Core Viewpoint - The Chinese automotive market in the first half of 2025 is characterized by intense competition, with sales growth driven by promotional activities and significant reliance on government subsidies [1][2]. Group 1: Overall Market Performance - The wholesale volume of passenger cars reached 13.279 million units, a year-on-year increase of 12.2%, while retail sales totaled 10.9 million units, up 10.8% [3]. - Exports showed strong performance, with 2.16 million units exported from January to May, reflecting a 15% year-on-year growth, and new energy vehicle (NEV) exports reached 1.16 million units, up 33% [3]. - The promotional discount for traditional fuel vehicles remained stable at 23.3%, while NEV promotions decreased to 10.2%, indicating ongoing price competition [3][4]. - The inventory pressure on dealers is significant, with only 27.5% of 4S stores meeting sales targets, leading to increased stock levels and financial strain [4]. Group 2: Traditional Domestic Brands - The price war among traditional domestic brands continues, with promotional discounts for fuel vehicles reaching 18.3%, up 2.5 percentage points year-on-year [5]. - BYD leads the market with a sales volume of 2.146 million units, a 33% increase, while other brands like Geely and Changan also show significant growth [5][6]. - Geely's NEV sales reached 725,200 units, a 126% increase, highlighting its competitive positioning against BYD [7]. Group 3: New Forces in the Market - New energy vehicle startups face significant operational pressures, with only 3 out of 12 achieving sales targets above 40% [8]. - Leap Motor leads in cumulative deliveries among new forces, while XPeng Motors has seen a rebound in sales with its new model [8]. - The market demands a strong value proposition from new energy vehicles, emphasizing the need for competitive pricing and unique product positioning [8]. Group 4: Joint Ventures - Joint venture brands have shown signs of recovery, with overall sales increasing by 11% in the first half of 2025, driven by fuel and hybrid vehicle promotions [10]. - The promotional intensity for fuel vehicles reached a historical peak of 23.1%, particularly in the luxury segment [10]. - Although joint ventures lag in NEV penetration, some models are gaining traction, indicating potential for future growth [10]. Group 5: Market Outlook for the Second Half of 2025 - Price wars are expected to persist, with ongoing product launches and competitive pricing strategies [11]. - The continuation of subsidy policies will be crucial for stimulating market demand, as previous incentives have largely been exhausted [11]. - The automotive industry is transitioning towards a more complex competitive landscape, requiring brands to innovate beyond traditional product offerings [11][13].

鲜美！太鲜美了！ 爱吃海鲜的有口福了！ 来自北欧 纯净海域的 「 挪威进口多春鱼 」 ！ 个个 满腹黄金籽 ！ 这次终于 找到了我们心中的 「营养之冠」 —— 【挪威进口· 满籽 多春鱼】 刺少肉嫩高钙高蛋白！ 不满籽包赔！ 不满籽包赔！ 不满籽包赔！！ 点击下图即可购买 ▼ 来自"北欧海产王国"挪威， 鲜活捕捞锁鲜， 全部母体99%以上满腹爆浆黄金籽， 亲测好吃美味！更有营养！ 认真把控每一条鱼：肚子里全是宝，营养丰富，老少孕妇健康吃！ 给大家看挪威进口多春鱼的实 拍 ， 肉眼可见的新鲜！ 看到啥样，拿到手啥样！ 北极圈的"黄金营养"， 堪称深海营养"小炸弹"～ 客家话中，"蛋、卵"译为"春"， 挪威进口满籽多春鱼也因"多籽多福"而得名！ 但不仅仅只是寓意，新鲜美味来自洁净海域， 营养价值更是普通鱼的高很多倍！ 首先，挪威深海多春鱼 高蛋白低脂肪， 每100g含 18g优质蛋白 ，健身党撸串无负担； 其次，挪威深海多春鱼Omega-3爆表！ DHA+EPA含量是普通鱼类的 2倍+ ； 挪威多春鱼的鱼籽还含有多种微量元素、矿物质盐、蛋白质等等， 对人体非常有营养价值，尤其适合女性吃～ 连骨带籽吃， 食用挪威多 ...

Core Viewpoint - Huang Renxun, CEO of NVIDIA, emphasizes the importance of the Chinese market, marking his third visit to China this year, indicating a strong commitment to collaboration and growth in this region [1][3][4]. Group 1: Huang Renxun's Visits and Statements - Huang Renxun has visited China three times this year, with his latest visit being for the third Chain Expo [3]. - During a meeting with the China Council for the Promotion of International Trade, Huang stated that China is a crucial market for NVIDIA and expressed a desire to continue cooperation [4]. - Huang highlighted the transformative impact of AI across various sectors, including software development, healthcare, finance, climate technology, and manufacturing, suggesting that this is just the beginning of AI's disruptive changes [6]. Group 2: NVIDIA's Market Performance and Huang Renxun's Wealth - As of July 11, NVIDIA's stock price reached $164.92, with a market capitalization of $4.02 trillion, making it the first company to surpass this milestone [10]. - Huang Renxun's net worth has increased to $144 billion, surpassing Warren Buffett, positioning him as the ninth richest person globally [10]. - NVIDIA's stock has risen over 20% this year, contributing to a $29 billion increase in Huang's personal wealth during the same period [11].

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。 ...

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 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].