2025年以来，上海寻汇、同程集团、小红书、儒意控股等多家企业通过收购方式获得支付牌照，其中不 乏互联网平台的身影。 在部分业内人士看来，支付作为商业生态的重要落子，能够串联内容、交易与用户行为，形成"种草— 交易—支付"的正向循环。此类布局不仅有助于规避第三方支付通道的高额手续费与数据割裂问题，还 能通过资金流与数据流的融合，反哺算法优化与场景创新。 苏商银行特约研究员付一夫认为，平台布局支付不仅是"补齐短板"，更是向生态化、金融化进阶的战略 选择，旨在构建从流量到交易的完整内循环体系。 张可迎认为，自有支付牌照有助于企业实现资金流与信息流的闭环，有效规避"二清"等合规风险。 二是掌控核心数据。 支付是消费行为的"最后一公里"。付一夫表示，作为交易终点，支付直接关联资金流与用户行为数据， 自主支付既能节省手续费，也能沉淀高价值交易数据。 在监管趋严与流量红利逐渐消退的双重背景下，平台密集竞逐支付牌照并非偶然，而是战略扩张的关键 一步。 从竞争角度来看，北京社科院副研究员王鹏认为，支付行业竞争焦点正在发生转移。支付牌照已从"准 入工具"升级为"生态入口"，竞争核心转向场景融合、数据价值挖掘与用户体验优化。 对 ...

Group 1 - The article discusses the historical significance of American manufacturing as a backbone of national strength and social structure, highlighting the decline of stable job opportunities for the middle class due to the loss of manufacturing jobs [4][5]. - It raises critical questions about whether the U.S. can bring back some manufacturing capabilities and if the service sector can fill the gap left by manufacturing in providing stable, middle-class jobs [5][36]. Group 2 - The formation of American manufacturing civilization was characterized by the ability of companies to integrate resources across states and industries, supported by government initiatives that set clear demand through public works and military procurement [7][8]. - The post-war period saw significant contributions from education and population structure, with the GI Bill expanding access to higher education and vocational training, while infrastructure projects like the Interstate Highway Act fueled domestic demand [11][12]. Group 3 - The decline of American manufacturing is attributed to three main forces: rising institutional friction, globalization pushing manufacturing to low-cost regions, and the concentration of wealth among high-skilled workers due to technological and financial trends [22][24][25]. - Institutional friction has led to a preference for less risky projects, making it harder for manufacturing to thrive in the U.S. as the approval processes become longer and more complex [24][26]. Group 4 - The article emphasizes that while nominal GDP share of manufacturing has decreased, the actual output has remained stable, indicating that manufacturing has not disappeared but rather shifted in its role within the economy [30][34]. - Employment in manufacturing peaked in June 1979 at 19.6 million and has since declined to approximately 12.8 million by June 2019, reflecting a significant drop in its share of total employment [35][68]. Group 5 - The service sector's ability to absorb displaced manufacturing jobs is questioned, as it struggles to provide sufficient, well-paying jobs with clear career advancement paths, particularly in a high-cost living environment [36][39]. - The article outlines that the service sector is characterized by a "dumbbell structure," where high-end jobs require significant education and skills, while low-end jobs offer low wages and instability, making it difficult to support a middle-class lifestyle [39][40]. Group 6 - The discussion on re-industrialization in the U.S. highlights the need for a dual approach: ensuring national security in critical industries while also addressing the social structure to allow ordinary people to share in economic growth [44][46]. - The article suggests that a realistic path forward involves selective return of manufacturing capabilities, focusing on key industries while also investing in infrastructure, energy transition, and skill development to create stable job opportunities [49][51]. Group 7 - The challenges of re-establishing manufacturing in the U.S. are not solely financial; they also include regulatory hurdles, skill shortages, supply chain density, and overall cost structures that complicate the return of manufacturing jobs [53][54][55]. - The article argues that simple policies like tariffs and subsidies are insufficient to address the complex structural issues facing American manufacturing and that a more nuanced approach is necessary [56][58]. Group 8 - The article concludes that if manufacturing cannot recreate a robust middle class, the U.S. must explore a combination of industries to provide dignified work for ordinary people, including infrastructure, energy transition, and restructured service sectors [60][61]. - It emphasizes that the ultimate goal is to restore a social structure where ordinary people can achieve dignity through work, rather than merely focusing on the number of manufacturing jobs [62][63].

中国质量新闻网讯（记者 庞鹤） "第十二届全国售后服务大会"于2025年12月19日在北京举行。国珍府 文物鉴定（北京）有限公司首席鉴定师评估师刘育麟出席并演讲。 刘育麟表示，古代艺术品资产化、数字化、金融化，是当今企业发展进程中出现的新名词，新概念。这 对企业的高质量发展至关重要，是春风春雨，是阳关道和加速器。"一个有战略眼光、高瞻远瞩的企 业，无不在古代艺术品资产化、数字化、金融化上做文章，它是一个高质量发展企业的明智之举。" "然而，这条路并不平坦"。刘育麟称："在古代艺术品市场发展的进程中，造假、贩假，假鉴定、假交 易、假拍卖也形成了一个产业。现在面对大量的古代艺术品，使人真假难辨。这干扰了古代艺术品资产 化、数字化和金融化的实施。" 刘育麟介绍，国珍府文物鉴定（北京）有限公司以古陶瓷自然老化痕迹显微鉴定方法和技术为基础，研 发成功了古陶瓷"二合一"鉴定和具有法律效力，独家承担法律责任的古陶瓷"三合一"鉴定，也起到了古 代艺术品确真鉴定，赋能企业高质量发展的作用。 ...

专题：第十二届全国售后服务大会暨标准宣贯活动 "第十二届全国售后服务大会"于2025年12月19日在北京举行。国珍府文物鉴定（北京）有限公司首席鉴 定师评估师刘育麟出席并演讲。 刘育麟表示，当今，在企业发展的进程中，出现了几个新名词，新概念，古代艺术品资产化、数字化、 金融化。这几个新名词、新概念，对企业的高质量发展至关重要，是春风春雨，是阳关道和加速器。一 个有战略眼光、高瞻远瞩的企业，无不在古代艺术品资产化、数字化、金融化上做文章，是高质量发展 企业的明智之举。 他介绍称，国珍府文物鉴定（北京）有限公司以古陶瓷自然老化痕迹显微鉴定方法和技术为基础，研发 成功了古陶瓷"二合一"鉴定和具有法律效力，独家承担法律责任的古陶瓷"三合一"鉴定，也起到了古代 艺术品确真鉴定，赋能企业高质量发展的作用。 "然而，这条路并不平坦"，他说，在古代艺术品市场发展的进程中，造假、贩假，假鉴定、假交易、假 拍卖也形成了一个产业。面对当今大量的古代艺术品，使人真假难辨，望而生畏。严重干扰了古代艺术 品资产化、数字化、和金融化的实施。 责任编辑：梁斌 SF055 他介绍称，国珍府文物鉴定（北京）有限公司以古陶瓷自然老化痕迹显微鉴定方 ...

Core Insights - The middle class in the United States is facing a silent crisis of decline, not just a slow erosion, as evidenced by the widening gap between official poverty lines and actual living costs [1][3][12] Economic Context - Since the 1980s, economic policies have shifted, leading to a significant decline in labor income's share of GDP, from approximately 64% in 1980 to an estimated 56% by 2025 [4][9] - The federal debt as a percentage of GDP has surged from 32% in 1980 to a projected 123% in 2025, partly due to tax cuts that expanded deficits [4][9] Poverty Line Discrepancies - The official poverty line for a family of four is set at $31,200 in 2025, while the actual survival cost is estimated to be around $136,000, creating a cognitive gap of nearly $100,000 [3][11] - A report suggests that the real poverty line should be approximately $166,400, indicating that over 70% of American households earn below this threshold [3][11] Changing Expenditure Patterns - Essential expenses such as housing, healthcare, and childcare now account for nearly 60% of family budgets, a significant increase from one-third in 1963 [2][6] - The median home price in 2025 is projected to be $416,900, which is five times the median household income of $83,150, far exceeding historical averages [6][7] Income and Wealth Inequality - The top 1% of wealth holders are projected to control 31% of GDP by 2025, a significant increase from 8% in 1964, highlighting growing inequality [8][9] - The median net worth for middle-class families is only $192,900, compared to $3 million for the top 10% [8] Future Projections - The Congressional Budget Office (CBO) predicts that by 2030, the middle-class contraction will worsen, with poverty rates potentially reaching 75% when recalibrated [11][12] - Structural reforms are necessary to address the middle-class crisis, including redefining the poverty line, reforming tax policies, and investing in vocational education [12]

Core Viewpoint - The article emphasizes the importance of the futures market in supporting China's new industrialization and manufacturing strength, highlighting the need for product innovation to better serve national strategies [2][10]. Group 1: Current State of the Futures Market - China's futures market has developed a diversified product system covering various sectors, including agriculture, metals, energy, chemicals, and finance, with a total of 131 listed commodity futures and options [3]. - Industrial futures and options account for 64% of the total, with significant products like PTA and iron ore becoming global pricing benchmarks [3]. - The correlation between futures prices and spot prices for copper and aluminum on the Shanghai Futures Exchange is as high as 0.99, demonstrating effective price discovery [3]. Group 2: New Industrialization Characteristics - New industrialization is characterized by three main features: intelligence, greenness, and financial integration [4]. - Intelligent manufacturing involves the application of AI and new information technologies across various industrial processes [4]. - Green transformation focuses on promoting low-carbon technologies and practices in industrial development [4]. - Financial integration aims to enhance resource allocation efficiency and support manufacturing development through financial means [4]. Group 3: Demand for Futures Products - The new industrialization strategy highlights the need for futures products in six key industries: automotive, high-end equipment, new energy, new materials, biomedicine, and information technology [4]. - These industries require risk management tools to address price volatility in critical materials like semiconductors, aerospace materials, and lithium [5]. Group 4: Future Product Innovation Directions - Future product innovation in the futures market can focus on three main lines: strategic resources, advanced materials, and green transformation [6][7][8]. - The development of futures products for lithium hydroxide and cobalt is suggested to manage price risks in the new energy sector [6]. - The introduction of photovoltaic futures indices is proposed to enhance stability in the semiconductor materials market [7]. - The exploration of electricity futures is encouraged to support low-carbon development and manage costs associated with carbon emissions [8]. Group 5: Strategic Role of the Futures Market - The futures market is positioned as a strategic infrastructure that enhances the resilience and competitiveness of industrial chains [10]. - By anchoring prices for essential industrial commodities, the futures market is expected to facilitate a more stable and high-quality development of Chinese manufacturing [10].

Group 1 - The trend of "Asia buying Asia" has evolved significantly since 2012, with assets under management in Asia projected to reach $22 trillion by the end of 2024, more than tripling since 2012, and an annual growth rate of 11% [1] - The share of managed assets in relation to regional GDP has surged from 44% to 76%, indicating a shift in savings from gold and jewelry to local financial products, reflecting the rising financial resilience in the region [1] Group 2 - China and India are leading this trend, with India's systematic investment plan (SIP) allowing investors to regularly invest fixed amounts in mutual funds, benefiting from tax deductions and capital gains tax exemptions [2] - China's regulatory measures are directing funds inward, with new rules requiring state-owned insurance companies to invest at least 30% of new premiums in domestic stock markets, enhancing the attractiveness of A-shares for local capital [2] Group 3 - Several industries are poised to benefit from this trend, including banks that are facilitating the transition of savings from informal assets to financial products, particularly in regions with low financial penetration like Indonesia and the Philippines [3] - Insurance companies such as China Ping An and India's HDFC Life are experiencing rapid growth due to increasing penetration of insurance products [4] - Asset management companies are seeing a surge in demand for customized pension and savings products, with firms like HDFC Asset Management in India capitalizing on this opportunity [4] Group 4 - Exchanges and brokerage firms are directly benefiting from increased local trading activity, with entities like Hong Kong Exchanges and Clearing and Huatai Securities gaining from enhanced liquidity [5] Group 5 - The financialization process in Asia is uneven, with mature systems in places like Singapore and Hong Kong, while markets like Indonesia and the Philippines have significant growth potential due to low asset-to-GDP ratios [6] - The proliferation of smartphones and digital finance is expected to accelerate the trend of local capital investment, reducing reliance on the US dollar and stabilizing regional economies amid global fluctuations [6]

Group 1 - The global situation is highly uncertain, and major powers must manage globalization risks, with six irreversible trends emerging: digitalization, low-carbon green transformation, financialization, urbanization, aging, and new-type globalization [1] - The current shift in globalization is towards a new type, which cannot be reversed, as seen in the attempts of the Trump administration to alter its course [1] - China is experiencing rapid development in digitalization and is leading in low-carbon green transformation, but the understanding and systems related to financialization are lagging, which hampers international competitiveness [1] Group 2 - Urbanization in China is facing challenges, with a significant gap between household registration urbanization rate and permanent population urbanization rate, weakening internal dynamics and economic growth [2] - There are approximately 290 million migrant workers in China, and achieving full urban citizenship for them at the current pace may take decades, raising questions about readiness for accelerated urbanization [2] - The evolution of trends brings macro risks that are expanding, necessitating effective management of public and macro risks during this transition [2]