Core Viewpoint - The article discusses the significant disparity in air conditioning (AC) availability across different regions in China, particularly highlighting the recent surge in demand for AC units in Northeast China due to unprecedented high temperatures. It emphasizes the role of China's robust power system in supporting this demand and the broader implications for infrastructure and consumer behavior in a warming climate [1][8][50]. Group 1: Air Conditioning Availability and Demand - Northeast China has a notably low average air conditioning ownership, with only 56.8 units per 100 households, compared to 218.8 units in Zhejiang [3][20]. - The recent heatwave has led to a dramatic increase in AC sales, with sales in Heilongjiang and Jilin provinces seeing year-on-year growth of 817.68% and 788.4%, respectively [11][10]. - The overall AC market during the "618" shopping festival reached sales of 485 billion yuan, with a 16.3% year-on-year increase [10][12]. Group 2: Consumer Behavior and Market Trends - Consumers are increasingly seeking high-efficiency and smart features in air conditioning units, with a significant rise in demand for models priced above 4,500 yuan [13][29]. - The installation of AC units has surged, with installation orders increasing by 300% year-on-year, highlighting the challenges faced by installation teams [16][18]. - The article notes that the average household in China now owns approximately 1.5 AC units, with total AC ownership exceeding 700 million units nationwide [25][26]. Group 3: Global Perspective on Air Conditioning - In comparison to China, the air conditioning penetration in the U.S. and Japan is around 90%, while in Europe, it remains low, with countries like the UK and Germany having less than 5% penetration [31][36]. - The article points out that despite rising temperatures in Europe, the high costs of purchasing and installing AC units, along with expensive electricity, hinder widespread adoption [36][37]. - China's air conditioning exports to Europe have increased by 31.5% in early 2025, indicating a growing demand for AC units in response to climate change [39][41]. Group 4: Power Supply and Infrastructure - The article highlights that China's power grid has successfully managed record electricity demands, with a peak load of 14.65 billion kilowatts, primarily driven by air conditioning usage [44][45]. - The efficiency of China's ultra-high voltage power transmission system allows for rapid electricity distribution across vast distances, supporting the increased demand for cooling [48][49]. - The article concludes that the ability to provide cooling in the face of climate change is a testament to national strength, social collaboration, and technological innovation [51][52].

Core Viewpoint - The article discusses the concept of "love" in interpersonal relationships and introduces Gary Chapman's "Five Love Languages" as a framework for better expressing and understanding love in various relationships [4][6]. Summary by Sections Introduction - The article begins with a personal note from the author, celebrating the 9th anniversary of the program "Every Day Hearing Wu Xiaobo" and expressing gratitude to the audience for their support [2]. The Challenge of "Love Misalignment" - It addresses the common struggle of feeling unrecognized or unappreciated in relationships, highlighting the importance of understanding how love is expressed and received [3]. The Five Love Languages - The article outlines the five primary ways people express and perceive love: affirming words, quality time, receiving gifts, acts of service, and physical touch [5]. Detailed Explanation of Each Love Language 1. **Affirming Words**: Expressing appreciation and praise can significantly enhance collaboration and reduce employee turnover. For instance, specific affirmations can lower turnover rates by 41% and increase customer satisfaction by 22% [8]. 2. **Quality Time**: Focusing attention on someone during interactions is a valuable emotional investment, enhancing feelings of worth and intimacy [8]. 3. **Receiving Gifts**: The act of gift-giving activates a natural reciprocity instinct, strengthening relational bonds. Couples who exchange gifts on anniversaries report 47% higher relationship satisfaction [8]. 4. **Acts of Service**: Taking initiative in helping others, such as managing household tasks, fosters mutual understanding and support. This principle is also applied in corporate management to enhance employee satisfaction [9]. 5. **Physical Touch**: Touch has a profound psychological impact, as demonstrated by a classic experiment with monkeys, indicating that warmth and comfort can be more significant than basic needs [10][11]. Conclusion - The article emphasizes that knowing how to express love is not enough; practical application is essential for meaningful relationships [13][14].

点击上图▲立即收听 " 不论是中国和美国股市，它们的关键都在于三个点 ' 利率、风险偏好和企业利润 ' 。 文 / 巴九灵（微信公众号：吴晓波频道） 年少不知工行香，错把科技加满仓。 年少不知农行好，错把汽车当成宝。 年少不知中行醉，错把白酒当安慰。 年少不知建行强，错把芯片当栋梁。 当西方投资者为英伟达冲上 4 万亿美元市值而欢呼时，太平洋对岸的中国投资者，也迎来了自己的"银伟达"。 2025 年 7 月 9 日晚，全球芯片巨头英伟达股价触及 164.42 美元，总市值突破 4 万亿美元大关，创下历史纪录。 美国纽约证 券 交易大厅上显示英伟达公司 " 随后两个交易日， A 股银行板块持续走强， 工农中建四大行股价持续创下历史新高。 由于今年银行股的涨势过于疯狂，股民开始把 " 银行 " 与 " 英伟达 " 结合起来，将银行股称为 "银伟达" ，把上证指数叫作"银斯达克"。 在大金融的带领之下，上证指数成功突破关键点位，稳稳站上 3500 点大关，尽管在周五，早盘的过猛攻势导致银行板块有所回落，但"银伟达"的 迅猛势头依然牢牢吸引了市场的目光。 再说个冷知识， A股35年历史中，真正站稳过3500点就三次， ...

Group 1: Pension Adjustments - The basic pension for retirees will be increased by 2% starting January 1, 2025, for those who retired by the end of 2024 [1] - The adjustment method combines fixed adjustments, linkage adjustments, and appropriate tilt towards lower pension groups [1] - In 2024, the urban employee basic pension insurance fund had an income of 7.5 trillion yuan and expenditures of 6.8 trillion yuan, resulting in a slight surplus [1] Group 2: State-Owned Capital and Emerging Industries - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need to concentrate state-owned capital on strategic emerging industries [3] - The focus is on accelerating the development of strategic emerging industries and future industries, enhancing national strategic security [3] - The shift towards emerging industries is expected to strengthen the resilience of the industry and enhance national competitiveness [4] Group 3: New Energy Vehicle Subsidies - The Ministry of Industry and Information Technology announced a reduction of approximately 860 million yuan in subsidies for new energy vehicles from 2016 to 2020 due to non-compliance in documentation [5] - Companies like BYD and Beijing New Energy Vehicle Co. experienced significant reductions in their subsidy amounts compared to their applications [5] - The tightening of subsidy policies may accelerate the elimination of less competitive companies in the new energy vehicle sector [7] Group 4: High-Speed Maglev Train - A 600 km/h superconducting electric maglev train was showcased, potentially reducing travel time between Beijing and Shanghai to 2.5 to 3 hours [8] - The technology promises high efficiency, safety, and environmental benefits, but faces challenges in terms of cost and operational feasibility [9] - The economic viability of maglev trains remains uncertain due to high infrastructure costs and previous operational losses in similar projects [9] Group 5: Good Products' Control Change - Good Products announced a potential change in control, with its stock price surging prior to the announcement, raising regulatory scrutiny [10] - The company has faced continuous operational challenges, recording losses in 2024 and Q1 2025 despite attempts to reverse the trend [10] - The shift in leadership has not significantly improved the company's performance, indicating deeper issues within its business model [11] Group 6: Insurance Fund Investment Regulations - The Ministry of Finance issued new guidelines to optimize performance assessments for state-owned insurance companies, extending evaluation periods [12] - The new assessment framework aims to encourage long-term investment strategies and reduce short-term performance pressures [13] - This change is expected to enhance the investment landscape for insurance funds in the A-share market [13] Group 7: Quantitative vs. Subjective Hedge Funds - The number of billion-yuan quantitative hedge funds has surpassed subjective hedge funds for the first time, indicating a shift in investment strategies [14] - Quantitative funds outperformed subjective funds in the first half of the year, achieving an average return of 13.54% [14] - The trend suggests a growing preference for quantitative strategies in a volatile market environment [15] Group 8: Stock Market Performance - The stock market experienced a mixed performance with significant trading volume, indicating active market participation [16] - The banking sector showed signs of weakness, while other sectors like rare earths and internet finance performed well [16] - The overall market sentiment remains cautious, with a focus on sector rotation and potential future performance [17]

Group 1: Employment Policies - The State Council issued 19 policy measures to stabilize employment, including expanding loan support and increasing unemployment insurance refunds for small and medium enterprises from a maximum of 60% to 90% [1] - The policy also includes a one-time expansion subsidy of up to 1500 yuan for enterprises hiring unemployed youth aged 16-24 [1] - The measures aim to support employment during a critical transition period for graduates and to provide financial assistance to businesses, particularly private enterprises [1][2] Group 2: Nvidia's Market Performance - Nvidia's stock price reached a record high of $164.42, pushing its market capitalization to over $4 trillion, making it one of the most influential companies in the S&P 500 [3] - The stock has increased by over 20% since the beginning of the year and more than 1000% since January 2023, with its market value doubling within a year [3] - Nvidia's growth is attributed to strong profit increases and continued investment in AI infrastructure by major clients like Microsoft and Meta [3][4] Group 3: BYD's Sales Performance - BYD reported sales of 2,145,954 vehicles in the first half of the year, achieving a year-on-year growth of 33%, but only reaching about 39% of its annual sales target of 5.5 million vehicles [5] - The company saw significant growth in overseas sales, with a 132% increase, indicating potential for meeting future sales goals [5][6] - The competitive landscape in the automotive industry is shifting, with calls for a halt to price wars, which may impact BYD's growth trajectory [6] Group 4: Grok 4 AI Model Release - xAI launched Grok 4, an advanced AI chatbot trained on the world's largest supercomputer, showcasing significant improvements in reasoning capabilities [7] - Grok 4's subscription model includes a standard version at $30/month and a multi-agent version at $300/month, with enhanced performance in various benchmarks [7][8] - The release aims to highlight the importance of computational power in AI model development and may also serve to shift public attention from previous controversies surrounding the company [8] Group 5: Silicon Wafer Price Increases - Several silicon wafer manufacturers raised prices by 8% to 11.7%, with specific increases noted for various wafer sizes [9] - The price hikes are attributed to prolonged losses in the polysilicon sector and the need to align prices with production costs [9][10] - Despite the increases, the downstream market remains cautious, with many companies not yet willing to accept the higher prices [10] Group 6: Amazon's Prime Day Sales - Amazon's extended Prime Day saw a 41% drop in sales on the first day compared to the previous year, as consumers opted for a more cautious approach to shopping [11][12] - The promotional strategy faced challenges from competitors and consumer behavior, leading to a lackluster performance despite the extended sale period [12][13] - The results reflect broader consumer confidence trends and the impact of external factors such as trade negotiations on purchasing decisions [13] Group 7: Bitcoin Price Surge - Bitcoin's price reached a new high of $112,052.24, driven by stable demand from institutional investors and a shift in market perception towards digital currencies [14][15] - The cryptocurrency has seen a nearly 20% increase since the beginning of the year, with significant inflows into Bitcoin ETFs [14] - The growing recognition of Bitcoin as a strategic asset by companies and its potential as a hedge against inflation are attracting more long-term investments [15]

Core Viewpoint - NIO represents a compelling narrative of innovation and resilience in the Chinese automotive industry, showcasing its commitment to sustainability and advanced manufacturing techniques, while also addressing public skepticism regarding the quality and safety of electric vehicles [4][8][40]. Group 1: Company Overview - NIO was founded by Li Bin, who transitioned from a traditional automotive marketing platform to creating electric vehicles, driven by a vision for a cleaner environment [8][9]. - The company emphasizes its brand philosophy, which translates to "the blue sky has arrived," reflecting its commitment to sustainability [9]. - NIO's manufacturing facility, known as the F2 factory, is designed to be environmentally friendly, featuring solar power generation and a zero-waste production process [9][10]. Group 2: Manufacturing Innovations - The F2 factory utilizes advanced robotics, with 941 robots handling many labor-intensive tasks, resulting in a clean and orderly production environment [10][11]. - NIO's stamping workshop boasts a 99.3% recycling rate for waste materials, making it the world's first nearly zero-waste stamping workshop [14]. - The painting process employs eco-friendly water-based paints and advanced dry spray systems, significantly reducing waste and emissions [14][15]. Group 3: Production Efficiency - NIO has implemented a flexible production system that allows for rapid model changes, reducing mold change time to just 3 minutes, which is one-tenth of traditional methods [21]. - The company has developed a unique "Magic Cube" storage system that enhances efficiency in vehicle painting and customization, allowing for simultaneous processing of multiple color options [21][22]. - The assembly process is designed to accommodate customization without halting production lines, enabling a delivery time of under 14 days from order to vehicle pickup [22]. Group 4: Market Position and Challenges - NIO has achieved a 40% market share in the high-end electric vehicle segment, with a consistent annual growth rate of 40% [26][34]. - Despite its successes, NIO faces ongoing skepticism regarding the quality and safety of its vehicles, which can impact consumer confidence and sales [26][27]. - The company has invested heavily in a nationwide battery swap network, with over 3,400 stations established, enhancing the convenience of electric vehicle ownership [28][29]. Group 5: Research and Development - NIO has invested over 60 billion yuan in original technology development, focusing on creating proprietary systems and components [34][35]. - The company holds over 12 core technologies and more than 10,000 patents, positioning itself as a leader in innovation within the Chinese electric vehicle market [35][36]. - NIO's flagship ET9 model incorporates over 1,000 patents, including several industry-first technologies, underscoring its commitment to high-end, innovative automotive solutions [36][39].

Core Viewpoint - The article discusses the transition from a midlife crisis to a state of "midlife beauty," emphasizing the importance of self-care and mindfulness practices to alleviate stress and regain composure during middle age [5][4]. Summary by Sections Self-Care and Midlife Beauty - Middle-aged individuals experience increased responsibilities and stress, yet they also possess a level of stability and richness in life that can be termed "midlife beauty" [2][4]. - The process of moving from a midlife crisis to midlife beauty involves self-care practices [5]. Mindfulness and Writing Techniques - The article introduces two practical methods for reducing midlife stress: "Heart Writing" and "Mindfulness" [5][24]. - Heart Writing consists of three practices: free writing, thematic writing, and guided writing [6]. Heart Writing Practices - Free writing encourages continuous writing without concern for grammar or coherence, allowing emotions to be expressed visibly on paper [8][9]. - Thematic writing focuses on specific topics, such as relationships or personal experiences, and includes writing letters to oneself or others to foster self-awareness and healing [11][12][13]. - Guided writing uses prompts to help individuals recall memories and feelings, enhancing self-reflection [14][15]. Value of Writing - Writing serves as a tool for developing a third-person perspective, allowing individuals to observe their emotions and relationships more objectively [17][21]. - This practice can significantly improve interpersonal relationships by fostering understanding and reducing emotional turmoil [21]. Mindfulness Techniques - Mindfulness, as explained by Thich Nhat Hanh, involves being aware of the present moment and can be practiced through breathing exercises and body scans [26][30]. - Breathing techniques help individuals detach from overwhelming emotions and return to a state of calm [30][32]. - Mirror exercises encourage self-acceptance and gratitude, promoting a positive self-image [33]. Recommended Reading - The article concludes with a list of recommended books that address themes of midlife crisis and self-care, including "The Middle-Aged Road" and "Necessary Losses" [35].

Group 1: Economic Indicators - In June 2025, China's CPI rose by 0.1% year-on-year, with urban areas increasing by 0.1% and rural areas decreasing by 0.2% [1] - The PPI in June 2025 saw a year-on-year decline of 3.6%, indicating pressure on industrial profitability [2] - The overall CPI for the first half of the year decreased by 0.1% compared to the same period last year [1] Group 2: Real Estate Market - In Shenzhen, the supply of Grade A office buildings decreased by 35% year-on-year in the first half of 2025, with a total new supply of 235,000 square meters [3] - The vacancy rate for Grade A office buildings in Shenzhen rose to 27.8%, while average rent fell to 160.1 yuan per square meter, a 5.3% decrease from the end of last year [3] - The local government in Wuxi's Binhu District introduced housing purchase subsidies for participants of the Jiangsu Super League, aiming to stimulate the real estate market [5] Group 3: Automotive Industry - GAC Fiat Chrysler Automobiles announced its bankruptcy due to insurmountable operational challenges, including quality control issues and declining sales [6][7] - The company, established in 2010, faced significant challenges after its Jeep models were criticized for quality problems, leading to a sharp decline in sales post-2018 [6] Group 4: Financial Sector - Yilian Bank faced a controversy regarding the early redemption of a three-year deposit product, raising concerns among depositors about the bank's financial stability [9][10] - The bank has been struggling with high non-performing loan rates and a reliance on high-interest deposits, which has created operational pressures [10] Group 5: Market Trends - The MSCI Global Index reached a historical high, increasing by approximately 10% this year, driven by strong performances in European markets [12] - Despite global economic uncertainties, many stock markets have shown resilience, particularly in Europe, where the banking and defense sectors have led the gains [12]

Core Viewpoint - The article discusses the challenges and shortcomings of vocational undergraduate education in China, highlighting the gap between theoretical knowledge and practical skills, as well as the low recognition of vocational degrees in the job market [1][15][50]. Group 1: Current State of Vocational Education - The "招本" plan from Zhengzhou Railway Vocational Technical College has gained attention, with 45 undergraduate students enrolled in specialized programs [3][4]. - The employment rate for graduates from this college has consistently exceeded 90% over the past three years, contrasting sharply with the overall employment rate of 55.5% for 2024 college graduates [7]. - The rapid growth of vocational education is evident, with the establishment of 32 new vocational undergraduate institutions in the first half of the year, bringing the total to 87 nationwide [8]. Group 2: Student Experiences and Challenges - Many students, like Xiao Wang and Xiao Zhang, express disappointment with their vocational education, feeling unprepared for the job market and often abandoning their fields of study [11][15]. - The curriculum often mimics traditional undergraduate programs, focusing heavily on theory rather than practical training, leading to a lack of engagement and interest among students [14][15]. - Graduates from vocational programs face challenges in job applications, as many employers do not recognize vocational degrees, leading to a sense of insecurity among graduates [16][15]. Group 3: Institutional Differences and Development - There is a notable divide between public and private vocational institutions, with private institutions often leading the way in innovation and exploration [29][30]. - The article highlights the disparity in educational quality and outcomes between economically developed regions and less developed areas, with regions like the Pearl River Delta showing superior vocational education standards [30][31]. - The article emphasizes the need for deeper reforms in vocational education to avoid the "new wine in old bottles" phenomenon, stressing the importance of top-level design and alignment with market needs [50][51].

点击图片▲收听音频 1. 本文内容精选自2025年7月8日《每天听见吴晓波》的音频，会员可收听全部内 容，非会员可试听前1分钟。 【点击此处，收听音频】 2. 6月24日—7月25日期间购买《每天听见吴晓波》，可享"买1年得2年"的福利，还 送定制笔记本1本。 【点击此处，参与活动】 口述 / 吴晓波 （微信公众号：吴晓波频道） 几天前的7月3号下午，美国众议院以218票对214票的微弱优势，通过了特朗普政府的"大而 美"法案。 这项法案从4月草拟以来，就因为大幅减税、缩减联邦援助等内容而争议不断，并引发了美国两 党的激烈对抗。 无论是在众议院还是参议院，法案的投票都呈现出泾渭分明的党派划线。经过几个月的拉锯， 法案最终涉险过关。 7月4号是美国的独立日，特朗普选择在这一天正式签署"大而美"法案，他宣称法案是"摆脱国家 衰落的独立宣言"，是对独立日的"献礼"。那这项法案到底说了什么，又为什么引发了巨大的争 议呢？我们来看法案的具体内容。 首先，"大而美"法案永久性地延长了特朗普在2017年第一个任期内通过的企业和个人减税措 施，进一步削减了企业和富人的税负，但却使底层民众的处境恶化。 具体来看，法案规定将美国 ...