Core Viewpoint - The recent passage of three key bills in the U.S. Congress marks a significant institutionalization of the regulatory framework for digital assets, particularly stablecoins, aiming to protect consumer rights and reinforce the dollar's status as the global reserve currency while fostering the development of the Web3.0 industry [2][3][8]. Group 1: GENIUS Act - The GENIUS Act mandates that stablecoin issuers must hold dollar-equivalent assets, such as U.S. Treasury securities, to ensure a 1:1 redemption capability and comply with "Know Your Customer" and anti-money laundering regulations [3][6]. - This act provides legal recognition to dollar-pegged stablecoins like USDT and USDC, establishing a critical turning point for their acceptance by global banks and financial institutions [3][7]. - The act was passed with a vote of 308 in favor and 122 against, reflecting a significant legislative achievement during the "crypto week" [7]. Group 2: CLARITY Act - The CLARITY Act aims to eliminate regulatory overlap between the SEC and CFTC, providing clear definitions and delineating regulatory responsibilities for the Web3.0 industry [4][5]. - It classifies most cryptocurrencies, including Bitcoin and Ethereum, as "digital commodities," thus providing them with a non-securities designation [4][5]. - The act introduces a distinction between "investment contracts" and "investment contract assets," allowing certain projects to be recognized as securities during fundraising but not necessarily as securities for their tokens [5]. Group 3: Anti-CBDC Act - The Anti-CBDC Act prohibits the issuance of retail digital dollars to the public, reflecting concerns over government surveillance through central bank digital currencies [6][8]. - This legislation is seen as a way to protect consumer privacy and freedom while paving the way for stablecoins [6][8]. Group 4: Market Reactions - Following the passage of the GENIUS Act, Circle's stock price rebounded from a low of $195.33 to $233.45, but subsequently fell by 4.8% to $223.78 due to profit-taking and concerns over compliance costs [7]. - The overall market response to the legislative developments has been cautious, as indicated by the mixed performance of major indices like the Dow Jones and Nasdaq [6][7]. Group 5: Global Context - The introduction of these bills is viewed as a response to the global competition in digital currencies, with over 130 countries researching central bank digital currencies [8][9]. - The U.S. regulatory framework for stablecoins is positioned as a strategic move to maintain the dollar's dominance in the evolving financial landscape [9].

（原标题：耶律楚材：美髯宏声，蒙古帝国的"治天下匠"丨历史人物） 作者 尹博 《元史·耶律楚材传》记载了这样一件事： 夏人常八斤以善造弓见知于帝（成吉思汗），因每自矜曰："国家方用武，耶律儒者何用？"楚材 曰："治弓尚须用弓匠，为天下者岂可不用治天下匠耶？"帝闻之甚喜，日见亲用。 元 《元世祖出猎图轴》中的持弓射箭 台北故宫博物院藏 西夏人常八斤因为善于制弓而被皇帝所赏识，于是他就经常夸耀自己说："现在正是国家用到武力的时 候，像耶律楚材这样的儒者有什么用呢？"耶律楚材听到了这样的话，就回答他说："制造弓箭需要用到 弓匠，难道治理天下不需要用到治天下匠吗？"元太祖成吉思汗听说了耶律楚材的话，感到非常高兴， 更加亲近和器重他。 "治天下匠"，确实是对耶律楚材最好的评价。当后来西域各国以及宋、高丽的使者前来朝见元太宗窝阔 台时，窝阔台指着耶律楚材问使者们："你们国家有这样的人吗？"使者们都回答说："没有这样的人， 像耶律楚材这样的，大概是神人吧。"窝阔台说："你们也只有这句话不虚妄了，朕也觉得不会有这样的 人。" 耶律楚材究竟有何才华功绩，担得上这样的评价呢？透过仅存的与耶律楚材直接相关的三两文物，或可 与这位在 ...

（原标题：翰墨留香风 琴瑟写松心——左溪玄朗大师传略） 何保华/文 1300年前，50岁的玄朗，游历到浦江县东左溪山之荆紫岩下（今岩头镇夏泉村附近），见重山深林，怖 畏之地，认为"泉石可以洗昏蒙。云松可以遗身世"，遂宴居此山三十年余载，结庐修行授徒，直至去 世。 左溪玄朗大师被尊为天台宗第八祖，玄朗在浦江左溪的修行极其艰苦，他麻衣蔬食，独坐一龛，与山林 为伍，与猿禽为伴，常常缺衣断粮。衣裳破了，便"布纸而缀"；肚饿饥渴，就"掏泉而斋"。乡里人问 他："为什么要选择这样一个穷乡荒野孤苦零丁过日子?"他回答说："我已志在林壑，泉石可以洗去头脑 昏蒙，云松可以使我忘却尘世。"这些细节的披露，都是源自唐代著名文学家、湛然大师的俗家弟子李 华的《左溪师塔铭并序》这篇文章中。 李华（715—766），字遐叔，赵州赞皇（今河北赞皇）人，唐代诗人，散文家。李华与萧颖士、杨华、 颜真卿等为诗友，又与萧颖士、颜真卿等并列"文章四友"。其著作《吊古战场文》被选入高中语文课 本。他曾为寺院和禅师写过不少碑文，对佛教教义及其衣钵传授涉猎较深，也可谓禅宗佛教专家。 玄朗是使天台宗由衰落转向中兴的关键人物。据载，玄朗知识渊博，通达《法华》 ...

Core Viewpoint - The company, JiuGuiJiu, is experiencing a significant decline in performance, with a projected net profit drop of over 90% in the first half of 2025, indicating a critical situation for the brand in the competitive liquor market [1][2]. Financial Performance - In 2023, JiuGuiJiu reported a revenue of 2.83 billion yuan, a year-on-year decrease of 30.14%, and a net profit of 548 million yuan, down 47.77% [2]. - The situation worsened in 2024, with revenue plummeting to 1.423 billion yuan, a decline of 49.70%, and a net profit of only 12.49 million yuan, reflecting a staggering drop of 97.72% [2]. - As of the end of 2024, the company's inventory reached 1.751 billion yuan, accounting for 34.48% of total assets, significantly exceeding the healthy industry level [2]. Market Position and Strategy - JiuGuiJiu, once a prominent player in the liquor market, is now facing severe challenges due to the deep adjustment period in the industry that began in 2021, which has favored leading brands over smaller enterprises [2][6]. - The company has struggled with brand innovation and consumer engagement, relying on outdated strategies such as "old packaging + high rebates" [2]. - The high-end product line, "NeiCan Series," has seen a drastic revenue drop from 1.157 billion yuan in 2022 to 235 million yuan in 2024, a decline of 79% [3]. Recent Developments - In June 2025, JiuGuiJiu partnered with the retail giant, Pang Donglai, to launch a new product called "JiuGui Freedom Love," which is seen as a potential key move to revitalize the brand [3]. - The collaboration is noteworthy as it marks a significant shift for JiuGuiJiu, which has struggled to maintain its market presence outside its home province of Hunan [3]. Management Changes - The company has undergone frequent management changes, with three chairpersons and multiple general managers since 2016, leading to inconsistent strategic direction [4][5]. - The latest management shift occurred in 2024, with the return of Cheng Jun as general manager, who has defined 2025 as a strategic year for the company [4][5]. Market Valuation - JiuGuiJiu's market capitalization has dramatically decreased from nearly 90 billion yuan in 2021 to approximately 16 billion yuan as of July 2025, reflecting a severe loss of investor confidence [5][6]. - The company's decline in market value illustrates the significant challenges it faces in a competitive landscape, where it once held a strong position [6].

Core Perspective - The film "Surviving Picasso" presents a unique portrayal of the renowned artist Pablo Picasso, focusing on his complex relationships and personal struggles through the lens of his lover, Françoise Gilot [1][2][8]. Group 1: Narrative Structure - The narrative is centered around Françoise Gilot's perspective, detailing her tumultuous love affair with Picasso, highlighting the age difference and the challenges they face [2][3]. - The film intricately weaves Gilot's personal journey of love and self-discovery with Picasso's artistic life, providing a multi-dimensional view of both characters [2][3][8]. Group 2: Character Development - Anthony Hopkins' portrayal of Picasso captures the artist's multifaceted personality, showcasing his confidence, passion, and self-centeredness, which often leads to conflicts in his relationships [4][5]. - Natasha McElhone's performance as Gilot effectively illustrates her transformation from an enamored young artist to an independent individual, emphasizing her internal struggles and ultimate decision to leave Picasso [4][5][7]. Group 3: Artistic Presentation - The film employs a rich retro aesthetic, vividly depicting the atmosphere of wartime Paris, enhancing the historical context of the narrative [6]. - The musical score complements the emotional landscape of the film, shifting from light and romantic during moments of love to tense and oppressive during conflicts, thereby deepening the audience's emotional engagement [6][7]. Group 4: Themes Explored - The film explores the complexities of love, portraying it as a blend of passion and pain, prompting viewers to reflect on the nature of relationships and personal sacrifice [7][8]. - It also delves into the theme of artistic influence, illustrating how Gilot's experiences with Picasso shape her artistic journey and raise questions about the legacy of artists [7][8].

松下创始人松下幸之助在其《实践经营哲学》中曾明确提出，"要和所有的相关方保持共存共赢的关 系，这是非常重要的。可以说这是企业自身持久发展的唯一道路。"如今，以"合作"促进产业链升级仍 是松下的经营理念的核心。 但本间哲朗相信，"差异化"的创新将是松下在中国获得发展的核心能力。"作为世界第二大经济体，中 国市场的成长速度很快，所以很多日本企业才有机会和中国企业一起推动市场发展，享受中国市场的成 长和机遇。但是如果我们提供给中国市场的价值和本土企业的价值是一样的话，我们的发展空间就会越 来越小，所以我们一定要寻找我们的价值。"他说。 （原标题：松下集团中国东北亚总代表本间哲朗：中国供应链是松下全球布局不可缺少的力量） 7月16日-20日，第三届中国国际供应链促进博览会（以下简称：链博会）期间，松下以"美好生活从家 延伸到城市"为主题第二次参展，展示其在中国的供应链本土化创新与产业链协同的发展成果。 松下控股株式会社全球副总裁、集团中国东北亚总代表本间哲朗在采访中表示："中国不仅是制造大 国、市场大国，更是创新大国和工程师大国，我们非常看重和中国创新企业的合作，也会继续重视和中 国供应商的合作。" 2024财年，松 ...

Core Insights - The entertainment market in Q2 2025 is characterized by both traditional and emerging segments, driven by policy guidance, technological empowerment, and changing consumer demands [1] Film Market - The total box office for the film market in Q2 2025 was only 4.85 billion, a year-on-year decline of 34.7%, marking one of the lowest performances since 2016 [2] - Despite 119 new releases, including 83 domestic films, the overall box office performance was disappointing, with the top films being "Mission: Impossible 8" at 460 million, "Dumpling Queen" at 420 million, and "Nezha: The Devil's Child" at 370 million [2][3] - The lack of blockbuster films and high operational costs, which account for 60% of cinema expenses, have significantly impacted profitability, leading to substantial losses for major cinema chains [3] TV Series Market - The TV series market saw a rise in popularity for ancient costume dramas, with "Lingjiang Xian" leading the viewership, followed by "Cang Hai Chuan" and "Li Zhi of Chang'an" [4] - Realistic themes also gained traction, with series like "Endless End" and "Dust Storm" addressing social issues, resonating with audiences [4] Variety Show Market - The variety show market showcased innovation with programs like "Five Ha Season 5" and "Singer 2025," which enhanced viewer engagement through interactive formats and introduced younger talent [5] - Brand sponsorships in variety shows have become significant, with "Singer 2025" attracting the most sponsorships, indicating the importance of quality content in brand marketing [5] Micro-Short Drama Market - The micro-short drama segment emerged rapidly, with several shows achieving high viewership on platforms like Tencent Video and Douyin, reflecting a growing demand for concise content [6] - Themes such as romance and personal growth are particularly popular, with notable stars enhancing the commercial value of these productions [6] Policy and Market Regulation - The National Radio and Television Administration reported a total revenue of 1.4878 trillion for the broadcasting and online video industry in 2024, indicating a growth of 5.32% [7] - Regulatory measures are being implemented to ensure healthy development in the micro-short drama sector and to standardize AI applications in the entertainment industry [7] Technological Innovation - Technological advancements are significantly impacting the entertainment market, with new AI tools and platforms enhancing content creation and distribution [8] - Innovations from companies like OpenAI and Baidu are reshaping the production and marketing processes within the industry [8] Content Marketing - Cross-industry collaborations between brands and entertainment IPs are thriving, with various companies launching themed products and campaigns to attract consumers [9] - These partnerships not only generate new consumer engagement but also enhance brand visibility through creative marketing strategies [9] Overall Market Outlook - The entertainment market in Q2 2025 faces both opportunities and challenges, with the film sector exploring transformation while other segments like TV series, variety shows, and micro-short dramas show innovation and growth [1][2][4][5][6] - The combination of regulatory guidance, technological innovation, and creative marketing is expected to drive the market towards a healthier and more diverse future [9]

Core Viewpoint - The Chinese Football Association (CFA) has strongly condemned the recent incident of fan abuse directed at player Wei Shihao, emphasizing the need for legal and moral accountability in sports environments [1][2][4] Group 1: Incident Overview - On July 18, during a match between Tianjin Jinmen Tiger and Chengdu Rongcheng, fans verbally abused Wei Shihao and his family, leading to his emotional breakdown and ejection from the game [1][2] - The Tianjin Football Association announced a 7-day administrative detention for the leading abuser and a ban on attending matches [1][4] Group 2: Impact on Players and Matches - Such abusive behavior disrupts players' mental states, affecting the fairness and integrity of matches, as seen in Wei Shihao's case [2][3] - The ongoing incidents of fan abuse have raised concerns about the negative impact on the image of the Chinese Super League and the potential decline in match attendance due to parents' fears for their children's exposure to such environments [2][3] Group 3: Cultural and Ethical Considerations - The normalization of abusive language in football is seen as a distortion of football culture, which should promote respect and sportsmanship [3][4] - The need for a cultural shift towards civilized behavior in stadiums is emphasized, advocating for mutual support between fans and players rather than hostility [3][4] Group 4: Regulatory Measures - The CFA has previously taken measures against fan violence, including fines and match bans, indicating a commitment to increasing the legal consequences for such behaviors [4]

Economic Growth Factors - In the first half of 2025, China's GDP grew by 5.3% year-on-year, with a total GDP of 66,053.6 billion yuan, indicating overall economic stability and improvement [1] - Two main factors contributed to the unexpected economic growth: early exports and proactive fiscal stimulus. The broad deficit rate was 9.0% of GDP, up from 7.1% the previous year, with a significant execution of 3.3 trillion yuan in the first five months, the highest in recent years [1][2] Investment Performance - Investment performance remains weak, with fixed asset investment growth rates declining from 4.2% in Q1 to 2.3% in Q2, contributing only 0.9 percentage points to GDP. The real estate sector has been a major drag on investment [2] - In June 2025, investment data showed pressures in the real estate sector, with declines in new construction, housing sales, and prices, alongside a slowdown in infrastructure and manufacturing investments [2] Policy Recommendations for Economic Stability - For the second half of 2025, a combination of short-term and long-term policies is recommended to stabilize growth. Short-term measures include ensuring full budget implementation and expanding fiscal resources for infrastructure investment and consumer subsidies [3][4] - The government is encouraged to optimize policies such as trade-in programs and to implement measures for urban village renovations and local special bonds [3] Long-term Economic Strategy - Long-term strategies should focus on removing excess manufacturing capacity while increasing service sector capacity, which is currently insufficient. This is crucial to avoid domestic deflationary pressures and trade friction due to low-priced exports [4][5] - The service sector, which constitutes about 55% of GDP, has significant growth potential compared to developed countries where it accounts for around 70%. Areas such as healthcare, finance, and tourism require further development and opening up to support high-quality economic growth [5]

Group 1: Trade and Economic Performance - In the first half of 2025, Shandong's foreign trade import and export reached 1.73 trillion yuan, a year-on-year increase of 6.8%, surpassing the national growth rate of 3.9% [1] - Exports amounted to 1.05 trillion yuan, growing by 6%, while imports were 676.41 billion yuan, increasing by 8.1% [1] - Shandong's import and export scale set historical records for the same period, contributing nearly 20% of the national growth in foreign trade [1] Group 2: Regional Cooperation and Events - The China-Shanghai Cooperation Organization Local Economic and Trade Cooperation Conference was held in Qingdao, attracting around 360 exhibitors and 3,000 buyers [3] - The conference resulted in several cooperation projects, including a partnership between the SCO demonstration zone and Shandong Railway Investment Holding Group [3] - The conference emphasized building international logistics channels and enhancing trade and investment quality among SCO countries [3] Group 3: Supply Chain Development - Shandong participated as the guest province in the third China International Supply Chain Promotion Expo, showcasing 78 enterprises and over 1,000 exhibits [4] - The event highlighted Shandong's transition from traditional manufacturing to modern supply chain practices, addressing global demands for resilience and collaboration [4][5] - Shandong has implemented a "chain leader system" for five years to enhance supply chain collaboration [4] Group 4: Financial Development Initiatives - Shandong's government issued a plan focusing on five key areas of finance: technology finance, green finance, inclusive finance, pension finance, and digital finance [6] - The plan aims for an annual growth rate of at least 20% in loans for technology SMEs and green loans, with a target of adding no less than 100,000 new inclusive finance "first loan" clients each year [6][7] Group 5: Support for Private Construction Industry - Shandong's housing and urban-rural development department released 21 measures to support the sustainable development of private construction enterprises [8] - The measures include optimizing market conditions, enhancing financial support, and ensuring that at least 50% of project evaluations favor private construction firms [8][9] - In the first half of 2025, Shandong's construction industry achieved a total output value of 833.47 billion yuan, a year-on-year increase of 4.2%, outperforming the national growth rate by 4 percentage points [9]