晨星投顾研讨会 围绕投顾服务与投资者场景化需求，结合实战经验与案例拆解，帮助从业者打造 一整套满足客户个性化需求的买方投顾方案，高效推动服务落地，赋能投资者成功！ 市场波动下，投资顾问如何确保客户账户具备抗风险能力？ 资产配置的分散性与风险适当性，正 成为守护客户财富的关键防线。 从诊断结果到配置优化的过渡路径不清晰，基于单品的分析结论难以转化为账户层面的可执行方 案...... 本次研讨会，晨星将携手投顾问们逐一破解以上难题，实现 全账户视角的持仓诊断与配置优化 晨星投顾研讨会后续主题预告 投顾场景的风险精细化识别与匹配 目标导向的个性化资产配置方案 然而现实中，账户管理面临诸多挑战： 客户账户分散难整合，依赖手工录入效率低； 风险诊断手段单一，依赖适当性评估或简单指标，持仓分析停留在单品层面，带有较强的预测性; 资产配置到个性化组合的落地实践 。 关于晨星 Morningstar, Inc.是全球目前最主要的投资研究机构之一，业务遍及北美、欧洲、澳洲及亚洲，为个人投资者、投资顾 问、基金管理公司、退休计划发起机构及私募领域的机构投资者等专业人士提供财经资讯、基金、股票的分析及评级， 并致力于发展具实用性、 ...

交通运输部民航局7月6日宣布，为进一步优化空域环境、提升运行效率，即日起启用M503航线W121衔 接线。至此，时隔十年，贯穿台湾海峡的M503航线终于实现预先规划、全面使用。中国社科院台湾研 究所政治室副主任张华表示，M503航线是位出我们祖国大陆东南沿海的国际民航线路，在2007年就被 国际民航组织批准使用。M503航线的设置和启用实际上是合情、合理、合法。M503航线之所以被设 置，最主要的原因就是为了缓解东南方向国际航线拥堵的这样一个状况。2015年的时候，我们祖国大陆 正式启用了由北向南这样一个航路，在使用的时候实际上也向我们祖国大陆这边偏置了大概六海里这样 一个距离，当时也是为了照顾台湾岛内同胞的这样一个关切。(央视新闻) ...

Core Viewpoint - The recent policy adjustments by the Yueyang Housing Provident Fund Management Center aim to expand the usage of housing provident funds, including allowing withdrawals for property fees and optimizing loan conditions for home purchases [1][2][3] Group 1: Policy Adjustments - The new policy allows contributors to withdraw housing provident funds to pay for property fees for one self-occupied housing unit within Yueyang, with a limit of 3,000 yuan per year per contributor [1] - Contributors purchasing their first or second self-occupied housing unit in Yueyang can use their provident funds for down payments, with no restrictions on the type of residential property [1] - The recognition criteria for housing units have been optimized, now based on the area of the purchased property, including various districts within Yueyang [1] Group 2: Loan Conditions - The policy increases the loan ratio for second homes, aligning it with first home loans, where the down payment must be at least 20% and the loan amount cannot exceed 80% of the property price [2] - The maximum loan limit for housing provident funds has been raised to 1 million yuan, with high-level talents eligible to apply for loans after one month of normal contributions, with a limit of 1.5 million yuan [2] Group 3: Broader Implications - The policy expands the scope of family intergenerational assistance using housing provident funds and extends the loan term for personal housing loans [3] - The initiative to allow withdrawals for property fees is part of a broader trend to enhance the functionality of housing provident funds, reducing previous restrictions and increasing the number of cities implementing similar policies [3] - The potential annual withdrawal of 3,000 to 5,000 yuan for property fees could cover the entire annual cost of property fees for many families, significantly alleviating their financial burden [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 15.5 yuan [2][8]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.06 to 1.14 billion yuan in the first half of 2025, representing a year-on-year increase of approximately 40% to 50%. The non-recurring net profit is projected to be 930 to 1,000 million yuan, with a growth of about 25% to 35% [2][8]. - The second quarter is estimated to yield a net profit of 900 to 970 million yuan, reflecting a year-on-year increase of 36.7% to 48.3%, driven by strong performance in the U8 product line and cost optimization efforts [2][8]. - The company has seen a steady revenue growth, with the U8 product continuing to perform well. Sales volume is expected to show stable growth, with positive performance across various regions [2][8]. Financial Performance Summary - Total revenue is projected to grow from 14,667 million yuan in 2024 to 15,472 million yuan in 2025, with a year-on-year growth rate of 5.5% [4]. - Net profit attributable to shareholders is forecasted to increase significantly from 1,056 million yuan in 2024 to 1,552 million yuan in 2025, marking a growth rate of 47.0% [4]. - Earnings per share (EPS) is expected to rise from 0.37 yuan in 2024 to 0.55 yuan in 2025 [4]. Market Position and Strategy - The company is positioned as a rare growth stock in the market, with ongoing reforms and the successful launch of the U8 product line contributing to improved product structure and profit margins [2][8]. - The report indicates that the company is likely to benefit from the gradual recovery of the restaurant sector and the continued expansion of its product offerings, which may enhance its market competitiveness [2][8].

在前端技术快速迭代的当下，掌握Vue3已成为开发者立足未来的关键。若想通过2022版Vue3系统入门实战课程快速上手，需聚焦以下核心模块。 虚拟DOM与Diff算法优化是性能提升的关键。Vue3的双端比较和LIS算法能精准定位节点变化，减少不必要的DOM操作。例如，在列表渲染场景 中，Vue3的Diff算法能高效处理节点顺序变化，渲染速度比Vue2更快。理解这些原理，能帮助开发者写出更高效的代码。 生态工具链是开发效率的保障。课程结合Vite构建工具，利用其冷启动和HMR特性，大幅提升开发体验。同时，掌握Vue Router实现路由管理、 Pinia进行状态管理，能构建出结构清晰、可维护性强的应用。 聚焦这些核心模块，结合实战项目不断练习，开发者能快速掌握Vue3，在前端开发浪潮中占据先机 响应式系统与组合式API是Vue3的灵魂。与Vue2基于Object.defineProperty的实现不同，Vue3采用Proxy实现响应式，不仅能监听对象属性的增删， 还能追踪数组索引变化。组合式API通过setup函数将逻辑聚合，配合ref、reactive等函数管理状态，让代码更易维护与复用。例如，使用ref定义计 ...

Automotive Dealer Strategy - SKU Streamlining: The number of configurations for single models has been reduced from 4-5 to 2-3 (e.g., Qin Lev/Seagull 06EV has only 3 versions) to optimize the supply chain, reduce inventory complexity, and enhance product competitiveness [4] - Inventory Break Mechanism: Immediate cessation of shipments when inventory exceeds warning levels to alleviate financial pressure on dealers and enhance operational flexibility [4] - Accelerated Rebate Payments: Shortening the rebate cycle and expediting fund allocation (personally supervised by Wang Chuanfu) to stabilize the pricing system and ensure dealer profitability [4] - Terminal Price Control: Managing discount levels and optimizing promotional policies to prevent vicious competition and ensure sustainable profits [4] International Market Dynamics - Indonesia Market: The first dealer conference was held, signing long-term service commitments, and traditional dance performances were used to strengthen brand cohesion [4] - Americas Market: 170 dealers experienced the Tengshi Z9GT/Yangwang U8, with a focus on expanding into European, North American, and South American markets, alongside tea ceremony activities to promote Chinese culture [4] Other Business Lines - Forklift Business: Targeting an annual sales revenue of 5 billion yuan, with strategies focused on electric forklift technology upgrades and intelligent logistics solutions, aiming to expand into high-end markets in Europe, the United States, and Japan [4]

诺姆说，美国有关部门先前实施了一个试点项目，认定运输安全管理局拥有技术手段，无需旅客脱鞋便 可完成安检。因此，一般情况下，今后机场安检不再要求旅客脱鞋。 不过，她表示，在某些情况下，如果安检人员认为"有必要"，仍可能要求特定旅客脱鞋接受检查。 诺姆说："我认为，多数美国人将会感到非常兴奋，他们（在机场安检过程中）将无需脱鞋。预计整个 （安检）流程也会更加顺畅。" 美国运输安全管理局成立于2001年"9·11"事件以后，隶属国土安全部。 新华社北京7月9日电 美国国土安全部长克丽丝蒂·诺姆8日宣布，从当天起，美国机场安检不再要求旅 客脱鞋。 值得注意的是，即便是实施脱鞋规定的这些年间，如果旅客参加了美国运输安全管理局推出的旅客预检 项目，花费约为每五年80美元，便可无需脱鞋，也无需摘皮带、脱外套，并且也不用把笔记本电脑和旅 行装化妆品从手提包里拿出来，相对轻松地走完安检流程。 诺姆8日提醒道，上述旅客预检项目仍是一个不错的选择，因为其安检流程比常规流程大大简化。 诺姆还披露，美国运输安全管理局计划对更多规定和流程作出评估，力争使机场安检程序更加精简。运 输安全管理局正在测试开辟单独的军方人员通道、家庭通道，预计 ...

Core Viewpoint - The 12306 system is continuously optimizing its infrastructure and expanding resources to effectively handle peak ticket purchasing demands during holidays and major travel seasons [1] Group 1 - The demand for travel during holidays is concentrated and continues to increase [1] - The 12306 system is enhancing its processing capabilities to cope with peak traffic during events like Spring Festival, May Day, and National Day [1] - The efforts include ongoing system optimization and resource expansion [1]

Core Viewpoint - The article highlights the Chinese government's ongoing efforts to address "involution" in various industries, particularly focusing on the steel sector, through policy reforms aimed at improving supply-demand dynamics and reducing excess capacity [1]. Policy Developments - Since 2025, multiple policies have been introduced to combat "involution," including the emphasis on market-oriented resource allocation and the elimination of local protectionism and market segmentation [1]. - The National Development and Reform Commission (NDRC) proposed a plan on May 20 to address "involution" by intensifying efforts to dismantle local protection and market segmentation, as well as curbing the disorderly expansion of outdated production capacity [1]. - A report released by the NDRC on March 13, 2025, outlined revisions to capacity replacement implementation methods in industries like steel, aiming to facilitate the gradual exit of inefficient production capacity and maintain control over crude steel output [1]. Industry Implications - The policies are expected to accelerate capacity regulation, which could benefit the steel industry by improving the supply-demand balance [1]. - The only ETF tracking the steel industry, the Steel ETF (515210), follows the CSI Steel Index, which includes listed companies involved in steel manufacturing, processing, and related services, reflecting the overall performance of the steel sector [1]. - The index components cover upstream and downstream enterprises in the steel industry, showcasing significant industry concentration characteristics [1].

Core Insights - Qingmei Group has launched its new self-operated supermarket "Pin Shang Sheng Huo" in Shanghai, marking a significant step in its high-quality development after 27 years in the industry [1][22] - The supermarket focuses on fresh produce and aims to provide a new shopping experience for families, leveraging the company's extensive supply chain and local sourcing advantages [1][5] Product Offering - The supermarket features over 6,000 types of products across various categories including vegetables, meat, seafood, baked goods, and snacks, with 12 cooking stations offering more than 800 freshly made items [3][5] - 80% of the fresh products are self-operated, ensuring quality and affordability for consumers, supported by Qingmei's robust supply chain [5][20] Supply Chain and Freshness - Qingmei operates a digitalized green agricultural base of 11,000 acres and has expanded its designated planting areas to 500,000 acres, producing over 300 tons of fresh vegetables daily [5][20] - The supermarket's vegetables are packaged and sorted at the base and delivered to the store within 2 hours, maximizing freshness [5][20] Customer Engagement and Promotions - During the opening period, the supermarket offers various promotions, including free eggs for social media engagement and a 100% winning rate for a lottery with a minimum purchase [9][12] - The store aims to maintain customer loyalty and increase repurchase rates by addressing consumer preferences and providing a diverse product range [12][14] Market Positioning and Competition - The opening of "Pin Shang Sheng Huo" is part of a broader transformation of the Baile Shopping Center, which aims to enhance the shopping experience in the Longjing area, previously considered a commercial gap [20][22] - The supermarket's introduction is expected to compete with existing models like Hema and JD's "JD Seven Fresh," enriching consumer choices in the area [20][22] Future Plans - Qingmei plans to open six more "Pin Shang Sheng Huo" supermarkets in Shanghai this year, with a new store of 6,000 square meters expected to open in August [22]