登士柏西诺德生产的XiVE S系列纯钛植体，自2017年2月起 在中国注册为钛四级（TA4），但后经第三方检测，部分抽检 样本实际使用的材料却是钛二级（TA2G）。 作者： 田国宝 封图：图虫创意 登士柏西诺德（Dentsply Sirona）被指将材质为二级纯钛的人工牙种植体以四级名义对外销售，这一行为令经销商、牙科医院始料未及，并引发了他 们对未来潜在风险的担忧。 登士柏西诺德由美国登士柏和德国西诺德于2016年合并成立，业务遍及全球40多个国家。其中，登士柏成立于1899年，西诺德成立于1877年。每年有 超过60万名牙科专业人员使用登士柏西诺德的产品和解决方案，为约600万名患者提供治疗。 涉事产品为登士柏西诺德生产的XiVE S系列纯钛种植体。该系列自2017年2月起在中国注册为钛四级（TA4），但后经第三方检测，部分抽检样本实际 使用的材料却是钛二级（TA2G）。 2024年2月，登士柏西诺德将XiVE S系列产品注册材质变更为钛二级。 多位牙科医生告诉经济观察报，目前临床上使用的纯钛种植牙多为四级、五级。 登士柏西诺德的中国代理商北京盛源鸿康医疗科技有限公司（下称"盛源鸿康"）向经济观察报表示， ...

替美国人民担忧的"忧美论"，行之有年。特朗普2.0之后，这 个论调的强度达到一个新高峰。"忧美论"无可厚非，但是面对 8月7日尘埃落定之后的国际贸易新格局，顺应变化、积极探索 破解之道、自立自强才是一个企业、一个政府正确的打开方 式。 作者：王义伟 封图：东方IC 不出意外的话，8月7日之后，由美国总统特朗普发起的针对全球贸易伙伴的关税战，将尘埃落 定。 笔者试分析如下： 第一，美国的关税围墙既然立起来了，就不大可能降低或撤销。接下来，如何进入、经营美国市 场，是企业各显神通的时候了。 关税围墙既立，关税收入将大幅度提高，这个效果可以说是立竿见影。事实上，从4月份开始，美 国的关税收入已经节节攀升了。根据美国财政部公布的数据，4月份美国海关净收入为156亿美 元，5月份为222亿美元，6月份为273亿美元。摩根士丹利在其最新研报中预测，美国海关净收入 年化后高达3270亿美元。 可以预料的是，2028年之后，不论谁当美国总统，这块每年3000多亿美元的蛋糕，美国政府只会 想办法让其增加，不可能减少。 接下来，对美国之外的企业而言，是如何进入美国市场的问题；对美国之内的企业而言，是如何经 营美国市场的问题。围墙 ...

Core Viewpoint - Climate extremization has become a norm, with global warming leading to intensified rainfall and drought conditions in specific regions, resulting in sudden shifts between drought and flooding [1][3][8]. Group 1: Extreme Weather Events - Recent years have seen a significant increase in extreme weather events globally, with high temperatures, floods, and storms becoming more frequent and intense [5][6]. - In July, the average temperature in Henan Province reached 30.5°C, 3.2°C higher than the historical average, marking the hottest period in 64 years [2]. - Northern China experienced above-average rainfall, with Inner Mongolia recording the highest precipitation for this period since 1961 [2][3]. Group 2: Impact on Agriculture - Extreme weather is adversely affecting major grain-producing areas in China, with high temperatures and heavy rainfall impacting crop growth and increasing irrigation costs [3][14]. - The growth of winter wheat is particularly vulnerable to insufficient low-temperature periods, which can lead to premature ear formation and reduced yields [15]. - High temperatures can cause corn leaves to curl, affecting photosynthesis and increasing water requirements, thus raising irrigation costs for farmers [15]. Group 3: Future Projections and Preparedness - The ongoing climate crisis requires urgent action, with a need for five times the current effort to effectively address climate challenges [11]. - Transitioning to green renewable energy is essential, despite the associated costs, as it presents significant industrial opportunities while mitigating future disaster losses [11]. - The upcoming weather patterns indicate that northern regions may continue to face flooding, while southern areas will experience heightened drought conditions [12]. Group 4: Economic Implications - The volatility of agricultural prices due to extreme weather events is expected to persist, with "weather-related price hikes" becoming more common [16]. - Developing countries may be disproportionately affected by extreme climate events, leading to potential resource conflicts and social instability [17]. - Industries related to agriculture may need to adapt their insurance models and financial tools to better manage the risks associated with climate change [18]. Group 5: Urban Planning and Infrastructure - The concept of sponge cities is being emphasized, but their capacity to handle extreme rainfall is limited, necessitating additional strategies for flood management [19][20]. - Urban planning must evolve to incorporate designs that can effectively manage high temperatures and heavy rainfall, ensuring resilience against climate impacts [18][20].

Core Viewpoint - Climate change is fundamentally altering agricultural practices in China, necessitating adjustments in crop selection and planting schedules to adapt to new weather patterns [1][3][30]. Group 1: Impact of Climate Change on Agriculture - The suitable regions for wheat cultivation are gradually shifting northward, requiring changes in sowing times for winter wheat and the introduction of flood-resistant rice varieties in northeastern China [1][3][30]. - Farmers are facing increased costs due to prolonged droughts and extreme weather, leading to higher irrigation expenses and reduced crop yields [2][3][20]. - The frequency of extreme weather events has increased, with a notable rise in high-temperature days and drought conditions affecting crop production across various regions [26][30]. Group 2: Adaptation Strategies - Farmers are beginning to adopt new planting strategies, such as using drought-resistant seeds and investing in irrigation infrastructure to cope with changing climate conditions [3][22][31]. - The Chinese government is initiating a nationwide agricultural climate zoning project to redefine crop planting areas based on current climate conditions [4][30]. - High-standard farmland construction is being promoted as a key method to mitigate the impacts of climate change, enhancing irrigation efficiency and reducing the risk of crop failure [32][31]. Group 3: Economic Implications for Farmers - The financial burden on farmers is increasing due to higher irrigation costs and reduced crop yields, leading some to reconsider their agricultural practices or exit farming altogether [2][27][28]. - In regions like Henan and Shaanxi, farmers report significant drops in income due to adverse weather conditions, with some expecting a 30% decrease in yields compared to previous years [12][20][27]. - The rising costs of labor and inputs for crop production are pushing farmers to shift from high-maintenance crops to more resilient options like wheat and corn [27][28].

Core Viewpoint - The competition for the title of "Consumption First City" in China has intensified between Chongqing and Shanghai, with Chongqing temporarily leading in social retail sales in the first half of 2025, achieving a total of 8300.37 billion yuan compared to Shanghai's 8260.41 billion yuan, marking a significant shift in the consumption landscape [1][2]. Group 1: Consumption Growth Dynamics - Chongqing's social retail sales have shown a consistent upward trend, surpassing 10 trillion yuan for the first time in 2018 and ranking second nationally in 2022 with 13926 billion yuan [2]. - In the first half of 2025, Chongqing's social retail sales grew by 4.5% year-on-year, while Shanghai's growth was only 1.7%, indicating a stronger recovery in Chongqing's consumption market [5]. - The restaurant sector in Shanghai has been a significant drag on its consumption growth, with a decline in dining revenue by 2.6% in the first half of 2025, while Chongqing's dining revenue grew by 6.4% [5][6]. Group 2: Factors Influencing Consumption - The decline in Shanghai's automotive consumption, which fell by 13.7%, is attributed to reduced subsidies for new energy vehicles and increased difficulty in obtaining green license plates [6]. - Chongqing's dining market remains robust, benefiting from a strong local consumer base and tourism, with 1858 million visitors during the May Day holiday [6][7]. - Traditional home appliance consumption has also contributed to Chongqing's retail growth, with significant increases in the sales of 3C digital products and home appliances [7]. Group 3: Consumer Behavior and Economic Indicators - Despite lower disposable income, Chongqing residents exhibit a stronger consumption willingness, with social retail sales accounting for 52.1% of GDP compared to Shanghai's 31.5% [9][10]. - The consumption model in Chongqing is more focused on retail goods, with a higher percentage of disposable income spent on social retail products compared to Shanghai, where a significant portion goes to service consumption [10]. - Chongqing's population advantage, with over 30 million residents, and lower living costs compared to Shanghai, enhance its consumption capacity [11]. Group 4: Future Outlook and Challenges - While Chongqing's social retail sales have surpassed Shanghai's, it is crucial for Chongqing to focus on both quantity and quality of consumption to sustain its lead [13][16]. - The internationalization and brand presence in Chongqing lag behind Shanghai, which boasts a high concentration of global brands and retail presence [14]. - For Chongqing to maintain its consumption leadership, continuous growth in local income, an improved business environment, and the development of high-quality and niche markets are essential [15][16].

Core Viewpoint - The article highlights the significant role of small and medium-sized banks, particularly Sichuan Bank, in the issuance of technology innovation bonds (科创债), emphasizing their innovative approaches and contributions to regional technological development [2][9]. Group 1: Issuance of Technology Innovation Bonds - As of July 30, 2025, a total of 33 banks have issued technology innovation bonds, with a total scale of 235.8 billion yuan, where small and medium-sized banks account for over half of the issuances [2]. - Sichuan Bank issued the first floating-rate technology innovation bond by a commercial bank in China, with a scale of 1.1 billion yuan and an interest rate of 1.85% over a 5-year term [2][6]. - The funds raised by Sichuan Bank are planned to be allocated within three months, targeting both small and high-tech enterprises in Sichuan province and supporting state-owned enterprises' bond issuance plans [9]. Group 2: Floating Rate Design Considerations - Sichuan Bank's decision to issue floating-rate bonds is driven by three main considerations: exploring innovative products, reducing financing costs, and mitigating interest rate risks [7]. - The floating-rate bonds are designed to adjust interest rates quarterly based on a benchmark rate, which can help lower interest costs in a declining interest rate environment [6][7]. - The floating-rate mechanism enhances the attractiveness of the bonds to investors and improves liquidity compared to fixed-rate bonds [7]. Group 3: Support for Technology Innovation - Sichuan Bank has established a comprehensive system to support technology finance, combining bond issuance with credit services to promote the growth of technology enterprises [12]. - The bank aims to create a product matrix that covers the entire lifecycle of technology enterprises, including specialized loan products and innovative credit solutions based on intellectual property [13]. - The bank's goal for 2025 includes increasing technology loan amounts by over 2 billion yuan and maintaining a service coverage rate of over 80% for technology innovation bond clients [13]. Group 4: Challenges and Market Position - Despite the opportunities, Sichuan Bank faces challenges in issuing long-term floating-rate technology bonds due to limited market familiarity and competition from larger banks [9][10]. - The bank has supported 13 technology innovation bond issuers in Sichuan, covering over 80% of the province's issuers, with an annual growth rate of over 10% in bond investments [10]. - Sichuan Bank is working on enhancing its risk control capabilities and optimizing post-loan management to better serve technology enterprises [14].

散户热门股中签难度或加大 2024年12月19日，联交所刊发咨询文件，就有关优化首次公开招股市场定价及公开市场的建议咨 询市场意见。咨询期为三个月，于2025年3月19日结束。 在咨询意见中的"公开认购部分"，联交所建议给予上市发行人弹性，灵活选择将公开认购的初始分 配份额设定为5%，并采用回拨上限为最高20%的回拨机制，或将初始分配份额设定为至少 10%， 而没有回拨机制。公开认购部分指首次公开招股中供公众人士认购的证券发售。联交所认为上述建 议旨在保留公众投资者获分配首次公开招股股份权利的同时，限制有关分配的程度以降低错误定价 的风险。 一位在广州的港股资深投资者却认为此举伤及了散户的"大动脉"，在2025年1月中旬，她填写了上 述咨询意见，坚决反对"公开认购部分的调整"，并建议保留初始分配10%到公开认购部分，最高可 回拨50%的分配及回拨机制。她对经济观察报记者表示，例如某支公开发售超额认购超过100倍的 新股，公开认购部分回拨至上限50%，一手中签率可能达到100%。但如果按咨询中的建议执行， 公开认购最多回拨至20%，甚至可能没有回拨机制，定死了10%，则对散户投资者而言，中签率会 大幅下降。 根 ...

Core Viewpoint - ChipGuide Technology (芯导科技) is planning to acquire 100% equity of Shanghai Shunlei Technology (瞬雷科技) for 403 million yuan, aiming to enhance its presence in the power semiconductor sector [2][4]. Financial Situation - As of the end of Q1 2025, ChipGuide Technology has cash and cash equivalents of only 70 million yuan, but holds trading financial assets worth 1.974 billion yuan [9][11]. - The acquisition will be financed through a combination of convertible bonds (276 million yuan) and cash (127 million yuan), along with a planned issuance of shares to raise up to 50 million yuan [7][8]. Stock Performance - Following the announcement of the acquisition, ChipGuide Technology's stock price surged over 20% from 51.37 yuan to 63.9 yuan between July 18 and July 31, 2023, and reached a peak closing price of 69.01 yuan on August 5, 2023 [5][4]. Acquisition Strategy - The acquisition is part of ChipGuide Technology's strategy to transition from a Fabless model to a Fab-lite model, allowing for better integration of design and manufacturing processes [15][16]. - The target company, Shunlei Technology, possesses its own production facilities, which will provide capacity assurance and enhance the company's competitive edge in specialized product processes [16]. Market Positioning - The acquisition will enable ChipGuide Technology to leverage Shunlei Technology's customer resources to penetrate various markets, including automotive electronics and industrial applications, while also expanding its market share in consumer electronics [15][16].

Core Viewpoint - The successful inheritance of the family business and wealth by the Lu family serves as a model for family business succession, emphasizing the principle of "division of labor without separation of family" [2][4]. Family Business Succession - The Lu family completed the transition from the first to the second generation smoothly, with significant changes in shareholding and management announced by their listed companies, K Wah International Holdings Limited and Galaxy Entertainment Group [2]. - The Lu family's succession philosophy focuses on maintaining complete ownership while dividing management responsibilities based on family members' expertise and interests [2][4]. Family Business Structure - The Lu family has a diverse business portfolio, including K Wah International and Galaxy Entertainment, along with other companies like Shidefu International Hotel Group and K Wah Materials [4]. - The family has established a clear ownership structure, with the family retaining significant control over their listed companies through trusts and family holding companies [5][6]. Ownership and Control - Before his passing, the Lu family held 66.80% ownership in K Wah International, with specific shares allocated to each family member [5]. - Following the transition, the family's ownership in K Wah International decreased to 61.47%, while management roles were adjusted, with the eldest son taking over as chairman [5][6]. Management Responsibilities - The management roles within the family were assigned based on individual qualifications and interests, ensuring that each member's background aligned with their responsibilities [10]. - The eldest son, for instance, oversees the Macau operations, while the second son manages the U.S. hotel business, reflecting a strategic division of labor [10]. Family Cohesion - A strong family cohesion is essential for the "division of labor without separation of family" model to succeed, as it fosters collaboration and minimizes conflicts [11]. - The Lu family has cultivated this cohesion through shared experiences and a commitment to family values, which has been reinforced by their philanthropic efforts [12]. Philanthropy and Social Responsibility - The Lu family has engaged in various philanthropic activities, including supporting education and establishing awards for contributions to sustainable development, which enhances family identity and cohesion [12]. - Their focus on civic education and community engagement has further solidified their family values and societal respect [12]. Lessons for Other Families - The Lu family's approach can serve as a reference for other multi-child families facing complex business structures, particularly in the context of family business succession in mainland China [2][8]. - For single-child families, adopting elements of the "division of labor" concept can still be beneficial, such as involving non-family stakeholders in management to ensure balanced decision-making [19][20].

Core Viewpoint - The recent developments regarding the shareholding of Jiachuan Vision indicate a potential change in control, as the actual controller Chen Kunjian plans to transfer his shares, which may lead to a shift in the company's governance structure [2][7]. Group 1: Shareholding Changes - In April, Jiachuan Vision announced a private placement to raise up to 140 million yuan, aimed at consolidating Chen Kunjian's control over the company [2][4]. - On August 3, Jiachuan Vision disclosed that Chen Kunjian is planning to transfer his shares, which could result in a change of the controlling shareholder [2][6]. - If the transfer of control is completed, the previously planned private placement will be terminated [7]. Group 2: Financial Performance - Jiachuan Vision has faced continuous financial losses, with net profits declining for six consecutive years since 2019 and a non-recurring net profit loss for eight years since 2017 [9][10]. - The company's revenue for 2024 was reported at 149 million yuan, a year-on-year increase of 14.16%, but it still incurred a net loss of 58.05 million yuan [11]. - The primary reasons for the losses include declining gross margins in traditional business, decreased revenue from emerging businesses, high R&D costs, and significant asset impairment losses [12]. Group 3: Industry Context - Jiachuan Vision operates primarily in the broadcasting industry, which has become increasingly competitive, impacting the company's profitability [10]. - The broadcasting sector accounted for 96.7% of the company's total revenue in 2024, highlighting its reliance on this market [11].