#为什么是中国# #WhyChina# The Global Logic of China's Economic Growth in the First Half of 2026: A 4.7% GDP Increase 2026年上半年GDP增长4.7%：中国经济增长的全球逻辑 According to the latest semi-annual report, China's gross domestic product (GDP) reached 69.6 trillion yuan, representing a year-on-year increase of 4.7% at constant prices, in line with the annual growth target. Against a backdrop of intertwined international complexities and volatilities, China's economic performance is commendable. Yet, a closer look at the data reveals that the logic underpinning China's economic growth is being reshaped. (I) At the Industry Level, Notable Highlights Emerge: First, new quality productive forces are being cultivated and strengthened at an accelerated pace.** In the first half of the year, industrial production grew robustly. The value-added output of the equipment manufacturing sector increased by 9.3% year-on-year, and that of high-tech manufacturing grew by 13.3%, both outpacing the overall growth rate of industrial output above a designated scale. This underscores a clear trend toward a high-end, intelligent, green, and integrated industrial structure. Looking at specific products, the output of 3D printing equipment, lithium-ion batteries, industrial robots, and other products emblematic of new quality productive forces surged. The average daily token call volume has reached hundreds of trillions, showcasing the vitality and potential of the digital and intelligent economies. Second, new growth drivers are accelerating to take on a leading role. Preliminary estimates suggest that new growth drivers—encompassing high-end manufacturing, the digital economy, and modern services—contributed over 40% to economic growth in the first half of the year. The economy's distinct shift toward a higher quality and more optimized structure is evident, and this overall trend is accelerating. For instance, industries related to artificial intelligence, such as integrated circuit manufacturing and intelligent vehicle equipment manufacturing, have all maintained high growth rates exceeding 30%, vividly illustrating the pace of China's industrial upgrading. Third, confidence on the investment front is on the rise. In the first half of the year, investment in high-tech industries grew by 4.6% year-on-year. Notably, investment in the manufacturing of aircraft, spacecraft, and equipment, computer and office equipment manufacturing, and information services grew by 23.3%, 8.1%, and 15.5%, respectively. Investment structure best reflects market expectations. The increasing "new economy content" in investments signals an acceleration in the replacement of old growth drivers with new ones. Investment in intellectual property products grew by 9.4%, indicating that enterprises are placing greater emphasis on R&D and innovation. This suggests that technological advancement is not simply about capacity expansion but about qualitative change driven by innovation. (II) Observing a Major Economy Requires Looking Beyond the Immediate Figures to the Long-term Trajectory. Behind the "new economy content" of the semi-annual report lies China's ongoing transformation from a global manufacturing hub to a global center of innovation. At the 17th Annual Meeting of the New Champions (Summer Davos), observers noted a new phenomenon: a host of unicorn companies are heading to China. They are establishing R&D centers, regional headquarters, and deeply integrating into China's innovation and industrial chains—shifting from "produced in China" to "created in China." So, why China? Economist Justin Yifu Lin, in his book *Demystifying the Chinese Economy, touched upon the theory of the "speed of technological change." He argues that the essence of the industrial revolution is not just the application of new technologies, but more fundamentally, the ever-accelerating pace of technological change. Since the mid-18th century, starting with the steam engine reshaping the textile industry, the snowball of technological change has grown, rapidly sweeping through industries like chemicals and automobiles, ultimately redrawing the geographical map of great power competition. Looking at China today, the trajectory of accelerating technological change is equally clear. A leading enterprise can drive an entire industry, which in turn can boost a whole region. These burgeoning industrial clusters, growing from saplings to forests, not only enhance production efficiency and invigorate market vitality but also effectively improve development quality and resilience. For example, specialized and sophisticated "little giant" enterprises above a designated scale in Beijing, through deep cultivation of innovation chains, supply chain collaboration, and international expansion, have become "connecting points" and "accelerators" for the dual circulation strategy. More importantly, emerging industrial clusters possess powerful spillover effects. The rapid rise of new energy vehicles is not only reshaping the automotive industry but also driving transformations in chips, software, and energy networks, allowing more sectors to gain value from efficiency improvements. The swift advancements in AI and biomedicine are sparking a "gentle qualitative change" in people's livelihoods, significantly enhancing the sense of fulfillment and well-being through smarter, more affordable products and more livable environments. (III) Looking from the First Half to the Full Year, China's Development Momentum Remains Positive. Of course, during this critical period of transitioning between old and new growth drivers, China's economy still faces lingering issues and new challenges. Some core areas are still grappling with "bottleneck" technologies, certain high-tech industries face external risks of "decoupling" and supply chain disruptions, and "involution"-style competition affects the new energy market ecosystem. However, most of these are issues arising from development and transition, and they can be addressed with effort. The supporting conditions and fundamental trends for long-term economic improvement remain unchanged. China's economic journey toward a newer, higher-quality model is itself a process of encountering new problems and solving them along the way. By maintaining confidence, proceeding steadily, and balancing both qualitative improvements and quantitative growth, China's industries are poised to be brimming with dynamism, and the Chinese economy will continue to advance steadily and sustainably. #China# #Jiangxi# #JiangxiEconomy# #世界经济看中国# #赣出新精彩#

渣打银行 CEO 比尔・温特斯宣布要用人工智能取代「低价值人力资本」之语引起轩然大波。更搞笑的是，他说的那句话好像是 ChatGPT 写出来的： It’s not cost cutting; it’s replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in…… 😂 渣打什么时候能好好改进一下他们的软件体验吧，真的落后。

🚨 澄清声明 | Clarification Statement OKX Ventures 从未投资 Dow Protocol，任何声称 OKX Ventures 参与其融资的说法均属不实信息。相关虚假信息已对 OKX Ventures 的品牌声誉造成不良影响，我们对此予以严正谴责，并保留依法追究相关主体法律责任的一切权利。 同时，我们郑重提醒： • 近日发现有不法人员冒充 OKX Ventures 官方人员，以投资合作为名对项目方实施诈骗。OKX Ventures 不会以任何形式向项目团队收取任何费用。 • 任何以“协助获得 OKX Ventures 投资”“加速投资流程”等名义，向您索取资金、手续费、保证金或重要个人信息的行为，均涉嫌诈骗。 • 如需核实 OKX Ventures 相关合作或工作人员身份，请务必通过 OKX 官方网站客服进行确认。 请广大用户及项目团队提高警惕，勿轻信任何未经官方渠道确认的信息，谨防诈骗，避免造成财产损失。 OKX Ventures has never invested in Dow Protocol. Any claim that OKX Ventures participated in its fundraising is false. Such misinformation has adversely affected the brand reputation of OKX Ventures. We strongly condemn these false claims and reserve the right to pursue legal action against the relevant parties in accordance with applicable laws. We would also like to remind the public of the following: • We have recently identified individuals impersonating OKX Ventures representatives to defraud project teams under the guise of investment partnerships. OKX Ventures does not charge project teams any fees of any kind. • Any request for funds, service fees, deposits, or sensitive personal information made under the pretext of "assisting in securing investment from OKX Ventures" or "expediting the investment process" constitutes suspected fraud. • To verify a partnership with OKX Ventures or the identity of our personnel, please contact OKX's official customer support via the official OKX website. We urge all users and project teams to remain vigilant. Do not trust any information that has not been confirmed through official channels, and stay alert to fraud to avoid financial loss.

周末阅读《币安人生》，翻到了 180-182页关于币安被盗 7000枚比特币(2019年5月8日)的经历，颇有共呜。 好巧不巧，在我加入 Trust Wallet 前一个月的圣诞节，插件钱包因为人为小过失，让骇客有机可乘。 @cz_binance 在情况还未被完全诊断清楚之前，率先发推转达Trust Wallet愿意赔偿。 调查后来发现：骇客通过恶意程序渗透了几名员工的电脑，在代码中植入了恶意指令。虽然管理助记词和私钥的核心安全组件并未被攻破，但插件钱包v2.68确实被植入了恶意代码，情况和2019年币安那次类似。在漏洞修复前的短短数小时内打开过插件钱包的用户受到了牵连。 时至今天，@TrustWallet 已加固安全揩施、每天活跃用户量不降反升，对受影响用户赔付进度也已完成95%。而对于已错过申请赔付最后限期的长尾用户，CZ 认为只要对方带著合理凭证，Trust Wallet 该继续受理，「做正确的事」。 Funds are SAFU，从不是一句口号，而是用行动写下的承诺。 Weekend reading Freedom of Money, I reached pages 180-182 about Binance’s May 8, 2019 hack where 7,000 BTC were stolen. It resonated with me. Coincidentally, one month before I joined Trust Wallet, the extension wallet was compromised during Christmas. CZ immediately tweeted that Trust Wallet would reimburse users, even before the issue was fully diagnosed. The investigation showed it was similar to 2019: hackers used malware to infect employee computers and injected malicious code into v2.68 (deprecated). The core seed phrase security was never breached — only users who opened the extension wallet in the few hours before the fix were affected. Today, Trust Wallet has strengthened security, daily active users are up, and 95% of affected users have been compensated. For the remaining vicitms who missed the deadline, CZ believes Trust Wallet should still accept claims with valid proof. Funds are SAFU — not just a slogan, but a promise backed by action.

Lee Kuan Yew: 李光耀： Air conditioning was a most important invention for us, perhaps one of the signal inventions of history. 空调对我们来说是一项极其重要的发明，或许也是人类历史上具有里程碑意义的发明之一。 It changed the nature of civilization by making development possible in the tropics. 它让热带地区的发展成为可能，从而改变了人类文明的发展方式。 Without air conditioning you can work only in the cool early-morning hours or at dusk. 没有空调，人们只能在清晨或傍晚较凉爽的时候工作。 The first thing I did upon becoming prime minister was to install air conditioners in buildings where the civil service worked. 我就任总理后做的第一件事，就是为公务员办公的大楼安装空调。 This was key to public efficiency.” 这是提升政府行政效率的关键。

Tom Lee：华尔街正在选择以太坊作为底层 Bitmine 董事长 Tom Lee 在 1 月 20 日接受 The Master Investor Podcast with Wilfred Frost 采访时表示，尽管 ETH/BTC 长期承压，但在代币化趋势推动下，华尔街已开始将稳定币、货币市场基金及信贷资产部署在以太坊上。随着摩根大通、贝莱德等机构实际使用，以太坊正成为传统金融进入区块链的重要基础设施。 来源：The Master Investor Podcast with Wilfred Frost

摩根大通 CEO：AI 会创造回报，但市场可能算错了时间 摩根大通 CEO 杰米·戴蒙（Jamie Dimon）7 月 21 日接受 The Master Investor Podcast 采访时表示，AI 最终很可能创造巨大价值并带来投资回报，但兑现方式和时间未必符合市场当前预期。他以互联网早期为例称，许多公司最终倒闭，但 Google、Facebook 等企业成功成长起来。随着 AI 投入持续增加，企业将更加严格地衡量每笔投资的净现值和实际回报，并判断哪些投入值得、哪些可以通过更低成本实现。 来源：TheMasterInvestorPodcast

摩根大通 CEO：我不会投资长期美债与标普 500 摩根大通 CEO 杰米·戴蒙（Jamie Dimon）7 月 21 日接受 The Master Investor Podcast 采访时表示，自己目前不会买入长期美国国债，也不会在当前价位大举买入股票。他认为，全球债务和财政赤字过高，即使通胀降至 2%，美国 10 年期国债收益率也应在 4% 至 4.5%，目前上涨空间有限。谈及标普 500，Dimon 表示自己更倾向于逐家公司挑选股票，而非投资指数；若出现足够好的具体项目，仍会考虑投资。 来源：TheMasterInvestorPodcast

看了一圈美国大银行这两天披露的最新财报，看出了一股AI硬件股的感觉。 特别是高盛 $GS ：Net Income同比增长78%，Global Banking & Markets (GBM)板块里和交易相关的Equities业务同比增长72%，投行业务同比增长55%。 业绩普遍炸裂，尤其是Equity，FICC和投行业务的增速很猛（直接反应AI行情太热）。每家的ROTCE都在增长，运营杠杆都在拉升，效率都在优化，信用损失准备总额也都在同比下跌... $JPM 23% ROTCE The Corporate & Investment Bank (CIB) is now the primary profit engine, fueled by an 86% YoY acceleration in Equity Markets and a 30% jump in Investment Banking fees。 $BAC Global Markets net income spiked 72% YoY to $2.6B. Equities revenue surged an incredible 70% to $3.6B, and Total Investment Banking fees jumped 50%, proving BAC is fully capitalizing on a resurgent deal and trading environment. $GS Revenue accelerated to $20.34 billion (+39% YoY), driving a massive 78% YoY surge in Net Income to $6.63 billion. The engine room was Global Banking & Markets (GBM), which posted record Equities revenue ($7.4B, +72% YoY) and a 55% YoY jump in Investment Banking fees. The firm generated a dominant 23.5% annualized ROE $C Banking revenue surged 34% YoY, heavily powered by a 44% spike in Investment Banking revenues ($1.55B). Debt and Equity underwriting fees grew 65% and 92%, respectively. Similarly, Equity Markets jumped 45% YoY to $2.3B, driven by derivatives and a nearly 60% YoY explosion in prime balances Citigroup delivered a blowout Q2 2026, marking its highest quarterly revenue in ten years at $24.8 billion (+14% YoY). Net income surged 45% YoY to $5.8 billion, driving RoTCE to a robust 13.0%.

作品上新 番号 驯化完全人妖母狗奴隶 - 颜面骑乘 榨精 寸止 完整视频 或加电报 或直接推特私信 VX.QQ不常回 出演: 女王 @SM14839783 @abbykitty0606 @abbykitty0707 玩具: #山海坊主# @MSCSHFZ 你知道完全驯化的人妖母狗是什么样子的吗？ 一张美丽的脸庞 常常被要求做瑜伽的修长身材 下面却有着不为人知的秘密 一位美女被女主从笼子里面拖了出来 看她的眼神似乎已经很久没有发泄她的欲忘了 她恭敬的将女王的鞋子脱掉 习惯性的将鼻子凑上深吸一口气 因为闷着好几天 女主淡淡的香水味夹杂着闷臭的汗味 一股浓浓的刺鼻味马上 女主将脚完全塞入这欲女的嘴里 接着把她推倒 女主直接用丰满的美臀压制在女奴美丽的脸庞上 让女宠兴奋不已 不自觉的手就开始抚摸自己下体 马上被女主呵斥阻止 双手被主人踩在地上 臀不不停的来回磨擦着女宠的脸 美丽的妆容似乎被蹂躏的面目全非 接着被牵引到笼子上方M字腿五花大绑 女王为女宠套上头套并将丝袜脱下塞进她的嘴里 接着将好几颗情趣蛋塞入门 女奴说：好涨！好涨 但是女王没有放过她 接着塞入前列腺按摩肛塞 这样跳蛋就出不来了 接着寸止却不能射 再用冰块冷却 再把贞操锁锁回去 一切的一切都太残酷了 最后按摩棒抵着贞操锁强制榨精 原来一条母狗是这样诞生的 艾爷工作室 @abbykitty6666 #支持原创# #拒绝黄牛# AB106 Conpletely domesticated kinky sissy slave- face sitting cumshot edging (Chinese and English subtitles) Do you know what a fully domesticated sissy bitch looks like? A beautiful face A slender figure who is often asked to do yoga There is an unknown secret underneath A beautiful woman was dragged out of the cage by the Mistress The look in her eyes seemed like she hadn't vented her desires for a long time. She respectfully took off the Mistress's shoes Habitually bring your nose up and take a deep breath Because it was bored for several days The Mistress's faint scent of perfume is mixed with the stifling smell of sweat A strong pungent smell immediately The Mistress put her feet completely into the mouth of this horny girl Then push her down The Mistress directly presses her plump buttocks onto the slave girl's beautiful face Make your favorite girl excited Unconsciously, her hands began to touch her lower body She was immediately scolded and stopped by the Mistress Her hands were stepped on the ground by her Mistress The buttocks kept rubbing her face The beautiful makeup seems to have been ravaged beyond recognition Then she was led to the top of the cage and tied with M-shaped legs The Mistress put a hood on her slave, took off her stockings and stuffed them into her mouth Then she stuffed several vibrating egg into the asshole The slave said: It’s so hot! So good But the Mistress didn't let her go Then insert the prostate massage anal plug This way the vibrating egg won't come out. Then she stopped but couldn't cum Cool with ice cubes her dick Put the chastity lock back on Everything is too cruel Finally, the vibrator pressed against the chastity to extract semen. It turns out that this is how a female dog is born