prices. Oil prices will also affect the direction of the war. After crude oil prices approached a four-year high of US$120 per barrel, Trump declared that the US action "objective has been accomplished."

In one of the most tumultuous weeks in oil market history, Iran's trump card is a virtual blockade of the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas are normally transported.

Tehran currently has almost complete control over the Gulf oil market, forcing neighboring countries such as Iraq to almost completely suspend production. About 300 million barrels of oil and natural gas cannot be shipped out of the region, and this number continues to rise at a rate of about 20 million barrels per day.

As of the 13th, despite Trump and his Western allies announcing the launch of the largest emergency oil reserve release in history, oil prices remained at about US$100 per barrel.

Iran's new Supreme Leader Mujtaba Khamenei announced that he would block the strait indefinitely, which greatly surprised oil traders, who had always believed that US military power would ensure the smooth flow of the channel.

Although Iran has threatened many times before, it has never actually blocked the Strait of Hormuz. Its decision this month to blockade and launch attacks on energy facilities in neighboring countries shows that this conflict is a matter of life and death for the Iranian regime.

"The Strait of Hormuz has always been Iran's most valuable bargaining chip. Its use of this bargaining chip surprised many people, and even shocked Iran. If the conflict continues for a long time, global oil reserves will be exhausted." Hamid Hosseini of the Iranian Oil Exporters Alliance said. Tehran's own oil exports continued, he added.

In recent days, Tehran has at times appeared to be speaking directly to oil traders in Geneva and New York, threatening that oil prices could soar to $200 a barrel.

The United States "went from complacency to panic"

As the U.S. midterm elections approach, the Republican Party is already in trouble due to people's "cost of living pressure", and rising oil prices will definitely make the situation worse. The Trump administration is already feeling rising pressure.

The White House purged Iran's top leadership on the first day of the conflict and once remained optimistic about the war. However, its attitude quickly changed as oil prices surged when the market opened on the evening of the 8th.

There were constant reports over the weekend that some major oil-producing countries around the world were forced to cut production. The severity of the energy crisis was fully revealed, and oil prices experienced one of the largest increases in history.

Trump and Netanyahu

"At about 6:05 on the evening of the 8th, the government's attitude changed from complacency to panic," said a person familiar with the White House's response. "They seemed to have woken up from a dream and realized that the problem was far more serious than expected."

On the evening of the 8th, US officials supported the G7 finance ministers to convene a meeting the next day to discuss the emergency release of oil reserves, while the White House repeatedly insisted last week that it had no such plan.

The White House seems willing to use any means to bring down oil prices, but Pyatt, who was responsible for energy security in the Biden administration, said such measures would have limited effect.

Ernest Moniz, who served as energy secretary in the Obama administration, said that ultimately, the only way for the United States to drive down oil prices is to try to fill the market supply gap.

"If you can't fill the 10 million barrels per day market gap quickly, it's going to be difficult to calm the current wild swings in oil prices," he said.

Gulf states 'furious over this'

Gulf countries are also clearly aware that if they are unable to supply energy to the market for a long time, it will create political space for Russian energy to return to the global market.

According to multiple people familiar with the matter, before the war broke out, the Gulf countries tried to warn the United States that seeking regime change in Iran would lead to unpredictable chaos.

"I don't understand why the United States didn't expect it. They had been warned long ago but chose to ignore it, resulting in today's situation." Helima Croft, a former CIA official and capital market analyst, said. She added that the Gulf states were "furious about this, both at Iran and angry that someone had stoked a hornet's nest."

Although the United States has rehearsed the consequences of the conflict, officials are convinced that the operation against Iraq will be quick and may last only a week, and the rise in oil prices will only be a short-lived fluctuation.

The White House has consistently denied that it was caught off guard by the current situation. White House spokesman Tyler Rogers said: "The president and his entire energy team had plans to stabilize energy markets long before the operation began."

But traders were puzzled by the president's conflicting comments on how long the conflict would last and whether he wanted to keep oil prices lower.

"For me, stopping Iran is more important than stabilizing high oil prices." Trump posted on his "Real Social" website on the 12th, while claiming that the United States is the world's largest crude oil producer. "When oil prices go up, we can make a lot of money," he said.

The energy supply system is difficult to recover quickly

Markets are soberly aware that it may take months or even years for energy markets to return to normal. "All parties know that it is extremely difficult to restore oilfield production and repair equipment," said Daniel Yergin, vice chairman of S&P Global. "The energy supply system cannot be turned on with a click, and any new production capacity will require time and investment."

The decision to end the conflict does not lie solely in the hands of the United States and Israel. Roxanne Farmanfarmayan of the Royal United Services Institute predicts that Iran will maintain the blockade of the Strait for a long time and continue to push up oil and gas prices.

"Iran wants to ensure that Israel and the United States will not come back within 8 to 10 months after the ceasefire. They do not want a third war to break out. Therefore, they will push the situation to a point where the United States cannot go to war against it again," she said.

There is still the possibility of further escalation of the conflict. Iran's proxy Houthis in Yemen have not yet intervened in the conflict, disrupted shipping in the Red Sea or attacked Saudi oil pipelines.

The Iranian regime knows very well that the release of emergency oil reserves will only delay the pain of the global economy for a few weeks at most, and may even mean that it may become stronger after the conflict.

"After the war, Iran will continue to control the Strait of Hormuz and may even collect tolls," Husseini said.

"No country will be able to challenge its control. Iran has found leverage that the United States cannot effectively counter."

This article was published on the Financial Times website on March 13. It was originally titled "The War on Oil Prices" and was written by Malcolm Moore.

On March 16, Yao Chen officially announced his divorce: a journey through mountains and rivers, and happiness in three lives. Destiny comes and goes, all are joyful.

In June last year, Yao Chen congratulated Cao Yu on being invited to become an Oscar judge.

On June 27, 2025, Yao Chen posted a message to congratulate Cao Yu on being elected as an Oscar judge: Congratulations to Mr. Cao!

Public information shows that Yao Chen was born on October 5, 1979 in Quanzhou City, Fujian Province. He is a native of Shishi, Fujian Province. He graduated from Beijing Film Academy and is an actress in Mainland China. In 2001, Yao Chen entered the entertainment industry as Ji Ling in "Nessun Dorma". In 2005, he became popular with the role of "Guo Furong" in "Wulin Gaiden".

In 2003, Yao Chen held a wedding with her classmate Ling Xiaosu; on January 28, 2011, she announced her divorce; in March 2011, she disclosed her relationship with photographer Cao Yu; on November 17, 2012, she held a low-key wedding in New Zealand; she gave birth to a son on July 1, 2013; and her daughter was born in November 2016.

Cao Yu, born on August 15, 1974, graduated from Beijing Film Academy, works at Beijing Film Studio, and is a male photographer in Mainland China.

His graduation work "To Be Refrained" won the Youth Film Fund Award at the 54th Cannes Film Festival, and he later filmed "Kekexili" and "Nanjing!" Nanjing! ""The Legend of the Demon Cat" and many other film works have won the Best Cinematography Award at the China Film Golden Rooster Award, the Best Cinematography Award at the San Sebastian International Film Festival and other awards. On December 4, 2020, Cao Yu was hired as a distinguished professor at the Shanghai Film Academy of Shanghai University. On January 5, 2021, he won the Best Cinematography Award at the first Golden Elm Award·2020 Chinese Film Awards for "Eight Hundred". On March 18, 2023, the film "Umbilical Cord" produced by the company is scheduled to be released in China. On August 28, 2025, he won the Best Cinematography Award at the 20th China Changchun Film Festival Golden Deer Award for "Decryption".

(Comprehensive from Jiangnan Metropolis Daily and Jiupai News)

Author: Chen Chunming is a distinguished researcher at the Heilongjiang Provincial Research Center for Theoretical System of Socialism with Chinese Characteristics and a professor at the School of Economics and Management of Harbin University of Science and Technology.

The "Outline of the Fifteenth Five-Year Plan for National Economic and Social Development of the People's Republic of China" emphasizes "promoting the deep integration of scientific and technological innovation and industrial innovation", pointing out the direction for building a long-lasting and strong scientific and technological foundation for Chinese-style modernization. At present, a new round of scientific and technological revolution and industrial transformation are evolving with unprecedented intensity and speed. It is important to firmly grasp the historical opportunities, promote the deep integration of scientific and technological innovation and industrial innovation, and give full play to the role of enterprises.

Strengthen the dominant position of enterprises in scientific and technological innovation

Scientific and technological innovation is a systematic practical activity that achieves knowledge innovation, technological breakthroughs, and achievement transformation and application through scientific research and technological development. This process is not only inseparable from the in-depth cultivation and original breakthroughs of scientific researchers in the field of basic research, but also requires enterprises to play the main supporting role to form a complete closed loop of "research and development-transformation-industrialization".

By the end of 2024, the number of registered small and medium-sized enterprises nationwide will exceed 60 million, of which the proportion of private enterprises has remained stable at more than 90% for a long time. A large group of enterprises have taken the initiative and made efforts in innovation activities, laying a solid micro foundation for the in-depth integration of technological innovation and industrial innovation. However, it should also be noted that the innovation potential of many enterprises has not yet been fully released. This is mainly due to the following reasons: First, there are obvious gradient differences in the innovation capabilities of enterprises. Leading technology companies still have shortcomings in original innovation, core technology breakthroughs, and R&D efficiency. Although small, medium and micro enterprises have the advantage of strong innovation flexibility, they are subject to constraints such as scale, capital reserves, and talent reserves, and have prominent growth bottlenecks. There are also differences in the innovation capabilities of enterprises between regions, which restricts the balanced allocation of innovation resources and the overall effectiveness. Second, the depth of enterprises’ integration into the industry-university-research collaboration chain is insufficient. There is a "two skins" phenomenon between basic research in universities and scientific research institutes and the industrial needs of enterprises. The accuracy of supply and demand docking is not high, resulting in a large number of scientific and technological achievements being "locked in the laboratory", which is difficult to effectively transform into actual productivity, and hindering the in-depth connection between the innovation chain and the industrial chain. Third, the enterprise innovation ecological support system is not yet complete. Relevant policy support still has problems such as insufficient precision and weak targeting, and it is difficult to effectively match the innovation needs of different types of enterprises; the financial support system needs to be further optimized, and the supply of differentiated financial products for technology-based enterprises, especially small, medium and micro technology enterprises is insufficient; the innovation service system is not perfect enough, and professional service capabilities such as technology transfer, intellectual property services, and scientific research facility sharing need to be further improved.

Strengthening the dominant position of enterprises in scientific and technological innovation is not only an important link in promoting the deep integration of scientific and technological innovation and industrial innovation, but also a necessary prerequisite for cultivating new productive forces and building strong support for Chinese-style modern science and technology. It requires long-term efforts, precise policies, and systematic efforts. The first is to build a gradient cultivation system and consolidate the foundation of corporate innovation entities. Based on the development positioning of enterprises of different sizes and types, guide leading science and technology enterprises to focus on original innovation and core technology research, support small, medium and micro science and technology enterprises to give full play to their flexible innovation advantages, while optimizing the innovation layout of regional enterprises, promote the appropriate tilt of innovation resources to the central and western regions, and realize the complementary advantages of various enterprises and the coordinated development of regional innovation. The second is to improve the integration efficiency of enterprises in the innovation industry chain. Build a high-level innovation consortium, improve the benefit sharing and risk sharing mechanism of industry-university-research collaborative innovation, smooth the flow channels for innovation elements such as talents, technology, and capital, and promote the deep coupling of innovation chains and industrial chains. The third is to create an excellent environment for innovation and development. Precisely optimize the supply of science and technology policies to enhance the pertinence and effectiveness of policies; strengthen financial support and guarantees, and improve the science and technology financial service system; improve the innovation service system and improve professional service levels.

Improve the core functions of enterprises in industrial innovation

Enterprises are the core carriers of industrial innovation, and the completeness of their innovative functions directly determines the speed and practical effectiveness of industrial innovation. In a period of historical opportunities where a new round of scientific and technological revolution and industrial transformation are intertwined and evolving, it is crucial to improve the functions of enterprises in industrial innovation. This is by no means a superficial functional supplement, but a systematic reconstruction of development positioning, innovation models and innovation ecology.

The core functions of enterprises in industrial innovation are embodied as breakthroughs in technological innovation, revolutionaries in industrial models, and integrators of industrial chains. In the process of building a modern industrial system in our country, the functions of enterprises in industrial innovation have shown a trend of all-round expansion: first, focusing on overcoming "stuck" technical problems and continuously improving the independent research and development capabilities of cutting-edge technologies; second, coordinating key elements such as talents, data, and capital, and integrating and allocating innovative resources. The third is to drive small and medium-sized enterprises to deeply integrate into the innovation network and give full play to the leading function of industrial collaborative organizations; the fourth is to promote the efficient transformation of technological value into market value and highlight the iterative innovation function of business models; the fifth is to balance the high risk and long-term nature of innovation investment and realize the function of sharing and resolving innovation risks.

Improving the core functions of enterprises in industrial innovation is not only an important link in promoting the deep integration of technological innovation and industrial innovation, but also a key fulcrum in building a closed-loop integration and development of the two, which can provide solid support for cultivating new productive forces and building a modern industrial system. To this end, it is necessary to optimize the innovation investment structure, guide enterprises to increase investment in basic research, improve the long-term mechanism for innovation investment, and broaden innovation financing channels; build an open and collaborative innovation ecosystem, improve the efficiency of resource integration, form an industry-university-research innovation alliance, support leading enterprises in building industrial innovation platforms, and improve innovation resource sharing mechanisms; improve the innovation incentive and guarantee system, stimulate the vitality of innovation entities, optimize the internal innovation incentive mechanism of enterprises, strengthen the protection of the entire chain of intellectual property rights, and improve the accuracy and targeting of policy support.

Improve the intermediary transmission efficiency of enterprises in the deep integration of technological innovation and industrial innovation

The deep integration of technological innovation and industrial innovation requires an efficient intermediary transmission mechanism as a link to achieve smooth flow of innovation elements across entities, precise matching of value creation, and closed-loop operation of the innovation chain. Enterprises have the dual attributes of market entities and innovation entities. They are not only the carriers of the industrialization of scientific and technological achievements, but also the entities expressing the marketization of industrial innovation needs. They are also the hub for collaborative innovation between industry, academia and research institutes. Improving the intermediary transmission efficiency of enterprises in the deep integration of scientific and technological innovation and industrial innovation is of great practical significance for breaking through the blocking points of innovation transformation and improving the efficiency of innovation resource allocation.

The intermediary transmission role of enterprises in the deep integration of technological innovation and industrial innovation is mainly realized through the three paths of factor transmission, demand transmission and organizational transmission. Element transmission focuses on the cross-subject integration and efficient transfer of key innovation elements such as talent, technology, capital, and data; demand transmission focuses on accurately connecting the actual needs of the industry to the scientific research side, focusing on solving the "two skins" problem of technology research and development and industrial demand; organizational transmission achieves the systematic integration of innovation resources by building a collaborative innovation platform, building an industrial innovation network, and breaking down barriers between innovation entities.

However, enterprises still face some practical constraints in playing their role as intermediaries. For example, intermediary transmission power is lacking and subject awareness is weak; factor transmission barriers are high and allocation efficiency is low; the institutional guarantee system is imperfect and the coordination mechanism is not operating smoothly, etc. Only by working together and building an efficient intermediary transmission mechanism can the intermediary transmission efficiency of enterprises in the deep integration of technological innovation and industrial innovation be improved. In terms of motivation stimulation, we should strengthen the awareness of corporate entities, reduce corporate innovation costs by improving innovation incentive policies, promote companies to accelerate innovation transformation, and enhance intermediary transmission capabilities. In terms of the flow of factors, efforts should be made to open up blocking points in the flow of factors, improve the two-way flow mechanism of talents, and ensure the free flow of talents in the fields of technological innovation and industrial innovation; improve the chain of transformation of scientific and technological achievements, and smooth the channel for the transformation of laboratory achievements into production lines. In terms of institutional guarantees, we should optimize the institutional environment for collaborative innovation, strengthen the protection of the entire chain of intellectual property rights, and activate the vitality of corporate intermediary transmission; strengthen policy coordination and integration, and establish a policy coordination mechanism for the integration of scientific and technological innovation and industrial innovation; improve the benefit distribution mechanism to protect the legitimate rights and interests of all parties involved in industry, academia, and research.

"Guangming Daily" (page 11, March 17, 2026)

Trump’s call to escort the Strait of Hormuz raised “a question mark” for many parties

U.S. President Trump put pressure on NATO allies on the 15th, claiming that if NATO cannot assist the United States in normalizing navigation in the Strait of Hormuz, it will face "very bad" consequences. The Trump administration has previously called on many countries to participate in escort operations, but has received little public response so far.

According to US media, the White House plans to announce the formation of the so-called Strait of Hormuz Escort Alliance in the next few days.

Iranian soldiers patrol the Strait of Hormuz. Published by Xinhua News Agency (Photo by Ahmed Halabisas)

[Threat to NATO]

Trump gave an eight-minute phone interview to the Financial Times on the 15th, during which he sent a "tough message" about European countries' involvement in military operations against Iran. He said that Europe is an important beneficiary of navigation in the Strait of Hormuz and should help ensure that "nothing happens there." If Europe does not respond or responds negatively, "I think that would be very bad for the future of NATO."

Trump asked for all the assistance the United States needs. He also specifically asked allies to send minesweepers, and he also hoped that Europe would send drones and mines.

Screenshot of Trump's speech.

In Trump's view, the United States does not need to help Ukraine, which is thousands of kilometers away from the United States, in the Russia-Ukraine conflict. It only does so because of the existence of NATO as a military alliance. "Now we have to see if they help us." He also said that he had long said that NATO is "a one-way street", that is, the United States provides support to its allies, but the allies may not come to help when the United States needs it.

Shipping in the Strait of Hormuz has been nearly completely disrupted since the United States and Israel launched military strikes against Iran. Later on the 15th, Trump reiterated to reporters that about seven countries were interested in participating in the escort, but he did not disclose specific information.

【Few responders】

According to the Financial Times, Trump had a phone call with British Prime Minister Starmer on the 15th and was particularly frustrated with the British response. He said that the United Kingdom is often regarded as the United States' "number one ally" and "the longest-standing ally", but when the United States makes requests, the United Kingdom is "reluctant to come." According to the New York Times, British Energy Security and Net-Zero Emissions Minister Ed Miliband said on the 15th that the British government was exploring "all options" for air navigation and was discussing related matters with allies, but Miliband did not disclose details.

Takayuki Kobayashi, the political affairs investigation chairman of Japan's ruling Liberal Democratic Party, said on the same day that relevant issues may be discussed when Japanese Prime Minister Sanae Takaichi meets Trump in Washington on the 19th. The South Korean Presidential Office only stated that it "will maintain close communication with the United States" but made no commitment. France has yet to respond publicly.

Australian Minister of Infrastructure, Transport, Regional Development and Local Government Catherine King said on the 16th that Australia would not send naval ships to the Strait of Hormuz. On the 15th, German Foreign Minister Waldful expressed doubts about the possible expansion of EU escort operations to the Strait of Hormuz, believing that there is no need for Germany to participate in it. Wadful also said that Germany requires the United States and Israel to maintain information sharing and clearly inform them of the specific goals of military operations against Iran, "and then discuss with us how to end this war."

According to informed U.S. officials’ disclosure to the Wall Street Journal, some countries have agreed to escort ships through the Strait of Hormuz. However, many countries have not made public commitments due to the risks of escort, but hope to wait until the conflict subsides before intervening. The White House may announce the formation of a so-called convoy alliance as soon as this week, and the timing may change depending on the battlefield situation. Currently, the United States and some countries are still discussing whether escort operations should be launched before or after the conflict ends.

【Facing Difficulties】

According to the "Wall Street Journal", the Trump administration faces difficulties in its military operations against Iran, including strategic-level problems such as increasing instability in the Middle East, the global energy crisis and negative domestic political consequences in the United States, all of which have proven difficult to solve through bombing alone. According to data from the American Automobile Association, the average price of gasoline in the United States surged 26% on the 15th compared with a month ago, and the average price of diesel surged 36% during the same period. Within the Republican camp, some people hope that the conflict will end immediately, while others advocate continuing to attack Iran.

A Thai cargo ship was attacked and caught fire in the Strait of Hormuz. Published by Xinhua News Agency (Photo courtesy of the Thai Navy)

Some U.S. officials and analysts speculate that the Trump administration now has three "imperfect options": first, withdraw from the war to avoid the expansion of the conflict, but this will embolden the power of Iran's hardliners; second, continue to act to further weaken Iran's military capabilities, but will also cause the United States to bear the risk of more casualties and high energy prices; third, the United States and Israel suspend bombings and switch to regular military attacks on Iran in the future, but this will fall into an endless cycle of war.

Trump told reporters on the evening of the 15th that Iran was eager to negotiate and that Iranian Foreign Minister Araghchi’s statement that he had never requested negotiations was “false news.”

Earlier in the day, Araghchi told the US media that Iran had "never asked for a ceasefire or even negotiations" and was "ready to defend itself at all costs." "We don't see any reason why we should talk to the Americans" after negotiations with the United States failed, he said. (End) (Special article by Xinhua News Agency)

Produced by iQiyi, Yuewen Film and Television, Xinli TV, and Reverse Mapping, and produced by Carnival Culture Media, it is adapted from Remy's novel "Oldboy". Teng Huatao is the director, Wang Xiaohui is the director producer, Yang Bei is the producer, and Wang Xiaoyan, Liu Wenyang, Ma Hao is the chief producer, Zhang Xinyuan, Wang Shujun, Gao Yuan, and Ji Shi are the new producers, and Nie Chengshuai is the chief screenwriter. The 16-episode human crime drama "Evil" was officially announced today and will be broadcast exclusively on iQiyi Mist Theater on February 23.

The play stars Ren Suxi and Wang Xiao, Cai Wenjing is the guest star, Li Zefeng is the star, Wang Youjun and Dong Qing star, Ye Zuxin, Jie Bing, Lan Xiya, Li Mincheng are guest stars, Yue Yang, Wei Zixin, Yao Yiqi, Wang Daqi, Gao Shuguang starred in the film, as did Zhang Shulun, Zhu Jiaqi, Wang Runze, Ji Xiaofei, Xue Yubin, Gu Yufeng and Xu Guodong, bringing together many powerful actors. The official release trailer and group portrait posters have been simultaneously released recently. The series will be narrated with a small town mystery case, showing the perseverance of law enforcement and the struggles of ordinary people in human crimes, and deeply exploring the topic of the boundary between good and evil to the audience, which is thought-provoking.

The suspicions in the small town reflect complex human nature, and the diverse group portraits present the confrontation between good and evil.

"Eliminate Evil" tells the story of the intricate acquaintance society in the coastal town of Nuanhai Town, which was broken by a bag of drugs that disappeared inexplicably, and a "suicide crime" officially kicked off. Hu Wenjing (played by Ren Suxi), a female detective who is accidentally involved in a drug deal; Cheng Ken (played by Wang Xiao), an ordinary father who wants to save his daughter at any cost; Li Xiaoya (played by Cai Wenjing), an ambitious careerist who wants to escape from small town life; Wang Ping (played by Dong Qing), who is swallowed by drugs and has gone astray; how will the three best friends stage the ultimate tug of friendship and destiny? What kind of storm will the secretive Cheng Xiaodong (played by Li Zefeng) and the ruthless Ding Lai (played by Ye Zuxin) stir up? When the cocoon woven by desire and greed tightly traps everyone, who can truly escape from this battle between justice and humanity?

The trailer for this time starts with the sentence "Do you believe in fate" and asks the soul. The late night corpse burial, ceiling secrets and corridor fights culminate in silent climaxes, allowing the audience to glimpse the evil undercurrent hidden deep in the town. The mirror image confrontation between righteousness and evil between Hu Wenjing, who is searching for the truth, and Cheng Kencheng, who is gradually falling into the abyss, indicates that a game of human nature is quietly going on. As new hallucinogens flow into the town in the form of drinks and candies that are common in daily life, various complex criminal groups emerge one by one. Lucky graduate students, those who preach success, and speculators who want to take shortcuts. A series of immersive documentary shots interweave and capture the shadow of human nature. In the anti-drug war that is advancing at every level, how does every little person survive and make choices? The process from being eroded by drugs to going to murder is horrifying to think about, and the line "Who said drugs must be sold to drug addicts" at the end also leaves room for imagination that is horrifying to think about.

The eight portrait posters released simultaneously show the characters in a striking micro composition, with a shocking style. The poster uses a drug bag as the background and contains characters with different expressions. The intricate positioning clearly reveals the network of acquaintances in the small town where anti-drug and drug trafficking overlap. In the center of the picture, Hu Wenjing's cold, gun-holding gaze reveals determination to get to the bottom of the investigation; Cheng Ken holds pills in his mouth with a calm demeanor, and his simple appearance reveals the madness and helplessness heading towards the abyss; the other characters either stare at temptation, eyes full of desire, or have firm eyes, scrutinizing and contemplating, making this diverse group portrait of the confrontation between good and evil full of story suspense. A drug network is secretly woven in the border town. Although everyone who falls into the abyss of crime has a heart crushed by life, there are complicated motives behind it.

Behind the confrontation between good and evil lies the shocking nature of human crimes, and the vivid and three-dimensional demeanor of the characters also clearly reveals the network of acquaintances in the small town where anti-drug and drug trafficking are intertwined. What kind of ups and downs will unfold in this small town human crime with "the devil is around" is exciting.

The gold medal team builds a solid foundation of quality, and multi-line narrative depicts the overall picture of anti-drugs

An excellent work is inseparable from the ingenuity of the behind-the-scenes team. Liu Wenyang, who has created phenomenal hit dramas such as "The Son-in-law" and "Everyday Life", is the chief producer, and the famous director Teng Huatao, who has directed "Snail House" and "City Within the City", is in charge. A number of masterpieces of realism, which are extremely good at describing the complexity of human nature and observing social expressions; written by Nie Chengshuai, a new generation of powerful screenwriter of "The Basics of Genius", his strong plot and strong logical expression techniques will bring the ultimate immersive experience to the multi-line narrative in the story. The cast adds to the dramatic tension of the characters. Hu Wenjing, played by Ren Suxi, is both a low-level criminal police officer and a single mother. How she balances the challenges from family, workplace and social rules during the anti-drug process has become a major attraction. Cheng Ken, played by Wang Xiao, is curious about how she delicately interprets the character's inner hesitation and struggle and shows the gray areas of human nature when her daughter falls into the abyss of crime. In addition, the addition of acting actors such as Cai Wenjing, Li Zefeng, Wang Youjun, Dong Qing, and Ye Zuxin has given each character a distinctive symbol that is flesh-and-blood and non-facial. I believe that this "strong alliance" behind the scenes team will jointly enhance the quality of the story of "Extermination of Evil".

"When greed arises in a moment, thousands of sins arise." "Eliminating Evil" will take the investigation of the case as the creative theme, and use multi-line narrative techniques to show the police pursuit of the case represented by Hu Wenjing and Jin Longzheng (played by Wang Youjun), and the ordinary people represented by Cheng Ken, Li Xiaoya, and Wang Ping who were pushed into the abyss by fate. Multiple group images are intertwined to form a full picture of human crimes, revealing the struggle of human nature under the dilemma of desire. The play abandons suspended criminal narratives and uses calm, objective yet warm daily expressions to show the damage that drug networks have done to ordinary families and interpersonal relationships. The creative team uses a perspective close to public life to polish the anti-drug story into a crime story that directly touches human nature, with both realistic concerns and social significance. The different choices of each character in the play on the edge of good and evil also let people see behind this small town ecological picture, the lofty spirit of grassroots police officers who adhere to their duties and missions and are not afraid of sacrifice. They break through the single perspective of traditional criminal investigation dramas and use diverse expressions to explore the new value of crime themes.

When the battle between good and evil in a small town quietly begins, how will people on the edge of good and evil find a way out? How will this anti-drug game about human crimes unfold? The human crime drama "Extermination of Evil" will be launched at the iQiyi Mist Theater on February 23. We look forward to seeing you in Nuanhai Town.

Injured shareholders can go to the Sina Shareholder Rights Protection Platform to register for the company's rights protection: http://wq.finance.sina.com.cn/ Follow @Sina Securities, follow Sina Brokerage Funds on WeChat, search for Sina Shareholder Rights Protection on Baidu, visit Sina Finance Client, and you can find me on the homepage of Sina Finance

On the evening of March 13, 2026, Shuangliang Energy Saving (rights protection) System Co., Ltd. (stock code: 600481, securities abbreviation: Shuangliang Energy Saving) issued the "Announcement on the Controlling Shareholder's Receipt of the Notice of Case Filing from the China Securities Regulatory Commission." Because the company's controlling shareholder Shuangliang Group Co., Ltd. was suspected of illegal activities such as misleading statements in information disclosure, the China Securities Regulatory Commission decided to open a case against the company's controlling shareholder in accordance with the Securities Law of the People's Republic of China, the Administrative Punishment Law of the People's Republic of China and other laws and regulations.

The company stated that the matters filed against Shuangliang Group Co., Ltd. this time are related to the company's misleading statements in information disclosure on February 27, 2026 and other illegal and illegal matters filed. It is a continuation of the previous matter and will not have an impact on the production and operation activities of the company and its subsidiaries. The company's operations are all normal.

Li Jian, a lawyer from Zhejiang Yufeng Law Firm who has represented investors in lawsuits against more than 130 listed companies and received compensation, said that according to the relevant case filing announcement, Shuangliang Energy Saving and its controlling shareholder were suspected of securities misrepresentation, and injured investors can claim compensation according to law. (Lawyer Li Jian’s column)

It is worth noting that on February 12, 2026, the Shanghai Stock Exchange issued the "Decision on Supervisory Warnings on Shuangliang Energy Saving System Co., Ltd. and relevant responsible persons."

According to the Supreme People's Court's Judicial Interpretation of Misrepresentation, if listed companies, controlling shareholders, etc. cause losses to investors' rights due to misrepresentation of securities, investors can sue for compensation in accordance with the law. The scope of claims includes investment difference losses, commissions, and stamp duty losses.

"The judicial interpretation has canceled the preliminary procedures. Based on preliminary evidence such as the announcement of the filing of the case, investors can also sue for compensation." Lawyer Li Jian said that according to the judicial interpretation, it is tentatively decided that damaged shareholders who bought Shuangliang Energy Saving stocks from 13:25 on February 12, 2026 to the closing of the day, and still held the stock at the closing of the day, can claim compensation according to law. The conditions for claiming compensation are subject to the determination of the court. (Shuangliang Energy Saving Rights Protection Entrance)

Investors seeking compensation must provide securities account opening information inquiry form, stock statement (from the date of first purchase of the stock to present), contact information, etc.

[This article was contributed by lawyer Li Jian of Zhejiang Yufeng Law Firm and does not represent the position of Sina Finance. Lawyer Li Jian is a director of the Securities Law Research Association of the China Law Society and a securities dispute mediator of the Securities Association of China. In 2009, he was awarded the title of “Outstanding Young Lawyer of Zhejiang Province”. Since 2003, Lawyer Li Jian has represented investors in lawsuits against more than 130 listed companies such as Wuliangye and Dazhizhi and obtained compensation, with remarkable results. Among them, the Xiangyuan Culture and Zhao Wei cases were selected as the top ten commercial cases of the People's Court in 2019, the Hangxiao Steel Structure (Rights Protection) case was selected as the "Top Ten Mediation Cases of National Courts" in 2012, the Huifeng Shares case was the first general representative case in securities disputes in Jiangsu Province, and the Oriental Electronics case was the first securities civil compensation case in China. Lawyer Li Jian has been interviewed by more than 100 news media including CCTV, Xinhua News Agency, Securities Times, Securities Daily, China Securities Journal, People's Court Daily, China Business News and more than 1,000 times. Practice certificate number: 13301200210145176)]

The Spring Festival is a traditional festival for family reunion, and it is also a golden moment when youth culture and folk rituals collide. During the Spring Festival of the Year of the Horse in 2026, Kuaishou will use the two core activities of the 2D New Year Party and the Comic Exhibition Grand Stage to create an online and offline Kuaishou 2D New Year Party. It will use voice actor feasts, Chinese-style golden songs, live comic exhibition scenes, and COS shows to present an exclusive "electronic New Year's Eve dinner" to 2D users, redefining the sense of the 2D New Year ritual with youthful expressions.

The 2D New Year Party kicks off: Voice actors and national style double circles link up, innovative mechanisms ignite the carnival

At 8pm on February 1st, the Kuaishou 2D New Year Party will be broadcast on time. The live broadcast gathers the "national team" from the dubbing circle and half of the ancient style circle to create an immersive cross-dimensional carnival in the form of team PK + fun interaction + welfare bombing. The total number of viewers of the live broadcast reached 60 million+, and related topics were on the site's hot list 50 times. The barrage and like interaction continued to increase, and it was called "the Spring Festival Gala in the second dimension" by users.

This Chinese New Year Party is a top-notch lineup, with 12 top-notch guests covering national voice actors, national style singers and new generation dubbing actors. Jiang Guangtao, Ji Guanlin, Zhang Zhen and other senior voice actors are here, Li Changchao, Yin Lin, Audio Monster, Xiao Yiqing Alex, Er Aunt (Cai Yisheng) and other ancient style celebrities contribute their voices, Koi, Unlucky Death Le, Yuan Mingzhe, Sun Lu Popular CVs of the new generation such as Lu have joined, realizing the first large-scale linkage between the dubbing circle and the ancient style circle. Users left comments saying, "My favorite voice actors and singers are in the same frame. The picture I had imagined before has come true in Kuaishou."

In terms of program mechanism, Kuaishou breaks out of the conventional party framework and reconstructs the viewing experience with strong interaction, gamification, and a sense of competition. The event adopts the "Two Teams PK" mode, with Yuan Mingzhe leading the horse-catching team, Koi taking charge of the Shenma team, and Zhang Zhen serving as the organizer and assistant officer throughout the whole process. Each round starts with "Guest Guess", which continues to increase the audience's sense of involvement from voice display, talent competition to fun activities.

The content design also accurately hits the core preferences of the second dimension: Chinese style golden songs, "Tomb Robbers' Notes: Ten Years in the World", "Warden", "Koi Chao", "It's the Wind", "Not a Hero" and "Nezha" The divine songs of other circles are sung in turn, awakening the collective feelings; in the voice actor interaction session, famous scenes such as Jiang Guangtao and Yuan Mingzhe's blind box dubbing, 6 consecutive koi coquetry, 6 consecutive unlucky strangulations, facial expression dubbing challenges and other famous scenes, the professional strength and funny contrast coexist. The live broadcast is interspersed with high-frequency red envelope showers, likes PK, and golden egg smashing benefits. It combines the traditional custom of "lucky money" with the fun of two-dimensional card drawing, allowing the audience to continue to receive surprises in addition to audio-visual enjoyment.

Multi-dimensional communication has also made the New Year’s Party more popular. The topic #Kuaishou2DNew Year Party# has received over 8 billion views, and topics such as #张贞organized the 2D New Year Party# and #全KuaiShou Yingzhuan 2D New Year Party# have topped the trending list. Kuaishou experts such as @chuxindiao and @tanglida spontaneously supported the event, and guests such as Jiang Guangtao and Ji Guanlin interacted in person, creating a resonance inside and outside the site, making this dimensional feast successfully break through the circle.

New Year Comic Exhibition big stage relay: online and offline real-life scenes at the same frequency, unlocking a new comic exhibition experience

The popularity of the 2D New Year's Fair has not diminished, and the New Year Comic Exhibition stage was immediately launched online, landing on IJOY, the largest comic exhibition brand in North China, bringing a New Year carnival that is watchable, interactive, and immersive for 2D enthusiasts. This is not a simple platform exhibition, but Kuaishou moved the live broadcast room into the comic exhibition venue, using several hours of ultra-long live broadcast and high-density stage content to turn the offline comic exhibition into a physical site of online barrage, allowing users who cannot be present to visit the exhibition immersively.

The grand stage of this comic exhibition is precisely arranged in terms of guest lineup, gathering three types of high-quality creators to fully meet user expectations. There are top experts in the two-dimensional circle, as well as comic show hosts who are experienced and can pick up jokes, and special COSER to enliven the atmosphere. There are also a group of COSER with good appearance and high degree of reproduction to support the tone of the stage, ensuring both professionalism and enjoyment.

The event adopts the confrontation mode of "defending team VS kicking team", with outstanding highlights and constant laughter throughout the event. In the talent competition, the clown Bingbing recreated the famous apple-eating scene, and Kawano Hana performed the "horse pole" dance routine, which easily ignited the enthusiasm of the audience. In the Nian Beast game, Si Yue and Dou Ni compete fiercely against Mai Mang, and the duel between Yue Chen and Kono Hana is high-energy throughout, conveying the excitement of the offline stage to the online audience simultaneously. During the horse-catching competition, Heixiazi and Jie Yuchen’s classic characters interacted live. Famous scenes were staged one after another. The atmosphere was lively and online barrages kept flooding the screen.

Real-time live broadcast footage breaks the restrictions of regions and scenes, and also spreads the popularity and vitality of offline comic exhibitions to the entire network. Topics such as #KuaishouComicCon Grand Stage Fairy Lineup#, #Konohua Comic Exhibition Grand Stage Skin Thawing#, #IJOY Comic Exhibition Guests Collectively Entering Kuaishou# have been on the hot list, and a large number of users have left messages such as "The online exhibition is so fragrant" and "I can see enough of the characters I want to see at once."

Deeply cultivate the dimensional ecology: use love as a bridge to build an integrated online and offline cultural field

Data shows that Kuaishou ACG has more than 200 million daily active users, and Generation Z accounts for more than 85%. It is a large and energetic young group. The platform uses the sincerity and tolerance of "old iron culture" to connect with the emotional core of the two-dimensional "power generation for love", allowing circle culture to grow healthily on the national platform.

The success of Kuaishou’s two-dimensional New Year’s Party series is not an accidental outbreak of single-point activities, but the inevitable result of the platform’s long-term deep cultivation in the two-dimensional field and precise service to circle users. Kuaishou continues to focus on two-dimensional core elements such as COSER, voice actors, comic exhibitions, and Chinese style music, and has embarked on a differentiated two-dimensional operation path from content supply, scene construction to ecological co-construction.

On the one hand, Kuaishou accurately grasps the needs of two-dimensional users who value professionalism, love the circle, and have strong resonance. It invites the national dubbing team, top ancient style, and leading COSER to join, using professional content to win the recognition of the circle, and using fun interactions to strengthen emotional connections. Different from traditional parties, Kuaishou's two-dimensional activities are always user-centered, turning "viewing rights" into "participation rights" and "content output" into "cultural co-creation", allowing users to truly have a sense of belonging.

On the other hand, Kuaishou continues to connect online traffic and offline scenes, and has cooperated with more than ten leading comic exhibitions such as Firefly, CP, ChinaJoy, and IJOY, transforming the high-concentration dimensional scene of comic exhibitions into an organic extension of the platform ecology. The number of views of the topic "Kuaishou at the Comic Exhibition" exceeded 1.66 billion, proving that Kuaishou has become the core position of offline activities for 2D users. From the live broadcast of Hatsune Miku's exclusive concert, to the official entry of My Little Pony, to the cross-border variety show between intangible cultural heritage and Dimension IP, Kuaishou continues to improve the Dimension content layout, covering the full range of virtual idols, Chinese comics, dubbing, Chinese style, and offline exhibitions.

With the official conclusion of the Kuaishou 2D New Year Party, this cross-dimensional Spring Festival feast for young people has come to a successful conclusion. From the Chinese New Year party where voice actors and actresses share the Chinese style, to the comic exhibition stage where online and offline collaborations occur, Kuaishou uses innovative forms, top-notch content, and in-depth operations to create exclusive festival rituals for two-dimensional users, and also provides a new sample for the integration of youth culture and the traditional Spring Festival.