市场对特朗普上周一系列关税声明的反应较为平淡，但美国最大的担忧还未解除，特朗普提前预告将就 俄罗斯问题发表重大声明，"起爆点"就在今晚？ 大型投资者和资深银行家们警告称，美国股市的创纪录高位掩盖了特朗普对全球最大经济体构成的风 险，他们同时警告市场中存在日益增长的"自满"情绪。 从东方汇理资产管理公司（Amundi）到摩根大通（JPMorgan Chase）的资深高管表示，市场过于自信 地认为，特朗普会放弃那些最有可能威胁美国金融稳定的政策。 东方汇理资产管理公司（欧洲最大的资产管理公司）首席投资官文森特·莫蒂尔（Vincent Mortier）表 示："对我来说，市场对'TACO'（特朗普总是退缩）这一华尔街普遍说法的自满情绪相当明显。" 摩根大通首席执行官杰米·戴蒙（Jamie Dimon），作为美国金融界最杰出的高管之一，在上周四的一个 活动中也表达了同样的看法，并指出："不幸的是，我认为市场存在自满情绪。" 特朗普近日表示："我认为我将在周一就俄罗斯问题发表重大声明。"荷兰国际分析师表示："特朗普有 可能宣布对俄罗斯实施更多制裁，如果制裁针对俄罗斯能源，这可能会极大地改变石油前景。" 一位前特朗普政府 ...

Core Viewpoint - The once-popular "ice cream assassin" brands like Zhong Xue Gao and Haagen-Dazs have faced significant declines in 2025, with Zhong Xue Gao filing for bankruptcy and Haagen-Dazs reducing its store count, indicating a shift in consumer preferences towards more affordable options [1][15]. Group 1: Zhong Xue Gao's Rise and Fall - Zhong Xue Gao emerged in 2018 with a high-priced product, the "Ecuadorian Pink Diamond" ice cream, priced at 66 yuan, which created a sensation in the market and led to sales of 20,000 units in a single day [3]. - The brand's revenue exceeded 1 billion yuan in 2021, becoming a staple in live-streaming sales, but faced backlash over its high prices and accusations of false advertising [3][5]. - By 2025, Zhong Xue Gao was unable to pay its debts, leading to bankruptcy proceedings initiated by creditors, with the company facing 112 risk indicators and 67 legal cases [7]. Group 2: Haagen-Dazs and Market Trends - Haagen-Dazs, once a symbol of luxury in the ice cream market, has seen a significant reduction in its store count from 466 in January 2024 to 385 by June 2025, indicating a retreat from its premium positioning [15]. - The brand has started offering products at lower price points, such as 9.9 yuan coffee, to compete with more affordable options, reflecting a broader trend where consumers prefer value over luxury [15]. - The rise of budget ice cream brands and the resurgence of classic low-cost options have led to a decline in the market share of high-priced brands, as consumers prioritize affordability [16].

Core Viewpoint - BlissBio Inc. is facing increased uncertainty regarding the global development prospects of its core drug BB-1701 after terminating its collaboration with Eisai, which was previously expected to yield up to $20 billion in potential revenue [2][3][14]. Group 1: Collaboration with Eisai - Two years ago, BlissBio signed a collaboration agreement with Eisai for BB-1701, which included potential milestone payments and revenue sharing, with a total value of up to $20 billion [5][6]. - In April 2023, a strategic clinical trial collaboration was established, allowing Eisai to retain rights for global development outside of Greater China [5][6]. - The collaboration has been pivotal for BlissBio, as Eisai was not only a major client but also a significant shareholder, contributing to the company's financial backing [13][14]. Group 2: Clinical Trial Data and Termination of Collaboration - Recent clinical trial data revealed that Eisai's trial showed an objective response rate (ORR) of only 14.3%, while BlissBio's own trial reported an ORR of 21.4%, raising questions about the competitiveness of BB-1701 [14][15]. - The termination of the collaboration was formalized in May 2025, with Eisai opting not to exercise its strategic rights, which significantly diminishes BlissBio's revenue prospects [14][15]. - The loss of Eisai as a client is expected to severely impact BlissBio's financial situation, with projected revenue from Eisai dropping by 87.65% in 2024 [16]. Group 3: Financial Implications - BlissBio's revenue is projected to plummet from 180 million yuan in 2023 to 22.59 million yuan in 2024, primarily due to the loss of Eisai's contributions [16]. - The company's gross profit is expected to shrink dramatically, leading to a net loss that could expand from 207 million yuan to 557 million yuan [16]. - High R&D expenditures and significant liabilities from investor agreements are contributing to BlissBio's financial distress, with total liabilities reaching 1.76 billion yuan by the end of 2024 [16].

尽管各国谈判团队仍在竞相寻找避免惩罚性关税的解决方案，但这位美国总统已开始单方面设定关 税税率。据央视新闻报道，当地时间7月12日，特朗普在社交媒体上发布致墨西哥和欧盟的信件， 宣布自2025年8月1日起，美国将对来自墨西哥和欧盟的输美产品征收30%的关税。 据媒体报道，特朗普在写给墨西哥总统和欧盟委员会主席的信中称，墨西哥未能有效阻止芬太尼流 入美国，欧盟与美国的贸易逆差不公平。他暗示两个贸易伙伴仍可采取措施缓解关税，否则税率可 能进一步上调。特朗普仍继续单方面发出信函设定税率，但同时仍留有一点回旋余地。 据新华社消息，特朗普本周还宣布，将从8月1日起分别对来自日本、韩国等国家的进口产品征收 25%至40%不等的关税。央视新闻称，近日，特朗普先后致信20多个国家领导人，称将从8月1日 起对这些国家征收新关税。他在美国全国广播公司新闻台10日播出的采访中还说，其他尚未收到关 税信的贸易伙伴可能面临15%至20%的全面关税。 白宫曾承诺90天内达成多项贸易协议，但迄今仅与英国、越南达成协议。 01 威胁升级 谈判窗口收窄 特朗普对长达数月谈判进展缓慢的不耐烦越发凸显。媒体称，白宫可能在未来几天继续发出单方面 函 ...

来源 | 凤凰网《风暴眼》 这个周末，外卖平台的商战打得如火如荼。 打开手机，满屏都是补贴优惠广告。 凤凰网《风暴眼 》注意到，各类优惠活动的力度不断加码，竞争愈发激烈 。 满 28 元减 18.8 元、满 20 元减 10 元的福利还在刷屏，有平台甚至 直接甩出" 0 元兑换券"的王炸。 在这波 "撒钱式"福利轰炸下，网友们乐开了花，个个化身 "羊毛特种兵"，生怕错过这波时代红利。 01 减肥年年有，商战可不常有 排了一上午队，终于抱回八杯饮品。 但这只是常规操作 。 有人揣着 0 元兑换券横扫商圈，从绝味鸭脖到喜茶、奈雪，再到蜜雪冰城、瑞幸，连喜姐炸串都没放过 …… 也有把日子过成 " 外卖连续剧 " 的狠人 ， 一天点九个外卖，早餐、中餐、下午茶、晚餐、宵夜安排得明明白白，甚至连第二天的都提前预订妥了。 有人索性开启囤货模式，奶茶等各种饮品塞满冰箱。 属实把羊毛薅出了仪式感。 40 度的高温天，连空气都在发烫，却拦不住大家排队的热情。 中午快 12 点了，队伍根本看不到尽头。 甚至有暑假工到晚上 12 点，还有一堆订单没做完。 人群中更是藏着穿 " 吉利服 " 的硬核选手。 门店的员工更是忙到灵魂出窍。 ...

Core Viewpoint - The short drama format is rapidly becoming a significant trend in the entertainment industry, with its market size projected to exceed 50.4 billion by 2024, surpassing traditional film box office revenues. Predictions suggest it could reach a trillion-dollar market by 2027 [2][3]. Group 1: Market Dynamics - The number of short dramas has surged from 336 in 2022 to over 36,400 by 2024, indicating a massive increase in content supply [2]. - Brand-customized short dramas are becoming a popular marketing tool, with 153 new brand short dramas launched in just the first four months of 2025 [2]. - Brands are increasingly investing in short dramas across various sectors, including beauty, food, e-commerce, and finance, with nearly half of the brands entering the market for the first time [2][3]. Group 2: Case Study - Han Shu - Han Shu's turnaround story highlights the effectiveness of short dramas, with sales skyrocketing from 10 million to over 400 million after the release of a single short drama [4][7]. - The brand's total transaction amount reached 3.34 billion in 2023, making it the top beauty brand on Douyin, a significant leap from its previous ranking [7]. - The success of Han Shu's short dramas is attributed to their ability to reshape brand image and create emotional connections with viewers, leading to increased sales [8][9]. Group 3: Industry Trends and Challenges - The influx of brands into the short drama space has led to increased competition and rising production costs, with some reports indicating costs have risen from 700,000 to over 2 million by 2025 [21][22]. - The effectiveness of short dramas is declining due to content homogenization and poor storytelling, with many brands struggling to differentiate themselves [26][30]. - Brands are facing dual pressures of rising costs and decreasing conversion rates, leading to concerns about the sustainability of this marketing strategy [21][24]. Group 4: Future Directions - Industry experts suggest that the key to successful brand short dramas lies in high-quality content and natural product integration, rather than merely relying on star power [29][30]. - Brands should focus on storytelling to create a unique brand identity, as seen in successful cases like Starbucks and Jiuzhou Sanitary Ware, which effectively used short dramas to enhance brand perception [31][32]. - Not all brands are suited for short drama marketing; those without e-commerce attributes may struggle to see conversion benefits [33].

很多年过去，依旧忘不了这个片段。 撒贝宁采访100岁翻译泰斗许渊冲 ： "您还记得您在"西南联大"的学号吗。" 许渊冲脱口而出 ："记得，A203！"那一刻我和屏幕里的撒贝宁一样，眼眶湿润。 因为这不是一个普通的学号，是中国教育史上的伟大奇迹！ 1937年7月29日， 北大、清华被日军占领 。 次日，天津 南开大学被轰炸成一片废墟 。 今天的我们或许难以想象，但当年硝烟弥漫的北平，却容不下一张安静的课桌。 为保存知识的火种，北大、清华、南开，三所大学的校长接到密令， 兵分三路，南下昆明。 一场教育史上最壮丽的长征，开始了。 历时68天，跋涉3500公里，这只中国文化的新生队伍，抵达昆明城。 "西南联大"这个熠熠生辉的名字，因此诞生 。 翻译泰斗许渊冲老先生回忆说： 那时国文课真是精彩，中国文学系的教授，每人授课两个星期： 闻一多 讲《诗经》， 陈梦家 讲《论语》， 西南联大课堂 许骏斋 讲《左传》， 刘文典 讲《文选》， 唐兰 讲《史通》， 罗庸 讲唐诗，浦江清讲宋词…… 蔡元培先生说：大学者， "囊括大典，网罗众家" 。 学校没有一座高楼， 教学条件恶劣至极， 却誉为 "中国教育史上的珠穆朗玛峰" 。 "长 ...

Core Viewpoint - The bankruptcy of GAC Fiat Chrysler (GAC FCA) highlights the challenges faced by joint venture car manufacturers in China, emphasizing the need for adaptation to local market demands and the rapid evolution of the automotive industry [2][3][4]. Group 1: Bankruptcy Announcement - GAC FCA has been declared bankrupt by the Changsha Intermediate People's Court due to the lack of restructuring possibilities, following multiple failed asset auctions [4][5]. - The company, once a "joint venture dark horse" with annual sales of 220,000 vehicles, has seen a dramatic decline in performance since 2018, leading to its eventual bankruptcy [2][6]. Group 2: Sales Decline and Market Challenges - GAC FCA's sales plummeted from 125,200 vehicles in 2018 to just 1,861 vehicles in 2022, reflecting a nearly halved performance each year [6][12]. - The joint venture's struggles are indicative of a broader trend among joint venture car manufacturers, with market share for these brands dropping from 50% five years ago to 27.5% [3][14]. Group 3: Factors Contributing to Decline - Key issues include slow product iteration, lack of electric vehicle (EV) strategy, and failure to adapt to local consumer preferences, leading to a loss of consumer trust [2][10][12]. - GAC FCA's inability to keep pace with the rapid development of domestic brands and the shift towards electric and smart vehicles has further exacerbated its decline [10][14]. Group 4: Industry Implications - The bankruptcy serves as a warning for other joint venture car manufacturers, emphasizing the urgent need for transformation and local market responsiveness [3][14]. - The overall automotive market in China is increasingly competitive, with domestic brands rapidly gaining market share through innovation and better alignment with consumer needs [14][15]. Group 5: Future Directions for Joint Ventures - Joint venture car manufacturers are recognizing the necessity to enhance local R&D capabilities and adapt to the fast-changing market landscape [15][16]. - There is a shift from a model of importing global vehicles to developing products tailored for the Chinese market, with an emphasis on collaboration with local tech companies [16][17].

Core Viewpoint - The article discusses the recent developments in the securities industry regarding the ability of brokerages to sell insurance and bank wealth management products, highlighting regulatory changes and potential impacts on the industry [2][4][10]. Summary by Sections Regulatory Changes - On July 11, the China Securities Association (中证协) released the "28 Measures for High-Quality Development of the Securities Industry," which emphasizes enhancing communication with relevant departments to allow more compliant brokerages to obtain licenses for selling bank wealth management and insurance products [2][4]. - The Financial Regulatory Bureau also issued the "Financial Institutions Product Appropriateness Management Measures," which will take effect on February 1, 2026, establishing a regulatory foundation for brokerages to expand into these new sales areas [2][3]. Historical Context - The ability for brokerages to sell financial products, including insurance, was first established in the "Regulations on the Management of Securities Companies' Agency Sales of Financial Products" issued by the CSRC in November 2012 [5]. - Despite the long-standing regulations, the actual scale of insurance agency business has been limited, leading to a lack of focus on this area within the industry [7]. Industry Impact and Future Prospects - The renewed focus on brokerage sales of diverse products is seen as a potential shift from "single securities services" to "comprehensive wealth management," indicating a systemic adjustment in business models [8][10]. - The article suggests that the new regulatory environment could lead to more brokerages entering the insurance and bank wealth management product sales market, although this will require careful observation and compliance with regulatory standards [9][10]. Challenges and Opportunities - Brokerages face challenges in adapting to the different sales models and regulatory requirements associated with bank wealth management and insurance products, necessitating enhanced training for sales personnel and improvements in compliance systems [9][10]. - The potential for brokerages to tap into the growing demand for personal and commercial pension products is highlighted, as these products are becoming key components of a multi-tiered pension system [11]. - The article also notes that the integration of investment advisory and insurance advisory services could create new opportunities for wealth management, particularly in addressing the needs of high-net-worth clients [12]. Conclusion - The push for brokerages to obtain licenses for selling bank wealth management and insurance products represents a significant opportunity for the industry to evolve and meet diverse investor needs, with regulatory support aimed at fostering this transition [10][16].

Core Viewpoint - Bawang Chaji (CHA.US) is expanding its overseas operations by entering into a joint venture in Thailand, acquiring a 51% stake in its local subsidiary, which reflects a strategic move to enhance its market presence in Southeast Asia [2][3]. Group 1: Investment and Partnership - Thailand President Foods Co., Ltd. has invested over 142 million THB (approximately 31.19 million RMB) to acquire a 51% stake in Bawang Chaji Thailand, changing the shareholder structure [2][3]. - The partnership includes key local players from food production, logistics, and real estate, providing essential resources for the brand's expansion [3]. - Bawang Chaji previously established a joint venture in Malaysia with Magma Chain Management, indicating a trend of collaboration with local firms to facilitate market entry [4]. Group 2: Market Trends and Strategy - Analysts suggest that the joint venture model will become a crucial pathway for many restaurant brands looking to expand internationally, particularly in Southeast Asia [5]. - The Southeast Asian market is seen as a primary growth area for Chinese tea brands due to geographical advantages and cultural similarities [5]. - A report indicates that the next five years will be pivotal for the global competition of Chinese tea brands, with Southeast Asia being the preferred destination for expansion [5]. Group 3: Company Performance and Future Outlook - As of March 31, 2025, Bawang Chaji operates 6,681 tea houses globally, with 169 located overseas [7]. - The average monthly GMV for tea houses in Greater China has decreased to approximately 432,000 RMB, down from 549,400 RMB in the same period last year [7]. - The company is transitioning from a rapid growth strategy to a same-store sales growth strategy, focusing on quality and key performance indicators rather than just expansion speed [8].