Core Viewpoint - The article discusses the strategic decisions made by the British government in the 1930s, highlighting the complexities of the UK's imperial decline and its implications for the origins of World War II [4][5]. Group 1: Historical Context - The year 2025 marks the 80th anniversary of the end of World War II, with significant events such as the victory over Nazi Germany and the subsequent geopolitical shifts [3]. - The British Empire faced unprecedented crises post-war, including a surprising electoral defeat for wartime leader Winston Churchill, leading to a shift in government priorities [3][4]. Group 2: Economic and Military Dynamics - By the 1930s, British industrial output accounted for less than 10% of global totals, creating a disparity between economic capacity and imperial responsibilities [4]. - The British government recognized the need for military rearmament in response to rising threats from Germany, Italy, and Japan, marking a shift from previous isolationist policies [7][8]. Group 3: Strategic Decision-Making - The British government established the "Defense Requirements Committee" in 1933 to coordinate military planning, reflecting a proactive approach to emerging threats [7]. - The Treasury played a crucial role in military planning, balancing short-term military needs with long-term economic stability [5][14]. Group 4: The "Fourth Service" Concept - The concept of the "Fourth Service" emerged, emphasizing the importance of economic stability as a foundation for military strategy, with the Treasury acting as a key player in defense planning [16][17]. - The focus on air power became a priority, with significant investments in the Royal Air Force leading to advancements in aircraft production by 1939 [17]. Group 5: Challenges and Miscalculations - The UK faced a dilemma between military expansion and maintaining economic stability, leading to a cautious approach to rearmament [11][14]. - The appeasement policy, particularly under Neville Chamberlain, was rooted in an overestimation of deterrence capabilities, ultimately leading to misjudgments regarding Hitler's intentions [20][21]. Group 6: War Readiness and Outcomes - Despite the challenges, the "Fourth Service" strategy allowed the UK to build a capable defense force, which proved essential during the early stages of World War II [23]. - The rapid fall of France and the subsequent global escalation of the war highlighted the limitations of British strategic planning and the inability to control the evolving conflict [23][24].

Core Viewpoint - The article emphasizes the need for comprehensive financial support measures to stabilize the market and expectations, particularly focusing on export enterprises, small and micro businesses, and employment groups affected by external demand shocks [1][5]. Group 1: Financial Policies - A total of ten incremental monetary policies and eight incremental financial policies were announced, along with three capital market initiatives [3]. - Two new monetary policy tools were introduced: a 500 billion yuan service consumption and pension re-loan, and a technology innovation bond risk-sharing tool, aimed at mitigating external demand disturbances [3]. - The technology innovation bond risk-sharing tool is designed to enhance the attractiveness and trading activity of technology innovation bonds, addressing the financing difficulties faced by tech enterprises [3]. Group 2: Economic Stability Measures - The article suggests establishing no less than 500 billion yuan in stable foreign trade and export re-loans, specifically targeting labor-intensive export enterprises transitioning to domestic sales or relocating production capacity [1][5]. - The need for coordinated economic cycles is highlighted, as any lag in one sector can negatively impact the overall economic structure, necessitating a "package" approach to policy implementation [5][6]. Group 3: Market Dynamics - The current external environment has led to a significant drop in new export orders, with the PMI reflecting this downturn, indicating a need for timely policy adjustments such as interest rate cuts [2]. - The article notes that the comprehensive tax rate imposed by the U.S. on Chinese exports exceeds 100%, which has a direct impact on China's trade surplus and domestic manufacturing investment [5]. - The relationship between stock market stability and consumer spending is emphasized, as wealth effects from a stable stock market can help boost consumption and mitigate declines in real estate investment [3].

"长沙街上都是香港口音！"5月初，刚从湖南长沙、张家界结束家庭旅行，返回香港的马莎莎笑评 此次北上之旅。长沙市文化旅游广电局的数据则显示，长沙成为港人北上"新宠"并非只是互联网 上的玩笑话：2025年一季度，长沙接待港澳游客4.84万人次，占到入境游客总量的31.9%，同比 增长201.57%。 香港"高铁团"背后，是港人北上活动半径日渐扩大，以及高铁出行越来越受到欢迎。 高铁出行受欢迎 陈豪供职于一家国企旅游公司旗下的国际旅行社，长期负责港澳团入境游工作，过去半个月他已经 带了两个"高铁团"。其中，一个是前往湖南长沙、邵阳的"4天2夜游"，另一个则是广东佛山的"2天 1夜"研学团。 香港"高铁团"背后，是港人北上活动半径日渐扩大，以及高铁 出行越来越受到欢迎。 作者：张锐 封图：图虫创意 "香港人有自己的'春运'。"这是4月香港复活节假期（4月18日至4月21日）以来，小红书等社交 平台关于"港人北上"消费、旅游话题多次被提及的一句调侃。 5月7日，经济观察报记者从中国铁路广州局集团有限公司（下称"广铁集团"）长沙南车站获悉， 今年"五一"期间，4月30日至5月4日，广深港等地乘坐高铁抵达湖南的旅客约57. ...

外 部 环 境 的 剧 烈 变 化 ， 也 让 众 多 外 贸 企 业 更 加 清 醒 地 认 识 到"打铁还需自身硬"的道理。 作者：郑晨烨 封图：图虫创意 深圳乐能创新技术有限公司（下称"乐能创新"）是一家综合性的跨境贸易企业。经过十余年的稳健 发展，乐能创新已成长为集产品设计研发、在线零售、B2B贸易、海外物流仓储四大板块为一体的 跨境贸易企业。 在美国近期滥施关税之后，作为中国外贸重镇的珠三角，这里的众多外向型企业是如何积极应对的 呢？ 就此，经济观察报记者近日走访了多家珠三角的外贸企业，与多位"一线出海人"进行了深入交 流…… 继续下单 东莞市佛爱娃工艺品有限公司董事长雍程翔的一位美国老客户近日照常下了一个订单，采购该公司 一款传统产品。 "他（客户）已经很清楚，他可能会付关税，但他还是下了（订单）。"雍程翔对经济观察报记者表 示，"而且价格还跟以前一样，没有调一分钱。" 佛爱娃是珠三角一家典型的外向型企业，主营各式工艺礼品开发、生产与出口，产品远销欧美等全 球六十余个国家和地区。 雍程翔不仅是佛爱娃工艺品的掌舵人，也是东莞市工贸发展促进会的会长，该会拥有超过1500家 会员企业。他认为，这位美国老 ...

Core Viewpoint - Greeenme intends to leverage its scarce resource business to acquire 1-2 small but high-quality listed companies, actively promote its tungsten business into the capital market, and push for its main entity to be listed in Hong Kong [1][14]. Financial Performance - In 2024, Greeenme achieved revenue of approximately 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit of about 1.02 billion yuan, up 9.19% year-on-year. The first quarter of 2025 saw revenue of around 9.5 billion yuan, a 13.67% increase year-on-year, with a net profit of 511 million yuan, up 12.1% year-on-year [2]. - Greeenme forecasts revenues exceeding 40 billion yuan, 50 billion yuan, and 60 billion yuan for 2025, 2026, and 2027 respectively, indicating a potential doubling over three years [2]. Business Growth Areas - The fastest-growing segments from 2025 to 2027 are expected to be battery materials, tungsten resource recovery, and precious and rare metal recovery, with significant investments made in tungsten and precious metal recovery since last year [2][12]. - Nickel mining is a key growth driver, with Greeenme producing 51,600 tons of nickel metal in 2024, a 91% increase year-on-year, and generating revenue of 5.85 billion yuan from nickel, accounting for 17.61% of total revenue [5][6]. Nickel Market Insights - Greeenme's nickel production is projected to exceed 216,000 tons by 2027. The company ranks among the top three in the world for MHP nickel production capacity [5][9]. - Nickel prices have seen fluctuations, with a peak of $25,638 per ton in 2022, but have since declined to around $21,506 per ton in 2023 and are projected to be approximately $16,818 per ton in 2024 [7][9]. Strategic Initiatives - Greeenme is actively seeking to establish battery material production bases in Indonesia, collaborating with companies like EcoPro and Vale to create an integrated industrial park capable of producing approximately 30 GW of power batteries annually [10]. - The company aims to become a leading global supplier of scarce resource recycling, targeting the recovery of 25 types of scarce resources, with a goal of achieving over 10% of China's supply for each type [12][13]. Future Plans - Greeenme plans to sell 1-2 small listed companies to enhance its scarce resource business and is also looking to list its main entity in Hong Kong [1][14].

Core Viewpoint - Chengdu Bank focuses on its core responsibilities and explores a business model that aligns with the development rules of urban commercial banks, emphasizing clarity in its strategic direction and reducing internal competition that hinders value creation [1][2]. Financial Performance - As of the end of 2024, Chengdu Bank's total assets exceeded 1.25 trillion yuan, with a year-on-year revenue growth of 5.89% to 22.982 billion yuan and a net profit increase of 10.17% to 12.858 billion yuan [4][5]. - The bank's non-performing loan ratio decreased to 0.66%, marking a nine-year decline and maintaining a leading position in the industry [5]. Business Strategy - Chengdu Bank is committed to a balanced approach between quality and efficiency, risk and return, and total volume and structure, continuing its trend of steady progress and quality improvement [4]. - The bank is actively integrating into national strategies and regional economic development, focusing on key projects and industrial upgrades to support the Chengdu-Chongqing economic circle [12]. Transformation Initiatives - The bank is pursuing three major transformations: large retail, digitalization, and precision management, aiming to create a diverse business ecosystem and enhance its management system [7][8]. - In large retail, the bank expanded its customer base to over 10 million, achieving a record increase in savings deposits of 84.3 billion yuan [8]. - Digital transformation efforts include the implementation of a management platform for corporate clients and the use of robotic process automation to enhance operational efficiency [8][9]. Regional Economic Integration - Chengdu Bank plays a crucial role in regional financial center development, leveraging its local presence to support the economic growth of the Chengdu and Chengdu-Chongqing areas [11][12]. - The bank has provided financial support for significant projects in urban construction and major industries, enhancing its asset quality and service capabilities [12]. Cross-Border Financial Services - The bank supports the stable operation of the China-Europe Railway Express and promotes its unique cross-border financial service brand, "Rongyi Hui," to enhance transaction efficiency for enterprises [13]. - By the end of 2024, the bank's "Free Trade通" financial services had supported 101 enterprises in cross-border transactions totaling 569 million USD [13].

Core Viewpoint - The partnership between the Chinese Olympic Committee and Li Ning marks a significant milestone for the Li Ning brand, enhancing its authority and visibility on the global sports stage, particularly during major international events from 2025 to 2028 [1][3][5]. Group 1: Partnership Details - Li Ning will serve as the official sportswear partner for the Chinese Olympic Committee from 2025 to 2028, providing professional sports equipment for various international events, including the Los Angeles 2028 Olympics and the Milan-Cortina 2026 Winter Olympics [1]. - This collaboration is expected to strengthen Li Ning's positioning as a "professional sports brand" and enhance its brand value through increased global exposure [1][6]. Group 2: Historical Context - Li Ning, a legendary figure in Chinese gymnastics, has a rich history with the Olympics, having won multiple medals in the 1984 Los Angeles Olympics, which laid the foundation for the brand's professional sports identity [3][5]. - The brand has a longstanding relationship with the Chinese Olympic team, having been the designated sponsor for the team’s podium outfits from 1992 to 2004, marking a shift from foreign sportswear to domestic representation [5]. Group 3: Product Development and Investment - Over the past decades, Li Ning has focused on core sports categories such as basketball, running, and table tennis, investing over 3.5 billion yuan in research and development to enhance product technology [6]. - The brand has developed a range of specialized products to meet the needs of various sports, showcasing its commitment to professional development and support for Chinese sports [6]. Group 4: Consumer Experience and Brand Activation - Li Ning has upgraded its store image and consumer experience, prominently displaying its partnership with the Chinese Olympic Committee to enhance brand visibility and consumer engagement [9][10]. - The brand has introduced the "Honor" product series inspired by championship glory, aiming to create a tangible connection between the sponsorship and consumer perception [12]. Group 5: Brand Value and Market Impact - The collaboration with the Chinese Olympic Committee is expected to deepen emotional connections between consumers and the Li Ning brand, leveraging the prestige of top-tier sports events to enhance brand recognition [16][17]. - By providing high-quality products for national athletes, Li Ning aims to build a strong brand reputation that will support future market expansion and product launches [17].

Core Viewpoint - The article discusses the ongoing expansion of insurance capital's long-term investment pilot program in China, highlighting the approval of significant funding amounts for various insurance companies to invest in the stock market, aiming to enhance market liquidity and stability [2][3][9]. Group 1: Investment Scale and Approval - The pilot program for long-term insurance capital investment has seen its scale exceed 200 billion yuan, with recent approvals adding up to 600 billion yuan for market injection [3][4][6]. - The China Life Insurance Company and New China Life Insurance have established a private equity fund with an initial investment of 250 billion yuan each, totaling 500 billion yuan for the Honghu Fund [5][10]. - The China Insurance Regulatory Commission has approved additional pilot scales for various insurance companies, including a 100 billion yuan pilot for PICC Life Insurance [7][6]. Group 2: Investment Strategy and Structure - The long-term investment pilot primarily involves setting up private equity funds that focus on secondary market stocks, with a strategy of long-term holding [9][10]. - The new accounting standards allow insurance companies to smooth out profit fluctuations from equity investments, which is a significant factor driving participation in the pilot program [10]. - The Honghu Fund has already invested in major listed companies, achieving returns that exceed benchmarks, indicating successful initial performance [10][11]. Group 3: Regulatory Support and Market Conditions - The regulatory framework is evolving to support increased participation of insurance capital in the stock market, including adjustments to solvency regulations and investment limits [9][10]. - The current macroeconomic environment, characterized by low interest rates and increased asset volatility, places additional pressure on insurance capital to optimize asset allocation and enhance investment returns [12]. - Industry experts emphasize the importance of maintaining a long-term investment perspective and actively seeking sustainable investment opportunities in the equity market [12].

5月5日，斯凯奇发布公告（Skechers，SKX.NYSE）宣布，已与投资公司3G资本（3G Capital）达 成收购协议。3G资本将以每股63美元收购斯凯奇全部流通股，较斯凯奇过去15天成交量加权平均 股价溢价30%。待收购完成后，3G资本预计将持有新成立公司（New LLC）约80%的股权，从而 实现对斯凯奇的控股。3G资本是汉堡王母公司RBI的控股股东，此次交易已获斯凯奇董事会批 准，预计将于2025年第三季度完成。交易完成后，斯凯奇将成为一家私人控股公司。 3G资本将以每股63美元收购斯凯奇全部流通股，较斯凯奇过 去15天成交量加权平均股价溢价30%。待收购完成后，3G资 本预计将持有新成立公司（New LLC）约80%的股权，从而 实现对斯凯奇的控股。 作者： 叶心冉 封图：图虫创意 从全球经营状况来看，部分经营指标不容乐观。2025年一季报显示，斯凯奇批发销售额增长 7.8%，平均售价下降1.3%；DTC销售额增长6.0%，平均售价下降0.3%。因"平均售价较低"，期内 公司毛利率下降50个基点至52.0%。此外，为扩大影响，斯凯奇全球宣传投入加大，运营收益被压 缩，一季度运营费用增长12.1 ...

王伟等业主担心，若债权人申请强制执行，他们将面临失去房 屋的风险。 作者： 田国宝 封图：受访者供图 王伟是呼和浩特市新城区昕泰大观小区的业主，该小区有65户业主与王伟一样陷入一场长达十年 的困境，他们购买的房屋至今无法办理房产证，原因是这些房子，有的被网签给他人，有的被法院 查封。 昕泰大观的多位业主称，他们于2014年至2015年通过开发商售楼处购房，支付首付款、签订商品 房买卖合同、办理按揭贷款，多数业主已居住十多年，并一直正常还月供。 由于无法办理房产 证，许多业主无法落户，子女入学也受到影响。 小区附近的学校无法就读，业主只能选择更远的 公立学校或支付高昂费用就读私立学校。 昕泰大观的开发商呼和浩特市达昕泰房地产开发有限责任公司（下称"达昕泰地产"）负责人柴瑞林 解释，2013年至2015年，达昕泰地产的股东之一赵宝私自抵押小区房屋融资，用于个人使用，并 将部分房屋以签订商品房买卖合同或网签等形式抵押给债权人，导致部分业主无法办理房产证。赵 宝个人债务违约后，其债权人起诉达昕泰地产并向法院申请查封昕泰大观部分业主的房屋，给业主 办理房产证又增加了障碍。 经济观察报尝试联系赵宝及主要债权人核实情况，赵 ...