Core Viewpoint - The recent surge in coking coal futures, with a cumulative increase of 23% over three trading days, is primarily driven by a notification regarding "coal mine production inspection," which is seen as the catalyst for this rally [1][5][4]. Group 1: Market Performance - Coking coal futures experienced a dramatic rise, with the main contract reaching a new high of 1135.5 yuan/ton, marking a 60% increase from the low of 709 yuan/ton in early June [6][3]. - The coal sector saw a significant uptick, with coal ETFs rising by 8.25% and major coal stocks like Shanxi Coking Coal and Lu'an Environmental Energy hitting their upper limits [8][5]. - The trading volume for coking coal futures surged to 252.71 million contracts, indicating heightened market activity and investor interest [8]. Group 2: Policy and Supply Dynamics - A notification from the National Energy Administration mandated inspections of coal mines in eight provinces, aiming to stabilize coal supply and curb excessive production [12][11]. - The notification highlighted that some coal mines were exceeding their announced production capacities, which has disrupted market order [12]. - Analysts suggest that the current market sentiment is influenced by expectations of supply tightening and strong downstream demand for inventory replenishment [14][15]. Group 3: Investor Sentiment and Behavior - Investor sentiment has shifted dramatically, with many traders expressing surprise at the rapid price increases and the aggressive market behavior [6][9]. - Some investors have reported significant profits from long positions, while others who took short positions are facing substantial losses due to the unexpected market rally [11][10]. - The market is characterized by a stark contrast in sentiment between bulls and bears, with many investors feeling the pressure of the volatile environment [9][10]. Group 4: Economic Context - The coal industry has been under pressure, with a reported 54% of coal enterprises experiencing losses as of May this year, driven by weak demand and declining prices [18][20]. - The recent "anti-involution" policies initiated by the government are seen as necessary to address the challenges faced by the coal sector, which has been struggling with overproduction and low prices [17][18]. - The overall supply-demand balance in the coal market remains tight, with production cuts in key regions not fully recovering, contributing to the upward price pressure [15][14].

从当年被外资大股东增持的"香饽饽"到连年亏损的交易标的， 瑞信证券曾意图在投行业务大展身手，也曾承揽一些股权承销 及保荐、债券发行项目。如今，瑞银证券近17年的故事画上了 句号，"北京证券"启幕。 作者：牛钰 封图：图虫创意 7月23日，方正证券（601901.SH）公告称，瑞信证券于7月23日完成股权变动的工商变更登记，公 司不再持有瑞信证券股权。 上述公告称，瑞信证券已更名为北京证券有限责任公司（下称"北京证券"）。 这起历时近一年的股权出售案落幕，北京市国有资产经营有限责任公司（下称"北京国资公司"）成 为北京证券的第一大股东以及实际控制人，直接持股比例为85.01%；原控股股东瑞银集团的持股 比例则降低至14.99%，成为第二大股东。 别了，瑞信证券 瑞信证券诞生于2008年10月24日，是由瑞士信贷银行与方正证券共同发起设立的合资证券公司。 成立之初，该公司名为"瑞信方正证券有限责任公司"，注册资本8亿元，瑞士信贷银行和方正证 券，持股比例分别为33.30%、66.70%。2021年6月，其更名为"瑞信证券"。 受限于资本金稀缺、国内市场竞争力等问题，瑞信证券似乎在发展上"水土不服"。 瑞信证券披露 ...

Core Viewpoint - The tragic incident involving six university students at a mining facility has prompted the Inner Mongolia government to establish an investigation team to conduct a higher-level inquiry into the circumstances surrounding the event [1][8]. Company Summary - On July 24, 2025, Zhongjin Gold Co., Ltd. (600489.SH) released a statement regarding the incident where six students from Northeast University fell into a flotation tank during a visit to the company's subsidiary, resulting in their drowning [2]. - Following the incident, the leadership of Zhongjin Gold took the matter seriously, activating emergency protocols and promptly reporting to local government departments [3]. - As of July 24, Zhongjin Gold's stock price was 15.19 yuan, reflecting a decline of 4.41%, with a total market capitalization of approximately 736 billion yuan [9]. Industry Summary - The flotation tank, a critical area in the mineral processing plant, experienced a grid plate failure, raising questions about maintenance and safety inspections [3]. - Industry expert insights indicate that the flotation process involves mixing ore with water and chemicals to separate metals, with a typical slurry composition of 60% water and 40% ore, making it difficult for individuals to swim if they fall in [4][5]. - Safety inspection standards for grid plates in mining companies are governed by national standards, such as GB4053 and GB16423-2020, which outline design loads, safety parameters, and daily equipment checks [6][7].

中金黄金表示，事件发生后，公司领导高度重视，立即启动应 急预案，第一时间前往现场组织处理，及时按相关程序上报当 地政府各相关部门。目前各项处置工作正有序进行。 作者： 牛钰 封图：图虫创意 7月24日，中金黄金股份有限公司（下称"中金黄金"，600489.SH）开盘后一度跌超7%，截至午间 收盘，中金黄价收于15.10元/股，跌4.97%。 7月23日，中金黄金公告称，东北大学6名学生在其控股子公司中国黄金集团内蒙古矿业有限公司 乌努格吐山铜钼矿选矿厂参观学习浮选工艺过程中，因格栅板脱落坠入浮选槽，经全力施救，6人 被救出后，医护人员确认已溺亡。另有1名老师受伤。 中金黄金表示，事件发生后，公司领导高度重视，立即启动应急预案，第一时间前往现场组织处 理，及时按相关程序上报当地政府各相关部门。目前各项处置工作正有序进行。 公开信息显示，浮选过程是有用矿物成分的选别和富集过程，浮选槽的矿浆在搅拌、充气和浮选药 剂的作用下，有用金属成分被活化吸附后，带到泡沫层中，经刮出就成为精矿，相反，矿浆中的脉 石和其他成分经药剂作用下沉为尾矿。 中金黄金成立于2000年6月23日，由中国黄金集团公司（原中国黄金总公司）、中信国 ...

Core Viewpoint - The Shanghai Composite Index has shown a "slow bull" trend, rising from approximately 3040 points to nearly 3600 points over the past three months, with an increase of over 500 points, leading to heightened investor expectations for a bull market [1][6]. Market Performance - On July 23, the Shanghai Composite Index broke through the 3600-point mark for the first time since October 8, 2024 [2]. - As of the market close, the Shanghai Composite Index rose by 0.01% to 3582.3 points, while the Shenzhen Component Index fell by 0.37% and the ChiNext Index remained unchanged. The total trading volume in A-shares was maintained at a high level, reaching 1.9 trillion yuan [3]. Sector Highlights - The "Yajiang Hydropower" concept has gained significant traction, with companies like China Power Construction, Poly United, Tibet Tianlu, and Xining Special Steel experiencing three consecutive trading limit increases. The Yarlung Tsangpo River downstream hydropower project, led by the newly established China Yajiang Group, has a total investment of approximately 1.2 trillion yuan, making it the largest infrastructure project globally [4]. Market Outlook - The potential for a sustained "slow bull" market is under scrutiny. Liu Jipeng, former dean of the School of Business at China University of Political Science and Law, noted that the market's recent rise could face significant adjustment risks as it approaches the 3600-3700 point range, which historically has led to prolonged consolidation phases [9]. - If the market can effectively break through the 3700-3800 point range, it may enter a sustained slow bull phase. However, if it fails to surpass 3700 points, it may be premature to declare the emergence of a bull market [10]. Investment Dynamics - Incremental capital has become a key signal for market uptrends. Central Huijin Investment Co., Ltd. has significantly increased its holdings in various ETFs, with a total investment exceeding 190 billion yuan [12]. - Foreign investment in RMB assets has remained stable, with foreign holdings of domestic RMB bonds exceeding 600 billion USD, indicating a positive trend in foreign investment in the domestic stock market [13]. Market Sentiment - The market has shown strong performance since June, with the Shanghai Composite Index reaching new highs for the year. The current environment is characterized by a balance between fundamental pressures and policy support, leading to increased market divergence [15].

Core Viewpoint - The "24%+ equity" model in the lending industry is facing significant challenges as regulatory scrutiny increases, potentially leading to stricter regulations on equity services and fees [1][27]. Group 1: Overview of the "24%+ Equity" Model - The "24%+ equity" model allows borrowers to obtain consumer loans at an annual interest rate of 24% while also purchasing equity services from lending platforms or licensed consumer finance institutions [3][13]. - This model has become popular as lending institutions seek to increase non-interest income through equity services amid difficulties in earning interest spread [1][27]. Group 2: Regulatory Concerns and Industry Response - Recent regulatory notifications have prompted concerns among lending platforms and licensed consumer finance institutions about the sustainability of the "24%+ equity" model [5][6]. - The introduction of the "New Lending Regulations" in April has restricted platforms from charging interest fees in any form, raising fears that equity service fees may be viewed as disguised interest rate increases [7][11]. - Many lending institutions are preparing to exit the "24%+ equity" model, focusing instead on high-quality customer segments with interest rates below 24% [8][28]. Group 3: Financial Implications and Market Dynamics - The "24%+ equity" model has allowed some lending platforms to generate substantial revenue, with some platforms collecting hundreds of thousands of yuan in equity fees monthly [17]. - However, the model has also led to issues such as bundled sales and forced purchases, which have raised consumer complaints and could lead to increased regulatory scrutiny [19][20]. - The potential for regulatory changes has caused many lending institutions to reconsider their business strategies, with some halting plans to expand the "24%+ equity" model [25][26]. Group 4: Future Outlook - The future of the "24%+ equity" model remains uncertain, with industry players awaiting regulatory decisions that could significantly impact their operations [28]. - If the model is deemed unsustainable, lending platforms may need to adjust their focus to maintain profitability, potentially leading to a reduction in overall business scale [28][29].

Core Viewpoint - The introduction of the "RMB-denominated settlement" is a significant institutional design that directly supports the internationalization of the RMB and the financial opening goals of the Hainan Free Trade Port [1]. Summary by Sections Hainan Free Trade Port Timeline - The specific date for the closure of Hainan Free Trade Port is set for December 18, 2025, as approved by the Central Committee [2]. - The "Implementation Rules for Cross-Border Asset Management Pilot Business" were published on July 21, 2023, and will take effect on August 21, 2025 [2][3]. Key Innovations in the Implementation Rules - The rules allow global investors to participate without geographical restrictions, facilitating easier access for foreign capital into the domestic financial market [5]. - Foreign individual investors can now directly invest in pilot asset management products using proof of residence in Hainan and RMB income, enhancing investment convenience [5]. - All transactions for pilot asset management products must be settled in RMB, creating a closed-loop management system [5][6]. - The funds raised by pilot asset management products must be directed towards the domestic market, ensuring that the underlying assets are RMB-denominated [6]. - Issuing institutions can offer products to both domestic and foreign investors, increasing participation incentives [7]. - The range of pilot products covers various risk levels (R1 to R4), providing a wide selection for investors [7]. Importance of RMB-Denominated Settlement - The emphasis on RMB-denominated settlement is crucial as it fosters a closed-loop for cross-border asset management, cultivates the offshore RMB market, and positions Hainan as a key hub for RMB asset allocation [7]. Initial Pilot Scale and Future Adjustments - The initial pilot scale is capped at 10 billion RMB, with provisions for dynamic adjustments based on economic and market conditions [8]. - In the initial phase, only licensed foreign financial institutions or legitimate Chinese enterprises abroad can participate, with gradual opening to other foreign investors thereafter [8].

此轮投票共有24名蓝营"立委"上榜。如果同意罢免的人数多 于不同意的人数，且同意票高于选区投票人的25%，罢免即成 立。决战时刻即将到来之际，台湾蓝、绿两大阵营均吹响了冲 锋号。 作者：王义伟 封图：本报资料库 7月26日（周六），备受瞩目的台湾大罢免将举行投票。根据台湾选务部门发布的信息，此轮投票 共有24名蓝营"立委"上榜。如果同意罢免的人数多于不同意的人数，且同意票高于选区投票人的 25%，罢免即成立。 决战时刻即将到来之际，台湾蓝、绿两大阵营均吹响了冲锋号。 蓝营方面，将战场比喻为"空战""陆战"两个部分。 "空战"由不受罢免影响的不分区"立委"以及党中央负责，其中不分区"立委"集中力量攻击民进党当 局在台南地区的救灾不力，国民党中央则通过网络、电视发布大量广告片，呼吁支持者务必出来投 票反对罢免。 《中国时报》7月23日发表题为"政治优先，关税冲击产业生存"的社论，同日发表题为"美国安大 棒《232条款》来势汹汹"的署名评论。 这两篇评论均提到，正在进行的美台关税谈判虽然给台湾很大的压力，但对台湾经济而言，更致命 的威胁来自美国《贸易扩展法》第232条。该条款授权美国总统可基于"国家安全风险"对进口 ...

Core Viewpoint - The article highlights the significant contributions of four award-winning scientists from the Beijing Institute of Life Sciences (BILS) to the field of life sciences, emphasizing the institute's unique environment that fosters innovation and original research [1][3][6]. Group 1: Achievements of Award-Winning Scientists - In the past decade, 14 scientists have received the Future Science Prize in the life sciences category, with notable contributions from Shao Feng, Li Wenhui, Zhou Jianmin, and Chai Jijie, all of whom conducted their groundbreaking research at BILS [3][4][5]. - Shao Feng was awarded the Future Science Prize in 2018 for his discovery of receptors and execution proteins involved in the inflammatory response to bacterial endotoxin LPS [3]. - Li Wenhui received the Future Science Prize in 2022 for identifying receptors for hepatitis B and D viruses, aiding in the development of more effective treatments [4]. - In 2023, Chai Jijie and Zhou Jianmin were recognized for their pioneering work on the structure and function of anti-disease bodies in combating plant pests [5]. Group 2: Unique Environment at BILS - BILS, established in 2003, operates without administrative levels or fixed positions, allowing scientists to independently determine their research directions and alleviating funding concerns [6][7]. - The institute's supportive environment encourages scientists to take risks and explore new research areas, as exemplified by Shao Feng's transition from studying bacterial infections to discovering the molecular mechanisms of cell death [12][14]. - Li Wenhui emphasized the importance of a "fact-based" approach at BILS, where open discussions and constructive criticism during weekly meetings foster a culture of rigorous scientific inquiry [23][25]. Group 3: Collaborative Research and Innovation - The collaboration between Chai Jijie and Zhou Jianmin began serendipitously during their time at BILS, leading to significant advancements in understanding plant immunity [31][33]. - Their joint research efforts culminated in the discovery of anti-disease bodies, marking a milestone in the field of plant innate immunity, which was recognized with the Future Science Prize [33][34]. - The institute's culture of collaboration and mutual support among scientists has been pivotal in driving innovative research and achieving notable scientific breakthroughs [36][39].

Core Viewpoint - The rise of group broadcasting (团播) on platforms like Douyin, Xiaohongshu, and Kuaishou has been significant, with Douyin's average daily group broadcast rooms increasing from 4,000 in mid-2024 to over 7,500 currently [1][6]. Group 1: Group Broadcasting Dynamics - Group broadcasting involves multiple participants operating a live streaming account, allowing for diverse interactions among group members, hosts, and fans, which attracts a broader audience demographic [13]. - The competitive nature of group broadcasts is highlighted by events such as the intense fan battles for top positions, where contributions are measured by monetary gifts and likes, creating a dynamic environment [4][5]. - The operational model of group broadcasting has evolved from individual streaming to a more structured approach, with companies like Jinghong Culture establishing professional live streaming studios and systems to enhance performance [14][15]. Group 2: Financial Aspects and Revenue Generation - The primary revenue model for group broadcasts remains through viewer donations, with a structured competition system designed to encourage ongoing viewer engagement and financial contributions [19]. - The revenue distribution typically involves a 50% cut for the platform, with the remaining split among the agency and the streamer, indicating a competitive financial landscape [19]. - Companies are exploring diversified revenue streams, such as ticketed offline events for group broadcast hosts, indicating potential growth in the sector [20]. Group 3: Industry Trends and Future Outlook - The group broadcasting industry is transitioning towards professionalization, driven by platform regulations and talent upgrades, with a focus on content innovation and technical improvements [19][20]. - There is optimism about the future of group broadcasting, with plans to incorporate traditional entertainment formats into live streaming, potentially expanding the content offerings available to audiences [20]. - The industry is witnessing a shift in focus from individual talent to organizational capabilities, emphasizing the importance of a well-structured operational framework [15].