Core Viewpoint - The article highlights the significant contributions of Li Wenhui in the field of hepatitis B research, particularly his discovery of the hepatitis B virus receptor, which has the potential to lead to more effective treatments for hepatitis B and D [3][12]. Group 1: Research Achievements - Li Wenhui is recognized for his groundbreaking discovery of the sodium taurocholate co-transporting polypeptide (NTCP) as the functional receptor for hepatitis B and D viruses, marking a milestone in the field [12]. - The World Health Organization reported that viral hepatitis is the second leading cause of infectious disease deaths globally, with approximately 1.3 million deaths in 2022, 83% of which were due to hepatitis B [10][11]. - China has around 100 million hepatitis B carriers, with approximately 300,000 deaths annually due to hepatitis-related diseases, highlighting the urgent need for effective treatments [10][11]. Group 2: Company Development - Li Wenhui co-founded the innovative pharmaceutical company Huahui Anjian in 2015, focusing on developing safer and more effective treatments for hepatitis B and D [3][28]. - The company's leading drug, Libeweita, has received acceptance for market application from the National Medical Products Administration and is expected to be approved within the year [29]. - The company emphasizes a culture of openness and high standards, with a principle that if the team would use the drug themselves, then it is worth developing [29]. Group 3: Scientific Philosophy - Li Wenhui believes in the importance of "seeking truth from facts," which fosters an environment conducive to original innovation and rigorous scientific inquiry [23][24]. - The weekly PI Club meetings at the Beijing Institute of Life Sciences encourage open discussions and constructive criticism among scientists, which is crucial for advancing research [25][26]. - Li Wenhui enjoys the exploratory nature of scientific research, likening it to a journey rather than a race, emphasizing the joy found in the process of discovery [19][17].

Core Viewpoint - The article discusses the low underwriting fees for bond issuance by Guangfa Bank, raising concerns about "price-cutting" competition among underwriters in the bond market [1][2][25]. Group 1: Bond Issuance and Underwriting Fees - Guangfa Bank has not disclosed plans for the issuance scale of its 2025-2026 secondary capital bonds, but it issued two tranches totaling 26 billion yuan in 2024 [1][15]. - The underwriting fee for the bond issuance was reported to be as low as 700 yuan, which is considered a "floor price" in the industry [1][15]. - The underwriting service fee for the six selected underwriters totaled only 63,448 yuan, with a tax rate of 6% [5]. Group 2: Industry Response and Investigations - The China Securities Association has initiated a self-regulatory investigation into six main underwriters due to concerns over the low fees associated with Guangfa Bank's bond project [3][25]. - The association's investigation may impact the results of the recent bidding process for the bond underwriting [7]. - Previous instances of low pricing in bond underwriting have drawn regulatory scrutiny, indicating a pattern of "price-cutting" competition in the industry [21][22]. Group 3: Market Competition and Trends - The bond underwriting market is highly competitive, with leading firms dominating the rankings based on total underwriting amounts and numbers [20][21]. - The article highlights that the current trend of "price-cutting" among underwriters is a response to the fierce competition for market share [19][21]. - Regulatory bodies have previously issued guidelines to curb unreasonably low underwriting fees, emphasizing the need for fair competition in the market [24].

相比其他跨国品牌仅仅将老旧车型生产线放在巴西，以比亚迪 为代表的中国新能源车企不仅带来全球同步的新产品，还带来 全球同步的产业链。这是中国车企出海过程中，与其他国家车 企大为不同的地方。 作者：高飞昌 封图：受访者供图 当地时间7月2日，在巴西巴伊亚州萨尔瓦多市的MAC艺术博物馆外，包括经济观察报在内的中国媒体守候在此，等待对巴西总统卢拉的采访。因时间 关系，此次采访没能成行。中国媒体目睹了巴西总统车队从院落中驶出大门的过程。在这个车队中，来自中国品牌比亚迪、奇瑞的汽车非常惹眼。其中 一辆红色的比亚迪唐，据称就是卢拉的座驾。 巴西总统车队 这是一次临时安排的采访。卢拉来到萨尔瓦多，是为了出席于当日举办的巴伊亚州独立日活动。当天萨尔瓦多市区有大量的民众身着民族服装，在热闹 的音乐鼓点和桑巴舞步中欢庆节日。在MAC艺术博物馆里，卢拉会见了比亚迪执行副总裁李柯。前一日（7月1日），比亚迪在巴伊亚州卡马萨里市的 乘用车工厂完成首车下线，李柯专程为此而来。 在比亚迪卡马萨里乘用车工厂下线仪式上，也有舞蹈演员表演了桑巴舞的欢迎仪式。这是一种象征，随着在巴西本地工厂的新车下线，比亚迪在巴西市 场跳起了属于自己的桑巴舞。 比 ...

反内卷的本质就是让生意的归生意。就此而言，企业要提升产 品品质，创新求胜，地方政府也要各归其位。决策层对此显然 有深刻的认识。去年的中央经济工作会论及综合整治"内卷 式"竞争时，讲的正是"规范地方政府和企业行为"。 作者：社论 封图：图虫创意 对地方政府来说，当务之急是依法依规加强治理、精准施策，不干预市场，不提供妨碍市场公平的 竞争条件，打破地方保护主义，让生产要素能自由流动，促企业运行机制通畅，保营商环境优良， 如此才能实现优胜劣汰，进而推动中国经济走出内卷的怪圈。 7月8日，33家建筑类企业联合发出建筑行业反内卷倡议书，共同推动行业转型，摒弃"内卷式"竞 争。之前已经有包括汽车、纺织、玻璃、钢铁、光伏等在内的几十个行业发出了反内卷的倡议书。 中国经济的反内卷之战正在持续深入。 然而， 最近几年，无论是光伏还是新能源汽车行业，大规模并购重组并没有出现。 就算是那些持 续巨亏的企业，也依然硬挺着"我就活给你看"。何以如此？ 不得不说，这背后依然有地方政府的影子。还是以光伏行业为例，很多光伏项目既是地方政府招商 引资的结果，也是政府扶持的样板企业。在一些地方政府眼中，企业被并购或者退出市场就意味着 项目失败。 ...

Core Viewpoint - Qingzhou has evolved into a significant hub for tropical plant cultivation, leveraging its historical strengths in the flower industry to meet the diverse preferences of different generations, particularly the younger demographic [1][4]. Group 1: Industry Development - The total output value of tropical plants in Qingzhou has surpassed 1 billion yuan [3]. - Qingzhou is recognized as the "Hometown of Flowers" in China, previously accounting for 80% of the country's succulent plants and being a major production area for various flowers [3]. - The city has developed a unique "farmer + enterprise" model, combining the expertise of experienced farmers with the capabilities of enterprises [3][19]. Group 2: Market Trends - The popularity of tropical plants, such as the white monstera, has surged among young consumers, leading to a significant increase in cultivation in Qingzhou over the past five years [2][11]. - The first tropical plant exhibition held in Qingzhou attracted over 100 domestic exhibitors and more than 60 international exhibitors, showcasing the city's growing influence in the tropical plant market [5][6]. Group 3: Key Players - Hao Jian, known as the first person in Qingzhou to cultivate tropical plants, successfully introduced the white monstera, which significantly impacted the local market [2][9]. - Wang Xinguo, president of the Qingzhou Flower Association, emphasized the need for Qingzhou to transition from merely a planting base to an international platform for tropical plant cultivation, technology exchange, and trade [6][11]. Group 4: Technological Advancements - Companies like Qianhui Qianzi have made significant progress in breeding techniques for tropical plants, such as the colorful taro, which is expected to become a major revenue source [23]. - The long-term investment in breeding and technology has allowed Qingzhou to maintain a competitive edge in the tropical plant sector, with a focus on developing new varieties [26][28]. Group 5: Economic Impact - Local farmers can earn between 200,000 to 300,000 yuan annually from flower cultivation, significantly higher than other crops [20]. - The rapid entry of farmers into the tropical plant market has led to price adjustments, demonstrating the dynamic nature of the industry [21]. Group 6: Future Outlook - Qingzhou aims to become a national and international center for tropical plants, focusing on variety innovation and expanding its market influence through e-commerce [38].

Core Viewpoint - The global energy storage market is expected to grow significantly starting in 2025, particularly in emerging markets like Africa, where the demand for solar energy storage projects is increasing, leading to notable changes in local logistics and transportation [1][6]. Group 1: Market Dynamics - By 2025, the logistics landscape in Africa, especially in countries like the Democratic Republic of the Congo (DRC), is shifting towards a higher volume of solar panels and energy storage batteries, with estimates indicating that 70% of containers sent to DRC are now filled with these products [7][16]. - The construction of energy storage projects in DRC is gaining momentum, with a recorded total scale exceeding 29.21 GWh, making it a key location in the global energy storage market [11]. Group 2: Logistics and Transportation - The transformation of the Dar es Salaam port is evident, with a significant increase in the storage of lithium-ion battery packs, which now occupy most of the previously used space for construction machinery [14][16]. - The logistics requirements for transporting energy storage equipment have become more stringent, with a focus on reducing shipping times to under 40 days and extending free container usage periods to 21 days [22][23]. Group 3: Investment Opportunities - The DRC's rich mineral resources, particularly in copper and cobalt, make it an attractive destination for Chinese companies looking to invest in solar energy storage projects [5][10]. - The introduction of off-grid solar storage systems is seen as a viable solution for local mining companies facing power shortages, with potential partnerships being formed to facilitate these projects [52][64]. Group 4: Challenges and Considerations - The logistics and funding issues are critical challenges for the implementation of energy storage projects, with long shipping times and high costs impacting project viability [39][65]. - Regulatory hurdles, such as customs clearance and the need for specific permits for hazardous materials, pose additional challenges for companies looking to establish energy storage solutions in the DRC [54][62].

Core Viewpoint - Chengdu is accelerating its development as a world cultural tourism city and an international consumption center, focusing on the deep integration of culture, commerce, tourism, and sports [3][23]. Group 1: Cultural and Tourism Development - Chengdu has been designated as a key player in building a "world-class cultural tourism destination" as per the Sichuan Provincial Committee's decisions [6]. - The city boasts a rich cultural heritage, with a history of over 4,500 years and a unique blend of local cultures such as tea culture, hot pot culture, and Sichuan opera [6][4]. - Chengdu aims to create a vibrant urban lifestyle that attracts global tourists by offering immersive experiences that combine history, present-day culture, and future aspirations [7][8]. Group 2: International Consumption Center - To establish itself as an international consumption center, Chengdu is enhancing its consumer environment to be more accessible and convenient for international visitors [11][13]. - The city has implemented a comprehensive plan to ensure 100% foreign language service coverage in key commercial areas by 2025, aiming for 90% coverage of foreign residents within a 15-minute living radius [13][14]. - Chengdu has introduced advanced payment systems, including 42,000 smart payment terminals supporting 40 languages, and has achieved 100% coverage of foreign card POS machines in major shopping districts [15][16]. Group 3: Youth Engagement and Global Sharing - Chengdu is increasingly appealing to the younger generation, with 45.87% of its population aged between 14 and 45, fostering a vibrant and dynamic urban atmosphere [20]. - The city is leveraging cultural innovation to promote local products globally, exemplified by the successful showcasing of traditional crafts at international events [18][19]. - The upcoming World Games in Chengdu will serve as a platform to further promote the city as a cultural tourism hub and an international consumption center [21][22].

Core Viewpoint - The increase in work intensity among bank employees is closely related to the pressure of business assessments, leading to a feeling of being "data-driven" in their roles [1][11]. Group 1: Work Intensity and Data Utilization - Employees like Zhao Fei have experienced a significant increase in work intensity due to the implementation of daily business data reporting, which has shifted their work from a passive to an active approach in client engagement [2][11]. - The construction of data platforms in banks has improved the timeliness of data collection and analysis, allowing for quicker business optimization decisions, but has also resulted in increased task metrics for frontline employees [3][5]. - The shift from weekly to daily reporting of business performance has led to a reported increase in workload by at least 30% for some employees, causing stress and sleep issues due to performance pressures [5][11]. Group 2: Decision-Making Efficiency - Enhanced data timeliness has improved decision-making efficiency at various levels within banks, allowing branch leaders to quickly grasp the latest operational status and adjust strategies accordingly [6][7]. - Real-time performance data enables branch leaders to monitor key performance indicators and respond to anomalies, thereby supporting effective operational decisions [7][8]. - The development of personal performance dashboards for frontline employees has motivated them to improve their performance, although it has also led to complaints about increased pressure and workload [8][11]. Group 3: Employee Sentiment and Management Pressure - Employees express anxiety over their performance rankings, fearing repercussions from management if their branch's performance declines [9][10]. - The competitive environment created by daily performance monitoring has led to a culture of constant oversight and pressure to meet targets, resulting in a significant change in employee behavior and work dynamics [10][11]. - There is a growing desire among employees for a more balanced work environment that allows for effective performance without excessive pressure from constantly changing business targets [11].

Core Viewpoint - The article discusses the recent recovery in sales of joint venture car manufacturers in China, highlighting the factors contributing to this turnaround and the ongoing challenges in the electric vehicle (EV) transition [1][2]. Sales Performance - In the first half of 2025, most joint venture car manufacturers, except for Honda and Dongfeng Nissan, experienced sales growth, with FAW Toyota leading at a 16% increase [2][3]. - FAW-Volkswagen sold 436,100 vehicles, a 3.5% increase, while SAIC Volkswagen's sales reached 523,000, up 2.3% [3][4]. - The overall retail sales of mainstream joint venture brands in June increased by 5% year-on-year, with classic fuel vehicles like the Lavida and Sagitar performing well [4]. Fuel Vehicle Recovery - Joint venture manufacturers have relied on fuel vehicles to recover from previous declines, with notable increases in market share for brands like FAW-Volkswagen and GAC Toyota [3][4]. - The performance of fuel vehicles has been bolstered by the introduction of intelligent features, as manufacturers recognize the need to enhance competitiveness in this segment [7][8]. Electric Vehicle Challenges - Despite the recovery in fuel vehicle sales, joint venture brands continue to struggle in the EV market, with a penetration rate of only 5.3% compared to 75.4% for domestic brands [4]. - The lack of standout models in the EV segment has hindered growth, with only a few models like Volkswagen's ID series and Toyota's bZ series showing relative success [4]. Strategic Adjustments - Analysts suggest that joint venture manufacturers have adjusted their strategies to focus on fuel vehicle intelligence and have partnered with local tech companies to enhance their offerings [7][9]. - The shift towards localization in management and product development is seen as a crucial factor for improving market performance [9][10]. Future Outlook - The market share of foreign and joint venture brands is projected to decline, with predictions suggesting a drop from 40% to around 10% in the next 3-5 years [13][14]. - The electric vehicle transition remains a critical issue, with many manufacturers reconsidering their aggressive EV plans due to profitability concerns and changing market dynamics [12][14]. - The competition is expected to intensify between domestic EV brands and traditional fuel vehicle manufacturers, with both sides facing unique challenges [14][15].

Core Viewpoint - The delayed dividend distribution from Sinovac Biotech has resulted in over 2 billion RMB cash dividends for at least four investors, with a staggering dividend yield of 850% based on the stock price at the time of suspension [1][2]. Group 1: Dividend Distribution - On July 10, Sinovac Biotech announced a cash dividend of $55 per share, totaling approximately $3.95 billion (around 280 billion RMB) based on 71.86 million total shares [5]. - The dividend distribution is seen as a significant return for long-term investors, who have been unable to trade shares in the secondary market since the company was suspended from NASDAQ in February 2019 due to governance issues [5][11]. Group 2: Shareholder Dynamics - Major shareholders benefiting from the dividend include: 1. Strong New Capital, approximately $688 million (about 4.93 billion RMB) [9]. 2. Sequoia Capital, approximately $593 million (about 4.25 billion RMB) [9]. 3. Yin Weidong, approximately $350 million (about 2.5 billion RMB) [9]. 4. Dinghui Investment, approximately $330 million (about 2.36 billion RMB) [9]. 5. Shangrong Capital and Weiwang Capital, each approximately $320 million (about 2.33 billion RMB) [9]. Group 3: Governance and Control Struggles - Sinovac Biotech has been embroiled in a control struggle for seven years, with two competing boards of directors and claims of legitimacy from both sides [3][16]. - The company must submit a compliance rectification plan to NASDAQ by July 15 to avoid delisting risks [3]. - The ongoing disputes have led to a complex situation where two boards, led by different chairpersons, claim authority over the company [16][17]. Group 4: Legal and Regulatory Context - The special shareholders' meeting held on July 8 was marked by significant legal disputes regarding voting rights, particularly concerning the participation of Weiwang Capital and Shangrong Capital [19][22]. - The outcome of the meeting resulted in the election of a new ten-member board led by Yan Yan, which has been contested by the opposing faction [15][16]. - The legitimacy of the board changes and the associated legal battles have been ongoing since 2018, with multiple court rulings impacting the governance structure of Sinovac Biotech [21][22].