在权力场里温文尔雅地穿梭，不代表背后不会随时扔出重拳。 在公开场合，美国财长贝森特是一位言语温和、具备深厚经济学识的专家，其沉稳的形象被视为平息市场紧张情绪的"镇定剂"。然而，在幕后，这位前对冲基 金亿万富翁却以其火爆脾气和激烈作风而闻名，这种强烈的反差正日益成为华盛顿权力走廊内公开的秘密。 这种私下的暴躁脾气上周被公之于众。据Politico报道，在一场于华盛顿乔治敦举办的私人晚宴上，贝森特与联邦住房金融局（FHFA）局长Bill Pulte爆发了激 烈冲突。 目击者称， 贝森特在充斥着脏话的咆哮中，威胁Pulte要"一拳打在你**的脸上"（punch you in your f*cking face）， 令在场的数十名特朗普政府高官和顾 问汗颜。当有人试图介入调解时， 贝森特还发出了"有我没他"的最后通牒，甚至提议两人直接"到外面去"解决。 这并非贝森特首次与同僚发生激烈争执。今年4月，他也曾在白宫椭圆形办公室外与马斯克激烈对峙。 故事发生在上周三晚间、乔治敦一家名为Executive Branch的超高档俱乐部，该俱乐部由特朗普圈内的顶级富豪创建，当晚是其开幕晚宴。 当晚，约有30名宾客出席晚宴，包括交 ...

Core Viewpoint - The pet industry in China is increasingly mirroring human services, with a focus on professional veterinary care and various pet-related services that cater to the emotional and physical needs of pets and their owners [5][68]. Group 1: Veterinary Services - The China Agricultural University Animal Hospital is likened to a top-tier human hospital, featuring a similar patient flow and extensive diagnostic services [6][41]. - The hospital offers a wide range of treatments, including acupuncture for dogs and advanced imaging services like X-rays and CT scans for various pets [31][35]. - The hospital's reputation has led to it being referred to as the "Peking Union Medical College Hospital" of the animal world, highlighting its high standards and successful treatment outcomes [40][41]. Group 2: Market Growth and Trends - As of 2024, the number of pet cats and dogs in China is projected to exceed 124 million, indicating a significant market potential [68]. - The urban pet market is expected to surpass 300 billion yuan by 2024, with projections to exceed 400 billion yuan by 2027, reflecting robust growth in the pet industry [69]. - The pet service market is still underpenetrated compared to mature markets like the U.S., suggesting substantial room for growth [70]. Group 3: Emotional and Social Aspects - Pet ownership is increasingly seen as a source of emotional value, providing companionship and a sense of purpose for owners [78][81]. - The relationship between pets and their owners is characterized by positive feedback, where owners feel their efforts are recognized and valued [83]. - The trend of treating pets with high-quality care and services reflects owners' desires to compensate for their own emotional needs and experiences [89][91].

Core Viewpoint - The upcoming Apple event is expected to highlight the iPhone 17 series, particularly the ultra-thin iPhone 17 Air, which may drive user upgrades due to its innovative design and potential price adjustments [3][5][14]. Product Innovations - The iPhone 17 Air will feature a thickness of only 5.5mm, making it the thinnest iPhone to date, and will include a 6.6-inch display with a weight of approximately 145 grams [5]. - The iPhone 17 series will also include standard, Pro, and Pro Max versions, with the standard model featuring a larger 6.3-inch screen and a 120Hz refresh rate for the first time [8]. - Apple Watch and AirPods Pro lines will see comprehensive updates, including the introduction of Apple Watch Series 11 and AirPods Pro 3, marking the first updates in three years [11][12]. Pricing Strategy - Apple is expected to implement a mild price increase for the iPhone 17 series, the first in seven years, by adjusting storage options rather than directly raising prices [14]. - The iPhone 17 Pro will eliminate the 128GB entry-level version, raising the starting storage to 256GB, with a price increase from $999 to $1,099 [14]. - The iPhone 17 Air is anticipated to be priced between $899 and $949, replacing the underperforming Plus model [5][14]. Competitive Landscape - Apple faces significant competition in the AI space from Google and Samsung, with concerns about its ability to integrate AI features effectively into its products [17][18]. - The company is reportedly behind in AI advancements, with plans to enhance Siri's capabilities through partnerships and new chip developments [17]. Market Challenges - In the Chinese market, Apple may encounter unique challenges, including delays in the launch of the Apple Intelligence suite, which could impact the iPhone 17's initial appeal [20][21]. - The iPhone 17 Air may face technical entry issues in China due to its potential reliance on eSIM technology, which could delay its release [21]. - Analysts note that the popularity of foldable phones in China is crucial for Apple's market share, as competitors like Samsung and Google have already launched their foldable models [21].

Core Viewpoint - The anticipated interest rate cut by the Federal Reserve in September may act as a brake on the current bull market in U.S. stocks, potentially leading to profit-taking by investors [1] Group 1: Market Performance and Sentiment - Despite the strong performance of the S&P 500 index, which has reached over 20 historical highs this year and rebounded more than 30% since April, the internal support for the bull market is weakening [2] - The upcoming month of September, historically the worst month for U.S. stocks, raises concerns about market direction [3] - The market is experiencing heightened anxiety among investors due to the impact of tariffs and recent weak employment data ahead of the anticipated rate cut [2][3] Group 2: Risks and Concerns - Concerns are raised about the potential for "good news to be fully priced in," as comments from public and private companies indicate more cost pass-throughs due to tariffs, with uncertain speed and scale [4] - The interest rate cut itself may introduce new inflationary pressures, as it could stimulate labor demand and lead to wage inflation, which is a concern for future market stability [5] - Historical data shows that September typically sees a range of factors that suppress market performance, including portfolio rebalancing by pension and mutual funds, reduced participation from retail investors, and decreased stock buybacks ahead of third-quarter earnings [6] Group 3: Historical Context and Strategies - Historical data indicates that when the Federal Reserve cuts rates during non-recession periods, September market performance can defy seasonal weakness, with the S&P 500 averaging a 1.2% increase in such years [7] - Different institutions propose strategies to navigate the current risks, with Morgan Stanley suggesting "buying the dip," while JPMorgan's trading team recommends hedging strategies and increasing exposure to gold to mitigate potential market volatility [8]

Core Viewpoint - The U.S. Treasury Secretary, Becerra, predicts a significant acceleration in the U.S. economy in the fourth quarter, despite current weak employment data [1][3]. Employment Data - The U.S. labor market showed disappointing results, with only 22,000 jobs added in August and the unemployment rate rising to 4.3%, marking the fourth consecutive month of weak employment data [2][3]. - Becerra acknowledges the loss of 42,000 manufacturing jobs since the announcement of comprehensive tariff policies in April [3][4]. Economic Policy and Recovery - Becerra defends the government's economic policies, stating that recovery in manufacturing will take time and cannot be achieved overnight [3][4]. - He emphasizes the need for patience regarding the manufacturing sector's recovery and highlights that significant investments are being planned by companies in the U.S. [5]. Investment Intentions - There is a record level of investment intentions from companies planning to build production facilities in the U.S., which is expected to create job opportunities in construction first, followed by manufacturing [5]. - Becerra mentions that the Treasury Department is receiving daily inquiries from management teams, with most companies indicating plans to increase capital expenditures and employment [5]. Criticism of Data and Federal Reserve - Becerra questions the reliability of the employment data, suggesting that August is typically a noisy month for data collection and that significant revisions may occur [4]. - He criticizes the Federal Reserve for being slow to respond to economic data, suggesting that they should have started lowering interest rates earlier [4].

Core Viewpoint - The actual circulating supply of Bitcoin may be significantly lower than the capped limit of 21 million due to lost private keys, hardware failures, or unexpected deaths, with estimates suggesting that between 2.3 million to 7.8 million Bitcoins may be permanently out of circulation [1][8][11]. Group 1: Bitcoin Supply and Loss Estimates - The current circulating supply of Bitcoin is approximately 19.9 million, but the effective amount could be as low as 12.1 million to 17.6 million [2]. - Estimates from various sources indicate that between 2.3 million to 7.8 million Bitcoins are permanently lost, with a report from Ledger suggesting a loss of 2.3 million to 3.7 million, accounting for 11%-18% of the total supply [9][10]. - A study by Glassnode and ARK Invest estimates that around 7.8 million Bitcoins are in a "hoarded or lost" state, representing about 39% of the total supply as of September 2025 [10][11]. Group 2: The Nature of Bitcoin Ownership - Unlike traditional assets, Bitcoin cannot be "reissued" if lost; the phrase "Not your keys, not your coins" emphasizes the importance of private keys in Bitcoin ownership [5]. - Once a private key is lost, the corresponding Bitcoin becomes an inaccessible "ghost asset," with notable cases of individuals losing significant amounts due to forgotten passwords or accidental deletions [6][7]. Group 3: Market Implications of Bitcoin Scarcity - The combined holdings of Bitcoin ETFs and major corporations amount to approximately 2.2 million Bitcoins, which is less than the estimated number of permanently lost Bitcoins [13][14]. - The real market value of Bitcoin may be overestimated by about $500 billion, as the actual circulating supply could be as low as 8.9 million Bitcoins, representing only 45% of the mined total [15]. - This "silent deflation" caused by loss, forgetfulness, and death is reducing the actual supply of Bitcoin, which is not adequately reflected in mainstream financial media [15].

据知名科技记者马克·古尔曼（Mark Gurman）的最新报道，苹果的AI套件"Apple Intelligence"将无缘随iPhone 17在中国市场首发。尽管苹果仍在积极推进其 在华落地， 但目前预计的上线时间最早也要到今年年底，这意味着新机发售初期将缺少一个关键的核心卖点。 由于本地化AI功能的延迟以及可能采用的eSIM设计，iPhone 17系列新品在中国市场的发布和销售前景正蒙上阴影。 与此同时，预计将在9月10日发布会上成为亮点的全新轻薄机型"iPhone 17 Air"， 可能因其仅支持eSIM卡的设计而在中国市场遭遇准入难题。 古尔曼称，这一 硬件规格可能导致该机型在中国的发布"受到限制或推迟"，直到苹果与运营商找到解决方案。 除了软件功能的延迟，硬件层面的挑战也同样严峻。本次发布会的一大焦点预计是全新的"iPhone 17 Air"，这是一款拥有6.6英寸大屏的轻薄化设计机型。 然而，一个核心问题是， iPhone 17 Air预计将完全取消实体SIM卡槽，全面转向eSIM。 古尔曼在其专栏中明确指出，仅支持eSIM"将使其在中国大陆的销售 变得困难"，不排除"受到限制或推迟"的可能。 对 ...

Core Viewpoint - Midea Group's subsidiary, Ande Intelligent Supply Chain Technology Co., Ltd. (Ande Intelligent), is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant step in Midea's expansion strategy and potentially enhancing its valuation in the logistics sector [3][9]. Company Overview - Ande Intelligent is recognized as the leading provider of integrated supply chain logistics solutions in China, particularly in the home appliance sector, with projected revenues of 18.663 billion yuan in 2024 [3][8]. - The company offers comprehensive production logistics solutions across nine core application scenarios, acting as a "supply chain steward" for enterprises [5][8]. Financial Performance - Ande Intelligent has demonstrated robust financial growth, with revenues increasing from 14.173 billion yuan in 2022 to 18.663 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 14.8%. Net profit surged from 215 million yuan to 380 million yuan during the same period, with a CAGR of 33% [8][9]. - In the first half of 2025, the company achieved revenues of 10.885 billion yuan, a year-on-year increase of 20.23%, and net profit of 248 million yuan, up 21.75% [8]. Strategic Moves - Midea Group's decision to list Ande Intelligent on the Hong Kong Stock Exchange instead of the Shenzhen Stock Exchange is aimed at unlocking the company's valuation potential and aligning it with comparable logistics firms like JD Logistics and Cainiao Network [9]. - The restructuring is intended to streamline business management and enhance the competitive edge of Ande Intelligent, allowing it to better leverage its logistics technology attributes [9]. Historical Context - The origins of Ande Intelligent trace back to Midea Group's logistics operations initiated in 2000, evolving from an internal logistics department to a standalone entity with significant market presence [9][10]. - Midea Group has a history of strategic transformations and expansions, having grown from a small workshop to a global technology group with revenues exceeding 400 billion yuan in 2024 [10][14]. Family and Leadership - The founder of Midea Group, He Xiangjian, is a prominent figure in the Chinese business landscape, with a family wealth ranking fifth in the 2024 Hurun Rich List, highlighting the family's influence and success in the industry [10][11]. - The upcoming IPO of Ande Intelligent could mark the tenth public offering associated with the He family, further solidifying their legacy in the capital markets [21].

全球黄金行业的代表机构——世界黄金协会上周正式提出一项颠覆性提案， 计划在伦敦推出由实物黄金支持的数字代币 ，旨在彻底改变黄金的交易、结算 和抵押方式。 此举或将为这个 规模高达9300亿美元的全球最大实物黄金交易中心 注入新的活力，但也引发了市场关于传统与创新激烈碰撞的讨论。 古老的黄金，正迎来一场深刻的数字化变革。 解锁"沉睡"资产，瞄准万亿抵押品市场 长期以来，黄金在银行和投资者的资产负债表上，主要扮演着一种静态、无收益的价值储存角色。 据世界黄金协会首席执行官David Tait向英国《金融时报》表示， 黄金必须实现数字化，才能扩大其市场覆盖面。 此次推出的核心是名为"集合黄金权益"（Pooled Gold Interest, PGI）的数字代币。根据世界黄金协会全球市场结构与创新负责人Mike Oswin向CNBC的 介绍， 每一枚PGI代币都将代表对伦敦金库中特定实物黄金的合法所有权，并且首次允许投资者交易标准400盎司金条的分割所有权。 "我们希望将黄金定位为与那些数字化原生债券或现金并驾齐驱的金融资产，"Oswin在接受采访时明确指出，"（通过PGI）质押黄金将变得和质押债券一 样简单。" 此 ...

Core Viewpoint - The resignation of Japanese Prime Minister Shigeru Ishiba is a strategic move to prevent further division within the ruling Liberal Democratic Party (LDP) ahead of a crucial vote on whether to hold a temporary presidential election [2][12][16]. Group 1: Political Context - Ishiba's resignation comes as the LDP faces unprecedented political challenges, having lost majority seats in both houses of the Diet during his tenure [4][5]. - The new party leader will need to secure nominations from 20 party members to run in the upcoming presidential election, with the last election featuring nine candidates [4][18]. - The process of electing a new prime minister is complicated by the LDP's loss of majority, requiring votes from both the House of Representatives and the House of Councillors [5][21]. Group 2: Market Implications - The transition to a new prime minister introduces uncertainty in the financial markets, as the new leader may implement more aggressive economic stimulus measures, potentially increasing fiscal pressure [3][7]. - The possibility of the new prime minister dissolving the Diet for early elections could further complicate Japan's political and economic outlook [6][27]. Group 3: Internal Party Dynamics - Ishiba's decision to step down was influenced by growing dissent within the party, with key figures urging him to resign to maintain party unity [12][13]. - Polls indicated that a significant majority of LDP members supported an early presidential election, reflecting the internal pressures Ishiba faced [13][14]. - Ishiba's resignation is seen as a tactical retreat to preserve his political image and minimize blame for the party's turmoil [16].