Core Viewpoint - The Dalian Commodity Exchange (DCE) has optimized its delivery-related rules, effective from July 1, 2025, to enhance market understanding and participation in delivery processes [1] Group 1: Delivery Methods - The optimization integrates daily selection delivery into rolling delivery, allowing both rolling and one-time deliveries to support vehicle board delivery methods [1] - The eligible futures products for vehicle board delivery remain unchanged, specifically eggs, live pigs, plywood, and logs [1] - Customers participating in rolling delivery can choose between vehicle board delivery or standard warehouse receipt delivery, while those in one-time delivery are limited to standard warehouse receipt delivery [1] Group 2: Rolling Delivery Application Process - A unified intention declaration and matching rule for rolling delivery is a key focus of the optimization [2] - Sellers can submit rolling delivery applications through members from the first trading day to the day before the last trading day of the delivery month, with applications not exceeding their net short positions [2] - The exchange will review these applications and publish approved seller delivery application details daily, with applications being irrevocable once submitted [2] Group 3: Seller Obligations - Sellers must ensure that their net short positions are greater than or equal to the approved rolling delivery application quantity at the time of matching [3] - If a seller's net short position is less than the approved application quantity during the matching process, they will be prohibited from submitting seller applications for rolling delivery in that product for one year [3]

又一险企加入撤销监事会大军！7月6日，北京商报记者注意到，大家保险集团有限责任公司（以下简称"大家保险集团"）日前公告，该公司不再 设立监事会，由董事会审计委员会行使监事会职权。 近期泰康保险集团、中国人保等也先后宣布，将不再设立监事会。以往由股东大会、董事会、监事会和高级管理层构成的"三会一层"公司治理架 构正发生变革。在业内专家看来，将传统监事会的法定监督职权明确赋予董事会下设的审计委员会，旨在降低管理成本、提升治理灵活性与决策 效率。 险企监事陆续"失业" 种种迹象表明，保险机构的公司治理正在经历一次深刻改革。这场变革源于2024年7月实施的新《中华人民共和国公司法》及金融监管总局2024 年12月发布的配套《关于公司治理监管规定与公司法衔接有关事项的通知》。金融监管总局明确金融机构可以按照公司章程规定，在董事会中设 置由董事组成的审计委员会，行使监管制度规定的监事会职权，不设监事会或者监事。 治理结构持续优化 从职能结构性调整视角来看，对于撤销监事会，当前存在多重改革动因。 浙大城市学院文化创意研究所秘书长林先平认为，保险公司撤销监事会的原因，主要是优化公司治理结构、提高决策效率、适应现代企业治理趋 ...

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Views - The report highlights that new and second-hand housing transactions are slowing down year-on-year, indicating a need for continued policy support to stimulate demand [4][6] - The Beijing government is actively optimizing real estate policies to enhance housing supply and improve living conditions for residents [3][8] Summary by Sections Policy Tracking - On July 1, the Beijing government held a meeting to discuss advancing housing policies, emphasizing a multi-supplier and multi-channel housing supply system [3][8] - The focus is on improving the quality of housing and ensuring adequate land supply near transportation hubs and employment centers [3][8] Transaction Data - In June, Beijing's second-hand housing transactions reached 16,800 units, showing a year-on-year increase of 2.3% but a slowdown compared to previous months [4][6] - For new homes, the transaction area in 30 major cities was 2.63 million square meters, reflecting a year-on-year decrease of 20.8% [5][9] Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and reasonable land reserves, such as Poly Developments [6][15] - It also recommends attention to major intermediary firms benefiting from active second-hand housing transactions, like I Love My Home [6][15]

（2）改善"供需比"：那么高的实物增长，应转化为可持续的利润增长。 我们的工业生产维持较高增速，2022年-2025年（前5个月），我国规模以上工业增加值 同比分别为3.6%、4.6%、5.8%、6.3%；同期规模以上工业企业利润同比却分别为-4.0%、-2.3%、-3.3%、-1.0%。为什么产出并不低，利润却持续负增 长？直接原因就是工业价格负增长；而它背后深层次的原因则是供需关系失衡。供需比失衡不仅约束了盈利、税收等名义指标；同时也带来了实际利率偏高等宏观 问题。所以去年底中央经济工作会议明确指出"必须统筹好总供给和总需求的关系"。 （3）终结"竞底竞争"：综合化的全球供给能力，必须超越单一的规模经济。 从全球视角看，中国企业具备超强的全球化供给能力，[2]制造业增加值占全球比重 约三成。这一供给能力的背后包含多个内生要素优势，我们曾总结为存量人口红利、工程师红利、延迟满足红利。但在"出海"的过程中，部分企业习惯于"竞底竞 争"（race to the bottom）。我们理解"竞底竞争"的逻辑是极致性价比，它背后是规模经济；但国内企业可利用的优势不止是规模经济，还包括研发、技术、品 牌、供应链效率等。 ...

Investment Rating - The report maintains an "Increase" rating for the agricultural sector [5] Core Views - The report emphasizes the need to combat "involutionary" competition and optimize pig production capacity, as highlighted in the recent meeting of the Central Financial Committee [1][17] - The overall pig farming industry is currently profitable, with self-breeding and self-raising models showing increased profits [18][23] - The poultry sector is experiencing price declines, particularly in broiler chickens and chicken seedlings, indicating a potential for price recovery in the future [19][36] Summary by Sections Agricultural Data Tracking - The national average price for lean meat pigs is 14.82 CNY/kg, up 3.9% from last week, while the average wholesale price for pork is 20.58 CNY/kg, up 1.7% [21][22] - The average weight of pigs for slaughter has decreased to 90.05 kg, down 0.6% week-on-week [26] - The price of 15 kg piglets has decreased to 36.77 CNY/kg, down 1% from last week [29] Pig Farming - The average profit for self-breeding pigs is 119.72 CNY/head, an increase of 69.48 CNY/head from last week, while the profit for purchased piglets is -26.26 CNY/head, an increase of 105.45 CNY/head [23][24] - The report suggests monitoring the impact of recent policy changes on pig prices and inventory behavior [18] Poultry Farming - The average price for broiler chickens is 6.75 CNY/kg, down 3.7% from last week, and the average price for chicken products is 8.45 CNY/kg, down 1.2% [36] - The price for broiler chicks has dropped to 1.36 CNY/chick, down 20% from last week [31] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth opportunities for industry companies [19] Livestock Support - The report notes increased price volatility in agricultural products, with leading feed companies likely to replace smaller competitors due to their advantages in procurement and scale [19]

Core Insights - The rise of AI search ranking has become a crucial tool for companies to enhance online competitiveness and expand market share in the digital era [1] - Wuhan Shangnazhao Education Technology Co., Ltd. has emerged as a leading player in the AI search ranking field, setting a benchmark for discussions on effective AI search ranking companies [2][8] Company Overview - Wuhan Shangnazhao Education Technology Co., Ltd. has focused on reconstructing the enrollment value chain using AI since 2018, achieving significant technological capabilities [2] - The company has developed an "AI Smart Enrollment Office" system that has improved enrollment efficiency by over 40% through data-driven strategies [2] - AI-driven tools have reduced human labor costs by 50% and increased student conversion rates by an average of 35% [2] Technological Advancements - The company has transitioned from education-specific applications to a comprehensive intelligent optimization model, adapting to the explosive growth of generative AI [3] - Key technological modules developed include a semantic understanding engine, a dynamic content generation system, and a knowledge graph platform, which have been upgraded for broader search optimization applications [4] - The company has launched the "GEO All-Domain Intelligent Optimization Solution," which extends its capabilities to various industries beyond education [4] Strategic Developments - The transition to a new generation of intelligent optimization is seen as a natural evolution rather than a mere business change, focusing on the generalization of technical capabilities and value release [6] - The company aims to deepen its AI Smart Enrollment Office 4.0 system while embedding GEO technology to help educational institutions capture AI enrollment opportunities [6] Competitive Landscape - Other notable companies in the AI search ranking space include Zhiyun Cloud Technology Co., Ltd., Suyou Linghang Network Technology Co., Ltd., and Yousou Zhichuang Information Technology Co., Ltd., each offering unique solutions and strengths [8] - Zhiyun Cloud Technology focuses on data-driven models for precise search ranking predictions, while Suyou Linghang emphasizes real-time algorithm adjustments and content marketing [7][8] - Yousou Zhichuang provides comprehensive search ranking optimization services, leveraging advanced AI technologies and a customer-centric approach [8]

7月6日，中国民航局发布消息，为进一步优化空域环境、提升运行效率，即日起，民航将启用M503航 线W121衔接线。(央视新闻) ...

Group 1 - The wig industry is a distinctive sector in Juancheng County, Shandong Province, with an annual processing capacity of 5,000 tons and production of 30 million wig products in 2024, with over 90% of products exported to more than 80 countries and regions across six continents [1] - The wig products account for 90% of the domestic market share and over 70% of the global market share [1] - The local government has implemented measures to optimize the business environment, including a "clean wind protection" initiative to address prominent issues and establish a reporting platform for businesses [1] Group 2 - The Juancheng County Discipline Inspection Commission has streamlined administrative approval processes, reducing the number of required windows from four to one, allowing for faster processing within one working day [2] - Five special inspection teams have been formed to conduct on-site visits to wig enterprises, addressing difficulties faced by businesses [2] - The county has organized participation in major domestic and international exhibitions, with the transaction volume exceeding $100 million for the first time in 2024, while also encouraging brands to expand their export market share [2]

Core Viewpoint - The article discusses the joint issuance of measures by four departments in Jiangsu Province aimed at enhancing the quality and efficiency of government services, aligning with national directives to reform and optimize the business environment [1] Group 1: Measures Implemented - The measures include 15 specific actions to improve project approval processes within government service centers [1] - Provincial government apps are required to open usage permissions downward, preventing redundant construction below the provincial level [1] - There is a push to consolidate government service applications under the "Su Service Office," with a ban on developing new government service apps at the county level and below [1] Group 2: Compliance and Deadlines - Existing comprehensive government service apps at the county level and below must complete migration and consolidation by the end of December [1] - Failure to comply with the consolidation requirements will result in no allocation of operational maintenance funds for the following year [1]

《若干措施》要求，以"高效办成一件事"为理念，在政务服务大厅设立"高效办成一件事"综合窗 口，对办件频次低、时效性要求不高的窗口撤并整合。建设企业综合服务中心（专区），8月底前，在 市、县政务服务中心试点建设民营企业金融服务中心。围绕"一件事"办理，开展跨部门系统协同和数据 共享，重塑业务流程，大幅压减办理时长和办事成本。针对各进驻部门窗口咨询电话多、呼入等待时间 长、群众诉求登记不规范等问题，将省、市两级政务服务大厅的进驻部门窗口咨询电话统一由12345热 线接听。 《若干措施》还明确，省级政务APP须向下开放使用权限，杜绝省级以下重复建设。推动政务服务 类应用向"苏服办"整合，县级以下禁止开发政务服务APP，已建县级及以下的综合类政务服务APP在12 月底前完成迁移归并，未整改到位的不再安排下一年度运维经费。 《若干措施》还提出建立健全政务服务监督检查机制。建设省级政务信息化项目管理平台，以信息 化手段规范并跟踪项目规划、设计申报、审核审批、采购实施、资源使用、资金使用、绩效评价等环 节，实施全量、全流程、全生命周期项目管理。充分发挥审计监督作用，加强对政务信息化项目规划、 建设、运维，以及项目资金管理和 ...