Core Viewpoint - The newly launched Science and Technology Innovation Bond ETFs (科创债ETF) have gained significant popularity in the public fund market, raising nearly 29 billion yuan and approaching a total scale of 100 billion yuan, with five of the ten ETFs exceeding 10 billion yuan in size [1][19]. Group 1: Market Performance and Structure - The first batch of ten Science and Technology Innovation Bond ETFs was listed on July 17, with strong buying interest, indicating high market acceptance [1][19]. - The underlying indices of these ETFs primarily track bonds issued by central and state-owned enterprises rather than technology companies, with the top ten components of the CSI AAA Science and Technology Innovation Bond Index being bonds from major state-owned enterprises [2][4]. - The overall issuance structure of Science and Technology Innovation Bonds is dominated by central and state-owned enterprises, which account for over 85% of the total issuance, leading to a lower credit risk profile compared to traditional industry bonds [6][12]. Group 2: Investment Characteristics - Science and Technology Innovation Bonds are not equivalent to high-risk assets, as they are primarily issued by strong central and state-owned enterprises, resulting in a lower risk of default [3][9]. - The average yield of Science and Technology Innovation Bonds is comparable to that of other types of bonds issued by the same entities, with the yield spread between Science and Technology Innovation Bonds and non-Science and Technology Bonds being minimal [9][20]. - The annualized returns of the CSI Science and Technology Innovation Bond Index have outperformed the broader bond market indices, indicating a favorable investment profile [26][34]. Group 3: Future Outlook and Challenges - The future of Science and Technology Innovation Bonds may see an increase in the proportion of technology-related issuances, as recent regulatory changes aim to enhance support for technology innovation financing [15][17]. - Despite the potential for growth, the current issuance landscape remains heavily skewed towards central and state-owned enterprises, which may limit opportunities for private technology firms [14][18]. - There are concerns regarding the actual use of funds raised through Science and Technology Innovation Bonds, with some issuers diverting funds for general corporate purposes rather than direct investment in technology innovation [13][15].

Core Insights - The article highlights the phenomenal success of the mini-game "Grow a Garden" on the Roblox platform, achieving over 123 billion visits and generating $150 million in bookings within three months [1][8][20] - The game, created by a 16-year-old developer known as Adrian (BMWLux), features simple gameplay centered around planting, harvesting, and selling virtual crops [2][3][15] - The game's design includes an "offline growth" mechanism, allowing players to earn rewards even when not actively playing, which enhances user engagement and retention [13][22] Game Mechanics - Players engage in a classic simulation loop of buying seeds, planting, waiting for growth, and selling crops for the in-game currency "Sheckle" [3][4] - The game allows players to purchase tools and seeds using real money, accelerating growth and enhancing the gaming experience [6][17] - A secondary market has emerged for in-game items, with weekly transaction volumes reaching millions of dollars [9] User Engagement - The game has maintained over 2 million concurrent players, peaking at 21.42 million on June 21 [8][10] - Its low entry barrier and addictive growth mechanics attract both experienced and new players [12] - The community-driven aspect encourages players to showcase their achievements, further promoting viral growth through social media [14][22] Economic Impact - The game's revenue model leverages Roblox's virtual currency, Robux, allowing players to purchase advantages and enhance their gameplay experience [17][18] - The estimated annual recurring revenue (ARR) for the game is projected at $60 million, indicating significant financial success [20] - The success of "Grow a Garden" exemplifies the unique economic ecosystem of the Roblox platform, showcasing how simple concepts can lead to substantial commercial achievements [21]

与楼上的场馆，喧闹的人流、令人眩目的机器人表演，以及拥挤得水泄不通的相比，世博展览馆地下一层FUTURE TECH展厅，没有灯带，也没有机器人翻 跟头以及目眩的灯光秀，显得冷清了一些。 "这里（地下展区）更加脚踏实地。"一位具身智能领域资深从业者说，在看了一圈具身智能场馆之后，他用"噪声很大"形容。此时，二楼具身智能场馆上， 宇树机器人的搏斗吸引到了现场最多的目光。 "这一个个小展台，你别看它不起眼，但以后可能就长大了。"常垒资本合伙人石矛已经在地下一层来回丈量了许久，他如数家珍地盘点着看过的AI项目。 此时，在展馆的"开放麦"区，创业者拿着话筒，就着画满了技术曲线的PPT，向受众讲述一个个项目背后的思考和故事。几步之遥的投资洽谈区，坐着穿着 印有公司logo和企业文化的创业者与西装革履的投资人。 "这一波AI，是年轻人的时代。"一位头部LP基金资深投资人告诉我，他们没有包袱，从创业之初，就是以AI原生的思维思考，他每天都会阅读大量论文， 寻找原始创新的萌芽。 这一波AI浪潮里，一些地方的地壳正在鼓起，形成小鼓包，这些鼓起的地方，未来可能会成为一个个山头——"未来的机会，可能在三个方面，第一是突破 当前算法瓶 ...

Group 1 - The overall box office market for the summer of 2025 is bleak, but Chen Peisi's film "Xitai" has grossed over 100 million in just two days, surpassing "Nihang Nihang" which took nine days to reach the same figure [1][3] - The film "Xitai" has received mixed reviews, indicating a potential decline in the long-standing "Chen Peisi myth" [1][4] - The exit of national comedy kings like Chen Peisi and Zhao Benshan from the film industry has had a profound impact on the domestic box office market, which has shifted towards urban middle-class audiences [4][5] Group 2 - The film industry in China has faced structural issues since the 1990s, with a significant reliance on a few successful directors and their works, leading to a fragile middle market [5][6] - The transition from a planned economy to a market economy in the late 1980s and early 1990s led to a crisis in the film industry, with a decline in both the quantity and quality of domestic films [6][7] - The introduction of Hollywood films in the 1990s further exacerbated the challenges faced by domestic productions, as they struggled to compete with the precision and appeal of foreign films [19][20] Group 3 - The real estate boom in the 2000s provided a temporary revival for the film industry, leading to a surge in commercial cinemas and a renewed interest in local films [22][23] - However, the current film market is highly capitalized and entertainment-driven, making it difficult for traditional artists like Chen Peisi and Zhao Benshan to participate meaningfully [24][25] - The absence of crowd-pleasing films has resulted in a weak middle market, which is crucial for sustaining the industry and nurturing talent [25][26] Group 4 - The historical context of the film industry reveals a pattern of misalignment between production and audience interests, leading to a decline in viewership and engagement [10][14] - The lack of a robust middle market has resulted in a reliance on blockbuster films, which can be risky if they fail to perform [26][27] - The current state of the film industry reflects a departure from the grassroots, community-oriented storytelling that characterized earlier successful films [24][31]

我之前说造假的产业链非常发达，只有想不到，没有做不到，有些网友还不信，他没见过，他就说没有。 你看，能贸易转服务吧？改了这个，企业的主营业务占比就变了，科创属性就体现出来了。 你看他第一条信息第一句说的是啥啊？服务器贸易，服务器租赁。 实际上对应的是，市场上的算力泡沫，算力中心的兜底骗局。 算力中心其实好几年前就不行了，只是前两年才显现出来，这个以后有时间专门写一写。 这种造假就是属于能提供全套服务的，上下游能给你配套找好，而且找的不是空壳，是国企央企、上市公司。 你们仔细看上面三个图。 这是上午一个人给我发的，其实类似的信息经常收到，就跟他聊了两句（主要是这个人我微信备注的是税务局的工作 人员啊，哈哈）。 2020年的时候，我跟他的微信聊天内容，还是关于税务处理异常发票的问题。 很诧异，怎么改行跨度这么大啊，估计以前他不是正式员工吧。 正好借着他这个，给你们分享分享，他这种财务造假产业链。 他可能有吹牛的成分，但是，最起码不是空壳，怎么也能是个拟ipo的规模，确实市场上很多人都能做到。 而且据我了解，就算是国企央企，上市公司，也能实现，我亲眼见过。 他这财务造假的操作模式，还不吃你们自己的资金流，他们来提供 ...

Core Viewpoint - The photovoltaic (PV) industry is showing signs of recovery after a period of downturn, with expectations for a potential turning point supported by recent market data and industry events [1][3]. Group 1: Market Performance - Since June 27, the photovoltaic ETF has increased by 13%, with major companies like Longi Green Energy and Tongwei Co. also seeing stock price increases despite reporting losses in the first half of the year [1]. - In the first half of 2025, domestic PV installations reached 212.21 GW, a year-on-year increase of 107%, although this was influenced by a rush to install before potential policy changes [4]. - The export performance of PV products has been mixed, with silicon wafer exports down by 7.5%, battery cell exports up by 74.4%, and module exports down by 2.82%. Overall, the export value of PV products has declined for two consecutive years, with a 26% drop in the first half of 2025 [4]. Group 2: Production and Pricing - The production of polysilicon, silicon wafers, battery cells, and modules has shown signs of contraction, with polysilicon production at 596,000 tons, down 43.8% year-on-year, and silicon wafer production at 316.0 GW, down 21.4% [3]. - The average prices of key PV products have significantly decreased compared to their peak prices in 2020, with declines of 88.3% for polysilicon, 89.6% for silicon wafers, 80.8% for battery cells, and 66.4% for modules, severely impacting profit margins [3]. - In Q1 2025, 31 A-share listed PV companies reported a total net loss of 12.58 billion yuan, a year-on-year increase of 274.3% [3]. Group 3: Industry Challenges and Solutions - The China Photovoltaic Industry Association (CPIA) described the industry's development in the first half of 2025 as "difficult" and emphasized the need for capacity reduction and control to address the oversupply situation [2][5]. - The recent seminar held by the China Photovoltaic Industry Association highlighted the importance of reducing energy consumption in polysilicon production, with proposed revisions to energy consumption standards aimed at phasing out outdated capacity [6]. - The industry is exploring new application scenarios, such as integrating PV with hydropower projects, which could create significant market demand and alleviate competitive pressures [9][10]. Group 4: Future Outlook - The National Forestry and Grassland Administration, along with other agencies, has outlined a plan to add 253 GW of new PV capacity by 2030, which could help mitigate the current oversupply of polysilicon and stimulate demand across the entire supply chain [10][11]. - The combination of capacity control measures and the expansion of application scenarios is expected to bring the PV industry closer to a supply-demand balance, although it has not yet fully emerged from its downturn [12].

本文作者：曳葭，责编：童话，题图来自：AI生成 我从小在南方的城里长大，却在来到这个河北乡镇的第一个七月，重新认识了暴雨。这个暴雨，不是普通的暴雨，而是在一个年均雨量为500mm的地 区，一天降下300—400mm雨水的"特大暴雨"。这样的天气状况，远远超出了当地基础设施承载的范围。在这里，每一场大雨都有可能在几小时内导致地 方停电，而23日开始的强降雨天气，也不例外。 到了乡镇，我才深切地体会到，伴随大雨而来的可能不仅有断电，还有断水、断信号、断交通。这不是简单的打湿鞋子、出行不便的问题，而是整个生产 生活都受到威胁的巨大挑战。 河北省近五年的年降水量均属于偏多水平，图片来源：河北省2024年度气候公报 秩序感的崩塌也让大家骤然意识到了为非常时刻准备必要生存技能与物资的重要性，比如赶紧把单位库房里落灰的发电机给找了出来，请电工来指导使 用。但在发电机的线到货之前，暂时还指望不上它。长时间的停电，第一次让我有了真正意义上的"电量焦虑"：我无从判断，这会是几小时的意外，还是 未来几天的常态。我看着手机上的电量一点点降低，这不仅仅是对电池续航的警告，也仿佛是我同"现代文明"失去联系的倒计时。 大雨卷着沙石，在山上 ...

"邪修做饭有多简单？" "减肥邪修又出新招了！" "考研也能邪修吗？！" 最近，互联网刮起一阵"邪修"之风： 不用开灶生火，微波炉叮几分钟就可以做出一碗色香味俱全的葱油拌面；不用花钱报班，倒着走几分钟再正着走、想象胸前发射激光，便可矫正体态。不 用埋头苦背，把喜欢看的同人文换成英文版即可快速扩大词汇量。 （万物皆可邪修） 邪修出自仙侠、玄幻类小说及二次元文化，原指修炼邪道功法或采用不正当手段进行修行的人。网友口中的邪修则指生活中通过非常规甚至有点离谱的方 法，简单高效地达成目的。 乍眼一看，这些"稀奇古怪"的方法让人惊呼"这也可以？！"而评论区"晒作业"和纷纷附和"管用"的网友足以证明邪修虽"邪"但的确实用有效。 （网友评论区"晒作业"） 究竟为何万物皆可邪修？邪修达成目的之后，我们又能发现、获得什么？ 邪修不仅是对新奇方法和趣缘联结的发现，它还是富有创造力的微小抵抗。 面对生活的不确定性和看似遥不可及的目的地，年轻人以邪修为渡舟，抵达另一种彼岸。 探索：一种理性而温和的折衷 邪修走红，首先在于它是一种新奇而巧妙的探索。 以邪修做饭为例。平日做牛腩，要炒糖色还要用高压锅焖肉，费时费力。但在邪修下，食材全部倒进 ...

Group 1 - The core idea is that luxury hotels are increasingly offering home chef services to adapt to changing market demands and consumer preferences [1][5][26] - A notable example includes a five-star hotel in Zhejiang that launched a "Chef at Home" package with two pricing options: a comprehensive package for 3999 yuan and a service-focused package for 1800 yuan [1][2] - In Xi'an, a high-end hotel offers various home chef packages ranging from 1688 yuan to 3188 yuan, catering to different group sizes and occasions [3][4] Group 2 - The trend of home chef services is not isolated, as many mid to high-end hotels in cities like Shanghai, Xuzhou, and Nanjing are promoting similar services on social media [4][5] - The home chef market has seen rapid growth, with a reported 200% year-on-year increase in orders expected to reach a market size of 150 billion yuan by 2025 [4][5] - Star-rated hotels are facing significant competition from professional chef platforms, home service platforms, and individual chefs, all of which are capitalizing on the home cooking trend [5][10] Group 3 - Star-rated hotels have advantages in terms of qualifications, standardized services, and food safety compared to individual chefs and smaller platforms [6][7] - A survey indicated that 85% of private chef teams lack proper qualifications and standardized services, while star-rated hotels possess all necessary licenses and trained staff [7][9] - Star-rated hotels maintain strict supplier relationships for food safety, ensuring traceability of ingredients [9] Group 4 - Pricing is a significant challenge, with star-rated hotels charging between 1500 and 3000 yuan for home chef services, which is considerably higher than other platforms [11] - The current economic climate has led consumers to prioritize cost-effectiveness, making it difficult for luxury hotels to attract a broader audience [11] - Star-rated hotels must decide whether to lower prices to appeal to a wider market or maintain their high-end positioning, which could limit their growth potential [11] Group 5 - Cost control is a major issue for star-rated hotels, as their staff salaries are higher than average, and additional costs for transportation and food can accumulate [13] - The fixed and complex service processes of star-rated hotels require advance bookings, while individual chefs can offer same-day services, giving them a competitive edge [13] - Revenue sharing among hotels, chefs, and service staff can lead to dissatisfaction if not managed properly, affecting employee motivation [13] Group 6 - The self-rescue efforts of star-rated hotels have intensified since May, with initiatives like street vending and expanding into takeaway services [15][20] - Many hotels are now offering affordable options like breakfast and baked goods to attract customers, with some even selling leftover food at discounted prices [19][20] - The implementation of a "ban on alcohol" has highlighted existing challenges in the star-rated hotel industry, leading to a wave of closures and a need for strategic adjustments [22][26]

Core Viewpoint - The trend of "pretty food" has gained significant traction among young consumers, driven by social media influence and the desire for visually appealing dining experiences [1][15][19]. Group 1: Popularity and Market Response - The concept of "pretty food" has led to the rise of numerous trendy restaurants, such as "Hu Qia" in Shanghai and "NEED" in Shenzhen, which have seen overwhelming customer demand, including long wait times and high secondary market prices for reservations [2][6]. - Social media platforms, particularly Xiaohongshu, have seen extensive engagement with the topic, with 370 million views and over 1.85 million discussions [1]. Group 2: Consumer Behavior and Experience - Many consumers prioritize the visual appeal and social media shareability of their meals over taste, indicating a shift in dining motivations [4][15]. - The average spending for a meal categorized as "pretty food" is around 100 yuan, which, while not excessively expensive, can still be a financial burden for many young professionals [13]. Group 3: Cultural and Social Implications - The phenomenon reflects a broader consumer culture where dining experiences are often commodified for social media validation, leading to a paradox where the pursuit of aesthetic dining can overshadow the intrinsic value of food [19][20]. - Young consumers are increasingly aware of the potential pitfalls of this trend, leading to a more critical perspective on the value of "pretty food" and its implications for personal identity and social status [16][18]. Group 4: DIY and Home Cooking Trends - There is a growing trend among young people to recreate "pretty food" at home, suggesting a desire to regain control over their dining experiences and to create personal rituals without the associated costs of dining out [21]. - The emphasis on aesthetics in home cooking reflects a shift towards valuing the experience of food preparation and consumption over mere visual presentation [14][20].