Core Viewpoint - The emergence of "land kings" in cities like Beijing, Shanghai, Hangzhou, and Chengdu presents both opportunities and challenges for real estate companies, necessitating effective strategies for absorption of these high-priced lands [2][10]. Group 1: Market Dynamics - The "Chaoyang 11" land parcel was acquired for a record price of 12.6 billion yuan, marking it as the second-highest total price in Chaoyang's land auction history, with a floor price of 54,500 yuan per square meter [2]. - Despite high listing prices in surrounding areas, developers are exercising caution in the current real estate market [2]. - The competition for the Huangshanmu Store site will be intense, with projects like "Xinyi Heyuan" and "Haidian Shucun" also entering the market [6][7]. Group 2: Sales and Profitability - Maintaining sales while ensuring profitability is a significant challenge for projects acquired at high prices, as evidenced by two high-priced projects in Beijing with varying sales rates [10][11]. - The market favors early entrants, as demonstrated by the success of the "Yuejinyayuan" project, which achieved strong sales due to a lack of new supply in the area [9]. - Developers are increasingly prioritizing customer engagement and pre-sales strategies to mitigate risks associated with high land costs [2][11]. Group 3: Cost and Quality Management - Balancing cost control and product quality is crucial, as cutting costs can lead to a decline in quality, impacting market competitiveness [13]. - Companies can enhance efficiency and optimize structures to control costs without sacrificing quality, such as reducing overhead and improving team performance [13]. - Collaboration with local governments can help developers secure better profit margins through policy adjustments, such as increasing plot ratios or negotiating land prices [14].

"由于核心债权人改变了主意，在第一次表决未通过之后，第 二次债权人表决通过了重整计划。"5月13日，一位知情人士 透露。该知情人士称，核心债权人指的是工商银行重庆分行。 作者： 张晓晖 封图：图虫创意 重庆金科清偿率1折 金科股份清偿率2折 金科的重整计划分为两个：一个是母公司金科股份的重整计划，一个是子公司重庆金科的重整计 划。两者同时进行。 5月10日和5月11日，金科股份与重庆金科分别收到重庆市第五中级人民法院（下称"重庆五中 院"）的民事裁定书，重庆五中院裁定批准《金科股份重整计划》和《重庆金科重整计划》。 《金科股份重整计划》显示，在重整状态下，按照重整计划确定的债权清偿方案，破产费用及共益 债务获得全额清偿；有财产担保债权将在担保物价值范围内优先受偿，职工债权、税款债权和5万 元以下的普通债权获得100%清偿，债权金额为100万元的普通债权首次分配综合清偿率预计为 22.36%。百万债权的清偿率相当于2折。 "重整计划终于通过法院裁定。"5月12日，金科股份一位高管向经济观察报记者发来消息感叹。 在过去的24个月里，这位高管的工作就是与债权人沟通。安抚和平息债权人的怒火是该高管的主 要工作内容。 ...

一位接近保通的人士对经济观察报记者表示，除江西省分公司 外，保通还计划关停云南、内蒙古等地的分公司。 作者：姜鑫 封图：图虫创意 2025年5月18日，是保通保险代理有限公司（下称"保通"）成立12周年的司庆日，但是今年的司 庆并不平静。 近日，保通江西省分公司的代理人收到了一条分公司关停的消息。 5月10日，代理人向经济观察报记者展示的消息显示，经公司研究决定，保通将于2025年5月30日 关停江西省分公司的所有业务。6月15日后，公司会统一办理执业登记注销，合同终止后，代理人 有30天提现权益。 一位接近保通的人士对经济观察报记者表示，除江西省分公司外，保通还计划关停云南、内蒙古等 地的分公司。 保通隶属于上海豹云网络信息服务有限公司（下称"豹云网络"），后者是一家服务于保险行业的综 合性集团。近期，有媒体报道称，同样隶属于豹云网络的爱云保技术有限公司（下称"i云保"）正在 谋求打包出售。去年7月，i云保曾计划赴美上市。 上述代理人还表示，江西分公司业绩达成率一直比较低，但直接关停还是有些意外。由于大部分代理 人依托i云保平台进行线上销售，机构关停不影响其销售，但在销售非互联网产品时，面临着合规问 题。 ...

5月13日，A股开盘，上证指数高开0.5%，深证成指高开0.98%，创业板指高开1.29%。苹果概念 股、港口航运、机器人概念股领涨。（编辑 王俊勇） ...

Core Viewpoint - The article discusses the current state and future potential of humanoid robots in China, highlighting the gap between public perception and technological reality, as well as the diverse strategies adopted by leading companies in the industry [2][3]. Group 1: Industry Development - The humanoid robot industry in China has significant milestones, such as the 2025 Spring Festival Gala performance and the recent Beijing Yizhuang Marathon, which showcased the capabilities and limitations of humanoid robots [2][3]. - A field study of nine leading companies in Shenzhen revealed a lack of consensus on technology routes and application scenarios, indicating a transitional phase from laboratory to industrialization [3]. Group 2: Key Divergence Points - The industry faces several critical questions, including whether humanoid robots need legs, faces, and how they perceive the environment [4][12][17]. - Companies are divided into "bipedal" and "wheeled" factions, with each focusing on different capabilities and applications based on their technological strengths [6][7]. Group 3: Technical Challenges - Bipedal robots face significant technical challenges, including the need for complex joint coordination and energy consumption, while wheeled robots are more stable and cost-effective for industrial applications [7][8]. - The perception and interaction capabilities of humanoid robots vary, with some companies prioritizing industrial functionality over human-like features to avoid ethical concerns [13][14]. Group 4: Data and Training - The competition in the humanoid robot industry is increasingly centered around data acquisition for training AI models, with companies employing various strategies to gather real, simulated, and internet data [28][29]. - Companies like Digital Huaxia are investing in data collection centers to create realistic training environments, while others focus on simulation data to reduce costs and accelerate learning [28][30]. Group 5: Market Applications - Humanoid robots are being explored for various applications, including industrial manufacturing, logistics, retail, and education, but the timeline for widespread adoption remains uncertain [33][34]. - The industry is currently prioritizing standardized industrial applications before moving into more complex environments like homes [34][35]. Group 6: Commercialization Challenges - The humanoid robot sector struggles with finding clear commercialization paths, with many companies still reliant on investment rather than sustainable revenue [36][38]. - The transition to mass production is hindered by inconsistent product performance and the need for precise hardware and software integration [40]. Group 7: Public Perception and Future Outlook - Events like the Yizhuang Marathon have sparked debate about the viability of humanoid robots, with some viewing the failures as indicative of a bubble in the industry [42][43]. - Despite challenges, there is a recognition of the progress made in humanoid robotics, and industry insiders advocate for a balanced view that acknowledges both the potential and current limitations of the technology [43].

Core Viewpoint - The recent India-Pakistan air conflict has highlighted the military capabilities of the Chinese weapons systems, which have successfully engaged in real combat, raising concerns among Taiwan's pro-independence youth about their own defense capabilities [1][3][6]. Summary by Sections Air Conflict Overview - On May 7, an air battle between India and Pakistan resulted in Pakistan's air force shooting down five Indian aircraft, including two Dassault Rafale jets, each valued at $288 million [2]. - The conflict showcased the effectiveness of Chinese-produced weapon systems in a real combat scenario, marking a significant achievement for China's military technology [3]. Implications for Taiwan - The defeat of advanced Indian aircraft by Chinese systems has implications for Taiwan, which relies on older French Mirage 2000 jets, raising doubts about their effectiveness against modern Chinese military capabilities [6][7]. - The comparison between the advanced Rafale and the outdated Mirage 2000 emphasizes Taiwan's vulnerability in the face of modern warfare [7]. Reactions and Analysis - The silence from Taiwan's pro-independence factions and media contrasts sharply with the excitement among Chinese and Pakistani netizens following the air conflict [4][8]. - The Chinese government has maintained a low profile regarding the conflict, focusing instead on peaceful reunification with Taiwan and the benefits of modernization for both sides [5][9][10]. Broader Context - The air conflict serves as a wake-up call for Taiwan's youth, particularly those supporting independence, who may not fully grasp the military realities posed by the Chinese military [13][14]. - The article suggests that a more comprehensive understanding of mainland China, beyond military might, includes the potential for shared prosperity and modernization [14].

Core Viewpoint - The article discusses the recent trends in the rare earth market, highlighting the impact of export controls and supply-demand dynamics on prices, particularly in China and overseas markets [4][5][6]. Group 1: Price Trends - After a significant increase in overseas rare earth prices, domestic prices in China have started to show signs of rising, with an average weekly increase of 1.69% for eight rare earth products during the week of May 5-9, 2025 [2]. - The prices of dysprosium oxide and praseodymium-neodymium alloy saw increases of 3.42% and 2.91%, respectively, indicating a shift in market dynamics [2]. - Despite the increase in international prices, China's rare earth price index showed only minor fluctuations, moving from 182.40 points on April 3 to 177.00 points on May 9 [12]. Group 2: Supply and Demand Dynamics - China's export control measures on certain rare earth products, including dysprosium and terbium, have led to a tightening of supply, which is expected to push domestic prices higher in the future [4][5]. - The global demand for rare earths, particularly in electric vehicles and energy-efficient appliances, is projected to grow at an annual rate of 8%-10% through 2025, contributing to a tight supply-demand balance [15]. - The recent export control measures have resulted in a 15.55% decrease in China's rare earth exports from March to April 2024, highlighting the impact of these regulations on market supply [6]. Group 3: Strategic Position and Future Outlook - China holds a strategic monopoly in the rare earth market, with approximately 48.40% of global reserves and 68.50% of annual production [5]. - The article notes that while China is a dominant player, it still imports some rare earth metals from the U.S., indicating a complex interdependence in the global supply chain [9]. - Analysts predict that the global rare earth price center is likely to rise due to ongoing supply constraints and increasing demand, suggesting a potential upward trend in domestic prices as well [15].

Core Viewpoint - The article discusses the evolution and achievements of ICBC Credit Suisse Asset Management (工银瑞信基金) over the past 20 years, highlighting its strengths in equity investment, fixed income management, and pension finance, while also addressing the challenges posed by industry transformation [2][3][13]. Equity Investment - Active equity investment remains a core competitive advantage for public funds, with ICBC Credit Suisse demonstrating significant performance in this area. The company launched its first product, the ICBC Core Value Mixed Fund, in August 2005, which has since achieved a cumulative return of 879.29% and an excess return of 560.06% over its benchmark [3]. - ICBC Credit Suisse has been recognized as a leading "active equity powerhouse," with its active equity products ranking first in excess returns over the past five and seven years among large equity companies [3]. Fixed Income Management - Fixed income investment is crucial for stabilizing fund assets and reducing investment risks. ICBC Credit Suisse's fixed income team has excelled in complex market conditions, with 33 of its funds ranking in the top 25% of their categories [5]. - The team consists of experienced investment managers and researchers who utilize diversified investment portfolios to optimize asset allocation and mitigate risks [5]. Pension Finance - With the aging population in China, pension finance has become increasingly important. ICBC Credit Suisse has prioritized pension business as a key long-term strategy, managing 263 corporate pension portfolios with assets totaling 299.7 billion yuan, ranking it among the top in the industry [7]. - The company has developed a series of target date and target risk funds to meet the diverse pension needs of different age groups, enhancing its offerings in the personal pension market [8]. Diversification and Global Expansion - ICBC Credit Suisse has actively explored overseas business and index investment, achieving notable performance in passive investment. Its products have been recognized for their strong performance in various categories, including the ICBC National Index Hong Kong Stock Connect Technology ETF [10]. - The company has established a comprehensive index product lineup, providing effective investment tools for investors to navigate different market conditions [10]. Support from Shareholders - The growth of bank-affiliated fund companies like ICBC Credit Suisse is supported by strong shareholder backing and a stable governance structure, which facilitates seamless strategic decision-making and resource allocation [12]. - The company's commitment to compliance and risk management has been a cornerstone of its operational strategy, ensuring high-quality development [12].

在开庭前后，中国象棋选手腐败"窝案"发生戏剧性变化。此前 未做"认罪认罚"的两位原中国象棋特级大师——有"中国象棋 第 一 人 " 之 称 的 王 天 一 以 及 有 " 六 脉 神 剑 " 之 誉 的 赵 鑫 鑫 ， 均"认罪认罚"。 作者：李微敖 封图：图虫创意 2025年5月9日上午，中国象棋选手赵鑫鑫、王天一、洪智、徐超、谢靖以及王跃飞涉嫌对非国家工作人员行贿以及涉嫌非国家工作人员受贿罪案，在 浙江省杭州市上城区人民法院（下称"上城法院"）一审开庭审理，并于当日下午宣布庭审结束。 在开庭前后，中国象棋选手腐败"窝案"发生戏剧性变化。此前未做"认罪认罚"的两位原中国象棋特级大师——有"中国象棋第一人"之称的王天一以及 有"六脉神剑"之誉的赵鑫鑫，均"认罪认罚"。 所谓"认罪认罚"，简言之是指犯罪嫌疑人、被告人自愿如实供述自己的犯罪情况，对于所指控的犯罪事实没有异议，同意检察机关的量刑意见并签署具 结书。 此前经济观察报报道，在检方指控之初，上述6名被告人中只有徐超、谢靖、王跃飞三人做了"认罪认罚"；而王天一、赵鑫鑫和洪智则未做"认罪认 罚"。（详见2025年4月11日，经济观察报报道《 王天一、赵鑫鑫等 ...

即使如此，治沉疴需用猛药。《方案》突出强化与投资者的利益绑定，改革基金运营模式，督促行 业回归为"为投资者创造价值"的本源，这是重大的利益格局调整，也是一次"刀刃向内"的改革。 此前，公募基金行业过度依赖"造星效应"，通过包装基金经理人设、制造明星产品概念等吸引投资 者。基金公司因为规模做大收取更多管理费，其高管和基金经理人也因之获益，但是很多基民在营 销攻势下盲目跟风，让真金白银沦为规模扩张的牺牲品。投资者的投资回报长期跑输预期，投资体 验欠佳，则成为行业痼疾。 对于公募基金来说，这是一场脱胎换骨的变革。改革成效如 何，要看公募基金是否真正将投资人最佳利益放在第一位，是 否切实提升了投资者的投资回报。 作者：社论 封图：图虫创意 5月7日，一场公募行业大变革正式拉开序幕。中国证监会印发《推动公募基金高质量发展行动方 案》（下称《方案》），最值得关注的当然是，这场变革对超7亿基民、涉及上亿家庭的投资理财 市场意味着什么。 公募基金管理规模超过 30 万亿元，是中国资产管理市场中规模最大、覆盖人群最广、产品体系最 丰富的核心板块，在服务居民财富管理、支持实体经济发展等方面发挥着日益重要的作用。即使如 此，基金行 ...