文/李悦 今天，香港《稳定币条例》正式实施， 全球首个针对法币稳定币的全面监管框架落地。 条例生效前三天，香港金管局 同步发布 《稳定币发行人监管指引》和《打击洗钱及恐怖分子资金筹 集指引》两份关键文件，为牌照申请与合规运营铺设基石。 香港 财经事务及库务局局长许正宇 表示，这一制度是 " 促进香港的稳定币和数码资产生态圈可持 续发展的里 程碑。 " 与此同时，随着稳定币规范发展框架的落地， 资本市场的投资热 情 被点燃 ，沾 "币" 即涨成为常 态。 数据显示，截至8月1日收盘，稳定币指数年内上涨60%。A股市场上， 恒宝股份、 四方精 创、京北方3只稳定币概念股 股价年内翻倍 。 港股市场上， 耀才证券 金融 、 国泰君安国际、 云 锋金融、欧科云链、易鑫集团等 10家港股 稳定币概念股今年累计涨幅均超过100%。 不过，需要注意的是，目前，多数企业的稳定币相关业务仍处于早期布局阶段，并未产生实际业绩。 而稳定币牌照的申请也并非易事。还需警惕稳定币的过度概念化和泡沫化趋势。 稳定币条例落地当日，A股及港股的稳定币概念股已经大跌。数据显示，Wind稳定币概念17只股票 中，仅神州信息及御银股份收涨，涨幅不足 ...

贷款交社保，退休再还钱。 刚亮相便引得竞相追捧，可眨眼间又被紧急叫停，养老贷这出 " 短命戏码 " 背后究竟藏着什么秘 密？ 近两个月，养老贷话题引起热议，湖南省至少有30多家农商行曾推出过"养老贷"业务，专门用于补 缴、提档基本养老保险，这种靠借钱养老的产品，一经推出就受到追捧，已有农商行官宣放贷规模超 3000万元。 然而，业务推广不到两个月，湖南省农村信用社联合社发出通知，要求辖内农信社、农商行暂停办 理"养老贷"业务，并迅速下架有关产品宣传和视频。 对此， 招联首席研究员董希淼 认为，叫停养老贷，一是贷款资金用途合规性存在争议，二是商业逻 辑有待商榷。 不过，养老贷虽然叫停，但问题却应该继续讨论。 其背后 不仅涉及监管合规层面 ， 也关乎社会福 利领域 ， 甚至 还交织着复杂的伦理和功利考量 。 如何在保障老年人权益与实现金融机构商业利益 之间寻求平衡， 成为 一个不容忽视的重要议题。 01 养老如何靠"贷款"？ 文/刘思嘉 养老贷就是银行贷款给老人一笔钱，资金直达社保账户，老人拿着这笔钱，去一次性补缴城乡居民养 老保险，用银行资金缓解补缴养老金的一次性缴费压力，而贷款则由每月养老金扣还。 据湖南当地 ...

Core Viewpoint - The current stage of China's economy requires a focus on maintaining a moderate growth rate, with a target of 5% and a bottom line of 4% that must not be breached. The emphasis is on expanding development-oriented consumption, particularly in areas related to basic public services such as education, healthcare, housing, social security, and elderly care [3][4][10]. Group 1: Economic Growth and Consumption - China's economy has shown a recovery trend post-pandemic, achieving growth rates of 5.2% and 5% in the past two years, which is among the highest globally [4]. - The GDP deflator index has been in negative growth for seven consecutive quarters, indicating a decline in total demand [5]. - The government has set a growth target of around 5% for 2025, emphasizing the need for proactive measures to achieve this goal [5][6]. - The per capita GDP in China reached $12,500 in 2021, nearing the World Bank's high-income threshold, but the gap has slightly widened due to various factors including the pandemic [5][6][7]. Group 2: Structural Issues in Consumption - There is a significant structural deviation in consumption, with household consumption accounting for only 39.12% of GDP compared to 57.27% in OECD countries, indicating a need for structural reforms to boost consumption [16][17]. - The low level of basic public services and the large urban-rural gap are major factors contributing to insufficient development-oriented consumption [17][23]. - The urbanization rate in China is currently at 67%, which is lower than that of comparable developed economies, affecting the quality and accessibility of public services [24][25]. Group 3: Income Disparities and Government Wealth - The income gap in China remains significant, with a Gini coefficient above 0.4, which is associated with a smaller middle-income group and insufficient demand [26]. - Government wealth constitutes a high proportion of social net wealth, leading to low consumption rates as a significant portion of savings is retained for investment rather than consumption [27][30]. - The high savings rate in China, at 46%, is driven by low dividends from enterprises and a concentration of wealth among high-income groups, limiting overall consumption potential [28][29]. Group 4: Policy Recommendations for Consumption Growth - To effectively stimulate consumption, the focus should be on addressing the needs of low-income groups, particularly in education, healthcare, housing, social security, and elderly care [33][34]. - Structural reforms should aim to enhance the basic public service level for migrant workers and low-income groups, thereby increasing their consumption capacity [36][37]. - The government should consider reallocating state-owned financial capital to enhance pension funds for rural residents, which could significantly boost their consumption capacity and overall economic growth [38][39].

Core Viewpoint - The article emphasizes the critical role of insurance in disaster recovery and risk management, particularly in the context of extreme weather events exacerbated by climate change. Insurance is portrayed as an "invisible capital" that enhances regional resilience and supports economic recovery after disasters [1][8]. Group 1: Insurance Response to Disasters - Following the heavy rainfall in Beijing, insurance companies quickly activated emergency response measures, including establishing on-site claims centers and providing essential supplies to affected areas [3][4]. - As of July 29, 2023, major insurance companies reported thousands of claims related to the flooding, with significant amounts already processed for compensation [2][3]. Group 2: Evolution of Insurance Mechanisms - Insurance is evolving towards a "responsive recovery" model, where companies simplify claims processes and implement mechanisms like pre-claims and fast claims to enhance the recovery experience for affected individuals and businesses [5][11]. - The insurance sector is transitioning from merely providing post-disaster compensation to becoming an integral part of comprehensive risk management that includes pre-disaster planning and real-time response [10][11]. Group 3: Agricultural Insurance Challenges - The article highlights the challenges faced by agricultural insurance due to extreme weather conditions, particularly in key agricultural regions like Henan, which has experienced severe drought and high temperatures [6][7]. - The efficiency of insurance payouts directly impacts the recovery speed of agricultural producers, emphasizing the need for timely compensation to mitigate risks of crop failure [7][8]. Group 4: Public Awareness and Accessibility - There is a noted gap in public awareness regarding the importance of insurance for low-frequency, high-loss risks, as many individuals did not purchase necessary coverage before the recent disasters [14][15]. - Strategies to enhance public understanding of insurance include integrating insurance education into community programs and promoting basic disaster insurance products through government collaboration [14][15].

Core Viewpoint - The article highlights the significant role of AI in transforming the dairy industry, with Feihe leading the way in digital transformation and innovation, showcasing its AI-enabled solutions across the entire supply chain [1][2][9]. Group 1: AI Integration in Dairy Industry - Feihe has established itself as a pioneer in the digital transformation of the dairy industry, having built an information system as early as 2010 [2]. - The company is currently constructing an AI capability platform to enhance its operations and services [2][12]. - Feihe's AI applications span research and development, production, supply chain management, and consumer services, demonstrating a comprehensive reconfiguration of the industry [2][4]. Group 2: Innovations and Achievements - Feihe has developed China's first breast milk big data center and launched the country's first breast milk oligosaccharide database, showcasing its commitment to research [2][12]. - The company has achieved international standards in milk quality, with protein content ≥3.4% and a bacterial count significantly lower than EU standards [4]. - Feihe's innovative "2-hour ecosystem, 28-day fresh delivery" model has set a benchmark in the infant formula industry [4]. Group 3: Consumer Engagement and Services - At the conference, Feihe introduced a multi-layered intelligent service system to enhance consumer engagement [5]. - The company launched a new maternal and infant nutritionist powered by AI, providing precise advice on nutrition and product selection [7]. - Feihe's interactive robot, "鹤小小," engages consumers in discussions beyond maternal and infant knowledge, enhancing the customer experience [7]. Group 4: Collaborative Ecosystem - Feihe has initiated the "AI Precision Nutrition Alliance" with partners like Huawei Cloud, aiming to integrate resources and promote AI technology in the health industry [10][12]. - The company emphasizes the importance of collaboration across the dairy supply chain to drive overall industry advancement [12]. Group 5: Future Vision and Product Development - Feihe aims to create a comprehensive AI-enabled nutrition ecosystem, addressing the evolving health needs of different demographics [15][16]. - The company has filed 50 special applications related to dairy protein nutrition and has been awarded 16 patents, focusing on various age groups [16]. - Feihe's commitment to AI as a new productive force in the dairy industry is evident in its efforts to enhance global competitiveness and innovation [16][17].

Core Viewpoint - The relationship between economic growth and tax revenue is complex, with economic performance generally driving tax revenue, but short-term discrepancies can occur due to various factors [1][3]. Group 1: Tax Revenue Projections - During the "14th Five-Year Plan" period, total tax revenue is expected to exceed 155 trillion yuan, accounting for approximately 80% of total fiscal revenue [2]. - Tax revenue, excluding export tax rebates, is projected to surpass 85 trillion yuan, while social insurance fees and land transfer fees collected by tax authorities are expected to exceed 70 trillion yuan [2]. - The proportion of direct taxes is anticipated to exceed 40%, reflecting an enhancement in the redistributive function of the tax system [2]. Group 2: GDP and Tax Revenue Discrepancies - In the first half of 2025, China's GDP is expected to grow by 5.3%, while tax revenue is projected to decline by 1.2%, resulting in a "scissor difference" of -6.5% [2]. - For 2024, the discrepancy is forecasted to widen to -8.4%, with tax revenue declining by 3.4% and GDP growth at 5% [3]. - The long-term correlation between GDP growth and tax revenue is generally positive, but short-term deviations can occur due to tax policies and economic structure [3]. Group 3: Influencing Factors on Tax Revenue - Price changes, particularly in the Producer Price Index (PPI), significantly impact tax revenue, with PPI fluctuations historically correlating with tax revenue changes [3]. - The PPI is expected to decline by 2.2% in 2024, with a notable drop in the second half of the year due to international commodity price fluctuations and insufficient domestic demand [4]. - In the first half of 2023, the PPI decreased by 2.8%, with June marking a significant decline of 3.6% [5]. Group 4: Structural Changes in Tax Sources - The decline in traditional industries, such as real estate, has led to a slowdown in tax revenue growth, while emerging sectors, although growing, currently contribute less to overall tax revenue [5]. - The "14th Five-Year Plan" emphasizes the need for a unified national market, which is expected to address these structural changes [5]. Group 5: Tax Administration and Compliance - The tax authorities are focusing on addressing irregularities in investment attraction, with a management system led by the State Taxation Administration [6]. - Since early 2024, there has been a crackdown on tax-related issues in irregular investment practices, ensuring that local tax authorities do not obstruct normal business operations [6].

Core Viewpoint - The article discusses the controversies surrounding Shi Yongxin, the current abbot of Shaolin Temple, highlighting allegations of criminal activities and the implications for the temple's reputation and operations [1][2]. Group 1: Allegations Against Shi Yongxin - Shi Yongxin has been accused of serious misconduct, including misappropriation of funds and maintaining improper relationships, leading to an investigation by multiple departments [1]. - The allegations against Shi Yongxin closely mirror those from a 2015 report, indicating a pattern of behavior that raises concerns about his leadership [2]. Group 2: Shi Yongxin's Crisis History - Shi Yongxin has faced multiple crises during his tenure, with the most recent being the current allegations, which are deemed more severe than previous issues [3][5]. - His first major crisis involved being expelled from the temple early in his career, while the second was related to a failed plan for the temple to go public in 2009, which he strongly opposed [5]. Group 3: Commercialization of Buddhism - Shi Yongxin is recognized as the first Buddhist leader to commercialize and globalize Buddhist practices, establishing various business ventures under the Shaolin brand [6][9]. - He founded the Henan Shaolin Temple Industrial Development Company in 1997, marking a shift towards market-oriented operations for Buddhist institutions [6]. - The Shaolin Temple has seen significant financial success, with annual ticket revenues exceeding 300 million yuan and substantial income from donations and merchandise sales [8]. Group 4: Business Empire and Transparency Issues - Shi Yongxin controls at least 16 companies across various sectors, including real estate, cultural dissemination, and tourism, raising questions about financial transparency within religious organizations [10]. - The extensive commercialization efforts have sparked debates about the balance between faith and business, questioning the integrity of religious practices in a commercial context [10].

Core Viewpoint - The article discusses the resilience and challenges of the Chinese economy in the second half of the year, emphasizing the need for proactive policies to address potential downturns and maintain stability [2][13]. Group 1: Real Estate Market - The real estate market has likely passed its most dangerous phase, with a soft landing expected, despite concerns about its impact on the macro economy [3][5]. - The contribution of real estate to GDP has significantly decreased, projected to be around 13 trillion yuan, or 9.6% of GDP in 2024, down from approximately 14.5% in previous years [3]. - The "gray rhino" effect, particularly regarding debt repayment issues faced by companies like Vanke, has not worsened as anticipated, with liquidity issues being managed through asset disposal rather than relying solely on sales [4][5]. Group 2: Export Challenges - Exports are expected to face challenges in the second half, but fears of a drastic decline may underestimate China's export resilience and overestimate the "export rush" effect [6][7]. - The "export rush" phenomenon contributed an estimated 3-10 percentage points to the 7.2% year-on-year export growth in the first half, but its overall impact may be less significant than previously thought [6]. - The potential for a "cliff-like" drop in exports is unlikely, as negotiations regarding tariffs and trade with the U.S. have shown some signs of resolution, and there is growth potential in exports to regions like Latin America and ASEAN [7]. Group 3: Consumption Policies - Expanding consumption is a strategic focus, with ongoing policies expected to support a trend towards increased consumer spending [8][10]. - The "old-for-new" policy has shown positive results, driving sales of approximately 1.1 trillion yuan and boosting retail sales growth by nearly 2 percentage points [9]. - The remaining fiscal funds for consumption policies are projected to leverage around 1.1 trillion yuan in sales, with a broader range of policies aimed at enhancing consumer spending capacity and addressing supply constraints [9][10]. Group 4: Price Effects and Economic Stability - Addressing low price effects is a core focus of current policies, with attention on macro debt rates, profit margins, and cost trends [11]. - Despite some improvements in technology and industry upgrades, profit levels have not improved sufficiently, leading to concerns about the "involution" issue affecting pricing [11]. - The negative growth of the GDP deflator index highlights the need for macro policy responses to prevent accelerated economic contraction [11][12].

Core Viewpoint - The tragic incident at the Unugtu Mountain Copper-Molybdenum Mine, operated by China National Gold Group, has led to significant safety concerns and a temporary halt in operations, impacting the company's stock performance and market valuation [2][3]. Company Overview - China National Gold Group's Unugtu Mountain Copper-Molybdenum Mine has been a major tax contributor and a pillar for the company since its inception [7]. - The mine is located 22 kilometers south of Manzhouli City in Inner Mongolia and has been recognized as a large-scale mining operation [7]. Incident Details - On July 23, six students from Northeast University tragically drowned during a visit to the mine's flotation plant due to a grid plate falling into the flotation tank [2]. - Following the incident, the company activated its emergency response plan and expressed condolences to the victims' families [2]. Stock Market Impact - The news of the incident caused China National Gold's stock price to drop by over 7% at one point, closing down 4.97% at 15.1 CNY per share, resulting in a market value loss of approximately 3.8 billion CNY [2]. - Other companies in the gold mining sector, such as Zijin Mining, Hunan Gold, and Shandong Gold, also experienced declines in their stock prices following the incident [2]. Financial Performance - China National Gold is expected to achieve a net profit of 2.614 to 2.875 billion CNY in the first half of 2025, representing a year-on-year growth of 50% to 65% [7]. - In 2024, the company reported a revenue increase of 7.01% to 65.556 billion CNY and a net profit increase of 13.71% to 3.386 billion CNY [7]. - The company holds a 90% stake in Inner Mongolia Mining, which reported a revenue of 5.915 billion CNY and a net profit of 2.28 billion CNY in the same period [7]. Production Data - In 2024, China National Gold produced 18.35 tons of mined gold, a decrease of 0.54 tons, while copper production increased significantly to 82,000 tons, up by 2,077.28 tons [7]. - The company has been focusing on cost reduction and efficiency improvements, contributing to its substantial profit growth [7].

Core Viewpoint - The company, Suyue Pufferfish, has completed a 30 million yuan Series B financing round, achieving a post-investment valuation of 450 million yuan, with plans to enhance supply chain construction, expand restaurant networks, and accelerate the incubation of fast-food sub-brands [1][2] Financing and Investment Plans - The recent 30 million yuan funding will primarily be used for supply chain development, including upstream cultivation and processing, as well as retail channel expansion [4][1] - The company aims to invest in new product development and retail, acknowledging that retail can be costly [4][1] Business Growth and Market Position - Following the lifting of the pufferfish ban, Suyue Pufferfish has expanded its business significantly, with over ten locations across various provinces [2][1] - The company has developed a full pufferfish industry chain, including cultivation, processing, and distribution, which is crucial for maintaining competitive pricing [3][1] Supply Chain Development - The supply chain currently covers all provinces in China except Taiwan, with over 1,000 downstream clients, primarily in mid-to-high-end dining [6][1] - The supply chain business is projected to account for approximately 60% of total revenue by 2024, with annual growth rates exceeding 10% [6][1] Response to Market Trends - The company is adapting to a trend of consumer spending downscaling by reducing the price of private dining rooms from over 500 yuan to around 300 yuan [7][1] - A new standardized small store concept, "Suxiaoyue," has been launched in collaboration with JD.com, targeting a lower price point of around 50 yuan per person [7][1] Future Expansion Plans - The standardized small store model is expected to be the main driver of future expansion, with plans to open up to 100 or even 1,000 locations in lower-tier cities [8][1] Industry Insights - The current pufferfish market in China is estimated to be around 10 billion yuan, indicating significant growth potential [14][1] - The company emphasizes the need for better integration of upstream supply chains to stabilize market demand and pricing [14][1]