Core Viewpoint - The regulatory inquiry by the Shanghai Securities Regulatory Bureau into Jinlitai's financial practices raises significant concerns regarding abnormal fund transactions with trade partners and potential non-operational fund occupation [1][2][3][4][5]. Group 1: Regulatory Inquiry - Jinlitai received an inquiry letter from the Shanghai Securities Regulatory Bureau regarding its 2024 annual report, which was delayed until July 2, 2025, despite a deadline of April 30, 2025 [1]. - The inquiry focuses on large fund transactions with trade partners, revealing abnormal patterns such as significant prepayments that do not align with actual procurement amounts [2][3]. - In 2024, Jinlitai's strategic reserve prepayments exceeded 900 million yuan, while actual procurement was only around 29 million yuan, indicating a major risk of fund occupation by related parties [2][3]. Group 2: Fund Transactions and Investments - The inquiry also questions the legitimacy of fund transfers related to equity investments, particularly concerning a 137.53 million yuan repayment from Shihezi Yike and subsequent fund transfers to trade partners [4][5]. - Jinlitai is required to clarify the nature of these transactions, including whether they involve non-operational fund occupation and the accuracy of financial reporting [5]. Group 3: Financial Performance - Jinlitai's financial performance has fluctuated significantly, with revenues declining from 858 million yuan in 2021 to 647 million yuan in 2022, resulting in net losses [6]. - In 2023, the company reported a revenue increase to approximately 735 million yuan, marking a 16.09% growth, and achieved a net profit of 14.33 million yuan, indicating a turnaround [6]. - For 2024, Jinlitai's revenue was 732 million yuan, a slight decrease of 0.44%, but net profit rose to 30.91 million yuan, a 115.66% increase, reflecting improved cash flow and cost management [6].

Core Viewpoint - The "Breaking Waves and Coexistence" conference aims to explore the development of the digital industry ecosystem in China, focusing on how digital technology can empower various sectors and how Chinese enterprises can achieve sustainable growth in a global context [1][2]. Group 1: Conference Overview - The conference will be held on July 29 at the Westin Hotel in Shanghai, organized by China Business News [1]. - The theme "Breaking Waves and Coexistence" symbolizes innovation and collaboration in the face of technological advancements and competitive pressures [1]. - Key topics include the deep integration of digital technology across industries and the transition from "technology going abroad" to "ecosystem going abroad" for Chinese companies [1]. Group 2: Discussion Topics - Discussions will focus on building an efficient collaborative ecosystem for overseas expansion and innovative global dissemination of cultural products and services [2]. - The integration of digital twin technology and other advanced technologies into product design, marketing, and user experience will be explored [2]. - The conference will address the establishment of a comprehensive AI overseas ecosystem, including technical standards, application scenarios, capital support, and localized services [2]. Group 3: Initiatives and Recognition - A signing ceremony for the "ESG Initiative for Digital Export Enterprises" will take place, promoting responsible and sustainable development among Chinese companies [2]. - The conference will also release an authoritative list of "Outstanding Cases of High-Quality Development in the Digital Industry," recognizing industry benchmarks [2]. - Attendees will gain insights into digital industry policies, trends, and successful experiences in digital transformation and global strategies [2].

Group 1 - Changshu is positioned as an innovative and policy-friendly city, aiming to attract talented entrepreneurs to settle and develop their careers [3] - The 2024 Changshu Kun Cheng Lake Hu Run U30 Chinese Entrepreneur Pioneer list was released in collaboration with Hu Run Group, establishing a growth base to attract high-growth projects and top talents [3] - The Changshu International Elite Entrepreneurship Week has been successfully held for 17 years, attracting over 3,800 high-level talents from 20 countries and regions, resulting in 1,251 settled projects [3][4] Group 2 - Changshu has established a talent observation station and a one-stop service center to better serve talents, offering free office, accommodation, and dining services for up to 30 days [4] - The "Chang Chuang Talent Fund Phase II" has been launched with a scale of 300 million yuan, focusing on early-stage investments in hard technology, particularly in the artificial intelligence sector [4] - Nearly 200 projects have reached signing intentions during the current elite week, with a total talent pool in Changshu reaching 470,000, including 45,000 high-level talents [4] Group 3 - Suzhou held a conference themed "Gathering Global Wisdom to Build an Entrepreneurial Paradise," launching the Suzhou Talent No.1 Fund with a total scale of 10 billion yuan [5] - The Suzhou Talent No.1 Fund adopts an innovative model of "mother fund + sub-fund + direct investment," focusing on leading talents, competition participants, startups, and hard technology [5] - The Suzhou Major Industry Development Fund, also with a scale of 10 billion yuan, aims to promote the upgrade of Suzhou's "1030" industrial system [5]

中经记者 郝亚娟 夏欣 上海、北京报道 7月14日，COMEX黄金期货开盘报3376.5美元/盎司。受俄乌冲突可能大规模升级的影响，市场避险情 绪升温，国际金价继续走高。 浙银理财发行的浙银理财琮融九溪添利180天持有2号黄金策略增强理财产品，风险等级为R2（中低风 险），业绩比较基准（年化）为中债新综合全价（1年以下）指数收益率（CBA00113.CS）×95%＋黄金 指数收益率（AU9999.SGE）×5%。 普益标准方面指出，目前银行理财在黄金资产配置上持谨慎乐观态度。黄金与股债的相关性相对较低， 兼具避险属性和对冲通胀等优势，与股债进行多元搭配，分散风险。比如，"固收+黄金"策略，以固收 资产（≥80%）为底仓，搭配黄金ETF（≤20%），平衡收益与风险；结构化产品策略则是挂钩黄金衍生 品（如二元看涨期权），增强收益弹性，同时设置下行保护。 现在还能入局"黄金+"吗？ 针对投资者关注的"入局时机"，普益标准方面指出，当前市场预期不确定的情况下，投资者对黄金的态 度可能呈现分化，而投资者对于配置"黄金"理财产品的主要驱动力包括：一是避险需求，全球经济不确 定性（如美联储降息、地缘冲突）、股市波动及存款利 ...

《中国经营报》记者注意到，上半年，企业短期贷款延续多增的亮点。从企业部门看，企（事）业单位 新增贷款11.57万亿元，同比多增5700亿元。短期、中长期贷款分别多增1.19万亿元、少增9100亿元，票 据融资同比多增2976亿元。 中国银行研究院研究员梁斯认为，企业短期贷款和票据融资多增，主要与外部环境复杂多变、企业预防 性需求上升有关。而中长期贷款少增与地方政府债务置换加速，平台公司集中偿还中长期贷款有关。 社融方面，上半年，政府债券净融资7.66万亿元，同比多增4.32万亿元；金融机构对实体经济发放的人 民币贷款增加12.74万亿元，同比多增2796亿元。 梁斯预计，2025年第三季度政府债券发行规模将继续保持在较高水平，这将对社融带来支撑。 中经记者 谭志娟 北京报道 7月14日，央行发布金融数据显示，上半年人民币贷款增加12.92万亿元；2025年上半年社会融资规模增 量累计为22.83万亿元，比上年同期多4.74万亿元；6月末M2同比增长8.3%，比上月末上升0.4个百分 点，为去年4月以来新高。 民生银行首席经济学家温彬认为，上半年信贷呈现"总量增长、结构优化"特征。具体来看，在积极的财 政政策提 ...

Group 1 - Generation Z, as the "natives" of the internet and new consumption, increasingly values community identity and emotional expression, leading to the rise of emotional consumption where emotional connections are prioritized over storytelling [1] - The success of LABUBU is attributed to a combination of unique artistic design, effective commercial operation, scarcity in collectible value, viral social media marketing, celebrity influence, and alignment with Generation Z's psychology [2] - The company has established a closed-loop ecosystem centered around IP, utilizing blind boxes as an engine, data as a link, and community as the soil for growth, which enhances user retention and value accumulation [2] Group 2 - The company is accelerating its international expansion, aiming to transform its IP into a globally recognizable cultural symbol while exploring diversified business avenues such as theme parks and home decor to find new profit curves [2] - The shift from relying on cost advantages and scale to leveraging unique IP and emotional connections marks a significant transition in the global competition landscape for Chinese brands [3]

中经记者 李立 上海报道 精心装扮的Coser走过现场 李立/摄影 "BilibiliWorld2025（以下简称'BW2025'）抢票难度堪比五月天演唱会。"张小依专程从广州飞来上海参 加BW，虽然只抢到了开幕当天的首日票，不过张小依决定还要花几天时间漫游"痛城"。 7月11日—13日，中国最大的ACG文化线下盛会——BilibiliWorld2025在上海开幕。数十万像张小依这样 的00后、05后奔赴上海，背着"痛包"（带有二次元徽章的包）来沪观展、旅游，打卡"上海吃谷路线"。 记者从主办方哔哩哔哩（B站）了解到，BW2025场地、票量比2024年均增加30%，覆盖上海国家会展 中心全部展馆。此前有近90万人预约抢票想来BW体验二次元文化盛会，预计到场人数约为30万—40万 人次。 伴随着大批参加BW的年轻人涌入，上海变身"痛城"，二次元经济全面破壁。 奔赴"痛城" "痛城"概念源于日本ACGN文化，特指通过动漫IP形象系统性植入城市公共空间，形成文旅经济联动效 应的现象。 "京沪牛马线周末变成了京沪BW线！"有网友在社交媒体上惊呼。BW2025前一日，从北京到上海的高 铁上，放眼望去都是带着各种Cosp ...

中经实习记者 孙汝祥 记者 夏欣 北京报道 "这次改革没有针对未盈利企业纳入科创成长层设置额外的上市门槛，存量32家未盈利企业将自指引发 布实施之日起进入科创成长层，新注册的未盈利企业将自上市之日起进入。"上交所相关负责人指出。 7月13日，《上海证券交易所科创板上市公司自律监管指引第5号——科创成长层》（以下简称"《科创 成长层指引》"）正式发布并施行。 自当日起，科创板存量32家未盈利企业将进入科创成长层，新注册的未盈利企业将自上市之日起进入。 "存量公司受益明确，增量公司面临更高挑战。"资深专家在接受记者采访时表示，科创成长层在调出标 准、投资者适当性管理两方面实施新老划断，利好存量未盈利企业，有利于改革的稳步推进。 存量32家未盈利企业入成长层 此前的6月18日，证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》（以下简 称"《科创板意见》"）明确了在科创板设置科创成长层的基本要求。《科创成长层指引》则从业务规则 的角度对有关要求加以细化。 上交所相关负责人表示，上交所将坚守科创成长层定位，突出更好支持优质未盈利科技型企业这个改革 重点，把好准入关。 Wind数据显示，截至目前，科创板 ...

中经实习记者 孙汝祥 记者 夏欣 北京报道 上交所相关负责人表示，《指引》明确，发行人适用科创板第五套上市标准申请发行上市的，鼓励其按 照规则规定自主认定、自愿披露资深专业机构投资者的信息。中介机构需要对发行人认定和披露的情况 进行审慎核查。 根据《指引》，资深专业机构投资者的范围界定为：一是治理结构健全、管理资产规模较大、具有良好 诚信记录，主要包括私募基金、政府出资设立的基金、链主企业及其设立的投资机构等主体；二是具备 较为丰富的投资经验，已投资的科技型企业中，近五年有5家以上已在科创板上市或者10家以上已在境 内外主要证券交易所上市；三是依法设立、运作合规，不存在最近三年内受到行政处罚或者被追究刑事 责任，或者正被司法机关立案侦查、被行政机关立案调查等情形。 关于资深专业机构投资者持股及独立性要求，《指引》一是明确持股要求，规定应于发行人IPO申报前 24个月即入股，且各自持续持有发行人3%以上的股份或不低于5亿元的投资金额；二是明确独立性要 求，规定与发行人之间不得存在影响投资独立性的关联关系。 根据《指引》，发行人依据《指引》自主认定和披露资深专业机构投资者，只作为上交所审核中判断发 行人是否符合市 ...

中经实习记者 孙汝祥 记者 夏欣 北京报道 招商证券副总裁兼董事会秘书刘杰表示，预先审阅如果执行效果到位，也将实际上帮助优质科创企业减 少正式审核程序中的负担。 "试点引入IPO预先审阅机制，既优化了审核资源配置效率，也强化了风险防控，体现了监管层在支 持'硬科技'与保护投资者之间的平衡。"国泰海通证券业务总监、投行委总裁郁伟君如是说。 7月13日，《上海证券交易所发行上市审核规则适用指引第7号——预先审阅》（以下简称"《指引》"） 正式发布，并自发布之日起施行。 上交所表示，所谓预先审阅，是指上交所在发行人正式申报IPO前，对其发行上市申请文件按照审核要 求进行把关的一种服务。上交所通过预先审阅，督促发行人及其中介机构提高IPO申报文件质量，促进 审核效率提升。此外，上交所还将做好预先审阅机制与现行股票发行上市审核机制的衔接。 投行人士认为，预先审阅机制既优化了审核资源配置效率，也强化了风险防控，体现了监管层在支 持"硬科技"与保护投资者之间的平衡。 优化审核资源配置效率 今年6月18日，证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简 称"《科创板意见》"），提出面向优质科技型 ...