Core Viewpoint - The integration of technological innovation and industrial innovation is essential for driving economic growth in the context of a restructured global economic landscape. The China Securities Regulatory Commission (CSRC) emphasizes the need to activate the multi-tiered capital market to support this integration effectively [1][11]. Capital Market Development - China's capital market has shown activity in funding sectors like technology, media, communication, and consumption, but remains cautious in hard technology investments. The key to promoting the integration of technological and industrial innovation lies in ensuring efficient capital circulation across different stages and levels [3][4]. - The current capital market faces challenges such as uneven capital distribution, difficulties in early-stage project financing, long investment cycles, and insufficient exit channels [3][4][5]. Exit Channels and Liquidity - The reliance on IPOs as the primary exit strategy for venture capital institutions is problematic, as other exit methods like mergers and acquisitions (M&A) and S-fund transfers are underdeveloped [4][5]. - The development of S-funds is hindered by issues such as valuation difficulties and a lack of professional participants, which prevents the establishment of an efficient market for capital exits [4][5]. Policy Recommendations - To enhance the financing environment for technology enterprises, it is suggested to diversify exit channels beyond IPOs and M&A, and to encourage the development of equity M&A markets [4][9]. - Government initiatives, such as establishing technology guidance funds, can help direct social capital into key areas while reducing financing costs for enterprises [9][10]. - Tax incentives for long-term investments, such as tax breaks for investors holding shares for over five years, could encourage more stable capital allocation [9][10]. Market Structure and Coordination - Strengthening the coordination among various segments of the capital market is crucial. This includes improving the transfer mechanisms between different market segments to ensure that companies can access appropriate financing at various development stages [5][10]. - The capital market should function as a comprehensive, multi-tiered, and efficient "circulation network" to facilitate the flow of capital into and out of technological innovations [5][10]. Investment Trends and Data - As of June 20, 2025, the cumulative financing scale for high-tech enterprises in China's capital market reached 363.87 billion yuan, with 1,772 strategic emerging industry listed companies having a total market value of 20.80 trillion yuan, accounting for 20.47% of the total A-share market value [7]. - In 2024, A-share listed companies' R&D investment reached 1.88 trillion yuan, representing over 50% of the total social R&D investment, with a patent holding rate exceeding one-third of the national total [8].

Core Viewpoint - The dairy industry in China is facing significant challenges in 2024 due to oversupply, weak demand, and high inventory levels, leading to a continuous decline in fresh milk prices and worsening competition among companies [1][3]. Group 1: Company Performance - In 2024, major dairy brands such as Yili, Mengniu, and Guangming reported revenue declines of 8.24%, 10.09%, and 8.33% respectively, with net profits dropping by 18.94%, 97.83%, and 25.36% [1][3]. - Yili's revenue for 2024 was 1157.80 billion yuan, marking its first negative growth since its listing, with a significant drop in liquid milk revenue, which accounts for over 60% of total revenue [3][5]. - Yili's liquid milk revenue fell by 12.32% to 750.03 billion yuan, while its ice cream revenue decreased by 18.41% to 87.21 billion yuan; however, its milk powder and dairy products segment saw a 7.53% increase in revenue [3][5]. Group 2: Market Dynamics - The Chinese dairy market has entered a prolonged adjustment period since 2022, with retail sales growth turning negative and ongoing weak demand [3][13]. - The supply of raw milk has outpaced demand, resulting in an imbalance that has driven down retail prices for dairy products [3][13]. - The overall consumption of liquid milk in China has been declining, with a notable 8.6% drop in 2022 [13]. Group 3: Strategic Initiatives - Yili has implemented cost-cutting measures, reducing sales and management expenses by 2.61% and 13.37% respectively, saving a total of 1.279 billion yuan [5][6]. - The company is diversifying its product offerings, with a focus on milk powder, which has shown growth, and has ventured into new markets such as high-end bottled water and pet food [8][10]. - Yili's recent product launches include sugar-free tea and functional nutrition products targeting the elderly, indicating a strategic shift to reduce reliance on traditional dairy products [10][11]. Group 4: Future Outlook - The dairy industry is at a crossroads, with companies needing to explore new growth avenues in a saturated market, as seen with Yili's efforts to expand into non-dairy segments [11][15]. - The competition in emerging markets such as pet food and health-focused products is intensifying, requiring established players like Yili to adapt quickly to maintain market leadership [15][16]. - The transformation journey for Yili and other dairy giants is expected to be challenging but essential for their survival and growth in the evolving consumer landscape [16].

撰 文 / 刘宝华 设 计 / 琚 佳 世事无常。 上周最大的行业新闻应该是奥迪全球CEO高德诺公开宣布奥迪撤回原定于2033年停止研发和销售内 燃机汽车的计划，不再设定明确终止时间表。 奥迪之前，奔驰、宝马、沃尔沃、福特已经先后调整了全面电动化计划，改为燃油车与电动化双线 并行。 对电动化最保守的丰田成了最大赢家。丰田截至2025年3月31日的2025财年净利润合人民币2364亿 元，相当于比亚迪、上汽集团、长安汽车、广汽集团、吉利汽车、长城汽车、北京汽车7大上市车 企利润总和的3倍。 搞电动车的越搞越穷，不搞电动车的富得流油。 最能赚钱的车企也开始摇摆。也是上周的消息，法拉利原计划2026年推出的第二款纯电动车型被推 迟到最早2028年推出。这已经是这款车第二次推迟时间表。接近法拉利的消息源称"目前高性能电 动车的需求为0"。 这句话有些残酷，但或许揭示了电动车的市场规律——从品牌、车型、价格、性能各个维度，电动 车都在中低端更容易成功，越高端对电动车来说越困难。 以特斯拉为例，中低端车型 Model Y、 Model 3占总销量超过95%，中高端车型 Model X、 Model S 占比不足5%， 当 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The beauty sector experienced a stable conclusion during the 618 shopping festival, with significant changes in platform and brand dynamics driven by reduced commission policies and interest-based content ecosystems [1][2] - The total GMV for beauty products across four major e-commerce platforms (Taobao, JD, Douyin, Kuaishou) during the 618 period was between 600-700 billion yuan, reflecting a year-on-year growth of over 10% [1] - Taobao maintained the largest market share at 41.3%, followed by Douyin at 35.7%, JD at 14.8%, and Kuaishou at 8.2% [1][13] Summary by Sections E-commerce Platform Dynamics - Douyin's beauty segment is rapidly growing, supported by merchant subsidies and interest-driven consumer engagement, achieving double-digit growth [2] - Douyin's promotional strategies included a 1.4 billion yuan subsidy for merchants in May, with individual merchant reductions reaching up to 2.99 million yuan [2] Skincare and Makeup Categories - In the skincare category, domestic brands like Proya and Han Shu led the market, maintaining their top positions on Taobao and Douyin [3] - The top five brands in the skincare category on Taobao remained stable, with Proya and Han Shu continuing to dominate [3] - In the makeup and fragrance category, new domestic brands are emerging, with Ti Luo Wei achieving rapid growth by focusing on base makeup products [4] International and Domestic Brand Strategies - International brands are performing well due to localized marketing strategies and a willingness to engage with local consumers [8] - Domestic brands are expected to break out of the competitive cycle focused on ingredients and efficacy, emphasizing brand influence and comprehensive user experience [8] Investment Recommendations - Focus on domestic companies with strong brand equity and comprehensive channel strategies, particularly Proya and Han Shu [9] - Highlight technology-driven skincare brands like Betaini and Juzi Biology that target specific consumer needs [9] - Consider daily chemical brands with strong cost-performance ratios and excellent management of emerging channels, such as Runben and Dengkang [9]

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Core Insights - The article highlights a significant shift in investment strategies on Wall Street, favoring diversified asset risk management over concentrated bets on large tech stocks, resulting in strong performance for multi-asset strategies [1][3]. Group 1: Multi-Asset Strategy Performance - Societe Generale's multi-asset portfolio is experiencing its strongest first half since 2008, showcasing resilience even in the face of market uncertainties [2]. - The classic 60/40 stock-bond allocation strategy has shown relative elasticity during the pandemic era, while risk parity strategies have increased by approximately 6% [2]. - Investments in gold have been particularly successful, with portfolios focused on gold seeing gains exceeding 10% this year [2]. Group 2: Challenges for Traditional Concentrated Strategies - Traditional concentrated investment strategies have struggled amid tariffs, fiscal policies, inflation concerns, and geopolitical conflicts, with the S&P 500 index only rising 1.5% since January [3]. - Broader government bond indices have yielded only a 3% return this year, contrasting with the strong performance of diversified portfolios driven by previously overlooked assets [3]. - Developed market stocks outside the U.S. and Canada have risen 14% this year, while the Bloomberg Commodity Index has surged 8%, and gold has increased nearly 30% [3]. Group 3: Investor Sentiment and Behavior - Investors are increasingly embracing asset diversification, with a notable shift in attitudes towards holding assets outside the U.S. [4]. - Recent data indicates that U.S. investors are beginning to accept diversification, as evidenced by significant inflows into ETFs covering a broader range of asset classes, including gold, Bitcoin, and foreign stocks [5]. - In June, stock ETFs attracted approximately $56 billion, surpassing the total inflows of the previous two months, indicating a strong interest in traditional asset classes despite the diversification trend [5].

南京康尼机电股份有限公司 会议材料 议案七：关于确认公司 2024 年度董事薪酬情况以及 2025 年度薪酬方案的议案 ........41 议案八：关于确认公司 2024 年度监事薪酬情况以及 2025 年度薪酬方案的议案 ........43 议案十~议案十七：关于修订《公司章程》并取消监事会的议案以及修订相关议事规则、 为维护广大投资者的合法权益，确保南京康尼机电股份有限公司（以下简称 "公司"或"康尼机电"）股东会的正常秩序和议事效率，保障股东在本次股东会期 间依法行使权利，根据《公司法》《上市公司股东会规则》和公司《股东会议事 规则》等有关规定，特制定本会议须知： 一、公司负责本次股东会的议程安排和会务工作，为确认出席大会的股东或 其代理人或其他出席者的出席资格，会议工作人员将对出席会议者的身份进行必 要的核对工作，请参会人员给予配合。 二、出席会议的股东及股东代理人须在会议召开前半小时到会议现场办理签 到手续，并按规定出示证券账户卡、身份证明文件或营业执照/注册证书复印件 （加盖公章）、授权委托书等，上述登记材料均需提供复印件一份，法定代表人 证明文件复印件须加盖公司公章，经验证后方可出席会议。会 ...

Core Viewpoint - The company has established a board diversity policy aimed at enhancing the performance and sustainability of the organization through diverse board member selection, including gender diversity [1][2][5]. General Requirements - All board member appointments will be based on merit while considering the benefits of diversity, including gender diversity [2]. - The board and the nomination committee will evaluate multiple factors for selecting candidates, such as diversity of perspectives, qualifications, time commitment, reputation, and potential contributions [2][3]. Procedures, Monitoring, Reporting, and Disclosure - The nomination committee is responsible for examining and nominating board candidates according to the established policy and relevant regulations [3]. - The committee will review the policy annually to ensure its effectiveness and report on the board's composition and diversity policy implementation in the corporate governance report [3][4]. - The summary of the policy, including measurable gender diversity goals and measures for establishing a talent pool for potential board successors, will be disclosed in the annual report [3][4]. Additional Provisions - The policy will take effect upon approval by the board and the listing of the company's H-shares on the Hong Kong Stock Exchange [4]. - The board is responsible for interpreting and amending the policy as necessary [4].

广东进出口商会副会长张炯认为，美国市场的不确定性亦迫使 企业必须开拓多元化的海外市场，降低对美国单一市场的依 赖。 作者： 张锐 封图：图虫创意 尽管中美经贸谈判尚未结束，但中国的外贸企业似乎正在进入"后关税时代"："市场多元化"已成为 业界共识。 广东冠能电力科技发展有限公司是外贸"新兵"，今年正式启动出海计划。该公司海外市场负责人余 铭杰就向经济观察报记者表示，没有必要与"关税战"硬碰，海外其他市场还有足够的潜力。 6月13日至17日，经济观察报记者就"后关税时代"相关问题采访了多家外贸企业，以了解他们的最 新想法和动向。 多元化布局 6月13日，广东进出口商会在广州举行了一场有关"布局新兴市场"的沙龙，参与者以跨境电商企业 为主。当天，经济观察报记者随机采访了数位外贸从业者，发现"多元化布局"已是大家的共识。 广东进出口商会副会长张炯是上述受访者之一，他也是一家跨境电商企业的负责人。张炯认为，今 年以来，中美关税战的状态是非常激烈的，这是外贸行业非常清晰的事实，虽然中美之间的谈判仍 然在持续，但"重新回到过去"似乎已经是不可能的事。 张炯说，中美经贸谈判中，对于跨境电商而言最重要的是一项谈判内容是"80 ...

Core Viewpoint - The draft board diversity policy aims to enhance the governance structure of Shanghai Longqi Technology Co., Ltd. by ensuring diversity in gender, age, nationality, cultural background, education, professional skills, and industry experience among board members [1][2]. Group 1: Policy Objectives - The policy is designed to ensure a balanced and diverse representation on the board, which is seen as a key element for sustainable development and achieving strategic goals [1][2]. - The nomination committee is responsible for reviewing and assessing the composition of the board and making recommendations for new board members, emphasizing the importance of diversity [1][2]. Group 2: Measurable Goals - The identification of board candidates will consider various measurable diversity goals, including gender, age, nationality, cultural background, education, professional experience, skills, and other relevant factors [2]. - The policy outlines specific criteria for evaluating candidates, such as professional qualifications, time commitment, character, integrity, and expected contributions to the board [2]. Group 3: Monitoring and Reporting - The nomination committee will regularly evaluate the effectiveness of the policy and report on the progress of diversity goals, including gender representation on the board [2]. - The policy summary and measurable goals will be disclosed in the company's corporate governance report, with annual reviews of the implementation status [2].