Core Viewpoint - CATL is accelerating its skateboard chassis business, focusing on commercial vehicles and specific scenarios like Robotaxi, aiming for breakthroughs in the mid-to-low-end passenger car market [1][15]. Financing and Business Development - CATL's subsidiary, Times Intelligent, is in the process of raising 2 billion yuan in its first external financing round, with a pre-financing valuation of approximately 9 billion yuan [2]. - Times Intelligent, established in 2021, specializes in battery-centric skateboard chassis products and services, and is now opening up equity to external capital for the first time [2][3]. - The financing is driven by the need to alleviate financial pressure due to limited group funding and underperformance in expected sales from partnerships, particularly with Nezha Auto [5]. Technological Advancements - The skateboard chassis, known as CIIC, integrates battery and electric drive systems, allowing for a decoupled design that can adapt to various vehicle bodies [3]. - Recent collaborations with automakers like BAIC, JAC, and Changan Mazda are expected to yield new models by 2026-2027 [7]. Strategic Considerations - CATL's entry into the skateboard chassis market is motivated by the need to bundle its battery business and counteract declining growth rates in its core battery segment [7]. - The company's gross margin has decreased from 43.7% in 2016 to 24.4% in 2024, with market share dropping from 52.1% in 2021 to 43.4% in the first half of 2023 [7]. Market Challenges and Opportunities - The skateboard chassis concept, while historically facing challenges, is now seen as having potential due to its ability to shorten development cycles and reduce costs for electric vehicles [12][13]. - However, third-party chassis companies face challenges in gaining acceptance from traditional automakers, who may prefer to develop their own chassis for differentiation [14]. Future Prospects - CATL is targeting commercial vehicles, specific scenarios like Robotaxi, and cost-effective mid-to-low-end passenger cars as key areas for growth [15]. - A strategic partnership with T3 Mobility aims to advance the development of Robotaxi based on CATL's skateboard chassis platform [15].

Core Viewpoint - The new regulations on aiding crimes outline a judicial baseline for the protection of minors, balancing deterrence and future support, moving towards the ideal of a fraud-free society [1][6]. Summary by Sections Current Situation of Aiding Crimes - The joint release of the opinion by the Supreme People's Court, Supreme People's Procuratorate, and Ministry of Public Security addresses the reality of aiding crimes characterized by low age, low education, low income, and a high proportion of first-time offenders [2]. - Over 80% of defendants in aiding crimes are under 35 years old, with one-third being under 25, highlighting the vulnerability of minors and students exploited by criminal gangs [2]. Targeted Governance for Minors - The opinion provides a systematic response to the special governance needs of minors involved in aiding crimes, operationalizing the principles of education, rehabilitation, and rescue into actionable judicial standards [3]. - It shifts from a uniform punitive approach to a differentiated protection strategy, establishing a graded treatment mechanism to prevent minors from becoming tools of crime [3]. Transformation of Punitive Strategies - The new regulations upgrade the strategy for combating aiding crimes by quantifying standards to accurately target professional criminal organizations, focusing limited judicial resources on organizers and beneficiaries [4]. - A dual-track handling model of "criminal exemption—educational correction" is established for minors, avoiding lifelong penalties while implementing mandatory educational measures [4]. Challenges in Implementation - The implementation of the opinion faces challenges, such as criminal gangs potentially evading thresholds through decentralized funding and virtual currencies, necessitating enhanced financial scrutiny capabilities [5]. - The uniformity of judicial discretion regarding "minor" and "significantly minor" cases poses difficulties, raising concerns about inconsistent rulings [5]. Future Directions for Governance Modernization - Future efforts should focus on strengthening regulatory oversight and big data warnings, upgrading monitoring technologies for abnormal transactions, and integrating legal education into school curricula [5]. - The establishment of a mechanism for sealing or expunging records for reformed minor offenders is essential to minimize the "label effect" and facilitate their reintegration into society [5].

又一上市公司实控人被取保候审。 7月30日，红相股份（300427.SZ）发布公告称，公司实际控制人杨成因涉嫌违法被厦门市公安局 决定取保候审，期限自2025年7月29日起生效。 公告指出，杨成目前未在该公司担任任何职务，该公司日常经营管理由高管团队负责，此事项不会 对日常生产经营活动产生影响。 7月31日，红相股份开盘大跌近5%。据经济观察报统计，6月份以来，这已经是A股市场第三家实 控人被取保候审的上市公司，另外两家分别为中荣印刷集团股份有限公司（301223.SZ）、甬金科 技集团股份有限公司（603995.SH）。 被取保候审背后 7月31日，经济观察报记者致电红相股份证券事务部，一名人员回应称，此次实控人杨成被取保候 审，系因其此前涉及信息披露违法违规相关事项。目前该公司仍在配合公安机关的调查工作。 7月31日，经济观察报记者致电红相股份证券事务部，一名人 员回应称，此次实控人杨成被取保候审，系因其此前涉及信息 披露违法违规相关事项。目前该公司仍在配合公安机关的调查 工作。 作者： 蔡越坤 封图：图虫创意 上述红相股份证券事务部人员所指信息披露违规事项要追溯至2024年上半年。 2024年4月8日， ...

Core Viewpoint - The Central Political Bureau meeting emphasizes the need for sustained macroeconomic policy efforts and timely enhancements to address current economic challenges and ensure stable growth [1][7]. Group 1: Macroeconomic Policy - The meeting calls for a more proactive fiscal policy and moderately loose monetary policy to fully unleash policy effects [1][7]. - There is a focus on accelerating government bond issuance and improving fund utilization efficiency to support economic recovery [1][7]. - The concept of "flexibility and foresight" in macroeconomic policy is introduced, indicating that policies should be stable yet adaptable to changing circumstances [3][4]. Group 2: Economic Growth and Challenges - China's economy achieved a growth rate of 5.3% in the first half of the year, supported by consumption policies and investment from special bonds [4]. - The second quarter growth rate was 5.2%, showing resilience compared to the previous year, where growth rates declined significantly [4]. - However, challenges remain, including potential consumption declines due to high base effects and real estate market instability [5][6]. Group 3: Policy Implementation and Future Directions - The meeting outlines the need for continuous policy efforts and the possibility of further policy enhancements in response to economic conditions [8][9]. - Specific policy tools are suggested, including expanding fiscal spending, timely support for affected industries, and promoting consumption through subsidies [10][11][12]. - The potential establishment of a "real estate stability fund" is proposed to alleviate liquidity pressures on real estate companies [13]. Group 4: Monetary Policy - The meeting reiterates the importance of maintaining ample liquidity and reducing overall financing costs in the economy [14]. - There is an acknowledgment that while monetary policy remains supportive, the primary reliance for economic growth may shift towards fiscal expansion [14].

7月30日上午，冯小宁本人对经济观察报记者回应称："本来 我是小有名气，（被开除后）现在名气更大了。我已经是68岁 的老妇人，不在酒协（指仁怀酒协）工作，对我没有什么影 响，我本人也没在意。" 作者：张晓晖 封图：图虫创意 2025年7月28日，白酒圈发生一件引起业界关注的事： 68岁的原茅台酒厂品酒师冯小宁，被仁怀市酒业协会（下称"仁怀酒协"）以违反协会自律规定为 由，予以除名并公开通报。仁怀酒协没有披露"违反协会自律"相关的细节。 7月30日上午，经济观察报记者就该事项致电仁怀酒协，仁怀酒协一名人员回应称："冯小宁违反 了我们生产技术专业委员会的管理办法。" 经济观察报记者问："网上能查到仁怀酒协的管理办法吗？能否得知冯小宁违反协会自律的具体细 节。"上述工作人员称："（冯小宁被除名）原因已经写在公告里。" 冯小宁曾在茅台酒厂（贵州茅台旧名）担任品酒师，被业内称为"茅台八仙"，与季克良、彭茵、陈 兴希、余方强、徐强、陈仁远、丁勇齐名。"茅台八仙"指茅台酒厂早期的八位酿酒大师，他们为茅 台酒的工艺传承和发展作出了卓越贡献。 7月30日上午，冯小宁本人对经济观察报记者回应称："本来我是小有名气，（被开除后）现 ...

Core Viewpoint - WuXi AppTec has returned to sustained high growth after a challenging year impacted by the "Biological Safety Act," with impressive financial results in the first half of 2025, indicating a recovery trajectory for the company and the industry [2][8]. Financial Performance - In the first half of 2025, WuXi AppTec reported revenue of 20.8 billion yuan, a year-on-year increase of 20%, and a net profit of 8.6 billion yuan, which doubled compared to the previous year, both reaching historical highs [2][4]. - The company has raised its full-year revenue guidance, expecting a growth rate of 13%-17% for its ongoing business, up from the previous 10%-15% [4]. Regional Performance - The high growth of WuXi AppTec is primarily supported by U.S. clients, with revenue from this segment increasing by 38.4% year-on-year in the first half of 2025 [3][9]. - Revenue from Chinese clients, however, has declined by 5.2%, contributing only 3.2 billion yuan, which is 15% of total revenue [11]. Market Dynamics - WuXi AppTec's international revenue reached 17.3 billion yuan in the first half of 2025, accounting for over 80% of total revenue, with U.S. clients contributing 14 billion yuan [9]. - The company has successfully navigated the challenges posed by the "Biological Safety Act," with no new legislative proposals emerging in the current U.S. Congress [10]. Business Segments - The second quarter of 2025 was particularly strong, with revenue exceeding 11.1 billion yuan, marking the first time quarterly revenue surpassed 10 billion yuan [14]. - The growth in revenue is attributed to the increasing demand for small molecule CDMO services and TIDES (oligonucleotide and peptide) business, with TIDES revenue reaching 5 billion yuan, a 142% increase year-on-year [14][15]. Industry Outlook - The recovery of WuXi AppTec is expected to positively influence the broader CXO (Contract Research Organization) industry, with other companies like Kelun and Kanglongda also reporting improved performance [17].

Core Viewpoint - The article highlights the growing gender disparity in education in Guangxi, particularly in the transition from junior high to high school, where boys are increasingly underperforming compared to girls [1][2][4]. Group 1: Gender Disparity in Education - In recent years, the gender ratio in Guangxi's high schools has shifted, with girls now making up over 50% of the science classes at Chongzuo High School, a significant increase from 15 years ago when girls constituted only 25-33% of the student body [2][4]. - The admission rates for boys to regular high schools are declining, with many boys in rural areas failing to meet the academic standards required for high school admission [4][5]. Group 2: Impact of Family and Societal Factors - Many boys in rural areas tend to drop out of school and either engage in low-skilled jobs or remain idle at home, relying on their parents for support [5][6]. - The phenomenon of "left-behind children" is prevalent, with many children being cared for by grandparents while their parents work away, leading to a lack of educational focus and discipline [12][14]. Group 3: Psychological and Behavioral Issues - The over-reliance on smartphones among children is noted as a significant issue, with many children starting to use devices at a very young age, which affects their learning and social behavior [9][10][11]. - The lack of parental involvement in education, particularly in families with low educational backgrounds, contributes to poor academic performance and a lack of motivation among boys [14][15]. Group 4: Long-term Consequences - The educational gender gap is leading to a mismatch in the local job market, with more educated women than men, resulting in challenges in marriage prospects and family stability [16][17]. - The increasing number of single-parent families, often due to divorce, is creating a new generation of "left-behind children," exacerbating the cycle of educational neglect and psychological issues [17][18]. Group 5: Recommendations for Change - There is a call for societal-level changes to improve family education and parental involvement, emphasizing the need for both parents to participate in their children's education to foster independence and resilience [20].

Core Viewpoint - The current downturn in the film market cannot be solely attributed to audience behavior or the quality of works, indicating a more complex phenomenon that requires deeper analysis [1][6]. Box Office Performance - As of July 29, 2023, the total box office for the summer season (June 1 - August 31) exceeded 5.5 billion yuan, with "Nanjing Photo Studio" grossing 536 million yuan in its first five days and projected to reach 3.246 billion yuan [2]. - By mid-July, the box office was only 3.412 billion yuan, lower than the 3.848 billion yuan earned by the 2023 summer box office champion "All In," highlighting the industry's pressure [2]. - The 2023 summer box office total is projected to be significantly lower than the 20.62 billion yuan in 2023 and 17.653 billion yuan in 2019, raising concerns among industry professionals [2]. Film Quality and Audience Engagement - "Nanjing Photo Studio" has a high Douban rating of 8.6, but its box office performance needs a significant boost to be considered a true "dark horse" [3][4]. - The film's serious historical theme may deter some viewers due to emotional weight, similar to the past performance of "1942," which had a high rating but low box office [5]. - Despite the overall quality of films this summer being commendable, audience engagement remains a challenge, as seen with "The Lychee of Chang'an," which, despite good ratings, is projected to earn only 660 million yuan [5]. Market Dynamics and Future Outlook - The film industry is facing a complex set of challenges, including shifts in consumer spending, public psychological expectations, and changes in the entertainment environment [6]. - The industry must focus on creating films that resonate with audiences on a deeper emotional level, as past strategies relying on emotional triggers are no longer as effective [6]. - Regardless of the summer box office outcome, filmmakers should strive to create timeless classics that can ensure the industry's future survival and growth [7].

随着美日、美欧达成协议，中美会谈持续推进，可以得出一个 基本判断：由美国总统特朗普于今年4月2日发起的关税战，已 经进入下半场。 作者：王义伟 封图：视觉中国 7月22日，美日达成关税协议；7月27日，美欧达成关税协议；7月28日、29日，中美在瑞典展开新 一轮经贸会谈。 随着美日、美欧达成协议，中美会谈持续推进，可以得出一个基本判断：由美国总统特朗普于今年 4月2日发起的关税战，已经进入下半场。 简要评述如下： 第一，15%的关税成为最大公约数。 对于日本的输美商品，特朗普曾威胁征收25%的关税；对于欧盟的输美商品，特朗普曾威胁征收 30%的关税。关税税率最终落到15%，应该是特朗普的底线，也是日本、欧盟能够接受的。尽管日 本、欧盟内部有一些声音表达不满，但这些声音更多的是表明政治立场和态度，发出这些声音的人 大概内心也清楚，15%的税率已经是日欧能够争取到的最好的结果。 第二，1.9万亿美元支票最终能兑现多少仍然是一个未知数。 在协议中，日本承诺向美国投资5500亿美元，欧盟承诺增加对美投资6000亿美元，并在3年内购买 价值7500亿美元的美国能源产品，三项相加总计1.9万亿美元。 面对这1.9万亿美元 ...

Core Viewpoint - The gender gap in higher education enrollment in China is widening, with female students increasingly dominating university admissions, particularly in certain provinces like Yunnan, Guangxi, and Henan [1][3][4]. Group 1: Gender Enrollment Trends - In 2022, female students accounted for 63.1% of new enrollments in undergraduate programs, with 299.9 million females compared to 175.6 million males [1][9]. - The enrollment of female students in undergraduate programs has significantly increased from 58% in 2011 to 63.1% in 2022, while the male enrollment has decreased [2][4]. - From 2010 to 2022, the total number of undergraduate enrollments rose from 351.3 million to 475.6 million, with 99.3% of the increase (123.4 million) being female students [9]. Group 2: Regional Disparities - In 2022, the proportion of female students in undergraduate programs reached 81.7% in Yunnan, 73.3% in Guangxi, and 70.4% in Henan, while major cities like Beijing and Shanghai had lower female enrollment rates of 51% and 54.3%, respectively [3][17]. - The gender gap in enrollment is particularly pronounced in Guangxi, where the ratio of female to male students in high schools has shifted from 1/4 to 3/4 over the past 15 years [2][20]. Group 3: Factors Contributing to Gender Disparities - The "boy crisis" is influenced by various local factors, including family dynamics where boys from left-behind families often lack educational motivation compared to girls [4][22]. - Educational assessment mechanisms that focus heavily on reading and expression skills tend to favor girls, leading to a decline in boys' academic performance [14][30]. - The cultural perception of education and gender roles in rural areas contributes to the widening gap, with many families placing less emphasis on boys' academic success [27][28]. Group 4: Recommendations for Improvement - Experts suggest that boys should start school later than girls to better align their developmental readiness with educational demands [29]. - There is a call for a more comprehensive evaluation system in education that considers various skills beyond academic performance, which may help address the disparities [30].