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　　"We lie, we cheat and we steal, which is the glory of America’s continuous exploration and progress." In 2019, Pompeo proudly exposed the old story of American intelligence.

　　For many years, American intelligence has been the invisible black hand behind American hegemony. The United States instigated one war after another, coup d’ é tat and assassination, all of which were attributed to the fabrication of lies and charges of Luo Zhi by intelligence agencies. Today, I will expose the "glorious record" of the US intelligence department.

　　First, concoct the "Beibu Gulf Incident" to catalyze the escalation of the Vietnam War.

　　On August 4, 1964, then US President Johnson delivered a speech, claiming that two American warships were attacked by North Vietnamese torpedoes in the international waters of Beibu Gulf that night.

　　Only three days later, the U.S. Congress passed the Tokyo Bay Resolution (called "Tokyo Bay" by Vietnam), approving the President to take all necessary measures to resist any armed attack against American troops, and the Vietnam War broke out in an all-round way.

　　▲ On August 2, 1964, USS Dorcus photographed three North Vietnamese torpedo boats on the sea level, and these three torpedo boats also became the "troublemakers" of the "Beibu Gulf Incident" on August 4, then. In fact, however, there was no North Vietnamese warship attacking the US military on August 4th.

　　However, the final declassified data confirmed that there was no North Vietnamese torpedo attacking American warships on August 4, but two destroyers of the US military fired hundreds of shells and bombs at the open water.

　　It was the National Security Agency (NSA) that provided false information and provided an excuse for American politicians who had long planned to invade North Vietnam. In 1965, Johnson himself admitted: "Our navy was firing at whales there."

　　Second, directing the "incubator incident" to intensify the Gulf War.

　　On August 2, 1990, Iraq invaded Kuwait. On October 10th, the American HBO TV network broadcast a news provided by CNN: A "Kuwaiti volunteer" testified in tears in the US Congress that Iraqi soldiers rushed into a hospital in Kuwait and threw premature babies in the incubator on the ground, causing more than 300 babies to die.

　　▲ On October 10, 1990, Nayirah, a 15-year-old girl whose surname was unknown at that time, accused Iraq of committing atrocities when it invaded Kuwait at the human rights preparatory meeting of the US Congress. Naira said in fluent English with tears in her eyes: "Iraqi soldiers came to the hospital with guns, took the baby out of the incubator and robbed it, leaving the baby to die on the cold floor." In 1992, Naira was exposed to her true identity — — Daughter of the then Kuwaiti ambassador to the United States.

　　The United States and Iraq live far apart from each other, and the American people have no grievances against Iraq, let alone care about what is right and wrong between Iraq and Kuwait. However, the "incubator incident" completely ignited the anger of the American people against Iraq. On January 12, 1991, the US Congress passed a resolution to declare war on Iraq, and the Gulf War broke out.

　　At the beginning of 1992, the US media broke the news that the "incubator incident" was completely a lie concocted by the US. Kuwaiti medical staff have long pointed out that the "Kuwaiti volunteer" does not exist, but the United States and the West refused to admit it.

　　In fact, the true identity of the "volunteer" is the daughter of the Kuwaiti ambassador to the United States. She never worked as a "volunteer" or returned to Kuwait during the war, but with the assistance of the American intelligence department, she staged a "sad drama" to deceive the people.

　　Third, launch the "Mockingbird Project" to buy off the global media to fabricate false news.

　　The United States Central Intelligence Agency (CIA) launched the "Mockingbird Project" in the 1940s, aiming at bribing journalists and organizations around the world to collect information through this project. Philip Graham, one of the project leaders, was a publisher in Washington post at that time, which revealed that the American media and intelligence departments had been in cahoots for a long time, forming a false information industry chain with you and me.

　　The CIA once admitted that the "Robin Project" has "recruited" at least 400 journalists and 25 large organizations around the world. To this day, the CIA is still keen on intimidating and luring media people in order to master information and manipulate public opinion, and to be the "big brother" who is "omniscient and omnipotent" behind the scenes.

　　▲ "Lying" has become an indelible background of American global strategy.

　　In 2014, Wolfcott, a German journalist working for frankfurter allgemeine zeitung, published the book "The Bought Reporter", which exposed the history of the CIA bribing, manipulating, using journalists from other countries by various means, and even forcing them to become spies. Wolfcott said that he was once a journalist who succumbed to the CIA, and that "at least two-thirds of journalists in Germany have been bought by the CIA".

　　From this point of view, it is not surprising that in recent years, German media reports on China have followed suit with the United States.

　　Fourth, declare that "Iraq develops chemical weapons" and launch the Iraq war.

　　This is the most "classic" case in which the United States instigated the war by false information. On February 5, 2003, then US Secretary of State Powell took out a test tube filled with white powder at a meeting of the UN Security Council, claiming that it was evidence that Iraq was developing chemical weapons. After that, the United States and Britain allied forces brazenly opened the curtain of the Iraq war on this ground. However, the United States and the West have so far failed to produce conclusive evidence of the existence of weapons of mass destruction in Iraq.

　　▲ On February 5th, 2003, then US Secretary of State Powell took out a tube of "unknown substance" as "evidence" at the UN Security Council, accusing Iraq of "chemical and biological weapons" that could cause "great harm". Russian President Vladimir Putin once quipped: "In 2003, Powell shook a small bottle of unknown substances, saying that it was evidence of weapons of mass destruction, and it might be washing powder inside." In order to further boost people’s support for the Iraq war, the US military also fabricated the heroic deeds of female soldier Lynch: Lynch was ambushed in the Iraqi battlefield, desperately resisted until she was captured, suffered various inhuman abuses, and was finally rescued by US special forces.

　　In fact, Lynch didn’t fire a shot in the war and was seriously injured by a car crash. Iraqi medical staff saved Lynch and treated him carefully. They also took the initiative to contact the US military and hoped that they would pick him up.

　　According to Lynch, after revealing the truth, she has been receiving threatening emails from all parties in the United States for several years. In the eyes of many Americans, Lynch has fallen from a "hero" wearing a halo to a "liar" who deceives the world. And all this is thanks to the false propaganda of the Pentagon.

　　▲ After Lynch was "rescued" in April 2003, the US military and the media described her as a "battlefield hero". However, in April 2007, Lynch testified in the US Congress and admitted that all his so-called heroic experiences were fabricated and manipulated by the US military: "I don’t want to accept false honors. I didn’t shoot at that time, and not a single bullet was fired … … I just knelt on the ground and prayed. "

　　5. Create perjury of "Syria uses chemical weapons" and launch air strikes against Syria.

　　In 2014, the United States launched an air strike against Syria on the grounds that "intelligence shows that the Syrian government used chemical weapons." But it turns out that this so-called "evidence" is just a posing video of the Syrian Civil Defence Organization (also known as the "White Helmet").

　　▲ In July 2018, at the request of the United States, Canada and European countries, Israel withdrew "white helmet" activists and their families from Syria. Before the "White Helmets" were evacuated, they had been repeatedly exposed by the media to pose videos to discredit the Syrian government.

　　The "White Helmet" seems to be a neutral and objective non-governmental organization. In fact, it is funded by the United States and the West, colluding with terrorist forces in Syria, shooting false videos and planting the Syrian government. In the interview, the local people even said that the "white helmet" also took away all the relief food for the local area.

　　▲ In August, 2016, the photo (left) of omran Dakenish, a little boy from Aleppo, Syria, sitting quietly in an ambulance, covered in dust and blood, went viral in the global media and social networks, which became the ironclad evidence that the Syrian government forces and Russian warplanes ignored civilian lives in western media. About a year later, his father, Mohammad Khaldaknish, said in an interview with the media that there was no sound of planes and shells when the explosion occurred, and it was not certain which side launched the attack. Instead, the "white helmets" present were so blessed when they saw omran that they picked up equipment and shot wildly, but no one came to help omran. After omran’s fire, the opposition armed forces also found their family and promised a lot of money in exchange for his testimony in the media that the Syrian government forces had launched an attack. However, because the opposition could not produce evidence that government troops attacked his home, Dakenish refused their request. Since then, the opposition has repeatedly threatened Dakenish, causing the family to dare not go out casually. Father changed omran’s hairstyle (right) so as not to be recognized.

　　It is worth mentioning that "White Helmet" used many "extras" when "creating" related videos, including dozens of children aged 8 to 12. According to today’s Russian TV report, "White Helmets" used real toxic substances on them during the filming.

　　Six, out of thin air, repeatedly falsely accused Chinese scientists.

　　In 1999, the US Federal Bureau of Investigation (FBI), together with The New York Times and other American media, made a rumor that Li Wenhe, a Chinese-American nuclear weapons expert working in Los Alamos National Laboratory, was a Chinese spy, and initiated as many as 59 charges against Li Wenhe on this ground.

　　In order to induce Li Wenhe to plead guilty, the FBI even "fishing law enforcement" forced Li Wenhe to "confess a minor crime" in exchange for "avoid a major crime" by virtue of a variety of charges.

　　Under heavy pressure, Li Wenhe, who was not guilty, finally reached a "settlement agreement" with the US government one and a half years later, and pleaded guilty to a lesser charge.

　　▲ In 2001, Li Wenhe published his self-report "My Country Accuses Me", and reviewed the incident that he was framed by American intelligence agencies from the perspective of the parties. In 2018, the FBI did the same thing again. Without any evidence, it accused Hu Anming, an associate professor at the University of Tennessee, of telecommunication fraud and making false statements, and conducted a series of investigations on Hu Anming, and put him on the US federal no-fly list.

　　After the trial of the case in 2021, FBI agent Kujim Sadiku admitted in the court debate that the so-called "intelligence" he used to prove Hu Anming’s "Communist Party" was just a Chinese press release with a photo of Hu Anming found on Google. Sadiku began to suspect Hu Anming only after a "rough translation" by Google, and all kinds of accusations were later proved to be completely false.

　　▲ After the "bald eagle" pulls out the "washing powder" in the test tube, it is often followed by conflicts and wars. (Illustration | Yutao)

　　Right now, Biden’s "90-day intelligence traceability" at the end of May is approaching. After reading the above-mentioned black history of American intelligence agencies, it is clear that the direction of the script of "Tracing the Source of Intelligence" is: the United States can’t get anything real, but it will definitely make up a tube of "washing powder" to plant China.

　　It’s just that today’s China is not Iraqi or Syrian, and the people of China have long seen through the tricks of the United States, and more and more people in the world are awakening. The days when Americans fool the world by making up lies are coming to an end!

Since BYD began to expand its automobile business, the concept of new energy vehicles has attracted more attention. In 2008, Buffett’s subsidiary became a strategic investor of BYD, which pushed BYD to the stage. However, in recent years, BYD’s development has not been smooth sailing. The safety and practicability of new energy vehicles have been questioned by many parties. After experiencing a big decline in 2012, the company’s share price began to pick up last year. Has BYD ushered in a new spring? Will Tesla’s entry into the China market have an impact on BYD? Can the launch of "Qin" promote BYD’s spring arrival?

BYD’s business can be divided into three categories: rechargeable battery business, mobile phone parts and assembly business, and automobile business including traditional fuel vehicles and new energy vehicles, in addition to expanding related new energy products.

BYD’s new energy vehicles always attract people’s attention for the first time. However, the other two major businesses of the Group also account for about 50% of the revenue sources, and their profitability cannot be ignored. In recent years, the proportion of automobile business income has increased year by year, and the company has invested more efforts in the automobile business that has attracted much attention. The proportion of secondary rechargeable batteries has basically remained at 10%, which is a relatively stable and mature business in the company, but it is not the future growth point of the company.The company’s future development focus is mainly on new energy business, including solar power stations, energy storage power stations, electric vehicles, LED and other green products..

BYD is very good at manufacturing rechargeable batteries, and its main customers include mobile phone brands such as Nokia, Samsung and Huawei, as well as global manufacturers of power tools and other portable electronic equipment such as Bosch and TTI. Lithium-ion batteries and nickel batteries produced by the Group are widely used in mobile phones, digital cameras, power tools, electric toys and other portable electronic devices and electric products.

In terms of mobile phone components and assembly business, BYD provides vertically integrated one-stop service, designs and produces mobile phone and computer components such as keyboard, LCD module and camera, and provides complete machine design and assembly services, but does not produce its own brand of mobile phones and computers. Its customers include: Nokia, Apple, HTC, Samsung, Motorola, Huawei, Pratt & Whitney, Toshiba and so on.

In 2003, BYD officially acquired Xi ‘an Qinchuan Automobile Co., Ltd., entered the field of automobile manufacturing and sales, and began the development journey of national independent brand cars, with production and sales exceeding 2 million vehicles. Automobile products include all kinds of high, medium and low-end series fuel cars, as well as automobile molds, auto parts, dual-mode electric vehicles and pure electric vehicles. Representative models include F3, F3R, F6, F0, S8, G3, M6, L3 and other traditional high-quality fuel vehicles, as well as the world-leading F3DM dual-mode electric vehicles, e6 pure electric vehicles and K9 pure electric buses.

BYD has also established a joint venture with Daimler, a luxury car brand, to jointly research and develop electric vehicles. At present, its Tengshi brand has been listed.

On April 28th, BYD released the first quarterly report of 2014, which realized operating income of 11.724 billion yuan, down 9.0% year-on-year, and realized net profit attributable to the parent company of 12 million yuan, down 89.4% year-on-year. According to the analysis of UBS Securities,On the one hand, the decline in sales volume is due to BYD putting most of its energy into the research and development of new energy vehicles, which leads to the slow pace of research and development and launch of traditional automobile business models; On the other hand, the competition in China’s automobile market is becoming more and more fierce. If you don’t advance, you will retreat, and the competitiveness of BYD’s old models (such as Su Rui and F3) will decline.BYD also admitted in the report that the decline of traditional automobile business was the main reason for dragging down BYD’s profit in the first quarter.

BYD Group not only has government payment in policy, but also has considerable government subsidies. Take its pure electric vehicle E6 as an example, the price range of E6 is 309.8-33 million. E6 pioneers can enjoy a total of 114,000 yuan of state subsidies and local subsidies. The price for consumers to buy e6 luxury terminals is 195,800 yuan, and the price for purchasing e6 elite terminals is 216,000 yuan. Government subsidies account for about 34% of the original price, and the subsidized price is really attractive to consumers. Judging from the annual reports of the past five years, government subsidies have been increasing, reaching about 670,000 in 2013. Although it is still not enough to compensate BYD’s high expenses, government subsidies are only a unique policy of BYD in its growth period. However, in the short term, the government’s support attitude towards BYD Group’s projects is very clear, and everything depends on whether BYD can grasp the development opportunities.

In addition, BYD’s R&D expenditure has remained at a level of about 1.3 billion in the past five years, with no significant increase or decrease, and the distribution expenses are basically between 1.5 billion and 2 billion.

BYD’s operating cash flow decreased by nearly half in 2013, and most of the cash at the end of the year came from cash flow from financing. On May 30th this year, BYD also issued 121,900,000 new H shares to supplement its working capital, and the funds raised will be used for the new energy automobile business. However, the market reactions in the two places were mixed, with A shares rising sharply and H shares falling sharply.

Through the above financial analysis, we find that BYD is still in the growth stage, with huge expenses in all aspects and weak current profitability. Although the current P/E ratio is nearly 130 times, most investors value its profitability in the next few years.After BYD released its first quarterly report in 2014, its profitability and cash flow did not improve, resulting in a sharp drop in its share price. Among them, the investment loss reached nearly 8.6 million RMB. The company disclosed that most of the losses were caused by the investment loss of the joint venture company. The parent company increased investment and development in all aspects at the same time when the business has not grown steadily. This can only make up for the tight cash flow by issuing additional shares or increasing financing.

BYD has not really stimulated consumers in private cars, mainly because consumers are worried about endurance and safety, and BYD’s car design and logo have been criticized by the masses. For consumers, environmental protection may be far less important than appearance and performance.

Compared with other automobile brands, BYD is obviously favored by more governments, which is related to BYD’s more professionalism in the field of new energy. At present, there are 800 E6 pure electric taxis and 220 K9 pure electric buses in Shenzhen, which are used as pilot cities to promote electric buses. In May, 2013, the pure electric bus was operated in Hongkong. Outside the China market, BYD’s K9 electric bus had trial operation projects in the United States, Spain, Hungary, Austria, Belgium and the Netherlands.

Investment point of view

New energy industry

BYD is a leading representative in China in its industry. With the reduction of natural resources such as oil, the traditional automobile industry will be the most affected, and the future will be the world of new energy industry. Therefore, the state will give subsidies to the new energy industry in terms of policies and funds. However, BYD, as a battery-making enterprise, has not invested in the field of new energy vehicles smoothly. Although the enterprise has its own brand and professional technology, many traditional automobile brand companies have begun to develop new energy vehicles or low fuel consumption, such as Toyota Prius, Nissan leaf and Ford fusion. With its strong capital, original market share and brand awareness, BYD’s automobile business is also facing many competitors. Future new energy vehicle projects in China still depend on brand building, energy saving and green premium ability.

At present, BYD has adjusted its three major businesses in the future to photovoltaic power generation, energy storage power stations and new energy vehicles, and it is expected that it will continue to invest in research and development and construction of energy storage power stations in the short term. At the technical analysis meeting in 2013, Wang Chuanfu, the president of the group, announced the "dual-drive strategy"-one is to develop energy-saving technologies in both traditional fuel vehicles and new energy vehicles, and the other is to promote dual-engine dual-mode in the personal market and pure electric vehicles in the public transport market. From the naturally aspirated engine with energy-saving technology, to the world-synchronous TID powertrain, to the green hybrid technology, to the dual-engine dual-mode power and pure electric vehicles, BYD has completed the strategic layout from single-drive to dual-drive, and gradually strengthened the energy management system.

The investment in BYD should not only be analyzed from its current profitability or short-term stock price changes, but also from a medium-and long-term perspective to look at the strategic value and significance of the new energy automobile industry chain and lock in the future technological innovation and consumption orientation.

Although the mobile phone parts and assembly services and rechargeable battery business, which together account for about 50% of the revenue, are fiercely competitive in the industry, BYD can still obtain objective income in this field with the increase of mobile phone sales. The capital market is optimistic about this business, and many rating agencies rate BYD Electronics as "buy".

BYD and Tesla

Tesla, which has attracted much attention, began to enter the China market and set up energy storage stations in major cities. Although Tesla also produces new energy vehicles, it is not completely competitive with BYD. Tesla is the first electric vehicle in the world to give up the traditional lithium iron phosphate battery for vehicles and choose a laptop battery. In fact, the price of Tesla in the United States is more than 80,000 US dollars, and the tariff, value-added tax and transportation cost entering China account for 33% of the current domestic price. Tesla is positioned in the high-end market, and its price is far from BYD. Comparing BYD’s "Tang" to "Model X" is because Tesla’s seven-seat SUV also adopts the same power layout: one motor for the front and one motor for the rear axle, thus forming a four-wheel drive system. However, because the target market is different and the consumer demand is different, BYD’s R&D, products, market and brand positioning are different from Tesla’s.

However, it is worthy of our attention that Tesla’s cruising range can reach 500 kilometers, and BYD Qin’s cruising range can reach 70 kilometers in pure electric mode. Although the hybrid mode can be used to make up for the lack of cruising range when running long distances, if Tesla can make a model with mass price in the future, it may pose challenges to BYD.