Core Viewpoint - The stability of stablecoins is being questioned by major financial institutions, including the Bank for International Settlements (BIS) and the European Central Bank, due to concerns over their ability to serve as a pillar of the monetary system and their potential use in financial crimes [1][3][6]. Regulatory Concerns - BIS highlights that stablecoins have not met the necessary criteria of singularity, elasticity, and integrity to be considered a foundational element of the monetary system [3][4]. - The anonymity of stablecoins raises concerns about their use in money laundering and terrorist financing, as they lack the "Know Your Customer" (KYC) standards present in traditional finance [4][5]. - The Hong Kong Monetary Authority (HKMA) emphasizes the need for cautious regulation and has expressed a desire to temper public enthusiasm for stablecoins [6][8]. Market Reaction - Following regulatory warnings, stablecoin-related stocks have experienced significant declines, with Circle's stock price dropping from a peak of $299 to $199, reflecting a loss of over 10% in a single day [1][10]. - The market has shifted from a state of exuberance to one of caution, with investors becoming anxious and hesitant to engage [10][11]. Future Outlook - The future role of stablecoins remains uncertain, with potential implications for central bank digital currencies (CBDCs) and traditional financial systems [11][12]. - Analysts suggest that the rapid growth of stablecoins may lead to a reconsideration of the necessity for CBDCs in some countries, as stablecoins closely resemble them but are privately issued [11]. - The relationship between stablecoins and traditional financial markets is evolving, with increased risk correlation noted, particularly as traditional financial institutions begin to allocate investments in stablecoins [11][12].

北京商报讯（记者 李海媛）在国家会议中心二期现场，有一个区域吸引了与会嘉宾的目光，这里不仅摆放了非遗胸针、景泰蓝饰品、文房用品等手工艺 品，还有现场演绎茶道、手工搓丸。6月24日—26日，亚洲基础设施投资银行（以下简称"亚投行"）第十届理事会年会在北京召开。在年会现场，不仅有 以"北京会客厅"为设计理念的北京展台，还有12家具有代表性的非遗与老字号企业及北京礼物，形成"非遗技艺+老字号品牌+文创IP"的多元参展矩阵，向外 宾讲述北京故事、中国故事，传递中华传统文化。更有外国与会嘉宾直言，这是体现中国手工艺品变革的好机会。 亚投行第十届理事会年会期间，共有17场公共研讨会向公众开放，而在与会嘉宾不断穿行的会场二楼，有一个区域让不少中外嘉宾驻足。 首先映入眼帘的是以"北京会客厅"为设计理念的北京展台。据悉，该展台运用新中式设计风格，以迎客松、中轴线为主要造景元素，敞开的红色大门取"门 迎八方"之意，寓意北京以创新、包容、厚德的城市精神，欢迎四海宾客。"外方内圆"的接待台，融合东方哲学智慧。 北京展台工作人员马巧薇向北京商报记者介绍称，与会嘉宾可以在这里取阅《北京新发现》《240小时过境免签政策》《你好北京》等北京 ...

证券研究报告 轻工行业2025年中期投资策略 把握新型烟草潮玩布局节奏，重视传统轻工结构性机会 分析师：赵中平 执业编号：S1130524050003 分析师：张杨桓 执业编号：S1130522090001 分析师：尹新悦 执业编号：S1130522080004 2025年6月26日 投资要点：把握新型烟草潮玩布局节奏，重视传统轻工结构性机会 整体布局思路：2025年H1与新消费相关板块领涨，而传统轻工板块估值普遍处于历史底部。展望25H2布局方向，新消费板块整体景气度依然 较高，仍值关注，而在目前估值分位普遍相对较高的情况下，需优选布局方向，把握布局节奏。一方面根据我们提出的新消费筛选框架（结 合行业壁垒、发展成熟度等指标）选择赛道成长确定性强与天花板较高的板块，另一方面结合目前相关细分板块、龙头标的的估值分位，建 议H2依然优选新型烟草+潮玩板块，其次轻工个护、AI眼镜、宠物食品等。此外，我们建议Q3起逐步增加估值处于低位的传统轻工板块布局， 重点建议关注红利型与底部反转型标的布局机遇。 ➢ 新消费板块：新消费可划分成功能价值线和情绪价值线，结合筛选框架，25H2分别首选新型烟草和潮玩板块，其次关注轻工个 ...

Core Viewpoint - The transformation of traditional industries through technology is essential for their survival and growth in the digital age, as exemplified by Luzhou Laojiao's efforts to globalize Chinese liquor culture [1][7]. Group 1: Company Overview - Luzhou Laojiao, a leading Chinese liquor brand, has a history dating back to the Ming and Qing dynasties, with its international journey beginning in 1915 when it won a gold medal at the Panama International Exposition [3][4]. - The brand's flagship product, Guojiao 1573, is recognized as a "living national treasure brew," with its brewing techniques dating back to 1324 and the "1573 National Treasure Cellar Group" established in 1573, which has been continuously producing liquor for 452 years [4][10]. Group 2: Innovation and Technology - The company emphasizes a dual approach of combining traditional roots with modern innovation, encapsulated in the philosophy of "rooted in tradition, winged by innovation" [7]. - Luzhou Laojiao is integrating digital technology into its production processes, showcasing advancements from production sensors to AR experiences at international exhibitions, thereby enhancing its global narrative capabilities [10]. Group 3: Cultural Impact - The participation of Luzhou Laojiao in the 2025 Summer Davos Forum highlights its role in promoting Chinese liquor culture on a global stage, aiming to create a "new-old symbiosis" in urban innovation [7][10]. - The cultural night at the forum served as a platform for Luzhou Laojiao to present its rich heritage and modern advancements, attracting global leaders and showcasing a unique Chinese flavor [10].

Group 1 - The core viewpoint emphasizes the need for a "dual approach" between traditional culture and modern trends in cultural creativity, advocating for innovative courage rather than mere replication or blind conformity [1] - The domestic cultural and creative industry has steadily expanded, with the market size reaching 88 billion yuan in 2023, highlighting the importance of traditional elements in inspiring modern design [1] - Cultural creativity requires a deep understanding of the life logic and craftsmanship behind artifacts, transforming them into cultural storytellers that resonate emotionally with consumers [2] Group 2 - The development of the cultural and creative industry relies on a collaborative ecosystem involving policies, capital, and talent, indicating that it should not be seen as an accessory to museums but as a comprehensive system [2] - Initiatives such as the establishment of a 3 billion yuan digital cultural fund in Chengdu and the collaboration between museums and designers reflect efforts to integrate cultural research, creative design, production, and market promotion [2] - The article suggests that traditional aesthetics must engage with contemporary trends to resonate with modern audiences, showcasing the potential of Chinese civilization on a global stage [3]

Group 1 - The core viewpoint emphasizes the importance of implementing the spirit of the provincial committee's plenary session, focusing on the "two highs and four efforts" to guide future work [1] - The city aims to contribute to the overall provincial situation by adhering to the "1+2+4+N" goal task system, emphasizing the need for effective execution and prioritization [1] Group 2 - The city will focus on development by accelerating the transformation and upgrading of traditional industries, particularly in modern gold, and nurturing emerging industries like new materials and future industries such as renewable energy [2] - Governance will be enhanced through the implementation of the "Five Basics and Four Modernizations" and the "Party Building + Grid + Big Data" governance model to achieve efficient governance [2] - Ecological efforts will include comprehensive management of natural resources and significant projects for ecological protection, such as the comprehensive management of mines and the safety of the Yellow River [2] - Cultural tourism will be systematically improved by strengthening the protection and revitalization of local cultures, including Yangshao culture and Guo State culture [2] - The city will focus on improving people's livelihoods by consolidating poverty alleviation achievements, advancing beautiful countryside construction, and addressing urgent issues in employment, education, healthcare, and elderly care [2] - Strict party governance will be enforced through education on the central eight regulations and addressing corruption and misconduct at the community level [2]

Group 1 - The core viewpoint emphasizes the importance of protecting and utilizing traditional villages in Zhejiang Province as a key measure for rural revitalization and reducing regional, urban-rural, and income disparities [1][2][3] - Zhejiang has 701 villages listed in the national traditional village directory, ranking fourth in China, highlighting the province's commitment to preserving cultural heritage [1] - The integration of digital technologies, such as drone monitoring, is being utilized in places like Hangzhou's Jiande to enhance the oversight of traditional village aesthetics [1] Group 2 - The collaboration between local governments and academic institutions, such as Tongji University, has led to successful revitalization of nearly "hollow" traditional villages, with significant increases in collective income [2] - The establishment of the first national rural revitalization college in Huangyan District has fostered a synergistic development model, enhancing local tourism and agricultural sectors [2] - The implementation of the "Ten Million Project" regulation in Zhejiang aims to strengthen the protection and management of cultural heritage in traditional villages [2][3] Group 3 - Various practices in Zhejiang focus on the dual protection of traditional architecture and intangible cultural heritage, with local events and crafts being leveraged to drive rural development [3] - The provincial government plans to enhance the quality of traditional village environments and promote suitable industries by utilizing unique local resources [3] - There is an emphasis on training traditional building craftsmen and involving architects and engineers in the preservation efforts [3]

海南日报保城6月25日电(海南日报全媒体记者王迎春)6月25日下午，在保亭黎族苗族自治县民政局 指导下，保亭优悦社会服务中心联合陵水传统文化协会共同策划了"空灵鼓韵・愈心之旅"精神障碍社区 康复艺术疗愈活动，活动在保亭精神障碍社区康复保城服务站启幕。 据悉，陵水传统文化协会以传承、弘扬中华优秀传统文化为宗旨，致力于搭建传统文化学习、交流 与传播的平台，让更多人感受传统文化的魅力与内涵。此次将空灵鼓艺术融入精神障碍社区康复，旨在 以传统文化为桥梁，用空灵鼓悠扬韵律叩开患者心灵之门，让参与者在感受传统文化魅力的同时，获得 心灵的舒缓与疗愈。 活动现场，服务站布置得温馨雅致，空灵鼓整齐排列，散发着古朴的气息。陵水传统文化协会的老 师们首先向参与者介绍了空灵鼓的历史渊源与文化内涵。作为中国民族乐器的一种，空灵鼓音色空灵悠 扬、纯净自然，其独特的音律能让人在演奏与聆听中放松身心，感受内心的平静。 从简单的单音敲击，到组合节奏的练习，老师都耐心地指导每一位参与者。在社工的引导和协助 下，大家纷纷拿起鼓槌，小心翼翼地尝试，起初还有些生涩，但随着不断练习，渐入佳境。轻柔的鼓点 声此起彼伏，时而舒缓，时而轻快，交织成一曲充满希 ...

两广慢火车最后 的"担担军"_南 方+_南方plus 上午9时40分 许，广东湛江开 往广西南宁的 K9314次列车缓 缓前行。"荔枝 是早上五六点刚 摘的。"车厢 内，湛江廉江市 河唇镇龙湖村人 罗燕芬正回应询 问的乘客。她守 着两个装满荔枝 的大竹筐，脚边 是一根扁担。 10时53分，列车 停靠玉林站。这 位年过五旬的短 发妇人挑起百斤 (穿行两广的廉江"担担军"，时长共2分48秒) 0:00 / 2:48 竹筐冲下车—— 这是她挑着岭南 鲜果闯广西的第 十个夏天。当天 与她抱着同样目 的的"担担军"有 8人，而在5年以 前高峰时，这个 群体逾百 人，"以前列车 过道都放满货 物，廉江很多人 去广西卖水 果。"罗燕芬 说。 1 - 18. * 12 . 站台 Platform Y There a 18 / 7 / 2 / 2 ::: 1 - 1 d 7 4 77 rs and to .50% P 2 扁担悠悠，挑起 一个家庭的生 计；列车缓缓， 载起千百个家庭 的致富梦。而 今，物流快速流 转，列车风驰电 掣，"担担军"的 家庭已步入小 康，他们带着广 东人特有的豁达 进入人生新阶 段。 车上车下的温情 ...

后来，哪吒的意蕴得到进一步丰富和发展。在道教中，他被尊为"中坛元帅"。在禅宗典籍《五灯会元》 中，出现了哪吒"运大神力，为父母说法"的故事。此时，哪吒不再仅仅是一个护法神，而是成了一个具 有反抗精神和独立人格的神话人物。 明代小说《封神演义》《西游记》则标志着哪吒形象本土化的完成。 哪吒作为中国传统文化中的重要符号，融合释、道、儒家思想精髓，汇集了英雄主义、人伦血亲、忠孝 节义等元素，流传甚广，家喻户晓，为明清以后小说、戏曲乃至近现代以来的电影创作提供了素材。 作为中国电影史首部票房破百亿元的电影《哪吒之魔童闹海》，其以中国神话为基底，通过哪吒与龙族 的冲突，重构了传统故事的现代内核，展现了中华文化的深厚底蕴和独特魅力。 现藏于辽宁省朝阳市北塔博物馆、出土于朝阳市北塔地宫 的石函四侧面刻一组"哪吒护法"故事，内容为哪吒指挥夜 叉率众追杀兴风作浪的修吉龙王。 清康熙景德镇窑五彩哪吒闹海图瓶收藏于上海博物馆，该 瓶腹部主题纹饰表现的是哪吒闹海的故事。哪吒手持乾坤 圈，赤足踩风火轮与水族争斗，展现出哪吒闹海时的英勇 场景，场面宏大且人物众多，动作表情生动传神。 2025年1月29日，动画片《哪吒之魔童闹海》上映，至 ...