快速变化的市场环境，考验着头部打印机与投影机厂商的市场战略。针对上述趋势，爱普生（中国）有 限公司总裁石桥响介接受了21世纪经济报道记者采访，结合爱普生在中国市场的发展历程、应对策略以 及未来布局，阐释了企业对消费需求和产品理念的考量。 21世纪经济报道 记者吴立洋 近年来，中国打印机与投影设备市场正经历深刻的结构性变化。随着数字化转型的加速和消费升级的推 进，市场对高效、低碳、智能化的产品需求日益增长，同时新品牌入局、无纸化办公趋势和大屏液晶电 视降价等变量，也对行业产生冲击。 他表示，中国市场已成为爱普生重要的增长引擎，企业将通过"科技+本地化"战略，提供更优质的产品 和服务。 石桥响介：中国市场已从规模化增长转向质量型发展，品牌方应按需而变。 在打印解决方案领域，中国在上世纪末处于工业化加速期，金融、税务、物流等行业极速发展，催生出 大量票据打印需求，为此爱普生推出针式打印机；2008年，中国消费市场迎来结构性升级，家庭与中小 企业对低成本、高效率打印的需求爆发，爱普生于2010年推出首款墨仓式打印机L101，以"大墨仓、低 成本"回应这一市场趋势；2018年后，智能终端设备日益普及，远程与移动办公学习 ...

Core Viewpoint - The market experienced a decline with major indices dropping over 1%, while the A500 ETF by Jiashi showed significant trading activity and resilience in the face of market volatility [1][2]. Market Performance - On July 31, major indices such as the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and CSI A500 all fell by more than 1% [1]. - The total market turnover approached 2 trillion yuan, indicating active trading, particularly in broad-based ETFs [1]. - Eight broad-based ETFs had trading volumes exceeding 3 billion yuan on the same day, with the A500 ETF by Jiashi (159351) achieving a trading volume of 3.011 billion yuan and a turnover rate of 24% [1]. A500 ETF Highlights - In July, the total trading volume of the A500 ETF by Jiashi reached 70.672 billion yuan, averaging over 3 billion yuan per day [1]. - As of July 30, the latest scale of the A500 ETF by Jiashi was 12.671 billion yuan [1]. Future Outlook - Industry experts suggest that short-term fluctuations will not alter the long-term positive trend of the capital market [1]. - The A500 index, as a new generation broad-based index, incorporates ESG principles and focuses on leading companies while maintaining industry balance, enhancing its representation of core A-share assets [1]. - The index aims to prioritize leading companies in emerging sectors, thereby improving its representation of new economic growth drivers [1].

Core Viewpoint - The Ministry of Commerce has issued the "Guidelines for Enterprises' Overseas Integrity Compliance Work" to enhance the integrity compliance awareness and capabilities of enterprises going abroad, aiming to prevent and mitigate corruption risks in overseas operations [2][4]. Group 1: General Principles - The guidelines are designed to improve the integrity compliance awareness of enterprises engaged in overseas investments, contracting, labor cooperation, and aid, in line with various national laws and international anti-corruption standards [4][14]. - Enterprises are expected to take primary responsibility for integrity compliance in their overseas operations, adhering to a zero-tolerance policy towards corruption [4][5]. Group 2: Integrity Compliance Management System - Enterprises should establish a comprehensive integrity compliance management system that includes organizational structure, management systems, integrity culture, and supervision mechanisms [9][10]. - A dedicated department should be appointed to oversee integrity compliance management, ensuring independence from operational management [9][10]. Group 3: Compliance Training and Culture - Regular integrity compliance training should be conducted for all employees, particularly for key positions and overseas branch management [11][12]. - The decision-making and management levels of enterprises should lead by example in promoting integrity compliance as a core part of corporate culture [12][13]. Group 4: Legal and Regulatory Compliance - Enterprises must strictly adhere to both domestic and host country laws regarding anti-corruption, ensuring compliance with international agreements such as the United Nations Convention Against Corruption [14][15]. - Understanding local anti-corruption laws is crucial for enterprises to avoid legal repercussions and potential sanctions from international organizations [15][16]. Group 5: Risk Identification and Control - Enterprises should conduct thorough market research to identify and mitigate integrity compliance risks in overseas operations [41][42]. - A robust auditing system should be established to monitor financial transactions and ensure compliance with integrity standards [27][28].

Core Insights - The "2025 'From Craftsmanship to the World' Outbound Conference" will be held in Hangzhou, focusing on globalization and outbound strategies for various industries, including consumption, technology, e-commerce, finance, and new energy [1] - The conference will feature discussions on the collaboration between products, technology, and ecosystems to enhance sustainable outbound capabilities for enterprises [1] Group 1: Conference Overview - The conference is organized by 36Kr and Qiantang Construction Group, with support from various governmental bodies [1] - It will include a main venue and sub-venues, featuring over 10 keynote speeches and 5 roundtable discussions [1] - The event aims to provide a global development path for enterprises navigating globalization challenges [1] Group 2: Roundtable Discussion Highlights - Key themes discussed include consumer electronics, outbound strategies, and breakthrough paths [5] - Participants include executives from SGS, Chuangxiang Sanwei, Lexar, and Huabao New Energy, each sharing insights on their companies and experiences [5][6] - The discussion emphasizes the importance of innovation, compliance, and sustainability in the consumer electronics sector [7] Group 3: Key Trends and Market Insights - Executives identified key trends in consumer electronics as intelligence, compliance, and sustainable development [7] - The focus is shifting from price competitiveness to brand value and trust-building with consumers [8] - Different markets have unique value anchors, with Europe prioritizing sustainability, North America focusing on practical applications, and Japan emphasizing utility and detail [8] Group 4: Company Strategies - Huabao New Energy integrates ESG principles into its core strategy, achieving significant energy savings and carbon reduction [10] - Lexar emphasizes innovation and service scenarios, launching products based on user feedback and maintaining a strong offline presence [12][13] - Chuangxiang Sanwei aims to adapt its products for various printers and enhance customer engagement through membership and social media activities [14] Group 5: Market Entry Strategies - For small and medium enterprises, leveraging established certification paths can facilitate entry into mature markets like Europe and North America [15] - Emerging markets may offer simpler regulatory frameworks, allowing for quicker market access [15]

Group 1 - The global asset management industry is facing unprecedented opportunities and challenges due to the evolving economic landscape, ESG principles, and the integration of emerging technologies [1] - In China, ongoing capital market reforms, the introduction of high-quality public fund development plans, optimization of the pension system, and upgraded wealth management demands are creating broader development space for the asset management industry [1] - Investors' pursuit of long-term stable returns is prompting asset management institutions to focus more on innovative asset allocation strategies and enhanced risk management capabilities [1] Group 2 - The third Asset Management Institution Excellence Case Collection organized by Zhitong Finance aims to scientifically reflect the professional capabilities of asset management institutions and measure their core values through a comprehensive evaluation system [1] - This year's collection is not only targeting domestic asset management entities such as banks, insurance, trusts, and private equity but also includes cases from overseas institutions, broadening its scope and global perspective [1] - The evaluation system will continue to combine quantitative and qualitative analyses, ensuring a public, fair, and just assessment based on the institutions' multidimensional performance [1]

Core Viewpoint - The completion of data integration for the Carbon Coin agreement marks a significant step for the company in the digitalization of carbon credits, enabling effective management and trading through blockchain technology [1][2][3] Group 1: Carbon Credit Digitalization - The Carbon Coin agreement has successfully integrated data with carbon credit sources, facilitating the on-chain representation of 200,000 tons of carbon credits [1] - The integration allows for real-time synchronization, information exchange, and verification of carbon credit data, ensuring accuracy and consistency during transactions [1][2] Group 2: Technological Advancements - The dual-chain model of "Green Trust Chain (alliance chain) + public chain" enhances decentralization, security, immutability, and traceability throughout the carbon credit lifecycle [2] - Smart contracts automate the registration, confirmation, and management of carbon credits, reducing transaction cycles from weeks to minutes [2] Group 3: ESG Commitment and Market Impact - The initiative reflects the company's commitment to Environmental, Social, and Governance (ESG) principles and showcases its technological innovation in carbon asset digitalization [3] - The on-chain confirmation of carbon credit data is expected to promote transparent trading, market pricing, and healthy development of green asset financing, benefiting the overall financial ecosystem for green assets [3]

Core Viewpoint - The company aims to become a leader in the lighting industry by promoting ESG (Environmental, Social, and Governance) principles, focusing on sustainable development and health-oriented lighting solutions [1][8]. Group 1: ESG Commitment - The company has established a dedicated ESG management committee and 13 specialized topic groups to implement ESG goals through specific actions in areas such as intelligent manufacturing, green low-carbon production, environmental management, and human care [5]. - The company has increased the ESG certification rate of its suppliers to over 40% and has implemented waste management and resource recycling measures to enhance resource reuse [5]. Group 2: Health Lighting Technology - The company has introduced the "Accompanying Natural Light" technology, which uses intelligent algorithms to replicate natural light, providing a dynamic lighting experience that meets health requirements [2][4]. - The lighting system can automatically adjust brightness, color temperature, and scattering angles based on the activity type, enhancing the atmosphere for different settings [4]. Group 3: Social Responsibility - The company emphasizes human care by actively supporting socially disadvantaged groups and ensuring the occupational health and safety of its employees, thereby fulfilling its social responsibilities [8]. - Through technological innovation and a commitment to sustainable development, the company aims to enhance its brand image and market competitiveness while setting a new benchmark for the lighting industry [8].

Group 1: Collaborative Innovation in the Greater Bay Area - The "Double Bay" initiative aims to create a robust innovation ecosystem, integrating scientific research, technology development, and industrial incubation [2] - Wuxi has established 14 innovation "outposts" in cities like Shenzhen and Hong Kong, resulting in 136 collaborative projects and attracting over 120 companies [2] - The Shenzhen-Hong Kong Collaborative Innovation Center focuses on integrated circuits and semiconductors, hosting 13 resident companies and 32 incubated enterprises [3] Group 2: Agricultural Development and Economic Impact - Yangshan Water Peach, a key agricultural product, has a sales revenue projected to exceed 1 billion yuan in 2024, supported by a comprehensive industry chain valued at over 2 billion yuan [4] - The region's peach cultivation benefits from advanced logistics, with fresh peaches reaching the Greater Bay Area within 48 hours [4] Group 3: Cultural and Ecological Tourism - Wuxi's cultural heritage is showcased through immersive experiences along the Grand Canal, enhancing tourism and cultural engagement [5][6] - The ecological park on Donggong Island exemplifies Wuxi's commitment to environmental sustainability, featuring advanced monitoring systems and green technologies [7] - Jiangsu Daotong Environmental Technology Company leads in wastewater treatment and resource recovery, with over 90 completed projects across major photovoltaic bases in China [7]

Core Insights - The company emphasizes the integration of "design for people" with cultural and economic development, showcasing its commitment to innovation and community engagement [1][4]. Group 1: Company Achievements - The company holds over 600 patents and has received more than 30 domestic and international design awards, with products sold in 127 countries and regions [1]. - The headquarters, designed by the renowned architectural firm M Moser, embodies principles of openness, sharing, and ecology, serving as a platform for industry exchange and creative collaboration [3]. Group 2: Community Engagement - The company has initiated a "wall-breaking" collaboration, offering 4,000 square meters of space for a public square and transforming the area in front of its headquarters to enhance community interaction [4]. - In partnership with local government, the company is developing a 5,000 square meter eco-park, improving community environment and quality of life [4]. Group 3: Sustainability Initiatives - The company is committed to ESG principles, establishing "green beauty factories" powered by solar energy with a total installed capacity of 5,530 kilowatts [5]. - It focuses on creating environmentally friendly products, achieving multiple certifications including international green awards and integrating sustainability throughout the product lifecycle [5].

Core Viewpoint - Good corporate governance is the cornerstone for high-quality development of enterprises, supported by a series of top-level institutional designs aimed at optimizing governance structures, improving information disclosure quality, and safeguarding shareholder rights [1] Group 1: Compliance-Driven Governance Optimization - The report indicates that under strong regulatory guidance, Chinese listed companies exhibit a clear "compliance orientation," with 77% of surveyed companies actively improving internal systems and 59% enhancing information disclosure to solidify governance foundations [2] - However, deeper measures aimed at achieving "substantive checks and balances," such as increasing board independence (6%), reducing related party transactions (2%), and regularly changing audit firms (2%), still require further internal motivation and willingness from companies [2] Group 2: Focus on Market Value and Governance Initiatives - Market value management has become a key focus for regulatory policies and companies, with approximately 67% of surveyed companies favoring high dividend strategies, primarily to attract dividend-seeking investors (60%), while only 4% prefer high repurchase strategies [3] - Stock incentives are viewed as an important tool for improving corporate governance and binding core talent, with 48% of surveyed companies having implemented or planning to implement stock incentives in the next two years, primarily to bind core management (89%) and convey performance expectations (55%) [3] Group 3: Rise of Active Shareholders - The China Securities Regulatory Commission has introduced measures to encourage public funds to participate in corporate governance, marking a new chapter for institutional investors in this area [4] - The report reveals that companies still prefer softer communication methods with institutional investors, with low acceptance of confrontational approaches such as shareholder proposals (9%) and director nominations (4%), focusing mainly on financial and strategic discussions (84%) rather than environmental and social responsibilities (7%) [4] - The report illustrates the evolution of corporate governance in China from "compliance foundation" to "value enhancement," highlighting both achievements and challenges [4] Group 4: Future Research Directions - This report is the first research outcome from the collaboration between Huaxia Fund and Ziding Shareholder Services on ESG topics, with plans to release further research on environmental and social issues and overall ESG development by the end of the year [5]