Core Points - The article discusses the expansion of transnational fraud networks despite global crackdown efforts, highlighting the U.S. Treasury's sanctions against a Cambodian crime syndicate involving 146 individuals and entities [1][2][3] - The "pig butchering" investment scams have resulted in losses exceeding $16.6 billion for U.S. citizens over recent years, with Southeast Asian scams alone causing over $10 billion in losses in 2024, a 66% increase year-on-year [2][6] - The article emphasizes the evolution of organized crime in the digital age, transforming into a decentralized and modular global business model that operates like a tech company [13][14][15] Group 1: Crime Network Operations - The crime syndicate led by Chen Zhi has established a luxurious empire in Cambodia, controlling at least ten closed zones where coerced workers are forced to engage in high-intensity scam operations [2][3] - These operations involve the use of over 100 shell companies and extend from Mauritius to Taiwan, including activities like Bitcoin mining in Laos and luxury resort development in Palau [3] - The article notes that the crime networks have adapted to target foreign victims, particularly Americans, as a response to increased domestic crackdowns in China [4][46] Group 2: Financial Impact and Growth - Data indicates that cryptocurrency scams are projected to generate at least $9.9 billion in 2024, with a 24% annual growth rate since 2020, and "pig butchering" scams increasing by 40% [6][52] - The article highlights that the fraud industry has become a multi-billion dollar enterprise, with the potential for further growth as it evolves and adapts to law enforcement efforts [9][34] Group 3: Challenges in Law Enforcement - The article describes the "whack-a-mole" effect, where law enforcement actions against individual crime leaders do not significantly impact the overall network, which continues to adapt and expand [30][34] - It points out the challenges posed by the global nature of these crime networks, which operate across multiple jurisdictions, making coordinated law enforcement difficult [40][42] - The article emphasizes the need for a more comprehensive approach to combat these networks, focusing on dismantling the infrastructure that supports them rather than just targeting individual leaders [73][76] Group 4: Societal Implications - The article warns that the rise of these scams is eroding trust in society, leading to a "global trust deficit" that affects interpersonal relationships and economic interactions [57][65] - It argues that the commodification of emotions and trust in the digital age poses a significant threat to social cohesion and future wealth creation [61][67] - The article concludes that without effective measures to combat these scams, society as a whole will bear the costs of increased suspicion and reduced trust [69][70]

Core Insights - The number of Tai Er restaurants decreased by 65 locations within a year, indicating a significant contraction in the business [1] - The turnover rate dropped from 4.4 times per day in 2021 to 3.1 times per day in the first half of 2025, reflecting a nearly 30% decline in customer frequency [1] Company Performance - The reduction in the number of stores suggests challenges in maintaining market presence and customer engagement [1] - The decline in turnover rate indicates a decrease in customer visits, raising concerns about the brand's appeal and operational efficiency [1] Industry Context - The article raises questions about whether the rise of pre-prepared meals has negatively impacted Tai Er's business model and customer base [1] - It explores the reasons behind the decreasing customer numbers and what measures the company is taking to recover from this downturn [1]

Group 1 - The article highlights the rising popularity of local football leagues across various provinces in China, which have become a new trend in the context of a struggling tourism industry [10][18] - Events such as the Chongqing league have seen significant attendance, with over 20,000 spectators at the opening match and ticket prices selling out quickly, indicating a strong local interest in football [6][10] - The integration of football events with local tourism initiatives, including night markets and cultural exhibitions, has created a vibrant atmosphere that attracts crowds and boosts local economies [11][12][19] Group 2 - The article discusses the reasons behind the focus on football as a means to stimulate local economies, citing its low organizational costs and high mobilization potential compared to other events [20][24] - Football matches provide easily measurable data, such as attendance and online viewership, which are appealing for local governments aiming to demonstrate economic activity [29][31] - The sustainability of football events is emphasized, as they can be organized over extended periods, creating ongoing engagement rather than one-off events [35][36] Group 3 - While football events have energized local economies, the benefits are often limited to areas immediately surrounding the venues, with little impact on broader tourism metrics such as hotel occupancy and local attractions [42][46] - The article points out the disconnect between football events and the overall tourism experience, suggesting that local governments need to better integrate these events with city-wide tourism strategies [50][52] - For football to truly enhance local tourism, there must be a cohesive strategy that connects events with local amenities and attractions, ensuring a comprehensive visitor experience [51][54]

Core Viewpoint - The photovoltaic sector has experienced a sudden surge, with market funds showing strong support, attributed to the upcoming capacity regulation policy that signifies substantial progress in addressing industry internal competition [1] Group 1: Industry Developments - The imminent introduction of capacity control policies is expected to significantly impact the photovoltaic industry, leading to a more structured and less competitive environment [1] - The market's reaction indicates a shift in investor sentiment, as funds are actively moving towards the photovoltaic sector, reflecting confidence in the upcoming regulatory changes [1] Group 2: Market Reactions - Investors are reportedly surprised by the rapid growth in the photovoltaic sector, indicating a strong market response to the anticipated policy changes [1] - The influx of capital into the sector suggests a potential for increased stability and growth opportunities as the industry moves away from excessive internal competition [1]

本文来自微信公众号：新周刊 （ID：new-weekly），作者：陈倚，编辑：陆一鸣，头图来自：AI生成 10月15日，新疆乌鲁木齐、黑龙江大庆等地纷纷迎来降雪，悄然而至的鹅毛大雪与热火朝天的清雪作业画面引发了不少关注。有报道称这是今年冬天的第 一场雪。事实上，早在国庆假期，很多游客就已经在新疆经历了一场冰雪。 从10月4日起，阿勒泰山区开始降雪，部分地区的雪势远超预期。官方启动了应急响应，对部分路段实行了临时交通管制。但由于管制和解封信息交替发 布，部分车辆进入"放行—被困—劝返"的循环。 10月5日，天气短暂转晴。解除管制后，人们陷入了大规模拥堵和滞留的境地，还有不少车辆打滑、侧翻，交警、交通部门连夜开展救援。当晚雪势变 大，多名网友在社交平台发帖求助称，在新疆阿勒泰旅游时被困在了通往禾木与喀纳斯的蜿蜒山路上。成百上千的车辆排成长龙，数以千计的游客在零下 20摄氏度的严寒中，经历了十几个小时甚至超过一昼夜的被困。 直至10月6日中午，随着气温回升、冰雪稍有融化，以及持续的疏导作业，道路才逐步恢复畅通。10月7日11时，"平安喀纳斯"官方发布通告称对景区管制 路段解除交通管制。这次暴雪，不仅是人与自然的无声 ...

Core Points - Australian media reported that companies like BYD and Zeekr failed to comply with local regulations regarding the disclosure of diagnostic software and repair parameters, affecting the ability of external repair shops to service these vehicles [1][3] - These companies may face fines up to 10 million AUD, approximately 47 million RMB [3] Group 1: Repair Costs - The cost of repairing electric vehicles (EVs) is significantly higher than that of traditional fuel vehicles, with minor accidents costing between 5,000 to 15,000 RMB for EVs compared to 2,000 to 8,000 RMB for fuel vehicles [6] - In severe collisions, the repair costs for EVs can exceed the cost of purchasing a new vehicle, while fuel vehicles can still be repaired for 50,000 to 150,000 RMB [6][7] - The high repair costs for EVs are attributed to expensive parts and advanced technology, with battery packs often costing as much as 50.96% of the vehicle's total price [12][8] Group 2: Repair Process and Limitations - Most car manufacturers require repairs to be conducted at official service centers to maintain warranty coverage, which limits options for vehicle owners [15][16] - Many service centers prefer to replace parts rather than repair them, leading to higher costs for consumers [18][20] - The integration of advanced technology in EVs complicates repairs, as many repair shops lack access to necessary diagnostic tools and proprietary data from manufacturers [24][30] Group 3: Market Dynamics - The number of repair shops for EVs is significantly lower than for traditional vehicles, with only 20,000 to 30,000 EV repair businesses compared to around 400,000 for fuel vehicles in China [42][47] - The repair industry for EVs remains closed and limited, with few companies able to provide adequate service due to a lack of access to repair data [42][28] - The high costs of EV repairs are expected to persist until more vehicles are out of warranty and the repair market becomes more competitive [48]

Core Insights - The International Atomic Energy Agency (IAEA) has released the "Fusion Energy Outlook 2025," indicating that global fusion energy exploration has entered a decisive new phase in 2023 [1] - Significant milestones have been achieved in fusion energy, particularly by the United States and China, with the U.S. National Ignition Facility (NIF) claiming a Q value greater than 4 and China's BEST project entering the assembly phase [1][2] - The report highlights a growing competition between the U.S. and China in the fusion energy sector, with increasing investments and advancements in technology [12][21] Investment and Funding - Global funding for fusion enterprises has surpassed the total amount raised in the previous year, reaching a historical high by September 2023 [13] - China's cumulative funding in fusion energy, approximately $5 billion, is still less than the U.S.'s $7.5 billion, but since 2023, China's annual funding has exceeded that of the U.S. [14] - The U.S. report indicates that China has mobilized up to $13 billion for fusion infrastructure since 2023, significantly outpacing U.S. investments [17] Technological Advancements - Fusion performance has improved tenfold over the past decade, with projections indicating that the 2030s will be a critical decade for fusion power generation [3][6] - The Lawson criteria, which determines the energy gain of fusion systems, shows that the three-product (temperature, fuel density, and confinement time) is improving at a rate of one order of magnitude every ten years [4][5] Global Competition - The U.S. and China are positioned as the primary competitors in the commercial fusion energy race, with both countries' projects nearing operational status [12][21] - The report notes that 27% of the papers submitted to the IAEA Fusion Energy Conference in 2025 are from China, surpassing the combined contributions from the U.S. and Japan [21] Supply Chain Concerns - The U.S. faces significant challenges regarding supply chain security in the fusion sector, particularly in critical minerals and components where China holds a dominant position [23][26] - Key materials such as tungsten and lithium-6 are primarily produced by China and Russia, raising concerns for U.S. energy independence [26][27] Strategic Recommendations - The U.S. report emphasizes the urgency for increased government funding and subsidies to maintain competitiveness in the fusion energy sector [28]

Core Viewpoint - Australia has agreed to settle part of its iron ore transactions in Renminbi, marking a significant shift from its previous stance, driven by China's sudden halt on dollar-denominated imports, leaving Australian vessels with no destination and incurring substantial losses [1] Group 1 - The decision to use Renminbi for iron ore settlements indicates a change in Australia's approach to international trade, particularly with China [1] - China's action to stop dollar-denominated imports has created a crisis for Australian shipping, leading to financial losses [1] - The shift in currency settlement reflects broader geopolitical and economic dynamics affecting trade relationships [1]

Core Viewpoint - ASML's Q3 2025 financial results indicate a stabilization in performance, with revenue and gross margin meeting company guidance, while the focus shifts to order trends and future operational guidance [7][8][40]. Revenue & Gross Margin - Q3 2025 revenue reached €7.5 billion, a year-on-year increase of 0.7%, slightly below market expectations of €7.7 billion, primarily driven by contributions from TSMC and customers in mainland China [1][28]. - The gross margin for the quarter was 51.6%, near the upper end of the company's guidance range (50%-52%), supported by an increase in service revenue [1][32]. Expenses & Profit - R&D and sales management expenses remained stable, with net profit for the quarter at €2.13 billion, a year-on-year increase of 2.3%, driven by improved gross margin [2][38]. - The net profit margin for the quarter was 28.3% [2][38]. Business Performance - Lithography system revenue was €5.55 billion, down 6.3% year-on-year, while service revenue grew by 27.3% to €1.96 billion, indicating a shift in revenue composition [3][55]. - The revenue split between lithography systems and services was approximately 70:30, with lithography systems remaining the core of ASML's performance [3][42]. Regional Revenue - Mainland China was the largest revenue source, contributing 42% or approximately €3.16 billion, significantly exceeding the company's previous expectation of 25% [4][56]. - Taiwan contributed around €2.26 billion, accounting for 30% of revenue, reflecting strong demand from TSMC [4][56]. Order Metrics - The net order intake for the quarter was €5.4 billion, a decrease of €1.4 billion from the previous quarter but better than market expectations of €4.9 billion [5][9]. - The sustained net orders above €5 billion indicate a recovery in customer confidence [5][9]. Future Guidance - For Q4 2025, ASML expects revenue between €9.2 billion and €9.8 billion, with a gross margin of 51%-53%, both above market expectations [6][12]. Market Context - The current operational phase for ASML is transitioning from a low point to recovery, driven by increased capital expenditures in the semiconductor industry, particularly in storage and AI-related investments [14][40]. - The positive outlook for major clients like TSMC, Samsung, and Intel is expected to boost ASML's performance as they increase capital spending [22][25]. Competitive Position - ASML remains the sole provider of EUV lithography systems, holding over 80% market share, which solidifies its investment rationale [23][60]. - The introduction of High-NA EUV systems is anticipated to further enhance ASML's market position and pricing power [24][60].

健身练多了，都是自己的哲学家。比如： "觉得太重的时候，就练到觉得它轻。" "所谓坚持，就是坚持不下去的时候再坚持一下。" "健身不会让你轻松，但它会让你强大。" 这些都是在极致的肉体痛苦，比如心率破200、肉体极度酸痛时修练出的心理韧性。 当资深训练者不再执着于围度与重量，更关注发力感、呼吸节奏与训练中的心流体验，健身人的心态开始升级：健身从一种身体雕塑行为，转变为一场内 在修行。健身人学着在力竭时学习管理急躁，在重复中消化压力，将每一次训练都当成一次心理历练。 图片来源：Nina 这并非偶然，而是内在驱动力演进的必然。新手福利期过去，外在激励边际效益递减，当过度训练带来反思，健康的定义逐渐扩展至身心合一，练身的尽 头自然指向练心。 无论是新手从建立身体联结开始，还是老手通过"减法训练"来实现升华，这条"修心"之路，最终都通往一个更坚韧、更平和的自我——这或许才是健身带 来的，最持久的回报。 资深健身人，都在"修心" 健身人都在修心，或许可以从哲学家们的体型中窥见一斑，历史记载，孔子身高约2.2米，强壮高大，练习过驾车射箭；苏格拉底上过好几次战场，因作 战勇猛受到嘉奖；而柏拉图，名字得名于其体育老师，原意就 ...