Core Insights - XPeng Motors and Volkswagen Group have expanded their strategic cooperation on electronic and electrical architecture (E/E architecture), marking a significant upgrade since their initial agreement in July 2024 [1][2] - This collaboration integrates XPeng's architecture capabilities into Volkswagen's product lineup in China, which is a rare occurrence in the partnership history between multinational automakers and Chinese new energy vehicle companies [2] Financial Performance - In Q1 2025, XPeng delivered 94,008 vehicles, representing a year-on-year increase of 330.8%, with total revenue reaching 15.81 billion yuan and a gross margin of 15.6% [2] - Revenue from "services and others" amounted to 1.44 billion yuan, accounting for 9.1% of total revenue, with a high gross margin of 66.4% [2] - The revenue includes collaboration with Volkswagen in the E/E architecture, although the exact contribution from Volkswagen is not disclosed [2] Strategic Implications - The partnership with Volkswagen not only provides revenue and profit but also serves as an industry endorsement, enhancing XPeng's credibility in the market [3] - However, the reliance on Volkswagen for technology output poses a risk; any changes in Volkswagen's strategy or collaboration terms could impact XPeng's high-margin income [3][4] Future Outlook - XPeng's ability to maintain high-margin technology services is crucial for sustaining profitability amid ongoing price competition in the domestic new energy vehicle market [4] - The future success of this "invisible engine" depends on XPeng's continued leadership in architecture and software, as well as its ability to establish a broader network of technology clients beyond Volkswagen [4]

（原标题：孩子不可爱，是因为需要爱） 简简周/文 我曾在游戏室里接待过一个让父母很是头疼的小男孩。他刚上小学一年级，就已经有很多辉煌的"战 绩"了。 上课拿铅笔把坐在旁边的孩子给捅哭了，值日时一言不合就把同学推倒在地，甚至连老师批评他时，他 都会伸腿去踢老师…… 为此，他妈妈经常被学校请去谈话，还要不停地给老师和其他家长道歉，实在头疼得不行。 她说，"打也打了，骂也骂了，好好讲道理也不行，我已经没办法了。" 进一步了解才知道，这个小男孩是在上小学之前才刚回到父母身边的。之前因为父母工作太忙，他一直 是在老家，由奶奶照看。 他其实很渴望父母的爱和关注，但不得其法。 他的坏脾气，还有那些糟糕的行为方式，并不代表他是个坏孩子。愤怒，其实是他内心脆弱的表达，背 后很有可能还藏着挫败感、无力感、自卑感、孤独感等等各种不良的情绪。 一团乱麻的情绪，会给孩子带来很多不安，甚至出现各种脱轨的行为。 在游戏室里，这个男孩最爱的玩具就是沙袋，每次在开始其他游戏之前，他都要奋力地跟沙袋"搏击"一 番。 然后，我会拿出情绪卡先请他选择，再把他选出来的情绪卡一张一张地贴到沙袋上去。 他选了几十张情绪卡，我们贴得整个沙袋都是。面对浑身" ...

Core Viewpoint - Jiumaojiu International Holdings Limited, once a leading player in the Chinese dining industry, is facing significant challenges including declining performance, store closures, food safety controversies, and a crisis of consumer trust [1][2]. Performance Decline: Core Brand Contraction - In 2024, Jiumaojiu reported a revenue of 6.074 billion yuan, a year-on-year increase of 1.5%, but net profit plummeted by 87.69% to 55.807 million yuan [2]. - The number of stores decreased from 807 in Q1 2025 to 780 in Q2, with a total of 78 closures, reverting to the level at the end of 2023 [2]. - The core brand "Tai Er Suancaiyu" saw its stores drop from 634 at the end of 2024 to 566, with a significant reduction in self-operated locations [2]. - Same-store sales and turnover rates declined across various brands, with "Tai Er Suancaiyu" turnover rate falling from 3.5 times per day to 3.1 times, and same-store daily sales dropping by 13.7% [2]. Triple Blow: Pre-made Food Controversy, Food Safety, and Service Quality - Jiumaojiu's brands, particularly "Tai Er Suancaiyu," are embroiled in controversies regarding food safety, service quality, and the use of pre-made ingredients [3]. - Despite claims of using fresh ingredients, reports suggest that key ingredients are delivered from a central kitchen, leading to consumer dissatisfaction [3]. - Food safety issues have arisen, including reports of cleaning agents found in utensils and foreign objects in dishes, damaging the brand's reputation [3]. - Service quality has also been criticized, with customers reporting poor service and long wait times, indicating a decline from its previous popularity [3]. Market Capitalization Decline: Founder’s Wealth Erosion - Jiumaojiu's market capitalization peaked at 56.2 billion HKD in February 2021 but has since plummeted over 90% to approximately 4 billion HKD by July 2025 [4]. - The founder, Guan Yihong, has seen a significant reduction in personal wealth, reflecting the company's struggles post-IPO [4]. - The initial public offering was marked by high investor enthusiasm, but the subsequent operational shortcomings have led to a prolonged decline [4]. Recovery Challenges - Jiumaojiu has attempted various strategies for recovery, such as closing underperforming stores and enhancing delivery services, but these efforts have yielded limited results [4]. - The transition from a highly sought-after brand to struggling for customer attraction highlights the challenges faced by brands driven by capital rather than sustainable operational practices [4][5]. - Without breakthroughs in supply chain transparency, menu innovation, and employee training, the path to recovery remains long and arduous for Jiumaojiu [5].

Core Insights - The People's Bank of China reported that the total social financing scale reached 431.26 trillion yuan by the end of July 2025, marking a year-on-year growth of 9% [1] - The balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8% [1] - Foreign currency loans to the real economy, converted to RMB, amounted to 1.21 trillion yuan, showing a significant decline of 23.2% year-on-year [1] Summary by Category Loan Balances - RMB loans to the real economy accounted for 61.4% of the total social financing scale, down 1.2 percentage points year-on-year [2] - The balance of entrusted loans was 11.16 trillion yuan, with a slight decline of 0.4% year-on-year [1] - Trust loans increased by 5.9% year-on-year, reaching a balance of 4.46 trillion yuan [1] Debt and Equity - The balance of corporate bonds was 33.39 trillion yuan, reflecting a year-on-year growth of 3.8% [1] - Government bonds saw a substantial increase, with a balance of 89.99 trillion yuan, up 21.9% year-on-year [1] - The balance of non-financial corporate domestic stocks was 11.94 trillion yuan, growing by 3.2% year-on-year [1] Proportional Analysis - The proportion of foreign currency loans to the real economy was 0.3%, down 0.1 percentage points year-on-year [2] - The share of entrusted loans was 2.6%, decreasing by 0.2 percentage points year-on-year [2] - The proportion of government bonds increased to 20.9%, up 2.2 percentage points year-on-year [2]

Core Insights - The photovoltaic (PV) module market is experiencing shortages and price increases again in August, following a "rush to install" earlier in the year due to regulatory changes [1] - The current price for first-tier module companies has reached 0.7 yuan/W, up from approximately 0.66 yuan/W at the end of June, with shortages primarily in the 710W large-format modules [1][2] - The recent price hikes are attributed to rising upstream polysilicon costs and limited production capacity from certain manufacturers, rather than a significant increase in downstream demand [1][3] Market Dynamics - During the "rush to install" period in May, the installed capacity of PV modules reached 92.92 GW, a year-on-year increase of 388% and a month-on-month increase of 105.5% [2] - The price of modules peaked at around 0.78 yuan/W in early April, leading to situations where payments were made but goods were not delivered due to manufacturers holding back stock for higher future prices [2] - Current production plans indicate that only certain models (625W/630W/615W/640W) are available in stock, while models like 715W/720W have longer lead times [2] Cost Trends - The cost of polysilicon, a key raw material for PV modules, has risen from 36,000 yuan/ton to 48,000 yuan/ton since early July, leading to an increase in production costs for PV modules from approximately 0.626 yuan/W to 0.679 yuan/W [3] Customer Behavior - In a low terminal demand environment, customers willing to accept price increases are primarily those with project deadlines, such as state-owned enterprises and distributed project developers [4] - The market sentiment among terminal enterprises is mixed, with some projects accepting higher prices while others are seeing difficulties in securing high-priced orders, leading to some companies starting to sell at lower prices [4]

比如，你和伴侣因为一点点小事情吵架。 （原标题：弗洛伊德：未被表达的情绪永远不会消失（5个方法，解决心理问题）） 本文转载自杨博士说心理（ID：ancareyang） 你有没有类似这样的情况： 你明知道骂人不对，但你还是会说特别难听的话，专门刺痛TA，对TA进行语言暴力。 你无法处理好和孩子的关系，经常冲孩子发脾气。 你也忍不住打压自己的孩子，但难听的话说出口，见孩子委屈，你又后悔。 你越来越发现，你正在变得像自己的父母。 01 不幸的童年，给你带来的阴影 为什么会这样呢？ 其实，很多人会这样，是因为在童年时期，受到了情感虐待。 在童年的时候，你怎么做都不对。 你考了90分，高高兴兴地去告诉父母，本以为会得到夸奖，父母冷哼一声说："才考90分，真没出息， 这有什么好高兴的？" 他们还会经常对你说："怎么连这么点事都做不好，有什么用。" 你想参加一个比赛，他们没有鼓励，而是轻视你："你觉得你自己能行？也不看看自己几斤几两。" 情感虐待，无异于"灵魂的谋杀"。不断的批评，辱骂，轻视，不合理的期望和其它情感虐待，给你带来 了创伤。 而在这样的教育下，你也变得不够自信，不敢承担责任，优柔寡断。 你总是在想："为什么错 ...

上半年，中国电信持续推动创新引领的基础和产数业务双轮驱动融合发展，基础业务稳健增长，战略新 兴业务快速发展。 分业务板块看，2025年上半年，中国电信移动通信服务收入达到1066亿元，同比增长1.3%；固网及智 慧家庭服务收入达到641亿元，同比增长0.2%。 战新重点产品收入保持较快增长。天翼云收入达到573亿元；智能收入达到63亿元，同比增长89.4%； 安全收入达到91亿元，同比增长18.2%；视联网收入同比增长46.2%，卫星收入同比增长20.5%，量子收 入同比增长171.1%。 中国电信表示，以第一科技"息壤"为核心，构建智能云体系，基于云网融合提供"算力+平台+数据+模 型+应用"一体化的智能云服务。 在IaaS层，持续优化算力供给结构，自有及接入算力总规模达77EFlops，提供覆盖通算、智算、超算及 量子计算的异构算力服务。 8月14日，中国电信在香港公布2025年中期业绩。上半年，中国电信经营收入为2715亿元，同比增长 1.3％，其中服务收入为2491亿元，同比增长1.2％；EBITDA为806亿元，同比增长4.9％；净利润为230 亿元，同比增长5.5％，每股基本净利润为0.25元。资 ...

Core Viewpoint - Huaxin Trust is undergoing a significant risk disposal process, with a formal announcement regarding the acquisition of trust beneficiary rights from individual investors by Dalian Anding Enterprise Management Co., Ltd. by September 25, 2025 [1][2] Group 1: Company Background - Huaxin Trust was established in 1981 and is the largest shareholder of Datong Securities, being the only trust company in Liaoning Province [1] - The company was listed as one of the six high-risk trust companies by the former China Banking and Insurance Regulatory Commission at the end of 2019 [2] Group 2: Risk Management and Financial Performance - In April 2020, Huaxin Trust was ordered to cease its "fund pool" business, and by September of the same year, it had issued 27 announcements regarding the postponement of payment for collective trust products [2] - The company has not disclosed financial reports since 2019, with total assets reported at 12.376 billion yuan and trust assets under management at 61.58 billion yuan as of the end of 2019 [2] - The company experienced a 50% decline in operating income to 573 million yuan, and net profit shifted from over 800 million yuan in profit to a loss of 152 million yuan [2] Group 3: Current Developments - The announcement specifies that eligible individual investors holding beneficiary rights in certain trust plans can sign contracts for the transfer of rights, with a unified acquisition process [1] - The signing will take place at Huaxin Trust's business hall in Dalian, with both on-site and off-site signing options available [1]

Core Viewpoint - The recent surge in IPO applications from commercial space companies in China, including Beijing Zhongke Aerospace Technology Co., Ltd. (Zhongke Aerospace), is driven by supportive policies from regulatory bodies aimed at promoting the commercial space sector [1][2]. Group 1: Company Overview - Zhongke Aerospace, founded in December 2018, is the first mixed-ownership commercial rocket enterprise incubated by the Chinese Academy of Sciences, focusing on medium to large rocket development, customized space launches, suborbital scientific experiments, and space tourism [2]. - The company has established a comprehensive "design-test-production-launch" system and possesses unique facilities for both solid and liquid rockets, as well as satellite technology [2]. - Zhongke Aerospace's "Lijian-1" solid launch vehicle successfully completed its maiden flight in July 2022, marking a significant milestone in China's private space sector [2]. Group 2: Financial Performance - The company is experiencing significant short-term losses due to high R&D expenditures, with projected revenues of 243 million yuan and a net loss of 748 million yuan for 2024 [3]. - In the first half of 2024, Zhongke Aerospace reported revenues of 36.24 million yuan and a net loss of 31.1 million yuan, indicating slight improvement in operational conditions [3]. - The company has completed eight rounds of financing, with a C round raising 600 million yuan in 2023 and a C+ round of 60 million yuan in 2024, leading to a substantial increase in registered capital [3]. Group 3: Market Position and Valuation - Zhongke Aerospace holds the largest market share in the commercial rocket launch service sector in China, having launched 63 satellites with a total payload exceeding 6 tons [2][3]. - The company is currently valued at over 10 billion yuan, as indicated by a recent share transfer project [3]. - As of 2025, Zhongke Aerospace's valuation has reached 11 billion yuan, according to the Hurun Global Unicorn List [3].

Core Viewpoint - The 2025 Shandong Clean Energy Industry Expo will be held from September 15 to 17 in Yantai, focusing on the theme of "Developing Clean Energy and Sharing a Low-Carbon Future" [1][2] Group 1: Event Details - The expo will feature five specialized exhibition areas, including hydrogen energy, lithium battery and wind-solar storage, new power system technologies, new power system equipment, and zero-carbon parks and factories, covering a total area of 30,000 square meters [1] - Over 60 leading industry companies, such as State Power Investment Corporation, China Huaneng Group, and China National Nuclear Corporation, are expected to participate [1] - The event will also host several professional forums, including the 2025 Wind Energy and Offshore Energy Development Forum and the 2025 Photovoltaic Industry and Energy Storage High-Quality Development Forum, aiming to gather over 1,500 industry elites [1] Group 2: Industry Context - Shandong is recognized as China's first comprehensive pilot zone for new and old kinetic energy conversion and a pioneer in green, low-carbon, and high-quality development [2] - By the end of 2024, Shandong's installed capacity of new energy and renewable energy reached 11,559.7 MW, surpassing coal power for the first time [2] - The province aims to drive systemic economic and social transformation through energy structure transition, focusing on clean energy investment, traditional industry green transformation, and new equipment innovation [2]