此轮投票共有24名蓝营"立委"上榜。如果同意罢免的人数多 于不同意的人数，且同意票高于选区投票人的25%，罢免即成 立。决战时刻即将到来之际，台湾蓝、绿两大阵营均吹响了冲 锋号。 作者：王义伟 封图：本报资料库 7月26日（周六），备受瞩目的台湾大罢免将举行投票。根据台湾选务部门发布的信息，此轮投票 共有24名蓝营"立委"上榜。如果同意罢免的人数多于不同意的人数，且同意票高于选区投票人的 25%，罢免即成立。 决战时刻即将到来之际，台湾蓝、绿两大阵营均吹响了冲锋号。 蓝营方面，将战场比喻为"空战""陆战"两个部分。 "空战"由不受罢免影响的不分区"立委"以及党中央负责，其中不分区"立委"集中力量攻击民进党当 局在台南地区的救灾不力，国民党中央则通过网络、电视发布大量广告片，呼吁支持者务必出来投 票反对罢免。 《中国时报》7月23日发表题为"政治优先，关税冲击产业生存"的社论，同日发表题为"美国安大 棒《232条款》来势汹汹"的署名评论。 这两篇评论均提到，正在进行的美台关税谈判虽然给台湾很大的压力，但对台湾经济而言，更致命 的威胁来自美国《贸易扩展法》第232条。该条款授权美国总统可基于"国家安全风险"对进口 ...

Core Viewpoint - The article highlights the significant contributions of four award-winning scientists from the Beijing Institute of Life Sciences (BILS) to the field of life sciences, emphasizing the institute's unique environment that fosters innovation and original research [1][3][6]. Group 1: Achievements of Award-Winning Scientists - In the past decade, 14 scientists have received the Future Science Prize in the life sciences category, with notable contributions from Shao Feng, Li Wenhui, Zhou Jianmin, and Chai Jijie, all of whom conducted their groundbreaking research at BILS [3][4][5]. - Shao Feng was awarded the Future Science Prize in 2018 for his discovery of receptors and execution proteins involved in the inflammatory response to bacterial endotoxin LPS [3]. - Li Wenhui received the Future Science Prize in 2022 for identifying receptors for hepatitis B and D viruses, aiding in the development of more effective treatments [4]. - In 2023, Chai Jijie and Zhou Jianmin were recognized for their pioneering work on the structure and function of anti-disease bodies in combating plant pests [5]. Group 2: Unique Environment at BILS - BILS, established in 2003, operates without administrative levels or fixed positions, allowing scientists to independently determine their research directions and alleviating funding concerns [6][7]. - The institute's supportive environment encourages scientists to take risks and explore new research areas, as exemplified by Shao Feng's transition from studying bacterial infections to discovering the molecular mechanisms of cell death [12][14]. - Li Wenhui emphasized the importance of a "fact-based" approach at BILS, where open discussions and constructive criticism during weekly meetings foster a culture of rigorous scientific inquiry [23][25]. Group 3: Collaborative Research and Innovation - The collaboration between Chai Jijie and Zhou Jianmin began serendipitously during their time at BILS, leading to significant advancements in understanding plant immunity [31][33]. - Their joint research efforts culminated in the discovery of anti-disease bodies, marking a milestone in the field of plant innate immunity, which was recognized with the Future Science Prize [33][34]. - The institute's culture of collaboration and mutual support among scientists has been pivotal in driving innovative research and achieving notable scientific breakthroughs [36][39].

Core Viewpoint - The rise of group broadcasting (团播) on platforms like Douyin, Xiaohongshu, and Kuaishou has been significant, with Douyin's average daily group broadcast rooms increasing from 4,000 in mid-2024 to over 7,500 currently [1][6]. Group 1: Group Broadcasting Dynamics - Group broadcasting involves multiple participants operating a live streaming account, allowing for diverse interactions among group members, hosts, and fans, which attracts a broader audience demographic [13]. - The competitive nature of group broadcasts is highlighted by events such as the intense fan battles for top positions, where contributions are measured by monetary gifts and likes, creating a dynamic environment [4][5]. - The operational model of group broadcasting has evolved from individual streaming to a more structured approach, with companies like Jinghong Culture establishing professional live streaming studios and systems to enhance performance [14][15]. Group 2: Financial Aspects and Revenue Generation - The primary revenue model for group broadcasts remains through viewer donations, with a structured competition system designed to encourage ongoing viewer engagement and financial contributions [19]. - The revenue distribution typically involves a 50% cut for the platform, with the remaining split among the agency and the streamer, indicating a competitive financial landscape [19]. - Companies are exploring diversified revenue streams, such as ticketed offline events for group broadcast hosts, indicating potential growth in the sector [20]. Group 3: Industry Trends and Future Outlook - The group broadcasting industry is transitioning towards professionalization, driven by platform regulations and talent upgrades, with a focus on content innovation and technical improvements [19][20]. - There is optimism about the future of group broadcasting, with plans to incorporate traditional entertainment formats into live streaming, potentially expanding the content offerings available to audiences [20]. - The industry is witnessing a shift in focus from individual talent to organizational capabilities, emphasizing the importance of a well-structured operational framework [15].

Core Viewpoint - Since 2025, insurance companies have triggered 21 investment events involving stock acquisitions, surpassing the total number of such events in the previous year [4]. Group 1: Investment Activities - The A-share market has been experiencing upward fluctuations, and the Hong Kong stock market is recovering, leading to increased activity from insurance funds in the capital markets [2]. - In July 2025, Zhongyou Insurance announced its acquisition of shares in Green Power Environmental (01330.HK), triggering a stock acquisition disclosure [3][8]. - Other insurance companies, such as Xintai Life and Lianan Life, also disclosed stock acquisitions in July 2025 [9] [10]. Group 2: Specific Investment Cases - Zhongyou Insurance purchased 726,000 shares of Green Power Environmental, increasing its holdings to 20.51 million shares, representing 5.0722% of the company's H-share capital [8]. - Xintai Life increased its holdings in Hualing Steel (000932.SZ) to 345 million shares, raising its ownership from 4.99% to 5.00% [10]. - Lianan Life acquired 1.1 million shares of Jiangnan Water (601199.SH), increasing its stake from 4.91% to 5.03% [10]. Group 3: Financial Data and Trends - As of June 30, 2025, Zhongyou Insurance reported a net buy of over 90 billion yuan in public market equity investments [6]. - Xintai Life's equity assets amounted to 565.78 billion yuan, accounting for 19.07% of its total assets as of June 30, 2025 [10]. - Lianan Life's equity assets were reported at 205.6 billion yuan, making up 16.29% of its total assets as of May 31, 2025 [10]. Group 4: Market Dynamics and Regulatory Environment - The current wave of stock acquisitions by insurance companies is driven by a preference for high-dividend stocks, particularly in sectors like banking, public utilities, and pharmaceuticals, with an average dividend yield of 4.6% since 2024 [14]. - The downward trend in interest rates has increased investment pressure on insurance companies, prompting them to seek stable long-term investment returns through frequent stock acquisitions [15]. - Regulatory changes have encouraged insurance funds to engage in long-term equity investments, with new guidelines introduced to assess net asset returns over extended periods [19].

Core Viewpoint - The article discusses the obligation of taxpayers in China to declare overseas income and the current tax regulations regarding capital gains from stock trading, highlighting the lack of a loss offset mechanism for overseas stock transactions [1][6][11]. Tax Regulations on Overseas Income - In 2025, many Chinese residents investing in Hong Kong and U.S. stocks received notifications from local tax authorities to self-check their income and file tax returns [2]. - According to the Ministry of Finance and the State Taxation Administration's 2020 announcement, income from overseas sources such as interest, dividends, and capital gains must be calculated separately from domestic income [2][8]. Current Tax Policies on Domestic Stock Trading - China currently has a tax exemption policy for capital gains from domestic stock trading, meaning that losses cannot be deducted from taxable income [4][10]. - The existing personal income tax law classifies capital gains from stock transfers as "property transfer income," subject to a 20% tax rate, but specific regulations for stock trading have not been established by the State Council [8][9]. International Tax Practices - Most countries have established tax systems that allow for loss offsets in stock trading, reflecting the principle of tax fairness [3][7][15]. - Countries like the U.S., Canada, Australia, and Japan permit current year stock losses to offset gains, with some allowing indefinite carryforward of losses [15][17]. Recommendations for Future Regulations - The article suggests that China should consider international practices when formulating tax regulations for stock trading, particularly regarding loss offsets [7][17]. - It emphasizes the need for clear regulations to ensure fair tax treatment and to avoid discrepancies between domestic and overseas stock taxation [17].

Core Viewpoint - JD.com is innovating its food delivery service with the launch of "Qixian Xiaochu," focusing on fresh food supply chains and partnerships with chefs and restaurants to enhance its offerings in the competitive food delivery market [2][5][9]. Group 1: Business Model and Strategy - JD.com announced a cash investment of 1 billion yuan to recruit national restaurant brands and individual chefs for its "Dish Partner" program, where chefs provide recipes and participate in product development [3][15]. - The first Qixian Xiaochu store opened in Beijing, and it has already sold over 1,000 orders since its launch [4]. - The new model aims to differentiate JD's food delivery service from competitors like Meituan by emphasizing fresh ingredients sourced directly from suppliers and prepared in a standardized manner [9][12]. Group 2: Market Position and Competition - Qixian Xiaochu plans to recruit partners for 1,000 signature dishes, allowing chefs to have their recipes cooked and sold through JD's platform [7]. - The service currently has slower delivery times compared to other brands, with delivery times approaching one hour during peak hours [8]. - There are concerns about potential competition between Qixian Xiaochu and other third-party merchants on JD's platform, as the market is already saturated with dining options [17]. Group 3: Future Plans and Investments - JD.com aims to invest over 10 billion yuan in the next three years to establish over 10,000 Qixian Xiaochu stores nationwide, with partners not required to invest in store setup or labor costs [15]. - The company is actively engaging with well-known restaurant brands to explore collaboration opportunities, although some brands are cautious about joining the program until its market viability is proven [16].

Core Viewpoint - The recent case of a family trust being "pierced" in China raises concerns about the respect for trust rights and the potential outflow of financial assets overseas if domestic institutions fail to protect these rights effectively [1][32]. Group 1: Case Overview - A family trust case in Jiangsu was reported where the court executed assets amounting to 41.43 million yuan as deposits without following proper legal procedures [2][6]. - The individual involved, Cui Yi, was sentenced to 14 years in prison for bribery and fraud, with a restitution obligation of 70.12 million yuan [4][32]. - The court's actions have sparked significant controversy within the trust industry, as trust assets are legally independent from the grantor's personal assets [7][9]. Group 2: Legal Implications - The execution of trust assets without a formal determination of the trust's validity undermines the legal independence of trust property [12][30]. - The case highlights the need for a clear legal process to assess the validity of trusts before executing assets, as the current approach may violate procedural justice [27][30]. - The legal framework allows for the possibility of declaring a trust invalid if established with illegal assets, but proving the illegality of trust assets can be challenging [21][22]. Group 3: Trust Characteristics and Benefits - Family trusts serve as a legitimate financial management and debt-avoidance tool, emphasizing asset protection and inheritance [14][18]. - The independence of trust property allows for professional management and safeguards against potential mismanagement by heirs [17][18]. - The growth of family trusts in China is driven by increasing wealth accumulation and the need for effective asset management strategies [16][32]. Group 4: Future Considerations - The potential for asset outflow to overseas jurisdictions increases if domestic institutions do not adequately protect trust rights, leading to a loss of financial assets within China [1][32]. - The trust industry must navigate the complexities of legal interpretations and ensure that trust arrangements are respected to maintain investor confidence [30][31].

Core Viewpoint - The resignation of Wu Lishun as the chairman of First Capital Securities marks a significant leadership change, with the company currently awaiting the appointment of a new chairman while the vice chairman, Qing Mei Pingcuo, temporarily assumes the role [2][7][8]. Group 1: Leadership Changes - Wu Lishun resigned from his position as chairman of First Capital Securities due to a work transfer to the Beijing State-owned Assets Supervision and Administration Commission [2][3]. - Qing Mei Pingcuo, the current vice chairman, is acting as the chairman and legal representative until a new chairman is elected [8]. - Wu Lishun has a long history in the Beijing state-owned assets system, having held various leadership roles in different securities firms [3][4]. Group 2: Company Performance - First Capital Securities has experienced significant revenue fluctuations, with operating income dropping from 3.12 billion in 2020 to 2.49 billion in 2023 [9]. - In 2024, the company saw a substantial revenue increase to 3.53 billion, representing a year-on-year growth of 41.9% [9]. - The company reported a decline in both operating revenue and net profit in the first quarter of 2023, with revenues of 661 million, down 1.87%, and net profit of 118 million, down 17.59% [10].

Core Viewpoint - The collaboration between former Volkswagen CEO Herbert Diess and a newly established small tech company in China's Jinyun County represents a significant shift in global supply chain cooperation and the new industrial landscape, focusing on lightweight electric vehicles [1][4]. Group 1: Partnership Details - The partnership involves Sun Venture from Germany and Huari Dynamic Technology, aiming to integrate China's supply chain advantages with European market resources to develop, procure, and export lightweight electric vehicles [2][3]. - The goal is to achieve an export value exceeding 100 million yuan within three years, highlighting the potential of the collaboration [2]. Group 2: Market Context - The demand for lightweight electric vehicles, such as electric skateboards and micro electric vehicles, is expected to surge in the European market, creating a favorable environment for this partnership [8]. - The collaboration is seen as a strategic move to leverage China's mature electric vehicle supply chain to accelerate the electrification of transportation in Europe [7][12]. Group 3: Company Background - Sun Venture, founded by Herbert Diess, focuses on electrification transformation and high-performance power systems, with a specific interest in two-wheeled electric vehicles that are gaining popularity in Europe [6][12]. - Huari Dynamic Technology, established in Jinyun County, has advanced self-research capabilities in battery, motor, and control systems, making it a suitable partner for Sun Venture [11][12]. Group 4: Future Plans - The companies plan to develop the Fast Track mountain skateboard, with a focus on high-power versions, and aim to establish a research and development center in China for further product innovation [13]. - The partnership is expected to enhance local talent development in electric vehicle technology, contributing to the growth of the industry in Jinyun County [13].

Core Viewpoint - The current development of financial IT can be summarized by two key terms: "domestication" and "intelligence," which are driving the industry into a full-chain upgrade phase [3][6]. Group 1: Trends in Financial IT Development - The demand for digital transformation among financial institutions has been increasing, extending from banks, securities, and insurance to consumer finance and leasing, with clear requirements for overall progress [5]. - The trend has led to an explosive growth of related projects by 2025, with a significant increase in the number of projects involving domestic database selection, cloud platform selection, hardware procurement, and new core system ISV collaborations among brokerages and insurance institutions [6]. - The number of domestic database vendors has decreased by over 60 in the past year, with financial institutions preferring mature products from leading vendors that have undergone extensive business verification and stability testing [7]. Group 2: AI and Intelligent Applications - The emergence of DeepSeek marks a significant turning point for the application of AI large models in the financial sector, enabling a broader range of institutions to develop applications at a low cost [8][10]. - AI applications are evolving through four stages: from "able to chat" to "able to work," then to "self-planning," and finally to "multi-Agent collaboration" [8]. - Current AI applications in financial institutions include code assistants that enhance development efficiency and knowledge base applications, while initial applications in trading and risk control are still in the early planning stages [10][11]. Group 3: Strategic Implementation and Challenges - Financial institutions are actively investing in AI, with many executives placing it at a strategic level, focusing on "phased usable scenarios" during implementation [13]. - A collaborative system of "small models + large models" is recommended, where institutions first establish usable datasets and then train small models for specific tasks while large models handle content generation [14]. - The implementation of intelligent architecture requires modular planning and stepwise advancement, with clear timelines, responsibilities, and acceptance criteria for each phase [14][15].