随着这一纸公告落地，这家成立27年的老牌公募正式告别"江 向阳时代"，未来的发展航向交到张东的手中。 作者： 陈姗 封图：图虫创意 博时基金正式迎来新一轮掌舵人交替。 10月15日晚间，博时基金发布高级管理人员变更公告，张东出任公司董事长暨法定代表人，并自即日起代为履行总经理职务，期限不超过6个月。与 此同时，原董事长江向阳因工作变动原因辞任。 随着这一纸公告落地，这家成立27年的老牌公募正式告别"江向阳时代"，未来的发展航向交到张东的手中。业内正密切关注，这位来自招商系的财富 管理老将将如何带领博时基金开启新一轮战略布局。 十年掌舵落幕 江向阳早期曾在中国证监会的多个部门担任要职，其于2015年7月开始担任博时基金总经理，2020年4月就任该公司董事长，执掌博时基金超过十 年。 记者从业内了解到，江向阳已赴招商局集团旗下全资子公司招商局融资租赁有限公司开展工作，担任党委书记。 如何落子公募新棋局 博时基金成立于1998年7月，是中国内地首批成立的五家基金管理公司之一。目前，其共有六家股东，分别为招商证券股份有限公司、中国长城资产 管理股份有限公司、上海汇华实业有限公司、天津港（集团）有限公司、上海盛业股权投 ...

Core Viewpoint - The article emphasizes the need to mature outdoor concepts and standardize outdoor activities, advocating for a balanced approach between regulation and openness by government departments [1]. Group 1: Outdoor Activity Trends - Outdoor activities such as hiking and camping are increasingly becoming mainstream leisure activities, moving away from being niche lifestyles [2]. - The rise in popularity of outdoor activities has led to increased consumer spending and a richer spiritual life for individuals [2]. Group 2: Challenges and Responsibilities - The surge in outdoor enthusiasts has not been matched by adequate preparation from individuals, institutions, and government, leading to negative incidents such as environmental damage and safety issues [4]. - Recent incidents highlight the need for personal responsibility in outdoor activities, including awareness of "Leave No Trace" principles and safety precautions [5]. Group 3: Individual Awareness and Safety - Individuals engaging in outdoor activities should prioritize two key awareness aspects: "Leave No Trace" and safety boundaries [5]. - The article warns against blindly following social media trends without proper knowledge of routes and safety measures, which has contributed to frequent accidents [6]. Group 4: Regulatory Approaches - The article argues that "wild routes" are not inherently problematic; instead, there is a need to guide outdoor concepts towards maturity and standardization [6]. - Successful examples from other countries, such as the U.S. and Switzerland, show that outdoor activities can be encouraged with proper management and support systems in place [6]. Group 5: Local Initiatives - Some regions in China are beginning to implement structured hiking systems to channel the enthusiasm for outdoor activities into regulated paths, enhancing safety and organization [7]. - The development of hiking routes in areas like Shenzhen and Jiangxi demonstrates progress in integrating public interest in outdoor activities with safety measures [7].

Core Viewpoint - The article discusses the challenges and experiences of individuals applying for consumer loan interest subsidies, highlighting the importance of loan interest rates and the successful application of subsidies [2][3][4]. Group 1: Application Process and Challenges - Applicants generally find it easy to apply for loan interest subsidies, but the key concern is obtaining loans at low interest rates and ensuring the subsidies are successfully applied [2][3]. - The experience of a consumer, Ms. Huang, illustrates the confusion surrounding the subsidy process, particularly regarding early repayments and the lack of immediate feedback on subsidy status [3][4]. - Banks require that the loan funds be used for genuine consumption, and the identification of such transactions is crucial for subsidy approval [4][12]. Group 2: Interest Rates and Loan Types - The interest rates for consumer loans from state-owned banks are generally lower than those from joint-stock commercial banks, with many applicants securing loans at around 3.0% [14][15]. - The article notes that the maximum subsidy rate is 1% per annum, applicable to loans used for specific consumption categories, with a cap on total subsidies [6][8]. Group 3: Successful Subsidy Claims - Successful subsidy claims depend on the proper use of loan funds and the identification of transactions as genuine consumption, with some applicants successfully receiving subsidies after meeting these criteria [10][11]. - The article provides examples of individuals who successfully received subsidies, emphasizing the importance of using company accounts or verified payment methods for transactions [10][11]. Group 4: Variations in Bank Policies - Different banks have varying policies regarding the application and approval of subsidies, with some requiring additional documentation or specific account types to facilitate the process [12][16]. - The article highlights the experiences of individuals who faced challenges in securing loans from joint-stock banks, often due to stricter eligibility criteria compared to state-owned banks [15][16].

它不再简单地对标iPhone，而是要开创一个全新的品类—— AI Phone。 作者： 陈今 封图：图片资料室 当荣耀 CEO李健在2025年10月15日荣耀Magic8系列发布会的尾声，以一句经典的"One More Thing"揭晓一款名为"Robot Phone"（机器人手 机）的颠覆性概念产品时，台下的惊叹声与线上直播间刷屏的问号，汇成了一个共同的感慨： "这还是我认识的那个荣耀吗？"。 曾几何时，荣耀给市场的印象是一位在惊涛骇浪中奋力 "求生存"的坚韧斗士，在参数、配置与性价比的红海中，凭借扎实的基本功稳住阵脚。然而， 自2025年1月，李健走马上任CEO以来，这艘航船正以一种近乎决绝的姿态，猛然调转船头， 驶向一片名为"全球领先的AI终端生态"的未知蓝海 。 Magic8系列，便是这场变革宣言的第一个实体样本。它不再简单地对标iPhone，而是要开创一个全新的品类——AI Phone。它不仅是一部更智能的 手机，能娴熟地帮用户比价、抢票、修图，更被赋予了一种"生命感"—— 一个能够在使用中不断学习、与用户共同成长的智能伙伴 。 而那惊鸿一瞥的 Robot Phone，则预示着荣耀的野心远不止于此， ...

Core Viewpoint - The reliance of emerging market countries on the US dollar in international transactions is decreasing due to geopolitical changes, rising tariff barriers, and fluctuations in the US interest rate cycle, leading to an increase in the use of the Renminbi (RMB) in cross-border transactions [1][2]. Group 1: RMB Internationalization - The 138th China Import and Export Fair (Canton Fair) has seen an increase in the use of RMB as a trade settlement currency among exporters [2]. - Reports from institutions like China Construction Bank and CICC indicate significant growth in the use of RMB for cross-border trade settlement and financing from 2024 to 2025 [2]. - The RMB's acceptance as a trade settlement currency is particularly notable in "Global South" economies, including Southeast Asia, the Middle East, Africa, and Central Asia [3]. Group 2: Company Experiences - Suzhou Grun德 Electric Co., Ltd. has seen an increase in RMB trade settlements initiated by European clients, with RMB transactions now accounting for a growing portion of their business [6]. - Similar trends are observed at CaiXun Industrial (Shenzhen) Co., Ltd., where the proportion of RMB settlements has risen from 0% to approximately 40% for Russian clients [7]. - Jiangsu Jinpeng Group has reported a significant increase in African clients opting for RMB settlements, with the number of such clients doubling from last year [7]. Group 3: Cross-Border RMB Settlement Data - In June, the Bank of China reported that the cross-border RMB settlement volume exceeded 43 trillion yuan, a 31% year-on-year increase, while the cross-border RMB clearing volume reached 131.4 trillion yuan, up 49% [8]. - The CICC report highlighted the weakening credibility of the US dollar due to its misuse and the imposition of tariffs, suggesting a shift towards a more fragmented and diversified global monetary system [8]. Group 4: Challenges and Outlook - Despite the positive trends, companies face challenges in using RMB for international transactions, including low liquidity and high financial costs associated with offshore RMB [11]. - A survey indicated that 60% of companies cited low liquidity and high costs as major barriers to using RMB, while 50% reported that counterparties were unwilling to use RMB [11]. - Optimism remains, with 57% of domestic companies and 69% of foreign companies expecting to increase their use of RMB in cross-border trade settlements by 2025 [12].

Core Viewpoint - The zinc market is facing downward price pressure across the entire supply chain, from mining to smelting, leading to compressed profit margins. This unusual "internal weakness and external strength" market structure is reshaping global zinc trade flows and presenting unprecedented challenges to the domestic zinc industry [1][3]. Supply and Demand Dynamics - Domestic zinc ingot social inventory has surged to 163,100 tons, significantly up from around 100,000 tons earlier this year, indicating a clear supply-demand imbalance with increased supply and weak consumption [2]. - Since August, a rare divergence in domestic and international zinc markets has emerged, characterized by a strong rise in LME zinc prices from approximately $2,700/ton to a peak of $3,004/ton, while domestic zinc prices have fluctuated between 22,000 and 22,500 yuan/ton, showing weakness [2][6]. - The extreme price disparity has caused the Shanghai-LME ratio to drop to 7.4, resulting in import losses exceeding 5,000 yuan/ton, the highest level since 2022 [2][7]. Processing Fees and Market Behavior - There is a notable divergence in processing fees, with imported zinc concentrate processing fees rising while domestic processing fees are declining. As of September 20, domestic processing fees fell to around 3,850 yuan/ton, while imported processing fees rebounded to over $110/ton [8][9]. - The decline in domestic processing fees is attributed to the worsening Shanghai-LME ratio, leading domestic smelters to prefer purchasing domestic ore, tightening its supply and allowing suppliers to increase prices [10]. Production and Consumption Trends - Domestic zinc mine production in August was 370,000 tons, stable month-on-month but up 3% year-on-year, with expectations of slight improvement in September as production normalizes post-summer [12]. - Domestic refined zinc production reached a record high of 620,000 tons in August, with a year-on-year growth rate of 28%, indicating a recovery from previous lows [14][15]. - Zinc consumption remains weak, with actual consumption in August at 590,000 tons, down 2% month-on-month and 5% year-on-year, reflecting a seasonal downturn [18]. Economic Indicators and Market Outlook - Macro-economic data supports the view of weak zinc consumption, with significant declines in infrastructure and real estate investments, which are closely linked to zinc demand [19]. - Domestic zinc ingot inventory has increased significantly, reaching 160,000 tons by September 20, with projections suggesting it could rise to around 250,000 tons by year-end [20]. - In contrast, LME zinc ingot inventory continues to decline, recently dropping below 50,000 tons, which may prevent significant price drops in the near term [21]. Future Market Predictions - The overall zinc market fundamentals appear weak due to increased supply and weak consumption, yet the market has not shown a significant downward trend due to macroeconomic support and the ongoing decline in LME inventories [23][24]. - Short-term predictions indicate that while global economic conditions may support metal prices, domestic supply remains ample, limiting the potential for significant price increases in the domestic market [25].

Core Viewpoint - The article highlights a shift in the perception of gold among younger investors, who now view it as a flexible asset reserve rather than a static investment, allowing for buying during price dips and selling during peaks [2][4]. Group 1: Investment Behavior - Young investors are breaking traditional views of gold investment, treating it as a flexible asset that can be bought and sold based on market conditions [2][4]. - Zhao Yuan, a 95-born investor, sold her wedding gold bars for a profit of 184,000 yuan after the gold price surged, demonstrating the practicality of this new investment approach [3][7]. - The article illustrates how different individuals, like Zhao Yuan and Zhang, have adapted their investment strategies to capitalize on rising gold prices, moving away from traditional gold jewelry purchases [6][9]. Group 2: Price Trends - The international gold price exceeded $4,000 per ounce, while domestic futures prices reached over 900 yuan per gram, indicating a significant increase in gold value [3][7]. - The price of gold jewelry in China has also risen, with prices around 1,200 yuan per gram, reflecting the overall bullish trend in the gold market [3][7]. - The article notes that gold prices have been influenced by various factors, including international geopolitical events and monetary policy changes, leading to fluctuations in the market [20]. Group 3: Personal Experiences - Zhao Yuan's decision to invest in gold bars instead of traditional jewelry was driven by concerns over high processing fees and the potential for better liquidity [6][7]. - Zhang's experience with gold jewelry turned from a sentimental investment to a practical decision to sell after a breakup, highlighting the emotional and financial aspects of gold investment [10][12]. - The article discusses the experiences of other investors, like Hou, who are contemplating selling their gold due to rising prices, showcasing a common trend among younger investors [15][17]. Group 4: Market Risks - The article mentions the volatility in gold prices and the risks associated with short-term trading, as illustrated by Zhao Yuan's experience with speculative trading leading to significant losses [19][20]. - Financial institutions are advising investors to be cautious and manage their positions wisely in light of the fluctuating gold market [20].

Core Viewpoint - The article discusses the asset disposal related to Xu Xiang's case, particularly focusing on the auction and transfer of shares in Daheng Technology, which has implications for Xu's divorce proceedings and the ongoing asset liquidation process [2][3][4][5]. Group 1: Asset Disposal and Company Changes - Daheng New Era Technology Co., Ltd. announced a change in its actual controller from Zheng Suzhen to no actual controller [2]. - Zheng Suzhen, Xu Xiang's mother, sold her shares in Daheng Technology for 1.712 billion yuan, yielding a profit of 510 million yuan compared to her original purchase price [6][10]. - The shares sold were part of a judicial auction ordered by the Qingdao Intermediate People's Court, which had previously frozen Zheng's shares due to Xu's legal issues [8][9]. Group 2: Financial Performance and Historical Context - Daheng Technology's revenue for the first half of 2025 was 844 million yuan, with a net loss of 2.7405 million yuan, indicating a significant decline compared to the company's performance when Zheng took control [9]. - In 2015, Daheng Technology's revenue was 2.682 billion yuan, showcasing a stark contrast to its current financial state [7]. Group 3: Ongoing Legal and Financial Issues - Multiple asset disposals related to Xu Xiang's case are still ongoing, including shares in Wenfeng Co., Ningbo Zhongbai, and Huayi Family, with various stages of judicial proceedings [11][13][14]. - The divorce proceedings between Xu Xiang and Ying Ying are complicated by the ongoing asset liquidation, with the court previously denying Ying's request for divorce due to insufficient evidence of a breakdown in their relationship [12].

Core Viewpoint - The article highlights the transformation of Luozhuang Village into a leading hub for gourd production in China, driven by the return of young people and the development of a robust gourd industry that now accounts for over 70% of the national market share in gourds [1][4]. Group 1: Gourd Industry Development - Luozhuang Village, known as "China's Gourd Capital," has seen significant infrastructure improvements, with many new two-story buildings and shops dedicated to gourd-related businesses [3][4]. - The village's gourd production has a rich history, dating back to the Han Dynasty for cultivation and the Song Dynasty for processing techniques, with the gourd carving recognized as a national intangible cultural heritage [4][10]. - The annual Gourd Cultural and Arts Festival attracts thousands of buyers, with last year's event generating a transaction volume of 290 million yuan over four days [5]. Group 2: Economic Impact - Gourd cultivation is highly profitable, with farmers earning at least 20,000 yuan per mu, compared to only a few thousand yuan for other crops like garlic [5][11]. - The gourd industry in Tangyi Town, where Luozhuang is located, generates an annual comprehensive economic benefit of 1.8 billion yuan [41]. Group 3: Innovation and Market Trends - The introduction of new gourd varieties, such as the "Tianjin Mouth" gourd, has led to a significant increase in the number of gourd types available, enhancing market competitiveness [18][20]. - The village has embraced modern marketing strategies, with over 400 online stores and a shift towards live-streaming sales on platforms like Douyin and Kuaishou, moving away from traditional e-commerce [33][34]. Group 4: Cultural and Creative Products - There is a growing trend of creating innovative gourd products aimed at younger consumers, including unique designs and creative items that appeal to modern tastes [27][28]. - The integration of traditional craftsmanship with contemporary design has attracted a diverse customer base, including those interested in both traditional and modern gourd art [42].

Core Viewpoint - JD.com is at a critical juncture in 2025, requiring a new narrative to support future growth as it ventures into new markets like food delivery and automotive sales [1][3]. Group 1: Strategic Moves - On October 14, JD.com announced a collaboration with GAC and CATL to launch a car, marking its entry into the automotive industry [2]. - JD.com clarified that it will focus on selling cars rather than manufacturing them, leveraging its consumer insights and exclusive sales capabilities [3]. - The company's recent moves, including entering the food delivery market and automotive sales, reflect a strategic attempt to find new growth avenues amid slowing traditional e-commerce growth [4]. Group 2: Market Challenges - JD.com faces unprecedented growth pressures due to the saturation of mobile internet traffic and challenges from live-streaming e-commerce models [4]. - The slowing growth rate in financial reports and cautious market sentiment indicate that merely optimizing existing business lines is insufficient for future growth [4]. Group 3: Transformation and Adaptation - The company is attempting to address low-frequency consumption patterns by entering high-frequency markets like food delivery, while also targeting high-value sectors like automotive sales [5]. - Historical examples, such as Fujifilm's successful transformation, illustrate that large companies can pivot effectively, but it requires strategic foresight and adaptability [6]. - JD.com's aggressive cross-industry moves signify a necessary evolution, despite the inherent risks and challenges associated with such transformations [6].