Life simulation games have increasingly become important spaces for studying how players form emotional bonds with virtual characters. This study looks at Tomodachi Life: Living the Dream as a Mii-based life simulation game that reshapes player engagement from role-playing to what this study calls "relationship-watching". Unlike games centered on direct control of a protagonist, Tomodachi Life asks players to create Mii characters, place them in a shared island environment, and observe how their relationships develop through system-generated events. This study is based on the theory of parasocial relationships, the research of avatars and the previous research about life simulation games such as Sims and Animal Crossing . The research methods are qualitative case studies including game mechanism analysis, interface analysis and theoretical interpretation. It argues that Mii gameplay engenders emotional attachment through three interconnected processes: role projection in character creation, semi-autonomous relationship formation between Miis, and repeated care in everyday island rhythms. The study concludes that the game's parasocial appeal lies less in identifying with a single playable character than in observing, interpreting, and sharing small social events among virtual figures. The concept of relationship-watching offers a useful framework for understanding parasocial experience in interactive entertainment.

In recent years, as countries have attempted to achieve economic development and environmental protection simultaneously, green finance has drawn the attention of many governments and institutions around the world and is now a popular subject of discussion. Review of previous studies on the relationship between green finance, carbon emission reduction and economic growth. First, it will review the interpretations of the concept of green finance in the literature and compare the methods of measurement. Next, the three primary channels for the impact of green finance on environmental performance and economic development are introduced. Most of the current studies have found that green finance can reduce carbon emissions by providing funds for the construction of eco-friendly facilities and fostering the development of green technology. At the same time, it will also promote the long-term development of the economy by driving industrial upgrading and creating new sources of revenue. The results of the studies mentioned in the literature are not the same either; this is mainly because they used different indices, data sources and empirical approaches. Based on the above studies, some deficiencies in the present research have been identified and future directions for study proposed.

China transitions to innovation-driven growth and makes education and technology investment a core component of the policy agenda, yet the economic effect of their combination has not been thoroughly studied. Using the panel data of prefecture-level cities from 1998 to 2020, this research constructs a mean-centered interaction term in the two-way fixed effects framework to examine whether these two investments can strengthen each other when promoting urban growth. The baseline results indicate that investing in a single technology presents an evident negative effect, and the main influence of education is not statistically significant; nevertheless, the interaction term has been consistently positive and rather significant. After multiple tests this finding still remains highly reliable including setting first-order differences and excluding municipalities directly under the central government. Regional analysis further shows that the synergy effect is obviously stronger in the eastern region than in the central and western regions and this difference has been verified through the Wald test. These findings not only challenge the concept that education and the technology can operate independently but also offer support for the policy logic of "cultivating talents first and then seeking innovation".

The swift advancement of digital technologies is exerting a profound reshaping effect on the global trading framework. The present treatise conducts a systematic analysis of the underpinning mechanisms and practical routes via which digital technologies confer empowerment upon cross-border commerce. Digital technologies have brought about a fundamental transformation of the operational logic of cross-border commerce through four core mechanisms: the lowering of transaction expenditures, the restructure of trust-building frameworks, the enlargement of trade scopes, and the advancement of value chains. Drawing upon the theory of dynamic capabilities, this treatise identifies collaborative routes spanning four tiers—enterprises, platforms, industries, and nations—to deliver policy directions for the governance of digital commerce. It uncovers the manner in which digital technologies confer empowerment upon cross-border commerce through four inherent mechanisms: the lowering of transaction expenditures, the restructure of trust-building frameworks, the enlargement of trade scopes, and the advancement of value chains. It additionally identifies that the materialization of these mechanisms calls for coordinated advancement across these four tiers. On the basis of this groundwork and in consideration of the December 2024 conclusion of the WTO Agreement on E-Commerce, this treatise puts forward policy suggestions for the governance of digital commerce.

In the current era, digital technology is rapidly permeating production, distribution channels, and audience consumption of film and television content. The traditional operational model centered on theaters and one-way publicity has been impacted, leading the industry to shift from content creation to full-process operations. This paper focuses on the operational strategies of the film and television industry in the digital age, examining the development environment, current operational status, and optimization pathways. The study employs literature analysis methods, combined with platform dissemination phenomena and industry cases, and summarizes findings across four dimensions: content production, channel dissemination, marketing promotion, and user operations. The results indicate that the industry has now formed a landscape driven by multi-platform collaboration, short video publicity, and algorithmic recommendations, yet issues such as content homogenization, reliance on traffic, insufficient copyright protection, and coarse user operations persist. In response, this paper proposes strategies to optimize topic selection through data analysis, enhance efficiency with omnichannel approaches, strengthen word-of-mouth with refined marketing, and improve user engagement through tiered operations, offering insights for the sustainable development of the film and television industry.

Taking China's regional carbon emissions trading pilots as a quasi-natural experiment, we identify how the carbon market guides public mutual funds to reallocate capital. Based on a multi-period difference-in-differences (DID) analysis of A-share listed firms from 2008 to 2020, the paper finds that the policy effect is almost entirely concentrated in high-polluting firms. After the launch of carbon pilots, the long-term holdings of brown firms by public funds decreased by approximately 0.38 percentage points relative to clean firms, nearly one third of the mean value, while holdings of clean firms remained unchanged. The results are robust under stacked DID, Oster's bounds, and multi-level inference, whereas the average effect is fragile under conservative inference. In terms of mechanisms, the policy enables carbon risk to be recognized and priced through increased analyst coverage, and imposes compliance costs precisely on brown firms. The risk channel follows the same direction but has a limited magnitude. Divestment mainly takes the form of complete fund exit, and is independent of firm size. The debt financing cost of high-polluting firms rises relatively due to divestment, yet these firms increase investment and reduce emissions after the policy. This indicates that the phenomenon reflects repricing in the capital market, and the real capital of brown firms has not been drained. We find no evidence of active increase in holdings of green firms, and the green reallocation of capital takes the form of one-sided brown divestment.

Pop Mart has a substantial research value during the growth of China's trendy toy sector. This paper uses Pop Mart in China as a case study to investigate how its commercial value is formed from the viewpoints of venture capital valuation logic, consumer behavior traits, and culture-driven consumption. The results show that Pop Mart uses the blind box model and intellectual property monetization to turn creative and cultural content into sustainable consumer goods. This mechanism creates steady recurring purchase and collection behaviors in China's Generation Z dominated consumption structure by stimulating emotional consumption and identity recognition requirements.In the meantime, user engagement and brand influence are further improved by social communication effects. From a capital market perspective, the company is highly attractive to venture capital due to its scalable business model and early-stage high growth potential, which raise investors' expectations of future exit value. In general, the combination of capital market expectations, emotional consumption structure, and intellectual property commercialization drives Pop Mart's commercial worth. These results offer a more profound comprehension of how businesses focused on trendy brand culture create economic value.

The competitive advantage of platform-type enterprises no longer mainly comes from a single product or an internal value chain, but is more dependent on their capacity to, within an integrated ecosystem, organize users, data, technology, content, transactions, as well as capital networks. Taking Tencent as a case, this article synthesizes research in the areas of platform ecosystem governance, corporate venture capital, as well as digital-platform value creation, to examine how Tencent has built up an end-to-end ecosystem around social connectivity, content and entertainment, commerce and services, as well as technological capabilities. The article further carries out analysis on strategic investment as a mechanism of resource allocation, external innovation absorption, as well as ecosystem-boundary expansion. The study finds that Tencent's capital allocation is characterized by the combination of minority equity participation, business synergy, ecosystem enablement, as well as long-term governance. Its ecosystem governance continuously balances openness and control, value co-creation and value capture, commercial efficiency and public-interest compliance. The article argues that platform enterprises should treat user value as the central constraint, data compliance and algorithmic transparency as the governance baseline, and portfolio governance together with industrial-synergy indicators as the key managerial levers. Such an approach can support the transformation of platform enterprises from traffic-centric platforms into trustworthy and sustainable industrial ecosystem organizers.

The Purchasing Managers' Index (PMI) is often used by investors because it is released earlier than many output indicators and reflects firms' short-term views on production, new orders, employment, supplier delivery, and inventories. This paper studies whether China's manufacturing PMI can help explain the short-term relative performance of cyclical and defensive sectors in the equity market. Using monthly PMI data from September 2022 to September 2025 and corresponding sector index returns, the paper compares cyclical and defensive sector performance under different PMI states. The backtest covers January 2023 to September 2025. The results show that the relationship between PMI and cyclical-minus-defensive returns is strongest when PMI leads sector returns by one month, with a correlation coefficient of 0.43. Months with PMI≥51 and DI≥60% are associated with an average monthly cyclical-minus-defensive return of 1.27% and a win rate of 71.4%, while months with PMI<49 and DI<40% show an average relative return of -0.89%. A simple backtest based on these signals would have produced a cumulative return of 31.6% over the tested period, 19.2 percentage points higher than the CSI 300. The findings suggest that PMI can be used as a useful macro-state reference for studying sector rotation, but the short sample period means that the results should be understood as evidence from this sample rather than as a full-cycle trading rule.

This study takes K-pop fan culture as the object of study and explores how it can transform from simple music consumption to an important mechanism for youth identity construction. For young fans, fandom participation is not just listening to songs, buying albums or watching concerts, but also the process of expressing themselves, gaining a sense of belonging and imagining their ideal self through consumption, emotional projection and community interaction. This study combines existing literature and personal reflective observations. It examines K-pop fandom from three aspects: cultural consumption, emotional belonging, and rational fandom practices. The study argues that K-pop fandom has a double impact: on the one hand, it can stimulate young people's yearning for self-discipline, independence and self-expression; on the other hand, it may also bring consumption pressure, body image anxiety and emotional pressure within fandom communities. Therefore, the key to rational fandom participation is not to deny love, but to establish a boundary between emotion, consumption and real life.