Group 1: Core Insights - The report highlights the significance of the BRICS cooperation mechanism in enhancing the voice of Global South countries in international affairs and promoting a fairer international order [1][9] - BRICS has evolved from a dialogue platform to a comprehensive strategic cooperation mechanism covering various fields, becoming a vital platform for cooperation among Global South countries [2][6] Group 2: Key Themes of BRICS Cooperation - "Peaceful BRICS" aims to establish a common security framework, positioning BRICS countries as stabilizing forces in a turbulent international environment [2] - "Innovative BRICS" focuses on technology-driven industrial upgrades, enhancing economic resilience and competitiveness through collaboration in sectors like 5G, AI, and renewable energy [3] - "Green BRICS" explores sustainable development paths, with China leading renewable energy projects in various BRICS nations, contributing to high-quality economic growth [3] - "Just BRICS" emphasizes the need for reform in global governance, enhancing the international representation and voice of developing countries [4] - "Cultural BRICS" promotes cultural exchanges and mutual understanding, with initiatives like the BRICS University Alliance fostering academic collaboration [5] Group 3: Expansion and Opportunities - The recent expansion of BRICS has increased its global population coverage to over 50% and its contribution to global economic growth to over 50%, creating new opportunities for high-quality development [6][9] - The digital transformation presents strategic opportunities for BRICS, leveraging technological advantages to build a self-sustaining digital economy [7] - Energy cooperation among BRICS countries aims to diversify supply sources, enhancing resource complementarity and collaboration in traditional and renewable energy sectors [8] - The expanded BRICS network enhances regional connectivity, optimizing global logistics and trade efficiency [8] Group 4: "BRICS+" Cooperation Model - The "BRICS+" model attracts more Global South countries, enhancing cooperation networks and promoting a fairer international order [9][10] - The model focuses on development, integrating economic resources and market potential to address global economic governance challenges [10] - "BRICS+" fosters cultural cooperation and dialogue, promoting a diverse and harmonious global civilization [10]

英国首相斯塔默：每个当选的工党议员都是依据变革的选举纲领而当选的，大家都必须履行工党政府的 责任。 ...

英国首相斯塔默：我们当选的目标是让这个国家变得更好，这意味着我们必须推动变革，实现改革。 ...

Core Viewpoint - Caesar Culture is facing significant financial challenges, with projected net losses for the first half of 2025, despite efforts to launch new game products and a slight revenue recovery in 2024 [2][3]. Financial Performance - The company expects a net profit attributable to shareholders of between -48 million to -65 million yuan for the first half of 2025, a change of -2.84% to -39.26% compared to a loss of 46.67 million yuan in the same period last year [2]. - Revenue for 2021 reached 933 million yuan, but dropped to 620 million yuan and 430 million yuan in 2022 and 2023, representing year-on-year declines of 33.40% and 30.65% respectively [3]. - Cumulative losses over the past two years amounted to 1.451 billion yuan, with losses of 656 million yuan and 795 million yuan in 2022 and 2023 [3]. - In 2024, revenue slightly increased to 454 million yuan, marking a growth of 5.38%, but the company remained in a loss position [3]. Business Operations - The main business of Caesar Culture includes cultural entertainment, copyright operation, and online game development and operation, with significant contributions from subsidiaries Cool Cow Interactive and Tian Shang You Jia [3]. - The company has a strong IP reserve and validated R&D capabilities, positioning itself as a quasi-first-tier player in the industry, aside from major players like Tencent and NetEase [4]. - Upcoming products for 2025 include titles such as "Zhe Tian World," "All-Star Awakening," and "Ultraman: Light Warrior," with plans to innovate in the WeChat mini-game market and embrace AI transformations in the gaming industry [4]. Regulatory and Market Position - Caesar Culture's stock has been under risk warning since September 19, 2024, with its name changed to "ST Kevin" [3]. - The company received an administrative penalty from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission, allowing it to apply for the removal of risk warnings after December 4, 2025 [3].

【导读】降费潮延伸至股权投资板块 曾经被视为行业标配的"2%管理费+20%业绩分成"模式，如今已不再是通用准则，取而代之 的是多元化、浮动化的收费方案。 中国基金报记者 杨晨 创投行业的管理费体系正经历前所未有的结构性调整。 降费潮：从"2%"到"1.5%" "我们目前还坚持'2%+20%'的模式。"华澳资本合伙人欧光耀开门见山。但他也坦言，身边 大部分新设政府引导基金的管理费已经压到1.5%。 中美创投创始合伙人胡浪涛观察到，部分政府引导基金管理费已降至1.5%，个别地区甚至出 现1%的超低费率。 从受访投资人士的反馈来看，管理费比例下调已成趋势。 私募基金管理人（GP）的主要收入来自管理费和业绩报酬。"2+20"是常见的收费模式，主 要是借鉴美国私募股权投资行业。其中的"2"指基金管理人按基金规模，每年收取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；"20"代表基金管理人提取基金收益的 20%作为业绩报酬。 事实上，不仅管理费固定比例在"卷"，计费方式也在变化。 欧光耀回忆，过去基金常按认缴规模收费，而现在"按实缴规模计算"已成为行业主流。更极 端的情况是"按项目扣款"模式 ——GP需在项 ...

新华社里约热内卢7月16日电 题：以"金砖合作"推动全球南方发展 新华社记者朱文哲 当地时间7月16日，在巴西里约热内卢举行的金砖国家媒体智库高端论坛上，由新华社国家高端智 库课题组撰写的《"金砖合作"推动全球南方携手共进》智库报告面向全球发布。报告全面总结了金砖合 作历程，系统性地展现了金砖国家合作机制的辉煌成就与时代价值，为全球南方国家在复杂国际局势中 实现共同繁荣提供了重要实践路径，充分彰显了金砖国家作为全球南方领航者的责任担当。 金砖合作为全球南方国家发展开辟广阔空间。2006年，巴西、俄罗斯、印度、中国外长举行金砖国 家首次外长会晤，启动金砖国家合作序幕。从最初的经济对话平台，到如今涵盖政治、安全、经济、科 技、人文等领域的综合性战略合作机制，金砖国家不仅成为全球南方国家群体性崛起的重要支柱，更推 动全球治理体系朝着更加公正合理方向发展。 随着金砖国家合作机制的影响力持续提升，"金砖大家庭"也在逐步壮大。从最初的巴西、俄罗斯、 印度、中国4个成员国到如今的"大金砖"格局，金砖国家以开放包容的姿态不断扩员，南非、沙特阿拉 伯、埃及、阿联酋、伊朗、埃塞俄比亚、印度尼西亚陆续成为金砖国家正式成员，形成覆盖 ...

（央视财经《天下财经》）在全球贸易壁垒加剧、保护主义抬头的背景下，中国经济运行稳中向好。装备制造业、高技术产业和可再生能源等领域成为 核心增长引擎。15日，多位政商人士在北京接受记者采访时表示，中国坚持开放合作、引领绿色技术变革，也为全球经济创造了"不可替代的机遇"。 西班牙纳瓦拉自治区投促局局长 吉列尔莫：中国电动汽车市场呈现爆发式增长，有很多非常好的电动汽车品牌，目前在西班牙的纳瓦拉，来自中国的 电动汽车市场占有率很低。我相信在三年内，中国汽车在纳瓦拉的市场占有率可能会超过30%，这意味着一个不可思议的机会，不仅可以在中国生产电 动汽车，也可以有机会在纳瓦拉生产中国电动汽车。 转载请注明央视财经 葡中工商会秘书长 伯纳德：中国是世界第二大经济体，我们想向会员推介中国机会，特别是当今全球贸易壁垒和保护主义盛行的情况下，中国正相 反，坚持开放，实施减税等措施，例如，中国对非洲部分国家实施进口商品零关税，这很好，非洲有许多讲葡语的国家与中国有贸易往来。 编辑：潘煦 今年上半年，我国制造业转型升级成效显著，装备制造业和高技术制造业表现尤为亮眼，其中新能源汽车产量同比增幅超36.2%。来自欧洲的商界人士 表示，中国 ...

Core Viewpoint - The article discusses the journey of Yunji, a robotics company, highlighting its challenges, growth, and strategic decisions in the competitive landscape of consumer robotics and smart hardware. Group 1: Growth Pains - Yunji's rapid expansion from 200 to 1000 employees faced numerous challenges, including supply chain issues and market competition [6][7][8] - The company experienced a significant crisis in 2021 when a large-scale product failure occurred due to a supplier's bug, affecting multiple companies [11][12] - Yunji's transition from reactive to proactive planning marked its evolution from chaotic growth to systematic restructuring [6][10] Group 2: Product Development and Innovation - The decision to delay the launch of J1 for product refinement exemplified Yunji's commitment to quality over speed, reflecting a long-term vision [36][40] - The introduction of the Xiaoyao 002 model showcased Yunji's focus on user needs, opting for effective cleaning technology over flashy features [41][44] - The company improved its product maintenance cycle significantly, reducing the frequency from weekly to annually, enhancing user experience [44] Group 3: Organizational Changes - The shift from a matrix structure to a divisional structure allowed Yunji to enhance efficiency and reduce internal conflicts, leading to faster decision-making [32][34] - The restructuring aimed to empower independent business units, fostering a more agile and responsive organization [32][34] Group 4: Market Expansion and Strategy - Yunji recognized its late entry into overseas markets and adjusted its strategies accordingly, focusing on product alignment and market entry timing [54][60] - The company aims to synchronize domestic and international product launches to enhance competitiveness in global markets [62][63] - Key markets for Yunji include North America, Europe, and Asia, with a focus on establishing a strong presence in regions with less competition [66] Group 5: Future Outlook - Yunji's leadership emphasizes the importance of continuous adaptation and learning from past experiences to navigate future challenges [69][70] - The company is committed to becoming a leader in the home cleaning sector, focusing on delivering high-quality products and services [30][31]

去年年底，一则新闻震动全球车圈——本田、日产和三菱三大日系车企，宣布要搞合并，目标是打造一家"年销售额超30万亿日元（约合1.46万亿元人民 币）、年营业利润超3万亿日元（约合1460亿元人民币）的世界级移动出行公司"。 狠话放出去了，当时不少人都觉得，这可能是日系车打翻身仗的开始。 谁能想到，这场被寄予厚望的谈判，转过年没多久就黄了。 今年2月，三家公司先后在官网挂出消息，说要终止之前签的谅解备忘录。翻脸这么快，有人给这事儿起了个外号，叫"史上最短的合作联盟"。 这次日系车企抱团失败的原因，是强势的本田想占据主导地位，但日产不答应。 日产去年业绩不大好，2024财年亏损额创出历史新高。与本田的合并不成，日产的问题没有得到解决，新上任的CEO想的办法是大刀阔斧降成本，5月宣 布将在全球范围内裁员2万人，关闭7家汽车工厂。 这些计划要关闭的工厂里，就有日产的大型主力生产基地追滨工厂。由于日产业绩不佳，该工厂去年产能利用率仅为40%，从降本增效的角度看关掉也很 合理，就是当地就业不好看了。 鸿海希望利用追滨工厂生产自家电动汽车。 富士康怎么想造车了呢？ 这可不是一时兴起，富士康一直都有造车的计划，2020年鸿海董 ...

Summary of Conference Call Notes Industry and Company Involved - The discussion primarily revolves around the **stablecoin market**, **gold**, and the **U.S. "Big America" Act** (大美利法案) which has significant implications for the global financial system and asset allocation strategies. Core Points and Arguments 1. **Market Focus**: The stablecoin market, the "Big America" Act, and their interactions with gold and the U.S. dollar are current focal points in the financial markets [2][4][12]. 2. **Performance of Gold**: Gold has shown strong performance in the first half of the year, ranking as the top asset class, similar to last year [2][4]. 3. **Stablecoin Definition**: Stablecoins are viewed as a new tool for currency transmission rather than a fundamentally new concept, essentially packaging U.S. dollars into a digital format [3][5]. 4. **Impact on Dollar and Debt**: The introduction of stablecoins may enhance the efficiency of dollar transactions but does not fundamentally alter the underlying issues of U.S. debt and currency overproduction [11][13][22]. 5. **Regulatory Developments**: The U.S. and Hong Kong have made significant strides in regulating stablecoins, which could have far-reaching effects on the global market [2][5][10]. 6. **Global Currency System**: The rise of stablecoins is seen as a potential catalyst for a more diversified global currency system, although the majority are still pegged to the U.S. dollar [12][14]. 7. **Technological Advancements**: Stablecoins leverage blockchain technology to improve transaction efficiency and reduce costs, but they do not change the fundamental nature of the underlying currencies [6][8][30]. 8. **Risks and Challenges**: The stablecoin market faces challenges such as regulatory scrutiny, potential for misuse, and the inherent risks associated with financial innovations [9][33]. 9. **Gold's Role**: Gold remains a critical asset for hedging against currency devaluation and inflation, with its intrinsic value and historical significance as a safe haven [25][27][43]. 10. **Long-term Outlook**: Despite short-term fluctuations, the long-term outlook for gold remains positive, driven by ongoing concerns about U.S. debt and inflationary pressures [38][41][44]. Other Important but Possibly Overlooked Content 1. **Manufacturing Repatriation**: The "Big America" Act aims to boost U.S. manufacturing, but the feasibility of this initiative is questioned due to the complexities of modern manufacturing and labor dynamics [20][21]. 2. **Debt Concerns**: The U.S. national debt is projected to rise significantly, which could undermine the credibility of the dollar in the long term [22][24]. 3. **Market Sentiment**: Current market sentiment is cautious, with investors advised to focus on long-term asset allocation strategies rather than short-term price movements [38][40]. 4. **Historical Context**: The discussion draws parallels between current events and historical instances of currency crises, emphasizing the cyclical nature of financial markets [28][34]. This summary encapsulates the key discussions and insights from the conference call, highlighting the intricate relationships between stablecoins, gold, and the evolving landscape of the global financial system.