Core Insights - Mingxi County in Fujian, known as "China's migratory bird town," is experiencing a surge in birdwatching tourism, attracting enthusiasts from various regions [1][3] - The county is located on one of the world's nine major migratory bird routes, with 345 recorded bird species, representing over 60% of the bird species in Fujian [3][5] - Mingxi has developed an "ecology + industry" model, integrating birdwatching with hospitality, education, and cultural industries, enhancing its tourism appeal [5][7] Group 1: Birdwatching Tourism Development - Mingxi has established five major birdwatching bases and 31 premium birdwatching spots, creating over 1,100 jobs and increasing the average income of villagers involved in the birdwatching industry by 60,000 RMB [7] - The county has seen a significant influx of international birdwatchers, with 19 groups from 26 countries visiting this year, indicating a growing global interest in its avian biodiversity [7] Group 2: Economic Impact and Community Involvement - Local communities are actively participating in the birdwatching economy, with initiatives like the integration of tea and birdwatching industries, leading to high demand for accommodations [5][7] - The establishment of birdwatching cooperatives has facilitated resource sharing and encouraged many villagers to return to their hometowns for entrepreneurial opportunities [7]

Group 1 - The core argument of the article highlights the unexpected success of "ugly shoes," particularly Crocs and Birkenstock, which have gained popularity despite initial criticism, with Crocs outperforming the Dow Jones U.S. Shoe Company Index for four consecutive years [2][18] - Birkenstock has seen continuous double-digit revenue growth for nine consecutive quarters, demonstrating that "ugliness" can translate into commercial success [3][18] - The rise of Birkenstock was significantly boosted by its appearance in the movie "Barbie," leading to a 110% increase in search volume on fashion platform Lyst [6][18] Group 2 - Both Crocs and Birkenstock share a foundation in practicality, with Birkenstock focusing on foot health and comfort, while Crocs emphasized comfort and ease of cleaning [7][9] - Crocs experienced a 300-fold increase in revenue from 2003 to 2006, driven by word-of-mouth among professionals like chefs and doctors [9][18] - The operational strategies of Crocs and Birkenstock differ significantly, with Crocs adopting a high-volume, low-cost model, while Birkenstock maintains a focus on scarcity and high-quality production in Germany [23][24] Group 3 - Crocs has shifted production to third-party manufacturers, allowing for flexibility and rapid response to market demands, but this has also led to a high incidence of counterfeiting [24][11] - In contrast, Birkenstock controls its production closely, with 95% of its products made in Germany, which helps maintain brand integrity and pricing power [24][25] - Birkenstock's average selling price has consistently increased, with a high full-price sell-through rate of 90%, indicating strong brand positioning in the market [28][18] Group 4 - The article emphasizes that the key to success for these brands lies not just in their "ugliness," but in the additional value they provide to consumers, creating a narrative that resonates with their audience [29][32] - Birkenstock's commitment to traditional craftsmanship and European materials enhances its brand value, distinguishing it from mass-produced alternatives [32][33] - The luxury positioning of Birkenstock has allowed it to thrive in a market where scarcity and exclusivity are highly valued, contrasting with Crocs' volume-driven approach [28][18]

而此次《若干措施》明确提出：要推动医保数据为创新药研发提供决策支撑；要运用药物经济学、卫生 技术评估等方法评估支付标准；要设立商业健康保险创新药目录，推动多层次保障体系联动。这些内容 表明，医保制度的角色正在发生深刻变化——从以控费为核心的"被动评估者"向"临床价值引导 者"与"创新资源协调者"转型。 特别是在合理确定医保支付标准方面，文件提出要综合考虑研发投入、市场竞争与临床需求，不再单一 以最低价格作为评估依据。医保谈判机制将更加专业、灵活和动态，为创新药企业留出可持续发展的空 间。 其次，从挂网采购到医保结算，创新路径得以全面提速。推动创新药真正进入临床、服务患者，关键不 仅在于政策许可，还在于操作路径的顺畅性。《若干措施》提出了包括"优化挂网程序""设立绿色通 道""鼓励设立特例单议"等一系列实操性强的措施，打通从医保谈判、药事会评审到医院采购与使用的 全流程障碍。 尤其值得注意的是：医保谈判药品和商业健康保险目录药品将不再受长期以来医疗机构"一品两规"限 制；医保定点医疗机构应在药品目录公布后3个月内召开药事会，及时完成配备与采购决策；对合理使 用创新药的特例病例，将支持采用项目付费等多样化支付方式 ...

今年是"绿水青山就是金山银山"理念提出20周年。"绿水青山就是金山银山"理念，深刻阐明了经济发展 和生态环境保护的关系，既是重要的发展理念，也是推进现代化建设的重大原则。新时代以来，我国坚 定不移走生态优先、绿色发展之路，全国各地创造性地把对"两山"理念的认识转化成为生产绿色产品、 发展绿色经济的创新实践，使绿水青山源源不断变成金山银山，也为全球环境治理和绿色转型贡献了中 国智慧和中国力量。 深刻理解"两山"理念丰富内涵 2005年，习近平同志在浙江安吉首次提出"绿水青山就是金山银山"；2013年，习近平主席在哈萨克斯坦 纳扎尔巴耶夫大学回答学生问题时，进一步作出清晰全面阐述："我们既要绿水青山，也要金山银山。 宁要绿水青山，不要金山银山，而且绿水青山就是金山银山。"2017年，党的十九大将"必须树立和践行 绿水青山就是金山银山的理念"写入大会报告，大会通过的《中国共产党章程（修正案）》把"增强绿水 青山就是金山银山的意识"写入党章，意义重大而深远。 在2018年召开的深入推动长江经济带发展座谈会上，习近平总书记指出，"长江经济带应该走出一条生 态优先、绿色发展的新路子"，并从理解把握核心内涵、探索推广转化路 ...

Group 1 - The recent rebound in gold prices is influenced by three main factors: dovish signals from the Federal Reserve, renewed trade tensions, and increased gold purchases by the People's Bank of China [1] - The Federal Reserve is expected to start cutting interest rates as early as September, with a total of two rate cuts anticipated by the end of the year [1] - The People's Bank of China has increased its gold reserves for eight consecutive months, with a notable addition of 70,000 ounces in June, bringing total reserves to 73.9 million ounces [1] Group 2 - China's central bank's strategy of increasing gold reserves is seen as a response to external financial shocks and aims to optimize the structure of foreign exchange reserves [2] - Gold is viewed as a non-sovereign credit reserve asset that can effectively hedge against risks associated with single currencies like the US dollar, especially in the context of trade wars and economic uncertainty [2] - Despite the continuous increase in gold reserves, China's holdings still lag behind those of developed economies, indicating potential for further accumulation of gold [2]

利安达会计师事务所（特殊普通合伙） 关于上海证券交易所《关于广东明珠集团股份有限公司 上海证券交易所： 我们通过广东明珠集团股份有限公司（以下简称"公司"、"上市公司"或"广东明珠"）收 悉上海证券交易所上市公司管理二部发来的《关于广东明珠集团股份有限公司 2024 年年度 报告的信息披露监管问询函》（上证公函【2025】0794 号，以下简称"问询函"），根据问询 函的要求，我所对相关事项进行了核查，现就问询函中要求我所发表核查意见的相关问题答 复如下： 的难度加大等导致业绩承诺期铁精粉的盈利不达预期。分产品看，铁精粉收入3.41亿元，毛 利率62.55%，砂石收入0.83亿元，同比增长132.08%。分季度看，第四季度收入环比增长 年业绩承诺合计完成率仅64.43%。 请公司补充披露：（1）铁精粉及砂石的产销量、销售价格、成本结构及变化情况，说 明铁精粉毛利率较高、砂石收入大幅增长的原因、与同行业可比公司是否存在差异；（2） 对比盈利预测，量化分析业绩承诺与实际业绩表现存在较大差异的具体原因，说明前期资 产评估是否充分考虑现有设计范围内的铁矿石储量等因素；（3）报告期内前五大客户基本 信息、销售金额、应收 ...

2025.07. 09 本文字数：2235，阅读时长大约4分钟 作者 | 第一财经 刘晓颖 题图 | 新华社（2024年 10月11日，费德勒（左）在 上海网球大师赛："费德勒超级挚友之夜"活动 双打表演赛中。） 即使已经封拍，网球名宿罗杰·费德勒（Roger Federer）仍然话题十足。无论他与老对手拉斐尔·纳 达尔（Rafael Nadal）和诺瓦克·德约科维奇（Novak Djokovic）之间的较量结果如何，从财务的角 度来说，他都是网球历史上毋庸置疑的冠军。 作为全球收入最高的运动员之一，费德勒的名字常年位居在福布斯体坛收入排行榜前列，自2013年 从未掉出过前十。 2020年，费德雷的年收入达到了1.06亿美元，排名第一。而在退役那年的2022年5月发布的全球运 动员收入排行榜中，费德勒仍以总收入9070万美元排名第七。 彭 博 亿 万 富 翁 指 数 （ Bloomberg Billionaires Index ） 最 新 数 据 显 示 ， 罗 杰 · 费 德 勒 （ Roger Federer）成为首个身家超10亿美元的网球运动员。该数据显示，目前费德雷的净资产约为13亿美 元。 顶尖运动 ...

今年5月22日深圳文博会上，广东发布了6大文化产业政策包。7月8日，广东影视产业政策推进落实座谈会（电影 类）在广州举行。广东省委宣传部介绍了广东电影整体发展情况，省广电局和广州、深圳市委宣传部负责同志分 别介绍了广东影视政策、动漫影视政策推进落实情况，30余家头部电影企业负责人参会交流。 联手创作电影精品。广东建立起创作选题机制、重点项目推进机制，为优质项目在粤落地提供全方位服务和全链 条资源支持，整合资金、人才、技术、政策等资源，着力解决企业在文学作品影视转化、审批时效、投融资等关 键环节的实际困难，希望与电影企业合作创作更多电影精品。 合作培养影视人才。广东支持头部电影企业和高端影视人才以公司落地、项目合作等方式参与广东电影创作，在 大湾区扎根发展；广东将与电影企业合作共建高层次的影视职业院校；广东欢迎青年电影人将第一部电影放在广 东创作，愿为有潜力的年青创作者提供更多机会和试错空间。 共建影视科技高地。广东正在打造环珠江口影视产业带，支持影视前沿科技应用。广东诚邀企业将优质项目、创 新理念和核心技术带到广东、留在广东，将合作项目从影视内容创作，延伸到产业园区共建、先进技术研发应 用、全产业链构建等更广 ...

"暗战"——佛山医卫市场大变局之民营医院篇 消毒水的气味混合着焦虑，挂号窗口前的冷清与隔壁公立医院的人声鼎沸，构成鲜明的对比。佛山民营 医疗的生存正经历着"冰火两重天"：一边是中小机构的举步维艰，另一边是资本新贵的雄心勃勃。 "莆田系"阴霾未散，新的发展危机接踵而至。近几年，全国民营医院门诊量普遍下滑，部分机构萎缩高 达50%，有机构只能无奈宣布破产。佛山13家三甲医院中仅1家民营，占比不足8%，但在全市三级医院 中，民营机构数量占比却高达三成。除了几家头部，民营机构接诊量并不乐观，"数量多，难被认可"的 标签让民营机构成为市场的"影子军团"。 DRG付费改革挤压利润空间，公立医院特需服务扩张蚕食市场，民营机构面临着多重夹击，所有参与 者都试图重新定义"医疗价值"的边界。在信任危机与多重挤压下，佛山民营医疗的生机何在？答案或许 藏在几家头部机构的"非典型"突围样本中。 市场格局 信任构建与差异化发展的挑战 从市域角度来看，患者"用脚投票"的结果始终偏向公立医院。 某医疗媒体做的问卷调查显示，医生职业道德水平方面，民营医院"满意"一项为72%，优于公立医院的 61%；在排队时间方面，民营医院结果为55%，高于公 ...

Core Viewpoint - The article discusses the evolution of Bai Nian Life Insurance's equity investment business, highlighting its transition from a prosperous phase to a period of reflection and strategic restructuring, ultimately aiming for a renewed start in the investment landscape [2][19][20]. Historical Context - Bai Nian Life Insurance was an early participant in China's equity investment market, starting its investment activities in 2014 and accumulating nearly 10 billion RMB in investments across various strategic emerging industries such as healthcare, TMT, consumer goods, advanced manufacturing, and hard technology [2]. - The company established a strong reputation as a professional investor through collaborations with leading institutions like Sequoia Capital and CITIC Industrial Fund during its "golden era" of equity investment [2][5]. Current Strategy Adjustment - The company is currently adjusting its equity investment strategy to better align with the characteristics of insurance funds, leveraging past experiences while adapting to new policy environments and market opportunities [3][6]. - Bai Nian Life Insurance is focusing on enhancing its investment management system, including establishing a scientific decision-making mechanism and a comprehensive risk control system [6][11]. Strategic Opportunities - Since 2024, the regulatory environment has been optimized to encourage insurance funds to increase investments in strategic emerging industries, providing Bai Nian Life Insurance with significant historical opportunities for its equity investment business [8]. - The rapid development of sectors like artificial intelligence, renewable energy, biomedicine, and high-end manufacturing presents a broad market space for equity investments [8]. Investment Philosophy - The company emphasizes the unique advantages of insurance funds, such as stable sources and long payment cycles, advocating for a long-term value investment approach [9][11]. - Bai Nian Life Insurance aims to focus on the intrinsic value and long-term potential of enterprises, utilizing in-depth fundamental analysis to identify high-quality investment opportunities [11]. Risk Management - The company is committed to strengthening its risk management framework, implementing rigorous standards and processes for investment decision-making, post-investment management, and exit strategies [12]. Client Value Creation - Bai Nian Life Insurance plans to enhance synergy between its equity investment and dividend insurance businesses, aiming to create stable and sustainable returns for clients [14][15]. - The company is also dedicated to fulfilling social responsibilities through investments in enterprises that have a positive social impact, aligning with ESG investment principles [15]. Strategic Planning for Renewal - The company will adopt a phased approach to its renewed equity investment strategy, starting with lower-risk projects and gradually expanding its investment scope [17]. - Bai Nian Life Insurance aims to leverage innovation in investment models and management practices to establish new competitive advantages [17].