标签： 爱上海

　　China Auto August 22 Recently, China Auto Quality Complaint Platform (https://315.auto.china.com.cn/) received a large number of complaints from owners of Chery Tiggo 8 PRO, saying that there was a high-frequency brake buzz in the vehicle, which was a common problem. To this end, hundreds of car owners spontaneously organized rights protection, hoping to promote Chery manufacturers to solve complaints. As a mid-level SUV model that just went on the market in May this year, the Tiggo 8 PRO was troubled by the buzz of the brakes when the new car was just bought back.　　

　　A car owner described to reporters that there was a brake buzz the next day after picking up the car, which could not be covered with music when driving. The most irritating thing was that there was still a high-frequency buzz after the flameout, and the buzz was in my ears after driving for a long time. I have been to the local service shop for inspection, but I have no results after many complaints. Later, I found that most cars have high-frequency beeps.

　　Another car owner, Mr. Gao, also told the column "Pony Says Car" in auto channel, China Net that more than 200 riders have beeps. When driving, the sound is very noisy, which is a high-frequency sound, and there are also beeps in the test drive. The 4S shop said that if you buy a domestic car, you should be psychologically prepared to accept these small problems, and you can only wait for the manufacturer to give a solution. After the interview, the reporter also learned that the owners all pointed the root of the buzzing sound problem to Chery’s "Onebox Brake by Wire". In fact, since Chery used the brake-by-wire in the Tiggo 8 series, owners of the Tiggo series have been complaining that the brake-by-wire has jitter and abnormal sound, until this time it broke out in the Tiggo 8 PRO. It is reported that the Onebox brake-by-wire system of the Tiggo series is independently developed by Chery, which is composed of vacuum booster pump, master cylinder, electronic vacuum pump, EPB and ESC. Although the manufacturer claims that the brake-by-wire system has higher braking efficiency, it seems that this system is not perfect and mature enough at present.　

　　The reporter then gave feedback to Chery about relevant complaints. The official said that he would contact the owner as soon as possible to invite him to enter the station for treatment, carry out detailed inspection on the vehicle and provide specific solutions, and then he would do a good job in tracking the vehicle to provide customers with satisfactory after-sales and guarantee services. In addition, Chery will also arrange engineers and technicians to carry out detailed inspection and investigation on the causes of the above problems, and comprehensively verify and qualitatively analyze them from the aspects of quality and design, so as to determine whether the above problems are sporadic cases or multiple occurrences.　

　　At the same time, the column "Pony Talking about Cars" is also further following up the latest development of the incident. Chery has also provided a solution of "installing sound insulation cotton" for some car owners, but the car owners think that this move is "stealing the bell" and has no real effect and does not solve the substantive problem.　

　　In fact, it is not only the brake buzz of the Tiggo 8 PRO, but also some car owners report that the vehicle has encountered a safety hazard of brake hardening. A Tiggo 8 PRO owner said that on the one hand, when the car brakes, there will be a buzz, and the sound will be harsh. Secondly, when the car brakes suddenly harden twice during driving, it is necessary to step on the brakes twice and intervene in the backup brake. The backup brake has a slow response and poor braking ability. Coincidentally, another car owner told reporters that the vehicle suddenly braked hard and could not step on it during normal driving, and reported various fault codes.　

　　According to the relevant provisions of the Provisions on Responsibility for Repair, Replacement and Return of Household Automobile Products, if the household automobile products have steering system failure, brake system failure, body crack or fuel leakage within 60 days from the date when the seller issues the purchase invoice or within 3000 kilometers (whichever comes first), and consumers choose to replace or return the household automobile products, the seller shall be responsible for free replacement or return. Therefore, some car owners require manufacturers to return cars, and car owners are actively communicating with Chery through various channels to solve related problems.　

summarize

　　　　It’s refreshing to hide in an air-conditioned room in July and August in hot summer, but it’s a lot less fun. God gave us spring, summer, autumn and winter, each with its own style. In spring and windy days, blooming flowers is a good time to go for an outing; Autumn leaves are rustling and the breeze is refreshing, which is the sentimental season for listening to the rain and writing poems; In winter, the snow is falling and the wind is cold, which is an excellent season for stepping on the snow in Xun Mei, cultivating life and nourishing interest. What about summer? This fiery and blazing season is the most vigorous time for all kinds of life, and grasslands, forests and oceans are all passionate about it.

　　　 Life is short, so we should enjoy it, shouldn’t we? Enjoy a hearty summer trip. When winter comes, we will have enough memories to sit by the fire and savor it slowly. So, make a plan for this summer vacation-go to a seaside to enjoy a cool water trip? Or take up tents and sleeping bags and have a close contact with the forests and mountains? Or go to a secluded small town with a backpack, see the old lanes of the water town, or feel the wonders of the Expo? Or, you just drive your car, bring your equipment, stop wherever you go, and feel every side of the world as casually as Sanmao.

　　　　Anyway, you should plan a trip for yourself this summer! So, let’s take a look at it now. What necessary equipment should you put in your car or your backpack?

Foreword of outdoor donkey friends

　　　 For those who are full of vitality, love adventure and pursue excitement, outdoor adventure and backpackers have become a huge travel group. They love nature and are free idealists. They like to travel alone, wander around and see people and things in the world, from which they can appreciate and gain an epiphany. In a sense, donkey walking is another continuation of their lives.

　　　 This summer, if you want to be a member of nature’s donkey friends, although you are not a professional explorer, we can still prepare some outdoor equipment for ourselves and have a close contact with nature. So, what equipment should you prepare for yourself?

　　　 As donkey friends who love mountaineering and adventure, they are the ones who like the sunshine in midsummer and enjoy the thrill of sweating. Original ecology and green travel are the pursuit of every donkey friend. Although it is summer, it is necessary to chill in the mountains and forests in the morning and evening. Therefore, tents, sleeping bags and moisture-proof mats are still necessary equipment. Hiking shoes and backpacks are also essential. Below, let’s take a look at what outdoor products they use, which may help the newborn "donkey friends".

tent

High-end:

MSR HUBBA HUBBA

MSR HUBBA HUBBA double account

Beautiful nails and poles

　　　　 MSR has excellent pedigree and unique design. It adopts the latest DAC aviation aluminum tent pole, with extremely light weight (less than 2kg), high strength and toughness, excellent wind resistance and stability!

MSR HUBBA HUBBA double account

　　　 As you can see from the picture, the space of this double account is super large, the utilization rate is very high, and some details are also very well designed, such as the drip prevention of the account door, and different support methods and uses can be selected. In fact, MSR is the top American brand in tents, and it also has a high reputation in China.

Big Agnes seedhouse sl2

　　　　Big Agnes is also a top tent brand, but its popularity in China is slightly lower than that of MSR. In addition to the advantages of ultra-light weight, smaller volume and larger volume, its products also carefully choose pollution-free production technology and use advanced bamboo fiber as materials. The concept of Big Agnes is to devote itself to environmental protection. I believe that for users with economic ability, it is more important to support this environmentally friendly product.

In summer, Big Agnes seedhouse sl2 can be used as MSR HUBBA HUBBA.

Midrange:

LUXE spider 2

　　　 As a brand LUXE Spider 2, which is deeply loved by domestic travelers, this product balances the price and performance, has a relatively light weight, and has no problem in accommodating two people. For tents at this price, LUXE Spider 2 has good air permeability in summer. There is still a large space in the lobby between the inner account and the outer account to store sundries.

LUXE spider 2

Low end:

Mugaodi Lengshan 2AIR

Mugaodi Lengshan 2AIR

　　　 Mugaodi Cold Mountain 2AIR is a very popular product, and the civilian price makes it have a high market share. Although the materials are not excellent, the workmanship can still reflect the style of a big factory, which is enough for ordinary donkeys. However, if this low-end four seasons account is used in summer, it is estimated that it will be a little stuffy. After all, the price is so, and we can’t expect more.

Mugaodi Lengshan 2AIR

sleeping bag

　　　　 Speaking of sleeping bags, many people must wonder, is it still necessary to use sleeping bags in such a hot summer? Of course, according to the temperature of your destination, if it’s high mountain or seaside, even in summer, the temperature will be lower at night, so it’s necessary to bring a sleeping bag in summer.

High-end:

TNF Dolomite Bx

　　　 The temperature of this sleeping bag is registered at 20-7, which is suitable for use in various seasons, and it is also suitable for use in some alpine jungles or seaside summer nights.

Midrange:

HW UL GEAR LCW300

　　　 As a domestic brand, Huawei’s ultra-light outdoor equipment has been greatly recognized by donkey friends in about three years. Not only the materials are sufficient, but also the zippers are YKK zippers. LCW300 is an envelope-type down sleeping bag without a hood, with an ultra-light weight of only 300g, which can be opened as a quilt in summer and looks very beautiful. Less than the price of 600 yuan, it has a high cost performance in the terminal sleeping bag products.

low-end：

CAMP ant

　　　 Camp enjoys a high reputation in China, and Little Ant has become a classic as its low-end series of sleeping bags. This is a cheap sleeping bag. It is suitable for summer and autumn. Moreover, the sleeping bag is really small and light when folded, which is convenient to carry and humanized in design.

　　　 Of course, in addition to this, SierraDesignsArrow Rock, Pathfinder ES0210 sleeping bag for two, and Dragon Bird Basket Worm are also good choices for high school and low school.

Moisture-proof pad

　　　 Some high-end sleeping bags will design a moisture-proof pad into the sleeping bag, which will combine the functions of the two. But that kind of sleeping bag is too expensive. Usually, when we choose a sleeping bag, we’d better buy a moisture-proof pad to match it. Especially if you are camping near the water source, or in the south where the humidity is heavy, the water vapor at night still needs moisture-proof mats to isolate it.

Left: aluminum film moisture-proof mat; Right: Thickened aluminum film moisture-proof pad.
　
Inflatable moisture-proof pad

　　　 Moisture-proof mats are available in single and double sizes. There are inflatable, open air chamber, closed air chamber, foam and aluminum film. In terms of economy, it is naturally an aluminum film mat. Generally speaking, according to the climate of the destination, it is completely sufficient to choose an aluminum film moisture-proof mat with corresponding thickness.

Clothing-quick-drying underwear is the first choice.

　　　I believe that everyone who plays outdoors has several sets of assault clothes. It’s just that in summer, if you don’t want to go to a high altitude for professional mountaineering, then jackets are rarely used. There are also some high-end brands of jackets that can give good breathability and are also suitable for wearing in summer. For example, this SALEWA Salohua ultra-light outdoor men’s jacket GTX is made of lightweight fabric, which is waterproof, windproof and breathable, but the price is also relatively expensive.

SALEWA Salova Super Light Summer Outdoor Men’s Jacket GTX

　　　 In fact, according to personal experience, if you are not a professional climber, then choosing quick-drying clothes is very good and the price is much cheaper. In this respect, Colombia, as a pioneer of outdoor clothing materials, is naturally the first choice.

　　　 Colombia titanium series quick-drying clothes are made of DuPont COOLMAX4 tube sweat-conducting quick-drying fiber, and OMNI DRY sun-proof quick-drying technology developed by Colombia itself is blended with ecological cotton, which has super quick-drying function. Even if it rains heavily outdoors, it only takes about 5 minutes to dry quickly. In addition, Colombia’s OMNI DRY coating can also resist ultraviolet rays, ensuring that the skin under the clothes is not harmed. The quick-drying pants are also designed in two sections, which can be used as trousers or shorts.

shoe

　　　 Our feet are very important for outdoor camping exploration, so choosing a pair of suitable hiking shoes can protect our feet well.

High-end: AKU Utah Lite GTX

　　　 AKU is the top brand of hiking shoes in Italy. This Akutah Litegtx has been carefully designed. The upper is made of waterproof and seamless smooth moose skin, made of whole leather, with Gore-Tex waterproof lining, high grip and wear-resistant Vibram sole, and PU elastically absorbs the midsole. The comfort of the whole shoe is extraordinary.

Mid-range: GARMONT flash III xcr hiking shoes.

　　　 As a famous shoemaking base, Italy has produced many high-end shoe brands, and GARMONT is also from Italy. This shoe also has excellent ergonomic design, which adopts the top layer of sheepskin+quick-drying, non-deforming nylon gauze, sanded leather frame, EVA midsole, G3Spine+ keel, Vibram/GarmontG3+ outsole, so this shoe will not let you down.

Low-end: Pathfinder toread hiking shoes.

　　　 As a domestic brand pathfinder, it has gained more and more popularity in the low-end market. And the price of these Deton walking shoes is less than that of 500 yuan. T-FORM insole is made of porous PU FORM material, and has an open mesh structure, so it has excellent air permeability, pressure resistance and antibacterial property. It is especially breathable and cool to wear in summer.

　　　 In addition, high-end brands such as SCARPA MUSTENG, mid-range Montrail torre and low-end VOOM experiencer 407 are also good choices.

knapsack

　　　 A good mountaineering bag is essential for outdoor adventure hiking. Capacity and carrying system all determine the comfort of your whole journey.

High-end: OSPREY EXOS 46

OSPREY EXOS 46

　　　 Oprey is a manufacturer with a long history. As a first-class backpack brand that entered China earlier, Oprey has a large number of supporters in China and enjoys a very high brand awareness and reputation. Exos 46 is made of ultra-light external materials, and the back is also made of light and comfortable frame structure, with a total weight of only 845 grams. Good support can give the back a feeling of wearing on the body. The support frame is made of 6061-T6 aluminum alloy, so it can handle it easily even if it bears a heavy weight. Flexible belts and shoulder straps adopt bio-plastic technology, and the breathable structure ensures the comfort and coolness of carrying for a long time.

Mid-range: columbia mobex technical

columbia mobex technical

　　　 You can’t play outdoors without knowing Colombia. Among outdoor clothing brands, Colombia’s pioneering position can’t be ignored. Now, Colombia’s products have been extended from clothing. In addition to clothing and shoes, this Mobex backpack is also very original. The bag is ultra-light and durable, and can be used for placing outdoor appliances with different shapes, which combines professional ergonomic design.

Low-end: Heineken XL178

　　　 Heineken has been committed to providing suitable travel equipment for professional mountaineering and travel leisure people for more than ten years. Since the factory produced the first backpack fifteen years ago, it has successfully developed many functional full-range bags, and now it has developed into a well-known domestic brand.

Heineken XL178

　　　 This bag is designed with a strong breathable mesh back, which has excellent ventilation performance. The top of the bag is equipped with an invisible zipper, and water bags or other items can be placed inside. The main cabin is full-length zipper with built-in water bag bin with water outlet; The front bag is a super-large mesh bag with elastic stretching, a zipper mesh bag on the waist pad and mesh bags on both sides, which is convenient for placing articles. Therefore, this product also reflects the domestic cost-effective advantage.

trekking pole

　　　 In the eyes of some people, the trekking stick is dispensable, and you can also use a bamboo pole or a wooden stick instead. However, from the aspects of material selection, weight, endurance and comfort of holding, the trekking stick obviously has its irreplaceable side. What’s more, sometimes the places you go may not have the trunks and sticks you want.

　　　According to research, using trekking poles when walking can reduce at least 22% of the force applied to muscle joints such as legs and knees, and make legs feel more comfortable! Using two trekking poles at the same time can provide better balance. When camping, trekking poles can also help support the tent.

The trekking poles can be used to support the places in the tent that you feel need support.

headlamp

　　　 When night comes, a headlight will make it more convenient for you to live in the wild at night. You can wear it to walk on the road, thus freeing your hands. At night, headlights can also be used as a way to transmit information between teammates. And when you are sitting in a tent to rest and arrange things, hang it on the top of the tent as an "electric light" to illuminate.

Headlight with adjustable angle

　　　 There are all kinds of headlights, but you can buy them in outdoor stores. The simplest one is the one that uses several No.5 batteries for power supply, which is both cheap and easy to use. Domestic lamps are cheap, but because light bulbs consume more electricity, there are LED lamps now, which consume less electricity and have a longer lighting time.

　　　 Of course, a flashlight is a better choice if you don’t carry much and don’t care whether you take up the resources of your hand.

cutter

　　　 Camping, preparing food, making a fire and countless other tasks determine that the saber is a necessary basic tool for camping and outdoor exploration, so that experienced outdoor people know the saying "you can’t leave home without a knife". There are also many kinds of camping knives on the market, and the most sought after is the camping saber series. Because of its good quality and beautiful appearance, it is both practical and beautiful.

American army saber -D80, which can be stabbed, cut, cut and split, has a good cost performance.

　　　 Now everyone knows that Swiss army knives are of very high quality, and most of the high-end army knife brands are Swiss. Outside, a knife that is too small is not practical, and a knife that is too big is too heavy, so it is very important to choose a knife with the right weight and size.

　　　 The price of imported camping sabers is more than several hundred yuan, which is relatively expensive, while the domestic sabers are slightly worse, but the price is much more approachable, so we should choose the right one according to our own economic ability.

compass

　　　 In the wild, the compass is our direction, and this little thing is almost a necessary accessory for outdoor travel. Nowadays, many compasses also combine thermometers and so on. The general military compass has the characteristics of high accuracy, good stability, sealing and waterproof, and also has a level.

Photographic equipment

camera

　　　　Whether hiking or hiking, the lighter the things you want to carry, the better. Of course, if you think your physical strength is super good, or your exploration and hiking activities are mainly aimed at photography, these situations are another matter, and a big professional SLR is naturally the ideal choice.

E-P2′ s body is small and stylish, and it is extremely convenient to carry out.

　　　 However, if you just want to leave a record of your hiking and exploration and get a satisfactory photo, then consider choosing a lighter camera. After the appearance of micro-cameras, it is undoubtedly good news for people who like to take pictures. They are both close to the size and weight of the card machine and close to the image quality of SLR, which can be said to be a good compromise.

NEX5C can be said to be the thinnest and lightest micro-single at present. If you choose a fixed-focus lens, the overall portability is very high, which is much lighter than SLR.

　　　 Of course, the representative works of micro-singles are Sony NEX5C and Olympus E-P2. Sony NEX5C is the latest micro-camera. It has the same sensors and processors as Sony SLR, and its body is as thin as a card machine, except that the ferrule 18-55 is slightly larger, but it is much smaller than SLR as a whole.

camera lens

　　　 The choice of micro-single lens is relatively narrow, and there is generally a fixed focus lens to choose from besides the ferrule. For example, Sony NEX5C has a 16/2.8 lens besides the 18-55 ferrule. Of course, both Olympus and Sony have bayonet adapters, which can transfer other lens groups under their respective systems. Therefore, if you need a more demanding lens and don’t mind not using autofocus, then choose a bayonet adapter.

　
NEX5C optional lens

Bayonet adapter LA-EA1

Foot stand-joby

　　　 Walking outdoors, despite the small cameras like E-P2 and NEX5C, when facing the beautiful sunrise or sunset, or the flowing water in the mountains, in short, when you want to use the slow shutter, a tripod is also a must. Compared with ordinary tripods, no one is more portable than an octopus tripod like JOBY. Moreover, its characteristic is that it can be fixed by any fixed tubular object such as tree trunks on mountains, and its flexibility is very high according to local conditions. According to the size of the camera you use, choose different models of load-bearing tripod. No matter which model of JOBY, it will save you a lot of physical strength.

filter

　　　 Walking outdoors, the spectacular and beautiful scenery is the most exciting. Especially for landscape photography, a CPL polarizer is an indispensable accessory. Its existence can make your shot of the sky bluer, the water quieter and the picture more transparent. At present, the polarizer of HOYA HD series is very ideal. It not only has high light transmittance, but also adopts the best technology, which not only makes the frame durable, but also makes the lens scratch-resistant and compression-resistant. It is inevitable to bump when walking outdoors, and you don’t have to worry about its fragility.

HOYA HD CPL filter

Digital companion (optional)

　　　 Although the large-capacity memory card now makes people forget the digital companion temporarily, it is still very useful to carry a digital companion if you go out for four or five days and take a lot of pictures. The big mouth plate is still the most reliable choice among digital partners, and it also has better protection for outdoor sports, which makes you more comfortable to use and carry in outdoor travel.

Big mouth plate PD200 digital companion

kettle

　　　 Needless to say, water is the foundation of human life, and outdoor adventure kettle is naturally essential. It’s best to choose special sports kettles, which are solid and reliable, light and durable, and good kettles also have insulation effect.

In summer outdoor adventure, hats and sunglasses are even more essential.

Sunscreen in summer: sunscreen, sunglasses and hat.

　　　 When traveling in summer, sun protection is an item that cannot be ignored. Especially in the north, ultraviolet rays are particularly strong. If you don’t do a good job of sun protection, you may get serious sunburn if you stay outdoors for only one or two hours. When choosing sunscreen, because of the long outdoor activities, it is suitable to choose sunscreen products above SPF30.

　　　 In addition, sunglasses are also necessary. Even if it is not in summer, the ultraviolet rays in the mountains are very strong, and sunglasses are also necessary, which can better protect our eyes from strong light and ultraviolet rays. Of course, a hat that is comfortable, breathable and can shade the sun also needs to be considered.

raincoat

　　　 There is more rain in summer, especially in the south, and there is more to say this summer. Although many backpacks and jackets are waterproof, or they wear quick-drying clothes, it will be safer to have a raincoat when heavy rain comes. It is best to choose a multifunctional raincoat when choosing, which can protect the backpack well. Moreover, this raincoat can also be used as a simple tent or canopy.

Pedestrian multifunctional raincoat

medicines and chemical reagents

　　　 It is inevitable that you will get heatstroke or bump when you are away from home in midsummer, so it is also very necessary to prepare some basic medicines. For example, Band-Aids, Huoxiang Zhengqi Liquid, Refreshing Oil, etc., and some medicines that you need to carry according to your own situation. You don’t have to carry the whole box as shown in the picture, just carry it in a small medicine sorting box.

medicines and chemical reagents

Optional items-camping stoves

　　　 Here, we will not introduce the cookware used for camping, and there are matching things for sale in outdoor supplies stores. The most basic ones include camping stoves and gas. It is recommended to choose small portable camping stoves and canned compressed gas. In addition, you can buy two larger stainless steel basins and use them as pots. Outdoor or seaside, it is good to boil water, cook instant noodles or other simple food.

Effect of simple and portable camping stove connected with canned compressed gas

Reporter Han Bing reports Going out at home in the League Cup is not a big deal, but losing more than 3 goals at home in a row, the worst record of losing at home in 61 years, is a key node that may push Tenghahe’s fate from quantitative change to qualitative change. Although Manchester United did not consider changing coaches when talking to the media, the act of making a statement itself has already made the outside world smell dangerous.

The 0-3 defeat against Newcastle United activated a series of dazzling shame records: half of the top 10 home games of the season were lost, the worst since the 1930/31 season; Lost 8 of the first 15 games, the worst since the 1962/63 season; There is also the highest loss rate (53%) in 90 years, which is not counting the previous 12 records of losing, conceding and losing in a row. The patience with Tenghahe is constantly consumed in this ever-increasing shame record, and the distance is getting closer and closer to being completely exhausted …

After the game, Tenghahe continued to complete the familiar "reversal" at the press conference, but his odds after class jumped to the second place in the Premier League within 24 hours after the game (odds of 3), second only to Sheffield United coach Hejin Barton (odds of 5/3) who scored only 1 point in 10 rounds. Chelsea coach Pochettino, who burns more money, has fewer events and fewer points, ranks fifth (odds are 17), which is much safer than Tenghah. In the early morning of Beijing time, just after Manchester United officially made a statement that it was not considered to change coaches, Tenghahe’s odds of class dismissal rose to the top of the Premier League (11/10), surpassing Hutchinson Barton (5/4), and Pochettino was even safer (20)! Overnight, Tenghahe entered the "extremely dangerous" zone from the "safe" position.

Since ancient times, there have been few gifts in the snow, and there have never been many people who have fallen into the rain. Tenghahe stressed that last season’s Carling Cup proved that he could turn the tide, but media such as Manchester Evening News and celebrities such as Neville made it clear that the Dutch coach had lost the support of the dressing room and it was only a matter of time before class was over. This season’s scandal-ridden dressing room of the Red Devils, after the turmoil of Sancho and Anthony, now players have completely lost confidence in Tenghahe himself. As early as after the Manchester derby, the British media revealed that players questioned Tenghahe’s tactics, including letting Lindelov, who is not good at wingers, play left-back, and Anthony, who is better at wingers, was not the first choice.

Tenghahe’s tough approach has also attracted the disgust of most players. Punishing Sancho is an example. After the Manchester derby, Tenghahe forced Manchester United players to stay to witness the celebration of Manchester City players and fans, canceled the original holiday and added extra homework, which was considered as disrespect for the players. The extra homework is to let the players watch the video edited by the coaching staff for themselves, which points out the mistakes made by the players. This kind of practice, like punishing primary school students, makes the stars feel "humiliated". The first person who didn’t buy it was Rachford. On the night after the derby, the Manchester United winger held a party in the nightclub until 3: 30 in the morning. At least for now, Tenghahe hasn’t given him a ticket.

Neville’s hint on the social media account is almost explicit: "We have seen such a situation before, we know how it ends, and we have had enough." Former Tottenham midfielder O ‘Hara also stressed: Manchester United is in chaos from top to bottom, the players don’t care about winning or losing, and the coach has lost the support of the players. This is similar to Neville’s definition of Tenghahe and Manchester United. Neville emphasized that both rivals of Manchester United have professional sports departments, but Manchester United doesn’t even have Sports director. In addition, after driving away Cristiano Ronaldo last year, Manchester United announced that it would consider new strategic choices, but there is still no clear direction today, which also makes Manchester United players feel insecure.

Tenghahe’s fate has changed from how to turn things around to when to finish class. The British media began to calculate the cost (15 million pounds) of firing Tenghahe for Manchester United. After Ferguson retired, this figure tied for the highest among the fired coaches. However, it has just been announced that last season’s revenue was as high as 640 million pounds, which is completely affordable for Manchester United, which set a new record for Premier League clubs. In addition, the media has even listed a succession candidate list for Manchester United: emeri of Aston Villa, Eddie Howe of Newcastle United, De Zerbi of Brighton, as well as the laid-off Zidane and the hot Bayer Leverkusen coach Alonso.

Different from last season, Manchester United’s dressing room is not only separated from Germany, but also the injury crisis has not improved. Casemiro’s new injury continues to weaken Manchester United’s already unbearable defensive end. Tenghahe wants to be what he calls a "fighter" and unite with the players to fight together, but he must first fully implement his tactics through the players-unfortunately, this is also the most difficult thing to do at present.

In order to save the situation, the British media revealed that Tenghahe would have a one-on-one conversation with Manchester United players to understand the situation and eliminate barriers. However, there is not much time left for Tenghahe, and the international competition day in November may be his last chance to breathe. At the end of November, Manchester United will play Galatasaray, Newcastle United, Chelsea and Bayern at home, and then Liverpool. How long can Tenghah last? It’s a good prize-winning quiz.

Beauty products have both efficacy and spiritual consumption attributes, and the triple values of time, research and development and scale support the valuation premium of international beauty leading groups. The history of China’s beauty industry is still short, and it is in the stage of gaining momentum from marketing/channel-driven to R&D-driven, improving comprehensive strength and transforming into a real consumer brand, with a broad market and rich opportunities; The multi-brand and collectivization trend of local high-quality beauty cosmetics leaders has begun to appear, and the growth supports high valuation.

▍ The valuation premium of the beauty industry is due to the value of spirit and efficacy, and the triple value of time, technology and scale breeds the valuation premium.

The historical P/E center range of the international beauty industry leader is 20x-35x, which generally enjoys a valuation premium compared with its index. The P/E multiple generally exceeds 1.4, and the P/S multiple generally exceeds 1.3. We believe that the valuation premium enjoyed by international beauty leaders is due to:

1) The value of time: the precipitation of time creates brand value. International beauty leading companies have a long history of more than 70 years, and their brands are well-known, rich in connotation and enjoy a premium.

2) The value of science and technology: The international beauty leading group has invested heavily in basic research (skin texture/raw materials, etc.), applied research, safety testing and other aspects for a long time to build tangible technical barriers and intangible consumer trust barriers.

3) Value of scale: collectivization exerts brand synergy, globalization captures dividends in various markets, leading the scale and stabilizing the position of the industry.

▍ China’s beauty industry enjoys a valuation premium, with a broad market and abundant opportunities.

The valuation premium of China’s beauty industry has existed for a long time, with the P/E multiple center of 2.3 and the P/S multiple center of 3.1. Main reasons:

1) Early stage of development: low permeability and leading growth rate. In terms of penetration rate, the per capita consumption of beauty care in China is only about 403 yuan, far lower than that in Europe, America, Japan and South Korea. In terms of growth rate, CAGR+10.1％% in China’s beauty care market from 2008 to 2021 is higher than CAGR+2.6％% in the world.

2) Continuous iteration, full of vitality, driven by channel to technology/R&D.. China’s beauty industry has a fast iteration: consumers are becoming more rational, supervision is becoming stricter, channels are more dispersed, traffic costs are constantly high, and marketing focuses on value recognition.

▍ China’s beauty industry has a short history and is full of vitality.

The development of local beauty listed companies started relatively late, and most of their brands were launched after 2000. The market concentration of beauty personal care in China is still low. In 2021, the proportion of CR3/5 is 26.8%/33.5% and there are no local companies in CR5, which is lower than that in Europe, America, Japan and South Korea. There is still room for improvement in the market share of high-quality local leading companies. At present, the industry is poised for stage adjustment, from channel and marketing-driven to technology-driven, and companies with strong comprehensive capabilities are expected to further increase their market share.

▍ The pattern is scattered, high-quality leading players enjoy industry growth and share increase, and leading players in sub-sectors rise.

▍ Risk factors:

Overseas historical development is not fully applicable to China beauty listed companies; The weak consumption of optional consumption, especially in the field of beauty, affects the company’s performance: the industry updates quickly, and the company, brand or product may have a certain life cycle; Industry competition or intensification, affecting the company’s performance; The sales volume of new products may not meet expectations, and the construction of brand matrix still has a long way to go.

▍ Investment strategy:

After the valuation adjustment since the second half of 2021, the PE of the leading A-share beauty companies in 2023 is concentrated in 45x~55x, which has fully reflected the factors such as the slowdown of industry growth, the ready research and development, and the shift of driving force. In short, in 2023, with the gradual recovery of consumption, the efficiency improvement of various companies’ operations/the promotion of large single product strategy/the listing of new products, there is still room for improvement in the valuation of leading companies; From 2023 to 2025, with the improvement of R&D and comprehensive strength of local brands, as well as the improvement of consumers’ recognition of local brands, the beauty industry is expected to change from marketing-driven and channel-driven to R&D-driven, and high-quality bibcock is expected to become a real consumer brand with both product power/marketing power/channel power, thus maintaining a high valuation.

This article comes from a selection of brokerage research reports.