Core Insights - The novel "Flesh" by David Szalay presents the life of István, a character who experiences a series of bizarre and transformative events, ultimately rising from a life of poverty in Hungary to becoming a wealthy figure in London, only to return to his roots in the end [1][7][10] Character Development - István's character is portrayed as passive and emotionally detached, often responding to life's challenges with a simple "OK," which symbolizes his acceptance of his role as a "tool" in society [2][3] - Unlike typical "dragon-slaying" protagonists, István does not actively fight against fate; instead, he is driven by his physical instincts and circumstances, leading to a life marked by external actions rather than internal emotional engagement [3][4] Themes of Desire and Materialism - The novel explores the raw and naked desires of humanity, particularly focusing on the dual forces of love and money, which Szalay argues are central to modern existence [5][6] - István's journey reflects the complexities of human desire, where his youthful pursuits lead to dire consequences, and his later obsession with wealth and status results in a loss of identity and fulfillment [4][5] Social Commentary - Szalay's narrative suggests that István's life is shaped by larger societal forces such as war, immigration, and economic imbalance, indicating that personal destinies are often intertwined with public events [8][9] - The story critiques the notion of achieving happiness through wealth and status, illustrating that reaching the pinnacle of success can lead to isolation and disconnection from one's true self [6][7] Conclusion - The ending of István's story, where he returns to Hungary and takes a lowly job, serves as a poignant reminder of the transient nature of wealth and the enduring impact of personal history [7][10] - Szalay's work ultimately reflects on the human condition in a globalized world, where individuals navigate their lives amidst uncontrollable external forces, leading to a profound sense of loneliness and existential questioning [9][10]

Core Insights - The event celebrating the 40th anniversary of China International Exhibition Center Group (CIEC) emphasized the evolution of the exhibition industry amid changes in globalization and industrial chains [1] - The China Council for the Promotion of International Trade (CCPIT) highlighted the importance of CIEC in leading the exhibition sector, particularly in international exhibitions, and proposed future strategies for high-quality development [1][2] Group 1: Industry Challenges and Opportunities - The exhibition industry is facing challenges from changes in the industrial chain and globalization, necessitating a focus on stabilizing supply chains [2] - Suggestions include creating more exhibitions that connect various enterprises and research institutions to showcase the entire industrial and technological landscape [2][3] - The need for increased internationalization of domestic exhibitions is emphasized, supported by recent visa exemption policies and free trade agreements [2] Group 2: Strategic Recommendations - Exhibitions should serve as hubs for connecting global industrial chain resources, facilitating collaboration between supply and demand [3] - The exhibition industry is seen as an accelerator for innovation and upgrading within the industrial chain, highlighting the importance of content planning [3] - The restructuring of local and regional supply chains presents both opportunities and challenges for the exhibition industry [4] Group 3: Sustainable Development Initiatives - CIEC's chairman announced the "Sustainable Development Initiative for the Exhibition Industry," focusing on multilateral cooperation and the establishment of service standards [4] - The initiative aims to promote innovative business models and implement a "dual carbon" approach to create low-carbon, zero-waste exhibition models [4] - A signing ceremony was held to strengthen and expand CIEC's global cooperation network [4]

Core Viewpoint - Nvidia's impressive earnings report did not lead to the expected market rally, instead resulting in a significant market downturn, highlighting the sensitivity of high-valuation stocks to interest rate expectations [1][5][11]. Financial Performance - Nvidia reported Q3 2026 fiscal year revenue of $57 billion, a year-over-year increase of approximately 62% and a quarter-over-quarter increase of about 22% [2]. - The data center business generated $51.2 billion in revenue, reflecting a year-over-year growth of 66% and a quarter-over-quarter growth of 25% [2]. - The GAAP gross margin was around 73%, indicating strong profitability [2]. - Nvidia's management provided a Q4 revenue guidance of approximately $65 billion, significantly above market expectations [2]. Market Reaction - Following the earnings report, futures and after-hours stock prices rose, with the S&P 500 and Nasdaq initially showing strong gains [3]. - However, the market reversed course within half a day, leading to a decline in major indices and Nvidia's stock price [4][5]. Economic Indicators - The release of the delayed September U.S. non-farm payroll report showed mixed results, with job additions of approximately 119,000, exceeding expectations of 50,000, but the unemployment rate rose to 4.4% [6][7]. - This data suggested a robust economy, which tempered expectations for immediate interest rate cuts by the Federal Reserve [7]. Technical Factors - A significant amount of options expired, triggering mechanical selling pressure in the market [9]. - The market experienced a broader risk reduction and deleveraging, affecting not only U.S. stocks but also cryptocurrencies [10]. Investment Insights - The day’s events indicated a re-evaluation of valuations and positions rather than a fundamental decline in the AI sector [11]. - Investors are advised to maintain a balanced approach to AI investments, diversifying across various assets rather than concentrating on a single stock [14].

Core Insights - The overall demand for natural diamonds is steadily and moderately recovering, with significant growth in the import volume of diamonds in China [2][8] - There is a clear price differentiation in the diamond market, with larger carat diamonds seeing price stability while smaller carat diamonds are experiencing price declines [1][3] - The long-term outlook for natural diamond prices is positive, with an expected annual growth of 3%-5% over the next decade, particularly for investment-grade diamonds [2][6] Market Trends - In the first eight months of this year, the value of natural diamond imports through the Shanghai Diamond Exchange reached 2.35 billion yuan, a year-on-year increase of 41.5% [1] - The import volume of 1-2 carat diamonds increased by 127% year-on-year, with 35% of these diamonds being used for investment purposes [1] - The price report from Rapaport indicates significant price drops for 0.30 and 0.50 carat diamonds, while 3.00 carat diamonds saw a slight price increase [1] Consumer Behavior - The target consumer group for diamonds is increasingly seeking personalized expression and social sharing, with a preference for unique designs and emotional symbolism [9] - Millennials and Generation Z consumers are placing greater importance on the emotional value, social, and environmental responsibility of products [9][10] - There is a growing trend of consumers purchasing diamonds for various occasions beyond weddings, such as anniversaries and personal rewards [5][9] Marketing Strategies - The Shanghai Diamond Exchange has been enhancing the influence of natural diamonds through online and offline channels, targeting platforms popular with Generation Z [10] - Collaborations with influencers and thematic activities have been employed to convey the value of natural diamonds to consumers [10] - The appointment of a celebrity ambassador has attracted significant attention from younger demographics, emphasizing the importance of lifestyle and personalized emotional expression [10]

（原标题：从厌学到复学｜17 社交焦虑干预——孩子害怕回学校见同学怎么办） 对许多厌学的孩子来说，"回学校"最让他们恐惧的不是课本和考试，而是校园里的人际关系。"同学会 不会笑我落下太多课？""老师会不会当着全班问我为什么请假？""以前玩得好的朋友，现在是不是不跟 我好了？"这种对社交场景的焦虑——比如怕被议论、怕处不好关系、想躲开人际互动，常常成了他们 重返校园的很大的心理障碍。 对付这类问题，"角色扮演+安全情境暴露训练"是个温和又管用的办法。简单说，就是通过模拟校园里 的社交场景，让孩子在没那么有压力的环境里慢慢适应和人打交道，重新觉得"在学校和同学相处是安 全的"。 孩子怕见同学，背后往往藏着具体的担忧，作为家长，我们得耐心听他们说说，先共情孩子，搭建起沟 通的桥梁。比如有的孩子会想，"我请假这么久，成绩肯定落下了，同学会不会觉得我笨？"有的担 心"我不在学校的时候，朋友肯定有了新圈子，我回去就是外人了"；还有的怕同学议论自己"他是不是 心理有问题才请假"，或是怕老师特别关注自己，比如当众问"怎么现在才来"，觉得自己成了"特殊学 生"。 这些担心说到底，是孩子在寻求"人际安全"，他们想确认"我回学校后 ...

Core Insights - The outdoor brand trend is reshaping the retail landscape in Beijing's Raffles City, with approximately 40% of the first floor now occupied by high-end outdoor sports brands, a significant shift from luxury fashion and jewelry [1][5][4] - The cycling station outside the shopping center has hosted nearly 130 urban cycling events since its establishment, enhancing community engagement and brand visibility [1][2] - The outdoor sports industry in China is experiencing rapid growth, with participation reaching 540 million in 2023 and an expected market size exceeding 600 billion yuan in 2024, reflecting a compound annual growth rate of over 30% in the past five years [5][6] Retail Strategy - Raffles City has strategically relocated brands like bags and fast fashion to higher floors to make room for more impactful outdoor brands, indicating a shift in commercial priorities [4][5] - The North Face is moving many of its stores from upper floors to the first floor, focusing on larger spaces and enhanced customer experiences, with sales per unit area increasing enough to offset rising rents [2][7] - The emphasis on experiential retail is evident, with brands like HOKA creating immersive environments to engage customers and convey brand narratives [8][9] Market Dynamics - The entry of outdoor brands into prime retail spaces is creating a new competitive landscape, with brands benefiting from shared customer bases and collaborative marketing efforts [10][11] - The shift towards outdoor brands is prompting shopping centers to rethink their spatial layouts and tenant mixes, as these brands attract a health-conscious consumer demographic [11] - Future plans include adding more health and outdoor-related retail brands to Raffles City, reflecting ongoing consumer trends towards active lifestyles [11]

Core Viewpoint - The steel trading industry is experiencing significant challenges due to a divergence between futures and spot prices, leading to a shift in operational strategies among traders [3][4][9]. Market Dynamics - As of November 18, 2025, the main rebar futures contract on the Shanghai Futures Exchange closed at 3079 CNY/ton, a decline of 0.19%, while the spot price remained at 3164.34 CNY/ton, resulting in an unusual price difference of 85.34 CNY/ton [3]. - Since August 2025, the divergence between futures and spot prices has widened, with the price gap exceeding 80 CNY/ton by mid-November [3][7]. - The current market conditions are characterized by a supply contraction due to government policies, while demand remains weak, leading to a persistent bearish outlook in the futures market [6][8]. Inventory Management - Many steel traders are adopting a "low inventory operation" model to mitigate risks associated with price fluctuations, with some reducing their rebar inventory from 20,000 tons to less than 8,000 tons [4][10]. - The focus on maintaining minimal inventory levels reflects heightened sensitivity to financial security among traders [10][21]. Strategic Shifts - Traditional trading strategies based on information asymmetry are becoming obsolete, prompting traders to seek new opportunities, such as extending supply chain services or enhancing financial operations [9][12]. - Large trading firms are increasingly engaging in arbitrage transactions to capitalize on the price differences between futures and spot markets, with some securing profits of 80 to 100 CNY per ton [11][12]. Financial Pressures - The steel trading sector is facing significant financial strain, with average profit margins reported at only 1.97% for the first half of 2025, leading to increased scrutiny from banks regarding credit risk [15][16]. - Traders are experiencing longer sales cycles and delayed payments from clients, with accounts receivable turnover days reaching a historical high of 83 days [19][20]. Survival Strategies - In response to the challenging environment, traders are implementing strategies such as reducing inventory levels, utilizing futures for risk hedging, and exploring supply chain financing options [21][22]. - Some traders are shifting their focus to reliable clients with good credit histories, even if it means accepting lower profit margins [22][23].

第二步是拆解目标，把"大任务"变成"微步骤"。根据观察结果，将笼统的学习目标——如"提高数学成 绩""完成作业"——拆解成具体、可量化、无压力的微小行动。大原则是孩子不需要调动额外意志力就 能开始，并且完成后会有"我做到了"的成就感。 美国作家斯蒂芬·盖斯提出的"微习惯"理论指出：真正可持续的改变，始于一个几乎不需要意志力就能 完成的"超小目标"。比如每天只读1页书、只做1道数学题——这个目标小到孩子不会抗拒，但一旦开 始，往往会"超额完成"。 对厌学的孩子来说，微习惯的意义首先在于降低了启动门槛，不需要"我要好好学习"的宏大决心，只需 要"打开课本看5分钟""写一行英语单词"这样的具体小动作；其次是能够重建自我效能感，当孩子连续 几天都能完成微目标时，会获得"我能做到"的积极反馈，这种正向体验会逐渐修复被厌学磨损的自信 心；同时它还能自然延伸学习动力，微习惯像"心理安全垫"，让孩子在低压力状态下适应学习节奏，后 续再逐步调整目标时，抵触情绪会明显降低。 什么是"跳一跳够得着"的目标呢，它是指目标需要比孩子当前能力略高一点——需要付出一些努力，但 又绝不是遥不可及——通过当前状态调整后能够达成。 具体实践中我 ...

Core Viewpoint - The Lithium Iron Phosphate (LFP) Materials Subcommittee of the China Chemical and Physical Power Industry Association has issued a notice to its members to standardize industry development and set a price floor to prevent vicious competition [1] Group 1: Industry Challenges - The industry has faced continuous overall losses and disordered competition for several years [1] - There is a significant issue of low-price competition leading to internal market turmoil [1] Group 2: Regulatory Measures - Members are required to use the cost range for specific specifications of LFP materials disclosed on November 18 as a pricing reference, which is between 15,714.8 yuan/ton and 16,439.3 yuan/ton, excluding lithium carbonate costs and taxes [1] - Members must report production capacity and other data by the 5th of each month [1] - The notice advises caution in capacity expansion to curb vicious competition and promote healthy industry development [1]

Core Viewpoint - Deep-sea mining is transitioning from exploration to development, driven by technological advancements and increasing demand for deep-sea metals, although it still faces significant economic, environmental, and legal challenges [1][2]. Industry Overview - The deep sea contains over 60 types of metals, including copper, cobalt, nickel, and gold, with an estimated resource volume of approximately 30 billion tons and a recoverable potential of about 7.5 billion tons [2]. - The price surge of various metals, particularly copper and cobalt, has made deep-sea mining economically viable [2]. - Historical attempts at deep-sea mining date back to the late 19th century, with significant efforts in the 1970s, but commercial viability remains elusive [2]. Environmental Concerns - There are ongoing debates regarding the environmental impact of deep-sea mining, with 37 countries advocating for a pause or ban until comprehensive environmental assessments are conducted [3][4]. - Key environmental concerns include sediment plumes, heavy metal pollution, and noise pollution affecting marine life [5][6]. Legal Framework - The current legal framework for deep-sea mining is primarily governed by the United Nations Convention on the Law of the Sea, which outlines the management and regulation of international seabed activities [7]. Commercialization Challenges - Despite technological advancements in mining equipment, such as mining vehicles and ships, profitability models remain unproven, with significant operational challenges including equipment malfunction and low extraction efficiency [9]. - The extraction process from depths of 4,000 to 6,000 meters presents logistical challenges, with no existing pipelines capable of such depths [9]. - The complexity of deep-sea equipment development and the high costs associated with testing further complicate commercialization efforts [9][10]. Alternative Applications - The technology developed for deep-sea mining vehicles may find alternative applications in offshore wind turbine maintenance, leveraging expertise in marine soil mechanics [11].