饿了么方面回应，经内部调查发现物流主管韩鎏涉嫌职务犯 罪，并向公安机关主动报案。 作者： 钱玉娟 封图：图虫创意 6月20日，经济观察报记者向饿了么官方求证获悉，饿了么物流负责人韩鎏已被警方传唤。 饿了么方面回应，经内部调查发现物流主管韩鎏涉嫌职务犯罪，并向公安机关主动报案。近日，警 方已传唤相关人员配合调查。饿了么秉持诚信廉洁文化，对触碰红线行为绝不姑息，坚决依法依规 处理。 阿里与美团、京东在即时零售赛道上拼杀，与后两者不同的是，要做好即时零售，阿里的淘宝闪购 业务需要饿了么补齐运力，大部分订单配送正是由蜂鸟骑手来完成。 == 氢燃料电池汽车深陷 政策依赖症" 公开信息显示，韩鎏出生于1988年，自2019年加入阿里巴巴，先后担任饿了么资深副总裁、即时 零售业务负责人、蜂鸟即配总裁等职务。 在蜂鸟期间，韩鎏推进了物流超算平台的建设，还搭建起蓝骑士的发展和保障体系。2024年3月， 韩鎏被升任为饿了么CEO。 不过，在CEO任上未满一年，韩鎏便交出管理棒。2025年2月，饿了么董事长、原CTO吴泽明以全 员信形式宣布组织调整，吴泽明兼任饿了么CEO一职，韩鎏继续担任物流负责人，分管即时物流 中心，并继续向吴 ...

Core Viewpoint - The article discusses the significant changes in the management structure of Proya Cosmetics, highlighting the shift towards innovation, digitalization, and internationalization strategies under the new leadership of Hou Yameng, who took over as General Manager in September 2024 [1][4][6]. Management Changes - In the past nine months, Proya has experienced frequent changes in its senior management team, with the departure of key figures and the introduction of new executives focused on research and digital strategies [3][4]. - The company has seen the exit of veteran leaders, including co-founder Fang Youyou and former Vice General Manager Wang Li, while bringing in new talent such as Wang Yifeng, Sun Peiwen, and Hu Ningbo [4][15][16]. Strategic Focus - Proya's recent appointments are closely aligned with its strategic goals of enhancing research innovation, internationalization, and digital transformation, supporting its ambition to rank among the top ten global cosmetics companies in the next decade [4][14]. - The company has upgraded its talent requirements from "execution and professionalism" to "learning ability, collaboration, and self-drive," aiming to attract cross-industry talents with backgrounds in internet and fast-moving consumer goods [5]. Digital Transformation - Hu Ningbo, the newly appointed Chief Digital Officer, has established a digital value assessment system focused on ROI to ensure that technological investments translate into measurable business growth [11][19]. - The company is implementing a "brand innovation development" model to enhance long-term brand growth by integrating market demand, research, product development, and marketing [20]. Organizational Structure - Proya has undergone multiple organizational structure adjustments since its listing, with the latest changes reflecting a shift towards a brand-driven approach, emphasizing research, branding, supply chain, and digitalization as core components [21][24]. - The company has seen significant revenue growth, with reported revenues of 6.385 billion yuan and 8.9 billion yuan in 2022 and 2023, respectively, marking year-on-year increases of 37.8% and 39.5% [25][26]. Marketing Strategy - The shift from a marketing-driven to a brand-driven strategy is a key focus for Proya, as indicated by the recent appointment of Wang Yifeng, who will lead efforts to enhance product development and brand growth [27].

广东进出口商会副会长张炯认为，美国市场的不确定性亦迫使 企业必须开拓多元化的海外市场，降低对美国单一市场的依 赖。 作者： 张锐 封图：图虫创意 尽管中美经贸谈判尚未结束，但中国的外贸企业似乎正在进入"后关税时代"："市场多元化"已成为 业界共识。 广东冠能电力科技发展有限公司是外贸"新兵"，今年正式启动出海计划。该公司海外市场负责人余 铭杰就向经济观察报记者表示，没有必要与"关税战"硬碰，海外其他市场还有足够的潜力。 6月13日至17日，经济观察报记者就"后关税时代"相关问题采访了多家外贸企业，以了解他们的最 新想法和动向。 多元化布局 6月13日，广东进出口商会在广州举行了一场有关"布局新兴市场"的沙龙，参与者以跨境电商企业 为主。当天，经济观察报记者随机采访了数位外贸从业者，发现"多元化布局"已是大家的共识。 广东进出口商会副会长张炯是上述受访者之一，他也是一家跨境电商企业的负责人。张炯认为，今 年以来，中美关税战的状态是非常激烈的，这是外贸行业非常清晰的事实，虽然中美之间的谈判仍 然在持续，但"重新回到过去"似乎已经是不可能的事。 张炯说，中美经贸谈判中，对于跨境电商而言最重要的是一项谈判内容是"80 ...

Core Viewpoint - The current Hong Kong dollar deposit rates are significantly lower than the US dollar time deposit rates, with most banks offering over 3% for USD deposits compared to around 1% for HKD deposits [1][19]. Group 1: Interest Rate Trends - As of June 17-18, the 1-month HIBOR has further decreased to around 0.5%, and the HKD exchange rate has approached the 7.85 "weak side guarantee" level without intervention from the Hong Kong Monetary Authority (HKMA) [3][15]. - The HKMA has released a substantial amount of liquidity, leading to a continuous decline in HIBOR and consequently pushing down HKD deposit rates significantly [6][19]. - The HKD time deposit rates at major banks have dropped to as low as 1%, while USD time deposit rates remain above 3% [19][20]. Group 2: Currency Exchange Dynamics - The HKD has depreciated against the USD due to a widening interest rate differential, with the 3-month interbank rates showing a spread of over 300 basis points [5][12]. - The HKD liquidity has become very ample following the HKMA's actions, which has led to a decrease in short-term interest rates and a widening gap between HKD and USD rates [12][13]. - The HKD exchange rate has moved from 7.75 to 7.85, indicating a shift towards the weak side of the peg [14][17]. Group 3: Economic Implications - Lower interest rates are seen as beneficial for the overall economic environment in Hong Kong from a macroeconomic perspective [21]. - The current low interest rate environment may not be sustainable due to various factors affecting the supply and demand for HKD, which could lead to potential increases in rates in the future [22].

Core Viewpoint - JD's entry into the hotel and travel market is a strategic move aimed at creating a new ecosystem, potentially disrupting the existing market dynamics similar to the food delivery industry [2][9]. Group 1: JD's Strategy and Market Position - JD has announced its entry into the hotel and travel sector, offering supply chain services to hotel operators and a "JD Hotel PLUS Membership Plan" with up to three years of zero commission [2]. - Historically, JD has been involved in the travel sector since 2011, but its focus has not been strong until now, indicating a shift in strategy [2]. - The hotel and travel business is characterized by high profit margins, with Ctrip's hotel business gross margin reaching 80.32% in Q1 this year [3]. Group 2: Competitive Landscape - The hotel and travel market is highly competitive, with established players like Ctrip, Meituan, and emerging platforms like Douyin and Xiaohongshu entering the space [5][6]. - JD's challenge lies in differentiating itself from these established competitors and leveraging its existing strengths to create a unique value proposition in the hotel and travel sector [6][8]. Group 3: Supply Chain Focus - JD's strategy revolves around supply chain optimization, aiming to create a new pathway in the hotel and travel industry by focusing on supply chain restructuring [7]. - The company plans to utilize its supply chain advantages to reduce procurement costs across various hotel-related resources, such as furniture and appliances [8]. Group 4: Potential Opportunities and Challenges - JD's existing customer base, particularly its high-net-worth male users, aligns well with the hotel and travel consumer demographic, presenting a potential opportunity for cross-selling [8]. - However, challenges include the lack of brand recognition as a preferred platform for travel, operational experience in complex scenarios, and potential conflicts with major hotel brands [8].

6月19日下午，上海银行党委书记顾建忠出席2025陆家嘴论 坛，就"提高普惠金融服务的均衡性和可及性"发表主题演讲。 封图：图片资料室 普惠金融永远在路上 ——只有更好，没有最好 顾建忠指出，普惠金融永远在路上——只有更好，没有最好。当前必须要提升均衡性，满足全部， 做好面上扩展；提升可及性，能够满足的尽量满足，加强下沉触达。 好的普惠金融服务 像呼吸一样融入日常 顾建忠特别指出，科技金融和普惠金融密不可分，尤其是近年来普惠金融"含科性"越来越高，科创 金融领域的"投早、投小、投硬"成为"普惠金融皇冠上的明珠"。银行在服务该类企业时，要秉持长 期主义和专业主义，做好"1234"。 "1"是坚持一个情怀，牢固树立发展科创金融是服务国家高质量发展、中国式现代化需要的价值判 断，秉持工匠精神、长期主义，久久为功。 "2"是重塑两个逻辑。一是重塑科创企业风险评价逻辑，从传统的看抵押、看现金流、看资产等当 下价值，转变为看技术、看团队、看科研创新、看市场前景的未来价值。二是重塑科创金融风险收 益平衡逻辑，不以单笔业务回报衡量与企业的合作价值，而是从多维度考量整体收益。 "3"是坚守三个理念——科创更前、科技更全、科研更 ...

Core Viewpoint - Hangzhou's real estate market is closely linked to its land market performance, with significant growth in new residential transactions and a persistent supply-demand imbalance since June 2024 [5][19]. Group 1: Land Market Performance - In the first half of 2025, Hangzhou was the only city in China to exceed 100 billion yuan in land transfer fees, reaching 1198.8 billion yuan, significantly ahead of Beijing and Shanghai [3][10][11]. - The average premium rate for land transactions in Hangzhou was 31.8%, the highest among major cities, with some transactions seeing premiums as high as 115% [14][17]. - The land supply in Hangzhou is concentrated in core areas, with record-breaking land prices, such as 8.8 million yuan per square meter for a recent transaction [13][15]. Group 2: Real Estate Market Dynamics - Hangzhou's new residential transaction value increased by 12% year-on-year in the first four months of 2025, indicating strong market demand [5]. - The city has experienced a continuous supply-demand imbalance, with sales consistently outpacing new listings for 12 months [19]. - The second-hand housing market also showed robust performance, with monthly transaction volumes exceeding 6,000 units since early 2024, peaking at 12,400 units in March 2025 [20]. Group 3: Economic and Demographic Drivers - Hangzhou's population has been growing steadily, reaching 12.624 million in 2024, which is closely tied to the rapid development of high-tech industries [29]. - The city hosts 420 research and development centers and 44 unicorn companies, accounting for 80% of Zhejiang province's total [29]. - The influx of skilled talent, driven by the growth of high-tech enterprises, is a significant factor in the demand for housing, as many new residents seek to purchase homes upon relocation [30][31].

海外官方资本对美国国债采取买短抛长策略，随着大量短期美 债到期兑付，这些海外官方资本在美联储的美国国债托管数据 相应减少。这显示海外官方资本鉴于美国财政赤字持续扩大与 美债可持续性担忧加剧，对美国国债的长期配置信心正在下 降。 作者： 陈植 封图：图虫创意 由于4月初美国出台对等关税举措引发美债市场剧烈波动，当月全球投资者的美债配置策略是否发 生明显变化，备受金融市场关注。 6月18日，美国财政部公布国际资本流动报告（TIC）显示，4月外国持有的美国国债规模达到9.01 万亿美元，比3月仅仅减少360亿美元。但是，多个美债持有大国仍采取增持美债策略。 作为前两大美债持有国，日本与英国在4月分别增持37亿美元与284亿美元的美国国债。不过，中 国大陆在4月继续减持82亿美元，至7570亿美元，创下2009年以来的最低点。 CreditSights宏观策略主管Zachary Griffiths表示，原先市场猜测海外官方资本会在4月大规模抛售 美国国债，但最新TIC数据显示这种猜测存在偏差。整体而言，4月海外资本抛售美国国债的力度 相对温和。 一位华尔街宏观经济型对冲基金经理张刚向记者透露，这背后，是美国国债的避险 ...

Core Viewpoint - The article emphasizes the significance of the Bozhong 19-6 condensate gas field as a major breakthrough in China's energy sector, highlighting its substantial reserves and the technological advancements that enable efficient and environmentally friendly extraction of natural resources [1][3]. Group 1: Overview of Bozhong 19-6 Condensate Gas Field - The Bozhong 19-6 condensate gas field is the first in eastern China with proven reserves exceeding 100 billion cubic meters and technically recoverable reserves of over 100 million tons of oil equivalent [1][2]. - The field is supported by a central processing platform that integrates various functions for efficient offshore oil and gas production [2][3]. Group 2: Technical Challenges and Innovations - The geological complexity of the ancient metamorphic rock formations posed significant challenges, but advancements in seismic exploration and geological theories have led to successful extraction [2][3]. - The platform operates under extreme conditions, with temperatures exceeding 180 degrees Celsius and pressures reaching 53 MPa, necessitating advanced drilling technologies and materials [6][7]. Group 3: Economic Viability - The all-in cost of oil equivalent production from the Bozhong 19-6 field is reported at $28.52 per barrel, making it one of the most competitive in the global oil industry [11][12]. - The cost structure includes not only operational expenses but also amortized capital investments, taxes, and management costs, ensuring profitability even during downturns in oil prices [12][13]. Group 4: Strategic Importance - The Bozhong 19-6 field plays a crucial role in China's energy security, contributing significantly to the national oil output, with the Bohai Oilfield accounting for nearly one-sixth of the country's total production [19]. - The field's production targets aim for an annual output of 40 million tons of oil equivalent by 2025, comparable to that of a medium-sized oil-producing country [19][21]. Group 5: Environmental Considerations - The article discusses the dual objectives of increasing production while reducing carbon emissions, highlighting initiatives like shore power projects and the integration of renewable energy sources [23][24]. - The implementation of CCUS (Carbon Capture, Utilization, and Storage) technology is being explored to mitigate carbon emissions while enhancing oil recovery [26][27].

Core Viewpoint - The company, Guangzhou Shiyuan Electronic Technology Co., Ltd. (视源股份), is seeking to list H-shares in Hong Kong amid a significant decline in its market valuation, which has dropped from nearly 100 billion yuan in early 2021 to approximately 23.1 billion yuan as of June 19, 2025, representing a loss of over 75 billion yuan [1][22]. Financial Performance - In 2024, the company reported record revenue of 22.401 billion yuan, a year-on-year increase of 11.05%, but its net profit attributable to shareholders plummeted by 29.13% to 971 million yuan. The gross margin also fell from 26.2% in 2022 to 20.9% in 2024 [2][4]. - The "Smart Terminal and Applications" segment, which includes the "Seewo" and "MAXHUB" brands, saw its gross margin decline sharply from 35.6% in 2022 to 25.3% in 2024, indicating pressure on its core business [3][9]. Business Segments - The "Smart Control Components" segment experienced robust growth, with a revenue increase of 20.4% in 2024, particularly in the home appliance controller business, which surged by 65.64%. However, this segment's lower gross margin of 14.3% negatively impacted the overall profitability of the company [3][10][13]. - The education business generated revenue of 5.054 billion yuan, down 8.75%, while the enterprise service business saw a revenue decline of 2.6% to 1.582 billion yuan, reflecting challenges in traditional markets [8][9]. R&D Investment - The company invested 1.54 billion yuan in R&D in 2024, which accounted for 6.88% of its revenue, indicating a commitment to innovation despite declining profits. The R&D workforce comprised 48.24% of total employees, totaling 3,229 personnel [4][14]. IPO Purpose - The primary goal of the H-share listing is to support the company's globalization strategy, enhance international market presence, and secure funding for R&D and strategic investments [17][18]. Global Expansion - The company reported overseas revenue of 4.348 billion yuan, a year-on-year increase of 16.83%, and is focusing on deepening its presence in international markets through localized teams and partnerships with global tech giants [18][19]. AI Strategy - The company is heavily investing in AI, with initiatives such as the "Seewo Classroom Intelligent Feedback System" and the "Seewo Teaching Large Model," aiming to transform from a hardware manufacturer to a technology platform with advanced algorithms and applications [20]. Market Competition - The company faces intense competition from major players like Huawei and Lenovo, which poses risks to its market share and profitability. The management has acknowledged these challenges and is focusing on increasing the revenue share of high-margin products [21][22].