资本永远在追逐确定性，而贵金属的涨跌从来都是货币信用的试金石。白银近期的过山车行情，不是普通的市场波动，是资本对硬资产的疯狂角逐，更是全 球货币信用松动的信号。12月26日大涨10.47%，29日暴跌9.08%，30日再涨3.47%，这种极致波动的背后，藏着机构的操纵与全球经济的暗涌。 三、资金涌入：不是追高是避险情绪的宣泄 全球货币政策的分化，让白银成为资金避险的最优解。2025年美联储累计降息75个基点，实际利率下行、美元走弱预期抬头，直接抬高了贵金属估值底座。 4月金银比一度突破100，远超历史均值，白银作为"带杠杆的黄金"，补涨需求本就强烈，成为资金寻找的"价格洼地"。 别再迷信"市场自由定价"的谎言，白银本轮涨跌的背后，是国际资本的精准围猎。全球最大空头摩根大通的动作早已暴露端倪，12月下半月直接将1.69亿盎 司（约4000多吨）白银从可交割仓单划转至非交割仓库，锁死了近10%的全球年供应量，人为制造现货流动性紧张。伦敦白银租赁利率飙至30%历史高位， 提货周期不断拉长，都是这场围猎的佐证。 芝商所12月26日宣布上调白银期货保证金，本想逼散户平仓，却没想到散户卖单被尽数接盘且直接提走现货。12月 ...

| | 附注六 | 2018年 | 2017年 | | --- | --- | --- | --- | | 壁业收入 | 23 | 684,568,134.34 | 555,160,904.41 | | 减:营业成本 | | 269,825,655.70 | 222,082,813,34 | | 税金及附加 | | 778,207.94 | 623,143.28 | | 销售费用 | | 587,104,191,99 | 588,978,965.19 | | 管理费用 | | 676,973,045.55 | 93,132,700.42 | | 研发费用 | | 223,984,703,69 | 230,451,638.39. | | 财务费用 | 24 | 13,303,936.11 | (2,089,874.12) | | 其中:利息费用 | | 16,867,811.05 | 1,387,054.92 | | 利息收入 | | 3,883,684.50 | 3,649,846.01 | | 资产减值损失 | 25 | 3.043.514.05 | 380,026.28 | | 加:其他收益 | 26 | ...

Core Viewpoint - The story of Fan Xiaoqin, a boy from a poor village who was turned into a commercial entity known as "Little Ma Yun," highlights the exploitation of vulnerable families in the flow economy, revealing the harsh realities behind the superficial success of internet fame [1][5][6]. Group 1: Capital Exploitation - Liu Changjiang's operation model exemplifies "flow industrialization," where capital preys on underprivileged families, leading to the commodification of individuals like Fan Xiaoqin [3][4]. - Despite promises of educational support, Fan Xiaoqin's actual schooling was nearly non-existent, as he was engaged in commercial activities instead of attending classes [4][5]. - The illusion of prosperity was created through superficial gestures, such as home renovations and small remittances, masking the family's ongoing poverty [4][5]. Group 2: Educational and Health Consequences - Fan Xiaoqin's education suffered significantly, as he was unable to write simple characters by the age of 12, reflecting a severe educational gap [4][6]. - Health issues arose, with reports indicating that he was diagnosed with a secondary intellectual disability and had stunted growth, raising concerns about potential exploitation through hormone treatments [4][6]. Group 3: Societal Reflection - The narrative of Fan Xiaoqin serves as a microcosm of the broader issue of rural marginalization in the flow economy, where many similar cases exist [6][7]. - The lack of understanding of long-term educational investment among families leads to their vulnerability to capital exploitation [7]. - The phenomenon of "curiosity charity" illustrates how public consumption of poverty can exacerbate the plight of individuals rather than improve their circumstances [7]. Group 4: Recommendations for Change - There is a need for long-term, stable educational support for rural children rather than short-term financial gains from internet fame [7]. - Developing rural industries and skill training programs could enhance families' self-sufficiency instead of pushing children into the spotlight [7]. - Legal frameworks must be established to protect child internet celebrities and prevent exploitation, ensuring that the flow economy aligns with humanitarian values [7].