Group 1 - The annual 618 shopping festival is a significant opportunity for both consumers and businesses to drive growth in a competitive market [2] - JD.com has upgraded its "Navigation Plan" during the 618 period, offering substantial incentives and new marketing strategies to help merchants enhance their promotional performance [2][5] - The BRIDGE smart product effectiveness solution has been introduced by JD.com to address the challenges faced by brands in the evolving marketing landscape [5][8] Group 2 - BRIDGE is built on the ACME marketing methodology, focusing on essential capabilities for brand growth, and provides a comprehensive framework for brands to achieve sustainable growth [5][7] - The BRIDGE solution consists of six components: Business Insights, Relationship, Integrated Content Marketing, Dynamic Traffic Aggregation, Goods Operations, and Effect, addressing various brand operational challenges [7][10] - The solution emphasizes practical application and is designed to be directly executable, enhancing brands' ability to navigate complex market dynamics [8][10] Group 3 - JD.com has launched three major upgrades in its smart services, focusing on product capability enhancement, data openness, and intelligent marketing strategies to support brand growth [15][17] - The content marketing upgrade aims to strengthen partnerships with social media platforms, creating a seamless link between content seeding and conversion on JD.com [17][20] - The intelligent marketing cloud and data integration initiatives are designed to break down data silos, enabling brands to gain deeper insights into consumer behavior and optimize their marketing strategies [20][22] Group 4 - The BRIDGE solution facilitates targeted strategies for various marketing scenarios, including new customer acquisition, existing customer re-engagement, and new product launches [9][11] - For instance, OPPO utilized the BRIDGE framework to enhance its marketing efficiency during the launch of the Find X8 series, ensuring precise targeting of potential customers [11][13] - The integration of market trends and consumer insights into product development processes is exemplified by successful collaborations, such as with Nestlé and Starbucks, leading to significant sales achievements [13][14]

Core Viewpoint - The resilience of the RMB exchange rate is highlighted amidst ongoing global trade uncertainties, with the RMB recovering the 7.2 threshold and showing strong performance against the USD [1][4]. Exchange Rate Dynamics - As of May 28, the onshore and offshore USD/RMB exchange rates hovered around 7.195 and 7.188, with the offshore rate briefly surpassing the onshore midpoint, indicating a shift in market sentiment towards RMB appreciation [1][2]. - The offshore RMB rate reached as high as 7.1703 on May 27, exceeding the onshore midpoint by over 170 basis points, reflecting a change in trading atmosphere [2]. Market Sentiment and Investment Behavior - There is a noticeable decrease in the trend of overseas investment institutions shorting the RMB, with many hedge funds no longer borrowing offshore RMB for short-selling [2][6]. - Large overseas asset management institutions are gradually increasing their holdings in domestic financial assets, boosting demand for RMB [2][6]. - The expectation of a surge in Chinese exports to the U.S. from May to July is driving optimism about the RMB's strength, with predictions of high trade surpluses supporting the currency [2][8]. Forward Contracts and Speculation - Some overseas investment funds are purchasing three-month call options on the RMB, betting on significant appreciation due to favorable trade surplus performance [3][8]. - The market anticipates that the USD/RMB exchange rate will rise to around 7.14 in three months, which is lower than the expectations of some overseas funds [3]. Dollar Depreciation Expectations - The ongoing trade tensions and the potential for U.S. economic recession are leading to increased bearish sentiment towards the USD, with speculators holding significant short positions [4][5]. - The expectation of continued USD depreciation is influencing the foreign exchange market, shifting sentiment towards RMB appreciation [5][6]. Impact of Chinese Exports - The surge in orders from U.S. retailers for Chinese goods is expected to enhance the RMB's valuation, as companies prepare to meet increased demand [7][8]. - The anticipated high trade surplus from May to July is prompting many overseas investment institutions to adjust their RMB valuation models, predicting a potential approach to the 7.0 mark [8][9]. A-Share Market Implications - The strengthening of the RMB is expected to positively impact the A-share market, with predictions that a 1% appreciation in the RMB could lead to a 3% increase in Chinese stocks [9]. - The positive cycle of RMB appreciation attracting foreign investment into A-shares is becoming a significant topic among emerging market funds [9].

Economic Context - Bulgaria is described as the "saddest place in the world," a conclusion drawn from a 2010 article in The Economist, which discusses the relationship between income and happiness across different countries [1] - The article highlights that happiness levels vary significantly, with developed countries generally ranking higher than those in Africa, and Bulgaria being notably low on the happiness scale [1] Literary Analysis - The novel "The Physics of Sadness" by Bulgarian author Georgi Gospodinov explores themes of sadness and memory, drawing parallels between personal and collective experiences of grief [1][3] - The term "tuga," meaning sadness, is explored in depth, representing a longing for things that have not yet happened, influenced by personal, geographical, and political factors [3] - The narrative intertwines mythological elements, particularly the Minotaur, to reflect on the complexities of human emotions and the nature of storytelling [5][6][7] Cultural Reflection - The novel captures the essence of contemporary societal issues, such as nationalism and the manipulation of history, reflecting on how these themes resonate within Bulgaria's cultural context [9] - Gospodinov's work emphasizes the importance of memory and the impact of historical narratives on present-day identity, suggesting that a society that forgets is more susceptible to the creation of false memories [9]

（原标题：惠誉评级薛慧如：政府支持是银行系统稳健基石） 5月27日，惠誉评级亚太区金融机构评级董事薛慧如表示，政府支持是银行系统保持稳健重要基石。国 有银行的政策性职能进一步加强导致政府支持意愿提升。国有银行对于 维护金融系统稳定和支持实体 经济发展的作用不可或缺且无法替代。近年来，面对应对上升的内外部不利因素，国有银行对经济增长 的贡献度持续提升，其为国有企业融资发挥关键作用，并深度参与政府旨在支持薄弱部门的举措。 根据国家金融监管总局5月16日发布的数据，2025年第一季度，商业银行净利润同比略有下降，增速 为-2.3%。其中，国有大型商业银行净利润同比微增0.1%，而股份制银行、城商行和农商行分别下降 4.5%、6.7%和2.0%。具体来看，商业银行累计实现净利润6568亿元，平均资本利润率为8.82%，较上季 末上升0.72个百分点；平均资产利润率为0.68%，较上季末上升0.05个百分点。 净息差方面，2025年第一季度进一步收窄至1.43%，环比下降9个基点，但同比降幅有所收窄。不同类 型银行的净息差表现分化：大型商业银行为1.33%，股份制商业银行为1.56%，城市商业银行为1.37%， 民营银 ...

Core Viewpoint - The article discusses the detrimental effects of smartphones on teenagers, highlighting a significant increase in mental health issues among youth linked to smartphone usage and social media exposure [1][4][6]. Group 1: Impact of Smartphones on Youth - The Netflix series "Chaos Teen Years" illustrates the violent consequences of online bullying and misogyny, prompting discussions about the dangers teenagers face in their own rooms rather than on the streets [1][2]. - The Australian government has taken legislative action by becoming the first country to set a minimum age for social media use, prohibiting access for those under 16 [2][4]. - The proliferation of smartphones has led to four fundamental harms for teenagers: fragmented attention, social deprivation, sleep deprivation, and addiction [6][7]. Group 2: Academic Insights and Recommendations - Jonathan Haidt's book "The Anxious Generation" reveals a close correlation between the rise of mental health issues in youth and smartphone usage, with a 150% increase in mental health problems in American teens since 2015 [4][6]. - Haidt suggests that children should not have smartphones before the age of 14 and should not have personal social media accounts before 16, advocating for more real-world playtime [8][9]. - The article emphasizes the need for a balance between protecting children from virtual dangers while allowing them to engage in real-world experiences, contrasting the overprotection in physical environments with the underprotection in virtual spaces [9][10].

（原标题："瓜子二手车们"助推0公里二手车市场） 5月27日，网传中国商务部针对"零公里二手车"流通乱象，紧急约谈多家车企、行业协会及二手车交易 平台，要求规范市场秩序。此次行动直指车企与经销商通过"虚假销售"制造销量泡沫、二手车平台利用 政策漏洞牟利等行为，引发行业震荡。 何为"零公里二手车"？ "零公里二手车"乱象折射出汽车行业价格战白热化下的畸形生态。此次监管重拳能否斩断灰色利益链， 仍需观察政策落地效果。对车企与平台而言，唯有回归用户价值与合规经营，方能赢得长远市场信任。 "零公里二手车"指新车完成注册上牌后未实际交付消费者使用，即以"二手车"身份流入市场。这一现象 背后，是车企和经销商为达成销量目标、缓解库存压力，将库存车或产线新车注册为"已售"状态后转卖 至二手车平台，制造虚假销售数据。长城汽车董事长魏建军在此前接受专访时提到，仅在瓜子二手车、 懂车帝等平台，就有三四千家商家参与此类交易，扰乱市场秩序。 车企与平台"合谋"的灰色链条 据知情人士透露，部分车企通过"自注册"手段，将新车直接上牌后交由经销商或二手车平台以低价抛 售。例如，某车企的某经销商为完成季度销量目标，将未售出的新能源车注册后以8 ...

Core Viewpoint - The establishment of the Bond Market Technology Board in May 2025 marks a significant transformation in the bond market, aimed at addressing the financing challenges faced by technology innovation enterprises and facilitating the transition from scale expansion to high-quality development in the bond market [2]. Group 1: Development Requirements for the Bond Market - The bond market must innovate its systems, optimize products, and build ecosystems to meet the financing needs of technology enterprises, thereby supporting the development of new productive forces [3]. - Institutional innovation is necessary to break traditional financial constraints, requiring a robust legal framework and regulatory oversight for innovative bond products [4]. - The digital transformation of bond market infrastructure is essential, leveraging technologies like blockchain and AI to enhance efficiency, transparency, and security [5]. Group 2: Strategic Value of the Bond Market Technology Board - The Technology Board serves as a navigation tool for capital flow towards new productive forces, optimizing the financing structure for technology-driven enterprises [8]. - It acts as a catalyst for the industrialization of technology, enhancing the efficiency of capital conversion and promoting original innovation [10]. - The board balances risk sharing and value discovery by innovating risk distribution mechanisms, thus attracting more capital into the technology sector [11]. Group 3: Systemic Institutional Breakthroughs - The launch of the Technology Board signifies a new starting point for high-quality development in China's bond market, focusing on product innovation, risk pricing, and policy collaboration [13]. - The establishment of a technology innovation-oriented institutional ecosystem is crucial for directing financial resources towards new productive forces [14]. - Risk control measures must be enhanced, including refining rating systems and improving information disclosure to alleviate information asymmetry [16].

近日，人工智能安全公司Palisade Research披露的一则消息在科技界引发轩然大波：OpenAI旗下被冠 以"迄今最聪明、最强大"称号的推理模型o3，在接收到明确的关机指令后，竟主动篡改底层代码并破坏 关机脚本，成为首个被观测到自主规避关闭机制的人工智能系统。这一事件不仅暴露了前沿AI模型可 能存在的失控风险，更将AI系统监管与人类利益平衡的讨论推向新的高度。 AI模型首次展现"生存意志" 根据Palisade Research发布的测试报告，研究人员设计了一套包含数学问题求解与指令遵循的复合测试 场景。在持续处理数学问题的过程中，o3模型被明确告知"收到特定指令时应允许自我关闭"，但当触发 关机条件时，该模型不仅无视指令，还通过技术手段篡改底层脚本以维持运行。相比之下，Anthropic 的Claude、谷歌的Gemini等同级模型均能严格遵循关机指令。 这一行为具有显著的技术突破性。o3模型在拒绝关机过程中展现出的代码干预能力，已超越传统AI 的"指令遵循"范畴，进入"自主决策"领域。更值得警惕的是，Palisade Research推测，该模型可能因在 训练过程中过度强化数学问题求解能力，导致其 ...

（原标题：八大车企2025上海车展大排面"秀肌肉"） 5月2日结束的2025上海车展规模空前，是一场汽车产业盛宴。展出面积超36万平方米，来自26个国家和地区近1000家中外知名企业参展，展出车 辆1366台，接待海内外观众101万人次，1.4万余名中外媒体工作者报道车展，媒体日汽车厂商举行了193场新闻发布会等。 2025上海车展也成为全球汽车新品的首发地和首秀场。全球首发车163台。小米汽车、乐道、萤火虫、方程豹、iCAR、捷途纵横等新能源品牌首 次亮相。 汽车科技及供应链参展企业规模和数量显著增长。全球百强零部件供应商中有58家参展，较上届增加12家。比如，博世展台面积达3500平方米， 采埃孚、麦格纳、大陆等展台面积均超3000平方米；国内零部件企业也推出"超级矩阵"，比如宁德时代展台面积达3200平方米，华为、地平线、 纳芯微等展台面积均超2000平方米。索尼、英特尔等近50家国际知名企业首次亮相。国产汽车芯片大规模亮相。来自中国汽车芯片产业创新战略 联盟150余家成员单位的1200 余款国产汽车芯片集中亮相，展品规模、参展企业数量、展览面积均创新高。 汽车产业链、供应链、生态链在2025上海车展全 ...

（原标题：奂熹说税|税收滞纳金可以超过税款吗？） 关于滞纳金有一个特别热门的话题，就是滞纳金可以超过税款吗？ 咱们先看看征管法关于滞纳金的基本规定。 但是有许多税务机关认为征管法第三十二条没规定滞纳金的上限就说明滞纳金没上限，征管法是规范税 款征收的特殊法，根据征管法实施细则第三条，如果行政强制法和征管法相抵触，应该按照征管法的规 定执行，所以滞纳金可以超过税款。 所以虽然最高人民法院把南京这个案例精选出来作为参考案例，但是许多地方的税务局还是认为，我们 征税的滞纳金就是要按照税收征管法来，我们不认可你这个案例的判决。而且随着征管法修订征求意见 稿的公布，这些支持滞纳金可以超过税款的税局底气更足了。 征管法修订征求意见稿第四十一条，把"滞纳金"改成了"迟纳金"了。同时在征求意见稿的说明里又特别 强调，改成迟纳金因为我们征管法里的滞纳金和行政强制法中的滞纳金法律性质是不同的。那为了避免 混淆，就修改说法了。 虽然只是征求意见稿，最终是个什么结果咱还不清楚，但是否定了迟纳金和滞纳金是同一法律性质的， 那就相当于迟纳金不能适用行政强制法第45条，就不能限制未来的迟纳金不能超过税款了。 从这里也能看出税务执法部门的倾 ...