Core Viewpoint - The article discusses the significance and evolution of flying eaves in traditional Chinese architecture, highlighting their aesthetic, functional, and cultural importance. Group 1: Historical Development - The flying eave design can be traced back to the Eastern Han Dynasty, with significant developments during the Southern and Northern Dynasties, where the "lifting and folding" technique became popular [12] - By the Tang and Song Dynasties, flying eaves had matured into a well-defined architectural feature, with various techniques such as lifting, folding, and extending being commonly used [13] - The Ming and Qing Dynasties saw the standardization of flying eave styles, with advancements in glazing techniques leading to decorative elements like glazed tiles and ridge beasts [13] Group 2: Regional Variations - Northern official architecture typically features flatter flying eaves, while southern regions exhibit more pronounced upward curves, reflecting local climatic and aesthetic preferences [15] - In Jiangnan, techniques like "nengjiang" and "shuiqiang" result in flying eaves that rise dramatically, creating a light and airy appearance [15] - In Fujian and Guangdong, coastal influences lead to exaggerated flying eave designs, often incorporating motifs from local maritime culture [15] Group 3: Functional Aspects - The design of flying eaves in southern regions allows rainwater to be directed away from walls, minimizing erosion, while northern designs facilitate snow to slide off roofs [15] - The upward curvature of flying eaves enhances natural light intake in buildings, contributing to energy efficiency by providing warmth in winter and shade in summer [17] Group 4: Cultural Significance - Flying eaves serve as a vital cultural symbol in Chinese architecture, representing the harmony between nature and human design [11] - Modern applications of flying eave designs can be seen in contemporary architecture, such as the Hangzhou Asian Games venues, which incorporate traditional elements to reflect regional aesthetics [17] - The cultural heritage of flying eaves is being preserved and innovated through modern technology, such as AR programs and detailed models, enhancing public engagement with traditional architectural aesthetics [17]

证券研究报告·金融工程·金工定期报告 金工定期报告 20250701 "日与夜的殊途同归"新动量因子绩效月报 20250630 [Table_Tag] [Table_Summary] 报告要点 执业证书：S0600524090003 panggz@dwzq.com.cn 相关研究 《"日与夜的殊途同归"新动量因子绩 效月报 20250530》 2025-06-04 《成交量对动量因子的修正：日与夜 之殊途同归》 2022-08-17 东吴证券研究所 1 / 6 2025 年 07 月 01 日 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 庞格致 请务必阅读正文之后的免责声明部分 ◼ "日与夜的殊途同归"新动量因子多空对冲绩效（全市场）：2014 年 2 月至 2025 年 6 月，"日与夜的殊途同归"新动量因子在全体 A 股（剔 除北交所股票）中，10 分组多空对冲的年化收益率为 18.15%，年化波 动率为 8.79%，信息比率为 2.07，月度胜率为 77.37%，月度最大回撤率 为 9.07%。 ◼ 6 月份"日与 ...

Group 1 - The article discusses the cultural reference of "Kong Yiji" and its relation to the modern concept of "test-takers," highlighting the differences between the two [1][2][3] - It emphasizes that while "Kong Yiji" had a passion for his studies and a sense of social responsibility, modern test-takers are primarily driven by utilitarian motives [3][4] - The article contrasts the diligence of modern test-takers with the laziness of "Kong Yiji," suggesting that if "Kong Yiji" had the same work ethic, he could have achieved financial success [7][8] Group 2 - The narrative draws parallels between "Kong Yiji" and "Lao She’s" character "Camel Xiangzi," indicating that modern test-takers, like "Xiangzi," aspire to improve their lives through hard work [9][10] - It concludes that both "Kong Yiji" and "Xiangzi" are tragic figures, while suggesting that a more successful archetype could be found in the Wei-Jin literati, who balanced leisure and intellectual pursuits [10]

Core Insights - The article highlights the innovative "Talent Loan" product launched by the Industrial and Commercial Bank of China (ICBC) Dali Branch, aimed at supporting the development of traditional crafts in Dali, Yunnan, such as pottery, wood carving, silverware, and Bai embroidery [1][7] - The "Talent Loan" has successfully provided financial support to artisans and small businesses, facilitating the transformation and upgrading of traditional crafts into viable industries [7] Group 1: Talent Loan Product - The "Talent Loan" product has a loan balance of 30 million yuan as of the end of May, specifically designed to support talent development in traditional crafts [1] - The loan features favorable interest rates, flexible terms, and simplified procedures, which significantly aid the transformation and market expansion of traditional handicraft industries [3][7] - The Dali Branch has successfully disbursed over 20 million yuan in credit loans to more than 20 silverware merchants in Xinhua Village, demonstrating the effectiveness of the "Talent Loan" in revitalizing local craftsmanship [3] Group 2: Impact on Traditional Crafts - The Dali Branch has provided a 3 million yuan "Talent Loan" to a silver jewelry processing factory in Xinhua Village, marking a significant step in supporting the local silverware forging craft [3] - A wood carving company in Jianchuan received a 2 million yuan loan, which helped expand its scale and support the training of successors in traditional wood carving techniques [4] - The financial support has enabled a pottery artisan to enhance his workshop facilities, leading to improved production efficiency and increased tourist engagement in traditional pottery making [5] Group 3: Cultural Preservation and Innovation - The "Talent Loan" not only addresses financial challenges but also plays a crucial role in preserving and promoting traditional cultural heritage through innovative financial solutions [7] - Artisans like Yang, who focus on Bai cultural elements in their creative products, benefit from the financial support, allowing them to continue their craft and innovate within their traditional practices [5][7]

市场主流观点汇总 2025/7/1 报告说明 关 迪 此报告，意在客观反映行业内期货公司、证券公司对大宗商品各品种的 研究观点，追踪热点品种，分析市场投资情绪，总结投资驱动逻辑等。 本报告不构成个人投资建议，仅供公司内部使用，仅作参考之用。 报告中策略观点和投资逻辑是基于所采纳的机构当周公开发布的研究报 告，对于各期货品种的多空观点、交易逻辑进行整理加工汇总而成，收 盘价数据选择上周五，周度涨跌为上周五较前一周五收盘价变动幅度。 期货从业资格证号：F3036000 投资咨询从业资格证号：Z0016090 黄 恬 期货从业资格证号：F03100883 投资咨询从业资格证号：Z0021089 | 【行情数据】 | | | | | | | --- | --- | --- | --- | --- | --- | | 资产类别 | 细分品种 | 收盘价 | | 周度涨跌情况 | | | 数据时点 | | 2025/6/27 | | 2025/6/23 | 至 2025/6/27 | | | 焦炭 | 1421.50 | 焦炭 | | 2.67% | | | 铜 | 79920.00 | 铜 | | 2.47% | | ...

Core Viewpoint - The launch of the first staking cryptocurrency ETF, SSK, by REX Shares signifies a deeper integration of the cryptocurrency market with traditional finance, potentially leading to a surge in cryptocurrency ETFs in the U.S. market [1] Group 1: Company Developments - REX Shares is set to launch the SSK ETF, which will not only hold cryptocurrency tokens but also generate additional income through staking operations [1] - The SSK fund will allocate at least 40% of its assets to other ETFs or ETPs, indicating a strategic approach to asset diversification [1] Group 2: Industry Trends - The introduction of the SSK ETF is expected to trigger a wave of cryptocurrency ETF listings, accelerating the convergence of the U.S. stock market and the cryptocurrency sector [1] - Robinhood's announcement of tokenized stocks for OpenAI and SpaceX in France highlights the growing trend of retail trading in private equity through blockchain technology [1]

央视网消息：湘绣是中国四大名绣之一，具有"绣花能生香 绣鸟能听声"的精细刻画能力，独特的针法工艺使湘绣入选第一批国家级非物质文化遗产名 录。如今，湘绣传承人在传承古老技艺的同时，也在尝试用科技为湘绣赋能。系列报道《遇见非遗》，一起去湖南长沙了解湘绣的前世今生。 湘绣是中国四大名绣之一，起源于以湖南长沙为中心的湘楚地区，最早可追溯到春秋战国时期，并在2006年入选第一批国家级非物质文化遗产名录。 湘绣代表性传承人 江再红：我们湘绣的艺术特点就是"绣花能生香，绣鸟能听声，绣虎能奔跑，绣人能传神"，那么总结到一个字就是真。那么，你看 我们这个老虎绣得栩栩如生，（特别是）这个眼睛会紧盯你不放。 作为国家级非物质文化遗产项目湘绣代表性传承人，江再红从事湘绣针法的研究创作三十余年，不仅复刻了失传千年的"连珠针"，同时也将掺针的晕 染、鬅毛针的肌理、全异绣的奇幻有机融合，创作出了许多享誉海内外的湘绣作品。 湖南师范大学湘绣创新研发中心副主任 刘玉珍：湘绣最核心的技艺就是绣娘的针法，这也是我们机器复刻湘绣最大的一个难点，我们这次重点升级的 是一个AI识别功能，通过这两个摄像头实时采集绣娘的针法，数据进入电脑后由AI自动识别。 ...

从荒山到绿海 广东续写"岳山 造林"绿美新篇 章_南方+_南方 plus 从1974年"岳山 造林大会战"至 今的五十载光 阴，岳山实现了 从残林荒山到生 态屏障的华丽转 身。如今，岳山 所在的广东怀集 三岳省级自然保 护区，森林覆盖 率高达92.6%， 总面积达10.84 万亩，记录有高 等植物1015种、 陆生脊椎野生动 物286多种，其 中国家重点保护 野生动植物达50 多种。这组数据 的背后，是 在"岳山造林"光 荣传统的引领 下，广东深入实 施绿美广东建设 成效缩影，更是 广东生态文明建 设的生动实践。 大美怀集 黎锐明摄 大会战高标准造 林3.5万亩 当晨雾在三岳保 护区林梢缠绵， 万木摇曳着苍 翠，清脆鸟鸣穿 透林间，这幅灵 动的绿海画卷， 正诉说着半个世 纪改天换地的传 奇。上世纪五六 十年代，因经济 社会发展需要， 岳山林场所在的 怀集县蓝钟镇山 林被大规模砍伐 开垦，常年砍伐 致使全县山林生 态恶化，森林面 积、蓄积量和覆 盖率大幅下降， 生态破坏、水土 流失、粮食低产 等问题亟待解 决。 当年岳山上的残林荒山现状 方权裕摄 口粮、自建窝 棚、自搭炉灶， 吃住在山头，大 规模植树造林， 在 ...

Group 1 - Panasonic has officially terminated its refrigerator and washing machine business in India, responding to ongoing operational losses and a market share below 2% over the past six years [1][3] - The decision aligns with Panasonic's global restructuring plan aimed at divesting non-profitable business units and focusing on high-value areas such as smart home systems and commercial HVAC solutions [1][3] - Despite the cessation of traditional appliance operations, Panasonic's Indian subsidiary is projected to achieve revenues of ₹1,150 billion in the fiscal year 2024-25, driven by a 25% growth in the air conditioning product line and increased penetration in the smart kitchen market [3] Group 2 - The restructuring has led to a dual-track operational model for Panasonic's Indian segment, retaining core businesses in smart home systems, digital audio-visual products, and smart kitchen ecosystems while strategically nurturing industrial IoT solutions and building automation systems [4] - The business transformation highlights a strategic shift for multinational companies in emerging markets, moving from consumer-oriented segments to industrial empowerment, leveraging technological collaboration to build differentiated competitive advantages [5]

Group 1 - The Federal Reserve is expected to lower interest rates again in September, with recent data indicating that tariffs impact economic growth before affecting inflation [1][2] - The current market sentiment is characterized by a strategy of "Sell White House and buy Nasdaq 100," reflecting a preference for tech stocks amid uncertainty surrounding Trump's policies [3] - The U.S. stock market has reached new highs, driven by strong Q1 earnings in tech stocks and rising expectations for Fed rate cuts, despite a weakening dollar index [3] Group 2 - Germany plans to issue an additional €19 billion in debt in Q3 to support defense and infrastructure spending, aligning with NATO's commitment to increase defense spending to 5% of GDP by 2035 [4] - The European Union is undergoing a significant fiscal expansion, with a clear path for increased spending in the second half of the year, particularly in the aerospace and defense sectors [4] Group 3 - Key upcoming events to watch include U.S. June non-farm payroll data, ISM PMI, and progress on OBBBA legislation [5]