作为一个三线城市的支线机场，大同这座往年旅客吞吐量排名 全国95位之后的中小机场，为何会推出如此"大手笔"？是确 有市场需求，还是赔本赚吆喝？ 作者： 刘劲松 封图：图虫创意 导读 壹 || 大同机场和运城机场便是先后于2024年3月和4月升格为国际机场，加上"国际"二字后的 部分支线机场立刻显得"高大上"起来，毕竟其余80%左右的支线机场仍然只能飞国内航线。 贰 || 旅游城市与航空公司形成了这样的利益纽带：地方政府给航空公司补贴→乘客得到优惠 机票→增加去某地旅游的概率和次数→带活了当地的经济→政府有了更多的税源→再拿出一部 分给航空公司发放补贴。 叁 || 当航空运输与文旅产业深度融合，实现了互促共进，补贴的"国际化"也未尝不是一种发 展路径。 中小机场的国际化 这一现象不禁让人联想到同属山西省的另一匹"黑马"——运城机场。 纵观全国的民航市场，近两年呈现出一个显著变化是： 国际航线布局正逐步向三四线城市延伸。 与过去国际航线资源高度集中于大型枢纽机场的格局不同，如今襄阳、大理和伊宁等中等城市相继 开通了国际或地区航线，山西省的运城和大同也跻身这一行列。这一趋势既为地方经济发展注入了 新动能，也为国家推 ...

产后吃"红糖鸡子"这个传统的具体时间难以确切考证，从古至 今已流传数百年，可能还不止。讲究一点的人家，鸡蛋要选土 鸡蛋；更讲究一点的人家，红糖要选上考红糖。什么是上考红 糖？那就是浙江永康市唐先镇上考村出产的红糖。 作者： 张晓晖 封图：经济观察报 在江南之地，女人坐月子期间，有一样滋补佳品，叫作"红糖鸡子"，顾名思义，就是红糖水煮荷包蛋，据说此物对产后恢复有着奇迹般的功效：鸡蛋补 身，糖水涨奶。产后吃"红糖鸡子"这个传统的具体时间难以确切考证，从古至今已流传数百年，可能还不止。 讲究一点的人家，鸡蛋要选土鸡蛋；更讲究一点的人家，红糖要选上考红糖。什么是上考红糖？那就是浙江永康市唐先镇上考村出产的红糖。 上考村是一个比《百年孤独》中的马孔多镇还要历史悠久的村庄，光是村子前面那棵樟树，就有600多岁，我母亲姓徐，来自这个村庄。这个村庄的村 民很容易区分，因为他们从小吃红糖，普遍牙齿不好；另外他们待人热情，希望你买一点村里的特产，比如上考红糖。 另外，你只要走进村里，指着田里的甘蔗林随便问一人："这是什么？"如果他回答你，这叫作"糖拐"，他是本地人；如果他回答你这是甘蔗，他是外地 人。糖拐实际上学名叫作糖蔗，属于 ...

Core Viewpoint - The "Hong Kong Stablecoin Regulation" is entering a rapid implementation phase, with strict regulations providing a trust endorsement that accelerates the aggregation of capital, technology, and scenarios, forming a new generation of "financial innovation testing ground" [2][22] Group 1: Market Demand and Regulatory Framework - Following the passage of the "Hong Kong Stablecoin Regulation" on May 21, 2025, the market is entering a rapid development phase, with a strong demand for stablecoin licenses from major financial and technology companies [3] - The regulatory framework emphasizes high standards and compliance, requiring applicants to have substantial capital, a robust risk management system, and clear application scenarios [3][9] - The regulation aims to establish a safe and innovative institutional paradigm, solidifying Hong Kong's position in the global stablecoin landscape [3] Group 2: Characteristics and Applications of Stablecoins - Stablecoins are digital assets anchored to fiat currencies, designed to maintain price stability, with USDT being a prominent example [4] - They have rapidly gained popularity due to their ability to serve as a foundational tool for crypto trading, payments, decentralized finance (DeFi), and tokenization of real-world assets (RWA) [5] Group 3: Strategic Significance and Global Regulatory Trends - The global regulatory landscape is shifting, with stablecoins gaining attention due to their value anchoring features and practical trading functions [7] - Stablecoins can promote the internationalization of the Renminbi and the evolution of the global trade system, particularly in high-frequency scenarios like cross-border e-commerce [7] - They are expected to enhance the resilience and modernization of financial infrastructure, serving as a "second clearing channel" [7] Group 4: Hong Kong's Role and Innovations - Hong Kong is positioned as a pioneer in stablecoin development, leveraging its "one country, two systems" advantage to attract global capital and projects [8] - Current explorations focus on expanding application scenarios, such as tokenizing assets like charging stations and trade receivables, and innovating cross-border payment and trade settlement processes [8] Group 5: Recommendations for Financial Institutions - Financial institutions in Hong Kong should establish a unified understanding of stablecoins, RWAs, and blockchain technology to navigate the evolving regulatory landscape [19] - They should prioritize standard financial RWAs due to their higher maturity and feasibility, which can help build trust and compliance advantages [20] - Institutions must enhance compliance capabilities and proactively build high-level trust with regulators, ensuring that RWA products genuinely serve the real economy [21]

Core Viewpoint - Chinese automotive companies are rapidly forming partnerships and localizing production in Europe to establish a competitive presence in the European market, driven by high tariffs and the need for a robust brand ecosystem [2][4]. Group 1: Market Entry Strategies - In the past 20 days, the urgency for Chinese automotive companies to enter the European market has intensified, marked by significant announcements such as Horizon's fundraising of 5.8 billion yuan and XPeng's entry into five European countries [2]. - Collaborations with established European manufacturers and suppliers, such as Magna and Bosch, are being pursued to facilitate market entry and production [2][4]. - The strategy of "light asset" models is being adopted, where companies like Leap Motor and XPeng utilize existing European facilities for production rather than building new factories [4][5]. Group 2: Localization and Production - Local production has become essential for Chinese electric vehicle manufacturers due to high export costs and compliance risks, with companies opting for partnerships to minimize investment [4][6]. - XPeng plans to enter five European markets, including Austria and Switzerland, through collaborations with local dealer groups [4][5]. - CATL has established multiple production bases in Europe, indicating a trend towards localizing the supply chain for battery production [6]. Group 3: Market Perception and Consumer Engagement - European consumers exhibit a mixed sentiment towards Chinese electric vehicles, with some expressing interest in the technology while others prefer to support local brands [9][11]. - The current penetration rate of electric vehicles in Europe is only 20%, highlighting the challenges and potential for growth in the market [12]. - Chinese companies are adapting their product strategies to meet European preferences, including the development of hybrid models and compact cars to navigate high tariffs [12]. Group 4: Technological Collaboration and Learning - The entry of Chinese electric vehicles into Europe is not just about market share but also involves collaboration with local firms to build a comprehensive supply chain [14]. - Companies like Horizon are actively seeking partnerships with global suppliers to enhance their technological capabilities and adapt to European standards [6][14]. - The process of localization will also serve as a learning opportunity for Chinese manufacturers to absorb advanced automotive technologies from Europe [14].

Core Viewpoint - The issuance of the "Guiding Opinions" by the Financial Regulatory Bureau presents substantial development opportunities for commercial health insurance, supported by institutional backing and clear directions for product innovation, payment reform, digital applications, long-term care insurance development, and medical collaboration [1][3]. Summary by Sections Background and Importance - The "Guiding Opinions" emphasize the role of health insurance in providing financial protection against health-related losses, linking it to the broader social security framework and the increasing health protection needs of the population as the economy and health strategies evolve [2]. Development Directions for Main Insurance Types - The document outlines key development areas for four main types of health insurance: commercial medical insurance, long-term care insurance, income loss insurance due to disability, and disease insurance, while also standardizing service operations [2][6]. Commercial Medical Insurance - The "Guiding Opinions" advocate for the "active development" of commercial medical insurance, detailing seven specific requirements, including the establishment of a comprehensive product system, inclusion of new medical technologies and drugs, and the encouragement of personalized long-term medical insurance [5]. Long-term Care and Disability Income Insurance - There is a push for the development of commercial long-term care insurance and disability income loss insurance, with specific encouragement for insurance companies to meet various care needs and provide integrated services [6][7]. Disease Insurance - The document suggests a "steady development" approach for disease insurance, recommending timely updates to disease definitions and regular assessments of disease incidence rates [6]. Innovation and Integration - The "Guiding Opinions" highlight the need for innovation in health insurance, including the introduction of dividend-based long-term health insurance and the integration of health management services, creating a new health service guarantee system [9]. Market Potential and Future Goals - The health insurance market has significant growth potential, with a target set for 2030 to enhance the role of health insurance in the national health security system, ensuring a multi-layered market that meets diverse needs [11]. Strategic Recommendations for Insurance Companies - Insurance companies are advised to focus on product innovation, industry collaboration, technological empowerment, and leveraging policy benefits to transition from a "protection payment" model to a "comprehensive health service and value operation" model [12][13].

Core Viewpoint - The future of the automotive industry will undergo disruptive development in two phases: the first phase focuses on electric vehicles (EVs), while the second phase will introduce new forms of vehicles that are not yet ready for market [1][2][4]. Phase One: Electric Vehicles - The current state of the EV market is relatively mature, with average prices dropping from 184,000 yuan in 2023 to 161,000 yuan by 2025, driven by intense price competition among manufacturers [2]. - The overall profit margin of the automotive industry has decreased from 7.8% in 2017 to 4.3% in 2024, primarily due to insufficient product differentiation and excessive production capacity among EV manufacturers [2][3]. - The transition from traditional fuel vehicles to EVs is progressing well, with EV market penetration reaching 44.3% by mid-2025, aided by government subsidies and policies [15][21]. - Despite the growth, challenges remain, including long charging times, safety concerns regarding battery technology, and the dominance of existing fuel vehicles, which are projected to remain in the market for a considerable time [21][22]. Phase Two: New Form Vehicles - The second phase will see the emergence of new form vehicles that extend beyond traditional transportation, integrating advanced technologies such as autonomous driving and smart applications [23][24]. - New form vehicles will act as intelligent terminals capable of energy storage and communication, potentially transforming into mobile living spaces that can serve various functions [23][25]. - The realization of fully autonomous driving is crucial for this phase, as it will fundamentally change how vehicles are used and their internal layouts [29][30]. - The development of a robust ecosystem around new form vehicles will depend on advancements in software and hardware integration, as well as the establishment of a centralized computing architecture [30][31]. Industry Implications - The automotive industry is at a saturation point, with a significant portion of sales coming from vehicle replacements and upgrades, necessitating a balance between short-term survival and long-term innovation [21][28]. - The shift towards new form vehicles will require substantial investment in research and development, particularly in battery technology and computing capabilities [29][30]. - The emergence of new business models, such as shared mobility, will likely reshape urban landscapes and reduce the need for extensive parking infrastructure [27][28].

Core Viewpoint - The article highlights the transformation of traditional sheep farming into a modern, large-scale, and standardized industry, exemplified by the Huanghekou Tanyang Industrial Park, which has become a model for agricultural modernization in China [3][5][13]. Group 1: Industry Transformation - The Huanghekou Tanyang Industrial Park, located in Dongying City, Shandong Province, represents a shift from small-scale family farming to a more organized and industrialized approach to sheep farming [3][5]. - The park covers a planned area of 10,000 acres with a total investment of 2.86 billion yuan, aiming to enhance the local sheep farming industry by providing standardized facilities and services [5][13]. - The introduction of modern farming practices, including online sales and standardized breeding, has significantly improved the efficiency and output of sheep farming in the region [3][10]. Group 2: Financial Support and Growth - Local farmers, such as Lao Ji, have benefited from new loan products offered by agricultural banks, which facilitate the expansion of their farming operations without the need for complex collateral requirements [6][7]. - The Agricultural Bank of China has provided approximately 380 million yuan in loans to nearly 400 farmers, enabling them to scale their operations and improve their financial stability [8][12]. - The financial support has allowed farmers to rent standardized sheep pens and invest in necessary equipment, leading to increased production capacity and profitability [6][8]. Group 3: Value Addition and Branding - The transformation of traditional sheep farming has led to the emergence of "Huanghekou Tanyang" as a recognized brand, included in the national directory of quality agricultural products [13]. - The establishment of a comprehensive supply chain, including breeding, feed processing, and meat processing, has enhanced the value of the sheep products and improved market access for local farmers [12][13]. - The industrial park has become a significant contributor to the local economy, with over 420,000 sheep currently housed and an annual output of 1.1 million sheep, making it the largest standardized sheep farming facility in the country [13].

Core Viewpoint - The article discusses the growing trend of Hong Kong residents moving to mainland China to purchase social insurance and medical insurance, particularly in the context of preparing for retirement in cities like Shenzhen and Zhongshan [2][4][6]. Group 1: Social Insurance Trends - There is an increasing interest among Hong Kong residents in applying for social insurance in mainland China, with many seeking to secure their retirement plans [2][4]. - As of August 2024, 332,800 Hong Kong and Macau residents participated in social insurance in Guangdong, marking a 118.93% increase since the launch of the "Bay Area Social Security Pass" in late 2021 [6][12]. Group 2: Personal Experiences - Robin, a Hong Kong resident, shares his journey of moving to Zhongshan and highlights the benefits of local social insurance, including lower living costs compared to Hong Kong [4][5]. - Many Hong Kong residents, particularly those aged 40 to 60, are exploring retirement options in mainland cities, often seeking assistance from individuals like Robin who provide intermediary services [5][6]. Group 3: Medical Insurance Insights - The medical services in mainland China are increasingly recognized by Hong Kong residents for their efficiency and affordability, with many opting for local medical insurance [8][10]. - A Hong Kong resident noted that the cost of medical treatment in mainland China is significantly lower than in Hong Kong, with a specific example of cataract treatment highlighting the long wait times in Hong Kong's public healthcare system [9][10]. Group 4: Policy and Accessibility - The "Interim Measures" implemented in 2020 allow Hong Kong and Macau residents to participate in social insurance in mainland China, with provisions for both employed and non-employed individuals [14][15]. - The policies are designed to be flexible, allowing for easy enrollment in social insurance for Hong Kong residents living in mainland China, which is seen as a significant benefit [15][16].

Core Viewpoint - The competition landscape for Chinese cleaning appliance manufacturers has shifted from online traffic and technology iteration in the domestic market to channel coverage and service capabilities in overseas markets like Vietnam [1][14]. Group 1: Market Dynamics in Vietnam - In Vietnam, the sales strategy for cleaning appliances, particularly robotic vacuums, relies heavily on offline channels, with approximately 70% of sales coming from physical stores [6][10]. - The local market is characterized by a trust network built on specific locations and personal relationships, making face-to-face service crucial for consumer confidence [9][12]. - The penetration rate of robotic vacuums in Vietnam is currently below 10%, indicating significant growth potential as the market matures [16][18]. Group 2: Competitive Landscape - Chinese brands like Ecovacs, Roborock, and others have captured over 80% of the Southeast Asian robotic vacuum market, with Ecovacs holding a market share exceeding 40% in Vietnam [6][13]. - The competitive pressure from traditional brands like iRobot has diminished in the robotic vacuum segment, allowing Chinese companies to dominate [13][14]. Group 3: Sales and Distribution Strategy - Ecovacs employs a "single country single agent" model in Vietnam, partnering with a local distributor to manage marketing, sales, and after-sales service, which allows for a more localized approach [11][12]. - The company has established over 1,000 sales points in Vietnam, primarily through small family-run stores, enhancing community engagement and trust [10][12]. Group 4: Future Outlook - The cleaning appliance industry is expected to experience intense competition for the next three to five years, with opportunities for growth in overseas markets as domestic markets stabilize [16][17]. - The average income in Vietnam allows consumers to invest in cleaning appliances, with a willingness to spend on products that enhance their lifestyle [13][16].

Core Viewpoint - The development of CIPS represents both the maturity of the RMB cross-border payment technology and a significant leap in the design of financial openness systems [1][19]. Group 1: RMB's Role Transformation - The RMB is transitioning from a wholesale market to a retail market, expanding its role from a settlement tool to a complete currency function [2][4]. - The launch of the cross-border QR code unified gateway signifies a natural extension aimed at enhancing the penetration of RMB in cross-border circulation [4][5]. Group 2: CIPS Development and Expansion - CIPS has seen a nearly eightfold increase in total participants over the past decade, growing from 19 direct participants and 176 indirect participants at its inception to 176 direct and 1,552 indirect participants by August 2025 [8][17]. - The establishment of a RMB clearing bank in Turkey marks a substantial breakthrough for the RMB clearing system in the Eurasian region, enhancing the network's coverage and operational flexibility [7][13]. Group 3: Regulatory Framework and Upgrades - The release of the "RMB Cross-Border Payment System Business Rules (Draft for Comments)" represents a significant institutional upgrade for CIPS, covering all aspects from account management to risk management [10][11]. - The new rules reflect a shift from initial access guidelines to compliance norms, providing a standardized and compliant foundation for the RMB cross-border settlement system [11][14]. Group 4: Financial Infrastructure and Global Integration - CIPS is positioned as a crucial financial infrastructure that aligns with international regulatory standards, facilitating the internationalization of the RMB [14][18]. - The system's capabilities are being enhanced to support a broader range of cross-border transactions, including trade, investment, and personal remittances, thereby solidifying its role as the main channel for RMB payments [10][17].