This study examines how a portfolio-level carbon intensity cap impacts efficiency and tail risk behaviour in the context of climate change, as well as whether reported corporate emissions can account for risk in large-cap Australian stocks. The analysis focuses on decision-useful, auditable inputs using a compact empirical setup that includes rolling time-series regressions to estimate market and climate sensitivities and a mean-CVaR optimisation with an emissions cap evaluated on a common scenario base with embedded transition shocks. Three outcomes are particularly noteworthy. First, since reported emissions and estimated climate transition betas co-vary, emissions provide a clear indication of transition exposure and are instructive for asset-pricing diagnostics. Second, carbon budgeting can be implemented: costs increase nonlinearly as the cap tightens, but at low-to-moderate stringency, the cap significantly reduces financed carbon emissions with little loss of efficiency. Third, risk is state-dependent: constrained portfolios show better tail metrics and fewer negative returns when transition risk is high, while there is little give-back during calm times. By comparing constrained and unconstrained portfolios on the same scenario set, mean-variance efficiency is generally maintained and state-contingent differences are clearly discerned. For ESG-aware allocation in the Australian context, the study provides a manageable, empirically supported framework.

This article delves deeply into the differences and complementarities between the two major medical systems of traditional Chinese medicine and Western medicine, aiming to comprehensively interpret their core characteristics. By comparing and analyzing the fundamental differences in their theoretical systems and medical processes, it is found that both have their own advantages and disadvantages in different fields. For instance, traditional Chinese medicine emphasizes the mutual complementarity between humans and nature, while Western medicine relies more on precise data obtained through advanced instruments. After classifying these advantages and disadvantages and identifying the areas where both can fill the gaps (such as the different roles they play in the early, middle, and late stages of treatment), it is evident that the integration of traditional Chinese and Western medicine has become an inevitable trend in today's world. The new medical system resulting from their combination can not only provide patients with more comfortable and reliable services but also contribute to the development of global medicine. Subsequent analysis of the methods and results in handling specific cases (such as cancer) can clearly identify most of the problems that need to be solved in the future, which are mostly incurable terminal diseases. This research supports this view through the use of literature review and theoretical analysis methods, as well as drawing on a large number of domestic and international research results.

The Chinese film and television industry is currently in a period of development and transformation. Especially at the beginning of 2025, the release of a film once again drew global attention - "Nezha the Demonic Child Taming the Sea" (later renamed "Nezha 2"). The film's box office revenue exceeded 15 billion RMB upon its release. Therefore, the successful operation of this film is worthy of our exploration. This study takes "Nezha 2" as the research object, aiming to analyze based on publicly available verifiable data and information, and explore the final successful experience of the film from the perspective of financing; during the exploration process, the research object is the film's investment and financing entities, analyzing their measures and final effects. During this process, different entities such as Cocoa Bean Company, Light Media, and banks are involved. At the same time, some innovative means for obtaining pre-sales of derivative products are also observed. Of course, some shortcomings during the process also need to be noted. Therefore, a series of improvement measures have been proposed to address these issues, providing suggestions for the film and hoping that similar projects can obtain some valuable financing methods.

Against the backdrop of sustainable development, this paper focuses on the transformation needs of the construction industry. Addressing the deficiencies of current relevant research in terms of environmental dimensions, social perspectives, and digital transformation, it adopts a case study approach.Taking the Project Section A1 of Xiamen Third East Passage as a specific example,the paper conducts an in-depth analysis of the impact of engineering project management measures on the sustainable development of the construction industry from both environmental and economic dimensions,and also carries out a project impact analysis from the social dimension.The study finds that through the implementation of strict environmental protection measures,digital and intelligent management,and other initiatives,this project has achieved remarkable results in reducing environmental impact,improving economic benefits,and enhancing social credibility,thereby providing a practical model for the sustainable development of the construction industry.The purpose of this research is to enrich the theoretical system in the interdisciplinary field of sustainable development and engineering project management in the construction industry,and to provide practical guidance for construction enterprises to integrate the concept of sustainable development into project management.

Amid shifting global economic and political landscapes and lingering impacts of the pandemic, domestic and international manufacturing supply chains face a series of challenges, including rising tariffs, technological barriers, fluctuating costs, and inadequate information disclosure. Many cross-border transactions have been forced to close, while cash flow operations for some small and medium-sized supply chain enterprises have been constrained, even pushing them toward bankruptcy. To mitigate risks, China proposed the “dual circulation” development concept in May 2020, which will undoubtedly bring about a series of transformations. Whether and how to restructure supply chains has become a matter worthy of discussion. Through data surveys and case analyses, this paper reveals that current supply chains exhibit significant vulnerabilities. They demonstrate poor resilience against risks in terms of security, stability, flexibility, and efficiency, making them ill-equipped to withstand the current turbulence in the global economy. To address this issue, this paper will propose solutions based on a “why-what-how” logic. These solutions focus on enhancing supply chain resilience, technological innovation and practical application, upgrading domestic market demand, and aligning industrial policy direction, all aimed at achieving the goal of supply chain restructuring.

With rapid socio-economic development and a substantial rise in living standards, demand for large-scale customization from enterprises has grown. To cope with an increasingly complex and competitive environment, this study examines how consumer electronics firms dynamically develop an ‘integration–outsourcing' adaptation model under the constraints of technological capabilities and external factors, using Apple, Xiaomi, and Huawei as case studies. It analyses their supply chain management strategies, discusses how and why firms choose integration–outsource approaches, and explores the triggers and responses involved in restructuring supply chain integration. The study concludes that the principles for choosing integration–outsource strategies are based on distinguishing between core and non-core activities and applying a dynamic matching mechanism. Through comparative analysis of the three companies' balance between vertical integration and virtual integration, it details each firm's choices at every outsourcing link, examines differences in outsourcing decisions and the decision frameworks for reconstruction paths, and identifies constraints on restructuring effectiveness in terms of a three-dimensional model of firm capabilities and the development of dynamic capabilities.

This study focuses on the issue of income inequality between developed and underdeveloped regions in China. By integrating data from authoritative sources such as the National Bureau of Statistics of China, it analyses the current gap situation from country, region, and urban-rural perspectives, offering the theoretical background such as the Gini coefficient to support the analysis. This study aims to achieve a coordinated reduction of income disparity through multi-party collaboration, promote sustainable economic and social development, and provide theoretical references and practical paths for achieving shared prosperity in China. Through in-depth exploration of factors such as historical foundation and industrial differences, shortcomings of the redistribution system, the household registration system, and resource disparities, it proposes targeted solutions at the national, social, corporate, and individual levels. At the national level, it is necessary to improve direct tax system, regulate transfer payment to key region, and improve education system in the underdeveloped areas; at the social level, social organisations should build assistance platform, at the same time, media and the public need to create a fair development atmosphere for underdeveloped regions; at the enterprise level, firms are expected to transfer more funds and production power to the underdeveloped regions and enhance the employee training; at the individual level, residents in underdeveloped regions need to upgrade their skills, participate in the development of local industries, and realise resource feedback.

This essay aims to learn from the company Disney and focus on analyzing the ways they use on operating their intellectual properties. The essay hopes that by knowing how things operate within the Disney company, the readers could take in some information to view the structure of the movie industry clearer and find a new perspective of watching a movie. It also aims to give advice to the movie market in China to see what the companies could do to attract more audience and perform better job. The essay is going to start from how Disney created their IP, finding how they develop their company step by step and eventually build into such a great empire. Then, turning the focus back to specific IPs and give examples on how the company protect the character and use them properly to profit. After that, the essay’s going to talk about the different tactic that Disney used in different places to fit better to the local condition. Finally, the ending is about the issues that Disney is facing now, and how the industry can adjust by analyzing their case.

To enhance supply chain resilience, enterprises must balance global and localized operations. Literature and case studies from Toyota, Huawei, and the healthcare industry collectively demonstrate that integrating international collaboration with regional optimization effectively strengthens capabilities to navigate complex scenarios. Toyota leverages its TNGA modular architecture to establish a unified global R&D platform alongside a regionally distributed production system. Huawei has built a risk management system driven by “collaborative external procurement + independent innovation.” The healthcare sector implements an emergency operation system featuring “borderless R&D + localized production,” creating a stable state capable of buffering external pressures through multi-source supply, dynamic response, and rule adaptation. Both academic frameworks and practical cases validate the effectiveness of this strategic optimization path. This paper explores the dynamic equilibrium between globalization and localization, focusing on how manufacturing enterprises can build efficient and resilient operational mechanisms within complex international environments to achieve sustainable global development. Research indicates that successful companies often establish flexible synergistic mechanisms between global integration and local adaptation. This capacity for dynamic equilibrium has become a crucial component of core competitiveness in the new era of manufacturing.

Under the shock of the Coronavirus Disease 2019 pandemic, the theater economy—represented by Broadway musicals—suffered a severe blow. Therefore, in the post-pandemic era, how to effectively promote the recovery and sustainable development of the theater economy emerges as a critical issue that the cultural industry urgently needs to address. However, there is still a lack of unified understanding regarding the development dilemmas and optimization suggestions for American Broadway musicals in the post-pandemic era. Based on data from multiple authoritative platforms such as The Broadway League's official website and the Investment Bank Database, this paper adopts a scoping review method to comprehensively sort out the development dilemmas and optimization suggestions of American Broadway musicals in the post-pandemic era. The study finds that, in the post-pandemic era, Broadway musicals face challenges such as shifts in audience composition, rising operating costs, and intensifying online competition. Although box-office revenues began to recover, the growth rate slowed, making innovative models and digital transformation central to the industry’s future. The research conclusion points out that Broadway needs to deepen its digital transformation, strengthen local market cooperation, and focus on content innovation to meet challenges and promote sustainable development.