"棉密码"卫生巾，是由直播平台头部主播辛巴（辛有志）在2017年自创的品牌，号称"辛巴亲自参与研 发的第一款产品"，也是辛选集团旗下自营品牌。 7月24日，棉密码品牌官方微博发布声明，并附上相关检测报告。 声明全文如下： 您好！ 我司高度重视近期关于棉密码产品的报道信息，第一时间对相关舆论关切问题情况进行了全面 核查。现就此事向所有关心棉密码的用户作出说明： 一是经权威机构检测认证，棉密码所有产品均严格遵循国家相关法律法规及标准。对于网友反映部分批 次检出硫脲成分，我们高度重视，已在第一时间向第三方检测机构送检，安全评估结论为：当卫生巾在 正常、合理及可预见的使用条件下，硫脲残留不会对人体健康造成潜在的风险（*安全评估报告见附 件）。 二是秉承对用户高度负责的态度，我司还主动向棉密码工厂所在地的汕头市澄海区市场监督管理局申请 对产品进行了抽检，检测结论为：产品检测合格，消费者可以放心使用（*检测报告见附件）。 棉密码始终将产品安全、质量和消费者权益放在首位，严格遵守相关国家标准要求。我们欢迎社会各界 的监督，感谢广大消费者的支持与信任！ 另据经视直播，记者就此事联系广东棉密码健康科技有限公司，电话均无人接听。 ...

Core Points - The founder of Han Shu, Lü Yixiong, publicly opposed overtime work, leading to employee skepticism about whether actual workloads would decrease [2][4] - The parent company, Shangmei Co., has set a target of 10 billion yuan by 2025, requiring Han Shu to maintain a growth rate of 50%, but its Douyin repurchase rate has dropped from 24% to 18% [1][3] - Shangmei Co. faces a "growth curse" with a marketing expense of 3.9 billion yuan, raising concerns about the sustainability of its reliance on the "racehorse mechanism" and marketing strategies as traffic dividends fade [1][20] Group 1: Internal Challenges - Lü Yixiong's anti-overtime stance has sparked controversy, with employees reporting that workloads remain high despite the ban on overtime [4][6] - Employees describe a "racehorse mechanism" that pressures teams to produce similar content, leading to a high-stress environment [4][8] - The cancellation of meal allowances and transportation reimbursements has further exacerbated employee dissatisfaction, as they now bear additional costs without a reduction in workload [6][7] Group 2: Marketing and Financial Performance - Han Shu's marketing strategy has historically been aggressive, with significant investments leading to high visibility but also high costs [20][21] - In 2024, Shangmei Co. reported revenue of 6.793 billion yuan, a year-on-year increase of 62.1%, but profit growth is slowing [16][21] - The marketing expenses for Shangmei Co. reached 3.9 billion yuan, accounting for 60% of total revenue, while R&D investment remains low at 2.6% [21][23] Group 3: Future Outlook - The company aims for a revenue target of 10 billion yuan by 2025, but achieving this will require Han Shu to sustain a 50% growth rate amidst rising marketing costs and channel imbalances [23][24] - The competitive landscape in the beauty market is intensifying, and the effectiveness of Lü Yixiong's anti-involution initiative remains to be seen [24]

来源：凤凰网财经《IPO观察哨》 有着全球数量规模最大酒店集团之称的锦江酒店要赴港IPO了！ 6月29日，上海锦江国际酒店股份有限公司（以下简称"锦江酒店"）正式向港交所递交上市申请，独家 保荐人为东方证券国际。值得注意的是，此次锦江酒店冲击港股，实则是锦江系时隔三年后的再度回 归。早在 2006年，锦江资本已在香港联交所敲钟上市；但上市后，有分析指出锦江资本港股股价及流 动性低迷难以支撑公司融资需求。最终，锦江资本在2022年5月接受控股股东锦江国际的私有化方案， 正式从港交所退市。 近年来，锦江酒店通过频繁并购和加盟模式不断扩张规模，门店数量急剧增加。据其招股书显示，截至 2024年，锦江酒店已开业酒店家数达1.34万家，客房间数达129万间。按已开业酒店家数计算，锦江酒 店是中国以及全球最大的酒店集团。 然而，这种快速扩张并未给锦江酒店带来更大的效益，反而因并购产生高额负债、加盟管理失控、海外 业务遇挫等诸多问题，导致公司陷入"越扩张越亏损"的困境。与此同时，公司股价也随经营业绩的颓势 持续下滑，截至7月23日收盘，锦江酒店A股股价报22.71元/股，其市值较2023年4月峰值已蒸发超400亿 元，缩水 ...

美东时间 7 月 23 日周三，美股市场表现活跃，三大指数集体收涨。其中，道指上涨 1.14% ，纳 指上涨0.61% ，标普 500 指数上涨 0.78% ，市场整体呈现积极态势。 从板块和个股表现来看，热门科技股多数实现上涨。超微电脑涨幅超 3% ，英伟达、 AMD 涨幅均 超 2% ， Meta 、博通涨幅也超 1% 。 纳斯达克金龙中国指数同样收涨，涨幅为0.75% ，报 7896.94 点。热门中概股呈现分化走势，小 马智行初步收涨 7.7% ，文远知行涨5.2% ，腾讯涨4% ，拼多多涨 3% ，台积电涨2.3% ，阿里 涨 1.5% ，网易、百度、京东涨幅不到1% ；而小米则下跌 0.7% ，理想跌 1.4% ，蔚来跌 2.1% 。 更为引人关注的是，美国总统特朗普当日释放重磅信号："将对世界其他大部分国家征收 15% 至 50% 的简单关税。" 01 欧美关税协议传闻搅动市场 特朗普称将对多数国家征税 当天，有媒体援引知情人士消息称，美国和欧盟已接近达成一项贸易协议。根据该协议，美方将对 欧盟征收15% 的关税，这与美国本周同日本达成的贸易协议类似。欧盟方面可能同意这种对等关税 安排，以此避免 ...

Core Viewpoint - The "reciprocal tariff" policy introduced by the Trump administration in April 2025 aimed to bring manufacturing back to the U.S. but resulted in increased costs and lower quality products, creating a paradox of "high price, low quality" in various sectors [1][2][5]. Group 1: Impact on Specific Industries - The steel industry saw a 7.5% increase in shipment volume and a 6.5% rise in revenue due to tariff protection, providing local companies with a 15% cost advantage [2]. - In contrast, the textile industry faced significant challenges, with local police reporting that U.S.-made uniforms were of inferior quality compared to previously imported ones, leading to a situation where they paid four times more for subpar products [3][4]. - The pharmaceutical sector expressed concerns over potential 200% tariffs on imported drugs, with companies like Novartis highlighting the lengthy timeline required for manufacturing relocation [5]. Group 2: Labor and Supply Chain Issues - The U.S. manufacturing sector is experiencing a severe labor shortage, with nearly 500,000 job vacancies reported, and over 65% of companies citing difficulties in hiring and retaining workers [7][8]. - The lack of skilled labor is compounded by an aging workforce, with many skilled workers retiring and few new ones entering the field [8]. - The supply chain for U.S. manufacturing has become "hollowed out," lacking a robust industrial ecosystem, which complicates the return of manufacturing as companies face challenges in sourcing components domestically [9][11].

Core Viewpoint - The sudden closure of the well-known home decoration brand, Liang Jia Ju, has raised significant concerns among consumers, particularly regarding the legitimacy of contracts signed with a now-defunct subsidiary [2][3]. Group 1: Company Closure and Consumer Impact - Liang Jia Ju announced its cessation of operations on July 18, 2023, which was unexpected for many consumers who had recently signed contracts and paid substantial deposits [3][5]. - Consumers discovered that contracts were signed with a subsidiary, "Zhuhai City Chuang Liang Jia Ju Decoration Materials Co., Ltd. Moore Branch," which had been officially deregistered on May 30, 2023, prior to the signing of these contracts [7][10]. - The contracts and receipts provided to consumers were issued by the defunct subsidiary, while payments were directed to the parent company, Zhuhai Liang Jia Ju [8][10]. Group 2: Contractual and Legal Issues - Contracts signed by consumers indicated that the contracting party was the deregistered Moore Branch, raising questions about the validity of these agreements [6][9]. - Legal experts noted that continuing to sign contracts and collect payments under the name of a deregistered entity constitutes a fraudulent act, potentially leading to contract invalidation and criminal charges against involved parties [15]. - The parent company, Zhuhai Liang Jia Ju, is expected to bear responsibility for the contracts due to its control over branding and operations, despite the subsidiary's deregistration [15]. Group 3: Consumer Reactions and Company Response - Consumers expressed frustration and confusion, having trusted the brand's reputation as a chain company, only to find themselves without recourse after the sudden closure [11][12]. - A representative from the company claimed ignorance regarding the actions of the sales personnel who continued to operate under the name of the deregistered subsidiary, indicating a lack of internal communication [13].

Core Viewpoint - The article emphasizes the discomfort caused by wearing non-breathable pants in hot and humid conditions, and introduces the "WearXLAB Cool Sensation Couple Eight-Defense Pants" from Xiaomi's ecosystem as a solution to this problem [8][10][17]. Group 1: Product Features - The "WearXLAB Cool Sensation Pants" incorporate eight protective functions: water resistance, stain resistance, odor prevention, UV protection, anti-static, tear resistance, wrinkle resistance, and pilling resistance, making them suitable for various urban outdoor scenarios [20][22]. - The pants utilize a self-developed "WearXLAB multifunctional technology fabric" that enhances comfort and cooling effects, making them feel like a portable air conditioner [17][36]. - The fabric is designed to be lightweight, moisture-wicking, and breathable, allowing for quick drying even during intense sweating [30][41]. Group 2: Performance Testing - The pants have undergone rigorous testing, demonstrating high antibacterial rates against bacteria such as Staphylococcus aureus and Candida albicans, confirming their effectiveness in odor prevention [25][57]. - The water-repellent feature allows liquids to bead up and roll off the fabric, ensuring that spills do not penetrate the pants [50][51]. - The UV protection level of the fabric is rated UPF 50+, exceeding the standard UPF 40+, making them ideal for outdoor activities [65]. Group 3: Design and Comfort - The pants are designed with a high-waisted, tapered fit that flatters various body types while providing comfort and flexibility for physical activities [75][78]. - The fabric is durable and resistant to wear, maintaining its quality even after extensive use, which is supported by detailed craftsmanship and stitching [67][81]. - The overall experience of wearing these pants is comparable to high-end brands, yet they are offered at an attractive price point of 99 yuan, making them accessible to a wider audience [87].

Core Viewpoint - The article highlights the significant stock price surge of Jingwei Tiandi (02477.HK) following its announcement to enter the cryptocurrency payment sector with the launch of its stablecoin payment platform, Fopay, which is expected to enhance business opportunities for the company [1][4]. Group 1: Company Developments - Jingwei Tiandi's stock price increased by 18.11% on July 22, closing at a market capitalization of HKD 8.7 billion, and further rose by 3% on July 23, marking a 170% increase year-to-date [1]. - The company announced the launch of Fopay, a global stablecoin payment platform, which will be available through a mobile application by July 21, 2025 [1][4]. - The introduction of Fopay is part of a broader strategy to diversify the company's business portfolio, including payment services utilizing blockchain technology [12]. Group 2: Shareholder Changes - In May, Jingwei Tiandi underwent a major shareholder change, with Qian Fenglei, a prominent figure in Zhejiang business circles, acquiring a controlling stake through Zhejiang Hengfeng International Holdings [5][9]. - Qian Fenglei invested over HKD 1 billion to acquire a 29.9% stake in Jingwei Tiandi, becoming the largest shareholder [5]. - The shareholder group of Hengfeng International includes notable figures such as former Ant Group CEO Hu Xiaoming and other prominent business leaders [8][9]. Group 3: Financial Performance - For the first half of the year, Jingwei Tiandi reported a revenue of HKD 278 million, reflecting an 8.7% year-on-year growth, while the net profit attributable to shareholders was HKD 20.14 million, a slight decline of 1.26% [12].

Core Viewpoint - The article emphasizes the importance of humanistic spirit and intellectual responsibility in navigating the complexities of modern society, as exemplified by the thoughts and works of Wang Hui, a prominent scholar and editor [1][11]. Group 1: Initial Inspiration - Wang Hui's journey into the world of literature and humanities began in 1977, the year when the college entrance examination was restored, reflecting a cultural awakening among youth [2]. - His choice to pursue humanities was influenced by a nurturing environment, particularly from his mother, who taught foreign literature, instilling in him a deep appreciation for literature and thought [2][4]. Group 2: Intellectual Responsibility - Since becoming the editor of "Reading" magazine in 1996, Wang Hui has been closely associated with significant public discussions on issues such as rural affairs, healthcare reform, and state-owned enterprise reform, often facing controversy [5][8]. - He believes that engaging with societal issues through writing and thought is a fundamental responsibility of intellectuals, even in the face of criticism [5][8]. Group 3: Humanistic Spirit - Wang Hui's extensive writing, including a thirteen-year effort on "The Rise of Modern Chinese Thought," reflects his commitment to intertwining scholarly work with societal engagement [8][10]. - He draws inspiration from Chinese intellectual traditions, advocating for a return to humanistic values in an era characterized by rapid change and information overload [10][11].

Group 1 - The announcement of a trade agreement between the US and Japan has led to a significant rise in the Japanese stock market, with the Nikkei 225 index increasing nearly 4% [1][5] - The agreement includes a 15% tariff on Japanese imports, which is lower than the previously feared 25%, positively impacting automotive stocks such as Mazda and Toyota [1][5] - The market's optimistic response is also influenced by rumors of Japanese Prime Minister Shigeru Ishiba's resignation, which investors believe could lead to a more favorable fiscal policy direction [3][6] Group 2 - The yield on Japanese government bonds has risen sharply, with the 10-year bond yield reaching its highest level since October 2008 at 1.6%, reflecting increased expectations for interest rate hikes by the Bank of Japan [3][9] - The trade agreement is expected to facilitate easier interest rate increases for the Bank of Japan, as indicated by analysts [8][9] - Concerns about government spending growth have led to weaker demand for 40-year government bonds, highlighting investor worries about Japan's fiscal outlook [9]