经济观察网 据央视新闻，海关总署8月7日公布统计数据显示，今年前7个月，我国货物贸易保持向上向 好势头，进出口总值25.7万亿元，同比增长3.5%。今年前7个月外贸运行还有哪些特点和亮点？透过海 关发布的最新数据，我们还能获取哪些信息？ 首先来看规模，今年前7个月进出口同比增长3.5%，增速较今年前6个月加快了0.6个百分点。7月当月的 进口和出口增速分别达到了4.8%和8%，均实现了不小的增长。7月当月的进出口总值更是刷新了月度历 史次高的记录。 随着"两重""两新"等政策持续发力，进口继续保持增长。 从同比增速来看，7月进口增速，较6月进口增速明显加快。记者从海关总署了解到，在7月的进口贸易 中，金属矿砂、原油等重要原材料的进口量明显增加。这些重要原材料的进口增加与国内生产活动、经 济活动的活跃度都有密切关联。 其次，食品、体育用品等一系列和老百姓日常生活密切相关的产品，进口都是两位数增长，说明我们提 振消费政策效应有力显现，国内市场的消费潜力持续释放，内需的增长带动进口增速逐步回升。 （原标题：向上向好！多角度解码前7个月我国货物贸易进出口数据） 中国已经连续16年保持全球第二大进口国的地位。中国积极扩 ...

Core Viewpoint - Lexin reported strong financial performance in Q2 2025, with revenue of 3.59 billion yuan, a 15.6% increase quarter-over-quarter, and a profit of 670 million yuan, marking a 15.2% quarter-over-quarter increase and a 116.4% year-over-year increase, achieving the highest profit in 14 quarters [1][2] Financial Performance - Revenue for Q2 2025 reached 3.59 billion yuan, reflecting a 15.6% increase from the previous quarter [1] - Non-GAAP EBIT was 670 million yuan, up 15.2% quarter-over-quarter and 116.4% year-over-year [1] - The profit margin (annualized net profit/loan balance) improved by 34 basis points compared to Q1, with multiple quarters of over 20 basis points increase [2] Scale and User Metrics - The transaction volume in Q2 was 52.86 billion yuan, with a managed loan balance of 105.78 billion yuan and a user base of 236 million [2] - The number of users significantly increased, contributing to the overall growth in transaction volume [4] Asset Quality - Key risk indicators showed improvement for four consecutive quarters, with the new asset FPD7 decreasing by approximately 5% quarter-over-quarter, and the overall asset delinquency rate dropping by about 2% [2] - The overall asset non-performing loan rate over 90 days decreased by approximately 6% quarter-over-quarter, indicating a steady improvement in asset quality [2] Shareholder Returns - In July, the company initiated a share repurchase plan worth 60 million USD, and starting in the second half of the year, the dividend payout ratio will increase from 25% to 30% of net profit, enhancing shareholder returns [2] Strategic Initiatives - The CEO emphasized a strategic transformation driven by risk and data, leading to a high-quality growth quarter, with a focus on prudent management and steady growth in ecological business [3] - The company is responding to government policies aimed at boosting consumption by enhancing product offerings and optimizing service experiences [3] Business Development - The company upgraded its supply chain in the installment shopping mall, introducing well-known brands and enhancing operational models to meet diverse user needs, resulting in a 139% year-over-year increase in GMV during the "6.18" shopping festival [4] - Lexin's inclusive finance initiatives have supported small and micro enterprises, with a total loan amount of 4.69 billion yuan linked during the quarter [4] R&D Investment - In Q2, Lexin invested 160 million yuan in R&D, a 10% year-over-year increase, maintaining industry leadership in technological investment [6]

Core Viewpoint - The Politburo meeting on July 30 emphasized a focus on stabilizing the economy rather than stimulating it, indicating that the policy direction will prioritize implementation over new initiatives, while remaining flexible to adjust if unexpected situations arise [1][2] Group 1: Economic Policy Focus - The meeting highlighted that the economic performance in the first half of the year was positive despite trade tensions, with major economic indicators showing good results and new productive forces developing positively [1] - The emphasis on high-quality urban renewal in the real estate sector was noted as a key strategy to stabilize the market, requiring further observation from policymakers [1] - The meeting introduced a new focus on enhancing the attractiveness and inclusiveness of the domestic capital market, aiming to attract both domestic and foreign investors, particularly for technology innovation enterprises [1] Group 2: 14th and 15th Five-Year Plans - The 15th Five-Year Plan is characterized as a critical period for achieving decisive progress in socialist modernization, shifting from a focus on stability and risk prevention during the 14th Five-Year Plan to a more proactive approach [2] - The meeting underscored the need for active responses to changes and challenges in international competition, with a focus on technological innovation and common prosperity [2] - The strategic direction for the 15th Five-Year Plan includes more proactive policies in areas such as foreign openness, industrial policy, and distribution policy, aiming to consolidate the economic foundation and activate development momentum [2]

Group 1: Market Overview - The national real estate market has shown signs of stabilization, with a significant narrowing of the decline in sales and prices since the beginning of the year. As of June, the cumulative sales area of commercial housing decreased by 3.5% year-on-year, a reduction of 9.4 percentage points compared to the end of 2024 [1] - New home prices have seen a monthly average decline of 0.2%, while second-hand home prices have decreased by 0.4% on average per month, both showing a smaller decline compared to the monthly average levels of 2024 [1] - The introduction of supportive policies, including a special loan program expanding to 8.5 trillion yuan, has positively impacted risk management for real estate companies [1] Group 2: Performance Disparities Among Developers - There is a notable divergence in performance among real estate companies, with state-owned enterprises and some central enterprises experiencing a sales recovery, with some revenue growth exceeding 30% year-on-year due to their focus on first-tier and key second-tier cities [2] - In contrast, many private and small real estate firms, primarily holding assets in third and fourth-tier cities, have faced significant revenue declines due to weak market demand and financial pressures from asset devaluation [2] - The overall asset-liability ratio of real estate developers remains high, with many companies experiencing a decrease in annual sales capacity and cash flow pressures [2] Group 3: Market Challenges and Adjustments - The real estate market is undergoing a structural adjustment, with changes in supply and demand dynamics. The purchasing power and income expectations of residents have not returned to the levels seen during the "golden era" of real estate [3] - Urbanization is shifting focus from rapid development to more concentrated growth in urban clusters, leading to diminished demand in previously booming third and fourth-tier cities [3] - The slowdown in urban residents' income growth and the decline in financial product yields have negatively impacted buyer confidence, leading to more cautious purchasing behavior [3] Group 4: Future Market Outlook - The real estate market is expected to continue its contraction in the second half of the year, with a projected year-on-year decline in commercial housing sales area of around 5% and new and second-hand home prices expected to drop by 2% to 4% [6] - The ongoing high asset-liability ratios and declining investment returns will continue to pose challenges for real estate companies, with an anticipated investment decline of approximately 10% for the year [6] - The market is unlikely to see a significant rebound in prices, with expectations of a more stable supply-demand relationship emerging over the medium term [6] Group 5: Policy Recommendations - To stabilize the real estate market, it is recommended to implement targeted macro and industrial policies, including lowering mortgage rates and optimizing housing tax incentives [7] - Increasing the supply of residential land in first-tier and key second-tier cities is suggested to meet local housing market demands [8] - The introduction of public REITs and enhancing non-bank financing channels for large real estate firms are recommended to alleviate cash flow and debt pressures [8]

Group 1 - The core viewpoint of the news is that Budweiser APAC is facing significant challenges in the Chinese market, with a notable decline in sales and revenue, indicating a deeper crisis in its operations in China [1][2] - In the first half of 2025, Budweiser APAC reported a total sales volume decrease of 6.1% to 4.363 billion liters and a revenue decline of 5.6% to $3.136 billion, with net profit plummeting by 24.4% to $409 million [1] - The company’s performance in China is particularly concerning, with sales down 8.2% and revenue down 9.5%, highlighting the struggles of this foreign beer giant in the Chinese market [1] Group 2 - The recent leadership change, with Cheng Yanjun becoming the first Chinese CEO, has not yet yielded positive results, as the second quarter of 2025 still showed a 7.4% decline in sales and a 6.4% drop in revenue in the China region [1] - The financial report identifies key issues such as "imbalanced regional layout" and "weakness in on-premise channels," with traditional strong markets like Guangdong and Fujian facing significant contraction in high-end consumption scenarios [1] - The company is also challenged by domestic brands like China Resources Beer and Tsingtao Brewery, which are rapidly advancing in the high-end market, directly impacting Budweiser APAC's market share [2] Group 3 - The Chinese beer industry is undergoing a dual transformation towards premiumization and a shift in consumption scenarios, which poses a critical challenge for Budweiser APAC [2] - The future growth of Budweiser APAC will depend on its ability to optimize channels, innovate products, and effectively manage its leadership changes to regain market dominance [2]

Core Insights - The article highlights the significant rise of China's gaming industry in the global market, particularly in the PC and console gaming sectors, with innovative titles gaining international traction [1] - A report by Amazon Advertising and GWI indicates that the global PC and console gaming player base reached 1.43 billion in Q1 2025, marking a 19% increase from the same period in 2023 [1] - The shift from mobile gaming to PC and console gaming is particularly pronounced in key markets like Japan, where the growth rate of PC and console players is four times that of mobile gaming [1] Group 1: Global Marketing Trends - Chinese game developers are transitioning from a "buying traffic" model in mobile gaming to brand advertising to enhance customer acquisition efficiency and build long-term brand value [2] - The global PC gaming market's growth aligns strategically with this shift, providing a window for Chinese brands to expand internationally [2] Group 2: Twitch as a Marketing Platform - Twitch is identified as a key interactive platform for global gaming users, with nearly half of PC and console gamers on Twitch being daily active users, watching an average of four hours per day [3] - The platform's unique value lies in the two-way interaction between streamers and players, allowing brands to effectively convey their messages through live demonstrations and discussions [4] Group 3: Diverse Advertising Products - Amazon Advertising offers a range of interactive advertising products on Twitch that can be tailored to different marketing stages and target audiences [5] - Features like Twitch Drops enhance user engagement by providing customized activation codes during live streams, fostering direct interaction between players and game developers [6] Group 4: Integrated Marketing Strategies - The integration of Twitch with other Amazon platforms, such as Prime Video and Alexa, allows brands to reach their target audience across multiple channels, enhancing advertising effectiveness [8] - This multi-channel approach enables brands to adjust their marketing strategies flexibly, achieving both precise targeting and broader brand exposure [8] Group 5: Future Outlook - As Chinese game developers accelerate their globalization efforts, Amazon Advertising aims to leverage its unique advantages to help these brands connect with more global players [9]

Core Viewpoint - Beijing Jizhijia Technology Co., Ltd. (02590.HK) released its first earnings forecast since going public, indicating significant revenue growth and a substantial reduction in net losses for the first half of the year [1] Financial Performance - The company expects revenue to be between 995 million and 1.03 billion yuan, representing a year-on-year growth of 27% to 32% [1] - The net loss for the reporting period is projected to be between 45 million and 55 million yuan, a significant reduction of 90% to 92% compared to the previous year [1] - Adjusted net loss is estimated to be between 10 million and 20 million yuan, also showing a substantial decrease of 90% to 95% [1] Business Drivers - The improvement in performance is attributed to two main factors: 1. Increased revenue from warehouse mobile robot solutions due to a higher number of completed delivery projects, which has enhanced gross profit levels [1] 2. Exchange rate gains from the appreciation of the euro against the yuan during the reporting period [1] Company Overview - Beijing Jizhijia Technology Co., Ltd. is a one-stop warehouse robot partner established in 2015, headquartered in Beijing, with projects spanning various industries including retail, apparel, pharmaceuticals, 3PL, automotive, lithium batteries, photovoltaics, and electronics [1]

Core Viewpoint - BYD has achieved a revolutionary breakthrough with its fifth-generation DM technology, reducing the NEDC fuel consumption to 2.6L/100km, a 10% decrease compared to the previous generation, setting a new global record for hybrid technology [2] Group 1: Technological Advancements - The new technology is achieved through a self-developed hybrid-specific engine with a thermal efficiency of 46.5% and an intelligent power control system, leading to significant energy efficiency improvements [2] - The breakthrough will be available via OTA upgrades for all fifth-generation DM models, including Qin L and Seal 06, allowing users to benefit from the efficiency upgrade without hardware modifications [2] Group 2: Market Position and Investment - This advancement further expands BYD's technological advantage in the hybrid field, with cumulative R&D investments exceeding 10 billion yuan and a leading position in core patents within the domestic hybrid sector [2]

Core Viewpoint - The "Liangzheng Jie" incident highlights deficiencies in lawful administration and the need for transparency and accountability in public governance [1][3][4] Group 1: Incident Overview - The incident originated from a minor traffic dispute but escalated due to the involved party's attempt to showcase authority, leading to public outrage [1] - The involved party, Hou, was administratively detained for five days for violating the Public Security Administration Punishment Law [1] Group 2: Communication Failures - The involved party's complaints went unanswered, leading to the release of video evidence online [2] - There was a lack of effective communication from local authorities, with media inquiries often ignored [2] Group 3: Information Disclosure Issues - Initial reports from authorities contained errors, such as the omission of the involved party's name while disclosing the other party's full name [2][4] - The public release of vehicle license plate numbers without redaction raised concerns about privacy and potential misuse [4] Group 4: Governance and Legal Framework - The incident underscores the importance of adhering to legal standards in the exercise of public authority and the need for transparency in administrative actions [3][4] - The construction of a law-based government is crucial for modern governance, and ongoing efforts are needed to enhance accountability and protect citizens' rights [4]

经济观察网 据"市说新语"微信公众号消息，近日，国家市场监管总局对全国广告业头部企事业单位开 展统计调查，数据显示，上半年广告业头部单位实现广告业务收入8088.9亿元，同比增长11.3%。分季 度看，第一季度和第二季度同比均增长11.3%。从环比看，第二季度头部企事业单位广告业务收入增长 35.5%。上半年，头部企事业单位互联网广告发布收入4167.9亿元，同比增长19.0%，占广告发布收入总 量的81.1%。人工智能等先进技术驱动广告业创新发展，互联网广告发布收入增速继续领跑服务业 （5.5%），快于信息传输、软件和信息技术服务业（11.1%），广告业经济发展新动能特征明显。上半 年，北京、上海、广东、浙江、福建5个省市头部企事业单位广告业务收入合计6377.5亿元，同比增长 12.1%，占全国头部企事业单位广告业务总收入的78.8%，比上年同期提高0.5个百分点。 （原标题：上半年广告业头部单位广告业务收入同比增长11.3%） ...