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Viewpoint Network News:On April 22,Announced the launch of new models of the Tang series, including the glory version of Tang EV, the glory version of Tang DM-p and the 2024 version of Tang DM-p Ares, with a total of 6 models. The new model comes standard with Yunqi -C intelligent damping body control system, which enhances driving comfort and safety.

Among them, there are 3 models of Tang EV Glory Edition, and the price range is 219,800 to 269,800 yuan; Tang DM-p Glory Edition has two models, and the price range is 229,800 to 249,800 yuan. The 2024 Tang DM-p Ares Edition has only one model and the price is 269,800 yuan. These new models are equipped with DM-p hybrid system, and are equipped with super intelligent electric four-wheel drive as standard. The acceleration of zero is as fast as 4.3 seconds, and the fuel consumption per 100 kilometers in comprehensive working conditions is as low as 6.5L.

It is particularly worth mentioning that the 2024 Tang DM-p Ares Edition is also equipped with a differential lock, which can better cope with outdoor off-road scenes. In addition, the two-wheel drive version of Tang EV Glory Edition has a pure electric cruising range of up to 730km, and the four-wheel drive version is equipped with front and rear dual motors, with super intelligent electric four-wheel drive, achieving a zero-speed acceleration of 4.4 seconds.

BYD hopes to further cut into the highly competitive 200,000-class automobile market through the rejuvenation of the Tang series.

　　On April 19th, Evergrande, Huawei, Baidu and other "new forces to build cars" frequently acted, or released new cars or announced intelligent solutions for automobiles. On the same day, the A-share automobile index plate rose by more than 6%, among which the driverless concept stocks and the automotive electronics concept stocks set off a daily limit.

　　Text, Table/Guangzhou Daily All Media Reporter Ni Ming, Zhang Lu, Chen Lili? , Xu Xiaofang

　　Mobile phone terminal business will decline in 2020.

　　Huawei switched to auto track.

　　On April 19th, an all-media reporter learned from an internal employee of Huawei that on April 20th, "Huawei’s flagship store will have a huge new partner", and the video released at the same time clearly revealed the outline of a car with the caption "Huawei’s flagship store welcomes new partners in Shanghai, Shenzhen and Chengdu on April 20th". The reporter noticed that SF5, the smart selection of Celeste Huawei, had appeared in Huawei official website that day, but as of press time, Huawei had not provided the purchase entrance.

　　Regarding cross-border car building, Huawei has repeatedly stated that it will not enter the field of car building. At Huawei’s annual report meeting in 2020, Hu Houkun, the rotating chairman, reiterated that Huawei’s position in the field of smart cars is that component suppliers have not changed.

　　Industry insiders told reporters that Huawei’s active entry into the auto industry is not unrelated to the current decline in its mobile terminal business. The reporter observed Huawei’s financial report in recent years and found that in 2020, Huawei’s revenue growth slowed down to 3.8%, the lowest in the past decade. Regarding the annual report data, Hu Houkun, Huawei’s rotating chairman, said that the growth rate of consumer business did not meet expectations last year, and admitted that the sales of mobile phones were affected last year due to supply problems. In this case, industry insiders told reporters that the decline of Huawei’s mobile phone sales is not only related to the spin-off of HONOR, but more importantly, the current capacity of Huawei’s mobile phones is restricted by the lack of "core" factors.

　　When Huawei’s intelligent driving department is profitable, Su Qing, chief architect of Huawei ADS and president of intelligent driving product line, said that autonomous driving does not have to worry about profitability. It is reported that Wang Jun, president of Huawei’s smart car solution BU, said that this year’s investment in research and development will reach 1 billion US dollars (about 6.5 billion yuan).

　　However, according to the financial report, Huawei’s cash flow has been reduced. The financial report shows that Huawei’s cash flow from operating activities in 2020 was 35.2 billion yuan, down 61.5% year-on-year. In this regard, Huawei said that this is because it has increased investment in supply, research and development, and material storage.

　　Compared with Xiaomi, which announced to join the ranks of car manufacturers at the end of March, its cash reserve in 2020 is as high as 108 billion yuan. Industry insiders told reporters that if Huawei’s capital is invested in the vehicle manufacturing industry with long manufacturing cycle and high capital occupation, the pressure is obvious. At present, Huawei chooses to lay out the smart driving industry or it is an expedient measure.

　　The A-share automobile index plate rose more than 6%

　　On the same day, the 19th Shanghai International Automobile Industry Exhibition (hereinafter referred to as the 2021 Shanghai Auto Show) opened in 2021, which is also the first A-class auto show held in the world as scheduled this year. At this year’s Shanghai Auto Show, on the one hand, the brands of self-owned brands continue to rise and rise in the process of change; On the other hand, it is a joint venture with foreign capital to increase electric power. Under the entry of new and old forces and technology giants, electric intelligence has risen.

　　Among them, Baidu Apollo Lego car intelligent solution was fully unveiled, and the two products of Zhijia and Zhiyun ushered in a heavy upgrade. Its Zhiyun products can support car companies to quickly build intelligent capabilities, and shorten the autopilot research and development cycle that originally took at least 7 years to complete to 6 months. 100 days after the official announcement, Baidu CEO Li Yanhong and Geely CEO Li Shufu got together. According to people familiar with the matter, the meeting between the two was not at the Shanghai Auto Show, and Jidu Automobile will announce a big cooperation. In addition, Wuling New Energy’s first convertible Hongguang MINIEV CABRIO made its world debut. Evergrande made its debut with nine models of Hengchi, covering all levels from A to D, as well as a full range of cars, coupes, SUVs, MPVs and crossover vehicles.

　　On April 19, the A-share automobile index plate rose by more than 6%, and many stocks such as Dongfeng Motor, Guangzhou Automobile Group and Changan Automobile had daily limit. In the Hong Kong stock market, as of the close, Wuling Automobile rose by 27.53%, with an intraday increase of over 30%; Geely Automobile rose by 4.82%; BYD shares rose by 4.77%, and Beijing Auto rose by 4.14%.

　　The reporter also noticed that the automobile industry chain has strengthened its linkage, including unmanned driving, complete vehicles, automotive electronics, auto parts, lithium batteries and other branches, among which unmanned driving concept stocks and automotive electronics concept stocks have set off daily limit tides respectively.

　　New forces should get through the capital barrier, capacity barrier and market barrier as soon as possible to build a car.

　　The reporter observed that at the end of March and the beginning of April, China’s "new forces to build cars" continued to move: on March 30, Xiaomi, who built cars across the border, announced that "the initial investment will be 10 billion yuan, and the investment in the next 10 years will reach 10 billion US dollars"; On April 7, the 100,000th production car of Weilai was mass-produced at Jianghuai Weilai Hefei Advanced Manufacturing Base. On April 8th, the Management Committee of Wuhan Economic and Technological Development Zone and Xpeng Motors officially signed the investment agreement of intelligent networked automobile manufacturing base and R&D center project & HELIP; …

　　The "14th Five-Year Plan" clearly states that it will focus on strategic emerging industries such as new energy vehicles and organize the implementation of future industrial incubation and acceleration plans in industries such as hydrogen energy. The market believes that this is a strong support for the development of new energy automobile industry. Moreover, the goal of peak carbon dioxide emissions and carbon neutrality has become a national strategic goal, which has also injected a strong impetus into vigorously promoting the development of the new energy vehicle market.

　　Not only that, in terms of smart cars, the "14th Five-Year Plan" is also clear, and the Internet of Vehicles is actively and steadily developed. The three departments issued the "Recommended Guide for the National Internet of Vehicles Industry Standard System (Intelligent Transportation Related)", and the system construction and development related to the Internet of Vehicles continued to accelerate. The reporter observed that the cooperation between car companies and high-tech enterprises is also accelerating. For example, Huawei cooperated with Arctic Fox, a new energy brand of BAIC, to launch an intelligent luxury pure electric car, Beiqi Alfa S, and Evergrande established a joint venture with Tencent. In this regard, Bohai Securities released a research report that optimistic about the trend of automotive intelligent networking, smart cars are expected to have "explosive" production models this year.

　　Zhong Shi, an auto industry analyst, believes that now Chinese and foreign auto companies have clearly seen the general trend of industry transformation and entered the new energy auto industry, which will bring new survival challenges to the "new forces to build cars", and they must pass the capital barrier, capacity barrier and market barrier as soon as possible. He also said that in the end, the growth of China’s new energy automobile industry depends on the comprehensive competition of automobile enterprises in terms of advanced technology, cost control, perfect supply chain, excellent quality, safety and reliability. "Objectively speaking, ‘ The new force of making cars ’ The technical challenges are still enormous, and domestic car companies in China need to redouble their efforts to seize the opportunities brought about by this industry transformation. "

　　Fu Yuwu, honorary chairman of China Automotive Engineering Society, also stressed in an interview that "new car companies should respect the objective laws of technological development, and at the same time exert their efforts on the new track of intelligence and electrification, they should also maintain their awe of the automobile industry".

　　It is estimated that the sales volume of new energy vehicles will increase rapidly in 2021.

　　Faced with the overweight of joint venture car companies and the expansion of production capacity of China’s own brand car companies, is there an oversupply of new energy vehicles? On the production side, in the first quarter of 2021, the added value of the automobile manufacturing industry increased by more than 50% year-on-year; According to the data of China Association of Automobile Manufacturers, in the first quarter, the output of new energy vehicles in China was 533,000, and the sales volume was 515,000, up 3.2 times and 2.8 times respectively. For the future market, some car companies told reporters that they are currently expanding their factories to increase production capacity. Among them, GAC Ai’ an is expected to invest about 500 million yuan, and plans to double production capacity in early 2022.

　　On the sales side, in the first quarter of this year, the retail volume of narrow passenger cars totaled 5.092 million, up 68.8% year-on-year, and the growth rate reached a record high. For the substantial increase in the retail volume of passenger cars in the first quarter of this year, the Federation explained that in addition to the low sales base in the same period last year, there is also a major driving factor that the contribution of new energy vehicles is increasing. According to the data of the Federation, in the first quarter, the retail volume of new energy vehicles was 437,000, a year-on-year increase of 302.9%. In the first quarter, the retail penetration rate of domestic new energy vehicles was 8.6%, which was significantly higher than the 5.8% in the same period last year. Among them, the penetration rate of new energy vehicles in independent brands in March was 20.5%.

　　Some industry analysts believe that production capacity does not mean actual supply. In the face of changes in fuel vehicles and new energy vehicles in the market, in addition to adjusting the product structure, auto companies will re-target the marketization goal of new energy vehicles according to their own advantages, and create marketing methods for electric vehicles, which will affect the sales strategy and consumers are expected to benefit.

　　Huaxi Securities believes that with the continuous improvement of the sales structure and quality of new energy vehicles and the continuous introduction of high-quality new models such as ModelY series, supply will drive demand changes, and the penetration rate of new energy vehicles is expected to accelerate. It is expected that sales will increase rapidly in 2021.

China mutual gold which strong? We will think of Ant Financial, JD Finance, lufax, WeChat Payment, etc. If we take the city as the dimension, we can easily think of the cities where these giants are located: Beijing, Shanghai, Shenzhen, Hangzhou … all seem to be important towns for mutual gold. Which of these cities has stronger mutual gold strength? What are the characteristics of each city’s mutual gold industry?

There are many indicators to evaluate the development level of a city’s internet finance, such as the number of mutual fund enterprises, the scale of mutual fund assets, the scale of transactions, financial infrastructure, the number of mutual fund enterprises with unicorn valuation, and the strength of policy support. For the sake of simplicity, this paper observes the mutual gold development degree of major cities from the most intuitive angle, that is, from the index of the number and development level of mutual gold enterprises in the region. Large-scale enterprises will have layouts in big cities such as Beijing, Shanghai, Shenzhen and Hangzhou. This article is based on the location of the headquarters.

Beijing: a well-deserved domestic capital of mutual gold

In the field of domestic mutual gold, Shanghai, Hangzhou, Shenzhen and other places can be called important cities of mutual gold, but when it comes to the first city of mutual gold industry, Beijing is still doing its part. In Beijing’s mutual gold industry, there are mutual gold businesses owned by Internet giants such as Jingdong Finance and Baidu Finance, as well as large-scale mutual gold companies such as CreditEase, Renren Loan, Lacarra and Rong360, as well as mutual gold businesses owned by state-owned financial institutions such as workers, peasants and China Construction.

To sum up, Beijing’s mutual gold industry has several characteristics:

First, the format is complete., whether it is payment, wealth management, peer-to-peer lending, financial search, crowdfunding, financial technology and other relatively large formats, or consumer finance, supply chain finance, smart investment, product crowdfunding, equity crowdfunding and other more subdivided areas, Beijing’s mutual gold enterprises have a layout. Mutual gold formats that exist in other cities can basically find the target enterprises in Beijing;

Second, there are many mutual gold enterprises.. From the perspective of large Internet companies that carry out Internet finance business, Beijing has the largest number, such as JD.COM, Baidu, Xiaomi, 360, 58, LeTV, Sohu, Sina, etc.

In the online lending industry, the data of online lending house shows that by the end of October 2016, the top five provinces with normal online lending platforms were Guangdong, Beijing, Zhejiang, Shandong and Shanghai, with 394, 295, 268, 210 and 205 respectively. In terms of provinces, Beijing is second only to Guangdong, and in terms of cities, Beijing has the largest number.

In the third-party payment industry, there are nearly 270 companies that have obtained payment licenses. From the perspective of the provincial distribution of licensed companies, the highest number is Beijing, and 57 companies have obtained licenses.

Third, there are many enterprises in the forefront of the industry.. Among the TOP100 platforms of online loan volume launched by Online Loan House in September 2016, there are 33 platforms in Beijing, ranking first among cities. IResearch’s Q2 2016 third-party payment transaction scale ranking shows that among the TOP10 enterprises (Alipay, Tenpay, Bank Merchants, Quick Money, Zhongjin Payment, Remittance to the World, yeepay, Jingdong Payment, Yifubao and Baofu.), Beijing enterprises accounted for 3.

From the mutual gold business of large companies, JD Finance has scale advantages in wealth management, supply chain financing, consumer finance and other fields. Baidu Finance has certain advantages in financial technology and has demonstrated its strength in consumer finance fields such as education staging.

Fourth, the shortcoming is that Beijing is the domestic Internet center and a big city of mutual gold, but the largest Internet companies and mutual gold companies in China are not in Beijing.. Beijing’s Internet industry and mutual gold industry are superior to enough enterprises, and entrepreneurial enterprises are active enough.

It is not surprising that Beijing is the domestic leader in the field of mutual gold. First of all, Beijing is a place where domestic Internet companies gather, and entrepreneurial activities are in full swing. It is normal for large enterprises to have a large number of mutual gold businesses and mutual gold startups. Secondly, Beijing is also a place where financial institutions gather, and has a good industrial foundation in terms of asset-capital docking and talent flow.

Hangzhou: a new force of mutual gold in the rise

Compared with Hangzhou, Beijing has strong comprehensive strength, but the industry leader is not there; Hangzhou, on the other hand, is the leader in the domestic mutual gold field. Compared with Beijing, its comprehensive strength is insufficient, but it is rising rapidly.

Compared with the first-tier cities such as Beijing, Shanghai and Shenzhen, Hangzhou is currently a quasi-first-tier city, but there is not much gap between the Internet industry and the mutual gold industry in Hangzhou. There is a giant ant financial service in the domestic mutual gold field, which makes it impossible to ignore the existence of Hangzhou’s mutual gold territory in China. In fact, in addition to Ant Financial, Hangzhou also has rising Netease Finance, 51 credit cards and other enterprises, as well as online lending institutions with large transactions such as micro-loan network and Xinhehui.

Needless to say, Ant Financial is already the leader in the domestic mutual gold field, with a valuation of 75 billion US dollars. It has gradually formed business segments such as payment, wealth management, financing, comprehensive finance and financial infrastructure, and is one of the few Internet finance companies in China that have advantages in both assets and funds, as well as technical advantages. (However, it is worth noting that Ant Financial has moved Alipay’s registered place to Shanghai. )

Compared with Beijing, although Hangzhou has a leader in domestic mutual gold industry, the number of mutual gold companies that reach a large volume is less than that of Beijing. However, at present, the mutual gold industry in Hangzhou is developing rapidly and has the potential to become a new benchmark for mutual gold.

51 Credit Card, which has been established for four years, is currently valued at more than US$ 1 billion, and has received a total investment of US$ 394 million in the last two months. Judging from the financing amount and the latest valuation, it can be regarded as a mutual gold benchmark enterprise in Hangzhou except ants. At present, the monthly revenue of 51 credit cards has exceeded 100 million. It is estimated that this year’s revenue will exceed 1 billion yuan and the net profit will be 200-300 million yuan. Many large companies, including lufax and JD Finance, are still losing money. It is rare that the revenue of 51 credit cards can continue to grow and keep its net profit positive, which is closely related to its earliest entry into the credit card management field and its accumulated over 70 million cardholders with strong credit demand in four years.

In addition, Netease established the financial business department in Hangzhou in May 2015, and has now formed business segments such as Netease Payment, Netease Wealth Management and Netease Small Loan. The data shows that Netease Finance has 100 million registered users, including 30 million real-name accounts. In 2015, the transaction volume of various types exceeded 50 billion yuan.

In addition to these three pioneers, the rankings of Online Loan Home and Zero One Finance show that the monthly transaction volume of online loan companies such as Micro-loan Network and Xinhehui are among the top 10 in the industry.

It can be found that the development momentum of mutual gold in Hangzhou is relatively rapid. This city not only has ant financial services, but also has a wave of entrepreneurial enterprises growing rapidly, and Hangzhou has become a new rising force in the field of mutual gold.

Shanghai: a battleground for mutual gold enterprises.

Shanghai is a domestic financial center and a relatively developed field of internet economy, and mutual financial development has a good foundation. The competition between Beijing and Shanghai is an eternal topic. Compared with Beijing, Shanghai’s mutual gold strength cannot be underestimated. To sum up, Shanghai Internet finance has the following characteristics:

First, there are a large number of mutual fund enterprises, and the number of online loan enterprises and third-party payment enterprises is second only to Beijing at the city level, and the gap is not big.. At present, 54 enterprises in Shanghai have obtained third-party payment licenses, second only to 57 enterprises in Beijing. There are 205 online lending platforms operating normally in Shanghai, second only to 295 in Beijing from the perspective of cities. In addition, even if the mutual fund enterprises headquartered in other places have a certain scale, they will generally establish branches in Shanghai.

Second, some of Shanghai’s well-known mutual gold platforms are set up in Shanghai by enterprises from other regions.Li, such as lufax, Zhongan Insurance, Wanda Internet Finance, etc., also includes Xiaomi’s recently established rice financing service in Shanghai. In addition, companies including Baidu, SouFun and Vipshop have also set up small loan companies in Shanghai. This shows that Shanghai, as a financial center, has great attraction to financial business. Shanghai is a battleground for mutual gold enterprises to compete.

Third, compared with Beijing, Shanghai has certain advantages in the field of payment., including UnionPay Business, Quick Money, Remittance to the World, Fu You Payment, Tonglian Payment, Baofu, Shengfutong, Huanxun Payment, etc., are all payment enterprises with large transaction scale in China.

Fourth, the top companies in Shanghai’s domestic mutual gold industry are lufax, Zhongan Insurance and Oriental Fortune, followed by Wanda Internet Finance, Paipai Loan and Dianrong.com..

Lufax’s current valuation has reached US$ 18.5 billion, and it has launched a listing plan in Hong Kong. The number of its users and transaction volume are dominant in the domestic online lending and wealth management fields. China Ping An’s Q3 2016 quarterly report shows that as of September 30, 2016, the cumulative number of registered users of lufax Platform was 25.5 million, and the number of active investment users was 6.55 million. In the first three quarters of 2016, the retail transaction volume was 1,077.220 billion yuan, and the institutional transaction volume was 3,220.583 billion yuan.

The valuation of Zhongan Insurance once reached US$ 8 billion. As of May 31, 2016, Zhongan Insurance had served more than 414 million customers and the number of policies exceeded 4.583 billion. Recently, Zhongan Insurance established a new company, Zhongan Technology, focusing on inclusive finance and health care, and exporting technical capabilities to the outside world.

Fifth, some mutual gold formats developed earlier in Shanghai.For example, Kuaiqian was established in 2004, Paipai Loan was established in 2007, and Tiantian Fund Network, a subsidiary of Oriental Fortune, was established in 2008. It is an early platform for payment, online lending and online fund sales in China. This shows that Shanghai has always been in a leading position in the exploration of new financial formats.

Generally speaking, as a financial center and an important Internet town, Shanghai also has a good development soil for Internet finance, and the current mutual gold ecology is relatively sound. Like Beijing, Shanghai is a battleground for every mutual gold enterprise, but it is slightly inferior to Beijing in terms of the number of mutual gold enterprises and the number of well-known start-ups at present.

Shenzhen: A Hot Land of Mutual Gold Led by Tencent and Ping An Group

Shenzhen is also a place where financial institutions gather, and the atmosphere of Internet entrepreneurship is also very strong, laying the foundation for the development of mutual funds. Internet giant Tencent and Ping An Group, which have full financial licenses, have developed good mutual gold business. In addition, online lending institutions with large transactions such as Hongling Venture Capital and Mavericks Online have emerged in Shenzhen.

In terms of the total amount, the data of Shenzhen Financial Office shows that by the end of June 2015, there were more than 1,200 Internet finance enterprises in Shenzhen. According to incomplete statistics, the scale of Internet third-party payment transactions in Shenzhen exceeded 3 trillion yuan, accounting for nearly half of the country. Equity crowdfunding and Internet wealth management rank among the top three in China.

When it comes to mutual gold giants in Shenzhen, the first thing that comes to mind is Tencent and Ping An, which have made great efforts in the field of mutual gold.

Tencent’s financial business scale is among the highest in the industry. At present, Tencent Tenpay is second only to Alipay in the field of third-party payment. Weizhong Bank has been online for one year. Relying on two super portals, WeChat and QQ, and using big data risk control technology, it has issued loans exceeding 40 billion yuan. In terms of financial management, as of the end of April 2016, the number of general-purpose users of Tencent’s financial management has exceeded 50 million, and the scale of funds has exceeded 100 billion.

In addition to lufax, China Ping An also has mutual gold business such as Ping An Pratt & Whitney Finance, One Wallet and Ping An One Account. According to the third quarterly report, as of September 2016, the amount of new loans in inclusive finance was 111.901 billion yuan; The transaction scale of one wallet payment and points business reached 2,005.718 billion yuan, with a total of 64,987,000 registered users and an average monthly active user of 6,206,900. The user scale of the one-account platform is nearly 157 million, and the monthly active users exceed 22.2 million.

In addition to Tencent and Ping An, there are many online lending institutions with the largest transaction scale in Shenzhen, including Hongling Venture Capital and Mavericks Online. This shows that the mutual gold industry in Shenzhen also has a high status in the country.

　Major mutual gold enterprises in Beijing, Shanghai, Shenzhen and Hangzhou

Generally speaking, at present, Beijing is in a relatively leading position in the field of mutual gold, but the gap with other cities is not large, and there is also the possibility of being overtaken; The scale of mutual gold between Shanghai and Shenzhen also has a relatively large volume, with large enterprises in bring up the rear; There are mutual gold leaders in Hangzhou, and there are also entrepreneurial enterprises that are constantly emerging and their strength is constantly increasing. In addition, Guangzhou (There are enterprises or businesses such as WeChat Pay, Evergrande Financial Services, Vipshop Finance and PPmoney.), Nanjing (There are Suning Finance, Kaixin Loan and other enterprises.) and other places also have a certain scale of mutual gold industry. The future mutual gold competition will still be fierce.

How to interpret the competitive market of urban mutual gold industry in the future?

Summarizing the mutual development paths of cities, we can find that the development level is highly related to the following factors:

The development level of internet industry.Basically, the urban distribution pattern of mutual gold follows the development pattern of the Internet industry, with Beijing being the largest, followed by Shanghai, Shenzhen and Hangzhou. The high level of Internet development means that there are many Internet giants in this city, and they have first-Mover advantages such as traffic and scenes. It also means that the internet entrepreneurial atmosphere in this city is relatively strong. As the main field of current entrepreneurship, mutual gold projects will continue to emerge to ensure the quantity and quality of the mutual gold industry in this city.

Level of financial development.Beijing, Shanghai and Shenzhen are the top three in the development of domestic financial industry, and Hangzhou is located in Zhejiang, where the economy is developed and private finance is prosperous, and the financial industry has a good foundation. Having a developed traditional financial industry means that Mujin has a lot of offline assets that are easy to dock, and it is easier to introduce financial talents, which will help Mujin’s development.

Policy support. Compared with the above two factors, the influence of policies on the overall mutual development level of a region is not decisive, but it cannot be ignored. In particular, if a city prohibits the development of a mutual gold format, the impact will definitely be immediate. If the policy is biased towards promoting the development of the industry, it will be a more important auxiliary factor, such as preferential policies may attract some enterprises to settle down, but relatively speaking, the level of Internet and financial development is a more influential factor. The influence of these three factors is relatively intuitive. If we dig deeper, it may be that the level of rule of law, urban governance and development details of a city are at work.

As far as the competition among the four major cities is concerned, Beijing’s advantages of big companies and entrepreneurial ecology ensure that its position as a mutual gold leader will continue. It is possible for Shanghai, Shenzhen and Hangzhou to challenge Beijing’s position, but it is not difficult. It is necessary to make more efforts in Internet entrepreneurial environment, financial ecology and policy support.