Core Insights - The article highlights the innovative solutions provided by Yuebei Technology to help businesses improve their online operations and achieve better results in a competitive market [1][3][5] Group 1: Customized Solutions - Yuebei Technology offers tailored operational strategies based on in-depth market research and technical development, addressing the specific needs of different businesses [1] - The company conducts thorough analysis of business characteristics and target markets to create customized market expansion plans for merchants [1] Group 2: Content Marketing - The company utilizes the visual and interactive nature of short videos to create high-quality content that effectively showcases products or services [1] - Yuebei Technology collaborates with influencers relevant to the merchants' businesses to enhance brand exposure quickly [1] Group 3: Online Event Planning - Yuebei Technology assists merchants in planning and executing various online activities such as limited-time offers and group purchases to boost conversion rates [3] - The platform employs algorithmic recommendation mechanisms to ensure that merchant content is accurately targeted to the desired user groups [3] Group 4: Comprehensive Support System - The company provides a comprehensive and detailed online operational support system, covering aspects such as platform setup, data analysis, user acquisition, and brand promotion [5] - This extensive support significantly optimizes the online operational processes of merchants, leading to improved performance and steady growth in their business [5]

视觉中国供图 乱象1 暑假马上开启，许多大学生忙着寻找实习机会，打算利用这段时间开拓视野、提升专业能力，各种实习乱象也随之浮出水面。一 些中介机构打着"内推""保录取"等幌子，给实习岗位明码标价，收费上千元至上万元不等。还有些机构表示，可以帮助大学生跳过 实习步骤，直接代开实习证明，而且支持背调（背景调查）。最近，记者调查这条长期存在的付费实习灰色产业链发现，"贴钱"式 实习不靠谱，已经有不少大学生上当受骗，不仅数千元"打了水漂"，而且浪费了宝贵的时间。 拿"内推"当噱头 忽悠学生付费还买课 前段时间，留学生陈松看到了一家互联网大厂的2025年实习生招聘信息，网投简历后没有收到面试邀请。偶然间，他在一个留学 生交流群里看到有账号推送了一条"互联网大厂付费内推，简历直通面试官"的信息，赶紧联系了对方。 "我们加了微信，我先转去了699元服务费，工作人员说立刻就可以安排内推。可是一个多月过去，我没有收到任何面试通知或录 取信息。"陈松说，每当他询问进展时，对方总能找到借口，比如指责他的简历写得不好，所以没有通过简历筛选。当他向工作人 员索要内推凭证时，对方以"内部信息不便透露"为由拒绝了。陈松无奈之下，从官方途径 ...

Core Viewpoint - The recent regulations by the National Radio and Television Administration aim to address the rampant issues of automatic renewal in internet television services, focusing on consumer protection and transparency [1][2][3]. Group 1: Regulatory Measures - New regulations require platforms to provide multiple reminders to users five days before automatic renewals, ensuring that consumers are adequately informed [1][2]. - The regulations mandate that the complaint process for automatic renewals be easily accessible, placing it prominently in customer service menus [1][3]. Group 2: Consumer Experience - Many consumers have faced difficulties with automatic renewal processes, including hidden default settings and complex cancellation procedures [2][3]. - The article highlights personal anecdotes illustrating the frustration consumers experience when trying to cancel services or when they are unknowingly charged for services they no longer use [1][2]. Group 3: Industry Challenges - The profit-driven motives of internet platforms contribute to the prevalence of automatic renewal practices, as they provide a steady cash flow and higher user retention [3][4]. - Regulatory lag and low penalties for violations have allowed these practices to persist, with many consumers opting to forgo their rights due to the hassle involved in seeking redress [3][4]. Group 4: Future Directions - There is a call for stricter enforcement of regulations, including significant fines and potential business license revocations for platforms that engage in deceptive practices [3][4]. - Platforms are encouraged to focus on genuine service quality and consumer respect, rather than relying on deceptive tactics for short-term gains [4].

Core Points - The Shanghai Composite Index opened lower but closed higher, with the CES300 index rising by 0.43% to 4723.7 points, with a trading volume of 268.774 billion [1] - The CES300 index has decreased by 1.51% over the past month and 3.92% over the past three months, while it has increased by 6.19% year-to-date [1] - The CES300 index is designed to reflect the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1] Index Holdings - The top ten holdings of the CES300 index include Tencent Holdings (8.18%), Alibaba-W (5.33%), HSBC Holdings (4.06%), Xiaomi Group-W (2.51%), Kweichow Moutai (2.46%), China Construction Bank (2.36%), Meituan-W (2.02%), AIA Group (1.84%), CATL (1.74%), and Ping An Insurance (1.63%) [2] - The market share of the CES300 index holdings is 51.98% from the Hong Kong Stock Exchange, 29.89% from the Shanghai Stock Exchange, and 18.13% from the Shenzhen Stock Exchange [2] - The industry breakdown of the CES300 index holdings shows that finance accounts for 30.71%, consumer discretionary for 16.00%, communication services for 13.01%, information technology for 9.04%, industrials for 8.66%, consumer staples for 6.36%, healthcare for 4.70%, materials for 3.42%, utilities for 3.01%, energy for 2.98%, and real estate for 2.11% [2] Fund Tracking - Public funds tracking the CES300 index include Dachen CES300C and Dachen CES300A [3]

Core Viewpoint - The report from the China Consumers Association highlights four new consumer rights infringement issues in internet consumption, particularly focusing on automatic renewal practices that lack transparency and can mislead consumers [1] Group 1: Automatic Renewal Issues - Many merchants use subtle methods to prompt consumers to choose automatic renewal, leading to unexpected charges when consumers realize their rights have been violated [1] - Some platforms only notify users of automatic renewal through internal messages without sending clear and timely alerts, resulting in financial losses for consumers [1] - Certain platforms continue to charge users even after they have uninstalled the app, causing significant distress [1] Group 2: Consumer Guidance - The Guangzhou Consumer Council has released a guide to avoid pitfalls related to automatic renewal, indicating that some platforms lure users with low initial prices while hiding renewal terms in lengthy agreements [2] - Consumers are advised to carefully check for automatic renewal terms before signing up and to manually uncheck default options if they do not wish to enroll in automatic renewal [4] Group 3: Cancellation Process - The cancellation process for automatic renewal is often convoluted, requiring multiple steps that may violate regulations regarding easy cancellation [5] - Consumers should familiarize themselves with cancellation procedures immediately after signing up for automatic renewal and can seek help from the platform's support center if needed [6] Group 4: Notification Practices - Some platforms do not provide prominent reminders for automatic renewal, sending vague messages before charges, which may violate consumer protection regulations [7] - Consumers should ensure they receive notifications and keep track of renewal dates, setting reminders to check for charges [9] Group 5: Refund Challenges - When consumers request refunds, some platforms refuse by citing pre-defined terms, which may be deemed invalid if the platform did not adequately inform consumers of these terms [10] - Consumers are encouraged to contact customer service immediately if they experience unjust charges and can escalate the issue through consumer hotlines if necessary [10]

金十图示：2025年06月23日（周一）富时中国A50指数成分股午盘收盘行情一览：银行股多数走高、酿酒股、汽车股、石油股全 线下跌 富时中国A50指数连续 电力行业 互联网服务 东方财富 长江电力 8 中国核电 1916.94亿市值 n in home 7457.91亿市值 3271.44亿市值 9.17亿成交额 3.74亿成交额 17.77亿成交额 9.32 20.70 30.48 +0.08(+0.26%) -0.07(-0.75%) -0.01(-0.05%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 2231.91亿市值 3841.49亿市值 3233.29亿市值 3.45亿成交额 6.13亿成交额 3.14亿成交额 18.34 25.92 38.22 +0.04(+0.15%) -0.10(-0.54%) -0.29(-0.75%) 消费电子 化学制药 工业富联 立讯精密 恒瑞医药 3981.70亿市值 2402.28亿市值 3398.83亿市值 21.38亿成交额 10.26亿成交额 8.31亿成交额 51.47 20.05 33.14 -0.29(-0.56%) -0.54(-2.62 ...

Group 1: Market Performance - On June 20, the three major A-share indices closed down. The Shanghai Composite Index fell 0.07% to 3359.90 points, the Shenzhen Component Index dropped 0.47% to 10005.03 points, and the ChiNext Index declined 0.84% to 2009.89 points. There were more falling sectors than rising ones [2]. - Last week, stock index futures closed down. The decline of small and medium - cap varieties was significantly greater than that of large - cap blue - chips. The CSI 300 futures (IF2506) fell 0.19%, the SSE 50 futures (IH2506) rose 0.38%, the CSI 500 futures (IC2506) dropped 1.42%, and the CSI 1000 futures (IM2506) declined 1.14% [2][3]. - Last week, treasury bond futures closed up across the board. The 30 - year treasury bond futures rose 0.71%, the 10 - year rose 0.21%, the 5 - year rose 0.12%, and the 2 - year rose 0.09% [4]. Group 2: Fundamental Analysis - From January to May, the national general public budget revenue was 9662.3 billion yuan, a year - on - year decrease of 0.3%. Tax revenue was 7915.6 billion yuan, down 1.6% year - on - year, and non - tax revenue was 1746.7 billion yuan, up 6.2% year - on - year. Central revenue decreased by 3%, while local revenue increased by 1.9%. The national general public budget expenditure was 11295.3 billion yuan, a year - on - year increase of 4.2% [10]. - The inter - connection of the fast payment systems between the Chinese mainland and Hong Kong was launched, and cross - border payment services were launched in Shenzhen on June 22. The initial participating institutions included major banks in the mainland and Hong Kong [10]. - Last week, the central bank conducted 960.3 billion yuan of reverse repurchase operations. This week, there are 858.2 billion yuan of reverse repurchase and 182 billion yuan of MLF maturing, resulting in a net withdrawal of 79.9 billion yuan. This week, 960.3 billion yuan of reverse repurchase and 100 billion yuan of treasury cash fixed - deposit will mature [11]. - On June 21, US President Trump claimed that the US had attacked three Iranian nuclear facilities. US B - 2 bombers were reported to be involved, and Iran had no response [15]. - On June 20, the 1 - year LPR was 3.0% and the 5 - year - plus LPR was 3.5%, remaining stable compared to the previous period [15]. - In the first five months of this year, the balance of household time deposits increased monthly, reaching 119.34 trillion yuan in May. The proportion of household time deposits reached a record high in May [15]. Group 3: Valuation Analysis - As of June 20, the PE of the CSI 300 Index was 12.83 times with a quantile of 60%, and the PB was 1.34 times; the PE of the SSE 50 Index was 11.08 times with a quantile of 78.04%, and the PB was 1.21 times; the PE of the CSI 1000 Index was 36.87 times with a quantile of 42.35%, and the PB was 2.04 times [16][17]. Group 4: Other Data - The equity - bond yield spread is the difference between the stock market yield and the treasury bond yield. There are two formulas for calculating it: one is based on the reciprocal of the price - earnings ratio, and the other is based on the dividend yield [23][24]. Group 5: Comprehensive Analysis - Last week, the A - share market continued its weak and volatile pattern. External pressure increased due to the Fed's hawkish stance and the escalation of the Middle East geopolitical conflict, while internal momentum was insufficient due to the policy vacuum and doubts about economic recovery [27]. - In the short term, the A - share index futures are difficult to break the oscillation pattern. The strategy should be "box threshold operation + strict stop - loss", and maintain a neutral position to wait for policy or geopolitical signals [27].

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - GPT-5 is expected to be released this summer, marking a significant step towards achieving Artificial General Intelligence (AGI). The integration of natural language capabilities and scientific reasoning will enhance model performance and improve application sentiment [2][24] - The Chinese gaming market experienced a year-on-year growth of 9.86% in May 2025, reaching a market size of 28.051 billion yuan. Mobile games grew by 11.96%, driven by new and mature products [2][24] - The report suggests a cautious outlook on trade negotiations, emphasizing AI as a key investment direction amid global macroeconomic fluctuations. It highlights the importance of technology innovation and self-sufficiency for long-term development [3][25] - Recommended investment opportunities include leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, with specific companies identified as beneficiaries [3][25] Summary by Sections Market Overview - During the 24th week of 2025, major indices such as the Shanghai Composite Index and the Hang Seng Index saw declines of 0.51% and 2.25%, respectively. The SW Media Index fell by 1.81% [12][17] Sub-industry Data Gaming Industry - The gaming market in China is showing robust growth, with significant contributions from new releases and established products. The resilience of the overseas market is highlighted, with localization becoming a core competitive barrier [2][24] - The top three iOS games are "Honor of Kings," "Peacekeeper Elite," and "Genshin Impact," while the top three Android games are "Heart Town," "Sword and Legend," and "Genshin Impact" [30][31] Film Industry - The top three films by box office revenue are "Sauce Garden Case" (76.669 million yuan), "New Dragon Trainer" (48.016 million yuan), and "Breakup List" (25.714 million yuan) [27][28] TV Series Industry - The top three TV series based on viewership index are "Ling Jiang Xian" (82.1), "Seven Roots Heart Simple" (76.6), and "Chang'an's Lychee" (81) [33][34] Variety and Animation - The leading variety show is "Infinite Overcoming Class Season 3," followed by "Mahua Special Happiness Season 2" and "Hahaha Season 5" [35] - The top animation series includes "Cang Yuan Tu" and its related series, with a viewership index of 328.9 [36]

Market Overview - The FTSE China A50 Index components showed a mixed performance with the banking and insurance sectors continuing to rise in the afternoon, while the consumer electronics sector experienced divergent trends [1][7]. Banking and Insurance Sector - Major banks and insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 376.78 billion, 340.36 billion, and 996.83 billion respectively, with trading volumes of 7.95 million, 46.06 million, and 6.95 million [3]. - The insurance sector saw positive changes with Ping An Insurance increasing by 1.54 (+2.89%) and China Life Insurance by 0.14 (+1.67%) [3]. Consumer Electronics Sector - The consumer electronics sector displayed mixed results, with companies like Industrial Fulian and Luxshare Precision reporting market capitalizations of 408.89 billion and 240.74 billion respectively, and trading volumes of 39.50 million and 10.37 million [4]. - Industrial Fulian's stock decreased by 0.22 (-1.06%), while Luxshare Precision increased by 0.18 (+0.35%) [4]. Alcohol Industry - The alcohol sector, represented by Kweichow Moutai and Wuliangye, showed strong market capitalizations of 1,794.68 billion and 223.79 billion respectively, with trading volumes of 49.91 million and 21.95 million [3]. - Kweichow Moutai's stock increased by 2.66 (+0.19%), while Wuliangye rose by 6.84 (+3.87%) [3]. Semiconductor Sector - The semiconductor industry, including companies like North Huachuang and Cambrian, reported market capitalizations of 227.97 billion and 310.30 billion respectively, with trading volumes of 14.35 million and 21.38 million [3]. - North Huachuang's stock increased by 3.21 (+0.76%), while Cambrian's stock decreased by 8.11 (-1.39%) [3]. Automotive Sector - The automotive sector, featuring Great Wall Motors and BYD, had market capitalizations of 179.31 billion and 1,869.56 billion respectively, with trading volumes of 25.08 million and 3.83 million [3]. - Great Wall Motors' stock decreased by 0.25 (-0.07%), while BYD's stock decreased by 0.16 (-0.76%) [3]. Energy Sector - The energy sector, including China Petroleum and China Shenhua, reported market capitalizations of 1,676.47 billion and 1,095.42 billion respectively, with trading volumes of 12.62 million and 8.75 million [3]. - China Petroleum's stock increased by 0.21 (+1.30%), while China Shenhua's stock decreased by 1.84 (-0.76%) [3].

Macro and Strategy - The issuance of special bonds for land reserves has reached nearly 170 billion [7] - In the 24th week (June 9-15), the net financing of government bonds was 2,190 billion, and for the 25th week (June 16-22), it is expected to be 2,594 billion, with a cumulative total of 6.8 trillion [7][8] - The total general deficit as of the 24th week is 51 trillion, with a progress rate of 43.4% [7] Industry and Company Machinery Industry - The machinery industry index rose by 0.79% in May, underperforming the CSI 300 index by 1.06 percentage points [8] - The TTM price-to-earnings ratio and price-to-book ratio for the machinery industry are approximately 31.03 and 2.42, respectively, remaining stable month-on-month [8] - The PMI index for May was 49.50%, indicating a 0.5 percentage point increase, reflecting a gradual strengthening of domestic demand [9] - In May 2025, the sales of various excavators reached 18,202 units, a year-on-year increase of 2.12% [9] - Key investment recommendations include companies such as Huace Testing, Guodian Measurement, and XCMG [9][10] Internet Industry - OpenAI launched the o3-pro AI model, enhancing performance and output accuracy [10] - ByteDance released the Doubao large model 1.6, adopting a unified pricing model [10] - The overall performance of the internet sector remains stable, with recommendations for defensive stocks like Tencent Music and NetEase [11] China Petroleum (601857.SH) - China Petroleum has made significant advancements in energy supply and unconventional oil and gas development [12] - The company is focusing on a "reduce oil and increase specialty" strategy through refinery upgrades and extending the natural gas industry chain [13] - Profit forecasts for 2025-2027 are maintained at 167.4 billion, 170.9 billion, and 174 billion, with diluted EPS of 0.91, 0.93, and 0.95, respectively [13]