Group 1 - Major industry ETFs showed mixed performance in early trading, with the global airline industry ETF rising nearly 3% and the gold ETF declining over 2% [1] - The global airline ETF (JETS) increased by 0.65 to 22.64, reflecting a 2.96% rise [2] - The semiconductor ETF (SMH) rose by 7.16 to 269.08, marking a 2.73% increase [2] Group 2 - The regional bank ETF (KRE) saw an increase of 1.13 to 58.99, which is a 1.94% rise [2] - The global technology stock ETF (IXN) increased by 1.42 to 89.48, representing a 1.61% rise [2] - The technology sector ETF (XLK) rose by 3.23 to 246.11, indicating a 1.33% increase [2] Group 3 - The financial sector ETF (XLF) increased by 0.65 to 51.47, reflecting a 1.27% rise [2] - The network stock index ETF (FDN) rose by 2.79 to 259.38, marking a 1.09% increase [2] - The consumer discretionary ETF (XLY) decreased by 1.88 to 216.28, showing a decline of 0.88% [2] Group 4 - The utility ETF (XLU) increased by 0.34 to 81.58, reflecting a 0.41% rise [2]

Group 1 - Major industry ETFs in the US stock market mostly rose at the beginning of trading, with consumer discretionary ETFs and internet stock index ETFs leading the gains [1] - The consumer discretionary ETF (XLY) increased by 1.95 to 212.38, representing a rise of 0.93% with a trading volume of 301,200 shares [2] - The internet stock index ETF (FDN) rose by 2.29 to 258.03, reflecting a gain of 0.90% with a trading volume of 6,937 shares [2] Group 2 - Regional bank ETF (KRE) saw an increase of 0.45 to 56.98, which is a rise of 0.80% with a trading volume of 442,500 shares [2] - The consumer staples ETF (XLP) rose by 0.58 to 81.01, marking a gain of 0.72% with a trading volume of 1,322,700 shares [2] - The semiconductor ETF (SMH) increased by 1.75 to 264.34, showing a rise of 0.67% with a trading volume of 388,600 shares [2]

Core Viewpoint - The Zhejiang Provincial Market Supervision Administration and four other departments have issued the "Zhejiang Province Three-Year Action Plan for Optimizing the Consumption Environment," which will take effect on July 6, 2025, focusing on enhancing consumer protection and regulating various industries [1] Group 1: Consumer Protection Initiatives - The plan includes the "Guarding Consumption" campaign aimed at strengthening regulation in the food sector, particularly targeting illegal additives [1] - It emphasizes the governance of "unfair clauses" in industries such as telecommunications, decoration, maintenance, and tourism [1] - A special rectification of the tourism market will be conducted to address unreasonable low pricing, forced consumption, and refusal to fulfill contracts [1] Group 2: Online Market Regulation - A 2025 online market supervision initiative will be launched to combat issues such as traffic fraud, fake reviews, vulgar marketing, and illegal advertising [1] - The organization of actions like "Safeguarding 2025," "Deep Blue," and "Sword Edge" will focus on fighting intellectual property infringement and the production and sale of counterfeit goods [1]

Core Viewpoint - Major industry ETFs in the US stock market are mostly rising, with the global airline and semiconductor ETFs leading the gains [1] Group 1: ETF Performance - Global airline ETF (US JETS) increased by 1.62%, reaching a price of 21.99 with a volume of 122,200 shares traded [2] - Semiconductor ETF (US SMH) rose by 1.41%, priced at 260.61 with a trading volume of 571,900 shares [2] - Global technology stock ETF (US IXN) saw a gain of 1.13%, priced at 87.51 with a volume of 3,583 shares [2] - Technology sector ETF (US XLK) increased by 1.12%, reaching 241.84 with a trading volume of 285,600 shares [2] - Financial sector ETF (US XLF) rose by 1.05%, priced at 50.48 with a volume of 2,412,400 shares [2] - Internet stock index ETF (US FDN) increased by 0.98%, priced at 256.59 with a trading volume of 4,545 shares [2] - Consumer staples ETF (US XLP) saw a gain of 0.77%, priced at 81.58 with a volume of 1,268,500 shares [2]

Core Viewpoint - The article emphasizes the importance of organizational structure in companies, highlighting that it serves as a framework that allows flexibility and adaptability in business operations. It notes that while the human skeletal structure remains constant, a company's organizational structure can evolve over time to meet changing needs [1]. Organizational Functions - The structure of an organization clarifies responsibilities and accountability [2] - It defines roles and responsibilities within the organization [3] Organizational Structure and Team Composition - Establishing an organizational structure involves creating an organizational chart and defining team composition. The marketing department's structure is not fixed, as demonstrated by Cisco's case [4]. Case Study: Cisco's Organizational Changes - In May 2022, Cisco's CEO Chuck Robbins announced a sales revenue of $12.8 billion, with a year-on-year order growth of 8%, indicating the success of the company's major restructuring plan [5] - Cisco's stock price had previously dropped over 11% in August 2020 due to poor performance, prompting a restructuring plan focused on cloud security and collaboration [5] - Cisco has undergone multiple significant organizational changes since its inception, with the most recent four changes outlined as follows: - In April 1997, Cisco divided its products and solutions into three customer segments: large enterprises, small and medium-sized businesses, and service providers [6] - In August 2001, Cisco restructured its business lines to focus on specific technology areas such as access, integration, and core routing [6] - In December 2007, Cisco adopted a new organizational structure to address growth in emerging markets like China, Brazil, and India [8] - In December 2012, Cisco launched a global strategy aimed at leading the "Internet of Everything" over the next decade, which included laying off 12,000 employees to reallocate resources [8] Organizational Structure Diagram - The first systematic organizational structure diagram was created by Daniel C. McCallum in 1855 to improve efficiency in railway construction, highlighting the importance of organizational structure in operational efficiency [9]. Basic Hierarchical Organization - A basic hierarchical organization has a simple structure where each member reports to one person, functioning well in small organizations with straightforward decision-making [10]. Management Span - The management span in a hierarchical organization determines the number of employees reporting to a supervisor, affecting communication and control [11]. - A narrow management span allows for easier communication and control, but as organizations grow, efficiency may decline due to increased layers of management [11]. Classification of Organizational Structure - Organizational structures can be classified by function, geography, product or service categories, or customer segmentation [12].

Group 1 - Major industry ETFs in the US stock market mostly declined, with the semiconductor ETF dropping over 2% [1] - The semiconductor ETF (SMH) closed at 235.94, down 4.87 (-2.02%) with a trading volume of 631,500 shares [1] - The network stock index ETF (FDN) fell to 247.22, down 4.05 (-1.61%) with a volume of 11,364 shares [1] Group 2 - The global technology stock ETF (IXN) decreased to 82.53, down 1.20 (-1.43%) with a trading volume of 7,154 shares [1] - The consumer discretionary ETF (XLY) dropped to 209.68, down 2.88 (-1.35%) with a volume of 348,100 shares [1] - The technology sector ETF (XLK) fell to 226.28, down 3.06 (-1.33%) with a trading volume of 521,700 shares [1] Group 3 - The biotechnology index ETF (IBB) decreased to 120.03, down 1.39 (-1.15%) with a trading volume of 67,410 shares [1] - The regional bank ETF (KRE) fell to 56.02, down 0.63 (-1.11%) with a volume of 1,627,600 shares [1] - The global airline industry ETF (JETS) dropped to 21.87, down 0.23 (-1.04%) with a trading volume of 124,100 shares [1] Group 4 - The financial sector ETF (XLF) decreased to 49.83, down 0.40 (-0.80%) with a trading volume of 4,599,000 shares [1]

Core Viewpoint - Cisco is expected to report earnings of $0.92 per share and revenue of $14.05 billion for Q3 2025, reflecting year-over-year growth of 5% and 11% respectively [1][4]. Financial Performance - Cisco's total return rate has declined by approximately 500 basis points relative to the S&P 500 index over the past 25 years [4]. - The company has made positive revisions to its earnings per share forecasts for FY 2025 and FY 2026, with estimates showing an average annual growth rate of 3% in revenue since 2010 [10][11]. - The revenue estimates for FY 2025 and FY 2026 have also been revised upwards, indicating a positive growth trajectory [7]. Strategic Moves - Cisco acquired Splunk for $28 billion, which is seen as a strategic entry into the cybersecurity market, a rapidly growing sector in technology [4]. - The integration of Splunk is expected to take at least eight quarters, and it is anticipated that security revenue will increase from 6-7% to 15% of total revenue [9]. Market Position - Cisco's stock price has not approached its historical high of $82 since April 2000, and the company has faced challenges in delivering substantial shareholder value through numerous smaller acquisitions [8]. - The company has lagged behind the S&P 500 index, with a modest increase of 10% in stock price from July 2015 to May 2025, trailing by only 105 basis points [8]. Future Outlook - The key question remains whether Splunk will yield meaningful results for Cisco, as the company transitions from a hardware-centric model to potentially a software-oriented one [9][10]. - Cisco's average earnings growth rate has been 7% per year, but significant revenue growth is needed for the stock to regain market relevance [11].

Market Performance - Semiconductor industry ETF rose by 2.05%, while global airline industry ETF increased by 1.49% and technology industry ETF gained 1% [1] - Consumer discretionary ETF, healthcare ETF, and global technology stock index ETF saw increases of at least 0.71%, with biotechnology index ETF rebounding by 0.67% [1] - Financial sector ETFs, including banking and regional bank ETFs, experienced gains of up to 0.59% [1] - Internet stock index ETF declined by 0.28% [1] ETF Details - Semiconductor ETF closed at $220.02, up by $4.43 (+2.05%), with a total market value of $2.601 billion, down 9.15% year-to-date [2] - Global airline ETF closed at $21.12, up by $0.31 (+1.49%), with a total market value of $66.528 million, down 16.69% year-to-date [2] - Technology sector ETF closed at $215.81, up by $2.14 (+1.00%), with a total market value of $68.64 billion, down 7.02% year-to-date [2] - Consumer discretionary ETF closed at $199.09, up by $1.54 (+0.78%), with a total market value of $25.006 billion, down 11.01% year-to-date [2] - Healthcare ETF closed at $135.36, up by $1.03 (+0.77%), with a total market value of $25.903 billion, down 1.23% year-to-date [2] - Biotechnology index ETF closed at $119.40, up by $0.80 (+0.67%), with a total market value of $9.48 billion, down 9.61% year-to-date [2] - Financial sector ETF closed at $49.45, up by $0.29 (+0.59%), with a total market value of $55.04 billion, up 2.69% year-to-date [2] - Internet stock index ETF closed at $235.80, down by $0.66 (-0.28%), with a total market value of $15.657 billion, down 3.03% year-to-date [2] Sector Performance - Consumer discretionary sector index increased by 1.02% to 1,585.98 [3] - Technology sector index rose by 0.91% to 4,198.36 [3] - Healthcare sector index gained 0.81% to 1,576.66 [3] - Financials sector index increased by 0.62% to 822.44 [3] - Industrials sector index rose by 0.51% to 1,135.1 [3] - Utilities sector index increased by 0.29% to 410.02 [3] - Consumer staples sector index rose by 0.20% to 901.11 [3] - Energy sector index increased by 0.08% to 616.66 [3] - Real estate sector index decreased by 0.02% to 260.75 [3] - Materials sector index declined by 0.50% to 526.31 [3] - Communication services sector index fell by 1.84% to 326.23 [3]

Core Viewpoint - Major industry ETFs in the US experienced an upward trend, with global airline, banking, and regional banking ETFs rising over 1% [1] Industry Summary - **Global Airline ETF**: Current price at 21.09, increased by 1.35% (+0.28), with a trading volume of 73,832 shares. Year-to-date performance shows a decline of 16.80% [2] - **Banking ETF**: Current price at 52.25, increased by 1.10% (+0.57), with a trading volume of 86,539 shares. Year-to-date performance shows a decline of 5.13% [2] - **Regional Banking ETF**: Current price at 56.03, increased by 1.03% (+0.57), with a trading volume of 961,200 shares. Year-to-date performance shows a decline of 6.54% [2] - **Consumer Discretionary ETF**: Current price at 198.99, increased by 0.73% (+1.44), with a trading volume of 186,600 shares. Year-to-date performance shows a decline of 11.06% [2] - **Financial Sector ETF**: Current price at 49.47, increased by 0.63% (+0.31), with a trading volume of 1,695,900 shares. Year-to-date performance shows an increase of 2.73% [2] - **Biotechnology ETF**: Current price at 119.34, increased by 0.63% (+0.74), with a trading volume of 76,627 shares. Year-to-date performance shows a decline of 9.65% [2] - **Healthcare ETF**: Current price at 134.99, increased by 0.49% (+0.66), with a trading volume of 543,500 shares. Year-to-date performance shows a decline of 1.50% [2] - **Semiconductor ETF**: Current price at 215.97, increased by 0.17% (+0.38), with a trading volume of 528,200 shares. Year-to-date performance shows a decline of 10.82% [2] - **Technology Sector ETF**: Current price at 213.85, increased by 0.08% (+0.18), with a trading volume of 338,600 shares. Year-to-date performance shows a decline of 7.87% [2] - **Utilities ETF**: Current price at 80.57, increased by 0.06% (+0.05), with a trading volume of 916,600 shares. Year-to-date performance shows an increase of 7.20% [2] - **Global Technology ETF**: Current price at 78.66, increased by 0.04% (+0.03), with a trading volume of 4,057 shares. Year-to-date performance shows a decline of 7.19% [2] - **Consumer Staples ETF**: Current price at 81.38, increased by 0.04% (+0.03), with a trading volume of 936,200 shares. Year-to-date performance shows an increase of 4.07% [2] - **Internet ETF**: Current price at 236.53, increased by 0.03% (+0.07), with a trading volume of 6,753 shares. Year-to-date performance shows a decline of 2.73% [2] - **Energy Sector ETF**: Current price at 80.47, decreased by 0.06% (-0.05), with a trading volume of 1,009,000 shares. Year-to-date performance shows a decline of 5.33% [2]

Group 1 - Major industry ETFs in the US experienced a decline, with consumer discretionary and global airline ETFs dropping over 3% [1] - The consumer discretionary ETF (US XLY) fell to 192.23, down 6.84 (-3.44%), with a trading volume of 232,300 shares and a market cap of 24.145 billion [1] - The global airline ETF (US JETS) decreased to 19.09, down 0.66 (-3.32%), with a trading volume of 160,700 shares and a market cap of 601.493 million [1] Group 2 - The energy sector ETF (US XLE) declined to 80.21, down 2.52 (-3.05%), with a trading volume of 1,212,200 shares and a market cap of 20.087 billion [1] - The semiconductor ETF (US SMH) dropped to 204.07, down 6.22 (-2.96%), with a trading volume of 685,100 shares and a market cap of 2.412 billion [1] - The regional bank ETF (US KRE) fell to 53.16, down 1.60 (-2.92%), with a trading volume of 1,392,600 shares and a market cap of 4.436 billion [1] Group 3 - The internet index ETF (US FDN) decreased to 225.02, down 6.11 (-2.64%), with a trading volume of 65,246 shares and a market cap of 14.941 billion [1] - The technology sector ETF (US XLK) fell to 203.96, down 5.14 (-2.46%), with a trading volume of 355,600 shares and a market cap of 64.871 billion [1] - The global technology ETF (US IXN) dropped to 75.02, down 1.72 (-2.24%), with a trading volume of 29,673 shares and a market cap of 1.05 billion [1] Group 4 - The financial sector ETF (US XLF) decreased to 47.70, down 0.96 (-1.98%), with a trading volume of 3,180,600 shares [1] - The utility ETF (US XLU) fell to 78.01, down 1.29 (-1.63%), with a trading volume of 1,132,100 shares and a market cap of 11.325 billion [1] - The biotechnology index ETF (US IBB) decreased to 124.28, down 0.47 (-0.38%), with a trading volume of 84,775 shares and a market cap of 9.868 billion [1]