Core Viewpoint - ASML warns that it may not achieve revenue growth by 2026 due to uncertainties from U.S. tariffs affecting chip manufacturers [1][3][6] Group 1: Financial Performance - In Q2 2025, ASML reported revenue of €7.7 billion (approximately ¥630.3 billion), exceeding market expectations of €7.54 billion [1] - The net profit for the same quarter was €2.29 billion (approximately ¥189.4 billion), also above the anticipated €2.01 billion [1] - The gross margin was reported at 53.7%, surpassing the expected 51.6% [1] - ASML's net order volume reached €5.54 billion (approximately ¥462 billion), exceeding analyst expectations by 25% [3] Group 2: Future Outlook - ASML forecasts Q3 revenue between €7.4 billion and €7.9 billion, lower than the market expectation of €8.3 billion [3] - The company expresses uncertainty about its growth prospects for 2026, despite strong fundamentals from AI customers [6] - ASML has adjusted its 2025 net sales growth forecast to 15%, revising its expected revenue range from €30 billion to €35 billion down to €32.5 billion (approximately ¥233.3 billion) [6] Group 3: Market Dynamics - ASML's extreme ultraviolet lithography equipment is essential for producing advanced chips for major clients like Apple and Nvidia [7] - Demand from Chinese manufacturers remains strong, accounting for 27% of machine sales over the past three quarters, despite U.S. export restrictions [7][8] - Analysts suggest that TSMC has had a significant impact on ASML's performance, with expectations that orders from Taiwan will continue to drive sales [7]

WAIC 2025"大模型智塑全球产业新秩序"论坛，将于7月28日14:00-18:00，在上海徐汇西岸拉开帷幕！ 论坛由中国信通院承办，华东分院协办，徐汇区新型工业化推进办公室、上海市先导产业促进中心、联 合国工业发展组织投资与技术促进办公室（中国·上海）、上海工创中心等单位支持，聚焦大模型的技 术演进与垂类领域的应用创新，探讨其在宏观发展和垂直领域的变革影响，搭建国际化思想交流平台， 全面展示大模型产业的最新进展及对各行业的变革力量。 剧透一：全球重量级嘉宾云集，权威观点对话 论坛汇聚了知名院士，BSI英国标准协会、北京前瞻人工智能安全与治理研究院等机构的顶尖学者；中 国信通院、上海人工智能实验室、上海大学、复旦大学附属中山医院等单位的权威专家；以及蚂蚁集 团、昆仑万维、印象笔记、中数睿智、上海联通、阿里云、第一财经等企业科技领军者。本次论坛将立 足全球视野，纵览大模型产业的发展态势、标准构建与治理框架，从尖端技术突破、垂类场景落地到安 全体系搭建，全方位、多维度勾勒大模型产业的发展新蓝图，探索未来演进新路径。 会院晖 中国信通院院长 Harold Pradal BSI英国标准协会 全球认证总裁 何宝宏 ...

Core Viewpoint - Meituan, a leading player in the local service industry, has recently expressed its stance on the competitive landscape of food delivery, acknowledging the need for better communication with the public while emphasizing its competitive strengths and operational strategies [1][2][4]. Group 1: Competitive Landscape - Meituan has entered a more competitive environment with the arrival of strong competitors like JD and Alibaba, leading to a more intense "food delivery war" [1]. - The company claims it is not afraid of competition, stating it is "good at fighting but not aggressive" [1][2]. - Meituan's CEO highlighted that the company has been passively drawn into competition, but it can achieve high order volumes with significantly fewer resources compared to its rivals [2]. Group 2: Core Advantages - Meituan has three core advantages that contribute to its competitive edge: 1. **Refined Operational Capability**: The company utilizes a strategic approach to subsidies and promotions, which is based on years of experience, allowing it to manage resources effectively [2]. 2. **Economies of Scale**: With 770 million users, 14.5 million active merchants, and 3.36 million monthly active delivery riders, Meituan has established a high barrier to entry for competitors, maintaining a 70% market share in high-value orders [3]. 3. **Vertical Integration in Local Commerce**: Meituan focuses on optimizing local supply chains rather than relying solely on traffic, creating a sustainable business model that is difficult for cross-industry giants to replicate [3]. Group 3: Communication Challenges - Meituan has been criticized for its lack of public communication, which has led to misunderstandings about its business practices, such as the perception of high commissions [4][5]. - The company acknowledges the need for clearer communication regarding its fee structure, which includes a technology service fee and delivery fee [5]. - There is a recognition that better communication is essential for building trust and understanding with the public, especially regarding the working conditions of delivery riders [6][7]. Group 4: Future Directions - Meituan's leadership has indicated a commitment to improving its public image and communication strategies, recognizing that effective storytelling is as important as winning market battles [6][7]. - The company aims to transition from being perceived solely as a commercial entity to a more socially responsible provider of public infrastructure [7][8].

Core Insights - The demand for digital skills, particularly proficiency in collaborative tools like Feishu, is becoming a new hiring criterion for companies in the digital transformation era [1][6][7] - Over 200 companies have listed "Feishu Efficiency Certification" as a preferred qualification for over 1,000 job positions [1] - The trend reflects a shift in employee expectations, with candidates increasingly prioritizing companies that utilize digital tools effectively [6][7] Group 1: Digital Skills in Hiring - Companies are increasingly requiring candidates to have skills in using collaborative software, with Feishu being a prominent example [1][6] - Recent job postings from companies like Cha Ba Dao and Xpeng Motors explicitly mention the need for "Feishu Efficiency Certification" [1] - The rise of digital skills as a hiring criterion indicates a significant change in the job market landscape [6] Group 2: Impact of Digital Transformation - The digital transformation process is complex and requires collaboration across various departments within companies [7] - Companies are investing heavily in digital tools, with Feishu hosting 552 competitions and certifying over 42,832 "Feishu Efficiency Pioneers" in the past two years [6] - The case of Cha Ba Dao illustrates how companies can enhance digital capabilities through collaboration with franchisees [6] Group 3: Employee Perspectives - Employees are also adapting to this trend, with some making proficiency in tools like Feishu a condition for job selection [6] - The experience of a former employee highlights how digital skills can lead to career advancement opportunities [6] - The dual selection process between companies and talent is becoming more pronounced in the AI era [7]

Core Viewpoint - L'Oréal introduced the "Beauty of Longevity" concept at the 2025 IMCAS China Conference, emphasizing the integration of science and aesthetics in the beauty industry [1][5]. Group 1: New Concept of "Beauty of Longevity" - The "Beauty of Longevity" concept represents a structural redefinition of beauty, focusing on three dimensions: scientific health, cultural perception, and socio-economic factors [3][4]. Group 2: Scientific Health - Advances in science have ushered humanity into an unprecedented era of longevity, reshaping perceptions of beauty and aging. L'Oréal's approach has evolved from symptom improvement to root cause intervention, emphasizing lifelong beauty [4][7]. Group 3: Cultural Perception - The current societal view of beauty is often limited, with a narrow focus on youth. L'Oréal advocates for a broader understanding of beauty that embraces aging as a valuable experience rather than a limitation [4][7]. Group 4: Socio-Economic Factors - As the aging society becomes more prominent, new demands and challenges arise. L'Oréal likens the "Beauty of Longevity" to a tree, where scientific health is the roots, cultural perception is the trunk, and socio-economic factors are the leaves [4][5]. Group 5: Forum Insights - The roundtable forum titled "Longevity Revolution: New Frontiers in Beauty Science" highlighted L'Oréal's commitment to addressing aging at its biological roots, utilizing advanced AI diagnostic tools to detect early signs of skin aging [5][7].

Core Insights - Foreign investors increased their holdings of U.S. Treasury securities in May, but China's holdings decreased for the third consecutive month [1][3] - Japan and the United Kingdom, the top two holders of U.S. Treasuries, saw increases of $0.5 billion and $1.7 billion respectively, reaching approximately $1.14 trillion and $809.4 billion [1][2] - China's total holdings of U.S. Treasuries fell by approximately $0.98 billion to about $756.3 billion, despite an increase in long-term Treasury purchases [1][3] Summary by Category Foreign Holdings - As of May, total foreign holdings of U.S. Treasuries reached $9.05 trillion, an increase of $32.4 billion from April [7] - Canada emerged as a strong buyer, net purchasing approximately $65.8 billion in notes and bonds, raising its total holdings to a record $430 billion [7] China’s Treasury Holdings - In May, China increased its long-term Treasury holdings by $4.988 billion, while short-term holdings decreased by $7.452 billion [3] - The valuation change due to rising 10-year Treasury yields resulted in a loss of $6.198 billion in the value of China's overall Treasury holdings [3] Market Trends - The rise in U.S. Treasury yields in May led to a decline in the prices of futures contracts [6] - The overall increase in foreign holdings of U.S. Treasuries in May nearly reversed the decline seen in April, marking the second-highest level on record [7]

Core Viewpoint - TSMC reported record quarterly profits exceeding market expectations but warned of potential negative impacts on future revenue due to U.S. tariffs, which may not manifest until the fourth quarter [1] Group 1: Financial Performance - TSMC's revenue for Q2 was NT$933.79 billion (approximately RMB 228.2 billion), a year-on-year increase of 38.6% [1] - Net profit reached NT$398.3 billion (approximately RMB 97.1 billion), marking a historical high with a year-on-year growth of 60.7%, achieving double-digit growth for the fifth consecutive quarter [1] - For Q3, TSMC expects sales to rise again, with annual revenue projected to grow approximately 30% in USD terms, up from a previous forecast of "close to 25%" [2] Group 2: Production and Investment - In Q2, TSMC's revenue breakdown by process technology showed 24% from 3nm, 36% from 5nm, 14% from 7nm, and 7% from 16/20nm and 28nm [2] - TSMC plans to invest between $38 billion and $42 billion in capital expenditures this year, with a similar range set for 2025, which will include the construction or equipping of nine advanced factories [2][3] Group 3: Market Dynamics and Client Impact - TSMC's president noted that the approval for NVIDIA to resume sales of H20 AI chips to China is a positive development for both TSMC and its clients [1] - Concerns were raised regarding potential impacts on TSMC's earnings if major client Apple experiences disappointing sales, particularly in China [4] - The appreciation of the New Taiwan Dollar against the U.S. Dollar (approximately 12% year-to-date) is expected to weaken profit margins, with Q3 gross margin projected to decline from 58.6% in Q2 to between 55.5% and 57.5% [2]

Group 1 - The core viewpoint of the article is the launch of the Volvo EX30 Cross Country, which is positioned as a pure electric crossover SUV aimed at a niche market of young outdoor enthusiasts, rather than mass volume sales [1][2][3] - The official guide price for the Volvo EX30 Cross Country is set at 263,800 yuan, with a limited-time price of 233,800 yuan, while the rear-drive long-range version Plus is priced at 179,800 yuan [1] - The EX30 Cross Country is the first pure electric model in the Cross Country series and is designed to compete with models like smart 1 and MINI ACEMAN [1][2] Group 2 - The new model features a Nordic outdoor style design, with dimensions of 4233mm in length, 1850mm in width, and 1573mm in height, and a wheelbase of 2650mm, offering a maximum trunk capacity of 1000L [2][3] - Inside, the vehicle includes a central integrated cockpit design with eco-friendly materials, Harman Kardon sound system, and multiple storage spaces [5] - The EX30 Cross Country is equipped with a dual-motor all-wheel drive system, with maximum power outputs of 115kW and 200kW for the front and rear motors respectively, achieving a 0-100 km/h acceleration in 3.7 seconds [5][7] Group 3 - The vehicle is equipped with advanced driver assistance systems, including 5 millimeter-wave radars, 12 ultrasonic radars, and 5 detection cameras, supporting Pilot Assist and parking assistance [7] - It features a 66kWh ternary lithium battery pack, providing a CLTC range of 540 km [7] - The chassis includes a front MacPherson and rear five-link independent suspension, with a ground clearance of 196mm, enhancing off-road capability and a turning radius of 5.4m [7]

特朗普13日在美国新泽西州大都会人寿体育场观看了国际足联俱乐部世界杯决赛，当时有照片捕捉到他 的脚踝明显肿胀，这使得特朗普的健康状况引发质疑。特朗普15日接受媒体采访时，又有摄像机拍摄到 他手背上有淤青，他还涂抹了遮瑕膏以掩饰这一痕迹。 【文/观察者网 陈思佳】近日，一些有关美国总统特朗普出现腿部肿胀的照片在网络上传播，引发外界 对特朗普健康状况的猜测。据美国有线电视新闻网（CNN）7月17日报道，白宫新闻秘书莱维特当天表 示，特朗普已接受了全面检查，他被诊断患有慢性静脉功能不全。 画面显示，特朗普手背出现淤青，涂抹了遮瑕膏以掩饰 视频截图 美国哈佛大学医学院急诊医学助理教授杰里米·福斯特（Jeremy Faust）告诉CNN，这些信息并不令人惊 讶，也不令人担忧，"这是衰老过程中正常的现象，尤其是对于总统（特朗普）这样体重超标的人。更 值得关注的是，确实需要评估是否存在更严重的疾病。" 美国心脏病专家伯纳德·阿什比（Bernard Ashby）则表示："即使他被诊断为良性疾病，但这种情况本身 不一定意味着是良性的。关键在于，是什么导致了静脉功能不全？我想知道他是否存在心脏或肺部压力 升高的迹象，因为这些可能 ...

Core Viewpoint - The article highlights a significant issue regarding the steering system of the Xiaopeng P7+ electric vehicle, with multiple owners reporting malfunctions that pose safety risks during normal driving conditions [1][17][20]. Group 1: Customer Complaints - Numerous Xiaopeng P7+ owners have reported steering system failures, including instances where the steering wheel becomes unresponsive or "locks up" while driving at high speeds [2][10][17]. - Complaints have emerged on social media and third-party platforms, indicating a growing concern among owners about the potential systemic quality issues with the P7+ model [14][37]. - Affected customers have expressed frustration over the handling of their complaints, with some alleging that Xiaopeng's service team applied sealant to the steering system without their consent [17][39]. Group 2: Company Response - Xiaopeng's customer service has acknowledged that some early production vehicles may experience occasional steering faults under harsh driving conditions, but they have not provided clear information on which batches are affected or whether a recall is necessary [20][17]. - The company has suggested that customers bring their vehicles in for inspection if they experience any warning messages related to the steering system [20][17]. - Xiaopeng has reportedly implemented upgrades to the steering components in newer models, but details on these improvements remain vague [20][41]. Group 3: Legal and Safety Implications - Legal experts have raised concerns about the legality of Xiaopeng's practices, particularly regarding the application of sealant without customer knowledge and the requirement for customers to sign non-disclosure agreements [43][45]. - The article discusses the potential legal obligations of manufacturers to address known defects and the rights of consumers to be informed about the safety of their vehicles [45][47]. - There is a call for Xiaopeng to take proactive measures, such as issuing recalls for affected vehicles, to mitigate safety risks and restore consumer trust [49].