Core Viewpoint - The novel "Flesh" by David Szalay presents the life of István, a character who experiences a series of bizarre and transformative events, contrasting with typical "dragon-slaying" narratives where protagonists triumphantly overcome adversity. Instead, István remains largely silent and passive, embodying a sense of emotional numbness and acceptance of his role as a "tool" in life [5][6][9]. Summary by Sections Character Development - István's journey begins in a Hungarian apartment with his mother, leading to a tragic incident that lands him in a juvenile detention center. After his release, he engages in various low-level jobs and eventually becomes a private driver for a wealthy family in London, marking a significant turn in his fortune [5][6]. - Despite achieving wealth and status, István's character is marked by silence and emotional detachment, often responding with "OK," which symbolizes his acceptance of life's changes and his numbness to his circumstances [6][9]. Themes of Desire and Identity - The novel explores the themes of desire and identity, illustrating how István's life is shaped by his physical experiences and societal expectations. His actions are often driven by instinct rather than conscious choice, leading to a disconnect between his emotional state and his actions [10][11]. - Szalay critiques the notion of male heroism in literature, presenting István as a character who does not fight against fate but rather reacts to it, highlighting the limitations of personal agency in the face of larger societal forces [10][12]. Societal Commentary - "Flesh" serves as a reflection on the impact of societal structures, such as war and economic disparity, on individual lives. Szalay suggests that István's fate is influenced by external events beyond his control, including the Iraq War and the financial crises of the early 21st century [15][16]. - The narrative emphasizes the isolation and loneliness experienced by individuals as they navigate their desires within the constraints of societal expectations, portraying a stark contrast to the more triumphant narratives prevalent in contemporary literature [17][18].

Core Viewpoint - The article discusses the withdrawal difficulties faced by investors in the "Liuke Yunbang" and "Xiaogu Fengshou" apps, both operated by the Mengda Group, highlighting a potential financial crisis within the company and investor concerns regarding the safety of their funds [1][2][3]. Group 1: Withdrawal Issues - Since November 2025, investors have reported difficulties in withdrawing funds from the "Liuke Yunbang" app, with many unable to access their money despite multiple attempts [2][4]. - The withdrawal issues began after the National Day holiday in 2025, initially affecting large withdrawals before escalating to all amounts being stuck in the platform [2][4]. - The Mengda Group has proposed a repayment plan that categorizes unpaid amounts into four tiers, with varying repayment timelines and conditions, including equity conversion for larger investments [3][8]. Group 2: Company Background - "Liuke Yunbang" was launched in 2021 and is operated by Dongguan Mengda Data Technology Co., Ltd., part of the Mengda Group, which has received investments from notable institutions [3][4]. - The Mengda Group also operates other platforms, including "Xiaogu Fengshou," which entered the liquor industry in 2023, promising fixed annual returns and claiming bank supervision of funds [3][4]. Group 3: Investor Reactions - Over 3,000 investors are reportedly involved, with total funds exceeding several billion yuan, leading to widespread panic and distrust in the company's assurances [4][6]. - Many investors have expressed their frustrations online, with some filing police reports against the Mengda Group for suspected contract fraud [4][6]. - The company's communication regarding the crisis has been met with skepticism, as investors doubt the feasibility of the proposed repayment plan and the company's ability to fulfill its commitments [4][19]. Group 4: Operational Challenges - The company cited external events and economic downturns as contributing factors to its liquidity issues, including a protective freeze on bank accounts due to investigations into money laundering [7][8]. - The Mengda Group has acknowledged losses due to overdue payments from client companies, many of which are small and medium-sized enterprises facing operational difficulties [7][8]. - Despite the crisis, the company claims that other business segments remain operational, although investor confidence has significantly waned [7][8].

Core Viewpoint - The steel trading industry is facing unprecedented challenges due to a significant divergence between futures and spot prices, leading to collective losses among traders as operational costs cannot be covered by the price differences [1][6][12]. Group 1: Market Dynamics - The divergence between futures and spot prices for rebar has been expanding since August 2025, with the price difference exceeding 80 yuan/ton by mid-November, indicating a stark contrast between the optimistic spot market and the pessimistic futures market [4][5][10]. - Policies aimed at reducing overcapacity and promoting orderly competition have led to a significant reduction in steel inventories, with rebar stocks down 15.3% year-on-year as of mid-November 2025 [8][9]. - The current market conditions reflect a fundamental shift in the steel trading landscape, where traditional profit-making strategies based on price discrepancies are becoming obsolete [6][12]. Group 2: Trader Strategies - Many steel traders are adopting a "low inventory operation" model to mitigate risks associated with price fluctuations, with some reducing their rebar stocks from 20,000 tons to below 8,000 tons [5][15]. - Financial management and refined inventory control are becoming critical for survival, as traders face increased pressure from both inventory costs and financing challenges [13][20]. - Large trading firms are exploring more diverse strategies, such as engaging in arbitrage trading to capitalize on the price differences between futures and spot markets, with some firms reportedly securing profits of 80 to 100 yuan per ton through these strategies [16][17]. Group 3: Financial Pressures - The steel trading sector is experiencing heightened financial strain, with banks increasing loan rates and requiring reassessments of creditworthiness, leading to additional financial burdens for traders [21][22]. - The average profit margin for steel companies remains low, at just 1.97%, which exacerbates the credit risks perceived by banks [22][23]. - Traders are facing longer payment cycles from clients, with accounts receivable turnover days reaching a historical high of 83 days, significantly impacting cash flow [27][29]. Group 4: Adaptation and Future Outlook - In response to the evolving market conditions, traders are making difficult decisions, such as liquidating inventory at lower prices to improve cash flow and exploring new business models like consignment sales to reduce financial risk [30][31]. - The ability to adapt quickly to new market rules and maintain cash flow will determine which traders can survive and potentially thrive in the future [31][32].

Core Viewpoint - The steel trading industry is facing unprecedented challenges due to a significant divergence between futures and spot prices, leading to collective losses and a need for strategic transformation among traders [1][6][12]. Group 1: Market Dynamics - Traditional trading strategies based on information and price discrepancies are no longer viable for established steel traders [1][6]. - Since August 2025, a persistent divergence between rebar futures and spot prices has emerged, with the price gap exceeding 80 yuan/ton by mid-November [5][10]. - The current market conditions are characterized by a strong spot market supported by supply-side constraints, while the futures market reflects pessimistic demand expectations [5][9]. Group 2: Inventory Management - Many steel traders are adopting a "low inventory operation" model to mitigate risks associated with price declines, reducing their stock levels significantly [5][15]. - A steel trading company has cut its rebar inventory from 20,000 tons to less than 8,000 tons due to concerns over future price depreciation [5][15]. - The trend towards low inventory is driven by heightened sensitivity to financial security and the rising costs associated with holding stock [15][17]. Group 3: Financial Pressures - Steel traders are experiencing increased financial strain due to longer sales cycles and higher implicit financing costs, as inventory turnover has slowed significantly [20][22]. - Banks are reassessing their lending to the steel industry, leading to higher interest rates and additional financial burdens for traders [21][22]. - The average profit margin for steel companies remains low, contributing to a challenging credit environment [22][23]. Group 4: Strategic Adaptations - Traders are exploring new operational strategies, such as utilizing futures for risk hedging and adjusting customer bases to focus on reliable clients [30][31]. - Some companies are engaging in arbitrage trading by taking advantage of the price discrepancies between futures and spot markets [16][31]. - The shift towards financialization and supply chain services is becoming essential for survival in the current market landscape [30][31].

多位知情人士告诉经济观察报，郑大一附院西院区停诊是因国 家政策要求，优化医疗资源配置。未来，西院区将转用于临床 科研活动。 作者：张英 封图：图虫创意 11月20日，郑州大学第一附属医院（下称"郑大一附院"）西院区正式停诊。郑大一附院因床位 数、诊疗量遥遥领先其他医院，被称为"中国最大医院"。 20日，多位知情人士告诉经济观察报，郑大一附院西院区停诊是因国家政策要求，优化医疗资源 配置。未来，西院区将转用于临床科研活动。 2023年2月，郑大一附院发布的招标公告显示，西院区改扩建项目已获批准建设，总投资约5.83 亿元，建设资金来自自筹。 2024年7月，郑大一附院西院区正式开诊。 西院区开诊时，郑大一附院官网发文表示，这是其践行国家推动优质医疗资源扩容和均衡布局的重 要举措，也是支撑郑州国家中心城市建设的具体实践，将有效纾解该院河西院区就诊压力，结束郑 州西部县市区无省级高水平医院的历史。 2022年1月，国家卫健委下发的《医疗机构设置规划指导原则（2021-2025年）》明确，到 2025年末，公立医院举办分院区不得超过3个。 2023年12月，河南省卫健委颁布的《河南省公立医院分院区设置管理办法》也提出 ...

Core Viewpoint - The article emphasizes that while solid-state batteries are still in the experimental phase and facing capital speculation, semi-solid batteries are emerging as a practical choice for automakers and battery manufacturers due to their "safety, controllability, and acceptable costs" [2][4]. Industry Insights - Recent discussions at battery industry conferences highlight the overhyped capital interest in solid-state batteries, with industry leaders advocating for semi-solid batteries as a more realistic option for mass production [2]. - Industry experts predict that semi-solid batteries will become mainstream in the ternary battery sector, with companies like Honeycomb Energy and Ganfeng Lithium already achieving mass production [2][4]. - The semi-solid battery technology offers a balance between safety and performance by incorporating solid electrolytes while retaining some liquid electrolytes, making it compatible with existing production processes [4]. Production and Capacity - The production capacity for semi-solid batteries is rapidly increasing, with major companies establishing approximately 5GWh of dedicated production lines, expected to rise to over 20GWh next year [8]. - The cost of retrofitting existing production lines for semi-solid batteries is estimated to be only 30% to 40% of the cost of building new solid-state battery lines, making it a more economically viable option [4]. Market Trends - The China Automotive Engineering Society forecasts that by 2026, the adoption of semi-solid batteries will reach a scale of 100,000 units, indicating a shift from demonstration to large-scale application [7]. - The semi-solid battery market is expected to initially penetrate the high-end vehicle segment priced above 300,000 yuan, gradually moving into the mid-range market [8]. Safety and Application - Safety remains a critical focus in battery technology development, with semi-solid batteries reducing risks associated with liquid electrolytes, thus enhancing overall safety [11]. - The expansion of application scenarios, such as in low-altitude economic sectors, aligns well with the advantages of semi-solid batteries, which meet stringent performance requirements for emerging technologies like flying vehicles [12]. Industry Perspective - Industry leaders call for a rational approach to battery technology development, emphasizing the need for a balanced focus on safety, cost reduction, and efficiency rather than chasing speculative trends [11][9]. - China's position in the semi-solid battery sector is seen as advantageous compared to traditional battery powerhouses like Japan and South Korea, which are more cautious in their approach to commercialization [9].

从2020年12月至2025年11月，经济观察报记者通过近5年时 间的调查走访，试图揭开这一惊天大案里诸多鲜为人知的内 幕。 作者：李微敖 封图：本报资料室 在案发被捕近5年后，44岁的许垚在等待着法律的最后裁决。 这位三体宇宙（上海）文化发展有限公司（下称"三体公司"）原CEO（即"首席执行官"），于 2024年3月被上海市第一中级人民法院，以犯故意杀人罪判处死刑，剥夺政治权利终身；以犯投 放危险物质罪判处有期徒刑六年。两罪并罚，决定对他执行死刑，并剥夺政治权利终身。 许垚不服，提起上诉。 日前，上海市高级人民法院二审裁定，驳回上诉，维持其死刑原判。 这一裁定已报请最高人民法院进行核准，至2025年11月20日12时，尚未有结果。 许垚一案，发生于2020年12月。 从2020年12月至2025年11月，经济观察报记者通过近5年时间的调查走访，试图揭开这一惊天 大案里诸多鲜为人知的内幕。 被司法认定的投毒杀人者许垚，与中毒死亡者游族网络时任董事长兼总经理林奇、另一位受害者三体公 司候任CEO赵宇尧，此前均在位于上海市徐汇区宜山路的游族大厦上班。图：李微敖 其中包括： 司法机关认定，许垚故意多次投毒，致死亡一 ...

既然旧的"效率优先"全球化逻辑不灵了，买房致富的路径也失 效了，那么，钱该往哪里去？ 作者：郑晨烨 封图：受访者供图 "如果商品不能越过国界，那么军队就要越过国界。"11月19日，在2025年第九届中欧国际工商 学院深圳论坛上，兴业银行首席经济学家鲁政委引用了法国经济学家巴斯夏的一句名言，来描述当 下的全球贸易局势。 他认为，全球经济正处于"康波萧条期"，老的技术潜力耗尽，新的技术还没长大，存量博弈导致 多边合作被零和思维取代。这种状态，就像科幻小说《三体》里的"乱纪元"，行星围着三颗恒星 转，轨道已经算不清楚了。 这种"乱"，在数据上表现得更直接。野村证券中国首席经济学家陆挺在现场算了一笔账：过去五 年，中国出口年均增长率接近8%，但在未来的"十五五"期间，这个数字可能会回落到3%至5%。 陆挺同时表示，不能只看新经济，而不管被称为"老登"的房地产行业，虽然房地产不再是增长支 柱，但它留下的债务链条和历史遗留问题，仍是未来五年中国宏观经济不得不面对的负累。 既然旧的"效率优先"全球化逻辑不灵了，买房致富的路径也失效了，那么，钱该往哪里去？ "要去大海里打鲸鱼，不要在烂泥塘里挖泥鳅。"深圳东方港湾投资管理股份 ...

Core Viewpoint - The article discusses the implications of free public park access in cities like Hangzhou, Chengdu, and Beijing, emphasizing the shift from revenue generation to enhancing human happiness and urban quality of life [1][5]. Group 1: Free Park Access - Starting December 1, 2025, Hangzhou's Lingyin Feilai Peak Scenic Area will no longer charge an entrance fee, allowing visitors to access Lingyin Temple, Yongfu Temple, and Taoguang Temple for free, which previously cost 75 yuan [2]. - The decision to eliminate entrance fees reflects a long-term strategy, as seen in 2002 when West Lake removed barriers, leading to a significant increase in tourism revenue from 29.4 billion yuan in 2002 to 345 billion yuan in 2024 [3]. Group 2: Social and Economic Impact - Free access to parks removes financial barriers, allowing diverse populations to share public spaces, which promotes social equity and enhances community engagement [3]. - The money saved on entrance fees is likely to be redirected towards local businesses, such as dining and accommodations, transforming parks from profit centers into catalysts for local economic activity [3]. Group 3: Urban Management Challenges - The transition to free access presents challenges for urban management, including the need for effective visitor management systems, environmental maintenance, and transportation logistics [4]. - Successful management of these challenges requires a shift in focus from merely controlling visitors to providing services that enhance the visitor experience [4]. Group 4: Global Context and Urban Planning - The article highlights global examples of urban park management, such as London’s green belts and Tokyo’s disaster preparedness parks, illustrating that modern parks serve multiple functions beyond aesthetics [4]. - The concept of "park cities" in China aims to integrate green spaces into urban planning, emphasizing their role as essential infrastructure for sustainable urban development [4].

Core Viewpoint - Deep-sea mining is transitioning from exploration to development, driven by technological advancements and increasing demand for deep-sea metals, but it still faces significant cost, environmental, and legal challenges before commercialization can be achieved [2][4]. Group 1: Industry Overview - The deep sea contains rich metal resources, including over 60 types such as copper, cobalt, nickel, and gold, with an estimated total resource volume of approximately 30 trillion tons and a recoverable potential of about 750 billion tons [4]. - The prices of various metals have surged in recent years, making deep-sea mining economically viable, particularly for metals like copper and cobalt [4]. - Historical attempts at deep-sea mining date back to the late 19th century, with significant efforts in the 1960s and 1970s, but these were largely abandoned due to a lack of understanding of the minerals' uses [4]. Group 2: Environmental and Legal Concerns - There is ongoing controversy regarding the environmental impact of deep-sea mining, with 37 countries advocating for a pause or ban until the effects are fully understood and regulations are established [5][6]. - Key environmental concerns include sediment plumes (referred to as "feather flow"), heavy metal pollution, and noise pollution affecting marine life [7][8]. - Legal issues arise from the international nature of deep-sea resources, governed by frameworks such as the United Nations Convention on the Law of the Sea, which outlines resource management and distribution [8]. Group 3: Commercialization Challenges - Despite technological advancements in deep-sea mining equipment, such as mining vehicles and ships, a viable revenue model has not yet been established [11]. - Current mining vehicles face significant operational challenges, including slippage, sinking, and low extraction efficiency, with the best-performing vehicle extracting only about 100 tons of polymetallic nodules per hour [11][12]. - The complexity of deep-sea equipment development and the high costs associated with testing limit the pace of commercialization [12][13]. Group 4: Alternative Applications and Collaborations - While deep-sea mining vehicles have not yet been commercialized, they have potential applications in offshore wind turbine maintenance, leveraging research in marine geotechnics [14]. - Collaboration between heavy equipment manufacturers and deep-sea mining researchers is encouraged to combine manufacturing strengths with marine expertise, positioning companies advantageously in the deep-sea technology sector [14].