Core Insights - The Chinese window and door industry is undergoing a significant transformation as it shifts from a high-growth phase to a stock competition era, leading to intensified market competition and accelerated industry reshuffling [1][2][13] - Ronggao Windows is emerging as a leader in this transformation by focusing on technological innovation, particularly in the field of ultra-soundproof technology, which has become a focal point in redefining quality of life [1][5] Industry Restructuring - The national subsidy policy, which offers a 15% subsidy to consumers, is seen as a short-term growth driver but does not guarantee long-term competitiveness; only companies with differentiated value can survive [2][13] - The number of window and door enterprises in Foshan has decreased from 5,000 to around 2,000, indicating a rigorous market selection process based on product quality and company strength [2] Growth Strategies - Ronggao Windows plans to leverage the national subsidy policy by engaging nationwide agents to capture market opportunities, while also shifting focus from new markets to existing ones [4] - The company aims to enhance consumer engagement through closer channel strategies, such as partnerships with installation companies and community stores [4] Technological Advancements - Ronggao Windows has achieved an industry-leading soundproof performance of 6-level 45 decibels, positioning itself as a market favorite [5][6] - The company emphasizes a customer-centric approach by providing tailored soundproof solutions based on actual noise measurements in customers' homes [5][6] Product Innovation - In 2025, Ronggao Windows launched nine new products, including the Mate series and the Vision 65 outward-opening window, which incorporate advanced sealing technology and meet high-end soundproof standards [8] - The company employs modular production and automation to reduce labor costs and enhance production efficiency, allowing for high-quality products at competitive prices [8] Brand Strategy - To appeal to younger consumers, Ronggao Windows has introduced a lively cartoon character, Jingbao, as part of its brand image, enhancing consumer connection [10] - The company is actively engaging in new media marketing through platforms like Douyin and Xiaohongshu to drive traffic to its stores [10] Global Expansion - Ronggao Windows is establishing an international market department to explore overseas opportunities, collaborating with professional foreign trade companies to facilitate market entry [11] - The company has already seen initial success in multiple countries, indicating a positive outlook for future international expansion [11] Future Outlook - The competitive landscape is expected to become more intense, with potential market demand shrinkage; however, companies that innovate and differentiate will find opportunities [13] - Ronggao Windows is committed to attracting young talent with international perspectives to drive innovation and growth [14] - The company's strategic focus for 2025 revolves around innovation, channel development, and service enhancement, which are seen as essential for long-term success [15]

6月10日，申万宏源2025资本市场夏季策略会在北京举行。会上，申万宏源证券（000562）执委会成 员、研究所董事长周海晨表示，当前正处在新一轮全球科技革命的新起点。近年来以人工智能、量子计 算、生物技术、新能源等为代表的前沿领域不断取得突破，科技革命正在改写全球生产生活方式，也对 金融投资带来深远影响。与以往不同，我国是这一轮科技革命的重要参与者，以DeepSeek、通义千问 为代表的大模型在多项国际基准测试中表现亮眼，中科大"九章"光量子计算机不断刷新全球算力新纪 录。近年来我国持续加大研发投入，2024年全社会研发经费占GDP比重达到2.68%，我国在人工智能、 新能源等领域的专利申请量和授权量常年位居全球首位。中国科技力量的崛起也推动近年来A股市场涌 现出一批科创新力量，成为推动资本市场走稳走强的重要基石。(新浪财经) ...

6月7日，广东电视台新闻频道《正点播报》，以"卢俊卿《赢在下半场》公益演讲深圳开讲-创新前沿， 深圳民企高质量发展成全国样本"为题，报道了卢俊卿此次深圳公益演讲。在这场以"告别悲壮、拥抱从 容"为主线的思想盛宴中，卢俊卿结合深圳"创新之都"的独特基因，为民企下半场发展开出"健康革命、 财富跃迁、传承觉醒"三大战略良方，引发强烈共鸣。 深圳，作为中国改革开放的前沿阵地，民营经济发展成果斐然。2024年地区生产总值达3.68万亿元，民 营企业数量超260万家、增长10万户以上，在这座被誉为"民营经济第一城"的城市，最具代表的"特 产"就是企业家。 作为改革开放后第一批创业者，卢俊卿深耕民营经济30余年，从四川广元农村走向全球，成功打造了服 务近600万企业家的天九共享资源共享平台，见证并参与了中国民营经济的蓬勃发展。他指出："我们中 国的民营经济，现在正式进入更全球化、更细分化、更专业化的下半场。对于广大民营企业家来说，很 多都已年过半百，怎样才能更好地活下去，并且活得更有意义，是我们举办此次活动想要表达的核心含 义。" 从北京到深圳，卢俊卿的演讲不仅是一场思想启迪，更是一份由亲历者书写的民企穿越周期的行动指 南 ...

证券研究报告 从对美脱锚到中国重估 ——2025 下半年资产配置展望 华泰研究 | 中期策略 | | --- | | 2025 年 6 月 09 日│中国内地 | 核心观点 今年是"非典型"宏观大年，核心变量是特朗普 2.0 对全球贸易、金融、地 缘等秩序的冲击，事件驱动明显。新秩序的重构改变了大类资产的定价规律， 也颠覆了传统的配置框架。在市场对美国资产脱锚的同时，中国资产有望迎 来估值的重估。不确定环境下，建议采取"重赔率+重左侧+重交易"的应 对策略，并寻找区域与产业逻辑等结构性机会。美元趋势性走弱，非美资产 或有相对表现，欧洲资产胜率更高，港股等新兴市场赔率更优。AI 科技主 线有待现象级应用落地催化，各国大内需板块有望在财政扩张周期下受益， 而地缘局势不确定性加大，可尝试博弈军工、自主可控以及稀缺资源品。 市场环境：非典型的宏观大年 过去几年里，大类资产价格表现背后的深刻逻辑。2023 年，全球周期错位 +AI 科技革命+全球资金再配置是三条主线。2024 年，美国"例外论"+国 内物价偏弱+时代背景强化。2025 年上半年，全球秩序重构+美国例外论动 摇+反转交易频现。具体资产表现上，黄金>港股+ ...

（原标题：凝视的革命：《戴珍珠耳环的少女》的艺术史坐标） 在荷兰代尔夫特的黄金时代余晖中，约翰内斯?维米尔的《戴珍珠耳环的少女》（1665）如同一颗嵌入 艺术史长河的神秘珍珠，其微光穿透三个半世纪，持续改写着人类对肖像画的认知范式。这幅看似日常 的少女肖像，实则是 17 世纪荷兰艺术转型的缩影，承载着从宗教神坛到世俗人间的视觉革命，在巴洛 克的戏剧性与启蒙时代的理性化之间，开辟了一条凝视的新维度。 维米尔工作室遗留的透镜、暗箱装置残片，揭示了他作为 "光影工程师" 的探索。画中光线从左侧斜切 而入，在少女右脸颊形成精确的明暗交界线，这种光影分布遵循光学定律，与卡拉瓦乔的戏剧性明暗对 照法不同，更趋近自然主义的视觉真实。X 射线扫描显示，维米尔在打底稿时使用了暗箱投影技术，少 女鼻梁的阴影角度与暗箱成像的几何计算高度吻合。色彩层面，他构建了精密的视觉色谱：头巾的群青 与珍珠的金属反光形成互补关系，颈部肉色中调入极细的群青颗粒，在特定光线下呈现微妙冷调 —— 这种对光影与色彩的细腻处理，体现了 17 世纪科学革命在艺术领域的回响。 少女侧转的头颅与回眸的眼神，构成艺术史上罕见的凝视对峙。在传统肖像画中，被画者眼神 ...

Group 1 - The core viewpoint emphasizes the importance of university students for future talent acquisition and economic growth, highlighting the ongoing competition among cities to attract and retain talent [1][3][57] - In 2025, the number of national college entrance examination candidates reached 13.35 million, while the number of graduates was 12.22 million, both at historical highs [2] - Major cities with a high number of university students are identified, with Guangzhou leading at 1.68 million, followed by Zhengzhou and Wuhan [6][8] Group 2 - The article categorizes cities based on the number of graduate students, noting that only six cities have over 150,000 graduate students, with Beijing leading at 470,000 [15][17] - The analysis reveals a disparity in higher education resources, with non-provincial capital cities often lacking sufficient universities despite strong economic performance [24][25] - The article discusses the trend of economic strongholds like Shenzhen and Suzhou actively building universities to enhance their educational landscape and attract talent [32][34][44] Group 3 - The challenge of retaining university graduates is highlighted, with many graduates from cities like Wuhan and Hefei moving to more developed regions for employment opportunities [48][50] - Cities are increasingly competing to attract talent, with initiatives like Guangzhou's "Million Talents Gathering in South Guangdong" campaign [56][57] - The article concludes that the ability to retain and attract talent will be crucial for cities as the population growth plateaus [58]

一、开启搜渠模式 一般印象中，用地图描绘一片年均降水量不足50毫米的内陆干旱区域，代表荒漠的焦黄似应是其理所当然的主色调。2009年1月笔者在清华大学水 利系观看《甘肃省疏勒河流域灌区图》的经历颠覆了这样的刻板认识：两米多长、一米多宽的巨大图幅中，密如蛛网的渠系、星罗棋布的水库塘 坝以巨大的压迫感扑面而来，蓝色的线条与色块牢牢占据画面中心，这片河西走廊西端的广袤大地在此完全变成陌生的样子。图中贯穿左右的最 醒目连续线条不再是标记兰新铁路、连霍高速公路或312国道等交通线，疏勒河水系渠线构成的坐标体系定义了一种前所未见的空间关系。文献 中"华戎所交一都会"的敦煌在此具象为由党河灌区大小渠网编织成的绿洲，诗篇中被反复吟唱的阳关则是库姆塔格沙漠边缘一块被渠道与水塘簇 拥的高地。甚至图中的等级秩序也自成一体，依据区划中心级别而被赋予不同符号字号的大小城镇显然居于次要地位，位于总干渠与河流的交汇 处而被醒目标记的水利枢纽、以逐渐细微的字体依次标注出的各级分水闸门才是绝对主角，它们以陌生的名字与远离聚落的姿态与熟悉的河西走 廊保持着距离。 自此而后，历代"以渠为纲"的灌区地图引发了笔者的浓厚兴趣。凝视代表各种天然或人工水 ...

Core Perspective - The article discusses the centenary exhibition "Surrealism, First and Forever" at the Pompidou Center, commemorating André Breton's "Manifesto of Surrealism" published in 1924, highlighting the enduring spirit and unfinished goals of surrealism [1][3][24]. Group 1: Historical Context - Surrealism emerged between the two World Wars as a significant cultural movement in Europe, described by Walter Benjamin as a snapshot before the cultural catastrophe [2]. - The movement quickly spread globally, influencing various cultures, including China during its New Culture Movement [2]. Group 2: Exhibition Design and Themes - The exhibition is designed as a "maze" to reflect the spatial concepts of surrealism, featuring thirteen themes such as "The Path of Dreams" and "Monsters" [9][12]. - The entrance of the maze is modeled after a monstrous mouth, symbolizing the entry into a dream space, reminiscent of historical surrealist venues [13]. Group 3: Key Works and Artists - The exhibition prominently features Breton's original manuscript of the "Manifesto of Surrealism," emphasizing its philosophical and revolutionary significance [21][24]. - Max Ernst's works are highlighted, particularly his series "Woman: 100 Heads," showcasing the theme of unexpected encounters in surrealism [29][31]. Group 4: Surrealism's Legacy and Influence - The article reflects on surrealism's role as a necessary entry point for avant-garde dreams, suggesting that it remains relevant in contemporary discourse [3][24]. - The relationship between surrealism and political movements is explored, indicating that surrealism has historically been intertwined with revolutionary ideals [24][26].

今年以来， D S 、国产人形机器人的集体亮相，极大提振了投资者对中国科技的信心，在资本市场 也掀起了较大的波澜。对于科技股而言，摆在投资者面前的，或许从来不是投或不投的选择题，而是 应该怎么投的必答题。 对于这个问题，无论是卖方研究，还是买方机构，今年都在尝试给出自己的回答，尤其是一些公募基 金公司，纷纷 "组团出道"，向外界全面展示自家科技投研团队的最新研究成果和投资方法论。 日前，来自财通资管的 9 位资深科技投研人员，以"投资中国科技的底气"为主题开展了一场线上直 播，就市场普遍关心的热门话题，比如半导体、人工智能、智能驾驶、人形机器人、 A I 应用等领域 的产业趋势、投资机会，分别从各自擅长的领域分享了自己的观点和看法，从中不难看出他们研究的 深度、广度和颗粒度。 据了解，财通资管权益公募团队中，目前拥有多位主投科技成长方向的基金经理，比如硬核科技左侧 选手包斅文、偏好中上游通用型环节的均衡选手李晶、主投机器人等先进制造领域的新生代基金经理 徐竞择等。同时，在财通资管超 2 0 人的权益研究团队中，泛科技方向的研究员达 9 位。 在财通资管投研团队看来，研究的深度决定了认知的高度，最终会影响到投资 ...

Core Viewpoint - The "Photovoltaic + Fishery" model developed by Jiangsu Academy of Agricultural Sciences represents an innovative approach to integrate renewable energy generation with aquaculture, addressing land resource constraints while promoting sustainable development and rural revitalization [1][5]. Group 1: Innovation and Development - The "Photovoltaic + Fishery" model combines photovoltaic power generation with modern aquaculture, allowing for efficient use of water surfaces without compromising ecological functions [1][2]. - The research team collaborates with leading renewable energy companies to establish a green production system for aquaculture, focusing on optimizing resource utilization and disease prevention [2][5]. Group 2: Technical Standards and Guidelines - A set of technical standards has been established for the construction of photovoltaic fishery ponds, covering site selection, planning, and construction processes [3]. - The standards emphasize the importance of operational maintenance and training to ensure the long-term stability of photovoltaic fishery systems [3]. Group 3: Future Prospects - The innovative model is being promoted across Jiangsu, with plans to deepen cross-disciplinary research and develop sustainable, low-carbon growth models for different regions [5].