Core Viewpoint - The article discusses the strategic move of Shouchao Securities to pursue an H-share listing in Hong Kong, highlighting its importance in the context of increasing competition in the domestic brokerage industry and the need for differentiation among smaller brokerages [1][5]. Group 1: Listing Strategy - Shouchao Securities has submitted its H-share listing application to the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy [1][3]. - The company has appointed four major underwriters for the IPO, indicating its commitment and strong channel mobilization capabilities [1]. - The strategic intent behind the IPO includes enhancing capital strength and risk resilience, as well as expanding cross-border business to serve Chinese enterprises going abroad and overseas capital investing in Chinese assets [1][4]. Group 2: Financial Performance - Shouchao Securities has seen its market capitalization double within three years, with its stock price rising from 10.18 yuan at its debut to 21.26 yuan, resulting in a market cap of 581 billion yuan as of October 2025 [7][9]. - The company has achieved steady revenue growth, with operating income increasing from 931 million yuan in 2017 to 2.418 billion yuan in 2024, a nearly 160% increase [9]. - In terms of profitability, Shouchao Securities ranks fifth and tenth among A-share listed brokerages for revenue and net profit compound annual growth rates from 2022 to 2024, respectively [9]. Group 3: Business Focus - The IPO proceeds are primarily aimed at supporting the development of asset management and investment businesses, as well as enhancing IT and technology investments for digital transformation [10][11]. - The investment business has become a major growth driver, with revenue from this segment reaching 819 million yuan in the first half of 2025, a 56.07% year-on-year increase [10]. - The asset management business, despite a decline in performance in the first half of 2025, has shown a compound growth rate of 15.8% from 2022 to 2024, with assets under management reaching 165.5 billion yuan [11].

Core Viewpoint - The research team from Peking University has successfully utilized cryo-electron tomography to analyze the micro-3D structure, interfacial distribution, and entanglement behavior of photoresist molecules in a liquid environment, leading to a significant reduction in lithography defects [1][4]. Group 1: Research Significance - The introduction of cryo-electron tomography in the semiconductor field allows for real-time, high-resolution observation of photoresist behavior in developing solutions, addressing the limitations of traditional methods [4][5]. - This advancement is expected to enhance defect control and yield improvement across various critical manufacturing processes in the chip industry, paving the way for the next generation of more powerful and reliable chips [5]. Group 2: Market Insights - The photoresist market in China is projected to grow from approximately 10.92 billion yuan in 2023 to over 11.4 billion yuan in 2024, with expectations to reach 12.3 billion yuan by 2025, driven by the acceleration of domestic substitution for mid-to-high-end products like KrF photoresists [5]. - Lithography is identified as the most time-consuming and challenging process in integrated circuit manufacturing, accounting for about 50% of the manufacturing time and approximately one-third of production costs [5]. Group 3: Domestic Equipment Development - The domestic lithography machine industry is progressing, although it still faces technological limitations compared to international standards, particularly in high-end lithography machines [7]. - The domestic supply chain for lithography machines includes upstream equipment and materials, midstream system integration and production, and downstream applications [7].

Core Points - The 2026 National Civil Service Examination registration ended on October 24, with Guangdong province recruiting 3,310 positions, leading in the number of applicants [1] - Guangdong province has the highest number of applicants, with a total of 329,587, making it the only region surpassing 300,000 applicants [1] - The total number of applicants who passed the initial review in Guangdong is 289,616, with 39,971 still pending review [1] Summary by Sections - **Top Departments in Guangdong**: The top three departments with the highest number of approved applicants are the Guangdong Provincial Taxation Bureau (128,973), Shenzhen Customs (38,513), and Gongbei Customs (14,431), accounting for 62.81% of the total approved applicants [2] - **Competitive Positions**: Some positions are highly competitive, with the Guangzhou Railway Public Security Bureau's position having a competition ratio of 2,693:1 for one vacancy, and other positions from the Guangdong Provincial Taxation Bureau and Shenzhen Customs also showing high competition ratios [2] - **Policy Changes**: The civil service examination is leaning towards grassroots positions, with a slight reduction in educational requirements and an increase in the age limit for applicants in Guangdong, now allowing candidates up to 43 years old [3]

Core Viewpoint - Adidas has become the "old fourth" in the Chinese market, trailing behind Nike, Anta, and Li Ning, and is currently in a phase of clear expansion in China [1][2]. Group 1: Market Position and Challenges - Adidas's decline in market share is significantly attributed to the fallout from the Yeezy partnership with Kanye West, which accounted for 8% of total revenue and 40% of profits before the partnership ended in October 2022 [1]. - The company's market share in China dropped from 15% in 2021 to 8.7% in 2024, while Nike's share decreased from 18.1% to 16.2% during the same period [1][2]. - Domestic brands have risen, with Anta's market share increasing from 9.8% to 10.5% and Li Ning's from 9.3% to 9.4% [2]. Group 2: Strategic Changes - Adidas is adapting its strategy in China, with 95% of products sold in the market being "made in China" and a focus on original designs [2]. - The CEO of Adidas, Bjørn Gulden, has made multiple visits to China to strengthen relationships, contrasting with Nike's more subdued approach [2][3]. Group 3: Financial Performance - In Q2 2023, Adidas's revenue in Greater China grew by 11% year-on-year to €798 million (approximately ¥6.65 billion), while Nike's revenue in the same region fell by 10% to $1.512 billion (approximately ¥10.78 billion) [4]. - Despite the growth, the comparison of growth rates is complicated due to Nike's larger sales base [4]. Group 4: Future Prospects - The path for Adidas to reclaim its position in the market is challenging, with Nike also empowering its local team and domestic brands like Anta thriving [5]. - The overall market is volatile, with companies like Peak facing significant losses and implementing salary cuts of up to 50% [5].

Core Insights - The iPhone Air was launched at a starting price of 7999 yuan, but initial sales were strong with the first batch selling out in 5 minutes and achieving over 100 million yuan in sales within the first second of pre-orders. However, the official launch saw a significant drop in demand, with reports of excess inventory in stores [1][2][5]. - Apple is reportedly reducing the production of the iPhone Air to nearly a halt, shifting focus to the iPhone 17 and iPhone 17 Pro models due to lower-than-expected demand. Supply chain adjustments indicate a potential reduction in output capacity by over 80% through Q1 2026 [5][6]. - Apple's CEO Tim Cook's recent visit to China is seen as a strategic move to reinforce confidence in the Chinese market, especially following the successful launch of the iPhone 17 series, which has outperformed last year's models [8][9]. Group 1 - The iPhone Air sold out quickly during pre-orders but faced a lack of interest during the official launch, leading to excess stock in retail locations [1][2]. - The iPhone Air's production is being significantly cut back, with supply chain sources indicating a shift in focus to other models due to insufficient market demand [5]. - Tim Cook's visit to China is interpreted as a sign of Apple's commitment to the market, coinciding with the successful sales of the iPhone 17 series [8][9]. Group 2 - The iPhone Air is the thinnest phone Apple has ever produced and utilizes eSIM technology, with an estimated first-year shipment of around 10 million units [3]. - Consumer feedback on the iPhone Air has been mixed, reflecting varying opinions on its features and market positioning [3]. - Apple's revenue from the Greater China region reached 15.369 billion USD, marking a 4% year-on-year increase, highlighting the importance of this market for the company [9].

记者丨王峰 编辑丨陈洁 党的二十届四中全会近日召开，全会提出了"十五五"时期经济社会发展的主要目标，其中包 括"人民生活品质不断提高"。 全会提出，加大保障和改善民生力度，扎实推进全体人民共同富裕，并对就业、收入分配、教 育、社会保障、房地产、卫生健康、人口等领域提出了具体要求。 应该如何理解提高人民生活品质对公共服务提出的新要求？21世纪经济报道专访了北京大学政 府管理学院教授马亮。 马亮认为， "十五五"时期会在原有基本公共服务清单的基础上进一步向"一老一小"侧重。稳 步推进基本公共服务均等化，要求在基本公共服务同城同权方面有所突破。 马亮。资料图 解决好急难愁盼问题 《21世纪》： 党的二十届四中全会提出，坚持尽力而为、量力而行，加强普惠性、基 础性、兜底性民生建设，解决好人民群众急难愁盼问题，畅通社会流动渠道，提高人 民生活品质。应该如何理解"十五五"加强和改善民生的重要性？ 马亮： 老百姓日常生活里最关心的就是社会保障和公共服务，尤其是教育、医疗，还有涉 及"一老一小"的养老、托育等全生命周期的关键环节。做好这些方面的工作，既需要政府投入 更多财力，也需要创新模式，才能更好地保障公共服务供给。 扎实 ...

10月25日下午，新华财经报道称，25日上午茅台集团召开大会宣布重大人事调整：张德芹不再 担任茅台集团董事长职务，贵州省能源局局长陈华接任茅台集团董事长。 茅台迎来了五年内第三位"一把手"。 这一消息当天上午已在白酒业内传开。按照流程，贵州省公告陈华在茅台集团的党委书记、董 事长职务后，陈华将会担任贵州茅台的党委书记，后续按流程经过股东大会后将担任贵州茅台 的董事长。 和之前几次换帅一样，这次依然来得很突然。 距离张德芹2024年4月末回归掌舵茅台，此次再 次换帅仅过了一年半时间。 新帅出身能源系统 工科出身的陈华，此前长期在贵州能源体系工作，来到茅台前担任贵州省能源局党组书记、局 长，机关党委书记。 陈华1972年3月出生，贵州盘州人，工程硕士学位，中国矿业大学矿业工程领域专业毕业。 1994年，他从盘江矿务局土城矿采助工干起，此后十多年一直在当地和煤矿打交道。 一直到2012年，他升任贵州盘江集团副总经理，职业生涯开始转变。2014年，长期有煤矿一 线经历的陈华调任贵州省安全生产监督管理局党组成员、副组长，同年下半年开始担任六盘水 市副市长。 记者丨肖夏 编辑丨陶力 2017年，陈华担任贵州盘江国有资本运 ...

Core Viewpoint - The beauty industry is facing a safety crisis due to the detection of the banned substance Sudan Red in multiple cosmetic products, raising public concern [1][5]. Group 1: Incident Overview - A third-party testing agency, "Old Dad Testing," reported finding Sudan Red, a chemical dye banned globally since 2003, in various cosmetics [1][5]. - Sudan Red is known for its genotoxicity and potential carcinogenic risks, and it has been listed as a prohibited ingredient in cosmetics by the National Medical Products Administration since 2021 [1][5]. - Several brands, including Huaxizi, Tingyan, and Qiyou, have responded by removing the affected products from their shelves [1][9]. Group 2: Testing and Findings - "Old Dad Testing" discovered that the source of Sudan Red was a red ingredient containing extracts from Eclipta Prostrata, Melia Azadirachta, and Moringa Oleifera, with a Sudan Red content of 1170 ppm [5][7]. - The testing agency conducted public sampling tests on multiple skincare products using the same ingredient, all of which tested positive for Sudan Red [9][10]. - The affected red ingredient was traced back to a Singapore-based supplier, Campo Research (S) Pte. Ltd, which specializes in natural plant-based cosmetic ingredients [5][7]. Group 3: Brand Responses - Brands implicated in the scandal, such as Huaxizi and Tingyan, have initiated product recalls and investigations into their suppliers [9][13]. - Huaxizi's customer service confirmed that they are conducting a strict investigation into the relevant raw material suppliers and have suspended sales of the affected products [9][13]. - Other brands, including Qiyou and Farmacy, are also conducting tests on their products, but some have been less forthcoming about whether their current products contain the problematic ingredients [15][16].

Group 1 - The core point of the article is the significant personnel change at Kweichow Moutai Group, with Zhang Deqin stepping down as chairman and being replaced by Chen Hua, the current director of the Guizhou Provincial Energy Bureau [1][3]. Group 2 - Chen Hua, the new chairman, is a male member of the Yi ethnic group, born in March 1972, and is a member of the Communist Party of China [1]. - Prior to this appointment, Chen Hua served as the secretary of the party group and director of the Guizhou Provincial Energy Bureau [1].

Core Insights - The article discusses the emerging trend of "first launch economy" in Macau, highlighting its potential as a prime location for international brands to debut new products and services [1][2]. Group 1: First Launch Economy - The term "first launch economy" refers to the debut of new products, services, and technologies by companies, which has gained traction across Chinese cities [1]. - A report from the Ministry of Commerce indicates that the scale of China's first launch economy could reach 10 trillion yuan by 2025 [1]. Group 2: Macau's Strategic Position - Macau is positioned as an important international exhibition city and a renowned tourist destination, attracting 30 million visitors annually, providing a significant platform for brands to test and showcase new products [3]. - The city is increasingly becoming a stepping stone for brands from Portuguese-speaking countries to enter the Chinese mainland market, leveraging its cultural familiarity and consumer habits [3]. Group 3: Government Support - The introduction of the "Support for Macau's First Store Economic Development Plan" offers up to 1 million yuan in funding for qualifying domestic and international brands, signaling a shift in Macau's commercial focus towards international markets [2].