（原标题：新能源重卡7月渗透率突破26%创历史新高??） 8月13日，据最新行业数据显示，2025年7月全国新能源重卡单月销量达1.62万辆，同比激增185%，创 下历史单月增速纪录。1-7月累计销量突破8.22万辆，同比增长191%，远超传统燃油车增速。新能源重 卡市场渗透率从2023年6月的5.69%跃升至2024年的14.82%，2025年6月更是达到26.07%，两年内实现翻 倍式增长。此外，以年运营15万公里测算，纯电动重卡比燃油车节省19.1万元运营成本，维修费用更低 且电价更稳定。港口、矿区、城市渣土运输等固定路线场景成主力战场，部分场景渗透率超60%。三 一、徐工等工程机械巨头与传统车企（如中国重汽）及新势力（DeepWay）形成产业合力，推动产品多 元化。 ...

8月13日讯，根据乘联分会最新数据，2025年8月1日至10日，全国乘用车市场零售销量达45.2万辆，较 去年同期下降4%，但环比上月同期增长6%；今年以来累计零售1319.8万辆，同比增长10%。同期厂商 批发销量为40.3万辆，同比增长16%，环比下降3%；累计批发1592.7万辆，同比增长13%。新能源领域 表现亮眼：零售销量26.2万辆，同比增长6%，环比增长6%，渗透率升至57.9%；累计零售671.7万辆， 同比增长28%。新能源批发销量22.9万辆，同比增长15%，环比下降2%，渗透率56.8%；累计批发786.2 万辆，同比增长35%。 （原标题：新能源乘用车零售占比近六成，燃油车8月上旬车市同比下滑4%） ...

《指南》中表示，开展科普宣传时，有以下行为之一的，视为变相发布医疗广告，其中包括推介具体医 疗机构及其医疗服务的诊疗技术、设备、效果等优势；明示或暗示在特定医疗机构就医有更好保障、疗 效或价格优惠；直接或间接推介具体医疗服务；以病例、案例推介特定医疗机构或服务；在科普页面附 加相关医疗机构、服务跳转入口或药品、医疗器械购买链接；其他推介具体医疗机构或服务的情形。 《指南》的出台，有助于准确认定和打击利用介绍健康、养生知识等形式变相发布医疗广告的违法违规 行为，营造更加公平有序的医疗广告市场环境，更好地维护广大消费者合法权益。 （原标题：三部门联合发布《医疗广告认定指南》 明确界定医疗广告及变相发布情形） 8月13日，市场监管总局、国家卫生健康委、国家中医药局联合发布《医疗广告认定指南》（以下简称 《指南》）。 《指南》进一步明确了医疗广告的定义、发布主体、认定原则、具体情形以及部门协同等方面的规定。 《指南》对不构成医疗广告的情形进行了细化，同时列举了借医疗信息公示和医疗健康科普变相发布医 疗广告的具体情形，并对市场监管部门与卫生健康、中医药部门间的线索移送、情况通报等方面作出制 度性安排。 ...

Company Dynamics - On August 12, the Hong Kong Stock Exchange disclosed that Shenzhen Yuntian Lifei Technology Co., Ltd. appointed GF Securities and China Merchants Securities as overall coordinators for its upcoming IPO, indicating a move towards a dual listing after its debut on the Sci-Tech Innovation Board in 2023 [2] - Yuntian Lifei is an AI company focused on the research, design, and commercialization of AI inference chips, aiming to create a complete closed loop from AI infrastructure to product design and commercialization [2] - According to a report by Zhaoshang Consulting, Yuntian Lifei ranks among the top three providers of all-scenario AI inference chip products and services in China for 2024, and is ranked second among NPU-driven AI inference chip providers [2] Research and Development - Yuntian Lifei emphasizes R&D, having registered 1,052 patents, 242 software copyrights, and 572 trademarks in China [3] - The company allocates approximately half of its annual revenue to R&D, with expenditures of RMB 346.5 million, RMB 294.8 million, RMB 399.9 million, RMB 78.4 million, and RMB 83.9 million for the years 2022, 2023, 2024, and the first three months of 2024 and 2025, respectively, representing 63.4%, 58.3%, 43.6%, 79.7%, and 31.8% of total revenue [3] Financial Performance - Yuntian Lifei's revenue for 2022, 2023, and 2024 was RMB 550 million, RMB 510 million, and RMB 920 million, respectively, with gross profits of RMB 170 million, RMB 120 million, and RMB 190 million, leading to gross margins of 31.9%, 23.5%, and 20.9% [3] - The company is projected to experience an 81.3% year-on-year revenue growth in 2024, driven by accelerated commercialization of AI inference chips and successful expansion into consumer applications [3] Losses and Challenges - Despite impressive revenue growth, Yuntian Lifei has been operating at a loss, with losses of RMB 450 million, RMB 380 million, and RMB 570 million for the years 2022, 2023, and 2024, respectively, and a loss rate of 82%, 75.9%, and 62.4% [4] - The high R&D expenditures and operational costs are significant contributors to the ongoing losses, with R&D spending in 2024 reaching RMB 399.9 million, accounting for 43.6% of revenue [4] - The company faces challenges in sustaining its business model, as continuous high R&D investments are necessary before achieving large-scale product sales, and future profitability remains uncertain [5]

Core Points - The upcoming meeting between President Trump and President Putin is highly anticipated, with expectations for potential outcomes [2][3] - Trump has set two possible outcomes for the meeting: either a breakdown in talks or a positive agreement [3] - The meeting is described as exploratory, with Trump emphasizing the need for an end to the ongoing conflict [3] Group 1: Meeting Expectations - Both Trump and Putin are expected to approach the meeting with sincerity, aiming to improve U.S.-Russia relations and potentially end the Ukraine conflict [4] - There is a likelihood of achieving decorative results, such as positive statements about the meeting and establishing communication mechanisms [4] - The meeting may also include specific agreements, such as an invitation for Trump to visit Russia or scheduling future summits [4] Group 2: Potential Substantive Outcomes - A ceasefire agreement is considered the most probable outcome of the meeting, with Russia in a slightly more proactive position [6][9] - Previous attempts at ceasefire, such as the one announced by Russia in May, indicate a willingness to negotiate, although Ukraine has expressed the need for longer ceasefire periods [6] - Ukraine's current military situation suggests a diminishing capacity to sustain the conflict, highlighting its desire for a ceasefire [7] Group 3: Overall Implications - The meeting could establish a direction for a ceasefire and indicate a commitment to further negotiations, which would be seen as a positive development [11]

Company Overview - LeShuShi Limited has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors [1] - The company specializes in health products in emerging markets such as Africa, Latin America, and Central Asia, focusing on baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - LeShuShi has established a strong presence in over 30 countries, with 18 sales branches in 12 countries and a network of more than 2,800 wholesalers, distributors, supermarkets, and other retailers as of April 30, 2025 [1] Brand Strategy - LeShuShi offers multiple brands to cater to different consumer segments, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [2] - The company ranks first in the African market for baby diapers and sanitary napkins, with sales volumes of 4.1227 billion and 1.6343 billion units respectively, experiencing compound annual growth rates of 17.3% and 30.6% since 2022 [2] - The pricing strategy for Softcare diapers is competitive, with an average price of 8.7 cents per diaper, making it the market leader in sales despite its mid-to-high-end positioning [2] Financial Performance - LeShuShi's revenue for the fiscal years 2022 to 2024 and the first four months of 2025 was recorded at $320 million, $411 million, $454 million, and $161 million respectively, with profits of $18.39 million, $64.68 million, $95.11 million, and $31.10 million [3] - The average selling price of Softcare diapers has decreased from 9.27 cents per diaper in 2023 to 8.70 cents in 2025, which may impact brand premium and profit margins in the long term [3]

Core Insights - BYD announced that by the end of July 2025, cumulative sales of models equipped with the "Tianshen Eye" advanced intelligent driving system will exceed 1.2 million units, marking a new phase in the large-scale application of intelligent driving technology [2][4] - In July alone, BYD's sales of assisted driving models reached 228,215 units, capturing 87% of the domestic market share, further solidifying its market leadership [2][4] Sales Performance - Cumulative sales of BYD's assisted driving models surpassed 1.2 million units by the end of July 2025, generating over 72 million kilometers of driving data daily [2][4] - In July, the sales breakdown included 204,838 units from the Dynasty and Ocean series, with additional contributions from the Fangcheng Leopard, Tengshi, and Yangwang brands, which sold 13,121 units, 9,936 units, and 320 units respectively [4] Technology and Features - The Tianshen Eye system is available in three versions: DiPilot 600 (Yangwang), DiPilot 300 (Tengshi/BYD mid-to-high-end), and DiPilot 100 (BYD mainstream), catering to diverse needs and integrating features such as high-speed navigation, automatic emergency braking, and valet parking [4] - BYD is promoting a transition of high-level intelligent driving from "high-end configuration" to "universal standard" through initiatives like the "Smart Parking Safety Guarantee" and a nationwide intelligent driving strategy [4]

Core Insights - The era of single non-standard asset investment in the trust industry has ended, as mandated by the China Trust Registration Company, requiring trust companies to implement portfolio investment strategies starting September 1 [1][2] - This shift indicates a significant transformation in the wealth management industry, necessitating upgrades in product design, risk management, and customer service systems [1] - The new policy aims to mitigate systemic risks and promote industry standardization, marking a critical step towards proactive management transformation in the trust sector [2] Industry Changes - Trust companies must transition from relying on single financing entities to diversified portfolio investments, which will increase complexity and management challenges for non-standard trust products [1] - The move towards portfolio investment is seen as a response to regulatory guidance aimed at returning the trust industry to its foundational principle of fiduciary responsibility [2] - Although the transition may lead to short-term business contraction and transformation pains, it is expected to foster a more stable and sustainable industry in the long run [2]

Core Insights - SAIC-GM-Wuling announced that the sales of the Hongguang MINI EV have surpassed 1.7 million units, making it the best-selling pure electric vehicle from a Chinese brand [2] - The Hongguang MINI EV was launched in 2020 with the slogan "the people's vehicle" and quickly became the top-selling model in the micro electric vehicle market [2] - To enhance user engagement amid increasing competition in the micro electric vehicle market, the Hongguang MINI EV has started to emphasize personalization and trendiness through collaborations with well-known IPs [2] Sales Performance - The Hongguang MINI EV has achieved cumulative sales of over 1.7 million units, establishing itself as the sales champion among Chinese electric vehicle brands [2] Product Development - The vehicle was introduced in 2020 and has maintained its position as a leading model in the micro electric vehicle segment [2] - Recent collaborations include partnerships with brands such as Yili Pasture and Capybara, showcasing a series of trendy modifications and interactive events [2]

Core Perspective - The film "Girl with a Pearl Earring" directed by Peter Webber serves as a visual dialogue that transcends time, exploring themes of class, desire, and eternal beauty through the relationship between the maid Griet and the painter Vermeer [1] Visual Language and Aesthetics - The film's visual language accurately replicates Vermeer’s painting aesthetics, utilizing techniques like the camera obscura and pointillism to transform scenes into flowing oil paintings [2] - The use of color is symbolic, with Griet's lemon-yellow headscarf contrasting with her deep blue dress, reflecting Vermeer's preference for ultramarine and ochre [2] - The film employs X-ray scanning technology to reveal the unfinished aspects of Vermeer’s work, creating a narrative space that embodies a sense of "unfinished eternity" [2] Themes of Power and Desire - "Gaze" is a central theme, with Vermeer’s observation of Griet representing a projection of power dynamics, as he requests her to remove her headscarf and open her lips [3] - The pearl earring symbolizes multiple meanings, serving as both Vermeer’s wife’s property and Griet’s temporary escape from her class constraints [3] - The earring's transformation into a mere light spot during the film signifies the dissolution of its materiality into a pure symbol of light, echoing Vermeer’s pursuit of "de-symbolization" [3] Performance and Narrative Style - Scarlett Johansson's performance is described as a "silent epic," conveying complex emotions through subtle expressions and body language [4] - Colin Firth portrays Vermeer with restraint, blending the artist's rationality with human warmth, resonating with the "silent explosiveness" found in Vermeer’s paintings [4] - The narrative structure follows a minimalist approach, focusing on everyday details to build emotional depth, culminating in a long shot of Griet wearing the earring [5] Historical Context and Fiction - The film accurately recreates the architectural and clothing details of 17th-century Delft, while also fictionalizing Griet’s narrative to fill gaps in Vermeer’s life [6] - The score by Alexandre Desplat enhances the historical feel, blending Baroque polyphony with modern minimalist techniques to create a "listenable painting" experience [6] Artistic Paradox of Eternity - The film concludes with Griet looking back at the studio, symbolizing the essence of art as a reflection on the fragility of beauty and the transient nature of moments [7] - It emphasizes that true art transcends mere replication of reality, transforming fleeting moments into eternal spiritual symbols, resonating across centuries [7]