Core Insights - The insurance trust business is rapidly emerging as a new growth point in China's wealth management market, driven by the deepening of the "three classifications" reform and expanding market demand [1][2] - As of the end of 2024, the scale of wealth management service trusts has exceeded 1 trillion yuan, with insurance trusts reaching 270.3 billion yuan, accounting for over 26% of the total [1] - The recent compilation meeting for the "Insurance Trust Business Guidelines" marks a new phase in the standardized development of insurance trust business [1][4] Group 1: Market Dynamics - Over 40 life insurance companies and more than 30 trust companies are actively participating in the insurance trust market, creating a multi-dimensional collaboration model of "insurance + trust + banking" [2] - The insurance trust business is expected to experience explosive growth due to industry needs and the continuous improvement of related systems [2][3] Group 2: Product Features - Insurance trusts combine the risk isolation and wealth transfer functions of trusts with the leverage and risk management advantages of insurance, creating a synergistic effect [3] - The establishment threshold for insurance trusts typically ranges from 1 million to 3 million yuan, making it accessible for middle-class and affluent families [3] Group 3: Future Outlook - The implementation of the newly compiled "Insurance Trust Business Guidelines" and ongoing efforts in product design, customer service, and technological empowerment are expected to position insurance trusts as a core pillar in the wealth management sector [4]

Group 1 - Taiwan's leader Lai Ching-te's "Ten Talks on Independence" was abruptly halted, originally scheduled for July 5, due to a claimed response to a typhoon [1][2] - Speculation arose regarding the cancellation, with some suggesting it was influenced by the American Institute in Taiwan (AIT) after reviewing Lai's speech, fearing it could disrupt US-China negotiations [3] - Internal party advice also played a role, as previous speeches had been criticized and could negatively impact upcoming elections, with polls indicating only 3 to 4 out of 24 targeted opposition members might be removed [3][4] Group 2 - Following the speech cancellation, Taiwan's military began its annual "Han Kuang" exercise, which is set to last for 10 days, involving extensive real-time drills [5] - The military's exercises are designed to engage public interest, with this year's highlight being a live demonstration of the M1A2T main battle tank, purchased from the US [8][7] - The M1A2T tanks, costing approximately $1.7 million each, total around $1.87 billion for 108 units, have been criticized for being unsuitable for Taiwan's terrain and infrastructure [10]

（原标题：大卫和歌利亚） 展期：6月21日 - 7月20日 地点：Tong Gallery+Projects 无锡市中山路348号大东方百货A座8F 在遥远的希伯来文明叙事里，《撒母耳记上》第 17 章记载着震撼人心的一幕：年轻牧羊人大卫赤足立 于沙场，青铜铸就的巨人歌利亚身披重甲、手持长矛，阴影笼罩着整个山谷。此刻大卫手中那具用兽皮 与藤条编织的投石器，看似脆弱不堪，却承载着人类面对绝对力量时，从原始本能中迸发的勇气与智慧 —— 它打破了以力取胜的常规逻辑，用巧劲与谋略挑战不可一世的权威，成为文明记忆中最具象征意 义的抗争符号。 跨越三千年时光长河，这个古老传说的精神内核仍在当代社会持续回响。现代都市的钢铁森林里，每个 人都在与属于自己的 "歌利亚" 对峙：或许是职场中难以突破的玻璃天花板，或许是生活里无法挣脱的 经济困境，又或许是内心深处如影随形的焦虑与自我怀疑。这些无形的巨人以不同姿态压迫着个体，而 人类在对抗过程中展现出的坚韧与突破，恰如大卫甩出石子的瞬间，将渺小个体的光芒投射在命运的幕 布之上，赋予存在以超越性的意义。 在这场永不停歇的生存史诗中，艺术始终以独特的视角捕捉着人类抗争的每一个瞬间。绘画 ...

Core Viewpoint - The article discusses the discovery of a significant archaeological treasure in Nanjing, specifically a golden beast and various ancient coins, which has sparked interest and debate regarding its historical context and significance [1][2][4]. Discovery of the Treasure - The treasure was accidentally unearthed by villagers in Xuyi County, Jiangsu, during spring plowing in February 1982, leading to the discovery of a golden beast and a copper pot filled with gold coins [2][4]. - The initial discovery attracted a large crowd, prompting local authorities to intervene and secure the artifacts for preservation [4][6]. Details of the Artifacts - The golden beast, weighing 9,100 grams with a gold content of 99%, is noted for its unique design resembling a leopard, which may have been intended to symbolize protection [12][16]. - The copper pot contained 9 gold cakes weighing 2,864 grams, 15 pieces of horse-hoof gold weighing 4,845 grams, and 11 pieces of the Chu state currency "Ying Ruan" weighing 3,260 grams, totaling over 20 kilograms of gold [4][8]. Historical Context and Significance - The artifacts are believed to date back to the late Qin to early Han dynasty, with ongoing debates about their exact historical context, particularly regarding the political turmoil of the time [17][21]. - The "Ying Ruan" coins are recognized as some of the earliest standardized gold currency in China, adding to the historical value of the find [14][15]. Institutional Response - The Nanjing Museum quickly mobilized to secure the artifacts, leveraging government support to transport them safely to the museum, where they are now considered national treasures [8][21].

（原标题：应该为人民币稳定币立规则） 随着国际上一些经济体就稳定币展开立法进程，各界对稳定币的发展有了各种憧憬和讨论，同时也对人 民币稳定币如何发展进行探讨。本文认为，稳定币作为一种支付结算领域的辅助工具，在金融领域的应 用是有效的，同时，对货币发行、货币流通和货币政策有一定的正面和负面影响，需要加以规范和监 管。因此，应该尽快制定有关人民币稳定币的法规，确保相关业务的有序开展，防范可能的风险。 一、 关于稳定币相关观念的辨误 稳定币是在以比特币为代表的各类加密货币基础上出现的一种与真实资产锚定的支付工具，其中锚定法 定货币的稳定币与其他加密货币在金融功能上具有不同的性质和特点。但目前在叙述锚定法定货币的稳 定币中，往往与其他加密货币相混淆，同时，也如前些年互联网金融一样，以技术特性代替金融本质， 造成很多误解，干扰了稳定币的正常发展。 1、香港、美国等经济体为稳定币立法，不是稳定币的合法化，而是加强对稳定币的监管。 按普通法系的原则，法律没有明确禁止的行为，都不是非法行为。因此，可以说，在没有稳定币立法的 情况下，稳定币、稳定币支付结算是合法的。之所以立法，说明两个问题：一是稳定币支付在经济生活 中是有良好 ...

Core Viewpoint - The liquidity changes in Hong Kong dollars (HKD) are a response to market dynamics and have significant implications for the Hong Kong stock market, with the fundamental economic conditions being a more critical factor than liquidity itself [1][3]. Group 1: Liquidity Changes - On June 26, the Hong Kong Monetary Authority (HKMA) sold US dollars and bought HKD to withdraw 9.42 billion HKD from the market due to the HKD exchange rate hitting the weak end of the peg at 7.85 HKD per USD [1]. - On July 2, HKMA further withdrew 20.018 billion HKD from the market, indicating a proactive approach to managing liquidity [1]. - The HKD is pegged to the USD, and the HKMA's actions are part of a system that maintains the exchange rate within a specified range, responding to market demand for HKD [1][2]. Group 2: Market Dynamics - The recent liquidity withdrawal is a dynamic balance following excessive HKD liquidity injected in early May, which led to a significant increase in interbank liquidity from 44.6 billion HKD to 174.1 billion HKD [2]. - The overnight and one-month Hong Kong Interbank Offered Rate (Hibor) remained low at around 0.5% for two months, indicating a misjudgment in the demand for HKD by the banking system [2]. - The rapid expansion of the USD-HKD interest rate differential has led to increased carry trade activities, causing the HKD to touch the weak end of the peg within a month [2]. Group 3: Future Outlook - HKD liquidity is expected to remain relatively ample, with the primary influence on the Hong Kong stock market being the underlying economic fundamentals rather than liquidity levels [3]. - The current high interest rate differential of 3%-4% between USD and HKD is unlikely to persist, suggesting a gradual recovery of HKD liquidity and a rise in Hibor rates [3]. - The demand for HKD is expected to increase due to a weaker USD, inflows from the southbound trading, and a surge in Hong Kong IPOs, indicating a positive outlook for the HKD liquidity situation [3].

Core Viewpoint - Porsche's global deliveries in the first half of 2025 decreased by 6% year-on-year, primarily driven by a significant slowdown in the Chinese market, where sales fell by 28% [1][2]. Group 1: Sales Performance - Porsche's global delivery volume reached 146,391 units in the first half of 2025, marking a 6% decline compared to the previous year [1]. - The Chinese market, which had previously supported Porsche's growth, saw a dramatic 28% drop in sales, significantly impacting overall performance [2]. - In contrast, North America experienced a 10% increase in sales, becoming a key growth area for the company [3]. Group 2: Market Dynamics - The Chinese market is undergoing a transformation from high-end consumption to a reassessment of product value, leading to increased competition from local electric vehicle brands [2]. - Economic uncertainties have caused some loyal Porsche customers to delay purchasing decisions or shift towards more feature-rich domestic brands within the same budget [2]. Group 3: Product Strategy - Porsche's electric vehicle, the Taycan, has not met sales expectations in China, prompting significant price reductions of nearly 20% for some versions to stimulate demand [3]. - Despite challenges, Porsche's management remains optimistic about the Taycan, emphasizing its technological capabilities and driving performance [3]. - The company is accelerating its electrification strategy, with electric and plug-in hybrid models accounting for 36% of global deliveries in the first half of 2025, a 14.5% increase year-on-year [4]. Group 4: Competitive Landscape - Porsche faces significant competition in the Chinese market from leading electric vehicle manufacturers like BYD, Geely, and others, particularly in terms of smart features and user engagement [4]. - The traditional brand's high-end status is no longer a decisive factor in sales, as the market increasingly values technological capabilities and overall system performance [4].

（原标题："ISSB 可持续披露准则先学伙伴"成都研讨会——暨第三届零碳协同创新大会成功举办） 2025 年6 月27 日， 以"零碳协同创新赋能全球可持续"为主题的第三届零碳协同创新大会在兴隆湖·中建滨湖设计总部盛大召开。此次大会由国际 财务报告准则基金会北京办公室携手零碳促进会共同主办，天齐锂业、中建西南院、中建咨询承办，全球气候学院和勃诺科技共同协办。大会围 绕ISSB 准则的应用与实施，特邀ESG 领域的知名学者教授、专家和实践引领者，以主旨演讲、圆桌分享等为路径，共同探讨ISSB 最新发展趋 势，为推动零碳协同创新赋能全球可持续发展注入了新的动力，吸引了来自企业、高校、研究机构等各界的两百余位嘉宾齐聚一堂。 国际可持续准则理事会（ISSB）主席特别顾问兼北京办公室主任张政伟 在致辞演讲环节，张政伟先生系统性地阐述了ISSB 准则的制定背景、方法论框架、最新进展及其深远意义。他提出了"神奇一跳"的概念，指出可 持续信息披露正从非财务信息逐步转向与财务报表一同披露，共同成为通用目的财务报告，这一关键性跨越将使可持续真正融入企业价值创造的 核心。他特别强调，构建完善的可持续生态体系需具备国际视野，期待更多 ...

Group 1 - The Chinese automotive industry is undergoing a significant transformation towards quality over quantity, with Dongfeng Honda achieving high-quality development and adding 150,000 new users in the first half of 2025, bringing the total user base to over 8.5 million [1] - The CR-V model continues to lead the market with cumulative domestic sales reaching 3.2 million units, and global sales expected to surpass 15 million units in the second half of the year. In the first half of 2025, CR-V's terminal sales were nearly 90,000 units, reflecting a year-on-year increase of 8.39% [1] - The CR-V has a three-year depreciation rate of 60.71%, leading among compact SUVs, and both fuel and hybrid sales have seen year-on-year growth, with strong electric hybrid models accounting for nearly 18% of total sales [1] Group 2 - Dongfeng Honda announced a localization strategy during the 2025 Shanghai International Auto Show, focusing on "technology integration + local innovation" to build a localized innovation ecosystem [2] - The company is deepening collaborations with local suppliers such as DeepSeek, Momenta, and CATL to respond more efficiently to diverse consumer demands [2] - Key models like the Alegria and CR-V will receive smart upgrades in the second half of the year, enhancing technology features while maintaining quality standards to provide a safer, more convenient, and enjoyable driving experience [2]

这场展览不仅是对民间文化的致敬与创新，更是艺术家自我成长的见证。通过对俚语背后丰富内涵的深 入挖掘与艺术再现，艺术家将其转化为审视自我的明镜。在不断理解与诠释的过程中，修正自身的成长 轨迹，完成从认知层面到精神层面的深刻蜕变。 据悉，展览期间将举办多场艺术沙龙与导览活动，带领观众深度解析作品背后的故事与哲思。这场融合 了民间智慧与现代艺术的展览，必将为观众带来一场别开生面的视觉与心灵之旅，诚邀艺术爱好者们共 赴这场文化之约！ 展期：5月18日 - 7月20日 （原标题：探秘民间俚语中的艺术哲思！新锐艺术家个展启幕） 近日，一场极具文化碰撞与自我探索的艺术盛宴 ——"尘嚣?心渡" 主题个展，于 5月18日 - 7月20日在拾 萬空间震撼亮相。此次展览最大的亮点，在于其别出心裁的标题 ——"山高盼雁归，欲壑难填杯"。这 一标题灵感源自流传于中国广袤西部地区的古老民间俚语，历经岁月打磨的质朴话语，被艺术家巧妙借 用、重新演绎，以极具诗意的张力和充满画面感的表达，生动勾勒出人类内心深处对欲望的执念与挣 扎。 在这片艺术空间里，艺术家化身心灵的解读者，摒弃传统的直白叙事，转而运用感性且富有想象力的视 觉语言，精心编织出 ...