Core Viewpoint - The issuance of technology innovation bonds (科创债) has gained momentum, with various banks participating actively, indicating a strong market response to the supportive policies introduced for these bonds [2][6][12]. Group 1: Issuance Overview - As of July 3, 2025, a total of 419 technology innovation bonds have been issued, with an aggregate issuance scale exceeding 620 billion yuan, highlighting the growing interest in this financial instrument [2]. - Among the issuers, banks have emerged as the main players, having issued 27 bonds with a total scale of over 220 billion yuan [2][3]. Group 2: Bank Participation - Large banks lead in issuance scale, while small and medium-sized banks are also entering the market, with 11 banks participating in the issuance process [3][4]. - The issuance scale of city commercial banks and rural commercial banks collectively reached 391 billion yuan, with notable contributions from banks like Beijing Bank (80 billion yuan) and Shanghai Bank (50 billion yuan) [6][7]. Group 3: Interest Rates and Credit Ratings - The credit ratings of the issuers are predominantly high, with most banks rated AAA, except for one rated AA+ [3][7]. - The interest rates for technology innovation bonds vary, with large banks offering rates between 1.17% and 1.65%, while small and medium-sized banks have higher rates, with some reaching up to 1.95% [3][10]. Group 4: Fund Utilization - The funds raised through technology innovation bonds are primarily directed towards supporting technology loans and investing in bonds issued by technology innovation enterprises, creating a synergistic effect [11]. - Major banks have consistently used the proceeds for "issuing technology loans," while some also invest in technology innovation enterprises' bonds [11]. Group 5: Future Trends - The market is expected to see innovations in bond products and an expansion of issuing entities, with banks likely to introduce more flexible bond terms to cater to the specific needs of technology enterprises [12]. - There is a growing emphasis on technology finance as a strategic focus for banks, particularly among small and medium-sized banks, which may accelerate their participation in the technology innovation bond market [12].

本次会议提出， "纵深推进全国统一大市场建设，要聚焦重点难点"。 这些重点难点涉及依法依规 治理企业低价无序竞争、推动落后产能有序退出、规范政府采购和招投标、规范涉企执法专项行动 等诸多领域。坦率地说，这些领域发生的问题大部分都与一些地方政府的不当作为有关，理当作为 治理和规范的重点。 比如部分行业存在的低价无序竞争和落后产能退出难等问题，其中原因很多，但与地方政府的补贴 等各种政策扶持不无关系。光伏行业是一个显著的例子。隆基绿能董事长钟宝申曾经表示，光伏行 业的产能过剩，本质上是非市场化资源配置导致的，其中就包括了地方政府的招商意愿。 我们可 以观察到，不仅光伏产业，在一个新兴产业高速成长阶段，各地方往往一拥而上，采取各种鼓励政 策大上项目，导致产能迅速攀升，以致于产能过剩。 当出现这种情形时，各个地方又想方设法保 本地项目，甚至是一些"僵尸企业"。如此一来何谈优胜劣汰？市场化的出清就成了一件难事。 统一政府行为尺度，就是要把政府行为放在法律和制度的标尺 下度量，真正做到"法定职权必须为，法无授权不可为"。要让 这种度量阳光化透明化，接受群众监督。 作者：社论 封图：图虫创意 7月1日，中央财经委员会第六次 ...

Core Viewpoint - The article emphasizes the progress made in gender equality policies in China, highlighting the challenges and the ongoing process of overcoming issues related to gender equality [1][5][26]. Group 1: Gender Equality Policies - Over the past 40 years, significant advancements have been made in gender equality policies in China, including the introduction of laws such as the Anti-Domestic Violence Law and the Women's Rights Protection Law [5][27]. - The concept of gender equality was established as a fundamental national policy during the 1995 World Women's Conference in Beijing, marking a pivotal moment in the recognition of gender issues in decision-making [27]. Group 2: Family and Sustainable Development - Family plays a crucial role in promoting sustainable development, with marriage and parenting viewed as integral to this process [7]. - The importance of a scientific view on marriage and parenting is emphasized, suggesting that education on these topics should be integrated into university curricula [9][10]. Group 3: Family Education - Family education should extend beyond just parents educating children to encompass education among all family members, addressing the need for a broader understanding of family dynamics [15][16]. - The current Family Education Promotion Law is seen as limited, focusing primarily on parents' roles, and there is a call for a more comprehensive approach that includes respect for elderly family members [15][16]. Group 4: Challenges Faced by Women - Women face dual challenges in balancing career development and personal life, and it is important to communicate the positive aspects of motherhood rather than solely the burdens [11]. - The article discusses the need for supportive policies, such as maternity leave and childcare services, to facilitate women's return to the workforce after childbirth [21][22]. Group 5: Future Directions - The article suggests that future efforts should focus on improving family education and support systems, particularly for young parents and children in the early stages of life [22][23]. - There is a call for government policies to provide better financial support for childcare services, which could encourage higher birth rates and improve child socialization [22][23].

市场人士认为，创新药板块前期的上涨其实是缺少业绩增长支 撑的，是典型的"困境反转"行情，"但任何行情的走向最终离 不开业绩增长为基础，从2025年6月份开始，创新药板块行情 或将由此前的资本驱动转向盈利驱动"。 作者： 邹永勤 封图：图虫创意 "此次《若干措施》的出炉，是对过往一系列创新药扶持政策在连贯性方面的进一步强化。"郭永 智在接受记者采访时说。 郭永智是暨南大学药理学博士，目前在基金公司主要负责生物医疗大健康的投资，对创新药领域有 着长期的跟踪研究。据他介绍，自2019年百济神州的泽布替尼在美国成功获批实现零的突破后， 中国创新药企业的出海授权金额不断激增、全球化进程明显加快，加上AI制药技术不断完善，创新 药研发周期呈现大幅度缩短的趋势。 近日，创新药领域政策不断。 为进一步完善全链条支持创新药发展举措，推动创新药高质量发展，2025年6月30日，国家医保 局、国家卫生健康委联合对外印发《支持创新药高质量发展的若干措施》（下称《若干措施》）。 紧接着7月1日，国家医保局根据《若干措施》的要求，研究起草了《2025年国家基本医疗保险、 生育保险和工伤保险药品目录及商业健康保险创新药品目录调整工作方案（ ...

Core Viewpoint - The narrowing decline in tax revenue indicates a stabilizing Chinese economy, but the divergence between GDP and tax revenue continues to widen, with a projected gap of -8.4% in 2024 and -8.9% in Q1 2025 without significant tax cuts [1][2]. Tax Revenue Trends - In the first five months of 2025, national tax revenue reached 79,156 billion yuan, a decline of 1.6%, with the drop narrowing by 0.5 percentage points compared to the previous months [2]. - Different tax categories showed varied performance: domestic VAT, consumption tax, and personal income tax increased year-on-year, while import VAT, tariffs, and corporate income tax decreased [2]. Economic Factors Influencing Tax Revenue - The divergence between tax revenue and GDP growth is attributed to multiple factors, including macroeconomic price influences and structural industry changes [3]. - The GDP data reflects real growth excluding price effects, while tax revenue includes price changes, leading to discrepancies, especially in a low inflation environment [5]. PPI Impact - The Producer Price Index (PPI) has a significant effect on tax revenue, with a negative PPI contributing to lower nominal GDP growth and affecting tax bases for VAT and corporate income tax [7][9]. - In May, PPI fell by 0.4% month-on-month and 3.3% year-on-year, impacting tax revenue from value-added and corporate income taxes due to lower product prices [9][10]. Corporate Income Tax Trends - Corporate income tax revenue declined by 2.5% year-on-year in the first five months of 2025, with a projected annual decrease of 0.5% for 2024, primarily due to shrinking corporate profits [11]. - Factors contributing to profit contraction include PPI pressure, slowing demand, and the impact of tax incentives on taxable profits [12][13]. Structural Changes in Industries - Tax revenue is highly concentrated in a few industries, such as manufacturing and real estate, which are currently undergoing adjustments, affecting overall tax contributions [15]. - The transition from traditional fuel vehicles to electric vehicles is altering the tax base, as many new energy vehicle companies are not yet profitable, leading to reduced corporate income tax contributions [15]. Personal Income Tax Recovery - Personal income tax revenue increased by 8.2% year-on-year in the first five months of 2025, driven by economic recovery, improved tax administration, and increased income from financial market activities [18][19]. - The growth in personal income tax is supported by the rebound in service industries and contributions from flexible employment and emerging professions [19].

Core Viewpoint - The entry of Apple into the foldable smartphone market in 2026 is expected to redefine the rules, value distribution, and the overall shape of the category, creating significant anticipation among supply chain companies [1][4]. Group 1: Market Dynamics - The domestic foldable smartphone market has recently become active, with major releases from brands like Honor, Vivo, and Samsung, leading to a surge in related A-share stocks [2]. - The anticipation of Apple's entry has contributed to a rally in the consumer electronics sector, with companies like Lens Technology and Luxshare Precision seeing significant stock price increases [2]. - Analysts predict that Apple will begin mass production of its foldable iPhone in late 2026, with initial shipments expected to be in the millions [3]. Group 2: Current Market Challenges - The foldable smartphone market is currently experiencing a bottleneck, with many brands adopting a conservative approach and reducing their product lines [6]. - User growth has plateaued due to inherent issues such as creases, quality, price, and lower specifications compared to traditional smartphones, leading to a trend of users returning to standard devices after initial trials [6][9]. - Global data indicates a slowdown in foldable smartphone shipments, with a mere 9% year-on-year growth expected in Q1 2025, contrasting sharply with previous explosive growth rates [7]. Group 3: High-End Market Trends - Despite the overall smartphone market stagnating, high-end smartphones priced above 5000 yuan are seeing stable growth, with projections indicating a significant increase in sales [7]. - The penetration rate of foldable smartphones is expected to rise from 2.5% in 2023 to 4.2% in 2024, indicating a gradual acceptance in the high-end segment [8]. Group 4: Anticipation of Apple's Entry - Industry insiders believe that Apple's entry could lead to a significant increase in foldable smartphone sales, with 2026 being a pivotal year for the market [4][10]. - Apple's strategy of waiting for technology and supply chains to mature before entering the market is seen as a prudent approach, allowing it to leverage existing supply chain capabilities for better cost and quality management [12][13]. Group 5: Technical Challenges and Innovations - The high technical barriers in the foldable smartphone supply chain, particularly in precision manufacturing, new materials, and display technology, pose significant challenges [13][14]. - The cost structure of foldable smartphones is heavily influenced by the high-value components such as flexible screens and complex hinge mechanisms, which are critical to their functionality [14][15]. - Chinese supply chain companies are actively working to overcome these challenges, with advancements in materials and manufacturing processes being reported [15]. Group 6: User Experience and Market Expectations - The industry is shifting focus from merely producing foldable devices to ensuring they provide a satisfactory user experience, as many current models are perceived as "beautiful but impractical" [19][20]. - Apple's potential to enhance user experience through software optimization and ecosystem integration is viewed as a key factor that could drive the success of foldable smartphones [20][21]. - The need for a collaborative development model between brands and suppliers is emphasized, as the complexity of foldable technology requires joint efforts in research and development [22][23]. Group 7: Future Market Predictions - The entry of Apple is anticipated to either revolutionize the foldable smartphone market or solidify existing high-end market dynamics, depending on how well it addresses current hardware challenges [24]. - There are differing opinions on the future evolution of foldable smartphones, with some experts predicting new form factors like triple-fold or rollable designs, while others believe the focus will remain on optimizing existing shapes [25].

Core Viewpoint - The article highlights the experiences of middle-aged individuals, Wang Yong and Wang Jin, who faced job loss and successfully transitioned into new careers, showcasing resilience and adaptability in challenging circumstances [1][3]. Group 1: Wang Yong's Experience - Wang Yong, a 45-year-old real estate professional, was laid off due to the industry's downturn, which saw significant job cuts and project halts [2][5]. - After being laid off, Wang Yong initially struggled with feelings of inadequacy and anxiety about finding new employment, especially given his age and the shrinking job market [8][9]. - Through networking and leveraging his professional connections, Wang Yong secured a position as a department head in a city investment company, demonstrating the importance of maintaining industry relationships [22][28]. Group 2: Wang Jin's Journey - Wang Jin left her seven-year career in finance to pursue a role in health product sales, finding greater satisfaction in her new path despite initial struggles with mental health and personal challenges [10][32]. - After experiencing severe postpartum depression and a divorce, Wang Jin moved to a quieter environment, which aided her recovery and allowed her to explore new opportunities [15][13]. - Despite setbacks in her initial attempts at entrepreneurship, Wang Jin's resilience led her to discover a passion for sales in the health sector, indicating the significance of aligning career choices with personal interests [18][34]. Group 3: Broader Implications - The experiences of both individuals reflect a broader trend of middle-aged professionals navigating career transitions amid economic challenges, emphasizing the need for adaptability and continuous learning [35]. - The article suggests that many companies are facing talent shortages, indicating potential opportunities for skilled individuals to re-enter the workforce [35].

Core Viewpoint - The article highlights the divergent sales trends among various automotive brands in China, particularly focusing on the performance of brands based on their average selling prices, with lower-priced brands experiencing significant growth while higher-end brands face challenges [2][11]. Group 1: High-End Brands Performance - In the high-end segment (average price above 300,000 yuan), AITO's total deliveries in June reached 44,700 units, a year-on-year increase of 4.45% [3]. - Li Auto delivered 36,300 vehicles in June, a decline of 24.06% year-on-year, with a total of 203,900 units delivered in the first half of the year, up 7.91% [3]. - NIO delivered 14,600 vehicles in June, a year-on-year increase of 17.52%, but saw a 3.03% decline in total deliveries for the first half of the year [3]. - Lantu Automotive achieved over 10,000 units in June, marking an 83% increase year-on-year, with a total of 56,100 units delivered in the first half, up 85% [4]. - The performance of other high-end brands like Equation Leopard and Tengshi also showed significant growth, with Equation Leopard's June sales up 605.3% year-on-year [6]. Group 2: Mid-Range Brands Performance - In the mid-range segment (average price between 200,000 and 300,000 yuan), Xiaomi Auto delivered over 25,000 units in June, up from over 10,000 units last year, with a total of over 150,000 units delivered in the first half [10]. - Zeekr's sales in June were 16,700 units, a year-on-year decline of 16.93%, with a total of 90,700 units delivered in the first half, up 3.27% [8]. - Avita's June deliveries reached 10,000 units, reflecting a 117% year-on-year increase [10]. Group 3: Low-End Brands Performance - In the low-end segment (average price below 200,000 yuan), Leap Motor delivered 48,000 units in June, a year-on-year increase of over 138%, with a total of 221,700 units delivered in the first half, up 155.68% [11]. - Xiaopeng Motors delivered 34,600 units in June, a year-on-year increase of 224%, with a total of 197,200 units delivered in the first half, up 279% [11]. - Deep Blue Automotive achieved deliveries of 29,900 units in June, a 79% increase year-on-year, with a total of 143,200 units delivered in the first half, up 70.81% [12].

这个世界如何才能做到各美其美、美美与共，不同的文明如何相处和互鉴，人类才能拥有更好 的未来？结合本次论坛的主题和各项分议题，经济观察报采访了来自不同国家和地区的学者与 专家，以下是来自他（她）们的观察、思考和期望。 复旦大学政党建设与国家发展研究中心主任、教授郑长忠，长期深耕家庭形态与社会发展研究领 域，他凭借深厚的学术积淀与敏锐的现实洞察力，从政治学、社会学等多元视角剖析家庭与国家、 从2010年9月创立至今，尼山论坛汇集全球专家学者，汇聚世界文明智慧，共同为解决人类社 会普遍存在的问题、为人类文明的未来发展贡献智慧，正日益成为世界了解中国的重要窗口、 文明交流互鉴的重要平台、凝聚人类文明共识的重要纽带。 当下，全球政治冲突频发、各国之间经贸壁垒陡增，不同文明之间的对话显得尤为迫切。 本届尼山论坛的主题是"各美其美·美美与共——文明间关系与全球现代化"，并设置了"文明的 起源与未来发展""儒家文化的世界意义和时代价值""齐鲁文化与世界文明""在全球现代化进 程中成人之美""文明视野下的家庭意义与社会发展""人工智能发展与人类文明走向"等多项分 议题。 编者按 2025年7月9日至10日，第十一届尼山世界文明 ...

Core Viewpoint - The article emphasizes that Kuka Home is transforming from a real estate supplier to a lifestyle leader, focusing on user value and retail transformation to drive sustainable growth [1][7]. Group 1: Historical Context and Market Dynamics - Kuka Home originated from a small furniture company established in the 1990s, which has now become a leading player in the home furnishing industry [2]. - The home furnishing market in China has seen a significant decline, with new home sales dropping by 40% compared to peak levels, leading to a cautious consumer approach towards home purchases [2][3]. - The top five home furnishing companies in China hold less than 15% market share, indicating a fragmented market with structural opportunities for growth [3]. Group 2: User-Centric Approach and Business Transformation - Kuka Home is shifting its focus to user value, aiming to redefine its role from a real estate supplier to a lifestyle leader, emphasizing long-term value creation [7][8]. - The company is undergoing a transformation that includes digital capabilities enhancement and a new business paradigm centered around user insights [4][8]. - Kuka Home's strategy involves a comprehensive capability building and organizational change to align with user needs, including digital marketing, product design, and supply chain management [8][9]. Group 3: Product Innovation and Market Adaptation - Kuka Home has successfully transitioned from fixed sofas to functional sofas, overcoming significant industry barriers and establishing a unique technological advantage in the functional sofa category [12][15]. - The company has invested heavily in R&D, drawing inspiration from the automotive industry to innovate its product offerings [14][15]. - The growth of functional sofas has been promising, with continuous investment expected to enhance future development prospects [16]. Group 4: Integrated Value Chain and User Experience - Kuka Home is implementing a value chain integration strategy to enhance user experience across different product lines, focusing on holistic home solutions [24][25]. - The company aims to provide deep service through its integrated approach, enhancing customer relationships and overall user value [29][30]. - The establishment of a comprehensive infrastructure, including AI design platforms and efficient delivery systems, is crucial for maintaining high service quality [31][33]. Group 5: Retail Transformation and Operational Efficiency - Kuka Home is transitioning from a wholesale model to a retail-oriented approach, emphasizing end-user sales performance as a key metric [39][50]. - The company has developed several foundational systems to support its retail transformation, including a user marketing system and a retail distribution system [41][43]. - The integration of data-driven decision-making processes is expected to enhance operational efficiency and improve customer engagement [48][49]. Group 6: Global Expansion and Strategic Partnerships - In 2024, Kuka Home's revenue from domestic and international markets was 9.4 billion and 8.4 billion respectively, with international revenue showing an 11% increase [53]. - The company has established production bases in Vietnam, Mexico, and the United States, aiming to leverage local manufacturing capabilities for global expansion [55][56]. - Kuka Home is shifting from OEM/ODM to OBM strategies, targeting higher-end markets and enhancing brand influence in emerging markets [58][59]. Group 7: Governance and Long-Term Strategy - The governance structure of Kuka Home allows for significant autonomy for the management team to drive transformation, with a focus on strategic clarity and long-term goals [60][63]. - The company is committed to a long-term investment strategy in infrastructure and technology, which may not yield immediate profits but is essential for industry restructuring [63][64]. - Kuka Home's approach emphasizes user demand as a guiding principle for its strategic decisions, aiming to build a sustainable and resilient business model [66].