With the rapid growth of short-video live streaming, algorithmic recommendation has become the core driver of traffic distribution on Douyin. Many brands now use entertaining livestream content to reduce the stiff, promotional feel of marketing and attract viewers. This paper focuses on Douyin livestreaming, employing literature review and case analysis as its primary methods. It mainly explores how recommendation algorithms affect brand content dissemination and analyzes effective strategies for brand entertainment communication. The results show that algorithms enable accurate audience matching via user tags and behavioral data, while entertaining livestream content tends to sustain traffic advantages. Nevertheless, problems such as content homogenization still exist. Brands need to combine algorithm rules to innovate entertainment forms so as to achieve better communication and marketing effects. This research enriches the theoretical framework for algorithm-driven brand livestream communication in China's short-video ecosystem and offers actionable suggestions for physical-goods brands to implement long-term entertainment livestream marketing on Douyin.

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This study examines the impact of agricultural input prices on river water quality in China, using provincial panel data and high-frequency monitoring records for chemical oxygen demand (COD) and ammonia nitrogen (NH₃-N). In our own research, we have collected data from 30 provinces from 2010 to 2020.Employing a two-way fixed effects model, we find significant heterogeneity across input types. Rising fertilizer prices reduce pollution through cost constraints and input substitution, supporting a price-induced reduction effect. Pesticide prices show no statistically significant effect, reflecting their inelastic demand as essential crop protection inputs. In contrast, higher mechanization costs are associated with increased pollution, as they discourage the use of efficient machinery and prompt a return to less precise traditional practices, thereby exacerbating nutrient runoff. These results suggest that price-based policies are not uniformly effective. We therefore propose a three-pronged strategy: reforming fertilizer pricing to curb overuse, providing targeted subsidies for green mechanization to lower adoption barriers, and establishing cross-regional governance frameworks to address spatial spillovers in water quality management.

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Against the dual backdrop of unprecedented global changes in a century and the domestic effort to build a new development paradigm, the international landscape is undergoing profound adjustments. China is gradually transforming from a passive recipient of globalization to an active shaper and leader of the globalization landscape. The Hainan Free Trade Port (hereinafter referred to as "Hainan FTP"), as a landmark project in China's expansion of high-standard opening-up in the new era, holds significant policy value and academic importance for exploring its development path. Grounded in the comprehensive development model of Hainan FTP, this study constructs a multi-dimensional collaborative analytical framework of "opening-up—endogenous development". By comprehensively employing policy text analysis, statistical data description, and case study methods, it systematically analyzes the current situation and bottlenecks of Hainan FTP across four dimensions of opening-up: overseas project cooperation, tariff policy innovation, healthcare industry cultivation, and private equity industry development. While the policy dividends of Hainan FTP have been initially realized, it faces multiple challenges, including insufficient international recognition, underutilized policy effectiveness, imbalanced industrial structure, a shortage of high-end talent, and a marginally optimized business environment.

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This article explores how subjective confidence and objective knowledge relate to investment decision behavior. The data are the investor sub-sample of the 2024 U.S. National Financial Capability Study (N=2861). Subjective knowledge uses a seven-point self-assessment, objective knowledge a twelve-item test; they correlate at only 0.376, and 29.4% of investors are in a high-self-assessment, low-ability state. Controlling objective knowledge, each standard deviation of self-assessment is associated with high-frequency trading 7.87 percentage points higher, complex product holding 11.04 higher and social-media-driven decisions 9.96 higher. Objective knowledge varies by outcome: positive for high-frequency trading (5.84 points), not significant for complex products, negative for social-media-driven decisions and fraud susceptibility. Those who participated in financial education score 0.320 standard deviations higher on self-assessment but only 0.116 higher on objective knowledge, so their calibration gap is larger. The data are cross-sectional; conclusions are conditional correlations, not causal effects.

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