Group 1 - The "Good House" policy is making the real estate market in core cities healthier, with the first opening sales rate in 14 first-tier cities ranging from 78% to 83%, significantly higher than historical rates, indicating strong demand for high-quality housing [1] - In Shanghai, prices for high-end improved new homes and second-hand homes for first-time buyers have stabilized and are beginning to improve, suggesting a faster overall recovery in the Shanghai real estate market [1] - The shift in buyer preferences from "having a place to live" to "living well" is driving strong demand for improved housing, but there is a shortage of quality homes, particularly in core cities [1] Group 2 - The "Good House" policy provides new opportunities for real estate companies and drives industry transformation, allowing them to sell high-quality homes at higher prices due to relaxed price controls [2] - Companies that focus on high-quality housing in core cities, such as China Resources Land, are expected to emerge from the downturn, shifting their business model from quick profits to a more sustainable, product-focused approach [2] - The policy emphasizes the essence of housing as a place to live, promoting green, low-carbon, intelligent, and safe homes, thereby reducing the financial attributes of real estate and encouraging a return to manufacturing principles [2]

Group 1 - The bond market has experienced a decline since September, with the 10-year government bond yield surpassing 1.8% and the 30-year yield exceeding 2.1%, marking new lows in the current bond market cycle [1] - The recent regulatory changes regarding redemption fees for mutual funds have triggered a wave of redemptions, particularly affecting pure bond funds, which are primarily used by institutional investors for diversification and liquidity management [2] - The increase in redemption fees, particularly for holdings less than 7 days, is expected to significantly reduce the attractiveness of bond funds for institutions, leading to a redemption trend [2] Group 2 - The potential for further declines in the bond market appears limited, with the configuration value gradually returning as the macroeconomic fundamentals in China do not support a prolonged bear market [3] - Institutional behavior indicates that most funds redeemed from bond funds will eventually flow back into the bond market, suggesting that the impact of redemptions is more about timing rather than a fundamental shift [3] - The current yield on new 10-year government bonds is comparable to the dividend yield of the A-share market, indicating that the configuration value of bonds is becoming more apparent [3]

Core Viewpoint - The Financial Regulatory Bureau has revised the "Trust Company Management Measures" to enhance the trust industry by focusing on its core responsibilities, deepening reforms, and effectively preventing risks [1][2]. Group 1: Main Revisions - The revised measures emphasize the core business of trust companies, adjusting their business scope to focus on asset service trusts, asset management trusts, and public welfare trusts, while breaking the rigid repayment model [7][8]. - The measures aim to strengthen corporate governance by integrating party building with corporate governance, enhancing shareholder behavior management, and establishing internal assessment mechanisms [7][9]. - Risk prevention is prioritized, with a focus on compliance management and operational risk, requiring comprehensive risk management throughout the trust business process [7][10]. Group 2: Business Scope Adjustments - The business scope has been narrowed to three main areas: asset service trusts, asset management trusts, and public welfare trusts, while eliminating unrelated intermediary businesses [8]. - New provisions allow trust companies to apply for liquidity support loans from the Trust Industry Guarantee Fund Company and to issue bonds directed at shareholders and related parties [8]. Group 3: Corporate Governance Requirements - Trust companies are required to establish a specialized committee for the protection of the rights of clients and beneficiaries, led by independent directors [9]. - There are enhanced requirements for managing shareholder behavior and related transactions, including regular evaluations and reporting of violations [9]. Group 4: Risk Management and Internal Controls - Trust companies must strengthen internal controls and risk management, ensuring that risk preferences align with risk management capabilities [10][11]. - The measures specify requirements for the entire trust business process, including documentation, risk disclosure, and asset management [10]. Group 5: Recovery and Disposal Arrangements - The revised measures enhance the enforceability and operability of recovery and disposal plans, allowing trust companies to seek liquidity support and issue bonds [12]. Group 6: Rectification of Existing Trust Businesses - Trust companies are required to identify and rectify existing businesses in accordance with the new measures, with progress monitored by the Financial Regulatory Bureau [13].

（原标题：招商局在上海成立物流科技公司 ，注册资本10亿元） 企查查APP显示，中数联物流科技（上海）有限公司成立，法定代表人为张雄，注册资本为10亿元，经 营范围包含：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广。股权穿透显示，该公 司由中国数联物流信息有限公司直接投资，由招商局集团有限公司100%持股。 ...

Group 1 - The memoir "My Life as a Philosopher" by Karl Löwith discusses his relationship with Heidegger and the impact of Nazi ideology on philosophy [1] - Löwith, a Jewish scholar, reflects on his forced exile from Germany and his analysis of Heidegger's "Being and Time" in the context of extreme right nationalism [1][2] - The book highlights Löwith's gratitude for his experiences in Italy, contrasting the humanity he found there with the brutality of Germany under Nazi rule [2] Group 2 - The biography "The Unequaled Self" by Claire Tomalin focuses on Samuel Pepys, emphasizing his self-interest and the value of his diaries as a record of personal experiences [3] - Pepys's diaries document his life during significant historical events, including the English Civil War and the Great Fire of London, showcasing his keen observational skills [3] - Tomalin's work illustrates the importance of personal narrative in understanding historical context and individual character [3] Group 3 - Simone de Beauvoir's "Old Age" confronts the realities of aging and death, challenging societal norms around these topics [4] - The book reflects Beauvoir's personal experiences and observations, emphasizing the need for honesty in discussing aging and mortality [4] - Beauvoir critiques the commercialized and sanitized discourse surrounding death in contemporary society [4] Group 4 - "Camus the Journalist" by Maria Santos-Sainz explores Albert Camus's journalistic career, particularly his writings during the rise of fascism and the Algerian crisis [5] - Camus's work as a journalist is characterized by a critical approach to political systems and social issues, reflecting his commitment to moral integrity [5] - The book highlights the distinction between journalism and literature, noting that while journalism addresses contemporary issues, literature speaks to both contemporaries and future generations [5] Group 5 - "The Story of Culture" by Martin Puchner examines the transmission and transformation of cultural works across different contexts and eras [7] - The narrative illustrates the chaotic and interconnected nature of cultural exchange, emphasizing that works cannot be fully understood in isolation [7] - Puchner uses anecdotes to demonstrate how cultural artifacts evolve and are reinterpreted through various lenses [7]

Group 1 - The core point of the news is that Chasing Technology has successfully completed its first round of financing for its automotive venture, potentially becoming the fastest car manufacturer to achieve this milestone [2][3] - Chasing Technology's first electric vehicle is positioned as a super luxury model aimed at competing with Bugatti Veyron, with plans for a 2027 launch [3][4] - The company is establishing a factory in Germany, which will be 1.2 times the size of Tesla's Berlin factory, marking a significant step for a Chinese tech company in high-end manufacturing in Europe [2][6] Group 2 - The decision to enter the automotive industry is based on a long-term strategy, with plans dating back to 2013, indicating a serious commitment rather than a fleeting trend [4][5] - The automotive industry, particularly the electric vehicle sector, presents a vast market opportunity, especially as traditional luxury brands lag in electrification and smart technology [4][5] - Chasing Technology aims to leverage its technological expertise and existing high-net-worth customer base to penetrate the super luxury electric vehicle market [7][8] Group 3 - The new factory in Germany will allow Chasing Technology to tap into a local supply chain of over a thousand parts suppliers, enhancing efficiency and reducing costs [6][9] - The company has a strong patent portfolio, with 6,379 global patent applications and 3,155 granted patents, showcasing its technological capabilities [7][9] - Chasing Technology's existing global network includes over 6,000 retail locations and 11 million members, providing a solid foundation for market entry [8][9] Group 4 - The automotive team has grown to nearly 1,000 members, combining expertise from both technology and traditional automotive sectors, which is crucial for the project's success [9][10] - The global electric vehicle market is experiencing significant growth, with a 27% year-on-year increase in sales, indicating a favorable environment for Chasing Technology's entry [9][10] - The company aims to capitalize on China's advanced automotive supply chain and technology to establish a strong presence in the global super luxury automotive market [10]

Group 1 - PayPal aims to resolve payment challenges for overseas tourists in China by allowing them to scan WeChat payment QR codes within this year [1] - The launch of PayPal World is intended to connect global local wallets, enabling users to make quick payments and receipts using their local wallets [1] - PayPal is collaborating with Tenpay Global as one of its first partners to achieve global payment interoperability [1] Group 2 - PayPal's business in China has primarily served cross-border e-commerce sellers, with a significant focus on the Chinese market [2] - The cross-border e-commerce export in China is projected to reach approximately 2.15 trillion yuan in 2024, reflecting a year-on-year growth of 16.9% [2] - PayPal's growth rate in China has exceeded the overall market growth, indicating strong performance [2] - The company recognizes the emerging trends in industries such as short dramas and gaming, and plans to support these sectors in their international expansion over the next five years [2]

（原标题：从芯片到车队，地平线的Robotaxi想象） 9月11日，在2025 Inclusion·外滩大会上，地平线与哈啰宣布结成战略合作。 这意味着自动驾驶的商业化，尤其是L4级Robotaxi，或进入"战国时代"的新阶段。 过去十年里，资本与舆论不断把Robotaxi推向风口，但围绕成本、政策、场景的争论从未停歇。如今，当地平线这样的技术基座公司与哈啰这样 的运营商选择"合体"，意味着自动驾驶正从"能不能跑"转向"能不能跑得便宜、跑得久"。 如果把视线拉长，L4的商业化进程并非孤立事件，而是被多股力量推着往前走。政策层面，北京、上海、深圳等地已相继出台自动驾驶条例，明 确车内无人、远程接管、收费试运营的管理框架。 瑞银预测，到本世纪30年代后期，中国Robotaxi市场潜在规模将达到1830亿美元，全国将有约400万辆车投入运营。无人物流车则有望更早进入盈 利期，成为支撑现金流的第一个成熟场景。 对于投资人而言，这意味着未来三到五年是自动驾驶行业"跑通模型"的关键期。无论是资本还是监管，都会越来越关注两点：单车成本是否能降 到合理区间，运营是否能形成可持续现金流。 值得注意的是，一旦车队的运营数据和现金 ...

（原标题：宋朝百姓聚会：市井里的烟火气） 文博时空 作者 董严 千年前，赵匡胤黄袍加身，开创了一个自由而迷人的新时代，"举目则青楼画阁， 绣户珠帘，雕车竞驻于天街，宝马争驰于御路，金翠耀目，罗绮飘香"，细致的描述记录了无数生命曾 经存在的痕迹，让我们跟随一个普通百姓李贵的脚步，一起回到烟火市井的故梦。 这里是北宋都城东京开封，也是世界上最大、最繁荣的都市。 俯视这座城池，皇城、内城、外城三重宫墙嵌套而立，最外围周长约43公里，陆路城门共十二座，东面 设有两门，西、南分别设有三门，北面设立四门供人通行，另有水门数座，供河流穿行。城内道路呈十 字相交，街市屋宇鳞次栉比，茶坊酒肆、肉铺庙观挤挤挨挨，养活了五行八市、三教九流。 在元旦当天，普通人家也会认真梳洗，换上洁净崭新的衣服，虽然不像富贵人家有罗、缎、织锦等名贵 布料，但也要素雅干净，迎接亲友的来访。在宋代，元旦拜年的方式有很多,有同族长者带领若干后生 挨家祝贺，有亲朋好友之间相互祝贺，也有大家聚在一起"团拜"。李贵每年都会置酒待客，约三五好友 小聚。早上五更刚过，便有邻人熟识前来拜年，除了提前约好的三个好友，也有邻居贪酒留下相聚。一 边喝着屠苏酒，一边闲话家常 ...

Core Viewpoint - The Shandong Provincial Department of Transportation has issued the "Artificial Intelligence + Transportation" Innovation Application Action Plan, aiming to deeply integrate and apply artificial intelligence technology in the transportation sector, focusing on eight key tasks including smart highways, smart airports, and smart port and shipping applications [1] Group 1: Smart Highways - The plan emphasizes enhancing road network operation monitoring through artificial intelligence, improving traffic flow dynamic monitoring, and intelligent identification of abnormal events to support congestion cause analysis, rapid traffic accident location, and emergency resource dispatch demand forecasting [1] Group 2: Smart Airports - The plan supports the advancement of smart airport construction through the application of biometric recognition and intelligent security check technologies for "seamless passage," promoting self-service options such as self-check-in, self-baggage drop, and self-security checks [1] - It also aims to advance low-altitude integrated infrastructure construction and expand the application of unmanned aerial vehicles in multiple scenarios, leveraging smart technology to create aviation-led comprehensive passenger transport hubs [1]