"不作为"当然是"零风险"，但这种以"消极"换取的安全，既 不利于个体权益的保障，也不利于社会的整体进步。某种程度 上，这是把困难推给了个体。 作者：言咏 封图：图虫创意 广东省机械技师学院在报到当日劝退一名已被录取的自闭症学生，理由是担心影响其他普通学生， 引发舆论关注。9月9日，该校在微信公号发文回应称，将对这名学生进行评估，如具备能力可入 学。 我们更应该摸索的是，如何在积极作为的前提下减少风险、化解风险、共担风险。规避风险是每个 人理性且利己的选择，不管这个人是像房东这样的个体还是政府部门、教育系统的决策者。因此， 先要让他们有动力去承担一些潜在的风险。这有赖于两点。第一，对"不作为式"避险零容忍。第 二，对已经尽到看护责任但仍没有避免的安全事故多一些宽容。上海2024年审结了一起校园安全 纠纷案件：两名学生在体育课上因争抢足球发生碰撞，其中一名经鉴定构成十级伤残。法院的判决 是，学校尽到了教育管理责任，不具有过错，不应承担赔偿责任。这样的判例可以卸下管理者的包 袱，让他们敢于作为，而不是一味地逃避风险。 我们不能站在道德制高点的角度，完全以人道主义为标杆，要求校方必须接纳特需学生。简单粗暴 应对不了 ...

三年磨一剑，毛发医疗行业未来已经在缓缓揭幕，探索的周期 之后，雍禾的路会更好走。 作者： 于梅 封图：图片资料室 2022年-2025年，三年间经济变化带来的体感让每家中国企业的经营者刻骨铭心，有些企业在起伏中一蹶不振，有些企业穿越波涛。一蹶不振者固然 值得惋惜，穿越波涛者又做对了什么？ 作为 毛发 领域的领军企业，雍禾医疗近日交出上半年业绩单， 财报显示，上半年，雍禾医疗实现营收约为 8.6亿元，毛利实现约5.5亿元，较去年同 期增长3.9%。在毛利率从58.8%上升至63.9%的基础上，公司成功扭亏为盈，实现净利润约为2790万元，去年同期则亏损约为1.4亿元。 翻阅财报， "精细化运营"这样熟悉话语背后又是雍禾医疗怎样的三年？ 在雍禾医疗 CGO（首席增长官）任剑看来，雍禾用三年时间磨清了自身优势，磨出了精细化运营措施，磨通了向指数级增长机会的正确道路。 磨出自身优势 当原本顺遂的发展趋势发生改变，雍禾管理层最先做的是重新审视自身的优势，以及自身的优势如何去配适新的变化， " 只有发挥自己比较竞争优势 的时候，才能去做商业 。 "任剑说。 雍禾最核心的优势是规模，迄今为止，雍禾医疗仍然是中国门店数量最多 ...

Core Viewpoint - The vaccine industry is experiencing significant challenges, including price wars, vaccine hesitancy, and intense competition, leading to substantial declines in revenue and profits for major companies [4][10][19]. Group 1: Industry Performance - In the first half of 2025, the overall vaccine revenue for Chinese listed companies decreased by 60% year-on-year, with net profits dropping by 113% [4]. - Major companies like Zhifei Biological and Wantai Biological reported their first half-year losses since going public, with net profits declining by 127% and 155% respectively [4][12]. - Only six out of 17 listed vaccine companies achieved profitability, with the highest profit being 1.22 billion yuan from Chengda Biological [4]. Group 2: Price Wars - The price of flu vaccines has significantly dropped, with some prices reaching as low as 5.5 yuan per dose, marking a new low for public flu vaccine prices [7]. - The price competition has extended beyond flu vaccines to include HPV, shingles, and pneumonia vaccines, with prices for HPV vaccines dropping dramatically [8][9]. - Wantai Biological's revenue fell by 38% to 8.44 billion yuan in the first half of 2025, primarily due to aggressive price competition [9]. Group 3: Vaccine Hesitancy - Vaccine hesitancy has become a significant issue, with many individuals expressing doubts about vaccine efficacy, particularly for non-mandatory vaccines like HPV and flu vaccines [13][15]. - The average flu vaccine coverage in China remains below 4%, significantly lower than in developed countries where it is around 50% [15]. - Factors contributing to vaccine hesitancy include dissatisfaction with COVID-19 vaccine outcomes and the spread of misinformation [15]. Group 4: Market Dynamics - The vaccine market is characterized by increasing competition and product homogeneity, leading to a challenging environment for companies [18][19]. - Experts suggest that the current state of the vaccine industry resembles a "deep winter," with potential for consolidation and elimination of weaker players [19]. - The long-term outlook for the vaccine industry remains uncertain, with expectations of a prolonged period of challenges lasting five to ten years [19].

Core Viewpoint - The article discusses the potential of undervalued Chinese technology assets as an investment alternative amidst declining confidence in the US dollar and government bonds, highlighting a structural revaluation and a healthy slow bull market in China's A-share market [1][10]. Group 1: Market Dynamics - The current market is characterized by two distinct faces: a "broad fundamental" driven by macro expectations, policy signals, technological trends, and valuation expansion, and a "narrow fundamental" that reflects corporate earnings and industry performance yet to fully materialize [3][4][19]. - A-share market experienced a significant rebound after a brief adjustment, with major indices showing positive performance and high trading volumes, indicating investor interest and market resilience [5][6]. Group 2: Investment Strategies - Investors are adopting a defensive yet optimistic approach, balancing profit-taking with regular investments to accumulate positions, reflecting a strategy of "taking profits at highs and investing at lows" [8][19]. - The market's current style is frequently shifting, with themes like AI and gold gaining traction, while traditional indicators such as PPI and housing loans remain low, suggesting a complex interplay of factors influencing investment decisions [8][10]. Group 3: Economic Indicators - Recent macroeconomic data shows structural differentiation, with PPI declining and CPI showing signs of recovery, indicating a gradual restoration of domestic demand [17][18]. - Exports have demonstrated resilience, particularly in non-US markets, which may provide a counterbalance to potential pressures in the fourth quarter due to seasonal factors [18]. Group 4: Future Outlook - The ongoing market dynamics suggest that while valuation expansion is the main theme, the sustainability of this trend hinges on the realization of corporate earnings, with potential risks if third-quarter reports do not meet expectations [19][20]. - The article emphasizes that emotional market sentiment can ignite trends, but actual earnings are necessary to sustain them, marking a critical juncture for the A-share market [20].

9月11日，据网信中国消息，近日，国家网信办指导上海市网信办，对小红书平台采取约谈、责令 限期改正、警告、从严处理责任人等处罚，处罚事由为"小红书平台未落实信息内容管理主体责 任，在热搜榜单重点环节频繁呈现多条炒作明星个人动态和琐事类词条等不良信息内容，破坏网络 生态"。 千瓜数据显示，8月，明星赵露思的小红书账号涨粉431.18万，是今年小红书单月涨粉数量最多的 博主。通常情况下，小红书账号排行榜第一的博主，单月粉丝增量一般在60万—130万量级。赵露 思在小红书的活跃，无疑代表了泼天流量的来临。 8月底，小红书月活跃用户迈过3.5亿大关，但和微博、抖音等 平台相比，小红书长期被指其社区生态迄今没有培养出绝对顶 流博主。 作者： 陈月芹 封图：图虫创意 8月，赵露思与经纪公司公开决裂并决定注销微博账号。之后，赵露思转战小红书，开启连续多日 的直播。到小红书直播的第二日，8月5日18时，赵露思小红书账号的粉丝数突破2000万，小红书 官方发出祝贺"赵露思成为小红书首位粉丝数突破2000万的创作者"的海报和图文。赵露思相关词 条频现热搜榜，高峰时，"小红书热点"榜上20条热点中有8条与她相关，小红书的首页信息流 ...

Core Viewpoint - The innovative drug sector in China is experiencing a recovery, with over half of the companies having commercialized innovative drugs, despite many still not being profitable [1][2][12]. Group 1: Market Overview - As of the first half of 2025, 70 innovative drug companies have been listed on the Hong Kong Stock Exchange and the STAR Market, with 15 companies achieving profitability, including notable firms like BeiGene and Innovent Biologics [2][19]. - Among the 70 companies, 55 are still operating at a loss, representing approximately 79% of the total [6][19]. - Of the 55 unprofitable companies, 28 have commercialized innovative drug products, indicating that profitability may be achievable for some in the near future [4][12]. Group 2: Profitability Analysis - Only 3 companies are generating profits primarily from innovative drug sales, namely BeiGene, Innovent Biologics, and Elysium [23][22]. - The majority of profitable companies rely on other revenue streams, such as biosimilars or licensing agreements, rather than solely on innovative drug sales [23][25]. - For instance, Elysium achieved significant revenue from its lung cancer drug, while companies like WuXi Biologics and Hengrui Medicine have seen profitability through biosimilars and licensing deals [24][25]. Group 3: Company Performance - BeiGene reported a total revenue of 175.18 billion yuan in the first half of 2025, with a net profit of 4.5 billion yuan, largely driven by its innovative drugs [28]. - Innovent Biologics achieved revenue of 59.53 billion yuan, with 88.76% coming from product sales, reflecting strong performance in the oncology sector [29]. - Elysium's revenue for the first half of 2025 was 23.73 billion yuan, with over 99% derived from innovative drug sales, showcasing its successful product launch [23][20].

Core Viewpoint - The Chinese government has included the HPV vaccine in the national immunization program, allowing eligible girls to receive the vaccine for free starting this year [2][3]. Group 1: National Immunization Program Expansion - This marks the first expansion of the national immunization program in 18 years, with the HPV vaccine being prioritized for inclusion [2]. - Since 2007, the immunization program has maintained a structure of "fourteen vaccines for fifteen diseases," with no substantial additions in vaccine types over the years [2]. - As of 2024, 147 out of 194 WHO member countries have included the HPV vaccine in their immunization programs [2]. Group 2: HPV Vaccine and Cervical Cancer - HPV is a common virus primarily transmitted through sexual contact, with persistent infection of 14 high-risk HPV types being the main cause of cervical cancer [2]. - Vaccination can prevent at least 70% of cervical cancer cases, which is critical given the rising incidence and mortality rates of cervical cancer in China [2]. - In 2022, approximately 150,000 new cervical cancer cases and about 56,000 deaths were reported in China [2]. Group 3: Local Government Initiatives - Several local governments have already initiated free HPV vaccination programs for eligible girls, with Guangdong province being one of the earliest adopters since 2022 [3][4]. - The program in Guangdong requires eligible girls to meet specific criteria, including being under 14 years old and having no prior HPV vaccination [4]. - Over 17 provinces in China have implemented similar free vaccination projects, although the distribution of these programs is uneven, with fewer initiatives in central and northeastern regions compared to eastern and southern areas [4]. Group 4: Market Impact - Following the announcement of the HPV vaccine's inclusion in the immunization program, stock prices of several HPV vaccine manufacturers rose [5]. - WanTai BioPharmaceuticals saw a 2.52% increase in stock price, while Watson Bio and Zhifei Biological also experienced stock price increases of 1.22% and 1.71%, respectively [5].

Core Viewpoint - The low-altitude economy is flourishing, driven by essential markets such as urban governance and industrial inspection, with drones becoming crucial tools in these areas, particularly in power grid inspections, which represent the industry's "first bucket of gold" [1][3][14]. Urban Governance - The company has initiated projects like the "Integrated Urban Governance Project" in Dongshan County, which is considered a national benchmark for county-level low-altitude governance [5][14]. - The drone systems deployed in urban governance can monitor tourist flows, facility conditions, and environmental changes, enhancing safety and efficiency in city management [6][14]. Industrial Inspection - Drones are increasingly utilized in industrial inspections, especially for power grid monitoring, marking a significant revenue opportunity for the industry [3][14]. - The company has developed a fully autonomous drone inspection system that addresses challenges in battery replacement and operational efficiency, allowing drones to autonomously return to charging stations when low on power [2][11]. Development Phases - The company has undergone four revolutionary phases in drone technology, focusing on achieving true autonomy, integrating machine, network, and cloud solutions, and developing a comprehensive low-altitude network [9][11][12]. - The first revolution involved making drones fully autonomous, eliminating the need for human operators, while the second revolution focused on providing integrated solutions that combine hardware and software [10][11]. Market Outlook - The low-altitude economy is expected to see significant growth over the next 5 to 10 years, with infrastructure development being a key focus [5][9]. - The company is optimistic about the future of the low-altitude economy, anticipating increased demand across various sectors, including emergency response and traffic management [15][16].

Group 1 - The article discusses the adjustments made by the Trump administration to previous tax policies, particularly through the Global Intangible Low-Taxed Income (GILTI) rules, which effectively implement a minimum tax practice expected to continue in subsequent terms [1][4]. - China is currently an observer in the OECD process and has a long-term wait-and-see attitude towards the two-pillar framework, with its current corporate income tax rate at 25%, and certain sectors benefiting from a reduced rate of 15%, aligning with global minimum tax standards [2][5]. - The OECD's two-pillar framework was developed to address tax challenges arising from digitalization, with Pillar One focusing on reallocating taxing rights for large multinational enterprises and Pillar Two establishing a global minimum corporate tax rate to curb tax base erosion and profit shifting [3][4]. Group 2 - The implementation of Pillar Two has seen some Southeast Asian and European countries, as well as Hong Kong, advance its adoption, with Hong Kong introducing a minimum tax mechanism to meet global standards despite a standard tax rate of 16.5% [5]. - There is a growing global consensus on stabilizing corporate tax rates around 15% through domestic laws, regardless of the specific future direction of Pillar Two [5]. - Chinese companies expanding overseas are advised to understand the tax regulations of their investment destinations and utilize professional platforms to navigate tax issues, particularly in light of the "safe harbor rules" in places like Hong Kong [5].

Core Viewpoint - The coal power industry is facing a peak in demand, with coal power generation expected to reach its maximum capacity this year, potentially capped at 5.55 trillion kilowatt-hours [2][3]. Group 1: Coal Power Generation Trends - In the first half of this year, national coal power generation has declined, with a reported generation of 294 million kilowatt-hours in the first half of 2025, marking a year-on-year decrease of 2.41% [1][5]. - During the "14th Five-Year Plan" period, coal power generation growth rates were around 1% in 2022 and 2024, compared to approximately 9% in 2021 and 7% in 2023 [1][5]. - The report indicates that the slowdown in overall electricity consumption growth and the rapid increase in renewable energy installations are primary factors contributing to the peak in coal power generation [3][4]. Group 2: Future Projections and Economic Factors - The report anticipates that during the "15th Five-Year Plan" period, electricity consumption growth will gradually converge with GDP growth rates, potentially even falling below GDP growth [3]. - It is projected that the increase in electricity consumption during the "15th Five-Year Plan" could still reach between 1.4 trillion to 1.7 trillion kilowatt-hours, which can be met by renewable energy installations [4]. Group 3: Market Dynamics and Policy Changes - The introduction of market reforms for renewable energy pricing has led to a decrease in the revenue for solar power, with prices dropping from approximately 0.355 yuan per kilowatt-hour in 2022 to 0.325 yuan per kilowatt-hour in the first half of this year [6]. - Coal power plants are now required to participate more actively in market trading, with their pricing mechanisms still based on a "base price + fluctuations" model [7]. - The average coal consumption for power generation has significantly decreased, reaching 300.7 grams of standard coal per kilowatt-hour by June this year, a reduction of over 10 grams since 2016 [10]. Group 4: Role of Coal Power in the Energy Transition - As the penetration of renewable energy increases, coal power is evolving into a more flexible and regulatory power source to manage the intermittency and volatility of renewable energy [11]. - Experts suggest that the auxiliary service functions of coal power should be valued higher in the market, as the cost of integrating a larger share of low-cost renewable energy will require additional investments [11].