Core Viewpoint - The successful extradition of suspect Li from Thailand to China highlights the deepening law enforcement cooperation between China and Thailand, showcasing the commitment of Chinese authorities to protect citizens' property and uphold legal standards [1]. Group 1 - Li was accused of illegally absorbing public deposits amounting to over 300 million RMB from more than 800 individuals by falsely claiming strong financial capabilities and imminent public listing [1]. - After fleeing to Thailand, Chinese authorities continued their pursuit, leading to Li's arrest in June 2025 and subsequent extradition [1]. - The case serves as a positive example for future law enforcement collaborations between China and other countries [1].

8月19日上午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，请国家体育总局局长高志丹介 绍"十四五"时期体育强国建设成就，并答记者问。 长安街知事注意到，高志丹在作介绍和回答记者提问时，至少4次直接提到足球。其中，他表示，"十四五"期间，以"假 赌黑"治理为契机，重拳整治足球、象棋等项目发展乱象。 高志丹介绍，"十四五"时期，体育产业成为经济发展新亮点。体育产业总规模近五年年均增速超10%，"苏超""村超"火爆 出圈。 同时，体育改革开创发展新局面。"我们扎实推进足球改革振兴，理顺体制机制，深入开展'假赌黑'治理，足球工作逐步 走上了良性发展的轨道。"高志丹说。 在回答央视总台记者"在深化体育改革方面做了哪些方面工作"的提问时，高志丹谈到，努力推动足球振兴发展，成立足 球职业联赛联合会，实施管办分离，足球管理新的格局初步形成。 同时，狠抓行风建设。他表示，"十四五"时期，坚持和加强党对体育工作的全面领导，坚决惩治体育领域腐败，强化以 案为鉴和警示教育，体育政治生态得到修复。 鲍威尔，大消息！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 券 ...

Core Viewpoint - The number of brokerages applying for fund custody licenses has significantly decreased from seven to one due to heightened regulatory entry requirements, leading to a "withdrawal wave" among institutions that could not meet the new standards [2][6][9]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has raised the entry thresholds for fund custody qualifications, requiring commercial banks to have a net asset of at least 500 billion and securities companies to have at least 300 billion [9][10]. - The new regulations also stipulate that institutions must have a regulatory rating of level 2 or A class or above for the past three years and demonstrate substantial operational capabilities [10]. Group 2: Withdrawal of Applications - As of August 15, only Dongwu Securities remains in the queue for fund custody qualifications, while six other brokerages have withdrawn their applications due to inability to meet the new requirements [2][4][6]. - The withdrawal trend began in July when several institutions received regulatory guidance to retract their applications [2][6]. Group 3: Current Landscape - Currently, there are 68 institutions with fund custody qualifications, including 36 banks and 30 brokerages, indicating a concentration of custody business among larger institutions [7][12]. - The new regulations have led to a situation where the majority of small and medium-sized brokerages lack fund custody licenses, further consolidating the market among larger players [12].

氦气领域，传来大消息！ 据科技日报消息，日前，万瑞冷电自主研制的"低温精制及脱氖装置"在陕西延安天然气提氦项目现场完成工程验收。该 装置产出氦气纯度达到99.99997%（6N9级），标志着我国在低丰度天然气提氦领域实现了重大突破。 据悉，氦气被称为"黄金气体"。从航空航天、核反应堆到半导体、量子计算机，氦气在众多高新技术产业中不可替代。 近日，另外一则跟氦气相关的消息，也引发市场关注。乌克兰国际文传电讯社援引情报消息人士的话称，乌国防部情报 总局近日对俄罗斯奥伦堡氦气厂发动了无人机袭击。袭击发生后，该工厂发生了数次爆炸。 有券商指出，此次遇袭的奥伦堡氦气厂占俄罗斯氦气产量的比例约为62.5%，占全球总供应量的3%。氦气供给或出现扰 动，建议关注国内氦气相关上市公司。 我国天然气提氦技术取得新突破 据科技日报18日报道，近日，安徽万瑞冷电科技有限公司（简称"万瑞冷电"）自主研制的低温精制及脱氖装置在陕西延 安天然气提氦项目现场完成工程验收。该装置产出氦气纯度达到99.99997%（6N9级），氖气杂质含量低于0.3ppm。作为 国内首套从天然气中提取6N9级超纯氦气的装置，这一成果标志着我国在低丰度天然气提氦 ...

Core Viewpoint - The article emphasizes the importance of digital finance as a core driver of the modern economic system, highlighting its role in reshaping the financial ecosystem and its integration within the domestic securities industry. Northeast Securities is actively pursuing a digital transformation strategy aimed at creating distinctive digital financial services [1]. Group 1: Digital Transformation Strategy - Northeast Securities established a digital transformation strategy in 2021 to achieve differentiated development, which includes a comprehensive digital strategy plan and a digital panorama blueprint [3]. - The company's president oversees the implementation of the digital transformation strategy, supported by an information technology governance committee and a dedicated digital transformation promotion working group [3]. - Each department within Northeast Securities has appointed digital transformation specialists to facilitate the transition, supported by a framework focusing on technology governance, data governance, organizational talent, and ecological cooperation [3]. Group 2: Distinctive Digital Financial Services - One of the key goals of Northeast Securities' digital finance initiative is to create distinctive digital financial services, focusing on two main aspects: digital and integrated operations for retail clients and specialized services for stock clients [3][4]. - The company has developed three major wealth management digital platforms that integrate employee and client interfaces, achieving comprehensive digital coverage of retail client service processes [3]. Group 3: Data Governance and Decision-Making - Northeast Securities places significant emphasis on data governance, establishing a governance committee and a cross-departmental data management working group to coordinate data strategy planning and execution [6]. - The company has implemented a data middle platform that serves as the core hub for data governance and application, enhancing data retrieval efficiency and ensuring data asset management [7]. - A data-driven decision-making culture is being developed, focusing on business pain points and creating scenario-based data governance to drive collaboration and effectiveness [6]. Group 4: Application of Technology - Northeast Securities has integrated artificial intelligence (AI) technology into various areas such as account opening, customer service, investment advisory, and compliance, achieving a 98% recognition rate for online account opening through optical character recognition (OCR) technology [9]. - The intelligent customer service system has reduced the manual intervention rate from 100% to 25%, significantly decreasing customer wait times and operational costs [9]. Group 5: Talent Development - The company faces challenges in digital transformation, including data silos and a shortage of digital talent. Northeast Securities plans to enhance its talent structure by recruiting skilled professionals in key areas such as data governance and IT product management by 2025 [11]. - A comprehensive talent introduction and training plan is established annually to ensure the continuous improvement of the technical talent structure [11]. Group 6: Project Management and Implementation - Digital transformation is a key focus in Northeast Securities' annual operational plan, with a project management office (PMO) overseeing the collaboration between business and technical departments to achieve project goals [12]. - The company conducts regular tracking and supervision of project implementation, ensuring effective progress in digital finance initiatives [12].

性能方面，Model Y L搭载全轮驱动系统，CLTC工况下续航里程达751公里，百公里加速4.5秒，最高车速201公里/小时。 8月19日，特斯拉中国官网上线Model Y L车型，33.9万元起售，预计交付时间2025年9月，配置为长轴距六座布局。 此前，特斯拉曾在7月中旬宣布，全新车型 Model Y L 将在今年"金秋"上市，昨日晚间，特斯拉官微发文称，Model Y L即将登场。 来源：特斯拉官网 责编： 杨喻程 校对： 杨舒欣 百万用户都在看 凌晨突发！特朗普，中断会晤！重磅会谈细节来了！ 突然升温！A股逼近3700点，该怎么操作？切记，这是上涨中最容易犯的错 美联储，重大宣布！ 最新发布！利好来了！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 弊中社 券商中国 X 券中社 扫码下载 券 中 社 A P P 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体, 券 商 中 国 对 该 平 台 所 刊 载 ...

近期，市场上一则投资人做空碳酸锂期货穿仓的消息，引发各方广泛关注。消息称，该投资人因做空碳酸锂期货，不 仅亏完本金1600万元，甚至倒亏期货公司464万元。 据券商中国记者了解，上述客户穿仓消息属实，系华南某期货公司客户。据悉，相关期货公司与客户已在协商补款事 宜，目前沟通较为顺利。这一事件给全行业再次敲响防风险的警钟。 衍生品存在资金杠杆，投资者在交易中必须注意控制仓位，期货公司要积极把好风控关。此外，期货交易所作为市场组 织者和管理者，也应及时研判整体风险并出台风控措施。 穿仓投资人已在协商补款 投资人从账户千万资产，到穿仓破产，仅仅用了三个交易日，这是发生在碳酸锂期货市场上的真实故事。 券商中国记者从相关期货公司获悉，8月8日下午，该投资人由空仓开始建碳酸锂空单，当日风险度未触及期货公司追保 强平状态。8月11日开盘碳酸锂一字板涨停，该投资人触及追保强平状态，期货公司风控第一时间通知其处置风险，该客 户迅速以涨停价挂平仓单，但因当日碳酸锂合约流动性不足未能成交，当日期货公司与客户沟通处置方案，双方达成共 识，最终在8月12日开盘后将持仓处置。 "在整个过程中，有很多值得反思的点。这名投资人的交易太过激进 ...

Core Viewpoint - The Chinese pharmaceutical industry is experiencing a significant rise in global influence, driven by a deep understanding of industry dynamics and strong policy support, positioning it as a key player in the investment landscape [1][10]. Industry Growth and Demand - The Shenyin Wanguo Pharmaceutical and Biotechnology Index has surged by 22.31% year-to-date as of July 31, 2023, ranking second among 31 industries, following a previous four-year decline of over 50% [2]. - The pharmaceutical industry's growth is closely linked to humanity's pursuit of health, with historical advancements in medicine marking significant milestones [3]. - The demand for healthcare is expected to grow due to demographic changes, with the global population aged 65 and older projected to reach 10.2% by the end of 2024, and China's proportion expected to rise to 15.6% [5]. - Chronic diseases such as cancer and diabetes are on the rise, leading to increased demand for prevention and treatment, while the definition of health is expanding to include wellness and aesthetics [5]. - China's healthcare expenditure as a percentage of GDP has increased from 4.9% in 2010 to 7.1% in 2022, indicating a growing market potential compared to developed countries [5]. Supply-Side Dynamics - The pharmaceutical industry is characterized by high barriers to entry and scarcity, with stringent regulations governing drug approval and production [6]. - The core competitiveness of pharmaceutical companies lies not only in their products but also in their research and development capabilities, which require significant time and investment [6][7]. - The interplay of rigid demand growth and high supply barriers creates a unique investment landscape in the pharmaceutical sector [7]. Recent Challenges and Market Sentiment - Despite being a promising sector, the A-share pharmaceutical index experienced a cumulative decline of over 40% from 2021 to 2024 due to various factors, including a downturn in the innovative drug cycle and concerns over pricing pressures from healthcare reforms [8][9]. - Market sentiment has been affected by fears of cost control measures and drug price negotiations, although these concerns may be short-term in nature [9]. Policy and Internationalization - Recent policy initiatives from the Chinese government aim to enhance the pharmaceutical industry's global competitiveness, with a focus on creating a supportive environment for innovation [10][12]. - China's pharmaceutical R&D capabilities have significantly improved, with the country now leading in the number of innovative drugs developed, and the proportion of first-in-class (FIC) drugs increasing from under 10% in 2015 to 31% in 2024 [12][13]. Investment Strategy and Performance - The investment team at ICBC Credit Suisse has established a strong track record in the pharmaceutical sector, with several funds outperforming benchmarks significantly [15][16]. - The team's investment strategy focuses on quality factors, emphasizing research efficiency, commercialization capabilities, and global expansion potential [20]. - The ICBC Health Industry fund has achieved a net value growth rate of 69.60% year-to-date as of July 31, 2023, indicating strong performance in the market [18][21].

Core Viewpoint - The "Trump-Zelensky meeting" has become a focal point for global attention, particularly regarding the potential for a tripartite meeting involving the U.S., Russia, and Ukraine to address the ongoing conflict [1][3]. Summary by Sections Meeting Overview - Ukrainian President Zelensky met with U.S. President Trump, discussing the possibility of a tripartite meeting with Russia to potentially end the Ukraine conflict [2][4]. - Trump expressed optimism about the meeting's outcomes, indicating that the U.S. would collaborate with Ukraine and Russia to ensure lasting peace [3][4]. Communication with Russia - Following the meeting with Zelensky, Trump contacted Russian President Putin, confirming mutual support for direct negotiations between Ukraine and Russia [5][14]. - The conversation lasted approximately 40 minutes and was described as constructive, with both leaders agreeing on the need for direct talks [5][14]. Security Guarantees - Security guarantees emerged as a central topic during discussions, with both Trump and Zelensky emphasizing the importance of U.S. support for Ukraine [10][11]. - Zelensky outlined that security needs include weapons, personnel, training, and intelligence, indicating a shift from receiving aid to purchasing military equipment from the U.S. [10][11]. Territorial Issues - Trump highlighted the necessity of discussing potential territorial exchanges during the tripartite meeting, considering the current contact lines between Ukraine and Russia [13][14]. - Zelensky indicated that sensitive issues, including territorial exchanges, would be addressed directly at the leadership level during the proposed meeting [12][15]. Broader Implications - European leaders, including French President Macron and German Chancellor Merz, underscored the importance of security guarantees and the need for a broader dialogue involving Europe [16][17]. - The discussions are seen as paving the way for future negotiations, with an emphasis on achieving a ceasefire and lasting peace [17].

Core Viewpoint - The article highlights a significant rebound in equity funds, driven by increased market confidence and liquidity, with over 96% of equity funds achieving positive returns this year [2][3]. Group 1: Market Performance - On August 18, the Shanghai Composite Index reached a nearly 10-year high, with the total market capitalization of A-shares surpassing 100 trillion yuan, indicating a strong recovery in market sentiment [2]. - The performance of equity funds has been particularly impressive, with the equity fund index hitting a nearly 3-year high, and over 2,000 equity funds reaching historical net value highs in August [3]. Group 2: Fund Inflows and Market Drivers - Fund companies attribute the upward trend in the equity market to abundant liquidity, gradual recovery in corporate earnings, and the influx of new funds [5]. - The return of overseas capital, along with the resonance of resident and institutional funds, is identified as a core characteristic of the current market rally [6]. - The recent increase in margin trading balances, surpassing 2 trillion yuan, signals strong bullish sentiment among investors, indicating a widespread expectation of continued market growth [6]. Group 3: Fund Manager Activity - Recent data shows that over 30 newly established active equity funds have experienced significant changes in unit net value, suggesting proactive positioning by fund managers [8]. - Fund managers remain optimistic about future investment opportunities, particularly in sectors such as AI, fintech, defense, semiconductors, and robotics [8]. Group 4: Market Outlook - The current market is expected to transition into a "slow bull" pattern, supported by favorable policies and improving corporate earnings, contrasting with the rapid growth seen in previous bull markets [9]. - The article emphasizes the potential for continued growth in the equity market, particularly in growth sectors benefiting from abundant liquidity [9].