Core Viewpoint - The article highlights the successful transformation of a technological innovation in radiation cooling materials from laboratory research to commercial application, emphasizing the importance of integrating scientific achievements into industry to create new productive forces [5][11]. Group 1: Technology and Innovation - The radiation cooling film developed by Moguang New Energy Technology Co., Ltd. can reduce temperatures by 5 to 10 degrees Celsius, enhancing the lifespan and stability of electronic products by over 40% [5][6]. - The technology, based on the principle of radiation cooling, was developed over ten years by a team led by Professor Zhu Jia from Nanjing University, achieving a breakthrough in photothermal control in 2019 [6][7]. - The company was established in 2022 to commercialize this technology, with support from the Suzhou High-tech Zone, which provided a 7,000 square meter factory and waived three years of rent [6][7]. Group 2: Market Development and Challenges - The company has faced challenges in balancing cooling efficiency, stability, and cost during the commercialization process, which was more complex than initially anticipated [8]. - After numerous iterations, the radiation cooling film was successfully applied in a new Xiaomi smartphone in 2023, marking a significant step in its industrialization [8][9]. - Moguang New Energy has secured over 70 million yuan in orders for its cooling films from four smartphone brands and an additional 30 million yuan for coatings used in construction and cold chain applications [9]. Group 3: Policy and Support - The transformation of the technology was facilitated by the "职务科技成果赋权改革" policy, which encourages researchers to leverage their innovations for equity and actively engage in technology transfer [7][12]. - The collaboration between universities, local governments, and industry has created a supportive ecosystem for innovation, allowing for the effective transition of laboratory products to market-ready solutions [12]. Group 4: Environmental Impact - The radiation cooling technology has also been applied in ecological conservation efforts, such as the protection of the Dagu Glacier in Sichuan, where it has reportedly slowed the glacier's melting rate by 80% [10].

上海众辰电子科技股份有限公司监事会 关于公司 2025 年第二期限制性股票激励计划（草案）的 核查意见 上海众辰电子科技股份有限公司（以下简称"公司"）监事会依据《中华人 民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称 《证券法》）、《上市公司股权激励管理办法》（以下简称《管理办法》）、《上海证 券交易所股票上市规则》（以下简称《上市规则》）等相关法律、法规及规范性 文件和《上海众辰电子科技股份有限公司章程》的有关规定，对公司《2025 年 第二期限制性股票激励计划（草案）》（以下简称"本激励计划"）进行了核查， 发表核查意见如下： 情形，包括： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市后最近 36 个月内出现过未按法律法规、公司章程、公开承诺进 行利润分配的情形； （4）法律法规规定不得实行股权激励的； （5）中国证监会认定的其他情形。 （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及 ...

Core Insights - The event "Manage Weight, Enhance Health" organized by the Guangdong 21st Century Education Foundation and hosted by OPPO aims to integrate weight management with employee health management in corporate settings [1][5] - The initiative aligns with the National Health Commission's call for a "Weight Management Year" and seeks to promote healthy lifestyles through scientific weight management education [1][5] Group 1: Event Structure and Activities - The event utilized a combination of online and offline formats to effectively deliver weight management knowledge tailored to workplace scenarios [2] - Interactive experiences were set up, allowing employees to engage in fun activities while learning about their health status through real-time measurements of BMI, waist circumference, and body fat percentage [2] - Visual displays highlighted the strong correlation between obesity and various diseases, prompting employees to reflect on the importance of scientific weight management [2] Group 2: Expert Guidance and Knowledge Dissemination - Renowned experts provided immersive health education lectures, discussing the dangers of obesity and scientific intervention methods for weight management [3] - Professor Li Yuzhong highlighted that the obesity prevalence among adults in China has reached 16.4%, with overweight individuals facing three times the risk of cardiovascular diseases [3] - The event emphasized that weight management should be a lifelong process, akin to managing chronic diseases, rather than a temporary fix [3] Group 3: Employee Engagement and Feedback - OPPO employees responded positively to the event, gaining insights into the hidden health threats posed by obesity and practical techniques for measuring health indicators [4] - Participants learned that effective weight loss involves data-driven approaches rather than mere dieting, fostering a gradual and sustainable change in habits [4] Group 4: Corporate Health Philosophy - The initiative reflects OPPO's commitment to integrating health management into its corporate culture, promoting a shift from "passive health" to "active management" among employees [4] - OPPO's administrative leadership emphasized that health is the foundation of sustainable development, positioning it as the primary indicator of employee well-being [4] Group 5: Broader Impact and Future Plans - OPPO's initiative showcases the role of technology companies in contributing to national health goals, with plans to extend similar health management activities to key industries across the country [5] - The ongoing efforts aim to provide health management knowledge and experiences to more employees, supporting the Healthy China 2030 strategy with sustainable initiatives [5]

Group 1 - The core viewpoint emphasizes that resolving the differences in China-U.S. economic and trade relations cannot be achieved overnight, but the ultimate solution must focus on "mutual cooperation" [2] - The Chinese side, represented by Vice Premier He Lifeng, stated that "there are no winners in a trade war," indicating a willingness to engage in equal dialogue and mutual cooperation to address economic and trade differences [2] - The essence of China-U.S. economic relations is mutual benefit, and both sides should respect each other's concerns to achieve a win-win outcome [2] Group 2 - To strengthen "mutual cooperation," it is essential for China to focus on enhancing its own capabilities, particularly through innovation and quality improvements in its domestic market [3] - The demand for medium and heavy rare earths is increasing in high-tech industries such as robotics and new energy vehicles, and China is willing to enhance communication regarding export controls to facilitate compliant trade [4] - The Chinese automotive industry is encouraged to avoid "price wars" and instead focus on continuous R&D investment to improve product quality and service levels, thereby enhancing the industry's internal growth momentum [5] Group 3 - Strengthening the ability for "mutual benefit" requires a focus on fundamental research and strategic patience, as highlighted by Huawei's Ren Zhengfei, who stressed the importance of investing in foundational research to avoid dependency on foreign products [6] - The future strength of China's manufacturing sector should not only be reflected in high quality and low cost but also in increased intelligence, with artificial intelligence presenting new opportunities for growth [6]

国家移民管理局今天发布公告，自2025年6月12日起，印度尼西亚公民可适用240小时过境免签政策便捷来华，中国240小时过境免签政策适用国家增至55 国。 随着中国240小时过境免签"朋友圈"不断扩容，2025年1月至6月8日，深圳皇岗口岸查验外籍旅客超44.2万人次，同比增长47.1%，其中夜间（22:00-6:00） 通关占比4万人次，同比增长42.5%。 目前，印度尼西亚、俄罗斯、英国等55国人员持有效国际旅行证件和确定日期及座位的联程客票，从中国过境前往第三国或地区，可从北京、上海等24个 省（区、市）60个开放口岸中的任一口岸免签入境，并在规定区域停留活动不超过10天。停留期间可从事旅游、商务、访问、探亲等活动，工作、学习、 新闻采访等需事先批准的活动仍应办妥签证。 24小时不打烊，深圳被外籍游客圈粉 今年，全球顶流网红"甲亢哥"在深圳直播行时说的最多的口头禅就是"Oh my god"，他的镜头向世界真实展示了中国人民的热情友好以及一系列深圳出品 的先进科技产品，让一众外国游客好奇、惊叹。 外籍旅客"深圳游"已成常态，越来越多外国友人来深圳旅游、消费、观展，体验"深圳生活"。以"五一"假期为例，深圳 ...

Core Viewpoint - The commitment to control payment terms within 60 days by major automotive companies is a positive step towards optimizing the business ecosystem and breaking ineffective internal competition [1][3]. Group 1: Business Environment and Practices - The disparity in power between large enterprises and small businesses often leads to unfair commercial terms, with smaller firms feeling pressured to accept unfavorable conditions to maintain market share [1]. - The government has recognized the issue of delayed payments to small enterprises and has initiated policies to address it, including the "Action Plan to Accelerate the Clearing of Corporate Arrears" approved in March [2]. - Notable multinational companies, such as Apple, exemplify the importance of setting reasonable payment terms, which fosters respect for small businesses and enhances the overall innovation and competitiveness of their supply chains [2][3]. Group 2: Expectations and Future Practices - The collective commitment from automotive companies has garnered public support, reflecting a broader expectation for improved business ethics and practices [3]. - The construction and evolution of commercial civilization require ongoing efforts beyond initial commitments, emphasizing the need for a robust ecological value system among leading enterprises [3].

Group 1 - The core viewpoint emphasizes that the commitment to payment terms is just the starting point, and the construction and evolution of commercial civilization require more practical efforts [1][3] - Major automotive companies collectively committing to control payment terms with suppliers within 60 days is seen as a positive step to break ineffective internal competition and optimize the commercial ecosystem [1][3] - The disparity in power between large enterprises and small businesses leads to "bullying" practices, where smaller firms are often forced to accept unfavorable terms to maintain market share [1][2] Group 2 - A well-ordered competitive environment and a healthy commercial ecosystem are essential public goods for the smooth operation of a market economy, which requires institutional support from government departments [2] - The Chinese government has recognized the issue of delayed payments to small enterprises and has actively implemented policies to address it, such as the "Action Plan to Accelerate the Clearing of Arrears to Enterprises" [2] - Successful multinational companies, like Apple, exemplify the importance of setting reasonable payment terms and respecting small businesses, which contributes to a vibrant supply chain and enhances their competitive edge [2][3]

证券代码：603890 证券简称：春秋电子 公告编号：2025-032 债券代码：113577 债券简称：春秋转债 债券代码：113667 债券简称：春23 转债 苏州春秋电子科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.15元（含税） ? 相关日期 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。公司回购专用账户持 有股份 9,136,891 股不参与公司 2024 年度利润分配。 （1）股东大会审议通过的利润分配方案 经公司 2024 年年度股东大会审议通过，公司 2024 年度利润分配方案为：公司拟以分红 派息股权登记日的总股本为基数，向全体股东每 10 股派发现金红利 1.50 元（含税），剩余未 分配利润结转至以后年度。公司回购股票专用账户持有公司股份 9,136,891 股，该股份按规 定不参与本次利润分配。公司总股本为 439,0 ...

Group 1: Global Cross-Border Tourism Market - The global cross-border tourism market is expected to recover to 1.4 billion trips in 2024, with a market size exceeding $1.6 trillion, only 4% lower than the peak in 2019, indicating a full industry recovery [2] - By 2025, the global market size is projected to surpass $3.2 trillion, with an average annual growth rate of 8.2% from 2020 to 2024, while China leads emerging markets with a CAGR of 12.4% [2] - Generation Z (ages 25-35) contributes 46% of cross-border tourism spending, with 58% preferring personalized and customized itineraries; "cultural + ecological" high-end products have a repurchase rate exceeding 75% [2] - The trend indicates a shift from standardized "check-in" tourism to "in-depth experiences + value consumption," suggesting that tourism companies with integrated cultural content and customization capabilities will have higher pricing power [2] - 83% of the top 50 global tourist attractions have completed digital transformation, with cultural IPs like the Palace Museum and the Louvre increasing customer spending by 27% through virtual exhibitions; platforms like Airbnb Experiences have achieved a 145% annual increase in GMV by integrating local cultural resources [2] - The tourism industry is evolving from "resource competition" to "ecological collaboration," with investment focus on companies possessing content IP, digital capabilities, or ecological discourse power [2] Group 2: Rare Earth New Cycle - Rare earth elements, especially heavy rare earths (neodymium, dysprosium, terbium), are transitioning from "invisible metals" to critical strategic resources due to their irreplaceability in high-performance permanent magnet materials [2] - Driven by "military demand" and "new energy boom," rare earth permanent magnet materials have shifted from "optional" to "essential," ushering in a new cycle characterized by structural growth and enhanced profitability [2] - The military system's high performance requirements create dual barriers of qualification and technology, indicating that related companies will have more stable order sources and higher profit margins [2] Group 3: BYD's Port Expansion - BYD has established Shantou BYD Industrial Co., Ltd., with a clear focus on port logistics, shipping, and unloading, indicating its intention to create an integrated supply chain system from "production to port to transportation to global delivery" [3] - This move signifies that BYD's overseas expansion will no longer rely on third-party logistics platforms but will actively control key nodes in the export chain, achieving cost optimization, stable delivery, and industrial security [3] - Although port investments are capital-intensive, they provide advantages in docking rights, yard resources, and efficiency, ensuring stable and controllable global delivery chains for BYD [3] - Xiaomo Port, located in Shantou, is the first dedicated car roll-on/roll-off port in Shenzhen, only a 5-minute drive from BYD's Deep-Shan Industrial Park, offering a natural advantage of "factory to port" [3] - Similar to BYD, major domestic automakers (SAIC, Chery, Changan, GAC, Dongfeng, etc.) have also established port equity in Dalian, Guangzhou, Shanghai, and Wuhan to create export channels [3] Group 4: Kid's King Acquires Hair Care Chain - The acquisition of Silky Hair further clarifies Kid's King's strategy to build a multi-category consumption loop centered around families, transitioning from "serving children" to "serving families" [4] - The main business focuses on comprehensive solutions for "anti-hair loss, hair growth, hair darkening, and scalp care," with a rapidly expanding potential market driven by increased awareness of scalp care and the younger generation's proactive approach to hair loss [4] - The company exhibits stable net profit margins, clear channel structures, and moderate PE valuations, characterized as a typical cash cow asset with "high cash flow + high user stickiness" [4] - The original controlling shareholder of Silky, CPE Yuanfeng, exited with approximately 935 million yuan after ten years, valuing the project at about 9 times net profit, indicating strong cash flow and successful institutional exit, confirming the sustainability of the industry model [4] - Hair care, as an upgraded consumption category within rigid health needs, possesses long-term value, while leading channel brands exhibit stronger valuation stability and acquisition appeal [4] Group 5: Apple WWDC25 Insights - Despite WWDC25 opening with AI, less than 10 minutes were dedicated to introducing the latest developments in Apple Intelligence, with the new version of Siri continuing to be delayed [4] - Compared to the AI strategy announced in 2023, Apple has failed to deliver on its promises, leading to external criticism and collective lawsuits from U.S. users for false advertising regarding AI features [4] - AI has not become a core selling point for the iPhone 16 or future iPhones, making it unlikely to trigger a new wave of hardware consumption or an upgrade cycle in the short term, as the hardware AI narrative enters a "validation phase" rather than an "explosion phase" [4] - In light of AI challenges, Apple is refocusing on design and user experience, representing a typical path of "sustained innovation" in product lifecycle, benefiting mid-to-long-term supply chain collaboration companies (e.g., glass covers, structural components, display panels) [4] - The iPad is expected to transition from an "entertainment tablet" to a "light office and content creation device," potentially increasing product ASP and benefiting M-series chips and high-end accessory ecosystems (e.g., Magic Keyboard, Apple Pencil, cloud storage services) [4]

Core Viewpoint - The company has approved a share repurchase plan to buy back shares for employee stock ownership plans or equity incentives, with a total fund of no less than RMB 40 million and no more than RMB 80 million, at a maximum price of RMB 58.00 per share [1][2] Summary by Sections Share Repurchase Plan - The company will use its own or raised funds to repurchase shares through centralized bidding, with a maximum price adjusted to RMB 57.60 per share after the annual equity distribution [2] - The implementation period for the repurchase plan is set to not exceed 12 months from the board's approval date [1] Implementation Status - The company has repurchased a total of 48,900 shares at an average price of RMB 40.35 per share, with a total transaction amount of approximately RMB 40.98 million [3] - The actual repurchase amount has exceeded the lower limit of the planned repurchase fund, and the number of shares repurchased meets the scale required for equity incentives or employee stock ownership plans [2][3] Compliance and Impact - The share repurchase complies with relevant laws and regulations, and the implementation does not adversely affect the company's financial status, operations, or shareholder interests [3][4] - There have been no stock trading activities by key stakeholders during the period from the initial disclosure of the repurchase plan to the announcement date [4] Future Arrangements - The repurchased shares will retain shareholder rights but cannot be pledged or lent, and any unused shares must be canceled if not utilized within 36 months [5]