7月30日上午，冯小宁本人对经济观察报记者回应称："本来 我是小有名气，（被开除后）现在名气更大了。我已经是68岁 的老妇人，不在酒协（指仁怀酒协）工作，对我没有什么影 响，我本人也没在意。" 作者：张晓晖 封图：图虫创意 2025年7月28日，白酒圈发生一件引起业界关注的事： 68岁的原茅台酒厂品酒师冯小宁，被仁怀市酒业协会（下称"仁怀酒协"）以违反协会自律规定为 由，予以除名并公开通报。仁怀酒协没有披露"违反协会自律"相关的细节。 7月30日上午，经济观察报记者就该事项致电仁怀酒协，仁怀酒协一名人员回应称："冯小宁违反 了我们生产技术专业委员会的管理办法。" 经济观察报记者问："网上能查到仁怀酒协的管理办法吗？能否得知冯小宁违反协会自律的具体细 节。"上述工作人员称："（冯小宁被除名）原因已经写在公告里。" 冯小宁曾在茅台酒厂（贵州茅台旧名）担任品酒师，被业内称为"茅台八仙"，与季克良、彭茵、陈 兴希、余方强、徐强、陈仁远、丁勇齐名。"茅台八仙"指茅台酒厂早期的八位酿酒大师，他们为茅 台酒的工艺传承和发展作出了卓越贡献。 7月30日上午，冯小宁本人对经济观察报记者回应称："本来我是小有名气，（被开除后）现 ...

Core Viewpoint - WuXi AppTec has returned to sustained high growth after a challenging year impacted by the "Biological Safety Act," with impressive financial results in the first half of 2025, indicating a recovery trajectory for the company and the industry [2][8]. Financial Performance - In the first half of 2025, WuXi AppTec reported revenue of 20.8 billion yuan, a year-on-year increase of 20%, and a net profit of 8.6 billion yuan, which doubled compared to the previous year, both reaching historical highs [2][4]. - The company has raised its full-year revenue guidance, expecting a growth rate of 13%-17% for its ongoing business, up from the previous 10%-15% [4]. Regional Performance - The high growth of WuXi AppTec is primarily supported by U.S. clients, with revenue from this segment increasing by 38.4% year-on-year in the first half of 2025 [3][9]. - Revenue from Chinese clients, however, has declined by 5.2%, contributing only 3.2 billion yuan, which is 15% of total revenue [11]. Market Dynamics - WuXi AppTec's international revenue reached 17.3 billion yuan in the first half of 2025, accounting for over 80% of total revenue, with U.S. clients contributing 14 billion yuan [9]. - The company has successfully navigated the challenges posed by the "Biological Safety Act," with no new legislative proposals emerging in the current U.S. Congress [10]. Business Segments - The second quarter of 2025 was particularly strong, with revenue exceeding 11.1 billion yuan, marking the first time quarterly revenue surpassed 10 billion yuan [14]. - The growth in revenue is attributed to the increasing demand for small molecule CDMO services and TIDES (oligonucleotide and peptide) business, with TIDES revenue reaching 5 billion yuan, a 142% increase year-on-year [14][15]. Industry Outlook - The recovery of WuXi AppTec is expected to positively influence the broader CXO (Contract Research Organization) industry, with other companies like Kelun and Kanglongda also reporting improved performance [17].

Core Viewpoint - The article highlights the growing gender disparity in education in Guangxi, particularly in the transition from junior high to high school, where boys are increasingly underperforming compared to girls [1][2][4]. Group 1: Gender Disparity in Education - In recent years, the gender ratio in Guangxi's high schools has shifted, with girls now making up over 50% of the science classes at Chongzuo High School, a significant increase from 15 years ago when girls constituted only 25-33% of the student body [2][4]. - The admission rates for boys to regular high schools are declining, with many boys in rural areas failing to meet the academic standards required for high school admission [4][5]. Group 2: Impact of Family and Societal Factors - Many boys in rural areas tend to drop out of school and either engage in low-skilled jobs or remain idle at home, relying on their parents for support [5][6]. - The phenomenon of "left-behind children" is prevalent, with many children being cared for by grandparents while their parents work away, leading to a lack of educational focus and discipline [12][14]. Group 3: Psychological and Behavioral Issues - The over-reliance on smartphones among children is noted as a significant issue, with many children starting to use devices at a very young age, which affects their learning and social behavior [9][10][11]. - The lack of parental involvement in education, particularly in families with low educational backgrounds, contributes to poor academic performance and a lack of motivation among boys [14][15]. Group 4: Long-term Consequences - The educational gender gap is leading to a mismatch in the local job market, with more educated women than men, resulting in challenges in marriage prospects and family stability [16][17]. - The increasing number of single-parent families, often due to divorce, is creating a new generation of "left-behind children," exacerbating the cycle of educational neglect and psychological issues [17][18]. Group 5: Recommendations for Change - There is a call for societal-level changes to improve family education and parental involvement, emphasizing the need for both parents to participate in their children's education to foster independence and resilience [20].

Core Viewpoint - The current downturn in the film market cannot be solely attributed to audience behavior or the quality of works, indicating a more complex phenomenon that requires deeper analysis [1][6]. Box Office Performance - As of July 29, 2023, the total box office for the summer season (June 1 - August 31) exceeded 5.5 billion yuan, with "Nanjing Photo Studio" grossing 536 million yuan in its first five days and projected to reach 3.246 billion yuan [2]. - By mid-July, the box office was only 3.412 billion yuan, lower than the 3.848 billion yuan earned by the 2023 summer box office champion "All In," highlighting the industry's pressure [2]. - The 2023 summer box office total is projected to be significantly lower than the 20.62 billion yuan in 2023 and 17.653 billion yuan in 2019, raising concerns among industry professionals [2]. Film Quality and Audience Engagement - "Nanjing Photo Studio" has a high Douban rating of 8.6, but its box office performance needs a significant boost to be considered a true "dark horse" [3][4]. - The film's serious historical theme may deter some viewers due to emotional weight, similar to the past performance of "1942," which had a high rating but low box office [5]. - Despite the overall quality of films this summer being commendable, audience engagement remains a challenge, as seen with "The Lychee of Chang'an," which, despite good ratings, is projected to earn only 660 million yuan [5]. Market Dynamics and Future Outlook - The film industry is facing a complex set of challenges, including shifts in consumer spending, public psychological expectations, and changes in the entertainment environment [6]. - The industry must focus on creating films that resonate with audiences on a deeper emotional level, as past strategies relying on emotional triggers are no longer as effective [6]. - Regardless of the summer box office outcome, filmmakers should strive to create timeless classics that can ensure the industry's future survival and growth [7].

随着美日、美欧达成协议，中美会谈持续推进，可以得出一个 基本判断：由美国总统特朗普于今年4月2日发起的关税战，已 经进入下半场。 作者：王义伟 封图：视觉中国 7月22日，美日达成关税协议；7月27日，美欧达成关税协议；7月28日、29日，中美在瑞典展开新 一轮经贸会谈。 随着美日、美欧达成协议，中美会谈持续推进，可以得出一个基本判断：由美国总统特朗普于今年 4月2日发起的关税战，已经进入下半场。 简要评述如下： 第一，15%的关税成为最大公约数。 对于日本的输美商品，特朗普曾威胁征收25%的关税；对于欧盟的输美商品，特朗普曾威胁征收 30%的关税。关税税率最终落到15%，应该是特朗普的底线，也是日本、欧盟能够接受的。尽管日 本、欧盟内部有一些声音表达不满，但这些声音更多的是表明政治立场和态度，发出这些声音的人 大概内心也清楚，15%的税率已经是日欧能够争取到的最好的结果。 第二，1.9万亿美元支票最终能兑现多少仍然是一个未知数。 在协议中，日本承诺向美国投资5500亿美元，欧盟承诺增加对美投资6000亿美元，并在3年内购买 价值7500亿美元的美国能源产品，三项相加总计1.9万亿美元。 面对这1.9万亿美元 ...

Core Viewpoint - The gender gap in higher education enrollment in China is widening, with female students increasingly dominating university admissions, particularly in certain provinces like Yunnan, Guangxi, and Henan [1][3][4]. Group 1: Gender Enrollment Trends - In 2022, female students accounted for 63.1% of new enrollments in undergraduate programs, with 299.9 million females compared to 175.6 million males [1][9]. - The enrollment of female students in undergraduate programs has significantly increased from 58% in 2011 to 63.1% in 2022, while the male enrollment has decreased [2][4]. - From 2010 to 2022, the total number of undergraduate enrollments rose from 351.3 million to 475.6 million, with 99.3% of the increase (123.4 million) being female students [9]. Group 2: Regional Disparities - In 2022, the proportion of female students in undergraduate programs reached 81.7% in Yunnan, 73.3% in Guangxi, and 70.4% in Henan, while major cities like Beijing and Shanghai had lower female enrollment rates of 51% and 54.3%, respectively [3][17]. - The gender gap in enrollment is particularly pronounced in Guangxi, where the ratio of female to male students in high schools has shifted from 1/4 to 3/4 over the past 15 years [2][20]. Group 3: Factors Contributing to Gender Disparities - The "boy crisis" is influenced by various local factors, including family dynamics where boys from left-behind families often lack educational motivation compared to girls [4][22]. - Educational assessment mechanisms that focus heavily on reading and expression skills tend to favor girls, leading to a decline in boys' academic performance [14][30]. - The cultural perception of education and gender roles in rural areas contributes to the widening gap, with many families placing less emphasis on boys' academic success [27][28]. Group 4: Recommendations for Improvement - Experts suggest that boys should start school later than girls to better align their developmental readiness with educational demands [29]. - There is a call for a more comprehensive evaluation system in education that considers various skills beyond academic performance, which may help address the disparities [30].

Core Viewpoint - The Moutai Collectors Association has ceased operations, and the existing Moutai collection venues will undergo reassessment, with successful venues being supervised by the Guizhou Moutai Sales Company and a new Moutai Old Wine Association being established [1][3][4]. Group 1: Changes in Management - The Moutai Collectors Association, previously responsible for the application, review, and certification of Moutai collection venues, has stopped its operations [3][4]. - A seminar was held by Moutai Group's chairman Zhang Deqin, where it was announced that the existing collection venues would be reassessed, and a new Moutai Old Wine Association has been formed with a new president [4][5]. Group 2: Financial Implications - The Moutai Collectors Association is in the process of refunding a total of 800,000 yuan in integrity deposits to the 56 Moutai collection venues [3]. - The Moutai collection venues have seen a significant drop in sales prices, with current prices being at least one-third lower than their procurement prices from the previous year [9]. Group 3: Market Context - The Moutai collection venues accounted for 7% of the annual trading scale of China's old wine market, which is approximately 1.1 billion yuan [2][10]. - The Moutai old wine market was valued at around 850 billion yuan, with the Moutai collection venues contributing to a trading scale of 70.54 billion yuan in 2023 [10][11]. Group 4: Future Developments - Plans for the new Moutai Old Wine Association include standardizing the old wine market and discussing operational models [4][5]. - The previous chairman, Ding Xiongjun, had proposed initiatives to leverage Moutai's existing high-quality "坛贮" old wine resources and develop a "1+1 dining terminal" concept, although these plans have not yet been implemented following the leadership change [10].

Core Viewpoint - The successful tokenization financing of Real World Assets (RWA) in Hong Kong depends on the auditability and transparency of the underlying assets, as well as the understanding of digital asset logic by enterprises and their partners, particularly in areas such as on-chain issuance mechanisms, off-chain redemption arrangements, asset anchoring paths, cross-border governance structures, regulatory requirements, and information disclosure mechanisms [1][7][17]. Group 1: RWA Overview and Market Trends - RWA refers to the tokenization financing transactions of real-world assets, where the rights to the income of physical assets are represented as digital tokens on a blockchain network [3]. - The enactment of Hong Kong's Stablecoin Regulation in August has created significant opportunities for the combination of stablecoins and RWA, potentially becoming a breakthrough in the Web 3.0 era [4]. - Various industries, including real estate, renewable energy, and cultural tourism, are actively exploring the feasibility of RWA financing in Hong Kong as a new funding channel [6][11]. Group 2: Challenges and Considerations - The enthusiasm for RWA financing among real estate companies is particularly high, as they aim to tokenize stable rental income from mature commercial properties to alleviate debt pressure [7][11]. - Many intermediary institutions are presenting overly optimistic views on the ease of RWA operations, leading enterprises to underestimate the challenges related to asset scale, revenue status, and asset rights verification [8][14]. - The operational costs for RWA financing are substantial, with various preparatory tasks costing hundreds of thousands of yuan, which can lead to significant income for intermediaries if they successfully convince enterprises to pursue RWA [16]. Group 3: Compliance and Risk Management - Enterprises must ensure compliance with cross-border asset structure regulations, information disclosure requirements, and the design of on-chain and off-chain coordination mechanisms to avoid potential pitfalls [17][21]. - The lack of a unified framework for verifying the authenticity of assets on-chain and the complexities of cross-border regulation pose significant challenges for enterprises [21]. - A growing number of enterprises are recognizing the exaggerated claims of some intermediaries and are seeking professional teams with experience in Hong Kong's regulatory environment to reassess the feasibility of RWA financing [21][22].

Core Viewpoint - The real estate industry in 2025 has experienced significant turmoil, with multiple high-profile executives passing away or facing legal issues, raising concerns about the stability and future of companies within this sector [1][4]. Company Overview - On July 28, 2025, the actual controller and CEO of Juran Smart Home Group, Wang Linpeng, was reported to have passed away at home on July 27 [2][3]. - Wang Linpeng had been under investigation by the Wuhan Municipal Jianghan District Supervisory Committee since April 2025, but was released from detention on July 23, 2025, just days before his death [4]. Financial Performance - Juran Smart Home's net profit has seen a decline of 29%, 21%, and 41% from 2022 to 2024, with a further 39% drop reported in the first quarter of 2025 [15]. - The company's cash balance has decreased from 74 billion in 2020 to 16.7 billion by the end of the first quarter of 2025 [15]. Strategic Initiatives - In late 2024, Juran Smart Home rebranded and initiated a transformation focusing on three main areas: consolidating its core business, digital transformation, and international expansion [17]. - The company aims to transition its home furnishing stores into smart home experience centers and enhance its digital marketing capabilities [17]. - Juran Smart Home has expanded its international presence, with plans to open new stores in Cambodia and Kuala Lumpur, and has enhanced its online platforms to support multiple languages and payment channels [18]. Corporate Governance - Following Wang Linpeng's detention, the board appointed Wang Ning as the acting chairman and CEO, who is viewed positively by employees for his practical approach [4][19]. - The company has faced scrutiny regarding its past merger and acquisition activities, with allegations of potential asset loss and harm to minority shareholders during its shell listing process [12].

Core Viewpoint - The decline in DeepSeek's user data has cast a shadow over the prospects of domestic AI, but there is no need for excessive pessimism regarding the future of domestic AI due to this temporary setback [1][4][5]. Group 1: DeepSeek's Performance - DeepSeek's monthly download volume has dropped from 81.113 million in Q1 to 22.589 million, a decrease of 72.2% [2]. - The usage rate of DeepSeek has fallen from a high of 7.5% at the beginning of the year to 3% [2]. - The pessimistic expectations surrounding DeepSeek are largely attributed to the delayed release of its updated version R2 and its high hallucination rate, which has deterred many users [3][6]. Group 2: Broader Industry Context - Despite DeepSeek's decline, the overall domestic AI landscape remains robust, with major internet companies and unicorns actively investing in AI research and development [7]. - Other models such as Qwen, Wenxin, Quark, and Kimi continue to rank highly in the global AI landscape, indicating ongoing competition [7]. - China's advantages in the AI race include a vast market and diverse application scenarios, providing ample user behavior data and market demand [7]. Group 3: Industry Challenges and Future Directions - The decline in DeepSeek's traffic raises industry-wide questions about maintaining technological leadership and achieving sustainable business models in the face of widely replicated model weights [8]. - The true competitive edge in the global AI race lies not in a single model's performance but in building an open, collaborative, and sustainable ecosystem [9]. - The future of the industry will depend on creating an environment that allows for innovation and experimentation, rather than prematurely selecting winners [9][10]. - Recognizing the value of real-world scenarios is crucial, as data generated from various sectors can significantly contribute to technological advancement [10][11].