（原标题：9月京城看展：2025北京艺术博览会即将启幕） 2025年第25届北京艺术博览会将于9月12日至15日在北京展览馆举办，以"向美而生，艺享未来"为主 题，汇聚海内外100余家艺术机构、8000余件作品，涵盖传统水墨、火墨画、数字艺术等多元形式，打 造国际化艺术交流平台，推动艺术与科技融合，展现中国艺术的创新活力与时代魅力。 ...

其中，顶配版车型不仅搭载天神之眼 B-辅助驾驶激光版（DiPilot 300），配备了20寸轮毂和高性能四活 塞定钳 (前)、主动香氛系统，全车扬声器也多达20个，还可以选装灵鸢 比亚迪智能车载无人机系统， 成为钛7车型中将性能和乐趣都"拉满"的版本。 上述车型配置显示出，方程豹钛7想要做到性能和舒适的兼容。对于大多数方盒子SUV来说，越野户外 场景和家用场景难以同时拥有，往往只能二者取其一，这也是为什么越野车品牌难以走向大众化的根本 原因。而钛系列对方程豹品牌的又一个意义，就是力争同时满足个性化和家用的需求，不只有可玩性， 也有实用性。将越野与家用链接起来，极大地扩充用户群体，这正是方程豹钛系列的野心所在。 为扩大用户覆盖范围，在车辆本身之外，钛7还注重智慧生态建设，其以车为核心，构建了一个"智能车 +"生态战略，联合众多行业中的标杆品牌，让用户的体验变得丰富。例如，首发搭载比亚迪自研的 BYD Pad，专为"车载使用"而设计、支持车家两用，此外还首发搭载比亚迪自研电动滑板、自研游戏手 柄等。 比亚迪旗下的方程豹品牌，在今年3月发布了一款钛3车型，仅仅半年之后，又一款新车型——方程豹钛 7问世，进一步完善品 ...

Core Viewpoint - The recent cases of unfulfilled shareholding commitments by company insiders highlight a new type of securities violation, which may not be as severe as traditional financial fraud but still warrants careful handling [1][15]. Group 1: Case Summaries - In June 2021, Shanghai Jinlitai Chemical Co., Ltd. announced that its president and a subsidiary's general manager planned to increase their shareholding by at least 300 million yuan within six months, but failed to do so by the extended deadlines [2][3]. - The Shanghai Financial Court accepted the case as the first securities infringement dispute arising from the failure of company executives to fulfill public shareholding commitments, with plaintiffs seeking over 9 million yuan in damages [2][4]. - The court ruled that the defendants had not genuinely intended to increase their holdings, as they lacked the necessary funds and had provided misleading information, thus constituting a significant false statement [4][5]. Group 2: Legal Implications - The legal basis for the ruling is found in the new Securities Law, which states that any public commitment made by company insiders must be disclosed, and failure to fulfill such commitments can lead to compensation liabilities [6][15]. - The court emphasized that the nature of the commitment and the circumstances surrounding its non-fulfillment must be considered, indicating that not all breaches will necessarily lead to liability [3][15]. - The ruling sets a precedent for future cases, suggesting that similar violations may lead to significant legal repercussions for company insiders [5][15]. Group 3: Broader Context - The trend of expanding liability for false statements in securities is evident, with courts actively establishing precedents for new types of cases [15][16]. - The impact of insider commitments on stock prices is significant, as they can create market expectations that, when unmet, lead to price declines [17]. - The legal framework surrounding these commitments is evolving, with potential implications for how companies manage insider communications and investor relations [15][16].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 市场火爆 产品紧急涨价 9月3日，在位于北京丰台区的一家雅迪电动车销售门店，一对年轻夫妻刚刚买了一辆价值2400元的车。 他们向经济观察报表示，现在买的这款车和去年买的那辆车相比并没有便宜，但因为新国标限制比较 多，就赶紧买了，担心以后车速有限制。 9月4日，位于北京丰台的一家小牛电动车销售门店内，销售人员小张告诉记者，因为新国标的实施，最 近几天店里很忙，产品价格也有所上涨。 "店里现在最贵的车已经涨了400块，售价8399。U max顶配版涨了300块，售价8699，普通版本也涨 了，现在是6000多。"小张详细地介绍着店内的新车售价，并给记者推荐了小牛U2，"这款还没涨价， 现在卖5699，标准续航90公里，解了限速一个小时能跑50公里，过两天也会涨。" 电动自行车新国标中规定，新车必须具备严格的限速功能，这是新国标中最大的看点。经济观察报在调 查中发现，这一规定已对市场带来了影响。 "店里最贵的车涨了400块""除了A7和另一款车还没涨价，别的都涨价了""再过两天就涨价了，现在有的 地方已经开始涨了"。9月1日，2025年电动自 ...

便利中资企业赴欧展业资金结算 （原标题：中国与欧洲三大央行续签本币互换协议 助力人民币"扎根"欧洲） 2025年9月7日—8日，中国人民银行行长潘功胜在出席国际清算银行行长例会期间，分别与欧洲中央银 行行长拉加德、瑞士国家银行行长施莱格尔与匈牙利国家银行行长沃尔高签订双边本币互换协议。 具体而言，中欧双边本币互换规模为3500亿元人民币/450亿欧元，协议有效期三年。中瑞双边本币互换 规模为1500亿元人民币/170亿瑞士法郎，协议有效期五年。中匈双边本币互换规模为400亿元人民币/1.9 万亿匈牙利福林，协议有效期五年。 央行表示，上述双边本币互换协议的续签，有助于进一步深化双边货币金融合作，促进中国与相关经济 体的双边贸易和投资便利化，维护金融市场稳定。 所谓双边本币互换协议，是指A国央行与B国央行（或货币当局）签订协议，约定在一定条件下，彼此 可以使用一定金额本币交换等值的对方货币，用于双边贸易投资结算，以及为金融市场提供短期流动性 支持。一旦双边本币互换到期，双方将换回本币并支付相应利息。随着近年中国—各国经贸往来日益紧 密，中国与众多国家央行纷纷续签双边本币互换协议，促进双边贸易投资持续发展。 在业 ...

文博时空 作者 翟德芳 结束了苏州的考察和活动，我继续南下，到达杭州。苏杭，历来是并列的城市， 被誉为"人间天堂"。我在苏州时，寒流已经过去，天气转暖，我的感冒也已经痊愈，来到杭州，更是早 春景象，万物生机勃勃。我到杭州次日是周一，是博物馆休息日，我也得有一日之闲，绕西湖转了一 圈，实地感受杭州的自然美景和人文气息。杭州古称临安、钱塘、武林，是五代吴越国和南宋的都城， 文物古迹丰富。不过我最想看的，仍然还是博物馆，所以待到周二，就先去看了德寿宫遗址博物馆。 德寿宫是南宋临安城内一处极其重要的皇家宫苑，宋高宗、宋孝宗等人曾在此居住。因位于凤凰山皇城 的北面，所以又称"北内"，是南宋礼制规格最高的建筑之一。德寿宫遗址自考古发掘以来，经历了保护 回填、建馆保存和揭露展示等过程，是国内目前原址露明展示等级最高、考古揭露面积最大、复原研究 最充分的南宋遗址。我看完这座遗址博物馆，感触颇多。 （原标题：一眼千年，德寿何在：访德寿宫遗址） 南宋皇家宫殿园林建筑遗址 尽管杭州也算两朝之都，但现代考古学1949年以后，对其的工作并不多，研究南宋都城一般都是基于 《武林旧事》《建炎以来朝野杂记》等史料。20世纪80年代起，中国社 ...

Core Viewpoint - XINWANDA has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to become the third lithium battery company in China to achieve dual listing. However, the company faces significant challenges including low net profit margins, ongoing losses in its power battery business, and difficulties in increasing market share [1]. Group 1: Business Overview - XINWANDA's core business focuses on the research and manufacturing of lithium-ion batteries. In the consumer battery sector, it is the largest global supplier of mobile phone batteries with a market share of 34.3%, and the second largest for notebook and tablet batteries with a market share of 21.6% [2]. - In the power battery and energy storage sectors, XINWANDA holds a market share of only 2.1% and 1.4% respectively, ranking tenth globally in power batteries and facing intense competition from top players [2]. Group 2: Financial Performance - As of Q1 2025, XINWANDA's net profit margin was a mere 0.24%, indicating a "revenue growth without profit" scenario. Revenue fluctuated between 47.862 billion and 56.021 billion yuan from 2022 to Q1 2025, but net profit margins have been below 1% due to product price declines [4]. - The company has reported significant losses in its power battery segment, with cumulative losses nearing 4.7 billion yuan from 2022 to 2024. The gross profit margin for power batteries is only 8.80%, significantly lower than competitors [4]. Group 3: Operational Challenges - XINWANDA has halted major investment projects in Chengdu and Zhuhai in 2024 and paused a 14 billion yuan investment project in Ningxiang and Zhuhai in April 2025 due to industry overcapacity [3]. - The company's asset-liability ratio reached 64.59% by the end of Q1 2025, with outstanding debts totaling 28.287 billion yuan, of which approximately 49.7% is due within one year, indicating substantial short-term repayment pressure [4]. Group 4: Cash Flow and Future Prospects - Despite having 10.752 billion yuan in cash as of Q1 2025, XINWANDA's short-term borrowings amount to 10.297 billion yuan, limiting its financial flexibility. The funds raised from the IPO are intended for overseas production base construction and global sales network expansion, posing a critical test for the company to find a profitable balance in a competitive market [5].

近日，高性能鞋服品牌HOKA ONE ONE正式推出了全新的户外产品系列，其中包括首款动态硬壳 TRANSPORT JACKET GTX以及徒步鞋款KAHA 3 GTX的新配色。这些新品旨在为城市探险者提供全天 候的防护，帮助他们轻松应对城市与野外之间的穿梭以及多变的天气条件。 据悉，TRANSPORT JACKET GTX采用了三层GORE-TEX防水科技面料，不仅具备卓越的防水和抗风性能，还配备了五个 防水拉链口袋以及腋下双向拉链透气口，既保证了物品的妥善存放也提升了穿着者的舒适度。 同时， HOKA的经典徒步鞋款KAHA 3 GTX以全新色彩再次登场，并由HOKA的品牌大使（鞋履系列）汪顺倾 情演绎。作为HOKA首款应用GORE-TEX INVISIBLEFIT技术的徒步鞋，KAHA 3 GTX在确保贴合舒适 的脚感基础上，展现了优秀的防水透湿性能；配合更加耐磨的VIBRAM MEGAGRIP一片式抓地大底， 即使面对崎岖不平的道路或恶劣环境也能游刃有余；而其采用的双密度甘蔗EVA中底则提供了持久的缓 冲与回弹效果，再加上LWG金级认证的防水牛巴革鞋面，完美结合了耐用性和保护性两大优点。 （原标题：HO ...

Group 1 - The core point of the article is the significant progress in the acquisition plan of SMIC, which aims to buy 49% of the minority stake in SMIC North through the issuance of A-shares at a price of 74.2 yuan per share, resulting in SMIC holding 100% of SMIC North after the transaction [2][3] - The acquisition is seen as a strategic move to consolidate ownership, as most shareholders of SMIC North have state-owned backgrounds and clear exit demands, with investment durations nearing or exceeding ten years [2][3] - Post-acquisition, SMIC North's profits will be fully included in SMIC's net profit, enhancing SMIC's financial performance and market competitiveness [3] Group 2 - The acquisition involves several state-backed entities, including the National Integrated Circuit Industry Investment Fund, which holds a 32% stake and has a strong exit demand as it enters its recovery phase [3][4] - SMIC aims to enhance its capacity and technology through this acquisition, solidifying its core position in the domestic and global semiconductor supply chain [4] - The semiconductor industry is experiencing a surge in mergers and acquisitions, with companies like Chipone and Huahong Semiconductor also pursuing strategic acquisitions to enhance their competitive edge [5][6] Group 3 - The trend of mergers and acquisitions in the semiconductor sector reflects a strong demand for technological upgrades and market expansion, driven by the rapid development of emerging technologies such as 5G and AI [6] - Companies are leveraging acquisitions to quickly gain necessary technologies and market resources, thereby accelerating their development pace and avoiding competition issues [6]

（原标题：2025 年上半年：房地产服务业分化增长 头部企业引领行业重构） 2025 年上半年，中国房地产服务行业呈现结构性复苏态势。物业管理、房地产中介及代建三大细分领 域在市场调整中走出差异化路径，头部企业通过战略聚焦与运营升级实现高质量发展。多份行业研报数 据显示，房地产服务业正从规模扩张转向质效提升，服务专业化、盈利多元化与增长品质化成为行业转 型的核心方向。 物业管理：稳健增长 质效双升 物业管理行业在稳健中实现质效双升。23 家重点物管及商管公司上半年合计营收达 1158.4 亿元，同比 增长 5.0%，增速与 2024 年全年持平；归母净利润 81.9 亿元，同比大幅增长 34.9%，较 2024 年全年 - 18.8% 的增速实现由负转正的显著改善。这一业绩反弹得益于行业回归本源的战略调整，基础物管服务 营收占比提升至 70.9%，较 2024 年全年提高 1.7 个百分点，企业纷纷将增值服务转向社区刚需场景。 代建行业：行业集中度持续走高 代建行业成为房地产服务业增长黑马，新增规模实现超预期扩张。上半年代建 TOP20 企业新增签约建 面达 10,983 万平方米，同比增长 28%，增速较一 ...