日前，二十届中央第六轮巡视开始进驻。 7月17日公布，已进驻山东。 7月18日，公布进驻天津市、贵州省、广西壮族自治区、陕西省、辽宁省。 天津 来源：中央纪委国家监委网站 根据党中央关于巡视工作的统一部署，近日，中央第十三巡视组巡视广西壮族自治区工作动员会召开。 中央第十三巡视组组长于长辉作了动员讲话，对深入学习贯彻党中央关于巡视工作的决策部署、扎实开 展巡视工作提出要求。广西壮族自治区党委书记、自治区人大常委会主任陈刚主持会议并讲话。 陈刚表示，中央第十三巡视组对广西开展巡视，充分体现了以习近平同志为核心的党中央对广西工作的 高度重视、对自治区党委班子和全区广大干部的深切关怀。我们要深入学习贯彻习近平总书记关于党的 自我革命的重要思想和关于巡视工作的重要论述，深刻认识这次中央巡视是对我区践行"两个维护"的一 次政治体检、推进全面从严治党的一次精准把脉、广西干部作风建设的一次实战检阅，从坚定拥护"两 个确立"、坚决做到"两个维护"的政治高度，严肃认真地接受巡视监督。要坚决落实党中央对巡视工作 的重大决策部署，自觉端正态度，敢于直面问题，严守纪律规矩，以对党对组织对人民高度负责的态度 自觉接受监督、主动配合巡视 ...

Group 1 - The U.S. State Department has initiated a large-scale layoff, with the first batch involving over 1,350 public employees, including 1,107 domestic civil servants and 246 foreign affairs personnel [2][3] - The layoffs are part of a restructuring plan aimed at streamlining the State Department, which has seen its size and spending increase significantly over the past 15 years [3][4] - The restructuring includes the elimination of 132 offices and the relocation of 137 offices, with a focus on enhancing efficiency by consolidating or merging redundant functions [3] Group 2 - Internal reports indicate that the layoffs have led to operational chaos within the State Department, raising concerns about national security risks due to the unexpected removal of key departments [1] - The layoff process has been described as haphazard, with some employees receiving termination notices while on business trips, leading to fears of damage to U.S. diplomatic relations [1][3] - The State Department plans to reduce its workforce by nearly 3,000 employees, including voluntary departures, to prioritize diplomatic work [3]

【导读】美股震荡，中国资产大涨 大家周末好，今晚美股下跌，中概股集体大涨！ 美股震荡 7月18日晚间，美股三大指数走势震荡，道琼斯指数下跌100点，纳斯达克指数以及标普500指数基本持平。 周五公布的数据显示，消费者对关税引发的通胀担忧降至2月以来的最低水平。密歇根大学7月消费者调查显示，整体消费者信心指数环比6月上升 1.8%，达到61.8，符合预期并创下自2月以来最高水平。 消费者预计未来一年物价年涨幅为4.4%，低于上月的5%，为2月以来最低水平；对未来5至10年的通胀预期也降至3.6%，同样是五个月以来的最低值。 不过，对关税的担忧仍在限制消费者对经济前景的乐观情绪。 该项调查的负责人Joanne Hsu在声明中表示："消费者对商业环境、劳动力市场，甚至自身收入的预期，仍然弱于一年前。尽管如此，过去两个月消费 者信心的回升表明，他们认为4月和5月曾预期的最坏情况的风险有所缓解。" 消费者对个人当前财务状况的评价有所上升，这可能受到股市上涨的推动。此次调查于7月14日结束，即美国总统特朗普签署预算法案、延长减税政策 并为小费行业工人新增减税优惠逾一周之后。 不过，Hsu指出，如果宣布加征更多关税或通胀回 ...

Core Insights - The AI terminal industry is expected to develop starting in 2024, currently in the "initial penetration" phase, with significant differences from traditional smart terminals due to advancements in large model capabilities [3][4] - Traditional terminal markets, such as smartphones and PCs, have faced continuous pressure, with smartphone shipments declining for nine consecutive quarters and PCs for eight quarters [3] - The government is promoting the "Artificial Intelligence+" initiative, which aims to enhance innovation in classic, new, and industry terminals, potentially leading to breakthroughs in core technologies within the supply chain [3][4] Industry Developments - AI terminals are characterized by proactive perception, multimodal natural interaction, intelligent services, and autonomous learning capabilities, marking them as key carriers of the new technological revolution [3] - Key products in the classic terminal category include smartphones, projectors, tablets, high-quality audio devices, headphones, and cameras, targeting scenarios like home entertainment and health services [4] - New terminal products include AR/VR headsets, smart vehicles, intelligent robots, drones, and green smart ships, focusing on intelligent manufacturing and home services [4] Technology and Market Trends - NPU heterogeneous integration is the primary deployment model for edge AI, with chip manufacturers focusing on the collaborative upgrade of "computing power + memory" to enhance performance [6] - The AI intelligent agent is expected to become a new human-computer interaction interface, utilizing large model technology for autonomous environmental perception, learning, decision-making, and tool invocation [7] - The AI intelligent agent market is still in its early stages, characterized by rapid technological iteration, product optimization, application scenario exploration, and diverse participant types, including internet giants and AI startups [7][8]

今年1月24日消息，龚文密被查。 公开简历显示，龚文密，男，汉族，湖北监利人，1961年10月生，1986年10月入党，1987年7月参加工 作，研究生学历，经济学硕士。 经查，龚文密身为党员领导干部，丧失理想信念，背弃初心使命，管党治党"宽松软"，履行全面从严治 党主体责任不力；无视中央八项规定精神，违规收受礼金和接受宴请；践踏组织原则，在干部职务晋升 调整中为他人谋利并收受财物，不如实报告个人有关事项；廉洁底线失守，搞权权、权色、钱色交易； 利用职务便利为相关单位和个人在工程项目承揽、职务晋升调整等方面谋取利益，并非法收受巨额财 物。 （文章来源：中国基金报） 龚文密严重违反党的政治纪律、组织纪律和廉洁纪律，构成严重职务违法并涉嫌受贿犯罪，且在党的十 八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条例》《中 华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经湖南省纪委常委会会议 研究并报湖南省委批准，决定给予龚文密开除党籍处分；按规定取消其享受的退休待遇；收缴其违纪违 法所得；将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送。 龚文密（资料图 ...

Core Insights - The personal pension fund sector is expanding, with a total of 297 funds and 52 sales institutions as of June 30, 2025 [1][2][4] - Nine new funds of funds (FOFs) have been added, focusing on various holding periods and target dates [2][3] - The total scale of personal pension funds has surpassed 100 billion yuan, with significant growth in Y share sizes [5][6] Fund Expansion - As of June 30, 2023, the personal pension fund list includes 297 products, with 9 new FOFs introduced in Q2 [2][3] - The newly added FOFs include various target dates and holding periods, indicating a diverse range of investment options [2][3] Sales Institutions - The number of personal pension fund sales institutions remains unchanged at 52, comprising 25 securities companies, 19 commercial banks, and 8 independent fund sales institutions [4] Fund Scale Growth - The total scale of personal pension fund Y shares reached 113.9 billion yuan by the end of Q1 2023, marking a growth of over 20% from the previous year [5] - By the end of Q2 2023, the disclosed Y share scale of 71 funds was 23.07 billion yuan, reflecting a 7.45% increase from the previous quarter [5] Popular New Funds - In H1 2023, the top two new fund issuances were both FOFs, with significant initial scales of 65.73 billion yuan and 60.01 billion yuan respectively [6] - A total of 30 FOFs were established in H1 2023, with a combined issuance of 327.52 billion shares, the highest since H1 2022 [6]

Group 1 - The core point of the news is the resignation of Li Xiang as the president of Great Wall Securities due to personal reasons, with Zhou Zhongshan appointed as acting president until a new president is hired [1][3] - Li Xiang has been with Great Wall Securities since its establishment in 1995, making him a veteran in the securities industry [3] - Zhou Zhongshan, the acting president, has a rich background within the company, having held various positions and is expected to continue driving the company's strategic execution and development [3] Group 2 - Great Wall Securities has shown steady and rapid growth in recent years, achieving its best performance in the last three years according to the 2024 annual report [3] - The company forecasts a net profit attributable to shareholders between 1.335 billion and 1.407 billion yuan for the first half of 2025, representing a year-on-year increase of 85% to 95% [3] - The company attributes its performance growth to effective market strategies, stable growth in wealth management and proprietary investment, and a quick recovery in investment banking and asset management [3][4] Group 3 - The trend of younger executive teams in the securities industry is evident, with Great Wall Securities appointing three new vice presidents born in the 1970s [5] - The transition from "post-60s" to "post-70s" and "post-80s" executives is becoming a dominant trend in the industry, with several firms like Guotou Securities and Fangzheng Securities undergoing similar changes [6]

Group 1 - The core viewpoint of the article revolves around the ongoing intense competition in the food delivery market, particularly between Meituan and Taobao Flash Sale, with significant discrepancies in reported subsidy amounts [1][2][4] - Taobao Flash Sale's operational personnel clarified that the reported subsidy amounts were completely inaccurate, emphasizing that their promotional activities are structured and do not involve practices like "0 yuan purchase" [1][2] - Meituan's recent report indicated that their daily order volume exceeded 1.5 billion, while Taobao Flash Sale announced a record daily order volume of over 80 million, excluding self-pickup and "0 yuan purchase" orders [2][4] Group 2 - Meituan's CEO expressed concerns about the irrational nature of the current competition, stating that such a competitive environment does not yield any winners and could harm the industry's long-term sustainability [4] - JD.com also commented on the situation, stating that they are not participating in the price war and are focusing on reducing industry commissions and improving service quality [4] - The China Chain Store & Franchise Association issued a statement urging members to resist price-subsidy competition, highlighting the negative impacts on market fairness and the sustainability of the industry [5][6]

Core Viewpoint - The recent announcements of capital increases by brokerages indicate a recovery in the refinancing market, with a shift towards enhancing quality and efficiency rather than merely expanding scale [2][5]. Group 1: Company-Specific Developments - Dongwu Securities plans to issue A-shares to no more than 35 specific investors, including its controlling shareholder, with a total fundraising amount not exceeding 6 billion yuan [1][3]. - The fundraising will be allocated to six key areas: 1.5 billion yuan for subsidiary capital increase, 1.2 billion yuan for information technology and compliance risk control, 500 million yuan for wealth management, 1 billion yuan for purchasing technology innovation bonds, 500 million yuan for market-making business, and 1.3 billion yuan for debt repayment and working capital [3][4]. Group 2: Industry Trends - The securities industry is transitioning towards a capital-saving development model, with a tightening of IPOs and refinancing, leading to a slowdown in financing for listed brokerages [5]. - Recent developments in refinancing include Tianfeng Securities, which successfully raised nearly 4 billion yuan, and Nanjing Securities and Zhongtai Securities, which have extended their fundraising plans [6]. - The current regulatory environment emphasizes the necessity for brokerages to demonstrate the need for financing, efficiency in fund usage, and risk control, indicating a move towards a more rational review process [5][6].

Core Viewpoint - Hangzhou Yushu Technology Co., Ltd. has officially initiated its IPO counseling process, with CITIC Securities as the counseling institution, marking a significant step towards its public listing [1][3]. Company Overview - Hangzhou Yushu Technology was established on August 26, 2016, with a registered capital of 364 million yuan, and is classified under the C39 category of computer, communication, and other electronic equipment manufacturing [2][3]. - The controlling shareholder and actual controller of the company is Wang Xingxing, who directly holds 23.8216% of the shares and controls an additional 10.9414% through Shanghai Yuyi Enterprise Management Consulting Partnership, totaling 34.7630% [2][3]. IPO Counseling Process - The counseling agreement was signed on July 7, 2025, and the counseling will include comprehensive training on legal knowledge related to IPOs, ensuring that participants understand their responsibilities as a public company [2][3]. - The counseling institution will conduct a comprehensive assessment in October 2025 to determine if Yushu Technology meets the conditions for issuing and listing its shares [3]. Recent Developments - On June 18, 2025, Yushu Technology completed a capital increase from 2.889 million yuan to 364 million yuan, representing a 125-fold increase [4][5]. - The company has undergone a name change from Hangzhou Yushu Technology Co., Ltd. to Hangzhou Yushu Technology Co., Ltd. to align with its IPO preparations [3][4]. Financial Performance - Yushu Technology focuses on the research, development, production, and sales of high-performance quadruped and humanoid robots, achieving annual revenues exceeding 1 billion yuan [6]. - The company holds a 69.75% market share in global quadruped robot sales and ranks first in humanoid robot shipments as of 2023 [6]. - Yushu Technology has completed 10 rounds of financing, with notable investors including Meituan, Sequoia China, and Tencent, and its pre-IPO valuation exceeds 10 billion yuan [6][7].