Core Viewpoint - The integration of universities and cities is essential for achieving high-quality development, as highlighted by the recent policy decisions from the 20th National Congress of the Communist Party of China, emphasizing the need for collaborative reforms in education and urban development [1][2]. Group 1: Importance of University-City Integration - The integration of universities and cities reflects the inherent demand for high-quality development in the new era, indicating a future direction for deep collaboration between higher education institutions and urban environments [1]. - Universities and cities, while having distinct social functions and interests, also exhibit a strong interdependence that necessitates a collaborative development approach [2]. Group 2: Key Elements of Integration - Universities provide cities with intellectual support, talent, and innovation, while cities offer essential resources such as land, funding, and infrastructure to universities [3]. - The dynamic needs of universities and cities at different development stages require a focus on key elements like education, technology, culture, talent, and funding to enhance collaborative potential [3]. Group 3: Innovative Paths for Integration - The integration of universities and cities can be advanced through various collaborative models, including: - **University-Enterprise Integration**: Establishing dual-standard training systems and collaborative talent management to produce highly adaptable graduates [4]. - **Industry-Education Integration**: Aligning academic programs with industry needs to create a virtuous cycle of talent development and utilization [5]. - **Cultural Integration**: Developing a shared cultural framework that enhances both university spirit and urban development [6]. - **Spatial Integration**: Transforming campuses into urban nodes and fostering a modern urban structure that connects educational and community spaces [6]. Group 4: Case Study of Jiangsu University of Technology - Jiangsu University of Technology exemplifies successful university-city integration by aligning its development with the needs of Changzhou city, focusing on collaborative educational and research initiatives [7]. - The university's approach includes establishing specialized institutes and research centers that cater to local industry demands, thereby enhancing the synergy between education and urban development [7].

作 者丨吴立洋 编 辑丨巫燕玲 6月25日，曹操出行正式于港交所主板挂牌上市， 成为港股最大的共享出行企业 。 据招股书数据，2022至2024财年，曹操出行营收分别为76.31亿元、107亿元和147亿元，其中 出行服务订单量分别为3.83亿笔、4.48亿笔、5.98亿笔。 作为吉利集团于2015年孵化的网约车平台，成立十年的曹操出行已成为市场规模与品牌位居 前列的行业龙头。据弗若斯特沙利文报告， 自2021年起按GTV（总交易额）计算，曹操出行 持续位列国内网约车平台规模前三位，并于去年跃居行业第二。 值得注意的是，虽然在体量上较具有先发优势的滴滴存在差距，但背靠吉利的曹操出行同样在 竞争激烈的网约车赛道构建了属于自己的市场壁垒： 目前，曹操出行在中国31个城市部署超 过3.4万辆定制车，规模位居中国同类车队之首； 今年2月，曹操出行正式上线了自动驾驶平 台曹操智行，宣布在苏杭两地试点开启Robotaxi服务，在Robotaxi服务商业化起步阶段提前卡 位未来出行市场。 作为业内少有的打通上游汽车制造商、技术服务提供商，中游网约车平台和下游 定制车队的企业，曹操出行正借助其全产业链优势，从传统网约车的商业 ...

Core Viewpoint - The recent IPOs of Cao Cao Mobility and Xiangjiang Electric have not maintained the strong momentum seen in the Hong Kong IPO market, with both companies experiencing significant declines in their stock prices shortly after listing [1][7]. Group 1: Company Performance - Cao Cao Mobility's shares were priced at HKD 41.94 and fell by 14.16% to close at HKD 36.00, while Xiangjiang Electric's shares were priced at HKD 2.86 and dropped by 11.89% to close at HKD 2.52 [1][3]. - The total market capitalization for Cao Cao Mobility approached HKD 20 billion, while Xiangjiang Electric's market cap was around HKD 700 million [7]. - Prior to their public offerings, both companies showed signs of weak demand, with Cao Cao Mobility's institutional subscription rate at 2.78 times and Xiangjiang Electric's at just 1.08 times [10][11]. Group 2: Company Background - Cao Cao Mobility, founded in 2015, is a strategic investment of Geely Holding Group in the "new energy vehicle sharing ecosystem" and has become a significant player in China's ride-hailing market [4]. - As of 2024, Cao Cao Mobility operates in 136 cities with a total Gross Transaction Value (GTV) of RMB 17 billion, representing a year-on-year growth of 38.8% and a market share of 5.4% [4]. - Xiangjiang Electric is known for kitchen small appliances and has a market share of 0.8% in the Chinese kitchen small appliance industry, with significant exports to North America [6]. Group 3: Future Prospects - Cao Cao Mobility is collaborating with Geely Group to develop a custom vehicle for Robotaxi services, expected to launch by the end of 2026, which will include pre-installed autonomous driving components [5][6]. - The company plans to leverage its relationship with Geely to deploy vehicles at scale without significant upfront investment, enhancing its competitive edge in the ride-hailing industry [6].

Core Points - The second China-Central Asia Summit concluded successfully in Astana, Kazakhstan, with significant outcomes including the "Astana Declaration" and 55 cooperation documents, laying a solid foundation for future China-Central Asia cooperation [1][2] - China emphasizes equality and mutual respect in its relations with Central Asian countries, promoting a comprehensive strategic partnership and a shared destiny community [1][4] - The China-Central Asia cooperation mechanism has proven effective, with two summits held and 13 ministerial cooperation platforms established, enhancing dialogue and collaboration [2][3] Economic Cooperation - In 2024, trade between China and Central Asia reached $94.8 billion, a 35% increase year-on-year, highlighting the growing economic ties [3] - Key infrastructure projects such as the China-Kyrgyzstan-Uzbekistan railway and the third cross-border railway with Kazakhstan are progressing, enhancing connectivity in the region [3] - China plans to establish cooperation centers in poverty alleviation, educational exchange, and desertification prevention, providing 3,000 training opportunities for Central Asian countries over the next two years [3] Political and Security Cooperation - The summit reaffirmed mutual support for each other's core interests, emphasizing respect for sovereignty and territorial integrity [4] - China and Central Asian countries agreed to jointly combat terrorism, organized crime, and enhance security cooperation through various initiatives [5] - The collaboration aims to address both traditional and non-traditional security challenges, contributing to a peaceful and stable regional environment [5]

Core Viewpoint - The new president of Epson China, Ishikawa, aims to accelerate the company's localization and green innovation efforts in the Chinese market, leveraging his extensive experience in core business areas such as printers and projectors [4][5]. Group 1: Technology Core - Epson's technology philosophy is encapsulated in three words: "省 (Efficiency), 小 (Compactness), 精 (Precision)," which have been integral since its inception [5]. - The company has developed significant technologies such as micro piezo inkjet for industrial digital printing and 3LCD projection technology for artistic collaborations [5]. - Epson's Heat-free technology allows for inkjet printing without heating, significantly reducing energy consumption and aligning with China's dual carbon goals [5]. Group 2: Digitalization and Youth Engagement - Epson is accelerating localization in China by collaborating with local companies to implement its proprietary print heads in commercial and industrial printing [6]. - The company is integrating AI solutions in educational settings to alleviate teachers' workloads, allowing them to focus more on student guidance [6]. - Epson has developed smart projection solutions tailored to Chinese consumer habits, including built-in Tencent Video and a WeChat mini-program for enhanced user interaction [6]. Group 3: Green Innovation and Collaboration - Epson has launched the "Love Carrot Shared Green Printing Service," allowing consumers to print without owning a printer, promoting sustainability and convenience [7]. - The company emphasizes collaboration with local partners to drive digital transformation in various industries, including textiles and advertising [7]. - Ishikawa highlights the importance of co-creation with Chinese partners to leverage local innovation capabilities [7]. Group 4: Future Vision - Epson's long-term goal is to achieve "negative carbon" emissions by 2050, reflecting its commitment to environmental responsibility [9]. - The company aims to deepen collaboration with leading Chinese innovative enterprises to empower various industries [9]. - Epson's overseas revenue share has increased from 75% to 85%, indicating that the Chinese market is becoming a key growth engine [9].

Core Viewpoint - Caocao Travel has listed on the Hong Kong Stock Exchange, opening at HKD 33.8 per share, nearly 20% lower than the offering price, with a total market capitalization exceeding HKD 19 billion, positioning it among the leading ride-hailing stocks in the market [2] Group 1: Company Overview - Caocao Travel, founded on May 21, 2015, is a strategic investment of Geely Holding Group focused on the "new energy vehicle sharing ecosystem," offering services such as ride-hailing, car rentals, and carpooling [3] - As of March 31, 2025, Caocao Travel operates in 146 cities, with a total Gross Transaction Value (GTV) of RMB 48 billion in Q1 2024, reflecting a 54.9% year-on-year increase [3] Group 2: Market Position and Growth - The shared mobility market is projected to grow from RMB 354.7 billion in 2024 to RMB 751.3 billion by 2028, driven by increasing demand for economical travel options and higher penetration in lower-tier cities [3] - In 2024, Caocao Travel is expected to achieve a total GTV of RMB 170 billion, a 38.8% increase from 2023, with an average of 28.7 million monthly active users and 466,000 monthly active drivers, both showing approximately 50% growth year-on-year [4] Group 3: Financial Performance - From 2022 to 2024, Caocao Travel's total revenue is projected to grow from RMB 76.31 billion to RMB 146.57 billion, with losses of approximately RMB 20.07 billion, RMB 19.81 billion, and RMB 12.46 billion respectively, totaling over RMB 5.2 billion in losses but showing a narrowing trend [6] - The gross profit margin improved from -4.4% in 2022 to 8.1% in 2024, attributed to the introduction of customized vehicles and optimized vehicle operation strategies [7] Group 4: Strategic Initiatives - Caocao Travel plans to enhance collaboration with third-party aggregation platforms to drive more traffic cost-effectively, as the share of orders from aggregation platforms increased from 49.9% in 2022 to an expected 85.4% in 2024 [5] - The company is also focusing on the development of Robotaxi services, with plans to commercialize this offering and expand its coverage to more cities by 2026 [6][7]

从财务数据来看，曹操出行近年来营收保持上升态势。2022年—2024年，其营收分别为76.31亿元、 106.68亿元、146.57亿元，复合年增长率接近40%。公司的毛利也从2023年开始转负为正，同期毛利润 分别为-3.4亿元、6.1亿元及11.8亿元，对应的毛利率分别为-4.4%、5.8%及8.1%。不过，曹操出行目前 仍未实现盈利，2021—2024年间，曹操出行年亏损额分别为30.07亿、20.07亿、19.81亿和12.46亿元，虽 亏损有逐年收窄趋势，但过去四年间仍累计亏损超80亿元。 曹操出行的成功上市，不仅是公司自身发展的重要里程碑，也进一步扩大了李书福的资本版图。此前， 李书福已拥有多家上市公司，涵盖汽车制造、新能源、科技等多个领域，曹操出行的上市使其在出行领 域的布局更加完善。 值得一提的是，成功在港交所敲钟上市的曹操出行，除了是李书福旗下第十个IPO外，也是曹操出行所 在地苏州在最近一个季度以来跑出的又一个IPO。今年4月以来，同样来自苏州的正力新能、映恩生物- B、众捷汽车、派格生物医药-Ｂ、华之杰等多家来自不同领域的企业相继登陆二级市场，展现了苏州作 为全国产业创新高地的强劲实力和 ...

撰文 / 张霖郁 设计 / 张 萌 "我曾旁听过咨询公司组织的专家团与华尔街投行的一个付费电话会议，时长1小时，他们当时想了解Cybertruck是否能成功，那些专家说成功不了。"美国经 济学教授迈克尔·斯米奇卡（Mike Smitka）在国内某个论坛独家采访中告诉汽车商业评论。 斯米奇卡毕业于哈佛大学，之后在耶鲁大学获经济学博士学位，他是美国华盛顿与李大学（Washington and Lee University）的经济学荣誉退休教授，研究方 向包括现代日本与中国经济以及全球汽车产业。 他并不看好Robotaxi的商业前景，认为这是一个不断赔钱的商业模式。 "据我所知，特斯拉内部的资深管理层同样反对"，他说，"目前Robotaxi的运营模式，成本太高。初期资金投入非常大，但市场规模小；第二，Robotaxi市场 规模有限，某些场景，大家仍需带司机的出租车，比如需要帮忙提行李的老人；第三，如果打车成本下降，同时也意味着低利润，另外如果特斯拉自己造机 器人清洁，进行日常维护，又增加新的成本；第四，关于Robotaxi能拓展车内的消费场景，目前尚未证实其可行性；第五，未来能活下来的公司，背后一定 有一个烧得起这 ...

Core Viewpoint - The strategic cooperation between Hangzhou West Science and Technology Innovation Corridor Management Committee and the University of Chinese Academy of Sciences Hangzhou Advanced Research Institute aims to establish a leading model for high-quality collaboration between universities and industry, focusing on innovation and technology transfer [1][4]. Funding and Support - The corridor management committee will invest 100 million yuan over five years to support the Hangzhou Advanced Research Institute in achieving its educational goals, covering the entire chain from basic research to technology transfer [2]. - The support includes talent recognition, recruitment of PhD and postdoctoral candidates, and collaborative support for excellent concept verification projects [2]. Project Development - The construction of a technology transfer base and a public technology service platform cluster is a highlight of the cooperation, with the transfer base covering an area of 21,300 square meters and focusing on four key areas: life health, intelligent manufacturing, smart IoT, and semiconductor materials [3]. - The base is expected to officially open in the third quarter of this year, with over ten hard-tech projects already confirmed for residency [3]. Public Technology Service Platforms - The public technology service platform cluster will include several platforms, such as an experimental animal service platform and a synthetic biology pilot platform, expected to be completed by the end of this year [3]. - The platforms will provide access to over 200 million yuan worth of large-scale scientific research instruments for public use, aiming to reduce innovation costs for enterprises, especially small and medium-sized tech companies [3]. Innovation Ecosystem - The corridor will also support the construction of a high-precision measurement physics experiment platform for gravitational waves, expected to be operational by 2028, along with two concept verification centers [4]. - This initiative aims to create an integrated ecosystem that combines basic research, concept verification, pilot testing, project implementation, and shared access to scientific instruments, fostering deep integration of technological and industrial innovation [4].

撰 文 / 张霖郁 设 计 / 张 萌 "我曾旁听过咨询公司组织的专家团与华尔街投行的一个付费电话会议，时长1小时，他们当时想了 解Cybertruck是否能成功，那些专家说成功不了。"美国经济学教授迈克尔·斯米奇卡（Mike Smitka）在国内某个论坛独家采访中告诉汽车商业评论。 斯米奇卡毕业于哈佛大学，之后在耶鲁大学获经济学博士学位，他是美国华盛顿与李大学 （Washington and Lee University）的经济学荣誉退休教授，研究方向包括现代日本与中国经济以及 全球汽车产业。 他并不看好Robotaxi的商业前景，认为这是一个不断赔钱的商业模式。 "据我所知，特斯拉内部的资深管理层同样反对"，他说，"目前Robotaxi的运营模式，成本太高。初 期资金投入非常大，但市场规模小；第二，Robotaxi市场规模有限，某些场景，大家仍需带司机的 出租车，比如需要帮忙提行李的老人；第三，如果打车成本下降，同时也意味着低利润，另外如果 特斯拉自己造机器人清洁，进行日常维护，又增加新的成本；第四，关于Robotaxi能拓展车内的消 费场景，目前尚未证实其可行性；第五，未来能活下来的公司，背后一定有一个 ...