石破茂的底牌最终曝光：日本财务省官员私下透露，一旦美国悍然加税，日本政府随时准备启动抛售美国国债的程序。 值得注意的是，今年4月日本抛售 200亿美元美国国债后，美国十年期国债收益率便飙升至4.5%的高位。如果日本抛售万亿美元国债，美国房贷利率可能突破8%，企业贷款成本也将成倍增 长。 特朗普的关税大棒挥舞之际，日本政坛强硬派石破茂已率先向其发起了挑战。面对美国威胁对日本加征25%的巨额关税，石破茂毫不退缩，公开宣称："这 是一场事关国家利益的决战，我们绝不会被轻视！" 他底气十足，因为日本手中握有两张足以令特朗普寝食难安的王牌：随时可能抛售的万亿美元美国国 债，以及可瞬间撤回的数百万美国就业岗位。 这场美日贸易冲突的核心战场聚焦在汽车和农业领域。特朗普政府执意要求日本在汽车出口方面做出让步，而日本汽车产业却贡献着全国8%的GDP，并依 赖美国市场消化其28.3%的出口额。日本经济产业省的测算显示，如果美国真的加征25%的关税，日本汽车企业每年将蒙受4.46万亿日元的巨额损失，12万 名工人面临失业。 农业更是日本政治的敏感地带。美国施压要求日本开放大米市场，然而，日本目前对进口大米征收高达778%的关税，这 ...

每经记者｜黄博文 每经编辑｜陈俊杰 "胆似铁打，骨似精钢，胸襟百千丈，眼光万里长⋯⋯"伴随激昂旋律，两台身披醒狮服饰的机器人与居中顶绣球的机器人协同完成系列高难度舞狮动作。 近日，《每日经济新闻》记者跟随"活力中国调研行"采访团来到位于广东揭阳的巨轮智能（SZ002031），目睹了机器人舞狮的情景。 机器人舞狮 图片来源：每经记者 黄博文 摄 "机器人实现舞狮的关键，就在于其关节处搭载的RV减速器。"巨轮智能董事谢创鸿介绍。以顶绣球的五轴机器人为例，其内置5台RV减速器，配合精密控 制系统，可实现媲美人类舞狮的灵活运动。 据悉，巨轮智能成立于1992年，目前已形成轮胎模具、轮胎硫化机、工业机器人和精密机床四大高端业态。谢创鸿在接受《每日经济新闻》记者采访时表 示，在轮胎模具这个细分赛道，中国已没有短板。公司董事吴友武向记者透露，公司未来目标是成为中国RV减速器领域的龙头。另外，适用于人形机器人 的XT减速器产品预计在今年底前实现量产。 在轮胎模具赛道，中国没有什么短板 "轮胎模具绝非传统制造业，而是典型的技术密集型产业，尤其是汽车轮胎模具。"谢创鸿告诉记者，"经过多年技术积累，在轮胎模具这个细分赛道，中国 目 ...

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has recently obtained a new invention patent titled "Fixed Bed Reaction Evaluation Device and Method for Catalytic Reduction of Carbon Dioxide using Coke and/or Petroleum Coke," with the application number CN202111263279.9 and authorization date set for July 11, 2025 [1] - The patent relates to carbon dioxide reduction technology and includes a fixed bed reaction evaluation device comprising an air inlet unit, reaction unit, product processing unit, exhaust gas treatment unit, and system control unit. The reaction unit features a reactor with a horizontal heating furnace and a reaction tube arranged horizontally within it [1] - In 2023, Sinopec received 1,719 new patent authorizations, representing a decrease of 45.84% compared to the same period last year. The company invested 15.215 billion yuan in research and development in 2024, reflecting an increase of 8.92% year-on-year [1] Group 2 - Sinopec has made investments in 263 enterprises and participated in 15,453 bidding projects. The company holds 106 trademark records, 88,532 patent records, and 1,140 copyright records, along with 40 administrative licenses [2]

证 券 研 究 报 告 新消费需求多点迸发，竞争格局重构进行时 轻工消费2025年夏季策略 证券分析师：屠亦婷 A0230512080003 黄莎 A0230522010002 庞盈盈 A0230522060003 研究支持：张海涛 A0230524080003 张文静 A0230524120005 魏雨辰 A0230525010001 2025.07.11 新消费需求多点迸发，竞争格局重构进行时 新消费 国内人口代际变化 Z世代消费主力军 技术驱动 产品从0到1验证 海外需求变化 供应链 全球化 机遇 国际客户供应链全 球化趋势确认 高股息 行业格局成熟 资本开支放缓 国货品牌崛起 情感、悦己需求 AI硬件 AI软件 电子烟（监管政策） 品类渗透率提升 保温杯、家居等 消费电子包装 包装 家居 国补以旧换新 国货个护：百亚股份、豪悦护理、登康口腔 IP潮玩：布鲁可、晨光股份、 广博股份、创源股份 黄金珠宝： 潮宏基 宠物用品：天元宠物、 朝云集团、依依股份、 源飞宠物 两轮车：雅迪控股、爱玛科 技、九号公司 AI床垫：慕 思股份、喜 临门 家居：顾家家居、公 牛集团 AI眼镜：康耐特光学、明月 镜片、英派斯 ...

Core Viewpoint - The controlling shareholder and chairman of Hunan Yujing Machinery Co., Ltd., Yang Yuhong, plans to reduce his shareholding by up to 2.9956% within three months after the announcement date through centralized bidding or block trading [1][2][3] Shareholder Information - Yang Yuhong holds 46,478,991 shares, representing approximately 22.6284% of the company's total share capital, and 22.8061% when excluding shares in the repurchase account [1][2] - The shares to be reduced are obtained through capital reserve conversion [2][3] Reduction Plan Details - The reduction will occur within a period from the announcement date until October 31, 2025, excluding any periods where reductions are prohibited by regulatory authorities [3][12] - The maximum number of shares to be reduced through centralized bidding is limited to 1% of the total shares, while block trading can account for up to 2% [3][12] Compliance with Previous Commitments - Yang Yuhong has adhered to previous commitments regarding shareholding and will continue to comply with relevant regulations during the reduction process [3][12] - There are no inconsistencies with previously disclosed intentions or commitments regarding shareholding [12] Regulatory Compliance - The reduction plan complies with various laws and regulations, including the Company Law and Securities Law of the People's Republic of China, as well as the Shenzhen Stock Exchange's self-regulatory guidelines [12][13] - The company will monitor the implementation of the reduction plan and ensure compliance with legal obligations [13]

Core Insights - Mercury Home Textile has been recognized as the global leader in professional bedding sales, according to Frost & Sullivan [1][2][3] Group 1: Market Position - Mercury Home Textile has achieved the number one position in global bedding sales, reflecting its strong market performance [2] - The company has maintained leadership in several key segments, including global and national sales of comforters, wedding bedding, health sleep bedding, children's bedding, and silk quilts for multiple consecutive years [2][3][4][5][6][7] Group 2: Research and Innovation - The release of the "2025 China Comforter White Paper" marks the sixth year of research into national sleep issues, commissioned by the China Household Textile Industry Association and the China Sleep Research Society [5] - The company emphasizes technological innovation and quality research to address sleep anxiety affecting nearly 400 million people in China, showcasing its commitment to improving sleep experiences through R&D and patented technologies [7] Group 3: Strategic Vision - The chairman of Mercury Home Textile outlined a strategic blueprint focused on technological innovation and professional depth to provide consumers with scientifically-backed health sleep solutions [9] - The company aims to lead the Chinese home textile brand onto a broader international stage, leveraging its strong technological foundation and clear strategic direction [9][13]

Core Viewpoint - Lexin Outdoor International Limited is attempting a second IPO after a failed initial attempt, highlighting the company's struggle to transition from an OEM/ODM model to a brand-driven approach amid declining revenues and profits due to post-pandemic market conditions [1][8]. Financial Performance - The company has experienced a decline in revenue for three consecutive years, with figures of 818 million, 463 million, and 573 million yuan from 2022 to 2024, resulting in a compound annual growth rate of -16.29% [2][3]. - Net profit has decreased from 114 million yuan to 59 million yuan, nearly halving during the same period [2][3]. - Despite a 27.8% year-on-year revenue growth in the first four months of 2025, overall performance has not yet returned to pre-pandemic levels [2]. Market Dynamics - The decline in performance is attributed to a post-pandemic drop in consumer demand, particularly for fishing gear, which saw a surge during the pandemic due to its low social interaction nature [2][5]. - Actual production volume fell from 7.933 million units in 2022 to 4.168 million units in 2024, with factory utilization rates dropping from 95% to 83.4% [2][3]. Business Model Challenges - The company relies heavily on OEM/ODM business, with over 90% of revenue coming from this segment, and the top five customers contributing nearly 60% of total revenue [3][4]. - A significant drop in revenue from the North American market, from 18.8% to 3.4%, exposes vulnerabilities to regional market fluctuations [3]. - High accounts receivable, with the top five customers accounting for 76.7% of trade receivables, negatively impacts cash flow efficiency [3]. Strategic Concerns - The company distributed 65 million yuan in cash dividends to its controlling shareholder, raising concerns about cash flow and funding adequacy ahead of the IPO [4]. - The brand transformation has been slow, with the OBM business accounting for less than 10% of total revenue despite an acquisition aimed at enhancing brand presence [5][6]. Inventory and Supply Chain Issues - The company holds 106 million yuan in inventory, representing 37.06% of total assets, which poses risks of capital lockup and potential impairment in a fast-evolving market [6]. IPO and Future Prospects - The updated prospectus indicates that IPO proceeds will focus on brand expansion, global innovation center development, and smart production upgrades [7]. - The dual-track brand strategy aims to enhance the Solar brand for the European market while developing new brands for the Asia-Pacific region [7]. - Potential industry acquisitions could reshape the global market landscape, addressing current product limitations and expanding into core fishing equipment categories [7]. Industry Implications - The challenges faced by Lexin Outdoor reflect broader issues within the Chinese manufacturing sector, particularly the limitations of the OEM model and the need for transformation towards brand-driven operations [8].

中国的研究者正在多个方向推动脑机接口领域的进展，例如改进解码神经数据的算法和植入设备。同时，政府也已将脑机接口列为优先扶持的创新领域，投 资机构大量资金争相涌入该领域。 2025年被视为国内脑机接口行业的"元年"。今年上半年，国内多个科研团队宣布侵入式脑机接口设备正式或即将进入临床阶段；与此同时，非侵入式的脑机 接口产品也在拓展更广泛的消费级市场应用场景。 首例侵入式脑机接口临床试验完成 一个深脑装置让一位失去四肢的男子可以玩电脑游戏——这是中国进入人体试验阶段的诸多脑机接口（BCI）装置之一。 中国的研究者正在多个方向推动脑机接口领域的进展，例如改进解码神经数据的算法和植入设备。同时，政府也已将脑机接口列为优先扶持的创新领域，投 资机构大量资金争相涌入该领域。 上海科技大学计算机神经科学家李远宁表示："许多中国年轻科学家都参与到脑机接口发展的浪潮，包括工业开发。中国有完善的医疗基础设施和庞大人口 基数，为临床试验和技术验证提供了条件，这些进步能惠及全世界的患者和研究者。" 探索消费级脑机接口应用场景 今年5月，上海医疗技术公司阶梯医疗向媒体披露，已完成中国首例侵入式脑机接口的前瞻性临床试验。植入患者脑部的设 ...

2024年8月14日，林氏木业在珠海成功举办2024年度战略新品发布会。本次以"偏爱，这一款"为主题的 活动，不仅标志着品牌正式升级为林氏家居后的首次重大动作，更展现了林氏木业从单一家具制造商向 时尚生活方式引领者的转型决心。 据悉，所有新品已在林氏木业全国门店及线上平台同步发售。品牌更在全国打造"王一博同款偏爱系列 主题空间"，让消费者近距离感受时尚家居魅力。这场发布会不仅展现了林氏木业的产品创新能力，更 彰显其从家具供应商向生活方式服务商的战略跃升。 在消费升级的背景下，林氏木业敏锐捕捉到年轻群体对家居生活的新需求。品牌市场中心总经理NICO 指出，"活力健康、舒适懒宅、轻享户外、人宠共生"已成为核心用户的四大生活方式关键词。基于此， 林氏木业构建了以新生活探索、无负担放松、自由选择为核心的产品价值体系，并推出象征更高研发水 准的偏爱系列。 通过持续洞察消费趋势与技术革新，林氏木业正以"偏爱系列"为支点，撬动家居行业的品质革命，为全 球消费者提供更多元的时尚生活解决方案。在保持林氏木业品牌基因的同时，这场转型也预示着中国家 居产业即将迎来新一轮升级浪潮。 本次发布的偏爱系列凝聚了林氏木业多年研发成果。明星 ...

原标题：成都世运会体操项目将产生19金 中国队力争佳绩 中新网北京7月10日电 第12届世界运动会(简称"成都世运会")将于8月7日开幕，国家体育总局体操 运动管理中心相关负责人10日在北京受访时表示，中国队将力争在世运会体操项目四个分项中取得好成 绩。 成都世运会体操项目设有健美操、技巧、蹦床和跑酷四个分项，共将产生19枚金牌。据介绍，中国 队在技巧项目中获得了男子四人和女子三人的参赛资格，将与阿塞拜疆、比利时等国家的选手同台竞 争。 "2024年全国比赛参赛人数约有1400人，参与俱乐部近60家，多所中小学及大学队伍报名参赛。今 年7月举办的第一届全国技巧体教融合赛事得到了来自11个省市区的大中小学积极响应。这一赛事将每 年举办一次，带动各省级、地市级技巧体教融合赛事。"该项目负责人表示，中国蹦床与技巧协会正与 各省级协会和技巧项目管理单位携手建立技巧项目金字塔型的赛事及训练体系，推动技巧项目实现高质 量发展。 2024年技巧世锦赛上，中国技巧队勇夺5金1铜，时隔25年重夺团体金牌。"成都世运会将激励中国 技巧人再次为国争光。"该项目负责人表示。 健美操项目负责人介绍，健美操运动具有节奏感强、动作多变、锻 ...