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].

值得注意的是，该定增预案指出，"本次发行有助于巩固陈坤江先生的实际控制人地位，增强公司 与股东、投资者、合作伙伴等各方的信心。" 8月4日，经济观察报记者致电佳创视讯证券事务部询问陈坤江 筹划股权转让的具体原因，一名工作人员表示：该事项属于控 股股东个人的计划范畴，公司方面并不掌握详细情况。 作者：蔡越坤 封图：图虫创意 4月份，佳创视讯（300264.SZ）披露：拟向公司控股股东、实际控制人陈坤江定向增发募资不超 过1.4亿元，此举"有助于巩固陈坤江先生的实际控制人地位"。仅仅时隔三个多月，"反转"情节出 现——陈坤江正打算卖出该公司股权。 8月3日晚间，佳创视讯公告称，陈坤江正在筹划其所持有公司股份协议转让相关事项，该事项可 能导致公司控股股东及实际控制人发生变更。 8月4日，经济观察报记者致电佳创视讯证券事务部询问陈坤江筹划股权转让的具体原因，一名工 作人员表示：该事项属于控股股东个人的计划范畴，公司方面并不掌握详细情况。 定增变股权转让 2025年4月22日晚间，佳创视讯公告称，拟向公司控股股东、实际控制人陈坤江发行不超过3560万 股股票，未超过公司本次发行前总股本的30%，募集资金总额不超过1.4 ...

Core Viewpoint - The establishment of the Global BC Ecological Collaborative Innovation Center in Jiaxing, Zhejiang Province, aims to accelerate the industrialization of BC technology, marking a significant milestone in the expansion of the BC ecosystem and collaborative innovation in the photovoltaic industry [2][3]. Group 1: BC Technology and Industry Development - BC technology is recognized as the ultimate technological route in the single crystal silicon era, playing an increasingly important role in the photovoltaic industry [3][6]. - The potential of BC technology can be fully realized through closer collaboration and joint innovation across the entire industry chain [3][9]. - The domestic annual production capacity of BC batteries is expected to reach 300 GW to 400 GW in the next three to five years, indicating over ten times the current production capacity [8]. Group 2: Collaborative Innovation and Ecosystem Building - The future of the photovoltaic industry relies on innovation and collaboration, as the transition from "cheap" to "indispensable" cannot be achieved by a single company [9][11]. - Longi Green Energy has initiated the construction of the BC ecosystem, focusing on open, collaborative, and win-win innovation with partners [11][12]. - As of May 2025, Longi has engaged with 191 global ecological partners, resulting in 55 collaborations and covering seven major fields, including silicon wafers, batteries, and hydrogen energy [14]. Group 3: Case Studies and Practical Applications - Collaborative projects have led to cost reduction and efficiency improvements, such as the partnership between Shenzhen Shijin Technology and Longi in graphite boat development [15]. - Baosteel and Longi are working together to replace aluminum frames with high-strength steel frames, contributing to a zero-carbon future [15]. - The collaboration with Hangzhou Fumo New Materials Technology has resulted in the development of BC component solutions suitable for various applications [15]. Group 4: Future Directions and Strategic Goals - The 2025 BC Ecological Innovation Summit emphasized the need for joint efforts from upstream and downstream enterprises to build the BC ecosystem [16]. - Longi is committed to investing more resources in collaborative innovation and ecosystem enhancement, ensuring that partners benefit from project revenues and intellectual property protection [18].

这一调整发生在多重背景之下：一方面，盒马的母公司阿里巴巴收缩零售版图，出售高鑫零售、银 泰百货；另一方面，国内会员店赛道竞争加剧、整体扩张速度明显放缓。 盒马 正将 资源集中投向 盒马鲜生、盒马NB（Neighbor Business，邻里业务）等核心业态。 从对标巨头到黯然离场 7月29日，经济观察报记者在盒马X会员店北京世界之花门店看到，店内入口已经关闭，消费者只 能从出口进入，无需核验会员卡，仅在结账时需出示。店内大多数货架已清空，仅剩毛绒玩具、包 装箱、血氧仪等少量商品在打折售卖。在记者停留的半小时内，仅有五位顾客进店闲逛，均未消 费。 店员告诉记者，关店是因为盒马决定砍掉会员店业态。 盒马的所有会员店全部停业。这意味着盒马彻底剥离了曾视 作"第二增长曲线"、并号称对标Costco（开市客）的会员店 业务。 作者：郑明珠 封图：东方IC 盒马最终放弃会员店。 7月29日，盒马X会员店北京世界之花门店的公告显示，该店将于两天后的7月31日停止营业；同在 7月31日，盒马X会员店的苏州相城店、南京燕子矶店也停止营业。此后，盒马X会员店在全国仅 余一家，但经济观察报拨打盒马X会员店上海森兰店电话，客服确认该 ...

笔者分析，主要有两方面原因： 第一，锻炼选举干部。 笔者在之前的评论中分析过了，民进党发动侧翼力量发起大罢免，其中隐藏的政治算计就是培植该 党的第二军团。这个第二军团的主要任务，不光是大罢免，而是要将这股力量投入到未来大大小小 的各种选举中，包括2028年的大选。因此，两波大罢免能取得一些成绩当然是好的，即使没有收 获，至少能锻炼出一批投身选举、熟悉选举流程、能够进行选举动员的干部队伍，而且，这些干部 是赖清德、民进党的死忠队伍。 第二，夯实"抗中保台"的民意基础。 8月23日的第二波大罢免，应该还是会照常进行，并且不排除 民进党使出奇招、歪招（比如选定某个被罢免人突然爆料重大 丑闻），将一个或两个国民党籍"立委"拉下马的可能。 作者：王义伟 封图：本报资料库 在7月26日民进党推动的大罢免彻底失败后，不仅蓝营，绿营内部也有声音发出来，希望赖清德出 面叫停计划于8月23日举行的第二波罢免行动。 提出这一建议者有两个动因：其一，第一波大罢免，民进党使出了洪荒之力，结果24名国民党 籍"立委"全部过关，第二波要想罢免另外7名国民党籍"立委"，难上加难。其二，为了给第一波大 罢免加油助威，赖清德策划了10次演讲，结 ...

美团坚决不自营，京东不做二房东。这种表达方式强调的是不 做什么，而不是做什么，恰到好处地展示了对特定商业模式的 嫌弃。 作者：张雅楠 封图：东方IC 中国人讲究"民以食为天"，老百姓吃饭这件事，如今让互联网巨头操碎了心，战火不局限于线上， 还在向线下蔓延。 7月，京东和美团分别官宣了餐饮外卖的线下商业形态。京东的叫七鲜小厨，坚称不做"二房东"， 不会抢餐饮店的生意；美团的叫浣熊食堂，坚称绝不自营，不下场与商家竞争。 可以看出，京东和美团都在小心地避开敏感地带，但又坚定地选择探索餐饮的线下形态。 虽然同是做线下，但两者的方式截然不同。美团坚决不自营，京东不做二房东。这种表达方式强调 的是不做什么，而不是做什么，恰到好处地展示了对特定商业模式的嫌弃。 从商业模式上，虽然都是外卖型食堂，但京东似重剑，美团如轻舟。 刘强东曾强调，京东做外卖其实是想做生鲜供应链，七鲜小厨契合这一逻辑，由京东招募招牌菜品 合伙人，选择生鲜食材供应商，通过源头直采后进入净菜工厂，进行洗切装配等标准化工序后，在 24小时明厨直播的后厨炒制出餐。 菜品合伙人提供菜品配方并参与研发，可获得100万元保底分成和后续菜品的销售分成。 这种方式有助于 ...

从年初的各种扭秧歌、跳舞、翻跟头的"斗秀表演"到年中的商 业大单频现、融资加快、上市冲刺，人形机器人行业正从技术 展示的"上半场"，全面转向商业化落地的"下半场"。 作者： 郑晨烨 封图：图虫创意 "现在机器人（工作）的效率差不多是人类的40%左右。"7月25日，优必选（09880.HK）副总裁、 研究院执行院长焦继超在接受经济观察报采访时给出了这个数据。 他具体所指的是这样一个场景：在一家头部新能源车企的总装车间里，来自优必选的工业人形机器 人WalkerS2，正在进行物料搬运实训，它的任务是将零部件从料箱取出，放置到AGV（自动导引 运输车）上。整个过程没有失误，但相较产线上的人类工人，机器人的每一个步骤都显得格外谨 慎，需要短暂停顿进行计算和定位。 "这样的效率虽然听起来不高，但难度非常大。"焦继超向经济观察报表示，他和他的团队正在试图 把机器人的工作效率进一步提高。 事实上，在焦继超们努力提高机器人工作效率的同时，人形机器人的商业化落地也在加速。 根据中国招标投标公共服务平台7月18日的公示信息，优必选已中标觅亿（上海）汽车科技有限公 司的机器人设备采购项目，金额高达9051.15万元；6月25日，智 ...

上海曼昆律师事务所刑事部负责人邵诗巍表示，通过社交媒 体、微信群、线下会议等方式，向公众不特定对象推介"高收 益、低风险、稳定回本"的项目模式，往往承诺固定收益，并 鼓励不断转发、拉新，符合非法吸收公众存款的构成要件。 作者： 老盈盈 封图：视觉中国 导读 壹 || 邵诗巍表示，许多不法项目以"DeFi去中心化金融""DApp理财""稳定币挖矿"等概念包 装，实质上仍是募资和返利行为，只是借助技术外壳进行风险掩饰。 贰 || 多名参与过"鑫慷嘉"和"环球投资集团"项目的投资人士表示，两者的模式类似。 叁 || 从法律的角度而言，投资者需要对其自身的民事法律行为负责，谨慎识别和参与虚拟资 产投资项目，警惕以虚拟资产为名的非法行为，不能抱有侥幸心理。 2025年7月28日晚上八点半，一场有关DeFi（去中心化金融，一种基于区块链技术构建的新型金融 形态）模组结构运行逻辑的培训会议以网络会议的形式在进行。 这场线上培训由一个名为"方舟"（英文名为ARK）的组织举行，经济观察报记者看到，当晚约400 人参会。一名该组织的工作人员告诉记者，近两个月，他们在太原、昆明、长沙、徐州、西安等全 国多地推广一个链上的投资项目， ...

Core Viewpoint - The introduction of a national childcare subsidy policy marks a significant step in building a supportive environment for childbirth in China, reflecting the government's commitment to encouraging higher birth rates and addressing demographic challenges [2][5]. Group 1: Childcare Subsidy Policy - The newly implemented "national childcare subsidy" policy will provide an annual subsidy of 3,600 yuan per child until the age of three, starting from January 1, 2025 [2]. - This is the first time the government has established a clear framework for childcare subsidies at the national level, with central government funding covering approximately 90% of the costs [2][3]. - The initial budget for this transfer payment from the central government is around 90 billion yuan [2]. Group 2: Local Government Flexibility - The policy allows local governments to adjust the subsidy amount based on their financial capabilities, providing flexibility to cater to local demographic and economic conditions [3][4]. - There is a suggestion that subsidies could be distributed based on resident population rather than household registration, which aligns with the trend of de-linking public welfare from residency status [4]. Group 3: Comprehensive Support System - The childcare subsidy is part of a broader strategy that includes support across the entire lifecycle, addressing areas such as employment rights for women, education, and housing [4]. - The government is also working on initiatives to promote free preschool education, which is expected to further alleviate the financial burden on families [4]. Group 4: Societal Attitudes and Cultural Change - The introduction of the subsidy aims to foster a more childbirth-friendly social atmosphere, which is crucial for enhancing birth rates [5]. - There is a noted societal trend of "child aversion," which negatively impacts birth willingness, indicating a need for cultural shifts alongside policy changes [5].

北方某地一位财政部门负责人认为，融资平台出清的目标虽明确，但过程中依然面临诸多挑战。该 负责人负责统筹当地融资平台转型工作。 "剥离"侧重于切断融资平台与政府信用的绑定，核心是实现政 企分开，仍允许平台以市场化主体身份存续；而"出清"则进一 步要求对无法转型的"空壳类"平台进行彻底清理退出，强 调"减量提质"，政策导向更具彻底性。 作者： 杜涛 封图：图虫创意 7月30日召开的中共中央政治局会议提到，要积极稳妥化解地方政府债务风险，严禁新增隐性债 务，有力有序有效推进地方融资平台出清。 从年初的《政府工作报告》提出"加快剥离地方融资平台政府融资功能，推动市场化转型和债务风 险化解"，到此次中共中央政治局会议的表述，政府对地方融资平台的要求更为严格，显示出不断 增强的政策决心。 粤开证券首席经济学家罗志恒认为，"剥离"侧重于切断融资平台与政府信用的绑定，核心是实现政 企分开，仍允许平台以市场化主体身份存续；而"出清"则进一步要求对无法转型的"空壳类"平台进 行彻底清理退出，强调"减量提质"，政策导向更具彻底性。 该负责人对经济观察报表示，其所在地区按债务规划融资平台退出节奏，债务越大，退出难度越 高。 该负责人 ...