日前，云南国际信托有限公司(以下简称：云南信托)发布公告，公司董事会于近日收到甘煜书面提交的 《辞任申请》，其辞去公司董事、董事会下设委员会委员、董事长及法定代表人职务。后续，公司总经 理舒广将代为履行董事长及法定代表人职责。 云南信托公告称，甘煜因工作调动，向董事会提出辞任，甘煜先生的《辞任申请》自送达公司董事会之 日起生效。公司董事会对甘煜任职公司期间为公司发展所作出的杰出贡献表示衷心的感谢。 （原标题：官宣！云南信托甘煜辞任董事长） 公开资料显示，云南信托成立于1991年，2003年经中国人民银行批准，由原云南省国际信托投资公司增 资改制后重新登记为非银行金融机构，目前注册资本22亿元。2019年3月甘煜正式获批担任云南信托董 事长，至今已有6年。据云南信托2025年年报，甘煜曾在中国人民银行、原中国银监会和平安银行等机 构任职。 根据《公司法》《公司章程》等有关规定，经云南信托第八届董事会第二十三次会议审议通过，推举舒 广董事代为履行董事长及法定代表人职责，代为履职时间自董事会通过之日起，代为履职期限不超过 6 个月。 ...

Group 1: Industry Overview - The global trend towards "zero sugar" is reshaping consumer choices, with 75% of beverage consumers in China opting for sugar substitutes due to health concerns [1] - The global erythritol market is projected to reach approximately $910 million in 2024, with China dominating the market with a 73% share [1] - The rapid development of the sugar-reduction food industry is heavily reliant on biotechnology, particularly using corn as a raw material for natural sweeteners like erythritol [1] Group 2: Company Profile - Dongxiao Biotechnology Co., Ltd. is emerging as a significant player in China's biotechnology sector, leveraging advanced corn deep-processing technology and automated production capabilities [1] - The company has an annual corn processing capacity of 1.7 million tons, enabling a full-chain production process that includes the conversion of corn into erythritol, starch sugars, and amino acids [1] - Dongxiao has established partnerships with renowned brands such as Yuanqi Forest, Coca-Cola, Nestlé, Unilever, BASF, and Charoen Pokphand Group [2] Group 3: Technological Advancements - Dongxiao has a research team of nearly 200 members, including academicians and PhD holders, and has developed a four-tiered research and development system [2] - The company has optimized fermentation processes, reducing the fermentation cycle by 25% and increasing conversion rates by 5%, while also lowering energy consumption by 15% [2] - Dongxiao is preparing to launch the next generation of natural sweeteners, allulose, which has a sweetness level of about 70% compared to sucrose and only 10% of its calories [2] Group 4: Future Outlook - Dongxiao aims to continue expanding in the functional product sector and enhance the value chain of the health industry [3] - The company is positioned to contribute to the global health wave with its innovative approaches to "healthy sweetness" [3]

Core Viewpoint - The appointment of Gao Ruidong as the new General Manager of Everbright Pramerica Fund marks a significant leadership change within the company, indicating a potential shift in strategic direction and management style [1] Group 1: Management Changes - Gao Ruidong has been appointed as the General Manager of Everbright Pramerica Fund effective September 2, replacing He Jingzhe, who will continue as Deputy General Manager and Chief Operating Officer [1] - He Jingzhe will also retain the role of Chief Information Officer, ensuring continuity in operational leadership [1] Group 2: Background of New General Manager - Gao Ruidong has extensive experience in the financial sector, having held various positions including roles at China Cinda Asset Management, CITIC Securities, and Guotai Junan Securities [1] - His previous positions include Chief Macro Economist and Deputy Director of Research at Everbright Securities, showcasing his expertise in macroeconomic analysis [1] - Gao's career trajectory reflects a strong background in strategic development and economic research, which may influence the fund's future strategies [1]

Core Insights - The total scale of asset management products in China reached 75.38 trillion yuan by the end of Q2 2025, reflecting a robust growth trend in the asset management market [1][2] Group 1: Overall Market Performance - The asset management market grew by 3.06 trillion yuan from the end of Q1 2025, representing a growth rate of approximately 4.23% [1] - The public fund scale increased from 32.22 trillion yuan at the end of Q1 to 34.39 trillion yuan at the end of Q2, marking a rise of 2.17 trillion yuan and a quarter-on-quarter growth rate of about 6.74% [2] Group 2: Breakdown of Asset Management Products - The scale of private asset management products by securities companies and their subsidiaries rose from 5.93 trillion yuan to 6.14 trillion yuan, an increase of 0.21 trillion yuan, with a quarter-on-quarter growth of approximately 3.54% [2] - The scale of private asset management products by fund management companies and their subsidiaries slightly decreased from 5.59 trillion yuan to 5.58 trillion yuan, remaining stable at a high level [2] - Pension assets managed by fund management companies grew from 6.09 trillion yuan to 6.3 trillion yuan, an increase of 0.21 trillion yuan, with a quarter-on-quarter growth rate of about 3.45% [2] - Private fund scale increased from 20.19 trillion yuan to 20.6 trillion yuan, reflecting a growth of 0.41 trillion yuan and a quarter-on-quarter increase of approximately 2.03% [2] - The scale of asset-backed special plans (ABS) rose from 2.08 trillion yuan to 2.13 trillion yuan, an increase of 0.05 trillion yuan, with a quarter-on-quarter growth rate of about 2.4% [2] - The scale of private asset management products by futures companies and their subsidiaries increased from 0.32 trillion yuan to 0.36 trillion yuan, marking a growth of 0.04 trillion yuan and a quarter-on-quarter increase of 12.5% [2]

Core Viewpoint - The combination of trade de-globalization and financial globalization is expected to exert downward pressure on global asset returns [1] Group 1: Trade De-globalization - Trade de-globalization is narrowing global market demand, which in turn reduces the returns of the real economy [1][6] - The U.S. has seen a continuous trade deficit exceeding $1 trillion from 2021 to 2024, leading to a significant outflow of dollars [3] - Tariff policies in the U.S. artificially raise import prices, aiming to protect domestic industries but ultimately increasing global commodity prices and reducing overall demand [4] Group 2: Financial Globalization - The introduction of the "Genius Act" regarding stablecoins represents a significant step in financial globalization, potentially increasing competition among financial assets [5] - The market capitalization of stablecoins has surpassed $280 billion, serving as a crucial link between traditional finance and digital assets [6] - The tokenization of assets is seen as the ultimate form of financial product innovation, allowing for the fractionalization of high-value assets to meet the needs of smaller investors [6] Group 3: Economic Implications - The stagnation of labor productivity in U.S. manufacturing has led to rising product prices, diminishing the global competitiveness of U.S. goods [2] - The combination of trade de-globalization and financial globalization is likely to lead to a long-term decline in asset returns due to increased competition and supply of financial assets [6]

（原标题：开源拓界 众行致远 | 构建汽车软硬协同新生态！第四届中国汽车芯片大会在渝召开） 8月28日—29日，2025智能汽车基础软件生态大会暨第四届中国汽车芯片大会在重庆渝州宾馆圆满举办。29日下午，以"构建汽车软硬协同新生 态"为主题的第四届中国汽车芯片大会顺利召开。来自产业链上下游的200余名代表，聚焦操作系统层如何高效对接芯片算力与应用需求、突破开 发效率瓶颈等问题，共同探讨如何实现"芯片-系统-应用"的纵向贯通与跨企业横向协同。 大会由中国汽车工业协会副秘书长李邵华主持，重庆市经济和信息化委员会二级巡视员张玻、中国电科集团产业部主任刘淮松等领导参会并致 辞。 张玻介绍，作为中国重要的汽车生产基地，重庆正全力推进汽车产业高质量发展。近年来，重庆车规级芯片产业生态持续优化，已初步构建起覆 盖材料研发、芯片设计、晶圆制造、封装测试至系统总成的全链条体系。面向未来，重庆将主动把握"软件定义汽车"的发展趋势，加速打造世界 级智能网联新能源汽车产业集群，为中国汽车产业从"汽车大国"向"汽车强国"跨越注入强劲"重庆力量"。 重庆市经济和信息化委员会二级巡视员张玻 刘淮松表示，中国电科将主动抢抓智能网联产业的战略 ...

Core Insights - Dongfeng Motor Group reported a record monthly sales figure of 212,000 vehicles in August, representing a year-on-year increase of 25.2% [2] - The sales of new energy vehicles (NEVs) reached over 100,000 units for the first time in a single month, with a year-on-year growth of 36% [2] - For the period from January to August, Dongfeng has sold a total of 578,000 NEVs, moving steadily towards its goal of selling one million NEVs by the end of the year [2] New Energy Vehicle Performance - NEVs have become the core growth engine for Dongfeng Motor [2] - The high-end NEV brand, Lantu, achieved a new sales high of 13,500 units in August, marking a significant year-on-year increase of 151.3% and achieving seven consecutive months of growth [2]

Core Viewpoint - Gree Electric Appliances emphasizes a long-term value strategy over participating in price wars, maintaining optimism for future growth despite a slight decline in revenue [1][2][7]. Financial Performance - In the first half of 2025, Gree reported revenue of approximately 973 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was about 144 billion yuan, reflecting a year-on-year increase of 1.95% [1][2]. - The net profit margin and earnings per share have improved compared to the previous year [2]. Strategic Approach - Gree's strategy is encapsulated in three key terms: structure, efficiency, and discipline [4]. - **Structure**: Focus on healthy home appliances and high-quality supply, promoting categories like air conditioning, refrigeration, washing, and purification [4]. - **Efficiency**: Enhanced operational precision and tighter supply chain collaboration have positively supported profit formation [5]. - **Discipline**: Maintaining a value baseline in price wars, prioritizing profit and quality over short-term sales [6]. Market Positioning - Gree has consistently avoided impulsive participation in price wars, positioning itself as a long-term value player in the market [7]. - The company has undertaken three main initiatives: 1. Upholding product and service quality standards [8]. 2. Strengthening brand recognition and consumer memory [8]. 3. Ensuring operational quality with a focus on profit margins and customer satisfaction [8]. International Growth - Gree's overseas revenue reached 163.35 billion yuan in the first half of the year, marking a 10.19% increase year-on-year, with 70% of exports attributed to its own brand [10]. - The company aims to transition from selling capacity to selling brand value, enhancing its bargaining power and customer loyalty [10]. Second Growth Curve - Gree's second growth curve includes industrial products and green energy, with revenue of 95.91 billion yuan in this segment, reflecting a 17.13% year-on-year increase [11]. - The smart equipment segment also showed strong growth, with a revenue increase of 20.90% [11]. Channel Strategy - The "Dong Mingzhu Healthy Home" initiative focuses on upgrading channels from single product sales to solution-based offerings, with a principle of "same model, same price, same service" [12]. - The integration of online and offline channels is set to enhance long-term customer relationships [12]. Financial Quality and Shareholder Returns - The steady growth in profit and net profit margin indicates a solid foundation of operational quality and brand premium [13]. - Earnings per share increased to 2.60 yuan, reflecting the company's commitment to shareholder returns and long-term value [13]. Future Outlook - Gree plans to focus on structure, brand, channels, and international expansion while maintaining a cautious yet optimistic outlook for the future [14]. - The company believes that the quality of growth is more important than growth itself, aligning with its long-term vision [14].

Core Viewpoint - Gree Electric's performance in the first half of 2025 reflects a commitment to quality over price competition, with a focus on long-term value creation despite a slight decline in revenue [2][4][7]. Financial Performance - In the first half of 2025, Gree achieved an operating income of approximately 973 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was about 144 billion yuan, an increase of 1.95% [1][2]. - The net profit margin and earnings per share both saw year-on-year improvements, indicating a focus on maintaining high-quality growth [2]. Strategic Approach - Gree's strategy is characterized by three key principles: structure, efficiency, and discipline. The company emphasizes healthy home appliances and high-quality supply, which has led to improved overall profit margins [4][5][6]. - The company maintains a disciplined approach by avoiding price wars and prioritizing product quality and service, believing that long-term trust can only be built through value [6][7]. Market Position and Growth - Gree's overseas revenue was a highlight, reaching 163.35 billion yuan, a year-on-year increase of 10.19%, with self-owned brands accounting for 70% of total exports [10]. - The second growth curve for Gree includes industrial products and green energy, with revenue of 95.91 billion yuan in this segment, reflecting a year-on-year growth of 17.13% [11]. Channel Development - The "Dong Mingzhu Healthy Home" initiative is a channel upgrade project aimed at transitioning from selling single products to providing comprehensive solutions, with a focus on customer experience and long-term relationships [12]. - The integration of online and offline channels is set to enhance user engagement and retention, moving beyond mere transaction volume [12]. Future Outlook - Gree plans to continue focusing on value-driven operations, strengthening brand presence, and expanding overseas market share while cautiously optimistic about future growth [14].

9月5日讯，中国汽车技术研究中心有限公司（以下简称"中汽中心"）党委书记、董事长安铁成一行到访 长城汽车，与魏建军董事长等高层进行深度交流，期间双方签署了深化战略合作协议。魏建军对安铁成 一行的来访表示欢迎，并对中汽中心长期以来的支持表示感谢。他指出长城汽车始终坚持长期主义，不 断强化科技创新和产品品质把控，希望未来双方围绕标准、政策、技术、国际化等方面进一步加强沟通 交流合作，助力长城汽车产品与技术不断提升。此次深化协议的签署，标志着双方合作进入崭新阶段。 未来，中汽中心与长城汽车将携手共进，为助推中国汽车产业高质量发展注入新动能。 （原标题：长城汽车与中汽中心再度深化战略合作） ...