财政政策作为宏观调控主要手段，具有扩大总需求和定向调结构的双重优势。"十四五"以来，中国财政 政策始终保持积极取向，既主动应对经济短期波动，加强逆周期调节，又始终锚定推进中国式现代化这 一中心任务，着力增强中长期发展动能；既注重保持政策连续性稳定性，又根据宏观经济形势变化相机 抉择，科学把握力度节奏，成为推动经济平稳健康发展的重要力量。 蓝佛安表示："我们对财政宏观调控的规律性认识也在逐步深化。比如，财政宏观调控总体要稳，但在 形势变化较大时，也要及时调整、增强针对性灵活性。比如，更加注重促进微观经济循环，通过支持地 方置换存量隐性债务、发行专项债券支持土地储备和收购存量商品房用作保障性住房等，畅通地方和企 业资金链条，打通循环堵点。再比如，加强财政与货币等政策协同，形成政策合力。今年专门发行5000 亿元特别国债，为大型商业银行注入资本金，预计可撬动信贷投放约6万亿元。" 据蓝佛安介绍，"十四五"期间财政政策主要有四方面特点： （原标题：财政部部长蓝佛安：财政政策始终留有后手 未来财政政策发力空间依然充足） 9月12日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会。 财政部部长蓝佛安在发布 ...

近日，Timberland正式宣布徐明浩成为其全新亚太区代言人。双方将以自由的姿态和真诚的表达，共同 演绎新世代的"踢不烂"故事，传递坚韧不拔、勇敢无畏、真实独立的精神内核。随着代言人的官宣， Timberland还发布了一支全新的"踢不烂的你"主题广告片，以辽阔无垠的沙漠为背景，正式拉开了合作 序幕。在广告片中，徐明浩身着品牌经典的大黄靴，在沙漠中稳步前行，他的身影与一群充满活力的青 年群像交织在一起：有人毅然追逐梦想，有人勇敢地改变自我，还有人在孤独中坚守热爱。 为了进一 步深化合作，Timberland特别推出了Timberland x 徐明浩THE8定制款黄靴。这款鞋以品牌标志性的经典 大黄靴为设计基础，融入了徐明浩的个人风格与创意巧思。联名款限量208双，仅在中国大陆发售，每 一双都独一无二。这款鞋不仅延续了Timberland的经典风格，也承载了年轻一代的个性表达。 （原标题：Timberland官宣徐明浩为全新亚太区代言人） ...

Group 1 - Adidas has announced a new apparel partnership with Audi F1 team, set to officially begin in the 2026 season [1] - The collaboration will cover Audi drivers Nico Hülkenberg and Gabriel Bortoleto, as well as engineers, mechanics, and other team members [1] - Adidas will develop custom high-performance apparel emphasizing functionality and track performance [1] Group 2 - A co-branded collection featuring Audi F1 team and Adidas will be launched before the 2026 season, including clothing, footwear, and accessories for the global market [1]

（原标题：江南史前考古的地标：访苏州草鞋山遗址｜访古） 作者：翟德芳 结束了无锡的访问，我继续南行，来到苏州。不过在进城之前，我先去看了位于苏州吴 中区的草鞋山遗址。 草鞋山遗址发现和发掘的时间很早。我在上大学的时候，就在课堂上知道了苏州附近有一个草鞋山，那 里有著名的长三角地区的新石器文化"三叠层"，这次有机会遍访长三角的古代遗址和文化，草鞋山遗址 就是必到的一站。因为我南行的时间偏早，这一路好几个遗址博物馆都不开放，搞得我很是紧张，待得 来到阳澄湖南岸、阳澄湖大道东侧的现属苏州工业园区的草鞋山遗址博物馆，发现这里是开放的，不禁 大喜过望，开始了愉快的访问。 江南史前文化的"三叠层" 前面说过，草鞋山遗址被发现的时间很早，具体说是1956年，当时江苏省文管会组织文物普查，南京博 物院的赵青芳（1912～1994）先生发现了这个遗址。当年这里还属于吴县（1995年撤销吴县，建立吴县 市；2000年撤销吴县市，设立苏州市吴中区、相城区，草鞋山属于吴中区，由苏州工业园区代管）。他 在日记中有记录："在夷陵山的西北，仅隔一条小路，又有一个土墩，相传为草鞋山……草鞋山面积较 大，约10000平方米，北半边稍高，南边低 ...

Core Viewpoint - The recent regulatory penalties imposed on multiple financial institutions, particularly the significant fine on Guangfa Bank, highlight the urgent need for improved risk management and compliance within the banking sector in China [1][3]. Group 1: Regulatory Actions - The National Financial Supervision Administration disclosed a series of administrative penalties affecting numerous financial institutions, with Guangfa Bank receiving the highest fine of 66.7 million yuan due to multiple management failures and regulatory reporting violations [1][3]. - Guangfa Bank's violations included imprudent management of loans, bills, and factoring businesses, as well as non-compliance in regulatory data reporting, indicating a significant lapse in their risk control systems [1][2]. Group 2: Implications for Guangfa Bank - The hefty fine will pressure Guangfa Bank's capital, directly impacting its core Tier 1 capital adequacy ratio, and may damage its brand reputation and public trust in its risk management capabilities [4]. - The incident may lead to stricter regulatory scrutiny on Guangfa Bank's business expansion, particularly in areas like peer collaboration and innovative business approvals [4]. Group 3: Industry-Wide Impact - The penalties serve as a warning to the entire banking industry, emphasizing the importance of compliance and risk management in the face of challenges such as narrowing interest margins and the need for business model transformation [4]. - The regulatory environment is becoming increasingly stringent, with a clear message that any growth achieved at the expense of compliance is unsustainable [4].

Group 1 - The 2025 Global Headquarters Economy Conference and China Building Economy Forum focuses on opportunities and challenges in the development of headquarters and building economies from a global perspective [1] - Beijing is enhancing its headquarters economy by fostering new productive forces, optimizing the business environment, and supporting specific economic zones like CBD and Lize [1] - The conference aims to build a "city-headquarters-building" industrial community, linking headquarters enterprises with city governments and investment operators to promote high-quality development [3] Group 2 - Global headquarters economy faces challenges in balancing regional layout and global collaboration, while building economy is under pressure from supply-demand imbalance and digital transformation [2] - Digital technologies are reshaping the headquarters and building economies, with remote collaboration making headquarters layouts more flexible and IoT and AI improving building operations [2] - The establishment of the first "Headquarters Economy Innovation Development Practice Zone" in Shenzhen and the launch of Beijing CBD's second global reception hall signify advancements in the headquarters economy [3]

Core Insights - Jietu Motors has launched the new model Jietu X70L with a starting pre-sale price of 109,900 yuan, adopting a "more features without increasing price" strategy in response to the competitive fuel vehicle market [2] - The Jietu X70L features high-end specifications such as the Qualcomm 8155 chip and a 15.6-inch central control screen, which were previously exclusive to models priced above 150,000 yuan [2] - The vehicle offers two engine options: a 1.5T engine with a maximum power of 184 horsepower and a 2.0T engine with a maximum power of 254 horsepower, along with CDC electromagnetic suspension for improved ride comfort [2] Sales Performance - In the first eight months of 2025, Jietu Motors sold 402,900 vehicles, marking a year-on-year increase of 27.3%, with total sales surpassing 1.93 million units [3] - The Jietu X70 series has sold over 970,000 units globally, serving as a key sales pillar for the company [3] Product Strategy - Jietu Motors is pursuing a "fuel + hybrid + luxury" product strategy to balance its transition to new energy vehicles while maintaining its fuel vehicle base [3] - The company has developed a "Travel +" ecosystem strategy, which differentiates it in a competitive market by focusing on travel-related product offerings [3] Distribution Network - Jietu Motors has over 500 sales service outlets nationwide and plans to establish more than 600 experience centers and 1,200 city showrooms and direct sales stores, leading among domestic brands in channel density [3] - The expansion of the product matrix across fuel, hybrid, and luxury lines presents a challenge for efficient allocation of channel resources [3]

Core Viewpoint - The company, Guangdong Jingsheng New Energy Co., Ltd., is attempting to list on the Hong Kong Stock Exchange for the second time after its initial application lapsed in December 2024, amid significant financial losses and market volatility in the lithium battery recycling sector [1]. Financial Performance - The company has experienced a "roller coaster" financial performance, with revenues declining from 29.05 billion yuan in 2022 to 9.37 billion yuan in the first half of 2025, indicating a continuous downward trend [2]. - The company reported a profit of 1.51 billion yuan in 2022 but has since incurred losses of 4.71 billion yuan in 2023, 3.44 billion yuan in 2024, and 1.44 billion yuan in the first half of 2025, totaling over 10 billion yuan in losses over the past three and a half years [2]. Market Conditions - The core reason for the company's losses is attributed to the drastic decline in prices of lithium carbonate, nickel, and cobalt, leading to a situation where product prices are lower than production costs [2]. - The average price of lithium carbonate plummeted from 426,900 yuan per ton in 2022 to 62,300 yuan per ton in the first half of 2025, representing a cumulative decline of over 80% [4]. Customer Concentration - The company's sales are heavily reliant on a few major clients, with revenue from the top five customers accounting for 52.7% to 67.3% of total revenue during the reporting period, indicating increasing customer concentration [2]. - The largest single customer contributed 13.9% to 45.2% of total revenue over the same period, raising concerns about the company's dependency on a limited customer base [2]. Accounts Receivable - The turnover days for trade receivables increased from 38 days in 2022 to 56 days in the first half of 2025, a nearly 50% rise, which is significantly higher than the industry average [3]. - The high customer concentration and low collection efficiency create a negative feedback loop, where major clients demand extended payment terms, increasing the risk of bad debts for the company [3]. Valuation and Ownership - The company was founded by the Li brothers in 2010 and has undergone multiple rounds of financing, with its valuation fluctuating significantly, peaking at 12 billion yuan in March 2023 and dropping to 6.2 billion yuan in July 2024 before recovering to 7.6 billion yuan in November 2024 [5]. - The current valuation has decreased by over 30% from its peak, reflecting the volatility in the industry [5]. Strategic Direction - In response to industry fluctuations, the company aims to establish a closed-loop industry model from "recycling to regeneration" to mitigate reliance on market conditions for profitability [5].

Core Insights - The Consumer Price Index (CPI) in August 2025 showed a year-on-year decline of 0.4%, influenced by high base effects from food prices and a continued low growth trajectory due to ample supply [1][2] - The Producer Price Index (PPI) decreased by 2.9% year-on-year, but the rate of decline narrowed by 0.7 percentage points compared to the previous month, indicating a potential rebound due to low base effects and market optimization [6][7] CPI Analysis - The CPI's year-on-year decline of 0.4% in August 2025 was attributed to high base effects from food prices, with a month-on-month growth of 0.0% [2][3] - Core CPI, excluding food and energy, increased by 0.9% year-on-year, reflecting a slight upward trend since February [2][4] - Food prices fell by 4.3% year-on-year, with fresh vegetables experiencing the most significant decline of 15.2% [3][4] PPI Analysis - The PPI's year-on-year decline of 2.9% was influenced by external uncertainties and domestic market adjustments, with a month-on-month growth of 0.0% [6][7] - The prices of coal mining and oil extraction fell by 19.8% and 9.7% respectively, reflecting the impact of international commodity price declines [6][7] - The divergence in price trends between traditional industries and high-tech sectors was noted, with black metal prices down by 4.0% and non-ferrous metal prices up by 4.8% [7] Future Outlook - The CPI is expected to see slight upward movement in 2025 due to "stabilizing growth and promoting consumption" policies, although internal economic pressures remain significant [9] - The PPI may experience upward momentum in the second half of 2025 due to policy adjustments aimed at curbing low-price competition [9]

Group 1 - The book "The Absurdity and Wisdom of Taxes: Stories from Tax History" by economists Michael Keen and Joel Slemrod presents engaging stories from tax history while introducing various academic findings related to taxation [1] - Governments throughout history have utilized various forms of taxation, including labor as a form of tax, with examples such as forced labor for monumental constructions like the Great Wall and pyramids [2] - Governments often resort to unconventional methods to finance expenditures, such as issuing currency to gain the difference between its value and production cost, known as "seigniorage" [3] Group 2 - Unique tax types have been implemented by governments to address social issues, such as Peter the Great's beard tax aimed at modernizing Russian nobility [4] - Historical tax systems often favored the wealthy, with examples like the tax exemptions for the nobility in France under Louis XIV, leading to social unrest and contributing to the French Revolution [5] - In multi-ethnic states, tax policies have sometimes discriminated against certain religious groups, with examples of special taxes imposed on Jews in Christian countries [6] Group 3 - The economic concept of tax incidence highlights that the legal obligation to pay taxes may differ from who ultimately bears the tax burden, as seen in the case of a special tax on households employing maids in 1785 England [7] - Policymakers sometimes fail to implement effective measures to ensure that tax burdens are passed on to consumers, leading to ineffective tax policies [8] - Taxpayer responses to taxation can lead to reduced economic activity, resulting in "deadweight loss," which represents a loss of societal welfare [9] Group 4 - The design of tax systems can lead to unintended consequences, such as the historical port and lighthouse fees based on ship dimensions rather than actual draft depth, resulting in unsafe vessel designs [10] - Tax incentives for small businesses can create disincentives for growth, leading to inefficiencies in resource allocation [11] - Tax evasion remains a significant issue, with estimates indicating that a substantial portion of tax liabilities goes unpaid, particularly in developing countries [12] Group 5 - Large corporations, especially multinational companies, are often scrutinized for tax avoidance strategies, but they also facilitate tax compliance for governments due to their structured payroll systems [13] - The book also discusses optimal tax design, international tax competition, and government debt, providing a comprehensive overview of tax economics [13]