Core Viewpoint - The Ministry of Industry and Information Technology has released a public notice regarding the audit of subsidy funds for the promotion and application of new energy vehicles from 2016 to 2020, indicating a dynamic adjustment of subsidies to prevent companies from becoming overly reliant on them [1][6]. Summary by Sections Subsidy Adjustments and Company Performance - Many car manufacturers received less subsidy than applied for between 2016 and 2020 due to non-compliance with application requirements or failure to upload operational data [1]. - BYD received an average annual subsidy of 3.76 million yuan, with a total reduction of approximately 142 million yuan due to nearly 5,000 fewer vehicles being subsidized than applied for [4]. - Changan Automobile averaged 148,400 yuan in annual subsidies, with a reduction of about 13.27 million yuan due to 438 fewer vehicles being subsidized [4]. - Beijing New Energy Automobile Company received an average of 12.42 million yuan annually, with a total reduction of about 9.7 million yuan due to 2,776 fewer vehicles [4]. Overall Subsidy Trends - From 2017 to 2020, several companies, including GAC Group, FAW Group, Geely, and Dongfeng, received annual subsidies ranging from 910,000 to 13.05 million yuan, with Dongfeng receiving the highest average [5]. - The total subsidy reductions for companies like Dongfeng exceeded 37 million yuan, while BYD and Chery faced reductions of over 140 million yuan [5]. Policy Dynamics - The subsidy policy for new energy vehicles has undergone dynamic adjustments since 2016, influenced by technological advancements and market conditions, to avoid creating dependency among manufacturers [7][8]. - The policy adjustments include raising the entry threshold for subsidies based on vehicle energy consumption, range, and battery performance, as well as cracking down on fraudulent subsidy claims [8]. - By 2024, the penetration rate of new energy passenger vehicles has exceeded 50%, indicating a shift towards market-driven competition beyond subsidies [9].

Group 1: Core Views - The article highlights two major sectors that have become the "cradle" of trend stocks this year: the banking sector and the computing power industry chain [1][3] - Major banks, including the "Big Four" (ICBC, CCB, ABC, and BOC), have seen their stock prices reach historical highs, with ICBC rising by 2.8% recently [1] - The computing power industry chain has also seen significant stock price increases, with companies like New Yisheng and Shenghong Technology hitting new highs, and Longxin Bochuang experiencing a surge of over 15% [1] Group 2: Individual Stock Performance - Huicheng Environmental Protection has gained significant attention, with a cumulative increase of 2823.42% since hitting a low in April 2022 [4] - ST Huacheng, known as the "King of Games" in A-shares, saw its market value exceed 100 billion yuan before experiencing a sharp decline, closing down 5.03% [8] - Taotao Automotive recently announced a mid-year profit forecast of 310 million to 360 million yuan, indicating a year-on-year growth of 70.34% to 97.81% [10] Group 3: Market Trends and Adjustments - The computing power industry chain is currently undergoing adjustments, with leading stocks like Shenghong Technology and New Yisheng experiencing declines of 6.64% and 3.82%, respectively [12] - Despite recent adjustments, institutions remain optimistic about the long-term demand for computing power, driven by factors such as cloud service growth and AI model training [13]

Core Viewpoint - The article emphasizes the cultural significance and philosophical underpinnings of Chinese gardens, particularly focusing on the evolution from the Song Dynasty's Canglang Pavilion to the Qing Dynasty's Summer Palace, showcasing the art of borrowing scenery and the concept of "having and not having" [3][11]. Summary by Sections Development of Chinese Gardens - The article discusses the historical development of Chinese gardens, highlighting the transition from the Canglang Pavilion to the Summer Palace, and the techniques of borrowing scenery and the philosophical implications behind them [3][9]. Canglang Pavilion - Canglang Pavilion, built by Su Shunqin during the Northern Song Dynasty, embodies the spirit of resilience through its design, which integrates natural elements like water and stone, and employs the "borrowing scenery" technique through its unique window designs [5][11]. Summer Palace - The Summer Palace, originally named Qingyi Garden, represents an advanced interpretation of southern garden aesthetics in the north, adhering to the principle that "mountains and water should not overpower each other," showcasing imperial grandeur while reflecting governance principles [7][9]. Philosophical Insights - The article highlights the philosophical insights embedded in the design of these gardens, emphasizing the harmony between nature and human creation, and the importance of understanding natural laws in achieving aesthetic beauty [11][12].

来源：第一财经 | ( W | 巨星传奇(6683) | | | | | --- | --- | --- | --- | --- | | | 07-10 10:03:06 通 | | | | | 14.120 | 额 22.03亿 股本8.60亿 市盈 200.5 | | | 万得 | | +1.680 | +13.50% 换 18.26% 市值 121亿 市净 11.79 | | | | | 分时 | 五日 日K 周Ｋ 月Ｋ | | 电子 | | | 叠加 | | | | 成交 | | 15.380 | | 23.63% 卖10 14.320 | | 1.8万(5) | | | 559 | | 14.300 | 5500(2) | | | 328 | | 14.280 | 2000(2) | | | SE 7 | | 14.260 | 3500(2) | | | 三6 | | 14.240 | 6000(2) | | | 35 | | 14.220 | 1.0万(3) | | 12.440 | | 0.00% 卖4 14.200 | | 4000(1) | | | | | 卖3 14.180 | 7500( ...

Core Viewpoint - The article highlights a cultural exchange event in Yangzhou, where the Bosnian ambassador experienced traditional Yangzhou cuisine and praised the craftsmanship behind a special aged liquor, showcasing the connection between food, culture, and friendship between China and Bosnia [1][13]. Summary by Sections Culinary Experience - The ambassador was initially skeptical about a simple bowl of Yangchun noodles but was impressed by the rich flavor of the broth, which was made from chicken and pork bones simmered for four hours, enhanced with shrimp roe [3][5]. - A demonstration of traditional knife skills by a young chef left the ambassador in awe, as he witnessed tofu being transformed into delicate strands, and he praised the exquisite taste of the resulting soup [6][8]. Aged Liquor Appreciation - The highlight of the event was the tasting of a handcrafted aged liquor from the Dream Blue Handcrafted Class, which the ambassador found to be one of the best he had ever tasted in China, noting its rich and layered flavor [9][12]. - The liquor's quality is attributed to its production process, which follows national-level intangible cultural heritage techniques and involves over 137 manual steps, with aging for more than ten years [11][12]. Cultural Significance - The event marked the 30th anniversary of diplomatic relations between China and Bosnia, with the chef gifting the aged liquor to the ambassador, symbolizing the warmth of friendship [13][15]. - The combination of exquisite cuisine and fine liquor served as a bridge connecting the hearts of the two nations, demonstrating the charm of Chinese culinary culture and the craftsmanship behind the Dream Blue Handcrafted Class [15].

当地时间7月9日，美股三大指数集体上涨。截至收盘，纳斯达克指数上涨0.94%，创历史新高；道琼斯 工业指数上涨0.49%，标普500指数上涨0.61%。 当地时间7月9日，美联储公布联邦公开市场委员会6月17日至18日的会议纪要。会议纪要显示，美联储 同意将联邦基金利率目标区间维持在4.25%至4.5%之间。 美联储会议纪要公布 内部分歧明显 据央视新闻报道，美联储公布的6月会议纪要显示，美联储同意将联邦基金利率目标区间维持在4.25% 至4.5%之间。与会者一致认为，尽管净出口波动影响了数据，但近期指标表明经济活动继续稳步扩 张。失业率保持在低位，劳动力市场状况依然稳健，通胀率仍然略高。与会者一致认为，经济前景的不 确定性有所减弱但仍然居高不下。 为支持其目标，委员会同意将联邦基金利率目标区间维持在4.25%至4.50%。与会者一致认为，在考虑 进一步调整联邦基金利率目标区间的幅度和时机时，委员会将仔细评估后续数据、不断变化的前景以及 风险平衡。与会者一致认为，会后声明应重申其坚定承诺，既要支持充分就业，又要使通胀率回归委员 会2%的目标。 在评估适当的货币政策立场时，委员会将继续监测未来信息对经济前景的影 ...

Group 1: Economic Policies and Developments - Shanghai Municipal Economic and Information Commission released a three-year action plan (2025-2027) to support high-growth enterprises, emphasizing resource mergers and acquisitions, and encouraging unicorn companies to optimize industrial ecology through mergers and restructuring [1][8] - The National Development and Reform Commission (NDRC) projected that China's economic increment over five years will exceed 35 trillion yuan, equivalent to the total economic output of Guangdong, Jiangsu, and Shandong provinces in 2024 [3] - NDRC reported that the average economic growth rate in the first four years of the 14th Five-Year Plan reached 5.5%, despite challenges such as the pandemic and trade tensions [3][4] Group 2: Industry Performance and Trends - The NDRC indicated that the contribution rate of domestic demand to economic growth averaged 86.4%, with final consumption contributing 56.2%, an increase of 8.6 percentage points compared to the 13th Five-Year Plan [5] - The manufacturing sector's added value has exceeded 30 trillion yuan annually since the 14th Five-Year Plan, maintaining China's position as the world's leading manufacturing country for 15 consecutive years [5][6] - The total volume of China's marine economy is expected to surpass 10 trillion yuan in 2024, with significant shares in global shipping and marine products [4][6] Group 3: Corporate Developments - China Orient Asset Management announced the election of Liang Qiang as chairman, pending regulatory approval, following the resignation of former chairman Wang Zhanfeng due to work changes [2][14] - BYD announced it has achieved L4-level smart parking capabilities and will provide comprehensive safety and loss coverage for users of its "Tianshen Eye" vehicles in China [1][18] - Blue Sky Technology successfully listed on the Hong Kong Stock Exchange with a base issuance scale of 4.768 billion HKD, marking a significant IPO in the consumer technology sector [11] Group 4: Market Trends - The short drama market in China has reached an annual scale of 30-35 billion yuan, with expectations to exceed 50 billion yuan next year, driven by a shift in business models and increased production efficiency [10] - The price of platinum has surged nearly 50% in the first half of 2025, attracting younger consumers to platinum jewelry amid rising gold prices [10] - The launch of the first recycled metal futures and options on the Shanghai Futures Exchange has seen significant trading volumes, indicating growing interest in sustainable materials [12]

Core Viewpoint - Innisfree, a brand under South Korean beauty giant Amorepacific, announced the closure of its Tmall overseas flagship store, effective July 1, marking a significant shift in its strategy in the Chinese market [1][5]. Group 1: Company Actions - Innisfree has only closed its Tmall overseas flagship store, while its domestic Tmall flagship store and Douyin flagship store continue to operate normally [5]. - Since 2020, Innisfree has been implementing a "slimming" strategy in the Chinese market, closing 90 loss-making stores in 2020 and 170 stores in 2021, reducing its total store count from over 800 to 140, resulting in a closure rate exceeding 80% [5]. Group 2: Market Context - Amorepacific stated that the adjustment aims to "integrate resources and build more efficient channels," with the goal of "enhancing consumer service and interaction experience" [8]. - Industry insiders noted that the decline in the popularity of the "Korean Wave" has reduced the appeal of Korean beauty brands, while domestic beauty brands are rising rapidly, capturing market share with high cost-performance products that meet local demands [8].

Core Viewpoint - Recent reports indicate that some online-sold children's plastic slippers, particularly those made of PVC, contain excessive levels of phthalate plasticizers, raising health concerns for children [3][5]. Group 1: Product Material Description - PVC slippers have a high rate of phthalate exceedance, with an overall exceedance rate of 50% found in tested samples [5]. - Among the tested PVC slippers, the average exceedance was 365 times, with the highest recorded exceedance reaching 509 times [5]. - A specific sample with a 496 times exceedance sold over 1 million units, highlighting the potential scale of the issue [5]. Group 2: Health Risks - Phthalate plasticizers are endocrine disruptors that can enter the human body through skin contact and respiratory pathways, potentially leading to developmental issues in children, including early puberty and reproductive system damage [7]. - Long-term exposure to these substances may increase the risk of various health problems, including asthma, allergies, and chronic heavy metal poisoning [7]. Group 3: Market Insights - The market for children's plastic slippers primarily consists of PVC and EVA materials, with PVC requiring plasticizers to enhance softness and flexibility [10]. - The online sales channels exhibit the highest rate of phthalate exceedance at 50%, while wholesale markets show a 46.67% exceedance rate, and physical retail stores have a significantly lower rate of 13% [10]. - The new national standard GB30585-2024 for children's shoes, effective from June 1, 2023, has tightened limits on phthalates and other harmful substances compared to previous standards [10]. Group 4: Consumer Recommendations - Consumers are advised to avoid purchasing PVC slippers during the transition period of the new national standard, which lasts until December 1, 2026, to mitigate health risks [11].

Core Viewpoint - The financial troubles of Emperor International, led by Yang Shou Cheng, have become a hot topic, with a reported loss exceeding 4 billion HKD and overdue loans amounting to 16.6 billion HKD [2][4]. Financial Performance - Emperor International reported total revenue of 1.376 billion HKD for the fiscal year 2024-2025, marking a year-on-year increase of 41.5% [4]. - However, the company's losses increased from 2.028 billion HKD to 4.84 billion HKD, representing a staggering growth of 138% in losses compared to the previous fiscal year [4]. Debt Situation - As of March 31, Emperor International has 16.6 billion HKD in bank loans that are overdue or in violation of related terms, which may trigger immediate repayment demands and raise doubts about the company's ability to continue as a going concern [4]. Market Reaction - Following the news of the financial crisis, Emperor International's stock price plummeted, and shares of related companies in the Emperor Group also experienced significant declines [5]. Company Overview - Emperor International operates across multiple sectors, including entertainment, real estate, watch and jewelry, finance, and hospitality, with seven companies listed on the Hong Kong Stock Exchange [5].