本文来自微信公众号：新周刊 （ID：new-weekly），作者：阿绿，编辑：L，题图来自：AI生成 给家长减负，上海第一个？ 不久前，《上海市教育委员会关于优化上海市义务教育学校作业管理提高作业育人水平的通知》正式发 布，其中明确要求"不得给家长布置或变相布置作业，不得要求家长检查批改作业"。 消息一出，许多家长拍手叫好，也有部分家长觉得"并不在乎"，更有人产生了深刻的担忧，"全靠老师 管吗？他们真的管得过来吗？" 家校之间的压力传递，似乎已经存在了太久，《通知》的下发似乎也难以消弭其中的问题——"不在 乎""担忧"的背后，更多是出于对现实执行力的疑虑，以及长久以来"家校共育"边界模糊形成的惯性。 更何况，属于家长的"家庭作业"，早已从简单的"检查批改"延伸至辅导、监督乃至代劳各类"创新"任 务，更与孩子的成绩焦虑、升学压力深度捆绑。即便纸面上禁止了"家长作业"，根植于教育竞争生态中 的深层压力，以及由此产生的"你不做总有人做"的隐性竞争，似乎并未随之消散。 说好的减负，怎么减 身为90后，毛豆酱有时候觉得现在小学的某些管理方式让她难以理解。 她还记得自己小时候，老师布置作业是把作业抄在黑板上，同学们各自记 ...

Macroeconomic and Strategy Research - The U.S. job market remains resilient, with initial jobless claims unexpectedly dropping to the lowest level since June, indicating a strong employment situation [2] - The U.S. government has postponed the deadline for "reciprocal tariffs" to August 1, imposing tariffs ranging from 25% to 40% on 14 countries, leading to a stalemate in tariff negotiations with major economies [2][3] - Domestic CPI growth turned positive in June, driven by rising energy prices, while PPI continues to face downward pressure due to weak demand [2][3] Fixed Income Research - The overall interest rates have slightly increased, with the yield curve flattening, influenced by expectations of new real estate policies and regulatory pressures on local banks [4][5] - The central bank has net withdrawn nearly 800 billion yuan in the open market, leading to a slight rise in funding prices, while maintaining a generally loose monetary environment [5][6] - The primary market saw limited supply pressure, with a total issuance of 62 bonds amounting to 621.7 billion yuan, indicating a stable funding environment [5][6] Industry Research - The pharmaceutical and biotechnology sector is experiencing a surge in performance forecasts, with significant announcements such as Merck's $10 billion acquisition of Verona and the approval of new drugs [8][9] - The Shanghai Composite Index rose by 1.40%, with the pharmaceutical sector increasing by 0.88%, indicating positive market sentiment towards the industry [10] - The report suggests focusing on investment opportunities related to innovative drugs and the supply chain, particularly in sectors benefiting from policy optimization and improving overseas demand [10]

Core Viewpoint - The China Interbank Market Dealers Association has initiated self-discipline investigations against six main underwriters, including major securities firms and a bank, due to concerns over low underwriting fees in a recent bond issuance project [1][5]. Group 1: Investigation and Regulatory Actions - The self-discipline investigation was prompted by the observation of low underwriting fees in the 2025-2026 secondary capital bond project by Guangfa Bank, which raised market concerns [2][5]. - The association had previously issued a notice to strengthen the regulations on underwriting practices, specifically prohibiting bids below cost [3][5]. Group 2: Underwriting Fee Details - The total underwriting service fee for the six selected institutions was reported to be 63,448 yuan, with individual fees as low as 700 yuan for some firms [4][6]. - The breakdown of estimated service fees included: CITIC Jianan Securities at 35,000 yuan, CITIC Securities at 21,000 yuan, and others at significantly lower amounts [4][6]. Group 3: Market Dynamics and Implications - The phenomenon of low underwriting fees has been a recurring issue, with past instances showing fees as low as 0.0001% in previous bond issuances, indicating a trend of aggressive competition among underwriters [8][9]. - Analysts suggest that the practice of low-cost underwriting may lead to insufficient due diligence and could pose risks to the bond market, undermining the role of underwriters as gatekeepers [8][10]. Group 4: Recommendations for Improvement - There is a call for the industry to refocus on the core responsibilities of underwriting, emphasizing quality over quantity, and to establish stricter self-regulatory measures to combat unreasonable pricing practices [10]. - Experts recommend enhancing the ethical standards of underwriting personnel and relying on brand and professional expertise rather than aggressive pricing strategies to secure projects [10].

Group 1 - The article emphasizes the importance of standardizing government procurement and bidding processes to enhance fairness in the results of bids [1] - Government procurement is a significant method of fiscal expenditure, linking the government with the market and impacting public interest and the business environment [1] - Despite the expanding scope and scale of government procurement in China, issues that hinder fair competition still occur, necessitating ongoing efforts to regulate these processes [1] Group 2 - The article calls for the improvement of laws and regulations, strengthening management across the entire procurement chain, and establishing a sound government procurement transaction system [1] - Continuous regulatory efforts are needed, particularly in eliminating hidden barriers and behaviors that obstruct fair competition in the government procurement sector [1]

大家好，我是腾势汽车的产品专家，今天聊聊3月份正式上市的腾势N9。 销量如何?卖的最多的是什么配置和颜色？ 当地有两家腾势中心，我们这家店是24年底筹备开建的，我之前是做传统BBA品牌的，看到大家都在转型做新能源，便决定尝试转型。 这款车3月21日正式上市，交车是在4月份。第一批到车速度较慢，车也比较少，所以只交了4台，6月又是淡季，但预计销售6-8台问题不大。 卖的最多是2025款旗舰型，指导价44.98万；另一款指导价38.98万的尊荣型偶尔能卖几台。最多的颜色是黑武士（限量生产的颜色），其次是玄璟墨、烟晶灰，偶 尔有客户购买翠华瑶和雪玉莹。 谁在看这个车？买车用户都是什么样的？ 看这款车的都是自有BBA车型的客户，几乎没有首次购车的。占比最多的是国有企业的领导、个体工商户老板等。 最近有个客户印象比较深刻。 邓哥是通过直播了解的我们，独自到店后对服务感到非常满意，留下了很深的印象，走的时候还表示说，如果买N9肯定找我，让我放心。 第二第三次是带着老婆来的，邓哥是国企领导，老婆是医生，讲话素养很高，家里有奥迪和进口的美系越野车。他对比的是M9，他最后说因为服务选择了我们 N9，这点我也深有体会，腾势确实也 ...

Core Viewpoint - The Chinese automotive industry is facing challenges such as "involutionary" competition and a persistent decline in profit margins, necessitating a shift from price-driven to value-driven market strategies [1][3]. Group 1: Industry Performance - In the first half of 2025, China's automotive industry achieved remarkable results, with both production and sales exceeding 15 million units for the first time, and new energy vehicle sales growing over 40% year-on-year [2]. - The automotive export market also experienced double-digit growth, indicating a positive trend in international competitiveness [2]. Group 2: Challenges and Solutions - The automotive industry's profit margins have been declining for nearly eight years, leading to a critical situation of "increment without profit" that needs urgent resolution [3]. - Industry leaders emphasize the need for innovation and focus on key technologies, particularly in new energy and intelligent connected vehicles, to enhance competitiveness and profitability [3]. - There is a consensus among industry experts that understanding and meeting consumer emotional needs is becoming a core competitive advantage in automotive product development [3]. Group 3: Collaborative Efforts - Industry stakeholders are encouraged to foster a new type of competitive and cooperative relationship, aiming to create new technologies, products, and business models to cultivate new growth areas in the industry [3].

规范政府采购和招标投标需持之以恒。一方面，推动完善法律法规，加强全链条管理，健全政府采购交 易制度；另一方面，持续加强监管，特别是清理整治政府采购领域各种隐性壁垒和妨碍公平竞争的行 为。 "阳光是最好的防腐剂。"提高政府采购透明度、加强社会监督是促进公平竞争、避免暗箱操作的重要手 段。要完善政府采购信息公开制度，推动包括采购意向、采购项目预算金额、采购项目公告、采购文 件、采购结果在内的政府采购全流程信息公开，提升政府采购信息公开的透明度、公信力，保证各类经 营主体公平获得政府采购信息，充分接受社会监督，促进采购活动公平性。 我国政府采购潜在规模巨大，支持科技创新、绿色环保、中小企业和乡村全面振兴等方面的政策功能也 日益突出。切实规范运行、落实公平竞争原则，政府采购才能健康持续发展，保障国家利益和社会公共 利益，更好推动全国统一大市场建设。 （文章来源：经济日报） 政府采购制度目标的实现，有赖于建立公平竞争、公开透明的运行体系。近年来，政府采购领域的法规 制度体系不断健全，监管力度持续加大。国务院办公厅部署了政府采购领域"整顿市场秩序、建设法规 体系、促进产业发展"三年行动方案（2024—2026年），着力解 ...

先说Meta这波"挖墙脚"操作，简直比拆迁队还狠。这次被盯上的是OpenAI的Allan Jabri和Lu Liu，前者是搞视觉常识学习的学霸，后者是90后华人女博 士，刚在4o团队搞出吉卜力画风的爆款功能，连奥特曼的头像都换成这风格了。结果呢？Meta大手一挥，直接把人打包塞进新成立的"超级人工智能实 验室"。这已经是Meta挖走的第11个华人AI专家了，其中9个都来自OpenAI，剩下俩分别扒自谷歌DeepMind和苹果。 最离谱的是薪酬——外界传Meta给这些华人科学家开了"4年3亿美金"的天价总包，第一年就能解锁1亿。这哪是招人啊，分明是抢银行！要知道， OpenAI去年全年营收也就37亿美金，结果光股权激励就发了44亿，等于"赚的还没发的多"。现在Meta来这么一下，等于直接告诉OpenAI员工："你老板 给你画的饼，我直接给你换成金砖，来不来？" 换你你扛得住？ 有人说这是"华人科学家的胜利"，我看更像是"资本的胜利"。Lu Liu的履历确实能打：华南理工本科，澳洲读博搞深度学习，毕业后在微软、谷歌、 Character.AI转了一圈，去年刚加入OpenAI就赶上4o项目爆火。这种级别的人才，放在 ...

2014年，支付宝在移动支付的市场份额高达82.3%，当时第二名腾讯财付通的市场占有率仅为10.6%， 支付宝占据了绝对的主导地位。然而从那之后，支付宝的市场份额就开始逐年下滑。 根据中国支付清算协会2025年发布的《中国移动支付发展报告》，2024年中国移动支付交易规模达到 672万亿元，同比增长16.7%，渗透率高达92.3%。微信支付和支付宝作为两大主导平台，合计占据市场 份额的87.5%。从交易金额来看，支付宝以45.7%的市场份额领先，微信支付以41.8%紧随其后。 而到了2025年，据易观数据显示，截至2025年第一季度，微信支付市场份额已达到59.7%，支付宝则降 至36.2%。由此看来，支付宝已经被微信支付甩开，甚至拉大了差距。 四大层面：支付宝逐步被微信支付甩开 首当其冲被微信支付甩开的就是用户差距了。2025年第一季度，微信支付全球月活跃用户突破14.7亿， 同比增长7.3%；而支付宝母公司蚂蚁集团公布的数据则为全球月活跃用户10.4亿，同比增长5.1%。也就 是说支付宝的活跃用户数相比微信支付的活跃用户数，差距已经达到了4.3亿。 第二个差距就是日常消费场景。从线下调研数据来看，2024 ...

Core Viewpoint - The recent self-discipline investigation by the trading association has highlighted the phenomenon of "floor pricing" in bond underwriting, particularly in the case of the underwriting fees for the 2025-2026 secondary capital bond project of Guangfa Bank, which has drawn significant market attention [1][3]. Group 1: Low Pricing Phenomenon - The occurrence of three-digit underwriting fees is rare and reflects a broader trend of low-price competition within the industry [3]. - In the competitive bidding process for Guangfa Bank's bond issuance, the total underwriting fee for the six selected institutions was only 63,448 yuan, with some institutions quoting as low as 700 yuan [3][4]. - Historically, underwriting fees for bond projects typically do not fall below 1 million yuan, but recent trends show that actual fees have significantly decreased due to intensified competition [4][6]. Group 2: Market Dynamics - The underwriting fee rates for large state-owned and joint-stock banks can drop below 0.08%, primarily because these banks issue high-quality assets, making the issuance process simpler and less costly [7][8]. - Smaller banks often face higher costs for underwriting, with fees generally exceeding 1 million yuan, indicating a disparity in pricing strategies based on the size and quality of the issuing bank [8]. - The competitive landscape has led to a situation where institutions prioritize market share over profitability, resulting in a willingness to accept low fees to secure business [8][10]. Group 3: Regulatory Response - The trading association has issued guidelines to strengthen the norms for bond issuance and underwriting, emphasizing the need for market-based principles and fair treatment of all investors [10][11]. - There is a call for regulatory measures to establish minimum fee standards for bond issuance to prevent "involutionary" competition and ensure the quality of bond issuance [11][12]. - The industry is experiencing increased scrutiny from regulators, with a focus on compliance and the need for underwriting institutions to maintain a balance between cost control and regulatory adherence [11][12].