凉山将以"激情火把节·最炫民族风"为主题，精心筹办火把节6项主体活动、17县（市）特色活动、 宣传营销活动以及"三大强州战略"招商引资推介活动，呈现一场集文化体验、美食享受、休闲娱乐于一 体的文旅盛宴。 具体而言，7月，游客将在凉山体验到火把狂欢夜、万人达体舞以及斗牛、赛马、彝族选美等民俗 活动。7月18日的西昌火把狂欢夜，将呈现"万人执火、踏歌而行"的壮观场景。火把节系列活动期间， 还将举行大凉山烧烤美食季，彝绣之旅系列活动则将充分展现凉山非遗魅力。凉山州首届转山转海节将 于9月14日至16日在泸沽湖景区举行。其中，9月16日将举行达巴祈福、千人甲搓等。 此次文旅季，凉山还精心推出5条精品旅游线路，将凉山旅游资源串珠成链，推动全域全时旅游不 断发展。 ●7月11日至8月18日，将举行2025年凉山彝族火把节系列活动 ●9月14日至16日在泸沽湖景区举行凉山州首届转山转海节 6月21日，夏至，2025年凉山彝族火把节系列活动发布暨"五彩凉山·夏季清凉"文旅季启动仪式在西 昌市举行。当天起至9月23日（秋分），凉山州将举行"五彩凉山·夏季清凉"文旅季。其中，7月11日至8 月18日，将举行2025年凉山彝族火把 ...

2025年夏季达沃斯论坛（新领军者年会）在天津举行（郑瑜/摄影） "我们可以看到，盲目跟风投资会扰乱市场定价机制，而中国正在积极引导投资方向，避免同质化投 资，这一举措意义重大。在科技、生物技术、机器人等竞争激烈的领域，中国正展现出强劲的发展势 头。"唐家成表示。 他认为，中国在吸引人才方面持续发力，当人才、资本与发展动力三者兼备时，技术发展将驶入快车 道。以"深度求索"（DeepSeek）为例，过去，人们普遍认为发展前沿技术需要巨额资金投入，用于开发 大型通用技术项目，如大语言模型。然而，如今通过更聚焦的方式，"深度求索"模式为中小国家带来了 新机遇——这些国家无须耗费巨额资金投入通用型项目，而是可以利用开源技术，并通过收益共享机制 参与技术创新。 他表示，由此可见，中国正在为技术创新注入新的内涵与路径，这正是未来发展的关键所在。对于亚洲 和中东地区而言，聚焦技术应用，以技术驱动自身发展，或将成为区域经济增长的核心引擎。 （编辑：李晖 审核：何莎莎 校对：翟军） 6月24日上午，2025年夏季达沃斯论坛（新领军者年会）在天津举行。 香港交易及结算所有限公司（香港交易所）主席唐家成在论坛上表示，当前，各界普遍 ...

Core Viewpoints - The support for gold prices from risk-hedging factors is expected to weaken due to easing geopolitical tensions and dovish signals from the Federal Reserve [1] - The outlook for gold remains bullish in the long term despite short-term volatility, influenced by geopolitical events and monetary policy expectations [2][3] Group 1: Market Analysis - Minmetals Futures indicates that dovish comments from Federal Reserve officials, such as Governor Bowman supporting rate cuts if inflation pressures are controlled, will drive silver prices stronger than gold [1] - UBS emphasizes that gold should be viewed as a diversification tool rather than a hedge against geopolitical events, maintaining a target of $3,800 per ounce for gold [3] - Heraeus analysts note that due to the hawkish stance of the Federal Reserve, gold is temporarily losing its appeal as investors shift towards white metals like silver and platinum [3] Group 2: Economic Indicators - The U.S. economy is showing signs of slowing down under high deficit pressures, but the long-term bullish trend for gold remains intact despite short-term lack of clear drivers [2] - Economic data from the U.S. indicates ongoing expansion, but significant price increases in manufacturing and services are raising inflation concerns [2] - The Eurozone's composite PMI has dropped to a five-month low, contrasting with the resilience of the U.S. economy, which may support the stabilization of the dollar [2]

June 20, 2025 10:42 AM GMT 中国思考 | Asia Pacific 人民币与稳定币，谁稳定谁？ 北京担忧，美国稳定币立法或将巩固美元霸主地位。因此愿 探索破局，先以香港试点，最终期冀强化人民币跨境支付。 然而，代币化仅是"术"，真要推动人民币国际 化，"道"乃根源，打破通缩、监管透明、资本流动的三个 硬骨头改革不可或缺。 为什么中国开始关注稳定币？一个重要的转折点是，美国参议院近期通过了稳定 币（GENIUS）法案，要求美元稳定币的发行需有百分百储备资产支撑。 若该法案 之后在众议院通过，其实质上意味着目前占据99%市场份额的美元稳定币将正式 成为美金代币。其可被接入国际支付系统，并大幅推升市场对美国国债的需求。 央行的转变⸺从拒绝到接纳：出于对金融风险的担忧，央行从2021年9月开始就 全面了禁止境内虚拟货币的交易与结算。 而本周潘行长在陆家嘴论坛的讲话标志 着央行对虚拟货币态度的转变： 他提出， 国际货币体系应向多极化发展， 并强调 跨境支付体系的多元化发展。潘行长特别提到， 传统跨境支付体系面临的问题逐 渐凸显，包括低效、易受地缘政治影响等。 而在区块链和分布式账本等新兴技术 ...

Core Viewpoint - The international enthusiasm for the use of the Renminbi (RMB) has significantly increased following the implementation of "reciprocal tariffs" by the United States, with a notable rise in demand for RMB in cross-border investments and trade financing [2][3][4]. Group 1: RMB in Cross-Border Trade and Investment - After the U.S. introduced "reciprocal tariffs," more Chinese enterprises are willing to use RMB for overseas direct investment (ODI), leading to increased demand for RMB in cross-border investments [3]. - The RMB is evolving from a popular trade settlement currency to a multi-functional role, including trade financing and reserve currency [4][6]. - As of the end of 2024, RMB is projected to become the third-largest trade financing currency globally, with cross-border payment amounts reaching 64.1 trillion yuan, a 23% increase year-on-year [4]. Group 2: Central Bank and Reserve Currency Trends - More emerging market central banks are incorporating RMB into their foreign exchange reserves, reflecting a trend towards diversification away from the U.S. dollar [4][9]. - Currently, RMB accounts for less than 3% of global foreign exchange reserves, indicating significant potential for growth in this area [9]. Group 3: RMB Liquidity and Financing - The liquidity of RMB in overseas markets is increasing, which is encouraging foreign enterprises to use RMB for trade financing, thereby reducing their financing costs [8][11]. - The Hong Kong Monetary Authority has introduced measures to support RMB trade financing liquidity, which will further meet the financing needs of foreign enterprises [7][8]. Group 4: Challenges and Future Outlook - The internationalization of RMB faces challenges in meeting the diverse needs of foreign enterprises for RMB settlement, investment, and reserve management [11][12]. - Enhancing RMB liquidity in overseas markets is crucial for encouraging foreign institutions to hold RMB assets, which requires the development of a diverse range of RMB financial products [12].

Core Viewpoint - The financial performance of Kairun Co., Ltd. shows a significant increase in revenue and net profit, driven primarily by a strategic acquisition, yet the company's stock price has declined, indicating potential underlying issues in cash flow and inventory management [1][2][3]. Financial Performance - Kairun Co., Ltd. reported a revenue of 4.24 billion yuan for 2024, a year-on-year increase of 36.6%, and a net profit of 381 million yuan, soaring by 229.5% [2]. - In Q1 2025, the company achieved a revenue of 1.24 billion yuan, up 35.57%, and a net profit of 85 million yuan, an increase of 20.12% [2]. - The acquisition of Shanghai Jiale was a key driver of this performance, contributing 848 million yuan in revenue and 28 million yuan in net profit in just six months post-acquisition [3]. Acquisition Details - Kairun Co., Ltd. acquired a 15.9% stake in Shanghai Jiale for approximately 200 million yuan, raising its total ownership to 51.85% [2]. - The acquisition allowed Kairun to consolidate Shanghai Jiale's financials, which had previously been a long-term investment [2][3]. - Shanghai Jiale is a core supplier for major brands like Uniqlo, Adidas, and Puma, enhancing Kairun's customer base [2]. Operational Challenges - Despite the impressive growth figures, Kairun's original business growth was insufficient to support the over 200% increase in net profit without the acquisition [4]. - The company faces challenges in cash flow management, with accounts receivable rising by 77.57% to 1.05 billion yuan, significantly outpacing revenue growth [7][9]. - The increase in inventory also poses risks, with stock levels rising by 76.02% to 868 million yuan, leading to a 169% increase in inventory impairment losses [8][9]. Financial Health - Kairun's operating cash flow decreased by 47% year-on-year to 232 million yuan, resulting in a cash flow to net profit ratio of only 0.58, indicating potential liquidity issues [8][9]. - The company has a short-term debt structure, with current liabilities of 1.5 billion yuan against cash reserves of 901 million yuan, raising concerns about its ability to meet short-term obligations [9]. - The acquisition has resulted in a high goodwill of 330 million yuan on the balance sheet, which could be at risk of impairment if Shanghai Jiale does not perform as expected [9].

Group 1 - The core viewpoint of the articles highlights the increasing trend of licensed consumer finance companies issuing financial bonds, with a total issuance exceeding 10 billion yuan in 2025, indicating a strong market demand for diversified financing channels [1][4]. - Haier Consumer Finance issued a 3-year financial bond with a total amount of 1 billion yuan and a coupon rate of 2.20%, aimed at supplementing the company's medium to long-term funding needs and optimizing its asset-liability structure [2][3]. - The issuance of financial bonds by consumer finance companies is driven by both internal factors, such as the need for diversified financing due to expanding business scales, and external factors, including supportive industry policies and a backdrop of increasing domestic consumption [3][4]. Group 2 - The low-cost advantage of financial bonds compared to other financing channels is emphasized, suggesting that more licensed consumer finance companies will attempt to issue financial bonds as the market expands [4]. - Recent regulatory changes, such as the implementation of the "Administrative Licensing Matters Implementation Measures for Non-Bank Financial Institutions," have simplified the bond issuance process, enhancing the financing environment for consumer finance companies [4]. - The confidence in consumer finance bonds has improved due to the enhanced performance and credit reputation of these companies, which is expected to sustain the enthusiasm for issuing financial bonds in the future [4].

日前，最高人民法院第一国际商事法庭当庭化解一起标的额超千万美元的涉外企业清算责任纠纷案。四 方当事人签署调解协议，标志着这起横跨亚欧大陆的复杂商事争端，通过调解机制实现互利共赢，彰显 对中外当事人合法权益的平等保护。 据悉，该案系瑞士某公司与深圳某贸易公司的买卖合同产生纠纷，伦敦金属交易所仲裁裁决深圳某贸易 公司支付超千万美元赔偿金额。然而，深圳某贸易公司的股东在未通知瑞士某公司的情况下注销了该企 业，导致瑞士某公司超千万美元债权无法得到清偿。瑞士某公司遂诉至最高人民法院第一国际商事法 庭。 最高人民法院第一国际商事法庭组成由沈红雨担任审判长，潘勇锋、郭载宇、黄西武、杨蕾担任审判员 的五人合议庭审理此案。 该案承办法官杨蕾介绍，针对案涉企业内部审批链条长、程序复杂的现实问题，合议庭主动作为，积极 推动并促成相关方简化内部审批流程，打通审批"绿色通道"，显著缩短了调解协议落地生效的时间，为 处理类似跨国复杂纠纷提供了成功范例。 "审理该案的法官们在审理该案过程中，成功将国际商事规则与中国司法智慧深度融合，彻底解决中外 当事人之间的巨大纠纷，实现了最佳司法效果。"最高人民法院国际商事专家委员会专家委员，中国社 会 ...

Core Viewpoint - The article discusses the survival strategies of Shanxi Guoneng Longtai Group, emphasizing the importance of continuous learning, diverse industry development, and strong leadership for sustainable growth [1][3][4]. Group 1: Company Strategies - The chairman of Longtai Group, Zhang Fudian, emphasized the need for all employees to be prepared for a frugal lifestyle, highlighting the importance of cost optimization and resource conservation in response to potential economic fluctuations [4][5]. - Longtai Group aims to diversify its industrial ecosystem to enhance resilience against risks, focusing on both energy and agriculture sectors while maintaining high-quality standards as the foundation of its operations [3][4]. - The company promotes a culture of "learning + diligence," encouraging continuous education and training to improve capabilities and avoid aimless actions [3][4]. Group 2: Leadership and Management - Zhang Fudian insists that all leaders must engage directly with frontline operations to ensure effective leadership and sustainable development [3][4]. - The company is transitioning towards optimizing asset management by converting heavy assets into lighter ones and transforming operators into supervisors, which is seen as essential for enhancing core competitiveness [4][5]. - There is a strong emphasis on improving internal processes, particularly in approval and document usage, to enhance operational efficiency while maintaining strict oversight [5]. Group 3: Community Engagement and Social Responsibility - Longtai Group has a history of social responsibility, contributing over 250 million yuan since 2019 to various community projects, including building schools and supporting impoverished students [14]. - Under Zhang Fudian's leadership, the village of Yulingwa has received multiple accolades for its development, reflecting the company's commitment to community welfare and sustainable growth [14].

Core Viewpoint - The article highlights the efforts of Weichai Power Co., Ltd. to promote its second-generation multi-fuel mining power products in Xinjiang, aiming to support the region's green mining development under the "dual carbon" initiative [2][3]. Group 1: Product Launch and Features - Weichai Power has introduced the first methanol-powered excavator engine, WP17T, in Xinjiang, showcasing its economic and environmental advantages by replacing traditional diesel with methanol [3]. - The company has achieved a 40% cost savings in operational economics compared to diesel engines of the same displacement after two years of reliability testing in mining conditions [3][5]. - Weichai Power's product lineup includes methanol engines, WP14T range extension engines, WP16NG natural gas engines, and power batteries, forming a diversified low-carbon solution for local mining operations [4]. Group 2: Industry Impact and Technological Advancements - The introduction of Weichai Power's multi-fuel platform breaks the foreign monopoly on core mining equipment, enhancing the competitiveness of China's mining industry [4][5]. - The company has successfully adapted its M-series large-bore engines for mining excavators and rigid dump trucks, increasing the localization rate of mining equipment in Xinjiang [5]. - Weichai Power's market share in the wide-body dump truck power sector exceeds 80%, and it continues to develop products tailored to the specific working conditions of Xinjiang [6]. Group 3: Future Developments and Services - Weichai Power is committed to continuous innovation in mining power solutions, focusing on multi-fuel technology routes and providing competitive mining power solutions [6]. - The company has launched the "Mining Service 2.0" program to enhance after-sales service and support for mining operations in Xinjiang [6].