"基金管理费从基金收益或利息中支付，原则上不允许在本金中列支……"近日，广东省财政厅发布《广 东省政府投资基金管理办法》，其中关于管理费缴付的规范打破行业通行惯例，引发行业广泛关注。 那么，管理费重构背后，可能对创投行业带来哪些影响呢？ 众所周知，私募股权投资行业比较通行的收费模式是"2% +20%"，也就是基金管理人每年度收取基金规 模2%的管理费，用于支付基金运营和管理过程中产生的各项费用；另外提取基金收益的20%作为carry （行业一种核心激励机制），也就是绩效收益或业绩报酬。从这个意义上来说，稳定的管理费收入是基 金管理人重要的运营保障。 此次广东发布的新规则彻底打破了这种"稳赚不赔"收费模式，更深层次的意义在于，这是一次对政府投 资基金运作模式的深度调整，其后续影响可能会波及创投行业的方方面面。 笔者注意到，首先，根据该管理办法，基金管理费一般应以实缴出资或实际投资金额为计费基础，颠覆 了行业通行的"认缴规模计费"惯例；其次，规定基金管理费从基金收益或利息中支付，原则上不允许在 本金中列支，如基金暂未产生收益或利息时可先从本金中预支，但需后续补回；再次，基金存续期满后 不得收取管理费。 尽管相关收 ...

证 券 研 究 报 告 【策略专题】 百年贸易战的比较研究 ——康波周期系列 2 ❖ 康波周期所标志的世界经济长波更迭，伴随大国兴衰的时代背景，1930 年代 的美国作为"世界工厂"的顺差追逐国，遭遇英国作为逆差主导国挑起的关税 争端。历史周期率下没有新鲜事，以长周期研究锚定短周期位置，有助于我们 理解当下，推测未来。 ❖ 货币体系重构：美元走弱&黄金升值或是中长期趋势。 旧货币的式微：1930 年代英镑的没落背后是英国经济实力下降+黄金储备枯竭 +债务违约引发信用崩溃；类似当前美元的挑战是美国经贸相对优势缩小+债 务与通胀两难+他国寻求替代货币。 新货币的崛起：1930 年代美元从债务结算/外汇储备多领域挑战英镑，背后是 美国经济崛起+黄金储备充足+债权国输出美元；当前美元仍占全球外汇储备 半数以上，尚未出现类似 1930 年代的新兴挑战者。 黄金升值或仍未结束：1930 年代金本位溃败下主要法币计价的黄金升值 1-2 倍，当前货币体系变革，新兴法币挑战者缺失，黄金是过渡期有效价值替代品， 对抗法币信用下降。 ❖ 关税经济冲击：量的冲击远大于 1930 年代，对价格影响可能有限。 实际 GDP：1930 年 ...

证券研究报告 二手船价先于新船价企稳，301对中国造船业冲击逐步修复 ——2025年5月造船订单总结 证券分析师：闫海 A0230519010004 王晨鉴 A0230525030001 2025.6.10 ◼ 301具体落地政策较草案强度大幅减弱，造船利空压力释放：豁免条件显示在美订造船舶可取得豁免，美国民船建造能力差，产业链搭 建难且劳工招募成本高，同时豁免条件增加订单流向日韩压力减弱，叠加日韩船厂产能饱和，一阶段订单流向日韩带动船价提升，二阶 段高价单重新回流中国，当前老船替换主逻辑下，收费设置上限相当于增设附加费，可被造船业供需紧张带动的船价上行覆盖。301落地 后新签订单及船价有望修复。年初以来，受制于301扰动，船东观望情绪强，造船市场成交量大幅下降，船价阴跌，预期落地后，积压造 船需求有望释放，重新带动订单量及船价上行。 ◼ 关税谈判后看好造船进入预期修复阶段，新签订单及船价有望修复：需求端：中美贸易缓和带动航运市场贸易修复，运价上涨后船公司 资产负债表修复，老船替换主逻辑船公司下单意愿增强。供给端：船厂产能依旧紧缺。年初以来，受制于301扰动，船东观望情绪强，造 船市场成交量大幅下降，船价阴跌 ...

证 券 研 究 报 告 【策略专题】 百年贸易战的比较研究 ——康波周期系列 2 ❖ 康波周期所标志的世界经济长波更迭，伴随大国兴衰的时代背景，1930 年代 的美国作为"世界工厂"的顺差追逐国，遭遇英国作为逆差主导国挑起的关税 争端。历史周期率下没有新鲜事，以长周期研究锚定短周期位置，有助于我们 理解当下，推测未来。 ❖ 货币体系重构：美元走弱&黄金升值或是中长期趋势。 旧货币的式微：1930 年代英镑的没落背后是英国经济实力下降+黄金储备枯竭 +债务违约引发信用崩溃；类似当前美元的挑战是美国经贸相对优势缩小+债 务与通胀两难+他国寻求替代货币。 新货币的崛起：1930 年代美元从债务结算/外汇储备多领域挑战英镑，背后是 美国经济崛起+黄金储备充足+债权国输出美元；当前美元仍占全球外汇储备 半数以上，尚未出现类似 1930 年代的新兴挑战者。 黄金升值或仍未结束：1930 年代金本位溃败下主要法币计价的黄金升值 1-2 倍，当前货币体系变革，新兴法币挑战者缺失，黄金是过渡期有效价值替代品， 对抗法币信用下降。 ❖ 关税经济冲击：量的冲击远大于 1930 年代，对价格影响可能有限。 实际 GDP：1930 年 ...

傍晚的上海B&C门前，荧光绿纸袋依旧是最醒目的社交货币。但与两年前不同的是，队伍里的年轻 人不再只为打卡拍照，而是熟练地点评着"咕咕霍夫糖油比控制得刚好"、"酵种风味更醇了"。在广 州UH祐禾，刚出炉的枫糖核桃吐司被抢购一空，顾客讨论的是"28元够全家当早餐，比网红蛋糕 值"。 这些品牌的客单价并不便宜，但年轻人在这里却似乎失去了"价格敏感度"。从全网声讨"面包刺 客"到精打细算后的主动选择，贵价面包的回归，映射着年轻人消费哲学的微妙转向——他们拒绝为 虚名买单，却甘愿为"可感知的价值厚度"支付溢价。 烘焙市场正经历一场关于"值不值"的深刻重构，当年轻人开始按冰箱囤购优质面包、跑几条街只为 买一口优质的生吐司，这不是简单的消费升级，而是一场关于价值认同的无声革命。 2023年"10元面包投票"的民意浪潮犹在眼前，但批判的矛头从未单纯指向价格本身。消费者真正抵 触的是 "价值黑箱" —— 一个用料普通、口感平庸的面包，仅因日式装修或网红标签就标价30元。 这种信息不对称造就了"刺客感"。 而如今烘焙市场的转变， 本质是 "价值透明化"推动的认知升级 。 消费者开始用专业眼光拆解面包：有的面包店将酵母瓶子摆在货架 ...

"平常心"也是一种情绪调节的艺术。神经科学研究表明，人在压力状态下，负责理性思考的大脑前额叶 皮层功能会受到负责情绪反应的边缘系统的抑制。而保持平常心的关键，恰恰在于激活前额叶的调控功 能。 可以通过规律作息、适度运动、正念呼吸等具体行为，帮助自己在高强度备考期间维持神经系统的平 衡。这些看似简单的"平常"行为，实际上是经过科学验证的特别有效的情绪调节策略。 "正常状态就是健康状态。"在备考和考试过程中，我们要保持平常的生活方式，不追求完美发挥也不因 为失误陷入自我否定，这恰恰是最有利于发挥正常水平的心理状态。 （原标题：平常心：高考这场修行中的定海神针） 每年六月，"金榜题名"与"鱼跃龙门"的祝福便如潮水般涌来，包围着每一位高考考生和家长。这些美好 却沉重的期许，像一层无形的枷锁，落在考生本已紧绷的神经上。在这场被整个社会集体注视的人生仪 式中，"平常心"三个字或许是最被低估，却最珍贵的心理资源。它不似励志口号那样振奋人心，却能在 喧嚣中为考生开辟一方宁静的精神栖息地。 "金榜题名"的意象源自科举时代，那时一个名字出现在黄纸上意味着阶层跃升与家族荣耀；"鱼跃龙 门"则源自神话传说，寓意瞬间蜕变与身份转换。这 ...

Group 1 - Reading is often perceived as a sacred virtue, equating readers with being cultured and deep thinkers, where the thickness of one's bookshelf symbolizes the depth of thought [1][2] - In a commodified society, reading individuals are positioned at a moral and intellectual high ground, often used by the wealthy and celebrities to enhance their cultural image [2] - The act of reading is fundamentally a passive cognitive activity, where individuals may lose their critical thinking abilities over time, as it involves repeating the author's thought process rather than creating original thoughts [3][4] Group 2 - Reading is primarily an input behavior that is simple and does not require significant cognitive resources compared to writing or research, leading to an overestimation of its value [6] - The cultural context often associates reading with moral superiority, ignoring the fact that the barriers to reading are low, thus it cannot be a reliable measure of moral character [7] - Reading is a neutral activity that does not inherently elevate or degrade one's character, and its consumption can be likened to other forms of entertainment, such as watching short videos [8] Group 3 - The true value of reading lies not in the quantity of books read but in the ability to internalize knowledge and thoughts through critical thinking and reconstruction [8][9] - A rational perspective on reading involves being aware of the illusion that "input equals justice" and maintaining a critical stance towards the material consumed [9] - Output is emphasized as being more important than input, advocating for conscious engagement in active output to enhance the learning process [10][12] Group 4 - The capabilities of artificial intelligence in processing large volumes of text highlight the need for human skills in knowledge reconstruction and deep thinking, which cannot be easily replaced by technology [11][12] - The ability to think critically, create, and apply knowledge is what distinguishes human cognition from mere data processing [12]

Group 1 - The U.S. bond market has recently lost its safe-haven function, with concerns over fiscal sustainability re-emerging since May, leading to increased long-term borrowing costs and a simultaneous decline in both stocks and bonds [1] - Historical data indicates that during inflation shocks, both stocks and bonds may experience negative real returns, while gold tends to perform well during periods of stock and bond weakness [1] - Goldman Sachs highlights that the credibility of the U.S. system is at significant risk, and the sustained demand for gold from central banks worldwide will strongly support gold prices [1] Group 2 - In May, the People's Bank of China increased its gold reserves for the seventh consecutive month, reporting a total of 73.83 million ounces (approximately 2,296.37 tons) by the end of May, an increase of 60,000 ounces (about 1.86 tons) month-on-month [1] - Huachuang Securities suggests that the current unexpected rise in gold prices reflects a pricing for the restructuring of global order, indicating that uncertainties may persist, and trading in gold may not be over [1] - Overall, in the context of a weakening dollar, gold continues to have long-term support, and interested investors may consider low-cost entry through gold ETF funds [1]

Core Insights - The development of both long and short dramas has become a standard practice in the industry, with each format leveraging the strengths of the other while facing unique challenges [1][3] - The competition between long and short dramas is described as a "survivor game," with industry professionals discussing the evolving landscape and future ecological scenarios of the film and television industry [3][10] Group 1: Industry Dynamics - The adaptation of long drama IPs into short dramas is driven by user demand segmentation and the maximization of IP value, allowing for lower recognition costs and quicker emotional engagement from existing fans [3][4] - The "long vs. short drama" phenomenon is seen as a mutually stimulating process, where short dramas can teach long drama creators to avoid excessive content, while long dramas push for higher production quality in short dramas [3][4] Group 2: Challenges and Opportunities - Key challenges in adapting long dramas to short formats include narrative compression, user expectation misalignment, and limited creative freedom due to copyright constraints [4][6] - Successful adaptation factors include simplifying narrative structures, focusing on core character conflicts, and creating a clear distinction between good and evil characters, which contrasts with the complex character motivations typically found in long dramas [7][9] Group 3: Market Trends - The short drama market is experiencing significant growth, prompting platforms to enhance their offerings and explore international markets as domestic competition intensifies [11][12] - The industry is witnessing a shift towards quality improvement in short dramas, with traditional film and television teams increasingly entering the short drama space, indicating a trend towards more refined content [17][18] Group 4: Future Directions - Future strategies for industry players include differentiating content through regional characteristics, exploring niche markets, and adopting a light asset model for production [18][19] - The balance between commercial viability and content quality is crucial for long-term success, with a focus on creating high-quality works that can stand out in a competitive landscape [18][19]

Core Insights - The chairman of GCL Group, Zhu Gongshan, emphasized that the logic of photovoltaic market development is changing, evolving from a simple power source role to a hub connecting energy production, storage, and consumption [1] - Zhu advocates for the creation of a cross-industry technology and standard integration consortium to break down barriers in photovoltaic cross-industry applications [1] - The industry is encouraged to shift from merely outputting capacity to a combination of "technology standard output + localized capacity," promoting photovoltaic scientists to become leading figures of the era [1] Industry Transformation - The photovoltaic market is transitioning from a "single grid-connected generation model" to a "diverse supply model of both grid-connected and off-grid power" [1] - The evaluation system for the market is no longer solely based on grid-connected capacity [1] - Zhu suggests that rather than waiting for a cyclical recovery in the photovoltaic sector, it is more prudent to confront the disruptive restructuring of the industry [1]